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2025-12-31-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 2025

Contents

Page
Report of the Trustees
• Structure, Governance and Management 5
• Background 7
• Public Benefit 8
• Policies 9
• Fundraising and Communications Activity 10
• Financial Review – Royal Marines Association – The Royal 16
Marines Charity
• Financial Review – RMA-TRMC Group 17
• Investment Policy and Performance 17
• Risk Management 19
• Future Plans 21
• Acknowledgements 22
• Statement of Trustees Responsibilities 23
Report of the Independent Auditor 24
Consolidated statement of Financial Activities 28
Charity statement of Financial Activities 29
Consolidated and Charity Balance Sheet 30
Group and Charity Statement of Cash Flows 31
Notes to the Financial Statements 32

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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 year ended 31 December 2025. 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

His Majesty The King

Honorary Patron

General Sir GK Messenger KCB DSO* OBE DL RM

Honorary Vice Patrons

Mr KM Breslauer Mr RJ Wigley OStJ

Honorary President

General Sir G Jenkins KCB OBE RM

Trustees and Directors

At 31 December 2025:

Mrs LR Fordham (Chair) Mr NM Banks Mr ST Beet Mr ID Cohen Brigadier R Copiner-Symes CEB RM (Ret’d) (Appointed 12 Feb 25) Mrs A Cormack MBE (Appointed 4 Nov 25) Brigadier JA Dennis RM Mr C Dixon Mr ME Fitzgerald Mrs EC Gray WO1 (CRSM) TD Jukes RM Mr RTW Nast Mrs S Reed Mr AME Robinson Capt RJ Swarbrick RN (Ret’d) Mr TM Tripp

Resigned in year:

Mr P Deacon Brigadier PR Denning OBE RM (Ret’d)

(Resigned 20 Nov 25) (Resigned 12 Feb 25)

Senior Leadership Team

Mr M Jackson DSO Mr S Wright QGM Mr D Egan Mrs C Casey Mr T Wilson Mr P Gilby MBE

Chief Executive Officer Chief Operating Officer Director of Health & Wellbeing Director of Fundraising & Communications Director of Development Membership Operations Director

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Member

The Royal Navy and Royal Marines Charity

Company Secretary Simon Wright QGM

Chief Executive Matt Jackson DSO

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 UBS Wealth Management 5 Broadgate London, EC2M 2QS

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

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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 Royal Marines Benevolent Fund (Reg. Charity No. 1134205-1).

c. At the date of signing, the Charity holds a further eight restricted funds, together with eight additional restricted funds relating to specific donations received

The Building 72 Fund (representing the Board’s underwriting of the project to rebuild the Charity’s registered headquarters – completed in July 2023 but the fund remains for a period to cater for followon contingencies and appreciation until fully depreciated).

The Branches Fund (representing the charitable activities of the Royal Marine Branches network)

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.

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The Assistant Commandant General Royal Marines (Regimental Business) and the Corps Regimental Sergeant Major (CRSM) are ex-officio trustees. 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, to reassure the beneficiary community of a necessary level of empathy and understanding. We endeavour to achieve this but believe that this imposes a limitation on the Board’s ability to reflect the wider diversity of the UK. 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 Sir G Jenkins KCB OBE RM.

Four Board meetings were held during 2025.

In line with the RNRMC Group structure, the Charity has representation on one 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.

Seven other sub-committees exist to ensure appropriate oversight over Charity functions and report to the Board: Fundraising & Communications; Health & Wellbeing; Membership; Amenities; Employment & Education, Investment 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 to ensure that they 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.

Management and Administration

As at year end, the Charity employed 38 full and part-time staff, 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. 23 of the staff provide charitable delivery. The dayto-day control and administration of the Charity was delegated to the SLT and the Chief Executive upon appointment. 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 factors including an individual’s geographical location, contribution, affordability and the remuneration offered by charities of an equivalent size using Croner Group Ltd modelling to determine fair values.

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BACKGROUND

Our Beneficiaries

As a Corps of around 5,500, the Royal Marines form only 4% of UK defence forces but provide 48% 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 posttraumatic stress. This is in addition to hundreds who have developed complex post-traumatic stress disorder though not physically injured. All these veterans require ongoing care and support.

From April 2022, the Commando Force was established (replacing the 3 Commando Brigade) following on from the Defence Integrated Review with a change in focus to face the evolving threats and the shape of future conflict. 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 in the Baltic/High North, and the Gulf/Far East. This now established role perpetuates the Royal Marines’ high exposure to danger, increases the deployed footprint of the Corps and brings pressures that arise from this service life on both personnel and their families.

The Corps Family is a community of approximately 110,000 of which 30,000 are serving and former Royal Marines, the remainder being 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.

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:

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Our Mission

Our support combines the following roles:

Our work is in areas which span 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 to strengthen morale, improve effectiveness and encourage retention. Apart from support to families, this is funded by the voluntary donations of serving Royal Marines or from historic reserves, rather than donations raised from the public.

Membership: Our membership (28,002 as at 31 December 2025, up 2,678 since 31 December 2024) 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 103 geographical and specialist branches (up 1 since 31 December 2024) to promote comradeship and mutual support. This is broadly self-supporting from member fundraising, donations, and historic Association reserves.

PUBLIC BENEFIT

We provide quantifiable and tangible benefits to Defence and thereby 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) .

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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 2025 and will be reviewed in 2026 as part of the ongoing, “Fit for the Future” trustee led strategy development.

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.

Fundraising policy

The Fundraising policy was last reviewed in 2025. The policy is under review through 2026 as part of the larger, “Fit for the Future” strategy review that is being conducted by the trustees (this was signed of by the Board in May 2026). Our approach to fundraising rests on positive supporter engagement 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 (CRM) 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.

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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.

FUNDRAISING AND COMMUNICATIONS ACTIVITY

2025 was a strong year for Fundraising and Communications, delivering robust income growth alongside enhanced audience reach and engagement. Despite continued external pressures across the charitable sector, the charity has demonstrated resilience and momentum, underpinned by a diversified income base and an increasingly integrated communications approach.

Fundraising Performance

Total income from key fundraising streams exceeded expectations, with community fundraising, major events, and regular giving all performing ahead of budget. These areas reflect the continued strength of our supporter base and the success of our strategic focus on sustainable, repeatable income.

Individual giving, primarily small, unsolicited donations, underperformed slightly against budget, this was more than offset by the strength of other income streams. Collectively, these areas generated over £2.9 million, approximately £200,000 ahead of budget, representing a highly positive outcome for the year.

This performance was driven by a combination of strong event delivery, continued investment in supporter journeys, and the ongoing development of community-led fundraising activity, all of which have contributed to a more resilient and balanced income profile.

Communications Impact

During the year, the delivery of communications activity evolved to a more integrated model, with responsibility now shared across the fundraising team. This follows a period of transition in which two communications roles remain vacant and have not been replaced.

Despite this leaner structure, the new approach has delivered tangible benefits. The closer alignment between fundraising and communications has strengthened campaign delivery, improved responsiveness and enhanced the consistency of messaging across channels. This has resulted in measurable improvements in audience reach, engagement, and, critically, fundraising performance.

Our communications continue to perform strongly against sector benchmarks, maintaining high levels of engagement and ensuring that the charity’s work reaches and resonates with a broad and relevant audience. This integrated model positions us well to maximise future opportunities and deliver greater impact through aligned storytelling, supporter engagement and future digital campaigns.

Data-Driven Decision Making and Future Focus

We have continued to prioritise the use of data and insight to inform both fundraising and communications activity, ensuring that campaigns are targeted, effective, and audience led.

Looking ahead, our focus remains on building long-term financial sustainability, further strengthening our regular giving base, and continuing to expand community fundraising. Alongside this, we will maintain our emphasis on integrated communications to grow engagement, broaden reach, and increase awareness of the charity’s impact across the Royal Marines family.

