OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Company Registration Number: 07142012 (England & Wales) Registered Charity Number in England & Wales: 1134205 Registered Charity Number in Scotland: SC048185

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY (A Company Limited by Guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Report of the Trustees 3
Report of the Independent Auditor 27
Consolidated statement of Financial Activities 31
Balance Sheet- Group and Charity 32
Consolidated Statement of Cash Flows 33
Notes to the Financial Statements 34

3

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in July 2014.

LEGAL AND ADMINISTRATIVE INFORMATION

Royal Patron

Her Late Majesty The Queen

Honorary Patron

General Sir GK Messenger KCB DSO* OBE DL

Honorary Vice Patrons

Mr KM Breslauer Mr RJ Wigley OStJ

Honorary President

General G Jenkins CB OBE ADC

Trustees and Directors

Mrs LR Fordham (Chair)

Mr NM Banks Mr ST Beet Mr I Cohen Mr P Deacon Brigadier (Retired) PR Denning OBE Mr M Fitzgerald Mrs EC Gray Brigadier MA Jackson DSO Mr RTW Nast WO1 (CRSM) NA Ollive RM Mrs S Reed Mrs K Richardson OBE Mr AME Robinson Capt R Swarbrick RN (Retd) Mr TM Tripp

(appointed 10 May 2023)

4

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Member

The Royal Navy and Royal Marines Charity

Company Secretary

Simon Wright QGM

Chief Executive

Jonathan Ball OBE to 16 June 2023 Ben Curry MBE from 3 July 2023

Company Registration Number 07142012 (England and Wales)

Registered Charity Number

1134205 (England and Wales) SC048185 (Scotland)

Registered Office

The CHAMP Building Commando Training Centre Royal Marines Lympstone Exmouth EX8 5AR

Auditor

Moore Kingston Smith LLP, Chartered Accountants 6[th] Floor, 9 Appold Street, London, EC2A 9AP

Investment Manager

Sarasin and Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU

Banker

RBS Holts Military Banking 31-37 Victoria Rd Farnborough GU14 7NR

Legal Advisor

Wilsons LLP Alexandra House St John’s St Salisbury SP1 2SB

5

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

STRUCTURE GOVERNANCE AND MANAGEMENT

The Charity was incorporated on 1 February 2010 and registered as a charity on 1 April 2010 and adopted its current name on 1 April 2019 on the merger of The Royal Marines Charity with the Royal Marines Association Ltd. The working name of the charity is “ RMA- The Royal Marines Charity”. It is structured as follows:

The Building 72 Fund (representing the Board’s underwriting of the project to rebuild the Charity’s registered address – building completed in July 2023 but the fund remains for a period to cater for follow-on contingencies).

6

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Governance

The Charity is a subsidiary of the Royal Navy and Royal Marines Charity (RNRMC) which is incorporated in the United Kingdom (Company No.6047294) (Reg Charity No. 1117794) and Scotland (SC041898). The RNRMC is the Sole Member of RMA-The Royal Marines Charity, and its Board has the right to nominate one of its Trustees to the Board, currently Mr Mark Robinson.

The Charity is governed by its Articles of Association last amended on 27 January 2022 (see below) and is subject to the requirements and the protection of both charity and company law.

Until January 2022 the Board of Trustees comprised two serving Royal Marines in an ex-officio status: the Deputy Commandant General Royal Marines and the Corps Regimental Sergeant Major (CRSM). A new Royal Navy operating model with a nominee of the Commandant General being appointed as a trustee, led to the amendment of the Articles of Association in January 2022 to discontinue the practice of the Deputy Commandant General being an ex-officio trustee; the CRSM remains an ex-officio trustee. One trustee is nominated by the Sole Member, the Royal Navy and Royal Marines Charity; two trustees are appointed by the membership; other elected Trustees are recruited for their competencies. The nominated and co-opted trustees serve for a term of three years and may be elected to serve two further consecutive terms.

The Articles of Association of the Charity express the intent that most of the Trustees shall comprise persons who are serving or former serving members of the Royal Marines, in order to reassure the beneficiary community of a necessary level of empathy and understanding. This imposes a limitation on the Board’s ability to re flect the wider diversity of UK and the current makeup of the Board consists of two serving and five retired Royal Marines, with nine non-Royal Marines (four women and five men) co-opted to bring an independent viewpoint.

The Commandant General Royal Marines is ex-officio Honorary President, currently General G Jenkins CB OBE ADC.

Four Board meetings were held during 2023.

In line with the RNRMC Group structure, the Charity has representation on two Group sub-committees and one Group trading subsidiary company, which are:

These three committees have delegated authority to scrutinise their respective areas and to make recommendations to the Board, particularly concerning the annual budget. RNRMCE Ltd has delegated decision making authority concerning Band Service fundraising events.

Six other sub-committees exist to ensure appropriate oversight over Charity functions and report to the Board: Fundraising & Communications; Health & Wellbeing; Membership; Amenities; Employment & Education and People (HR, remuneration, nominations, and grievance/discipline). There are separate Boards for the subsidiary companies TRMC Enterprises Ltd and Royal Marines Shop Ltd.

Trustees are selected through consideration of applicants by the People Committee (acting as a nominations committee), which then makes recommendations to the Board. The induction process for any newly appointed trustee is to make all necessary declarations and undertake necessary checks, to meet with the Chief Executive and other charity staff as appropriate to explain the Charity’s strategy, policies, and outputs, followed by meetings with the Chair and appropriate external induction training if they are new to charity trusteeship. New trustees receive a copy of the Articles of Association, all Board-level policies, and previous annual accounts; they are briefed and trained so as to ensure they

7

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

are conversant with the Charity’s aims and objectives, along with the responsibilities of a trustee and board as identified by the Charity Commission.

The Charity does not remunerate any of its Trustees be they civilian or military, but refunds travel and incidental expenses if claimed.

At mid-year, Jonathan Ball OBE moved on from RMA-TRMC after over 11 years of exemplary service to the various guises of the Charity and to the Royal Marines’ family. The merger in 2019 to form the unified RMA- TRMC was Jonathan’s brainchild and his considerable drive ensured it was an instant success and continues to flourish. The board, staff and widest RM family and community thank him and wish him well.

Management and Administration

As at year end, the Charity employed 36 full and part-time staff (the same as for 2022) principally based in two locations: the Commando Training Centre Royal Marines, Exmouth; and HMS Excellent, Whale Island, Portsmouth; and in smaller numbers at Royal Marines Barracks Stonehouse, Plymouth; 42 Commando RM, Plymouth, at the office of Patron Capital Partners LLP, Piccadilly, London; and at Royal Marines Condor, Arbroath. 22 of the staff provide charitable delivery. The day-to-day control and administration of the Charity is delegated to the Chief Executive. The Charity has a pay ratio of 4:1 between the Chief Executive’s salary and the lowest paid full -time employee. The sector average for a medium sized charity is 5:1.

The Trustees are responsible for setting the remuneration of the charity’s staff, which is intended to reward the skills, experience and competences required for particular roles. In setting remuneration, the Trustees also consider several additional fact ors including an individual’s geographical location, contribution, affordability, and the remuneration offered by charities of an equivalent size.

BACKGROUND

Our Beneficiaries

As a Corps of around 5,500, the Royal Marines form only 4% of UK defence forces but provide 47% of UK Special Forces personnel. As elite personnel, they are disproportionately exposed to danger, which in turn has had disproportionate consequences over the past 20 years.

From the Afghanistan and Iraq campaigns there are 155 disabled Royal Marines, including 30 amputees and two tetraplegics who require through-life care. 256 Royal Marines suffered life changing injuries and had their service cut short as a result, 180 of whom have exhibited signs of post-traumatic stress, in addition to hundreds who have developed complex post-traumatic stress disorder though not physically injured. These veterans require ongoing care and support.

From April 2022, following on from the Defence Integrated Review and as part of the Royal Navy’s transformation programme, Royal Marines have been permanently forward-based overseas in two Response Groups facing the UK’s most significant overseas threats i n the Baltic/High North, and the Gulf/Far East. This new role perpetuates the Royal Marines’ high exposure to danger, increases the deployed footprint of the Corps along with the pressures that arise from service life on personnel and dependants. 1100 Royal Marines were deployed away from home over Christmas 2023.

The Corps Family is a community of approximately 100-120,000, a community of around 30,000 serving and former Royal Marines, the remainder dependants. All are beneficiaries of the Charity.

Our case for support

We are the Royal Marines’ own Charity originally established as the Royal Marines Association in 1946, and so are uniquely placed to understand, respond and react, enabling Marines and their families to overcome their challenges.

8

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Our Vision

– Offering lifelong support to the Royal Marines Family Once a Royal Marine, always a Royal Marine.

Our Ethos

We embrace the Commando Values - Excellence, Integrity, Self-Discipline and Humility, and the – Commando Spirit Courage, Determination, Unselfishness and Cheerfulness, in order to enable the Commando Mindset – first to understand, first to adapt and respond, first to overcome.

Our objectives and activities

The Articles of Association of RMA – The Royal Marines Charity specify the following objects:

Our Mission

Our support combines the following roles:

Our work is in areas which span whole service provision from cadets to bereaved dependants:

Benevolence and Transition: we provide intelligent, cost-effective, and sustainable solutions combining professional guidance and services with effective grant-making, in co-operation with partner agencies, charities and business. This is funded by money we raise ourselves; we receive no Government funding.

Amenities: we deliver appropriate and sustainable financial support to the serving Corps through infrastructure enhancements, adventure training, unit and family welfare, sport and regimental life in order to strengthen morale, improve effectiveness and encourage retention. Apart from support to families, this is funded by the voluntary donations of Royal Marines themselves or from historic reserves, rather than donations raised from the general public.

9

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Membership: our membership (22,857 as at 31 December 2023, up 1,413 since 31 December 2022) is a focus for our preventative work, which we undertake to promote mental and physical wellbeing and to stave off charitable need and spend further down the line; this includes working through our 98 geographical and specialist branches (up 3 since 31 December 2022) to promote comradeship and mutual support. This is self-supporting from member fundraising, donations, and historic Association reserves.

PUBLIC BENEFIT

We provide quantifiable and tangible benefits to Defence and by extension to the public, underpinning its support of the Military Covenant between the Nation and its Armed Forces:

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a ’ charity (PB2) .

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

POLICIES

All the charity’s board -level policies were reviewed in 2021-2.

Grant making policy

Grants made by the Charity are made by the Trustees at their discretion and must be in accordance with the charitable purposes and objects of the Charity.

10

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

earlier decision is made available to the Trustees.

Fundraising policy

Fundraising policy was last reviewed in 2022. Our approach to fundraising rests on positive supporter engagement in order to enable us to attract, steward and maintain support, but also to protect our reputation. A key element is the segmentation of supporters through our Customer Relationship Management database, so that supporters receive communications at appropriate frequencies. The charity only fundraises and promotes support to the charity from individuals and companies following explicit written (‘opt in’) consent. Trustees and staff are aware of the need to protect the public, and especially vulnerable people, hence no cold call, telephone or street fundraising is carried out, and no bonuses or inducements are made to staff or volunteers. No professional fundraisers or commercial participators carried out any fundraising activities on behalf of the charity.

The charity is registered with the Fundraising Regulator (FR) and contributes to the FR levy on fundraising charities according to its income, adhering to the FR Code of Practice and to Charity Commission guidelines, particularly CC20 (Charity fundraising: a guide to trustee duties). Trustees are aware of the Commission’s six fundraising principles and ensure adherence by charity staff through the oversight of a Fundraising sub-committee of the board: effective planning; supervision of fundraisers; protection of charity reputation, money and other assets; ensuring compliance with laws and regulations; following recognised standards; openness and accountability. Fundraising practices are monitored through a formal quarterly sub-committee meeting and quarterly board reporting, and oversight of volunteers by the Fundraising Manager, whose induction training includes the protection of vulnerable people. Failures to comply will be reported to the FR if they occur, as will complaints, for which there is a process to follow if received; there have been none of either in the last fiscal year or since the FR was introduced. Policies and processes are in place to ensure the Charity’s compliance with the General Data Protection Regulation (GDPR), particularly regarding the use of personal data for fundraising purposes.

11

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

ACHIEVEMENTS AND PERFORMANCE 2023

Response to presented need

Each year we build upon our delivery and effectiveness, 2023 has required the Health and Wellbeing Team to support many complex cases across all 7 pillars of delivery. As we continue to develop our ways of working, we have this year further merged the Employment and Education pillar to become an integral element of Health and Wellbeing.

Transition support Services:

With a position in Scotland and the South West our increased footprint has led to better collaboration with local units and improved collaboration with local services. Primarily dealing with Serving Personnel who might be struggling as they leave the Royal Marines, they have supported 107 individual cases, 81 veterans and 26 serving personnel. Alongside this busy case load they have selected and supported 30 veterans to attend the Chamonix Ski Trip and the summer Climb to recovery events.

Chamonix attendees feedback “ I would like to send a big thank you to the team at the RMA Charity for making this programme happen. As a former RM I understand the planning and preparation that must have gone into such an event and of course the costs to achieve it.

There is without doubt a fundamental understanding of RM’s old and not so old that spans ages, even though the group had suffered hardship of their own, had injury or illness that to most might debilitate them these talented young men came together, supported each other as if we were family, humbled is such an underused word”.

A further responsibility of the Transition Support Officers is to plan and deliver the Commando Connect events. First delivered in 2019 this ‘Veterans Breakfast ’ model initially started at 30 Commando has gone from strength to strength, bring together serving and veteran Royal Marines. Events have taken place in Plymouth, Scotland and the Gordon Messenger Centre at Lympstone. This event has seen over 200 attendees this year, engaging with local support, engaging with internal support from the HWB team as well as guest organisations.

Veterans Mental Health Referral Pathway (VMHRP):

In 2023 the VMHRP has continued to improve its delivery. The RMA-TRMC Contracted Psychotherapy lead has updated our processes and business agreements with our therapists. We now have 120 therapists (80 in 2022) that offer clinically approved therapy interventions that are clinically measured at the beginning and end of therapy as well as every 6 sessions of funded therapy. Our therapists consist of Psychiatrists, Clinical Psychologist, Psychotherapists and Psychotherapeutic Counsellors. We continue to develop our relationships with OP COURAGE staff in all areas of England as well at the equivalent programmed in Scotland and Wales. An increase to the support delivered the previous year of 25 more beneficiaries supported.

Veteran Mental Health Referral Pathway Activity Veteran Mental Health Referral Pathway Activity Veteran Mental Health Referral Pathway Activity Veteran Mental Health Referral Pathway Activity
Activity 2023 2022 2021
Total Carried Forward
from 2022		 70
Total No. of New
referralsp.a.		 65 78 59
No of Veteran referrals 47 63 59

12

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

No of Veteran
Dependent referrals		 12 13 7
No of Serving
dependents referrals		 6 2
Total no of Cases looked
after in 2023		 135
Waiting for Initial
Consultation		 5 2 4
Waiting Times average for 2023
Avg waiting time for
Initial Consultation		 3 weeks
Avg Waiting Time to
begin Therapy		 3 weeks
Total Currently in
Therapy		 72 57 28
No of Veterans in
Therapy		 53 11 4
No of Veteran
Dependents in Therapy		 13 13
No of Serving
Dependents in Therapy		 6 2
Completed Therapy 58 15
No of Veterans
Completed Therapy		 54
No of Veteran Partners
Completed Therapy		 11 8
No of Serving
dependents Completed
Therapy		 2 0

Armed Forces Compensation and War Pensions advice and advocacy:

A total of 128 cases have been supported by the team, 70 of these have been from the veteran community and a further 58 have been serving. The nature of this work can, at times, continue for a number of years whilst the claims are being assessed and ratified by the MOD. Often with other pillars of delivery supporting in a complimentary manner. In total the team have seen our beneficiaries receive increased compensation of over £634,000. Alongside the individual casework the team have delivered

13

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

briefings to recovery troops, HASLER and attended the Commando Connect events providing immediate advice to questions.

Working even more closely with the White Ensign Association, the team of two continue to deliver outstanding support to the Naval Service veteran community. Throughout 2023 we have continued to fund Tom Coyle as an advisory consultant whilst the team gain experience. This will be reviewed in August 2024.

Addiction support:

2023 has once again been a challenging year within addiction support delivery. We trialled a new Recovery Support Worker to bolster the pillar but following the trial period it was decided that administration support was required rather than more delivery support. Despite these challenges the Addiction Nurse Specialist (ANS) has delivered 33 briefings to almost 1,000 serving Royal Marines, including command courses and pre deployment briefings. This type of early intervention helps to promote healthy lifestyles and prevent more problematic addictions occurring. In total the ANS has delivered therapeutic interventions to 44 beneficiaries, 23 of which have been veterans and 21 serving. Over £24,000 was allocated to detox and rehabilitation.

Grants and Benevolence:

A total of 722 grants have been awarded this year compared to 661 in 2022. This increase has been across all subject areas of delivery, but the actual average grant amount of each grant is slightly lower. The largest increase being in psychological therapeutic support.

Type of Grant Amount of Grants Value of Grants
Veterans 616 £832,076 Fig1
Serving 72 £83,895 Fig2
Orgs 34 £223,620 Fig3

14 ROYAL MARINES ASSOCIATION-THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES Grdnt Trpe for Veterdns 6050 -R•rfth•ls,7,$14.L) CaurJ•i.15.160.CII re ￿orne,0.00 D•btR•ll•f.2&aw3 lphcWV•hlcl•l lo3.71￿{ gJbJtstvnr•. 1&35Q .Renxwa15 1n%ictL456arnE5 -MediralTrtaknert . D￿￿1￿lid LHO￿￿￿1¥￿￿deI￿￿5 L05ts . Ureak PSy(Thokn￿l TIEatiiieM •Réhab rpH( •cou￿￿& Figure l.. Veterans Gronts by Type Grant Type for Setving Tr•Atthirt&725.00 urm.O.00 Suhbt•n(.O Dr￿N¢11p1.0.D0 114.50 220AZ .NowhowVdddplfyJ￿1s-F￿jCr￿(L .PthvlugKalT.:.,,.:, Figure 2.. Gronts by Type to the Serving Corps The financial support granted to serving depicted above has been slightly less than 2022. It should be noted that not all casework ends in an individual grant or payment for interventions, albeit many do need financial input. The wider team have supported referrals across a variety of complex cases, the casework and time for these cases are recorded separately 772 cases were supported. advised, signposted. and handed over to the most appropriate organisation to deliver the requisite support.

15

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Employment and Education:

In 2023, the Health and Wellbeing Team introduced a new delivery strand for Royal Marines of any rank who have reached the end of full career service (22yrs+). It has been recognised that such leavers have uniquely different challenges form those opting to leave at an earlier point and for many, The Royal Marines may be all that they have known since school. The Completion of Service workshop is now a 2-day programme, with 16 service leavers attending in 2023. The project got going following a being awarded £93K from AFCFT in November 2023. Guest speakers also attend on day 2 of the workshop from top organisations and provide insights, while former service leavers return to support and share their experiences with those currently transitioning. In following the journey of our service leavers at this level we will also look to engage with the corporates therefore expanding our portfolio of employers/support.