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- Health and Wellbeing Team Response to Need

Over the past year, our team has continued to navigate significant developments in the delivery of health and wellbeing services. This work reflects our ongoing commitment to enhancing the quality of life across the Corps Family. By staying responsive to the changing needs of our beneficiaries and adopting innovative approaches, we have further strengthened both the quality and breadth of our services, while improving accessibility and the pathways into support.

Our team has worked diligently to ensure that every individual receives personalised and meaningful care. The introduction of a common assessment process, underpinned by the HARDFACTS assessment framework, has ‑ enhanced our ability to deliver consistent, holistic, and needs led support. As we look ahead, we remain unwavering in our mission to champion holistic wellbeing and to meet the diverse and emerging needs of those we serve.

Transition Support

With Transition Support Officers (TSOs) now embedded at Condor Barracks in Scotland (home of 45 Commando) and Bickleigh Barracks in the Southwest (home of 42 Commando), our expanded footprint has significantly strengthened collaboration with local units and support services. These posts play a crucial role in assisting serving personnel as they transition out of the Royal Marines. Over the past year, they have supported 83 individual cases, comprising 62 new veteran cases and 21 new serving or transitioning personnel. Despite their demanding caseload, TSOs have also coordinated and supported 30 veterans participating in the Chamonix Ski Trip and the summer Climb to Recovery events.

TSOs continue to be pivotal in planning and delivering Corps Connect events (formerly Commando Connect). Established in 2019, this successful ‘Veterans Breakfast’ model brings together serving and veteran Royal Marines in both Plymouth and Scotland. This year, more than 250 attendees engaged with local and internal support ‑ services, including the Health & Wellbeing team and invited third sector partners.

In addition, the TSO South manages 58 trained RMA Support Volunteers (RMASV) across the UK, with a new cohort trained this year. These volunteers complete a two day course at Lympstone, equipping them to provide essential on the ground insights to the Health & Wellbeing team. In 2025, RMASVs conducted visits to over 22 beneficiaries, delivering vital practical and emotional support to members of the Corps Family.

Veterans Mental Health Referral Pathway

During the first half of 2025, the Veterans’ Mental Health & Recovery Programme (VMHRP) continued to play a central role in delivering high quality, trauma informed mental health support to veterans, serving personnel, and their families. Demand for specialist provision remained high, with 79 new referrals received alongside 72 cases carried forward from the previous year. The programme supported a broad demographic, including veterans, dependants and serving individuals, reflecting the wide ranging needs of the Corps community.

Throughout this period, the programme supported a significant operational caseload, with large numbers of clients actively engaged in therapy. Presenting needs remained complex and frequently co occurring, with depression, PTSD, and anxiety featuring most prominently. These patterns underline the continued importance of clinically robust, specialist interventions that address the interconnected nature of trauma, mental health, and life course adversity.

‑ Our clinical delivery model, anchored in Trauma Focused Integrative Therapy, EMDR, IPT, and counselling, has continued to demonstrate strong effectiveness. Recovery outcomes across depression, anxiety, and PTSD ‑ consistently exceed national NHS benchmarks, reinforcing the programme’s position as a high performing, evidence‑based service. The financial profile for the period also reflects strong value for money, with the average therapy cost per client remaining below national comparators without compromising clinical quality or safety.

In reviewing clinical activity, it is evident that the volume of therapy delivered per client varied according to individual ‑ need, with an average of 16.55 hours of combined clinical and non clinical support recorded. This flexibility within the model has allowed the team to respond proportionately and effectively, ensuring resources are directed where they deliver maximum benefit.

Looking ahead, the organisation is preparing for a significant and positive development in its clinical structure: the proposed merger of the Addictions and Mental Health pillars. This integration will create a unified, specialist clinical pathway capable of addressing the increasingly intertwined issues of trauma, mental health, and substance misuse. By combining expertise, standardising assessment processes through the HARDFACTS framework, and aligning

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therapeutic interventions under a single governance structure, the organisation will strengthen its clinical coherence and enhance overall service quality.

Importantly, this merger will also support our future ambition to secure accreditation with the Royal College of Psychiatrists. A unified pillar will provide clearer clinical governance, improved risk management systems, consistent supervision standards, and more robust audit trails being the key elements required for successful accreditation. This development represents a meaningful step in strengthening our organisational credibility and ensuring our work continues to meet nationally recognised standards of excellence.

The VMHRP and the wider Health & Wellbeing structure remain committed to delivering safe, effective, and compassionate support for those who have served, those still serving, and their families. The progress made during 2025, combined with planned structural enhancements, reflects both our maturing service model and our continued dedication to the wellbeing of the Corps Family.

Armed Forces Compensation and War Pensions Advice and Advocacy

A total of 159 cases were supported by this team in 2025, comprising 78 serving Royal Marines, 81 veterans, with support delivered across a broad range of complex circumstances. The nature of this work frequently extends over several years while claims are assessed and ratified by DBS, Armed Forces and Veterans Services (AFVS), often with other pillars of delivery offering complementary support. In total, the team assisted beneficiaries in securing £948,901 in compensation during the year. They have now incorporated HARDFACTS assessments into their process. At the end of 2025, the team had 115 active cases being managed between the two staff members, reflecting the ongoing intensity and specialist nature of this support area. Alongside individual casework, the team continued to deliver briefings across the Corps, including units at 40 Commando, 42 Commando, and HASLER Naval Service Recovery Centre. The team also supported Corps Connect events, offering immediate guidance and responsive advice to attendees.

A strong and effective working relationship continues with the White Ensign Association (WEA). Together, the team provides consistent support to the whole Royal Navy and ensures beneficiaries benefit from specialist guidance from the Armed Forces Pension Consultants. This collaboration, alongside continued links with the RBL, remains integral to maintaining and enhancing best practice in AFCS advocacy.

Consultant support is expected to be withdrawn by the end of January 2026, making the partnership and shared expertise between WEA and RMA-TRMC even more critical during this transitional period. Despite this impending change, the relationship between WEA and RMA-TRMC remains strong within this unique and highly specialist delivery area.

Addiction Support

Following a year of review on the future direction of our addictions support, we have now recruited a new Addictions Specialist. This addition has enabled us to expand the level of specialist expertise within the organisation and strengthen our partnerships with national service providers.

In line with our recent review and best‑practice guidance, we are progressing toward integrating our addictions ‑ service within alongside our wider mental health provision. This joined up and multi disciplined approach will allow us to be more trauma‑informed, align more closely with emerging research, and improve the pathways available to our beneficiaries.

During the past year, we supported 43 cases, and we anticipate an increase in demand in 2026. Alongside managing this growth, we are prioritising improvements to the beneficiary journey and enhancing collaboration and partnership working across the sector.

We have also made the strategic decision that this support pillar will focus exclusively on veterans. In addition, we ‑ have jointly funded an in service provision that was successfully piloted and has now been rolled out nationally.

Grants and Benevolence

In 2025, the Welfare and Grants team has continued to play a vital role in supporting veterans, serving personnel, and their families. Over the past year, a total of 779 grants were awarded across all benevolence budgets. Of these, £660,201 was provided directly to individuals through benevolence grants, with a further £121,246 distributed through Major Grants. This brings the total spend for 2025 to £781,447.

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As in previous years, support towards essential household cost, including urgent home or car repairs, food and groceries, and the provision of white and brown goods, remained the largest area of financial demand.

‑ Alongside direct financial support, the team continued to deliver a broad range of non financial assistance. In 2025, the team handled 325 general enquiries, offering guidance, advice, and signposting to statutory services and trusted third‑sector partners. Many enquiries came from concerned friends, family members, or other parties seeking help on behalf of an individual, underscoring the team’s role as a compassionate first point of contact.