Support to Recruits was to 291 individuals in 2023. 51% had spent time in Hunter recovery troop before leaving, with an average of 23 weeks spent in recovery; this was up 11% on 2022 with only 4% officially medically discharged. The average age of our recruit leaver was 22.

More agreements are being established with suitable employment partners, these agreements are delving into a comprehensive relationship and understanding how we can involve our employers in fundraising and commitment to the Charity through financial support. This is already proving to be beneficial.

The E&E team supported 738 beneficiaries, 296 in transition, 146 veterans, 291 recruits, 5 spouses with a total of 52 supported into longer term employment. In total 1.7 million in recorded social and economic value has been delivered.

64 Grants were awarded in 2023 totalling £97,312.91 to the following groups:

Continued collaboration with partners

We have worked increasingly closely with the NHS (OP COURAGE and the OP RESTORE), the MOD Department for Community Mental Health, and Third Sector partners with whom we have agreed formal MOUs: the Royal Navy & Royal Marines Charity, Walking With The Wounded, the White Ensign Association, the Special Boat Service Association, High Ground, Rock to Recovery and Bootnecks In2 Business. We collaborated regularly with Combat Stress, Zero Suicide Alliance, Help for Heroes, the Defence Medical and Welfare Service, Veterans’ First Point, Horseback UK, the Naval Families Federation and the Forces Employment Charity.

In our grant making we work in close partnership with SSAFA-The Armed Forces Charity, The Royal British Legion and Naval Service charities: the Royal Navy and Royal Marines Charity, Greenwich Hospital, the Royal Naval Benevolent Trust, the Naval Children’s Charity and the Royal Navy Officers’ Charity, with our USP being our holistic assessment of needs leading to complementary monetary and non-financial support where appropriate.

This year was the final year of the One Is Too Many AFCFT funding in support of our Lifting the Lid Project. The work delivered across the whole team was lauded by the final report form Chester University. The funding enabled us to communicate with the Corps Family to reduce stigma surrounding help seeking behaviours, better equip and train our staff and volunteers through various training models and deliver interventions such as psychotherapy, coaching and addictions support to enhance recovery and overall wellbeing. The findings of this project have helped us design a ‘Transformation Project’ to build consensus and agreement for a Common Assessment Framework/Toolkit, our year one report

16 ROYAL MARINES ASSOCIATION-THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES has recenuy been submitted and we have recruiled Paul Gray as the Projecl Officer to support this ongoing work. 3.. Partnership Goll8bor8tions 2023 New Charlty HQ In 2022, the then RMA-TRMC HQ building within CTCRM was condemned. It was located within an old. Worfd War 2 wooden hul built in 1942 to support training Royal Marines for the war effort. 11 was the last remaining building of its kind on camp but, was built with an expected lifespan of 5 years, not 801

17

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

The trustees set aside sufficient funds to underwrite the capital project then set about fundraising specifically for it. The Development Team and Scottish contingent excelled to bring in 69% of the funds from generous benefactors. From the perimeter fence being erected for demolition to commence to the Charity receiving the keys to the modular build took 87 days; an impressive feat by all involved. The project cost £1.56m of which £1.07m was received in grants and donations. This meant that £490k was taken from Charitable reserves. This came from an old designated fund set aside upon the merger in 2019 from the RMA. No money that could be used for beneficiary support was used within this project.

Image 1: The old Wooden Hut Charity HQ

18

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Image 2: The CHAMP Building, summer 2023

RMA-TRMC now has a state-of-the-art HQ within the beating heart of the Corps and must thank and acknowledge the immense support from the following:

– The Gordon Messenger Centre enabling resilience in the Corps Family

In 2020 the Charity completed a project to deliver a state-of-the-art welfare and community facility at the heart of the Corps, the Gordon Messenger Centre for Resilience, which opened formally in September 2021. Named after the Patron of the Charity, General Sir Gordon Messenger, the centre has a large hall, cafeteria and kitchen area, meeting room, office, indoor and outdoor play areas.

The Centre hosts welfare support, training, rehabilitation activities, briefings, employment workshops, community events for serving and veteran Royal Marines, family activities, a children’s creche, charity meetings, cadet activities and support to sporting events on the adjacent sports fields. Grants of just over £25K were made in 2023 to enhance the equipping of the Centre. A local steering group on which the Charity is represented, oversees use in accordance with the charitable objects of the Charity and will captures to the Corps and trustees annually. Additionally, with the help of a £90k grant from Greenwich Hospital over three years, the Charity now employ an assistant to the civil service manager that adds valuable capacity to a remarkably busy and stretched team.

19

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

RMA-TRMC Devolved Nations Strategy 2023

In 2022, the board chose to appoint a fixed term, project lead to conduct a strategy review for the devolved nations when Scotland looked likely to be moving closer to a second independence referendum. Whilst the likelihood of the SNP arguing for a second referendum in Scotland appears to have diminished in the near term, the continued and sustained level of nationalist support could not be ignored. Similarly, nationalist support is growing in NI as its vote coheres whilst the Unionist vote fractures. The situation in NI was compounded by the prolonged paralysis across the devolved government creating significant problems which impact Veterans in the province. It is also important to highlight that implementable veterans’ policies and the services provided to Veterans in the Devolved Nations (DNs), is a devolved responsibility, despite Veterans Policy in UK being led by the MOD (and Defence is not a devolved matter). Therefore, the delivery of support to Veterans differs to varying degrees from that seen in England.

The strategy guidelines were to look to advise on how to deliver a similar range of activity, influence and services in Scotland and Northern Ireland (S&NI) to that offered in England, including:

Extensive work was conducted to identify the beneficiary terrain in S&NI which looked like this in Jul 2023:

20

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Figure 4: Visual representation of Devolved Nations summary

The project successfully concluded in September 2023, and it was considered that the situation had changed significantly from implementation. Devolution and the potential issues it may cause was considered less likely. The decision was made not to resource the post but to continue the outputs and lines it generated from within the existing team and to monitor the situation for future exploitation as and when the political landscape shifted.

FINANCIAL REVIEW

The Trustees consider that expenditure has been within the Objects of the Charity during the reporting period. They consider that the Charity remains healthy and thus able to meet its future charitable obligations.

Income

The Charity was again reliant on income from donations, grants, community fundraising initiatives and events, along with investments. Income generation was once more impacted by reduced investment income, the cost-of-living challenge did not materialise quite as expected through 2023 which benefited community fundraising and events support. The targeted income for the CHAMP building facilitated the return of significant funds to the GPF previously earmarked for this project. The year ended with a great surprise as a previously untracked legacy of £1.9M from the Channel Islands was notified just before Christmas 2023.

21

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

The Charity received services in kind valued at £187k from our parent charity RNRMC. This includes finance and amenity grants administration and some HR support. The Charity also received donated services from Patron Capital Partners LLP in the form of office facilities valued at £63K.

Investment policy and performance

The Articles of Association authorise Trustees to make and hold investments using the funds of the Charity within current rules and regulations. The Charity’s investments were managed through 2023 by Sarasin and Partners LLP.

The whole fund value of the Charity fell from £10.1M to £9.7M in year, primarily due to cash drawdowns of £800k to meet the requirements of the charity, offset against portfolio gains of £500k during 2023.

The oversight of the management of the Charity’s investments lies with a nominated trustee (Mr Mark Fitzgerald), and with the Investment Committee (IC) of RNRMC, which is responsible for monitoring the performance of the investment managers in line with the investment strategy approved by the Board alongside RNRMC. In 2023 the board decided to switch investment fund managers from Sarasin and Partners LLP to UBS. As of 31 December 2023, this process was well in train with a view to in being implemented before end of Q2 2024.

Reserves Policy

22

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

there is a balance of income to meet the needs of current beneficiaries, but also growing capital to ensure that the needs of future beneficiaries are met, in order that they remain a sustainable resource for the Corps for future generations;

RISK MANAGEMENT

The Charity Trustees have considered the major risks to which the Charity is exposed and review those risks and the established systems and procedures to manage those risks through oversight of a risk register at each Trustee meeting. This register is linked to the delivery programme in order to ensure that risks which cannot be removed are mitigated against through the operations of the Charity’s staff. A three-stage line of defence assurance system is in place, based on the regular checks of staff, the oversight of trustees, and the annual interrogation of the appointed auditor.

Principal risks identified as at 31 December 2023 were:

Risk Mitigation
Financialwhich includes:
•
Not meeting our Voluntary Income targets;
•
Poor Corporate and Major Donor support;
•
Loss or reduction of funding streams.
These risks would reduce our capacity to deliver
our strategy.
Where savings are considered for 2024, they will
not be in the Delivery space; efficiencies will be
made elsewhere.		 •
We have diversified our income generation
opportunities as much as possible, focusing
particularly on strengthening the support of
major individual and corporate donors, trusts
and statutory grants. We have developed a
corporate engagement strategy which seeks
to sell training and experiences rather than
rely on donations.
•
We are further developing measurement of
social
and
local
economic
value
to
demonstrate impact to donors, and our
communications function in order better to
promote case studies.
•
We have a systematic approach to budget
setting and financial planning with detailed
monthly sequencing and monitoring during
the year, with monthly cashflow projections
and quarterly forecasts used to mitigate any
budget/income pressures that arise during
the year.
•
We regularly review our investment strategy
and its performance managed by appointed
external fund managers.
•
The Board has adopted a policy of holding
between 5 and 6 months of expenditure in
cash
reserves,
increased
from
2-3
previously.

23

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Governancewhich includes:
•
Lack of compliance with legal and regulatory
requirements;
•
Breach of data and/or IT breach by external
agents;
•
Lack of impact/outcome evidence which may lead
to sub-optimal block grant making.
These risks will impact our operational delivery
and increase regulatory scrutiny, both of which
will impact our ability to deliver our objectives.		 •
A Chair-led comprehensive governance
review was completed in 2021, identifying
areas of improvement for governance, skills
gaps and trustee succession planning.
•
We have reviewed all Charity policies and
ensured that all required Board level policies
have been refreshed for 2024.
•
We are registered with the Fundraising
Regulator to evidence our compliance with
the Charities Act 2016 and comply with
regulations; no complaints were received in
2023.
•
We benefit from the extensive cyber
protection provided by our internet provider.
•
We have developed improved methods of
monitoring the impact of grants made to
individuals
and
organisations,
including
ensuring safeguarding protocols are in place
with those we fund.
•
Cyber Essentials Plus will be initiated in
2024.
Reputationalwhich includes:
•
Poor or harmful charitable delivery.
•
Lack of control of membership branches and
individual members.
•
Lack of control of funded organisations’ activities;
These risks would impact our reputation which is
essential to keep key stakeholders, funders and
beneficiaries positively engaged in assisting us
delivering our outcomes.		 •
Welfare staff and volunteers have received
revised training and are subject to a rigorous
safeguarding policy.
•
The PR function within the Charity is
developing well. This gives the capability to
respond to reputational challenge, with direct
links into Navy Media.
•
Our branch and membership byelaws are
subject
to
close
oversight
from
the
Membership Committee and were reviewed
in 2023.
•
We expect regular reports to the Board of
Trustees
from
through
year
funded
organisations and implement MOUs where
appropriate.
Peoplewhich include:
•
Inability to recruit and retain people with the
required skills and expertise;
•
Appropriate training and safeguarding for all staff;
•
Burnout due to increased demand for support.
These risks would reduce our effectiveness to
deliver our objectives, reducing our impact.		 •
We have introduced a revised Performance
and Development Report to improve our
performance and focus on learning and
development.
•
We conduct an annual Training Needs
Analysis, leading to whole staff training as
appropriate, and individual education and
learning needs being addressed.
•
We have an agenda item at every board
meeting where staff issues are discussed to
maintain board oversight.
•
The take up has been positive for the
Employee
Assistance
Programme
introduced in 2022.
•
Our pay banding system, introduced to
encourage loyalty from staff who receive a
satisfactory annual appraisal report was
implemented for the first time for the 2024
pay award.
•
Each employee receives an allocation for PD
training facilitation annually.

24

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

The Trustees consider by reviewing accounts and cashflow at each Board meeting that they are able to manage income over expenditure effectively, whilst they are also able to seek advice from the RNRMC Group Investment and Finance Risk and Audit Committees and other specialist advisors, all of whom have a depth of relevant experience.

FUTURE PLANS

Strategy and Programme 2023-24

In 2021 the Trustees conducted a strategic review across every aspect of the Charity’s delivery, resulting in timetabled new delivery and delivery improvements against measurable outcomes to be achieved by the end of 2024. In addition, it was decided at Board Meeting 1 of 2024 that a further “ Fit for the Future” review was to be carried out by the board through Q2 & 3 to advise on strategies to be adopted post 2024 for the next phase of growth of the RMA-TRMC.

We are following a 3-year budgeted delivery programme with associated risk register based on the revised strategies, delivered by the staff but with regular reporting oversight from the sub-committees allied to the Charity’s functional teams, which in turn report to the Board.

This programme will ensure that the charity is proactive and bold, differentiated, sustainable, owned by the Corps Family, recognised by the wider community, and effective (efficient and achieving maximum impact). The programme ensures the following strategic objectives will be secured:

  1. We will enable those we serve to live by the Commando Mindset (restoring, maintaining and enhancing independence, dignity and effectiveness) through financial and non-monetary support;

  2. We will promote and sustain the Royal Marines brand and esprit de corps;

  3. We will increase and achieve a representative membership mix of the Corps Family and supporters, in order that the Charity and Association become the heart of the Corps Family.

In particular, the Charity has the following desired operational outcomes by the end of 2024 with progress annotated:

  1. To be the natural and trusted first point of contact for the Corps Family when in need of assistance – This is progressing well and is considered to be so now ;

2. To offer active and effective support to Commando Forces – Through amenities spend as well as benevolence to the serving Corps, this continues to grow seeing 2024 as the most heavily invested year yet in this delivery line;

  1. To be the leading UK regimental charity championing our members and enabling collaboration –

between major tri-service associations The RMA-TRMC continue to hold the Chair of the Single Capbadge Association Network, a collaboration of all single service associations established to share best practice and act as a single voice into MoD and OVA;

4. To number 24,000 members with a younger demographic – This will be so by the end of summer 2024;

2024 sees the third iteration of the 5yearly RM versus United States Marine Corps sports tour, Virginia Gauntlet III. Planning started in the summer of 2023 with the first amenities funds committed to flights to secure 2019 prices in August, but the funds will be released in 2024. This will cause a draw on restricted amenities funds and has led to an increase in the agreed deficit for 2024.

25

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Budgeted spend to deliver necessary support in 2024 has led to the trustees approving a deficit budget of (£1.1m). There are sufficient free reserves for 6-7 months of expenditure as at the time of signing, but if fundraising and other income-generating activities are not able to continue normally, the trustees have agreed to retain £1.2m in liquid reserve. Cashflow is monitored monthly, looking forward 12 months. Based on the revised forecasts the Trustees are satisfied that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

ACKNOWLEDGEMENTS

The Board wishes to place on record its gratitude to all those who have contributed to the fundraising efforts of the Charity and its outputs in 2023, in particular:

The Board wishes to make special mention of its gratitude to the RNRMC and Greenwich Hospital: RNRMC for its substantial back-office support provided pro bono during the year, alongside its £200,000 grant towards veteran benevolence support and £150,000 towards the rebuild of our CTCRM offices. Greenwich Hospital who provided significant funding of £330,000 towards the rebuild of our CTCRM offices, alongside other essential grant funding in year.

The Trustees also thank other independent charities and organisations with which it works closely: NHS Op COURAGE, the Veterans’ Trauma Network, Northumbria and Chester Universities, SSAFA the Armed Forces Charity, the Royal Naval Benevolent Trust, the Nav al Children’s Charity, the Royal Navy Officers’ Charity, The Royal British Legion, the Special Boat Service Association, the White Ensign Association, Aggie Weston’s, Walking With the Wounded, Supporting Wounded Veterans, Combat Stress, Help For Heroes, Bootnecks in2 Business and Rock to Recovery.

26

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY REPORT OF THE TRUSTEES

Statement of Trustees’ Responsibilities

The trustees (who are also the directors of RMA-The Royal Marines Charity for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial period that give a true and fair view of the situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 as amended by The Charities Accounts (Scotland) Amendment (No. 2) Regulations 2014.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The charitable company has taken advantage of the small companies’ exemption.

This report was approved by the Trustees on 10 May 2024 and signed on their behalf by:

Mrs LR Fordham (Chair)

27

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY

Opinion

We have audited the financial statements of The Royal Marines Charity for the year ended 31 December 2023 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

28

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 20-21 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

29

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

30

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBER OF ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY

Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006; and to the charity’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and in respect of the consolidated financial statements, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees t hose matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body for our audit work, for this report, or for the opinion we have formed.

James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants Statutory Auditors 6[th] Floor 9 Appold Street London EC2A 2AP

Date: 9 May 2024

Moore Kingston Smith LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

31

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME & ENDOWMENTS
Donations and legacies
4
Other Trading income
Investment income
5
6
Other income
Total incoming resources
RESOURCES EXPENDED
Raising funds
Investment management fees
10
Fundraising costs
Total cost of raising funds
Charitable activities
Sports (Fit for life)
Amenities (Quality of life)
Benevolence (Through Life)
Total charitable expenditure
7
Total operating expenditure
Net operating income/(expenditure)
17
Net income/ (expenditure)
Gross transfer between funds
22
Net Movement in funds
Total funds brought forward
22
Total funds carried forward
22
Incoming resources from charitable activities
Net gains/(losses) on investment assets		 £
£
£
£
3,230,044
1,408,023
4,638,067
3,901,864
1,906,311
-
1,906,311
613,485
143,932
88,444
232,376
188,113
Total Funds
2022
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
5,280,287
1,496,467
6,776,754
4,703,462
-
947,283
947,283
650,704
-
-
-
28,366
5,280,287
2,443,750
7,724,037
5,382,532
45,723
30,215
75,938
93,691
2,238,192
63,361
2,301,553
2,118,383
2,283,915
93,576
2,377,491
2,212,074
173,181
532,515
705,696
492,267
371,367
726,354
1,097,721
1,154,499
459,069
1,391,975
1,851,044
1,771,994
1,003,617
2,650,844
3,654,461
3,418,760
3,287,532
2,744,420
6,031,952
5,630,834
1,992,755
(300,670)
1,692,085
(248,302)
299,440
203,633
503,073
(1,468,433)
2,292,195
(97,037)
2,195,158
(1,716,735)
(1,348,937)
1,348,937
-
-
943,258
1,251,900
2,195,158
(1,716,735)
9,359,427
3,746,139
13,105,566
14,822,301
10,302,685
4,998,039
15,300,724
13,105,566

The charity has no recognised gains or losses for the year other than as detailed above.

The net movements in the charity’s funds for the year arise from the charity’s continuing activities.

The notes on pages 34 to 49 form part of these accounts.