The Welfare and Grants team also serves as the main referral and triage hub for cases entering the Health and ‑ Wellbeing pipeline. Their agile approach, balanced with consistent decision making and clear guidance, ensures individuals receive timely and appropriate support tailored to their needs.

Our continued engagement with the COBSEO Mosaic system remains central to ensuring financial assistance is delivered accurately, collaboratively, and in alignment with wider sector standards. When required, the team retains

‑ the ability to expedite emergency grants, authorising same day payments in exceptional circumstances where no other solution is available and urgency is paramount.

As we move forward, we remain steadfast in our commitment to supporting individuals during times of crisis or vulnerability. By working closely with internal colleagues and external partners, we strive to provide assistance that is compassionate, coordinated, and impactful.

Employment and Education

In 2025, the Health and Wellbeing Employment and Education Team continued delivering their specialised transition programme for Royal Marines of any rank who have completed a full career of 22 years or more. This cohort often faces a uniquely complex transition: for many, the Royal Marines has been their entire adult identity, with some having joined straight from school. Recognising these distinct needs, the Completion of Service Workshop has been developed into a high‑impact, 2‑day programme, attended by 35 long‑service leavers in 2025.

The workshop is intentionally delivered in small groups, creating a safe, supportive environment where participants can explore challenges holistically and at depth. Engagement and endorsement from across the Corps remain exceptionally strong, reflecting how valued this intervention has become.

Across the year, consistent feedback, both within the workshop and through online networks, highlights that participants particularly value:

‑ ‑ Overall, the Completion of Service workshop is now firmly established as a high value, high impact programme that ‑ ensures long serving Royal Marines are not only prepared for transition, but feel supported, understood, and equipped for the next phase of their lives

Support to Recruits was to 229 individuals in 2025. 1.32% increase on 2024. 57.30% had spent time in Hunter recovery troop before leaving, with an average of 17.59 weeks spent in recovery; only 4.80% officially medically discharged. The average age of our recruit leaver was 21. 10.04% completed a Service Transfer to the Navy.

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. Growing our opportunities for Work Experience and funding support for up skilling and further educational qualifications.

The E&E team supported 405 in transition, 160 veterans, 229 recruits, 62 supported into longer term employment. In total £2 million in recorded social and economic value has been delivered.

57 Grants were awarded in 2025 totalling £84,525 to the following groups:

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Collaboration and Consensus Project

‑ The final year of the Collaboration and Consensus Project focused on the evidence led consolidation, testing, and ‑ positioning of HARDFACTS as a Common Assessment Approach (CAA), grounded in co production findings and independent evaluation rather than theoretical design.

Work during this period was shaped by recommendations from the Northumbria University coproduction study and reinforced through sustained engagement with sector stakeholders, including structured discussions with COBSEO, local authorities, statutory partners, and thirdsector organisations such as the Office for Veterans’ Affairs. The emphasis was on addressing lived experience, both of service users and practitioners, while acknowledging persistent cultural, organisational, and technical barriers to collaboration. Activity, prioritised relationshipbuilding, shared learning, and incremental alignment are prerequisites for reducing duplication, siloed practice, and competition across the sector.

A central strand of Year Three was the explicit testing of HARDFACTS as a common assessment approach rather than a prescriptive tool. This distinction was critical in examining whether HARDFACTS could support consistent, ‑ holistic, and person centred information gathering across complex delivery contexts, while remaining flexible enough to accommodate professional judgement and diverse organisational settings.

Policy engagement became increasingly prominent. Year Three activity situated HARDFACTS within emerging national discourse around “Tell Your Story Once”, drawing on oral evidence given to the Armed Forces Bill 2026. These discussions reinforced the need for standardised, holistic assessment models that can travel with individuals and families across systems, supported by national policy alignment rather than isolated local solutions. HARDFACTS is positioned as a potential practical mechanism to operationalise these principles in health, social care, and veteran support pathways.

In parallel, education, training, and usability remained core workstreams. Comprehensive user resources, desktop ‑ guides, and structured pilot training packages were developed and delivered, directly responding to co production and evaluation findings that practitioner confidence, relational skill, and safeguarding judgement are decisive in determining assessment quality. Training was deliberately framed as a developmental pathway rather than a one‑off ‑ implementation activity, emphasising professional curiosity, trauma informed practice, proportionate assessment, and defensible decision‑making.

Year Three also included independent evaluation activity led by Northumbria University, using a realist evaluation methodology to examine how HARDFACTS functions in practice, for whom, and under what conditions. Findings ‑ ‑ confirmed that HARDFACTS delivers meaningful outcomes in assessment quality, trust building, cross pillar collaboration, and beneficiary experience, while also identifying implementation, resourcing, and infrastructure risks that must be addressed before wider adoption. This evidence reinforced the project’s commitment to informed, ‑ cautious progression rather than premature scale up.

Finally, Year Three strengthened the strategic alignment between HARDFACTS and digital infrastructure, particularly through the IRIS project. IRIS was positioned as the operational environment through which the Common Assessment Approach can be embedded into everyday practice, supporting continuity, governance, safeguarding, and outcome measurement while reducing administrative burden and repeated storytelling.

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Collectively, Year Three has laid the groundwork for evidence‑based decision‑making about future sector‑wide ‑ adoption, ensuring that HARDFACTS is externally evaluated, policy relevant, and genuinely responsive to the needs of service users, families, and the organisations that support them, marking a transition from organisational development toward sector enablement.

Membership – The RMA

The Royal Marines Association (RMA) has continued its strong upward trajectory over the past year, with total membership rising from 25,324 in 2024 to 28,002 at the end of the reporting period for 2025—an increase of 2,678 members, representing growth of approximately 10.6%. This sustained expansion reflects the enduring relevance of the Association and the continued commitment of the Corps Family to remain connected, supported, and engaged.

Full membership has grown steadily, increasing from 20,218 to 21,380 members—an uplift of 1,162, or 5.7%. Meanwhile, Associate membership has seen particularly notable growth, rising from 4,361 to 5,659 members. This increase of 1,298 represents a significant 29.8% rise, highlighting the expanding reach of the RMA beyond serving personnel and veterans to include a broader Corps Family network. This trend reinforces the importance of inclusivity and demonstrates the growing appeal of the Association’s support and community offering.

This year’s growth aligns closely with the RMA’s strategic focus on preventative care. By engaging serving personnel, veterans, and their families earlier—and ensuring they are aware of the support available—the Association is better positioned to intervene at the right time. Early engagement not only strengthens individual and family resilience but also enables the Charity to deliver support in a more proactive and cost-effective manner. Capturing members at an earlier stage in their journey remains central to reducing future need and ensuring longterm wellbeing across the Corps Family.

RMA events continue to play a central role in strengthening engagement and fostering a deep sense of belonging across the Corps Family. Flagship occasions such as the Corps Family Weekend and dedicated Family Days and Reunions provide inclusive environments where serving personnel, veterans, and their families can come together, reinforcing bonds that extend beyond service. Commemorative events, including Remembrance activities, the Graspan Parade, and D-Day commemorations in Normandy, remain vital in honouring the legacy and sacrifice of those who have gone before, ensuring that tradition and shared history remain at the heart of the Association. Meanwhile, physically and mentally challenging events like the Dartmoor Yomp offer members a powerful way to reconnect with the values of resilience, determination, and teamwork. Collectively, these events are more than just gatherings—they create meaningful touchpoints that enhance wellbeing, strengthen identity, and ensure members remain actively connected to the RMA community.

As membership continues to expand, the RMA is increasingly well-placed to deliver on its core mission: providing lifelong support, fostering camaraderie, and ensuring that no member of the Royal Marines family is left behind.