32

ROYAL MARINES ASSOCIATION - THE ROYAL MARINES CHARITY BALANCE SHEET - GROUP AND CHARITY AS AT 31 DECEMBER 2023

Notes
Fixed assets
Intangible assets
15
Tangible assets
16
Investments
17
Current assets
Stock
18
Debtors
19
Cash at bank and in hand
Liabilities
Creditors falling due within one year
20
Net Current assets
Total assets less current liabilities
Creditors falling due in more than one
year
21
Net Assets
Accumulated funds
Restricted funds
22
Unrestricted funds
22
Total accumulated funds		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
232,937
263,561
232,937
263,561
1,976,718
620,012
1,973,972
617,325
9,741,421
10,126,123
9,741,521
10,126,223
11,951,076
11,009,696
11,948,430
11,007,109
183,300
196,041
59,650
62,724
2,892,063
601,020
2,711,960
578,898
1,253,574
1,900,305
1,060,467
1,776,220
4,328,937
2,697,366
3,832,077
2,417,842
(979,289)
(576,596)
(654,186)
(516,884)
3,349,648
2,120,770
3,177,891
1,900,958
15,300,724
13,130,466
15,126,321
12,908,067
-
(24,900)
-
-
15,300,724
13,105,566
15,126,321
12,908,067
4,998,039
3,746,139
4,998,039
3,746,139
10,302,685
9,359,427
10,128,282
9,161,928
15,300,724
13,105,566
15,126,321
12,908,067

Company registration number: 07142012

The charitable company has taken advantage of the small companies’ exemption.

The financial statements and the notes on pages 34 to 49 were approved by the trustees on 10 May 2024 and signed on their behalf by:

Mrs LR Fordham (Chairman)

33

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Cash (outflow) from operating activities
Net cash (used in) operating activities (198,866) (528,472)
Cash (outflow)/inflow from investing activities
Investment income and interest received 232,376 188,113
Proceeds from disposal of fixed asset investments
excluding endowment funds 5,398,646 7,205,274
Acquisition of fixed asset investments excluding
endowment funds (4,510,871) (6,621,768)
Payments to acquire tangible fixed assets (1,418,508) (107,227)
Payments to acquire intangible fixed assets (114,607) (96,171)
(412,964) 568,221
Cash (outflow) from financing activities
Bank loan repaid (34,900) (9,167)
Net (decrease)/ increase in cash and cash equivalents (646,730) 30,582
Cash and cash equivalents at beginning of year 1,900,305 1,869,723
Cash and cash equivalents at end of year 1,253,574 1,900,305
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023 2022
£ £
Net income/ (expenditure) 2,195,158 (1,716,735)
Adjustments for:
Depreciation charges 61,802 25,948
Amortisation charge 64,238 58,149
Net (gains)/ losses on investments (503,073) 1,468,433
Loss/ (gains) on disposal of intangible assets 80,993 -
Investment income (232,376) (188,113)
(Increase)/decrease in stock 12,741 33,843
(Increase)/decrease in debtors (2,291,043) (201,604)
Increase/ (decrease) in creditors 412,694 (8,393)
Net cash (used in) operating activities (198,866) (528,472)

34

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

a) Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company and its subsidiaries are a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006, the Charities Act 2011 and Charities Accounts (Scotland) Regulations 2006 as amended by The Charities Accounts (Scotland) Amendment (No. 2) Regulations 2014.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

b) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions, that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable group’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

c) Group financial statements

These financial statements consolidate the results of the Charity, TRMC Enterprises Limited and the RM Shop Limited, wholly owned trading subsidiaries on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account is not presented for the Charity itself as the Charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

d) Income

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Legacies are recognised when the charity has been notified of its entitlement and there is sufficient evidence that receipt is probable and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured reliability. Where entitlement to a legacy exists but there is uncertainty as to its receipt or the amount receivable, details are disclosed as a contingent asset until the criteria for income recognition are met.

Income is deferred when the donor attaches conditions outside the charity's own control or specifies that the resources are to be used in a future accounting period.

Investment income is received net of investment management fees but is grossed up in the accounts for investment management fees.

35

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

e) Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements.

Where services are provided to the charity as a donation that would normally be purchased, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

f) Expenditure

Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. Unconditional grant offers are accrued once the recipient has been notified of the grant award and its payment is probable. Grant awards that are subject to the recipient fulfilling performance or other conditions are accrued when the recipient has been notified of the grant and either the performance condition is met or any remaining unfulfilled condition attaching to the grant is outside of the control of the Charity.

g) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

h) Allocation of overhead and support costs

Overhead and support costs have been allocated first between cost of generating funds, charitable activities and governance. Overhead and support costs relating to charitable activities have been apportioned between activities.

i) Cost of raising funds

The cost of raising funds consists of investment management fees and fundraising costs including an apportionment of overhead and support costs.

j) Charitable activities

Costs of charitable activities include grants payable and other costs directly associated with providing sports, amenities, prizes and awards, dependants grants or benevolence to beneficiaries and an apportionment of overhead and support costs.

k) Governance costs

Governance costs comprise all costs involving the public accountability and running of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit, legal fees and trustee meeting expenses together with an apportionment of overhead and support costs.

l) Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate.

m) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 19 and 20 for the debtor and creditor notes.

36

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

n) Stock

Stock is stated at the lower of cost and net realisable value.

o) Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost.

Tangible fixed assets are depreciated on a straight line basis over their estimated useful economic lives as follows:

p) Intangible fixed assets

Intangible fixed assets are amortised on a straight line basis over their estimated useful economic lives as follows:

Software - over 3 years straight line

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

q) Investments

Investments are stated at market value inclusive of accrued income as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the Statement of Financial Activities as ‘gains or losses on investments’ and are allocated to the appropriate fund holding or disposing of the relevant investment.

r) Funds structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

s) Heritage assets

The Charity is the owner of a collection of Paintings, Silverware and other items which have largely been donated to the Charity over many years. Many precious works are contained within messes across the Corps, which is housed and managed on behalf of the Charity by Serving Royal Marines within the Corps Secretariat and may be used for dinners and other special occasions. Although items in the collection may have heritage qualities due to their age, value and unique associations, they do not fall within the definition of heritage assets under the SORP The collection is considered irreplaceable and as such it is not possible to attribute a reliable cost or value to it. Accordingly no value is attributed to these assets in the financial statements.

37

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

t) Critical accounting estimates and areas of judgement

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

2 LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The sole member of the Charity is The Royal Navy and Royal Marines Charity. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3 FINANCIAL ACTIVITIES OF THE CHARITY

The financial activities shown in the consolidated statement includes those of RMA-TRMC and its wholly owned trading subsidiaries TRMC Enterprises Limited and Royal Marines Shop Limited

A summary of the financial activities undertaken by the RMA-TRMC is set out below:

Total income
Expenditure on charitable activities
Expenditure on raising funds
Net investment gains/(losses)
17
Net income/(expenditure)
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
22
Unrestricted funds
22		 2023
2022
£
£
7,179,824
4,774,495
(2,000,298)
(1,864,086)
(3,464,344)
(3,184,330)
1,715,182
(273,921)
503,073
(1,468,433)
2,218,255
(1,742,354)
12,908,067
14,650,421
15,126,322
12,908,067
4,998,039
3,746,139
10,128,283
9,161,928
15,126,322
12,908,067

38

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Voluntary Income
Donations
Subscriptions
Legacies
Donations
Subscriptions
Legacies
5 Investment Income
Dividends - United Kingdom equities
Dividends - non-UK equities
Fixed interest - UK
Property fund
Unit Trust
Other
Interest on cash deposits
Bank interest
Dividends – United Kingdom equities
Dividends – Non-UK equities
Fixed interest - UK
Property fund
Unit Trust
Other
Interest on cash deposits
Bank interest
6 Incoming resources from charitable activities
Other grants received
Other grants received		 Unrestricted funds
2023
Restricted funds
2023
Total funds
2023
£
£
£
1,231,931
1,156,334
2,388,265
-
-
-
1,998,113
251,689
2,249,802
3,230,044
1,408,023
4,638,067
Unrestricted funds
2022
Restricted funds
2022
Total funds
2022
£
£
£
2,808,143
253,870
3,062,013
-
525,222
525,222
114,329
200,300
314,629
2,922,472
979,392
3,901,864
Unrestricted funds
2023
Restricted funds
2023
Total funds
2023
£
£
£
24,555
15,913
40,468
59,109
37,808
96,917
28,711
18,433
47,144
6,125
3,814
9,939
4,164
2,599
6,763
3,656
2,573
6,229
10,994
7,304
18,298
6,618
-
6,618
143,932
88,444
232,376
Unrestricted funds
2022
Restricted funds
2022
Total funds
2022
£
£
£
22,660
15,652
38,312
53,601
36,841
90,442
14,474
10,042
24,516
9,578
6,592
16,170
6,273
4,350
10,623
1,652
1,014
2,666
2,036
1,284
3,320
2,064
-
2,064
112,338
75,775
188,113
Unrestricted funds
2023
Restricted funds
2023
Total funds
2023
£
£
£
-
947,283
947,283
Unrestricted funds
2022
Restricted funds
2022
Total funds
2022
£
£
£
23,050
627,654
650,704

39

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7 Analysis of charitable expenditure

Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2023
£
£
£
£
Fit for life pathway
374,843
-
330,853
705,696
Quality of life pathway
436,016
-
661,705
1,097,721
Through life pathway
1,150,526
38,813
661,705
1,851,044
-
-
-
1,961,385
38,813
1,654,263
3,654,461
Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2022
£
£
£
£
Fit for life pathway
226,536
-
265,736
492,267
Quality of life pathway
623,037
-
531,462
1,154,499
Through life pathway
1,134,987
105,545
531,462
1,771,994
1,984,560
105,545
1,328,660
3,418,760
8 Analysis of grants payable
Grants to
institutions
Grants to
individuals
Total
2023
Total
2022
£
£
£
£
Sports (Fit for life)
-
374,843
374,843
226,536
Amenities (Quality of life)
279,820
156,196
436,016
623,037
Benevolence (Through Life)
408,655
741,871
1,150,526
1,134,987
Total
688,475
1,272,910
1,961,385
1,984,560
Institutions receiving grants
2023
Rock 2 Recovery CIC
90,000
Globe & Laurel
89,879
Commando Training Centre Royal Marines
52,106
Dame Agnes Westons
50,124
Climb to Recovery
42,178
Hasler Recovery Centre
30,498
Walking With The Wounded
24,471
Woodands Memorial
24,000
40 Commando Royal Marines
16,937
RM Condor
16,500
30 Commando Royal Marines
16,037
Horseback UK
10,500
42 Commando Royal Marines
8,999
RMB Chivenor
8,091
The Royal Marines Charity Enterprise
8,062
45 Commando Royal Marines
7,970
Junior Ranks Recreation & Welfare Area
5,600
Support our Paras
5,000
Organisations under 5k
181,523
688,475		 Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2023
£
£
£
£
Fit for life pathway
374,843
-
330,853
705,696
Quality of life pathway
436,016
-
661,705
1,097,721
Through life pathway
1,150,526
38,813
661,705
1,851,044
-
-
-
1,961,385
38,813
1,654,263
3,654,461
Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2022
£
£
£
£
Fit for life pathway
226,536
-
265,736
492,267
Quality of life pathway
623,037
-
531,462
1,154,499
Through life pathway
1,134,987
105,545
531,462
1,771,994
1,984,560
105,545
1,328,660
3,418,760
8 Analysis of grants payable
Grants to
institutions
Grants to
individuals
Total
2023
Total
2022
£
£
£
£
Sports (Fit for life)
-
374,843
374,843
226,536
Amenities (Quality of life)
279,820
156,196
436,016
623,037
Benevolence (Through Life)
408,655
741,871
1,150,526
1,134,987
Total
688,475
1,272,910
1,961,385
1,984,560
Institutions receiving grants
2023
Rock 2 Recovery CIC
90,000
Globe & Laurel
89,879
Commando Training Centre Royal Marines
52,106
Dame Agnes Westons
50,124
Climb to Recovery
42,178
Hasler Recovery Centre
30,498
Walking With The Wounded
24,471
Woodands Memorial
24,000
40 Commando Royal Marines
16,937
RM Condor
16,500
30 Commando Royal Marines
16,037
Horseback UK
10,500
42 Commando Royal Marines
8,999
RMB Chivenor
8,091
The Royal Marines Charity Enterprise
8,062
45 Commando Royal Marines
7,970
Junior Ranks Recreation & Welfare Area
5,600
Support our Paras
5,000
Organisations under 5k
181,523
688,475		 Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2023
£
£
£
£
Fit for life pathway
374,843
-
330,853
705,696
Quality of life pathway
436,016
-
661,705
1,097,721
Through life pathway
1,150,526
38,813
661,705
1,851,044
-
-
-
1,961,385
38,813
1,654,263
3,654,461
Grants
payable
Other direct
costs
Support
Costs - Note
10
Total
2022
£
£
£
£
Fit for life pathway
226,536
-
265,736
492,267
Quality of life pathway
623,037
-
531,462
1,154,499
Through life pathway
1,134,987
105,545
531,462
1,771,994
1,984,560
105,545
1,328,660
3,418,760
8 Analysis of grants payable
Grants to
institutions
Grants to
individuals
Total
2023
Total
2022
£
£
£
£
Sports (Fit for life)
-
374,843
374,843
226,536
Amenities (Quality of life)
279,820
156,196
436,016
623,037
Benevolence (Through Life)
408,655
741,871
1,150,526
1,134,987
Total
688,475
1,272,910
1,961,385
1,984,560
Institutions receiving grants
2023
Rock 2 Recovery CIC
90,000
Globe & Laurel
89,879
Commando Training Centre Royal Marines
52,106
Dame Agnes Westons
50,124
Climb to Recovery
42,178
Hasler Recovery Centre
30,498
Walking With The Wounded
24,471
Woodands Memorial
24,000
40 Commando Royal Marines
16,937
RM Condor
16,500
30 Commando Royal Marines
16,037
Horseback UK
10,500
42 Commando Royal Marines
8,999
RMB Chivenor
8,091
The Royal Marines Charity Enterprise
8,062
45 Commando Royal Marines
7,970
Junior Ranks Recreation & Welfare Area
5,600
Support our Paras
5,000
Organisations under 5k
181,523
688,475
688,475
1,272,910
1,961,385		 1,984,560
2023
90,000
89,879
52,106
50,124
42,178
30,498
24,471
24,000
16,937
16,500
16,037
10,500
8,999
8,091
8,062
7,970
5,600
5,000
181,523
688,475

40

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 Analysis of governance costs

Auditors remuneration
Legal and professional fees
Trustees' expenses
Meeting expenses
Other governance costs
Auditors remuneration
Legal and professional fees
Trustees' expenses
Meeting expenses
Other governance costs
Allocation of support costs and overheads
Cost type
Staff costs
Office and administration costs
Fundraising expenses
Investment management fees
Direct governance costs (note 9)
Allocation of governance support costs
Cost type
Staff costs
Office and administration costs
Fundraising expenses
Investment management expenses
Direct governance costs (note 9)
Allocation of governance support costs		 Unrestricted Funds
2023
Restricted Funds
2023
Total allocated
2023
£
£
£
56,606
-
56,606
27,916
3,391
31,307
691
-
691
5,442
-
5,442
5,891
-
5,891
96,546
3,391
99,937
Unrestricted Funds
2022
Restricted Funds
2022
Total funds
2022
£
£
£
31,778
-
31,778
13,955
-
13,955
6,253
-
6,253
3,642
-
3,642
2,796
-
2,796
58,424
-
58,424
Cost of Raising
funds
2023
Charitable activities
2023
Governance
2023
Total allocated
2023
£
£
£
651,584
1,190,776
97,170
1,939,530
291,946
291,947
145,974
729,867
1,186,482
-
-
1,186,482
75,938
-
-
75,938		 Unrestricted Funds
2023
Restricted Funds
2023
Total allocated
2023
£
£
£
56,606
-
56,606
27,916
3,391
31,307
691
-
691
5,442
-
5,442
5,891
-
5,891
96,546
3,391
99,937
Unrestricted Funds
2022
Restricted Funds
2022
Total funds
2022
£
£
£
31,778
-
31,778
13,955
-
13,955
6,253
-
6,253
3,642
-
3,642
2,796
-
2,796
58,424
-
58,424
2,205,950
1,482,723
243,144
3,931,817
-
-
99,937
99,937
2,205,950
1,482,723
343,081
4,031,754
171,541
171,540
(343,081)
-
2,377,491
1,654,263
-
4,031,754
Cost of Raising
funds
2022
Charitable activities
2022
Governance
2022
Total allocated
2022
£
£
£
£
639,454
983,604
59,922
1,682,980
228,702
228,702
114,361
571,766
1,133,878
-
-
1,133,878
93,691
-
-
93,691
2,095,745
1,212,306
174,273
3,482,304
-
-
58,424
58,424
2,095,725
1,212,306
232,697
3,540,728
116,348
1,163,549
(232,697)
-
2,212,073
1,328,655
-
3,540,728

10 Allocation of support costs and overheads

41

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

**11 ** Staff costs 2023 2022
£ £
Salaries and wages 1,658,863 1,443,413
Social security costs 177,635 155,310
Pension costs 103,032 84,257
1,939,530 1,682,980
2 employees earned £60,000-£70,000 in the year (2022: four).
4 employee earned £70,000-£80,000 in the year (2022:one)
No employees earned £90,000-£100,000 in the year (2022: one)
No trustee received emoluments (2022: none). Five (2022: fourteen) received reimbursed travel and subsistence
expenses totalling £5,406 (2022: £6,433).
STAFF NUMBERS
The average number of staff employed was 30 (2022: 31 staff) and the average number of full-time equivalent
employees (including casual and part time staff) during the year was as follows:
2023 2022
Number Number
Support 30 31
**12 ** MOVEMENT IN NET FUNDS FOR THE PERIOD
2023 2022
£ £
Movement in net funds is stated after charging/(crediting):
Auditors remuneration (excluding irrecoverable VAT):
-Statutory audit 25,225 22,308 -
-Other 31,381 9,470
Amortisation 64,238 -
Depreciation - owned assets 61,802 25,948

13 TRUSTEES AND KEY MANAGEMENT PERSONNEL

Key management personnel include the Trustees, Chief Executive (and senior staff reporting directly to the chief executive). The total employee benefits of the charity's key management personnel were £579,717 (2022: £642,603).

14 TAXATION

The company is a registered charity and no provision is considered necessary for taxation.