SDPG / Amenities Support

The Royal Marines Amenities Committee (RMAC) have worked extremely hard through 2025 to refine and remain within a money in equals money out directive from the Board for Service Day’s Pay Giving. This has led to an increased understanding from all ranks as to the need to contribute to their own funds and the increased benefits that they receive that cannot be funded by the taxpayer. It has truly enhanced the lived experience for many at every rank from recruit to general, male and female.

Financial Times Financial Literacy and Inclusion Campaign

Early in 2024, Trustee and Chair of the Investment Committee, Mark Fitzgerald following a conversation with the editor of the Financial Times (FT), approached the Board and Royal Marines with a concept to utilise FT sourced funding (an initial grant from the Association of British Insurers) to develop a package of online, financial literacy modules for young adults but using the Royal Marines (recruits and trained ranks) as the case study. This is an adult adjunct to the FLIC school-focused financial training. The Commandant and RSM at CTCRM grasped the idea and fully resourced the proof of concept and development phases at pace to keep ahead of FT timelines amongst a tight training programme.

In time FLIC, in collaboration with RMA-The Royal Marines Charity developed an eight-module course that will teach the basics of budgeting, borrowing, savings and investing. Mark Fitzgerald has continued to work with senior leaders on a rollout to the Royal Navy, Army and RAF who watch the progress keenly are looking to adopt the program and in time, it will be passed to the NHS. The first three modules have been completed and tested. 2025 saw recruits and

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trained ranks pilot a programme of foundational financial education modules, provided by FLIC. Thanks must go to Mark Fitzgerald for his energy to source and drive the project, the FT Team for their vision and the Royal Marines, particularly the CRSM, Commandant and RSM CTCRM and the marines and recruits who have seen the value and aided in this project. This is another example of the Royal Marines Family leading an initiative for Defence wide benefit.

For more information see:

Financial Times Financial Literacy and Inclusion Campaign (FLIC) – Dec 24 Pensions lessons: a new twist on British army training – Jan 26 update

FINANCIAL REVIEW - Royal Marines Association – The Royal Marines Charity

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.

In order to meet the needs of the beneficiaries, the Operating Deficit of the Charity only in 2025 was just under £(41)k This was a decrease in deficit against the prior year (2024 £(383)k deficit).

As a result, the RMA-TRMC Group reports an Operating Deficit of £(18)k, with the reduction being the profits made by both the RM Shop and TRMCE.

The Net gains on investment assets were just under £1.4m, which resulted in an overall Surplus for the year of £1.37m for the Group.

Income

In 2025, the Charity received income from a variety of sources including donations, grants, community fundraising initiatives, events, and investments. Total incoming resources amounted to just under £5.8m (2024 £5.6m)

Voluntary income was £5.5m, (2024: £5.4m). This income came from:

Investment income was £251k, a decrease of £7k from 2024 (£258k).

Additional income of the Group included in the consolidated group accounts was sales of goods and events through both of the trading companies.

The Charity also received services in kind valued at £197k from its parent charity, RNRMC, covering finance, grants administration and HR support. Additionally, donated office facilities from Patron Capital Partners LLP were valued at £43k. These are included in incoming resources and offset in Support Costs.

Raising Funds

The Charity’s cost of raising funds (excluding investment management fees) was £1.3m in 2025, an increase of £27k compared to 2024. While overall fundraising costs have risen, direct fundraising expenditure has decreased by £16k. This reduction reflects the Fundraising team’s continued focus on controlling costs and improving efficiency, while maintaining activity levels in a challenging cost of living environment. The overall increase is primarily due to higher allocated support costs. As a result, the cost of raising funds (including support costs) remained stable at 24% (2024: 24%).

Excluding support costs, the Costs of Raising Funds on voluntary income is only 18%, a reduction against 2024. (2024 19%)

Investment management fees were £150k, compared to £131k in 2024. The increase reflects the performance related nature of the fee structure, under which fees rise when the investment portfolio delivers positive returns.

16

After accounting for grants received, fundraising and associated support costs, the Charity’s net income for the year was £4.3m (2024 £4.2m).

Charitable Activities

Charitable Expenditure of the Charity excluding support costs was £3.2m in the year (2024 3.6m). This represents a reduction of £395k compared with 2024. The prior year included costs of £367k relating to Virginia Gauntlet, a major sporting event which did not take place in 2025. Excluding this event, expenditure on charitable activities remained the same year on year, reflecting continued support to the charity’s beneficiaries.

Investment Performance

There were net gains on unrestricted investment assets of £866k and £521k on restricted investment assets, a total of just under £1.4m (Total 2024: £1.03m).

Total Reserves of the charity were £17.1m up from £15.8m at the end of 2024. Further information about the reserves of the Charity is included in the Reserves section below.

FINANCIAL REVIEW – RMA-TRMC GROUP

The total Operating Deficit of the Group was £(18)k in 2025. This was a reduction in deficit against the prior year (2024 £(392)k Deficit), due to the activities of the Charity as detailed above.

The total income of the Group was £6.4m for 2025 (2024 £6.2m). The majority of the income of the group being because of the fundraising activities of the Charity (£5.5m) and trading income from TRMCE (£133k), and the RM Shop (£546k). Income from trading activities has increased since 2024 due to additional RMA branch events.

For the consolidated Group, including investment management fees and support costs, the total fundraising costs was £2.2m (2024 £2.1m) of which £1.3m were charity fundraising costs, £227k were the trading costs relating to TRMCE and £513k being the total cost of Sales and operating costs for the RM Shop.

After accounting for grants received and fundraising costs, net fundraised income for the Group this was £4.2m (2024 £4m), this was £62k less than that of the Charity alone, the difference being due to the nature of the trading companies which have a small loss after the elimination of inter-company transactions.

Charitable Expenditure excluding support costs for the group was £3.1m. (2024 £3.4m) The prior year included costs of £367k relating to Virginia Gauntlet, a major sporting event which did not take place in 2025. Excluding this event, expenditure on charitable activities remained the same year on year. Expenditure on charitable activities including support costs, totalled £4.2m for the year (2024 £4.4).

Total reserves for the consolidated group were £17.3m at the end of 2025 up from (£15.9m in 2024).

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 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.

The whole fund value of the Charity rose from £12M to £13.5M in year, primarily due to portfolio gains of £1.4m during 2025.

UBS Summary

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with emerging markets outperforming, while style performance balanced out over the year as leadership broadened. Fixed income returned to favour, generating positive returns as inflation moderated and central banks shifted toward gradual policy normalisation, restoring the role of bonds as both income and diversification. Inflation declined across most regions, allowing G7 central banks to step back from peak restrictiveness, even as medium-term inflation concerns persisted. In foreign exchange, a weaker U.S. dollar and improving global liquidity supported risk assets, particularly in emerging markets. Commodities delivered mixed but positive returns, with precious metals—especially - gold and silver—standing out amid geopolitical uncertainty and strong central bank demand, while oil lagged on weaker demand dynamics. Against this backdrop, hedge funds benefited from macro dispersion and higher volatility, while private markets experienced a gradual improvement in financing conditions, though activity remained constrained early in the year by higher rates and valuation adjustments. Overall, 2025 marked a transition toward a more balanced macro regime, with stabilising inflation, easing policy expectations and resilient earnings underpinning cross-asset returns.

The RMA portfolio had a positive year with a 13.06% net return across its core portfolio, with strong performance across the equity allocation and positive contributions for fixed income, hedge funds and private markets.