15 INTANGIBLE FIXED ASSETS (Charity and Group)

Cost:
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Amortisation
As at 1 January 2023
Charge for the year
Impairment
As at 31 December 2023
Net book value
As at 31 December 2023
As at 31 December 2022		 Software
£
354,276
114,607
(179,304)
289,579
90,715
64,238
(98,311)
56,642
232,937
263,561		 Total
£
354,276
114,607
(179,304)
289,579
90,715
64,238
(98,311)
56,642
232,937
263,561

42

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16 TANGIBLE FIXED ASSETS (Group)

Cost:
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Depreciation:
As at 1 January 2023
Charge for the year
Eliminated on disposal
As at 31 December 2023
Net book value
As at 31 December 2023
As at 31 December 2022		 Leasehold
improvements Freehold Property
Office and
computer
equipment
Motor
Vehicles
Total
£
£
£
£
£
9,871
631,976
119,344
23,096
784,287
-
1,342,721
75,787
-
1,418,508
-
-
(29,940)
-
(29,940)
9,871
1,974,697
165,191
23,096
2,172,855
3,208
41,911
112,707
6,449
164,275
987
39,599
13,319
7,897
61,802
-
-
(29,940)
-
(29,940)
4,195
81,510
96,086
14,346
196,137
5,676
1,893,187
69,105
8,750
1,976,718
6,663
590,065
6,637
16,647
620,012

TANGIBLE FIXED ASSETS (Charity)

Cost:
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Depreciation:
As at 1 January 2023
Charge for the year
Eliminated on disposal
As at 31 December 2023
Net book value
As at 31 December 2023
As at 31 December 2022		 Leasehold
improvements Freehold Property
Office and
computer
equipment
Motor
Vehicles
Total
£
£
£
£
£
9,871
631,976
112,778
23,096
777,721
-
1,342,721
74,597
-
1,417,318
-
-
(29,940)
-
(29,940)
9,871
1,974,697
157,435
23,096
2,165,099
3,208
41,911
108,828
6,449
160,396
987
39,599
12,188
7,897
60,671
-
-
(29,940)
-
(29,940)
4,195
81,510
91,076
14,346
191,127
5,676
1,893,187
66,359
8,750
1,973,972
6,663
590,065
3,950
16,647
617,325

43

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17 FIXED ASSET INVESTMENTS
Movements in fixed asset investments
Market value brought forward
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Market value carried forward
Analysis of market value of investments by type:
Unlisted-RM Shop Limited
Equities
Alternative investments
Bonds
Cash		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
10,126,123
12,178,062
10,126,223
12,178,162
4,510,871
6,621,768
4,510,871
6,621,768
(5,398,646)
(7,205,274)
(5,398,646)
(7,205,274)
503,073
(1,468,433)
503,073
(1,468,433)
9,741,421
10,126,123
9,741,521
10,126,223
-
-
100
100
6,820,470
6,760,056
6,820,470
6,760,056
859,368
1,520,796
859,368
1,520,796
1,502,571
1,086,097
1,502,571
1,086,097
559,012
759,174
559,012
759,174
9,741,421
10,126,123
9,741,521
10,126,223
Analysis of market value of investments between those held within and outside Analysis of market value of investments between those held within and outside the United Kingdom: the United Kingdom:
Within the United Kingdom 2,552,280 3,149,225 2,552,380 3,149,325
Outside the United Kingdom 7,189,141 6,976,898 7,189,141 6,976,898
9,741,421 10,126,123 9,741,521 10,126,223
**18 ** STOCK
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Wine and ports stock 59,650 59,740 59,650 59,740
Armada dishes - 2,984 - 2,984
Merchandise 123,650 133,317 - -
183,300 196,041 59,650 62,724
**19 ** DEBTORS Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Other debtors 555,417 205,373 227,805 183,251
Prepayments and accrued income 2,123,273 365,221 2,123,273 365,221
Due from group entities 213,373 30,426 360,882 30,426
2,892,063 601,020 2,711,960 578,898

44

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20 CREDITORS:

AMOUNTS FALLING DUE WITHIN ONE YEAR

Loan
Grants payable
Almonised grants payable
Trade creditors
Taxation and social security
Accrued expenses
Other creditors
Due to group entities		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
-
10,000
-
-
-
68,066
-
68,066
10,414
5,507
10,414
5,507
120,481
96,173
67,322
81,509
52,393
65,306
40,588
39,790
577,487
163,105
367,711
120,243
179,518
158,252
157,728
143,983
38,996
10,187
10,423
57,786
979,289
576,596
654,186
516,884

Custodian funds

The RMA-TRMC holds custodian funds on behalf of RMA Branches. These amounts are included within creditors above and other RM Trusts.

Entity Principal Object Held 2023 £ 2022 £
Fisher House Residue of fundraising for
sponsorship bedroom suite
in Fisher House		 Cash -
£		 563
£
Frankton Memorial Maintenance of memorial
at former RM Barracks
Eastney		 Cash 2,390
£		 2,390
£
42 Commando Memorial Garde
Maintenance of a Memorial
Garden at Bickleigh		 Cash 11,842
£		 11,842
£
Adam’s Hoofing Hut Beach Hut at Christchurch Cash 21,818
£		 17,526
£
Homeport Magazine Funds to be used to pay for
RMA entries in Naval
Families Federation
Magazine		 Cash
 -
£		 3,920
£
Local Branch Donations Monies collected centrally
for RMA branches which
do not have their own
custodian funds		 Cash 15
-£		 1,107
£
RMA Rugby Branch Virtual branch of RMA-
TRMC		 Cash 5,874
£		 4,074
£
RMA Concert Band Virtual branch of RMA-
TRMC		 Cash 32,842
£		 41,490
£
RMA Gig Club Virtual branch of RMA-
TRMC		 Cash 5,483
£		 6,761
£
RMA PT Branch Virtual branch of RMA-
TRMC		 Cash 350
£		 350
£
RMA Signals Branch Virtual branch of RMA-
TRMC		 Cash 20
£		 20
£
RMA Shotgun Branch Virtual branch of RMA-
TRMC		 Cash 2,474
£		 10
£
RMA Arts Society Branch Virtual branch of RMA-
TRMC		 Cash 27
£		 26
£
RMA Carlisle & District Branch Geographical branch of
RMA		 Cash 627
£		 360
£

45

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

RMA Sheffield Branch Geographical branch of
RMA		 Cash 215
£		 215
£
Families branch Virtual branch of RMA-
TRMC		 Cash 815
£		 295
£
Chelmsford Virtual branch of RMA-
TRMC		 Cash 1,048
£		 261
£
Membership Committee Virtual branch of RMA-
TRMC		 Cash 15,960
£		 22,088
£
Northern Region Virtual branch of RMA-
TRMC		 Cash 1,517
£		 2,000
£
North East Essex Virtual branch of RMA-
TRMC		 Cash 2,880
£		 3,970
£
RMA Romford Virtual branch of RMA-
TRMC		 Cash 3,781
£		 4,448
£
RMA Tavistock Virtual branch of RMA-
TRMC		 Cash 5,906
£		 30
£
Scotland &NI Virtual branch of RMA-
TRMC		 Cash 227
£		 1,850
£
NI Virtual branch of RMA-
TRMC		 Cash 1,646
£		 2,450
£
South and East Region Virtual branch of RMA-
TRMC		 Cash 62
£		 1,807
£
South West Region Virtual branch of RMA-
TRMC		 Cash 1,088
£		 2,000
£
Test Valley Virtual branch of RMA-
TRMC		 Cash 661
£		 427
£
Bude Virtual branch of RMA-
TRMC		 Cash 1,491
£		 592
£
Doncaster Virtual branch of RMA-
TRMC		 Cash 5,249
£		 5,699
£
Wolverhampton Virtual branch of RMA-
TRMC		 Cash 703
£		 703
£
Glasgow Virtual branch of RMA-
TRMC		 Cash 2,676
£		 2,236
£
Fijian Commando Brothers Virtual branch of RMA-
TRMC		 Cash 720
£		 50
£
RMSA Virtual branch of RMA-
TRMC		 Cash 2,366
£		 2,503
£
42 Cdo Assoc. Virtual branch of RMA-
TRMC		 Cash 5,551
£		 -
£
RMA Mentors Virtual branch of RMA-
TRMC		 Cash 5,000
£		 -
£
RMA Norfolk Virtual branch of RMA-
TRMC		 Cash 13,778
£		 -
£
RMA Taunton Virtual branch of RMA-
TRMC		 Cash 656
£		 -
£
**21 ** CREDITORS:
AMOUNTS FALLING IN MORE THAN ONE YEAR
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Bank Loan - 24,900 -
- 24,900 - -

During 2021 the subsidiary company, TRMC Enterprises Limited, obtained a bank loan from Lloyds Bank plc under the Governments Coronavirus Bounce Back Loan scheme. Interest is payable at 2.5% from July 2021. The loan was fully repaid during the 2023 financial year.

46

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22 ANALYSIS OF CHARITABLE FUNDS

Analysis of unrestricted fund movements
Unrestricted funds
TRMC general funds
Designated funds
RMA Investment Fund
National Museum of the Royal Navy
Building 72 Fund
Charity Total
Subsidiaries
Royal Marines Shop Limited
TRMCE Enterprises Limited
Group Total		 Balance
Incoming
Resources
Investment
Balance
at 01.01.2023
resources
expended
Transfers
gains/(losses)
at 31.12.2023
£
£
£
£
£
£
7,430,432
4,456,082
(762,156)
(1,511,486)
299,440
9,912,312
-
-
231,496
219,386
(234,912)
-
-
215,970
-
-
-
-
-
1,500,000
17,033
(412,430)
(1,104,603)
-
0
9,161,928
4,692,501
(1,409,498)
(2,616,089)
299,440
10,128,283
167,072
524,597
(502,266)
(15,000)
174,403
30,427
63,189
(1,375,768)
1,282,152
-
-
9,359,427
5,280,287
(3,287,532)
(1,348,937)
299,440
10,302,686

The RMA Investment Fund represents the remaining historic investments reserve of the Royal Marines Association, which became part of RMA-TRMC in 2019, of which £500,000 was designated for membership use, the remainder unrestricted following a decision by the Membership sub-committee of the Board in March 2020. In November 2022 this remaining £500,000 was designated towards the project to rebuild the Charity’s central office at the Commando Training Centre, Lympstone.

The Building 72 Fund was re-designated by the Board in November 2022 to underwrite the central office rebuild project following the continued lack of progress towards the cost of a new Royal Marines Museum, for which the Fund had originally been designated.

Analysis of restricted fund movements

RM Benevolence Fund
RM Cadet Fund
RM Officers' Trust Fund
RM Central Sergeants' Mess Fund
RM Central Unit Institute Fund
RMSA
The Armed Forces Covenant Fund Trust- PP
The Armed Forces Covenant Fund Trust- FFC
The Armed Forces Covenant Fund Trust- OTMS
The Armed Forces Covenant Fund Trust- SS
Gordon Messenger Centre
National Lifting the Lid Grant
AFGHAN Veterans Fund
TRMC Building 72
The Armed Forces Covenant Fund Trust- BCC
The Armed Forces Covenant Fund Trust- RSAF
Group Total		 Balance at
01.01.2023
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Investment
gains/(losses)
£
Balance at
31.12.2023
£
57,147
548,837
(1,505,360)
837,873
61,503
(0)
128,064
2,254
(779)
-
5,248
134,787
1,089,162
163,613
(140,345)
(53,588)
44,687
1,103,528
773,345
154,724
(201,710)
(62,910)
41,410
704,859
1,283,120
316,021
(183,300)
(116,498)
50,786
1,350,130
143,720
41,077
(374,843)
224,184
-
34,137
-
1,000
(930)
239
-
309
3,948
335
(4,283)
-
-
0
22,381
5,000
(27,978)
597
-
0
38,118
-
(38,287)
169
-
0
2,323
-
(2,979)
19,999
-
19,344
26666
80000
(86,667)
-
-
19,999
128,145
15,000
(132,818)
(1,128)
-
9,199
50,000
1,020,000
(38,845)
500,001
-
1,531,156
-
80,000
-
-
-
80,000
-
15,888
(5,296)
-
-
10,592
3,746,139
2,443,750
(2,744,420)
1,348,937
203,633
4,998,039
13,105,566
7,724,037
(6,031,952)
-
503,073
15,300,724

RM Benevolent Fund is a restricted fund amalgamated from a range from Royal Marines specific funds designed to support Serving, Veterans and their dependants.

RM Cadet Fund is a restricted fund which generates a small amount of investment income to support RM Cadets with various amenity bids.

RM Officers’ Trust Fund is a restricted fund to support Royal Marines Officers in providing grants for Sports, Functions and Amenity bids.

RM Central Sergeants’ Mess Fund is a restricted fund to support Royal Marines Seniors in providing grants for Sports, Functions and Amenity bids.

RM Central Unit Institute’ Fund is a restricted fund to support Royal Marines Juniors in providing grants for Sports, Functions and Amenity bids.

The AFCFT One is Too Many is a restricted fund provided to enable suicide prevention and the promotion of positive mental health UK-wide.

The AFCFT Sustaining Support is a restricted fund provided to fund mental health therapy and positive mental health promotion in Scotland.

The AFCFT Positive Pathways is a restricted fund provided to enable a group respite trip to Norway for injured beneficiaries and their immediate families.

The AFCFT Force For Change is a restricted fund provided to fund the expenses of volunteer welfare assistant from branches in the Northern Region of RMA supporting beneficiaries in the north of England.

The AFCFT – Building Collaboration and Consensus is a restricted fund to build collaborative partnerships across organisations supporting the Veteran community.

The AFCFT – Reaching and supporting Armed Forces Communities is a restricted fund to advise and mentor beneficiaries into sustainable civilian employment.

47

ROYAL MARINES ASSOCIATION- THE ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Analysis of fund movements - prior year

Analysis of unrestricted fund movements

Unrestricted funds
TRMC general funds
Designated funds
RMA Investment Fund
National Museum of the Royal Navy
Building 72 Fund
Charity Total
Subsidiaries
Royal Marines Shop Limited
TRMCE Enterprises Limited
Group Total
Analysis of restricted fund movements
RM Benevolence Fund
RM Cadet Fund
RM Officers' Trust Fund
RM Central Sergeants' Mess Fund
RM Central Unit Institute Fund
RMSA
The Armed Forces Covenant Fund Trust- PP
The Armed Forces Covenant Fund Trust- FFC
The Armed Forces Covenant Fund Trust- OTMS
The Armed Forces Covenant Fund Trust- SS
Gordon Messenger Centre
National Lifting the Lid Grant
T & M CLODE Donation
AFGHAN Veterans Fund
TRMC Building 72
Charity restricted total
Group Total		 Balance
Incoming
Resources
Investment
Balance
at 01.01.2022
resources
expended
Transfers
gains/(losses)
at 31.12.2022
£
£
£
£
£
£
7,749,000
2,869,596
(1,962,409)
(358,920)
(866,834)
7,430,432
700,953
207,481
(541,448)
(135,490)
-
231,496
1,000,000
-
-
(1,000,000)
-
-
-
-
1,500,000
-
1,500,000
9,449,953
3,077,077
(2,503,857)
5,590
(866,834)
9,161,928
166,432
496,484
(495,844)
-
167,072
5,448
117,001
(86,574)
(5,448)
-
30,427
9,621,833
3,690,561
(3,086,275)
142
(866,834)
9,359,427
Balance at
01.01.2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Investment
gains/(losses)
£
Balance at
31.12.2022
£
1,153,650
573,826
(1,440,321)
(170)
(229,838)
57,147
140,943
1,744
(887)
(12)
(13,724)
128,064
1,245,919
148,026
(176,314)
(11,584)
(116,885)
1,089,162
979,968
134,148
(203,160)
(29,298)
(108,313)
773,345
1,462,769
290,725
(186,535)
(151,000)
(132,839)
1,283,120
144,155
34,488
(226,536)
191,613
-
143,720
(2,059)
1,750
-
309
-
-
10,587
-
(6,639)
-
-
3,948
33,932
122,626
(134,177)
-
-
22,381
30,604
52,452
(44,938)
-
-
38,118
-
50,298
(47,975)
-
-
2,323
-
80000
(53,334)
-
-
26,666
-
10,000
(10,000)
-
-
-
-
141,888
(13,743)
-
-
128,145
-
50,000
-
-
-
50,000
5,200,468
1,691,971
(2,544,559)
(142)
(601,599)
3,746,139
14,822,301
5,382,532
(5,630,834)
-
(1,468,433)
13,105,566

48

ROYAL MARINES ASSOCIATION- ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Cash at bank and in hand
Other net current assets/(liabilities)
Long term loan
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Cash at bank and in hand
Other net current assets/(liabilities)
Long term loan		 Unrestricted
Restricted
Total
Funds
2023
Funds
2023
2023
£
£
£
232,937
-
232,937
1,976,718
-
1,976,718
5,717,531
4,023,890
9,741,421
202,863
1,050,711
1,253,574
2,172,636
(76,562)
2,096,074
-
-
-
10,302,685
4,998,039
15,300,724
Unrestricted
Restricted
Total
Funds
2022
Funds
2022
2022
£
£
£
263,561
-
263,561
620,012
-
620,012
6,273,542
3,852,581
10,126,123
1,893,710
6,595
1,900,305
333,502
(113,037)
220,465
(24,900)
(24,900)
9,359,427
3,746,139
13,105,566

24 ULTIMATE CONTROLLING PARTY

During the year the charitable company was under the control of Royal Navy and Royal Marines Charity (a registered charity incorporated in England and Wales, registered company number 6047294, registered charity number 1117794 and also a registered charity in Scotland, charity number SC041898).

The ultimate controlling party is also the Royal Navy and Royal Marines Charity. Copies of the Royal Navy and Royal Marines Charity consolidated financial can be obtained from Building 29, HMS Excellent, Whale Island, Portsmouth, PO2 8ER.

Advantage is taken of the FRS 102 exemption permitting intra group transactions not to be disclosed.

25 RELATED PARTY TRANSACTIONS

During the year trustees donated £11,740 (2022: £22,425) to the charity. The charity also received a £35,000 (2022: £55,000) donation from the Globe and Laurel magazine, an organisation with common trustees and paid out £89,879 (2022: £84,235) in the form of grants.

The charity received grants from The Royal Navy and Royal Marines Charity of £365,000 (2022: £351,888).

Included in the accounts is £62,692 (2022: £60,281) recognised as a gift in kind relating to rent not charged for office space. The office concerned relates to a company with a common trustee/director.

49

ROYAL MARINES ASSOCIATION- ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26 SUBSIDIARIES- Royal Marines Shop Limited

The following is an extract of the financial statements of Royal Marines Shop Limited for the year ended 31 December 2023: 2023 2022

Income
Expenditure
Profit for year
Gift-aid payment to RMA-TRMC
Net movemeny in funds
Fixed assets
Current assets
Liabilities
Net assets		 £
£
524,597
496,484
(504,484)
(487,637)
20,113
8,847
(15,000)
-
5,113
8,847
2023
2022
£
£
2,747
2,688
247,401
222,837
(75,745)
(58,453)
174,403
167,072

SUBSIDIARIES - TRMCE

The following is an extract of the financial statements of TRMC Enterprises Limited for the period ended 31 December 2023:

Income
Expenditure
Profit for year
Gift-aid payment to RMA-TRMC
Net movemeny in funds
Current assets
Liabilities
Net assets
27 NET DEBT
Cash at bank
Bank loan		 2023
2022
£
£
1,373,914
262,086
(1,345,341)
(231,659)
28,573
30,427
(28,573)
-
-
30,427
2023
2022
£
£
249,923
104,184
(249,922)
(73,756)
1
30,428
1 January
2023
£
Cash flows
2023
£
31 December
2023
£
1,900,305
(646,734)
1,253,571
(34,900)
34,900
-		 2023
2022
£
£
1,373,914
262,086
(1,345,341)
(231,659)
28,573
30,427
(28,573)
-
-
30,427
2023
2022
£
£
249,923
104,184
(249,922)
(73,756)
1
30,428
1,865,405
(611,834)
1,253,571