Reserves Policy

The Charity holds reserves for the following reasons:

The particular context in which RMA-The Royal Marines Charity operates is conditioned by the operations of the Royal Marines, which is changing and uncertain:

The actuarial liabilities of the Charity in the medium-long term are not known since the military operational commitments of the Corps and their consequence on the Charity’s beneficiaries cannot be planned for; their frequent and changing operational deployment pattern leads to disproportionate exposure to the possibility of death or injury, therefore increasing the chances of casualties and potential future calls on funds. Indeed, in the event of a major operation, the Trustees may find that they must draw on a substantial amount of capital to assist the Corps family at a time of need; hence reserves must be readily accessible.

The beneficiary community, estimated to be in the region of 100-120,000 (serving and veterans with dependants), is expected to remain relatively stable in size for the next 30 years since the size of the Corps itself has changed little over that period, while life expectancy continues to lengthen, and the welfare needs of the elderly become more complex.

The fundraising and income generating context for military charities has become more challenging following the cessation of large-scale overseas operations in 2014, meaning that the military community and its supporting charities are no longer in the public eye as they once were, and competition from other charitable causes has become stronger.

The reserves of the Charity must be flexible to meet these changing demands and calls on the Charity’s funds, which are held and applied for many different activities in line with its wide range of charitable objectives and strategic plans, arguably the widest of any military charity.

The current estimation of the charity is that the value of £3.5M is held as a minimum reserve against the potential fiscal impact of identified, tabled, and mitigated risks which could impact on the Charity’s ability to deliver its objectives.

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Free Reserves are calculated as follows

Funds Total Reserves Of Which Free
Reserves		 Reserves held
in Investment
Portfolio		 Free Reserves
held in
Investment
Portfolio
Unrestricted Funds £12m £11m £10m £10m
Restricted relating to Pay Day
Giving Schemes		 £3.5m £0 £3.4m £0
RM Cadet Fund £0.1m £0 £0.1m £0
Champ Building £1.3m £0 £0 £0
Other Restricted Funds £0.2m £0 £0 £0
Total Funds £17.1m £11m £13.5m £10m

The free reserves of the charity are therefore £11M, which equates to 23 months of expenditure to provide for grants, services, and the administration of the Charity.

Free reserves which relate to funds held in investments are £10m

The Trustees therefore consider the amended free reserves to be the total free reserves held in investments less the £3.5m held in order to meet potential risks, which equates to £6.5m which equates to 13 months of continued operation. Because of the nature of the services delivered by the Charity, the Trustees consider that reserves need to be held to allow operation over a sustained period.

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 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 2025 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 2026, they will
not be in the Delivery space; efficiencies will be
made elsewhere.
Finances have been fully reviewed as part of the
Fit for the Future Strategy review and will be
implemented in full alignment with it.		 •
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 enhancing our development 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

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the
year.
Forecast
adjustments
are
considered quarterly.
•
We regularly review our investment strategy
and its performance through a Board
subcommittee
managed
by
appointed
external fund managers.
•
The Board continues the policy of holding
between 6 and 9 months of expenditure in
cash reserves.
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 2025. They will be
further reviewed as the 2026 Strategy rolls
out.
•
We are registered with the Fundraising
Regulator to evidence our compliance with
the Charities Act 2016 and comply with
regulations.
•
We received one complaint not related to
fundraising but to membership staff activity in
2025 which was externally investigated and
considered in line with our policies.
•
We submitted a serious incident report to the
CC in 2025 following an incident at a
Families’ Day event as this was best practice
to support our external policies. There has
been as yet no response from the CC.
•
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 is in process, and we
have established a presence on a third-party
Security Operations Centre (Cybaverse) to
provide 24/7 monitoring of our systems and
devices.
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.
•
Our branch and membership byelaws are
subject
to
close
oversight
from
the
Membership Committee and will be reviewed
and updated to be fit for purpose post
strategy sing -off.
•
We expect regular reports to the Board of
Trustees
from
through
year
funded
organisations and implement MOUs where
appropriate.
RNRMC
reviewed
and
amended our Branch MOUs in 2024 for both
custodian and non-custodian branches as
well as delivering extensive training on
reporting for treasurers. This has made a big
change to branch reporting.

20

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. The CEO has directed this as
one of his main priority areas for all staff.
•
We conduct an annual Training Needs
Analysis, leading to whole staff training as
appropriate, and individual education and
learning needs being addressed.
•
The CEO conducted a full 360° review of the
SLT at managerial level.
•
The take up remains positive for the
Employee
Assistance
Programme
introduced in 2022.
•
Our pay banding system, introduced to align
pay across different functional areas post
2019 merger was considered to have done its
job as all staff and grades are now
comparable. The 2027 pay award will be
checked against Croners models to ensure
we are equitable and competitive within the
sector.
•
Each employee receives an allocation for PD
training facilitation annually (currently £500).

The Trustees consider by reviewing accounts and cashflow at each Board meeting that they can manage income and the balance between expenditure effectively. Should it be required, 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

In mid-2024, the Board initiated a review to establish a successor strategy to the 2021-24 Strategy and Delivery Programme. The “Fit for the Future” strategy review was designed to go back to first principles and to be capable of looking out to and beyond 5 years. It was also agreed that this should be a rigorous review with Trustee Tom Tripp leading and a new CEO in post, 2025 would be used to define this piece of work for implementation from 2026 onwards. The report from a trustee led panel delivered the proposals to the full Board on 12 Feb 26 for approval. The model was unanimously agreed but the development team and CEO were tasked with reevaluating certain cost elements to ensure long term sustainability against the potential needs going forward.

Budgeted spend to deliver necessary support in 2026 has led to the trustees approving a deficit budget of (£839k) caveated on the outcome of the cost modelling ongoing at audit sign-off to rationalise the future deficit versus longterm sustainability from 2026 onwards. There are sufficient free reserves for 6-9 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 £1.25m in liquid reserves. 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.

21

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 2025, in particular:

The Board wishes to express its gratitude to both RNRMC and Greenwich Hospital: RNRMC for its substantial backoffice support provided pro bono during the year, alongside its £200,000 grant towards direct benevolence support to individuals in acute need. Greenwich Hospital continued to provide essential grant funding in year totalling £258,000 and have agreed to provide significant funding in future years. Without this funding critical services and support could not be provided to our beneficiaries.

The Trustees also thank other independent charities and organisations with which it works closely to serve our community: NHS Op COURAGE, the Veterans’ Trauma Network, Northumbria and Chester Universities, SSAFA the Armed Forces Charity, the Royal Naval Benevolent Trust, the Naval 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.

22

STATEMENT OF TRUSTEES RESPONSIBILITES

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:

This report was approved by the Trustees on 13 July 2026 and signed on their behalf by

...............................................................

Mrs LR Fordham (Chair)

..........................................................

Mr T Tripp (Director)

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REPORT OF THE INDEPENDENT AUDITOR

Opinion

We have audited the financial statements of The Royal Marines Association- The Royal Marines Charity for the year ended 31 December 2025 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 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.

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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 strategic report or 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 page 36, 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:

25

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:

26

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 charitable company’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters which we are required to state to them in an auditor's report addressed to them 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 and 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 opinions we have formed.

Adam Fullerton (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6[th] Floor 9 Appold Street London Date: EC2A 2AP

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

27

Royal Marines Association - The Royal Marines Charity

Consolidated Statement of Financial Activities for the Year Ended 31 December 2025

Note Note Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£
Income & Endowments from
Donations and legacies
4
Charitable activities
5
Trading Income
Investments
6
Total Income		 3,722,748
873,785
4,596,533
4,434,012
255,079
619,793
874,872
856,836
678,839
-
678,839
621,447
163,416
88,190
251,606
258,491
4,820,082 1,581,768 6,401,850 6,170,786
Expenditure on
Raising funds
7
Fundraising costs
Investment management fees
Trading costs
Total cost of raising funds
Charitable activities
8
S1 - Quality of Life Serving
S2 - Individual Benevolence
S3 - Naval Families
S4 - Veterans
Total charitable activities
Total expenditure
Net operating income/(expenditure)
Net gain/(losses) on investment assets
20
Net income/(expenditure)
Transfer between funds
16
Net movement in funds
Fund balances brought forward at 1 January
26-28
Fund balances carried forward at 31 December
26-28		 (1,292,106)
(23,887)
(1,315,993)
(1,294,606)
(94,567)
(55,780)
(150,347)
(130,922)
(740,760)
-
(740,760)
(707,503)
(2,127,433) (79,667) (2,207,100) (2,133,031)
(537,921)
(961,467)
(1,499,388)
(2,383,213)
(527,107)
(1,085,191)
(1,612,298)
(1,098,509)
(111,373)
(65,896)
(177,269)
(181,473)
(617,019)
(306,937)
(923,956)
(766,778)
(1,793,420) (2,419,491) (4,212,911) (4,429,973)
(3,920,853) (2,499,158) (6,420,011) (6,563,004)
899,229 (917,390) (18,161) (392,218)
865,996
520,827
1,386,823
1,025,740
1,765,225 (396,563) 1,368,662 633,522
(715,274)
715,274
-
-
1,049,951 318,711 1,368,662 633,522
11,085,989
4,848,257
15,934,246
15,300,724
26-28 12,135,940 5,166,968 17,302,908 15,934,246

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 35 to 53 form part of these accounts.

28

Royal Marines Association - The Royal Marines Charity

Charity Statement of Financial Activities for the Year Ended 31 December 2025

Note Note Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£
Income & Endowments from
Donations and legacies
4
Charitable activities
5
Trading Income
Investments
6
Total Income		 3,756,215
873,785
4,630,000
4,506,225
255,079
619,793
874,872
856,836
-
-
-
-
163,416
88,190
251,606
258,491
4,174,710 1,581,768 5,756,478 5,621,552
Expenditure on
Raising funds
7
Fundraising costs
Investment management fees
Trading costs
Total cost of raising funds
Charitable activities
8
S1 - Quality of Life Serving
S2 - Individual Benevolence
S3 - Naval Families
S4 - Veterans
Total charitable activities
Total expenditure
Net operating income/ (expenditure)
Net gain/(losses) on investment assets
20
Net income/(expenditure)
Transfer between funds
16
Net movement in funds
Fund balances brought forward at 1 January
26-28
Fund balances carried forward at 31 December
26-28		 (1,292,106)
(23,887)
(1,315,992)
(1,289,190)
(94,567)
(55,780)
(150,347)
(130,922)
-
-
-
-
(1,386,673) (79,667) (1,466,339) (1,420,112)
(537,921)
(994,309)
(1,532,230)
(2,487,132)
(527,107)
(1,085,194)
(1,612,301)
(1,098,509)
(111,373)
(65,894)
(177,267)
(181,473)
(617,020)
(391,927)
(1,008,946)
(817,275)
(1,793,420) (2,537,324) (4,330,745) (4,584,389)
(3,180,093) (2,616,991) (5,797,084) (6,004,501)
994,617 (1,035,223) (40,606) (382,949)
865,997
520,826
1,386,823
1,025,740
1,860,614 (514,397) 1,346,217 642,791
(833,108)
833,108
-
-
1,027,506 318,711 1,346,217 642,791
10,920,855
4,848,257
15,769,112
15,126,321
26-28 11,948,361 5,166,968 17,115,329 15,769,112

The financial activities shown in the consolidated statement of financial activities 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 RMA-TRMC are set out above. The net movements in the Charity’s funds for the year arise from the Charity’s continuing activities.

29

Royal Marines Association - The Royal Marines Charity

Consolidated and Charity Balance Sheet as at 31 December 2025

Note Note Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
Fixed Assets
Intangible Assets
18
Tangible Assets
19
Investments
20
Total fixed assets		 380,010
321,221
379,570
321,221
1,829,880
1,895,583
1,828,698
1,893,995
13,500,075
12,024,621
13,500,175
12,024,721
15,709,965 14,241,425 15,708,443 14,239,937
Current Assets
Stock
21
Debtors
22
Cash at bank and in hand
Total current assets		 180,985
175,091
59,411
59,471
719,002
644,725
725,255
669,478
1,435,197
1,644,275
1,290,101
1,502,501
2,335,169 2,464,091 2,074,767 2,231,450
Current Liabilities
Creditors: Amounts falling due within one year
23
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after one year
23
Net assets		 (741,356)
(769,969)
(667,881)
(702,275)
1,593,813 1,694,122 1,406,886 1,529,175
17,303,778 15,935,547 17,115,329 15,769,112
(890)
(1,301)
-
-
17,302,888 15,934,246 17,115,329 15,769,112
Funds
Total unrestricted funds
26
Total designated funds
26
Total restricted funds
27
Total funds		 11,737,888
10,851,203
11,550,329
10,686,069
398,032
234,786
398,032
234,786
5,166,968
4,848,257
5,166,968
4,848,257
17,302,888 15,934,246 17,115,329 15,769,112

The financial statements of Royal Marines Association - The Royal Marines Charity, registered charity no. 07142012, were approved by the Board of Trustees and authorised for issue o n 13 July 2026

These were signed on its behalf by:

Mrs L R Fordham

Chair

_______

Mr T Tripp (Director)

30

Royal Marines Association - The Royal Marines Charity

Consolidated and Charity Cash Flows Statement for the Year Ended 31 December 2025

Note Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
Net cash flow from operating activities
A		 (154,242) 1,576,088 (178,143) 1,629,210
Cash flows from investing activities
Investment income and interest received
Proceeds from disposal of fixed asset investements
Acquisition of fixed asset investments
Proceeds from disposal of tangible fixed assets
Payments to acquire tangible fixed assets
Payments to acquire intangible fixed assets		 251,606
258,491
251,606
258,491
2,455,392
13,103,696
2,455,392
13,103,696
(2,544,023)
(14,361,158)
(2,544,023)
(14,361,156)
-
-
-
-
(68,243)
(34,247)
(48,535)
(34,189)
(149,137)
(154,018)
(148,697)
(154,018)
Net cashprovided by investment activities (54,405) (1,187,237) (34,257) (1,187,176)
Cash flows from financing activities
Bank loan received/ (repaid)		 (411)
1,849
-
-
Change in cash and cash equivalents in theyear (209,058) 390,701 (212,400) 442,034
Cash and cash equivalents at the beginning of the year 1,644,275
1,253,574
1,502,501
1,060,467
Cash and cash equivalents at the end of theyear 1,435,217 1,644,275 1,290,101 1,502,501
A Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
Reconciliation of net income to net cash flow from operating activities
Net income/(expenditure) for theyear 1,368,662 633,522 1,346,217 642,794
Adjustments for:
Depreciation charges
Amortisation
Net (gains)/ losses on investments
Investment income
(Increase)/ decrease in stock
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Loss on disposal of fixed assets
Loss on disposal of intangible assets
Net cash flow from operating activities		 133,945
109,825
113,832
108,604
90,348
65,734
90,348
65,734
(1,386,823)
(1,025,740)
(1,386,823)
(1,025,740)
(251,606)
(258,491)
(251,606)
(258,491)
(5,894)
8,209
60
179
(74,277)
2,247,339
(55,777)
2,042,483
(28,613)
(209,870)
(34,394)
48,087
-
5,560
-
5,560
-
-
-
-
(154,242) 1,576,088 (178,143) 1,629,210

31

Notes to the Accounts for the Year Ended 31 December 2025

Royal Marines Association - The Royal Marines Charity

1 - Principal Accounting Policies

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 prepares 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.

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 charity’s forecasts and projections and have taken account of pressures on donation and investment income and impact on investment values and income, as well as expenditure. 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.

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.

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 following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured reliably. Where entitlement to a legacy exits 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.

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.

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.

Charitable expenditure has been re-classified in order to present the group's activities in a more meaningful format and appropriate comparative figures have been adjusted accordingly.

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.

Irrecoverable VAT

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

32

Royal Marines Association - The Royal Marines Charity

Notes to the Accounts for the Year Ended 31 December 2025

1 - Principal Accounting Policies (continued)

Allocation of Overhead and Support Costs

Overhead, support and governance costs are allocated between the cost of raising funds and charitable activities. Overhead, support and governance costs relating to charitable activities have been apportioned between activities.

During the year the method for apportioning support costs and overheads to activities was updated to more accurately reflect the nature of these costs. Prior year support costs have been reclassified using this updated methodology.

Costs of Raising Funds

The costs of raising funds consist of investment management fees and other direct costs of raising funds and an apportionment of governance, overhead and support costs.

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, support and governance costs.

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.

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.

Tangible Fixed Assets

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

Freehold property - over 50 years straight line Computer and office equipment - over 3 years straight line Leasehold improvements - over the life of the lease Motor Vehicles - 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 changes in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

Intangible Fixed Assets

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

Website and software - over 5 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 changes in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

Fixed Asset Investments

Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their bid value at the balance sheet date without deduction of the estimated future selling costs.

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.

Realised Gains and Losses

Investments are stated at market value exclusive 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.

33

Royal Marines Association - The Royal Marines Charity

Notes to the Accounts for the Year Ended 31 December 2025

1 - Principal Accounting Policies (continued)

Stock

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

Heritage Assets

The Charitable Group is the owner of a collection of Paintings, Silverware and other items. 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. The collection is considered irreplaceable and as such it is not possible to attribute a reliable cost or value to it. It is additionally considered that the process of obtaining valuations of the collection would be disproportionate to any public benefit that might be derived and that it is impractical to apply conventional valuation techniques to the collection, due to the uniqueness of its nature.

Funds Structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor. The funds of the subsidiaries noted under 1c) above are treated as unrestricted funds.

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Designated funds comprise those unrestricted funds where the trustees, at their discretion, have created a fund for a specific purpose.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

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 charity'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 seIle on a net basis or to realise the asset and seIle 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 22 and 23 for the debtor and creditor notes.

Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Critical Accounting Estimates and Areas of Judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

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 members of the charity are the trustees listed on page 1. 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.

34

3 - Consolidated Comparative Statement of Financial Activities

Note Note Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£		 Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£		 Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£
Income & Endowments from
Donations and legacies
4
Charitable activities
5
Other trading activities
Investments
6
Total Income		 3,377,646
1,056,366
4,434,012
265,964
590,872
856,836
621,447
-
621,447
163,341
95,150
258,491
4,428,398 1,742,388 6,170,786
Expenditure on
Raising funds
7
Fundraising costs
Investment management fees
Trading costs
Total cost of raising funds
Charitable activities
8
S1 - Quality of Life Serving
S2 - Individual Benevolence
S3 - Naval Families
S4 - Veterans
Total charitable activities
Total expenditure
Net operating income/ (expenditure)
Net gain/(losses) on investment assets
20
Net income/(expenditure)
Transfer between funds
16
Net movement in funds
Fund balances brought forward at 1 January
26-28
Fund balances carried forward at 31 December
26-28		 (1,270,175)
(24,431)
(1,294,606)
(80,523)
(50,399)
(130,922)
(707,503)
-
(707,503)
(2,058,201) (74,830) (2,133,031)
(713,426)
(1,669,786)
(2,383,213)
(293,441)
(805,069)
(1,098,509)
(75,470)
(106,003)
(181,473)
(492,439)
(274,338)
(766,778)
(1,574,776) (2,855,196) (4,429,973)
(3,632,978) (2,930,026) (6,563,004)
795,420 (1,187,638) (392,218)
620,189
405,551
1,025,740
1,415,609 (782,087) 633,522
(632,306)
632,306
-
783,303 (149,781) 633,522
10,302,686
4,998,038
15,300,724
26-28 11,085,989 4,848,257 15,934,246

35

3a - Charity Comparative Statement of Financial Activities

Note Note Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£		 Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£		 Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£
Income & Endowments from
Donations and legacies
4
Charitable activities
5
Other trading activities
Investments
6
Total Income		 3,449,859
1,056,366
4,506,225
265,964
590,872
856,836
-
-
-
163,341
95,150
258,491
3,879,164 1,742,388 5,621,552
Expenditure on
Raising funds
7
Fundraising costs
Investment management fees
Trading costs
Total cost of raising funds
Charitable activities
8
S1 - Quality of Life Serving
S2 - Individual Benevolence
S3 - Naval Families
S4 - Veterans
Total charitable activities
Total expenditure
Net operating income/ (expenditure)
Net gain/(losses) on investment assets
20
Net income/(expenditure)
Transfer between funds
16
Net movement in funds
Fund balances brought forward at 1 January
26-28
Fund balances carried forward at 31 December
26-28		 (1,264,759)
(24,431)
(1,289,190)
(80,523)
(50,399)
(130,922)
-
-
-
(1,345,282) (74,830) (1,420,112)
(713,428)
(1,773,703)
(2,487,132)
(293,441)
(805,069)
(1,098,509)
(75,470)
(106,003)
(181,473)
(492,443)
(324,832)
(817,275)
(1,574,782) (3,009,607) (4,584,389)
(2,920,064) (3,084,437) (6,004,501)
959,100 (1,342,049) (382,949)
620,189
405,551
1,025,740
1,579,289 (936,498) 642,791
(786,717)
786,717
-
792,572 (149,781) 642,791
10,128,283
4,998,038
15,126,321
26-28 10,920,855 4,848,257 15,769,112

36

4 - Donations and Legacies

Donations
RM Day's Pay Giving Funds
Legacies
RNRMC Donated Services
Total donations and legacies		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
3,372,831
3,198,262
3,406,298
3,270,476
620,161
585,553
620,161
585,553
406,462
414,233
406,462
414,233
197,079
235,964
197,079
235,964		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
3,372,831
3,198,262
3,406,298
3,270,476
620,161
585,553
620,161
585,553
406,462
414,233
406,462
414,233
197,079
235,964
197,079
235,964		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
3,372,831
3,198,262
3,406,298
3,270,476
620,161
585,553
620,161
585,553
406,462
414,233
406,462
414,233
197,079
235,964
197,079
235,964		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
3,372,831
3,198,262
3,406,298
3,270,476
620,161
585,553
620,161
585,553
406,462
414,233
406,462
414,233
197,079
235,964
197,079
235,964
4,596,533 4,434,012 4,630,000 4,506,226
5 - Charitable Activities
The Royal Navy & Royal Marines Charity
Armed Forces Covenant Fund Trust
Other grants received
Total income from charitable activities		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
200,000
200,000
200,000
200,000
143,593
168,176
143,593
168,176
531,279
488,660
531,279
488,660
874,872 856,836 874,872 856,836

£619,723 of income from charitable activties in the year was subject to specific restrictions imposed by the donor (2024: £590,872)

6 - Investment Income

Year to 31 December 2025

Year to 31 December 2025
Investment Income
Bank Interest
Total investment income		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
237,706
234,484
237,706
234,484
13,900
24,007
13,900
24,007
251,606 258,491 251,606 258,491
7 - Cost of Raising Funds
Year to 31 December 2025
Fundraising costs
Investment management fees
Trading costs
Support costs
11
Total cost of raising funds		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
995,434
1,012,335
995,434
1,012,235
150,347
130,922
150,347
130,922
740,760
707,503
-
-
320,559
282,271
320,558
276,955
2,207,100 2,133,031 1,466,339 1,420,112

37

8a - Analysis of Charitable Expenditure - Group

Year to 31 December 2025
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable expenditure
Year to 31 December 2024
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable expenditure		 Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2025
2025
2025
2025
£
£
£
£
648,969
399,700
450,719
1,499,388
689,471
467,046
455,781
1,612,298
74,506
53,508
49,253
177,267
218,690
504,514
200,752
923,956		 Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2025
2025
2025
2025
£
£
£
£
648,969
399,700
450,719
1,499,388
689,471
467,046
455,781
1,612,298
74,506
53,508
49,253
177,267
218,690
504,514
200,752
923,956		 Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2025
2025
2025
2025
£
£
£
£
648,969
399,700
450,719
1,499,388
689,471
467,046
455,781
1,612,298
74,506
53,508
49,253
177,267
218,690
504,514
200,752
923,956		 Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2025
2025
2025
2025
£
£
£
£
648,969
399,700
450,719
1,499,388
689,471
467,046
455,781
1,612,298
74,506
53,508
49,253
177,267
218,690
504,514
200,752
923,956
1,631,636 1,424,768 1,156,505 4,212,910
Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2024
2024
2024
2024
£
£
£
£
1,227,118
564,424
591,671
2,383,213
557,581
293,072
247,855
1,098,509
95,809
43,075
42,589
181,473
249,826
383,453
133,499
766,778
2,130,335 1,284,024 1,015,614 4,429,973
8b - Analysis of Charitable Expenditure - Charity
Year to 31 December 2025
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable expenditure
Year to 31 December 2024
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable expenditure		 Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2025
2025
2025
2025
£
£
£
£
681,811
399,700
450,718
1,532,229
689,471
467,046
455,783
1,612,300
74,506
53,508
49,253
177,267
303,681
504,514
200,752
1,008,947
1,749,469 1,424,768 1,156,506 4,330,744
Grants
Other Direct
Support Costs
Payable
Costs
(Note 11)
Total
2024
2024
2024
2024
£
£
£
£
1,331,035
564,424
591,673
2,487,132
557,581
293,071
247,856
1,098,509
95,809
43,075
42,589
181,473
300,320
383,457
133,498
817,275
2,284,746 1,284,027 1,015,616 4,584,389

38

9a - Analysis of Grants Payable - Group

Year to 31 December 2025

Year to 31 December 2025
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total grants paid		 Grants to
Grants to
Total
Total
Institutions
Individuals
2025
2024
£
£
£
£
254,293
394,676
648,969
1,227,118
2,160
687,311
689,471
557,581
39,558
34,948
74,506
95,809
191,506
27,184
218,690
249,826
487,517 1,144,119 1,631,636 2,130,335
9b - Analysis of Grants Payable - Charity
Year to 31 December 2025
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total grants paid
Grants awarded by the Charity:
Globe & Laurel
Rock 2 Recovery
The Royal Marines Charity Enterprise
Hasler Recovery Centre
Corps Family Weekend
Walking With The Wounded
Woodands Memorial
Commando Training Centre Royal Marines
Beating Retreat 2025
Chamonix Winter
RMB Chivenor
RMA - Paddle Group Association
Climb to Recovery
RMA Deal Branch
30 Commando Royal Marines
45 Commando Royal Marines
Commando Training Wing - Families Hospitality
40 Commando Royal Marines
42 Commando Royal Marines
Gordon Messenger Centre
Dame Agnes Westons
Horseback UK
HMS Drake
The Polderhuis Westkapelle - Invasion Monument
43 Commando Royal Marines
Organisations under 5k
Total grants to other organisations		 Grants to
Grants to
Total
Total
Institutions
Individuals
2025
2024
£
£
£
£
287,135
394,676
681,811
1,331,035
2,160
687,311
689,471
557,581
39,558
34,948
74,506
95,809
276,497
27,184
303,681
300,320
605,350 1,144,119 1,749,469 2,284,746
2025
2024
£
£
120,525
120,817
90,000
90,000
61,171
-
35,360
19,863
35,064
20,000
30,335
15,794
24,000
24,000
21,054
8,327
21,000
-
20,000
40,200
11,410
5,341
10,110
5,166
10,000
19,000
8,749
8,436
7,615
4,410
6,313
5,840
5,000
-
4,973
6,920
1,619
2,145
-
73,889
-
55,923
-
10,000
-
10,000
-
5,920
-
2,247
81,052
68,964
605,350 623,202

39

10a - Analysis of Governance Costs

Trustee meetings
Auditor's remuneration
Legal and professional fees
Total direct governance
Support costs
Total governance costs		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,735
6,320
12,735
6,320
40,792
32,828
40,792
27,512
41,385
24,999
41,385
24,999		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,735
6,320
12,735
6,320
40,792
32,828
40,792
27,512
41,385
24,999
41,385
24,999		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,735
6,320
12,735
6,320
40,792
32,828
40,792
27,512
41,385
24,999
41,385
24,999		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,735
6,320
12,735
6,320
40,792
32,828
40,792
27,512
41,385
24,999
41,385
24,999
94,912 64,146 94,912 58,830
114,399
95,311
114,399
95,311
209,311 159,457 209,311 154,141

The Support costs above that are included within Governance costs for the Group primarily include the costs relating to the CEO and CFO plus some other staff and represent the support necessary to deliver the management and reporting requirements for the Boards within the wider Group.

10b - Allocation of Governance Costs

Cost of raising funds
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Charitable Activity
Total		 Staff Costs
Admin
Insurance
Depreciation
Direct
Governance
21,216
3,952
-
-
20,881
29,315
5,461
-
-
28,852
29,644
5,522
-
-
29,175
3,203
597
-
-
3,153
13,057
2,432
-
-
12,851
75,219
14,012
-
-
74,031		 Staff Costs
Admin
Insurance
Depreciation
Direct
Governance
21,216
3,952
-
-
20,881
29,315
5,461
-
-
28,852
29,644
5,522
-
-
29,175
3,203
597
-
-
3,153
13,057
2,432
-
-
12,851
75,219
14,012
-
-
74,031		 Staff Costs
Admin
Insurance
Depreciation
Direct
Governance
21,216
3,952
-
-
20,881
29,315
5,461
-
-
28,852
29,644
5,522
-
-
29,175
3,203
597
-
-
3,153
13,057
2,432
-
-
12,851
75,219
14,012
-
-
74,031		 Staff Costs
Admin
Insurance
Depreciation
Direct
Governance
21,216
3,952
-
-
20,881
29,315
5,461
-
-
28,852
29,644
5,522
-
-
29,175
3,203
597
-
-
3,153
13,057
2,432
-
-
12,851
75,219
14,012
-
-
74,031		 Staff Costs
Admin
Insurance
Depreciation
Direct
Governance
21,216
3,952
-
-
20,881
29,315
5,461
-
-
28,852
29,644
5,522
-
-
29,175
3,203
597
-
-
3,153
13,057
2,432
-
-
12,851
75,219
14,012
-
-
74,031
Total Charity
Subsidiaries
Total Group
46,049
-
46,049
63,628
-
63,628
64,341
-
64,341
6,953
-
6,953
28,340
-
28,340
163,262
-
163,262
Total Charity
Subsidiaries
Total Group
46,049
-
46,049
63,628
-
63,628
64,341
-
64,341
6,953
-
6,953
28,340
-
28,340
163,262
-
163,262
Total Charity
Subsidiaries
Total Group
46,049
-
46,049
63,628
-
63,628
64,341
-
64,341
6,953
-
6,953
28,340
-
28,340
163,262
-
163,262
46,049
63,628
64,341
6,953
28,340
163,262
96,435 17,964 - - 94,912 209,311 - 209,311
11 - Support Costs
Year to 31 December 2025
Cost of raising funds
Charitable Activities
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable activities
Total
Year to 31 December 2024
Cost of raising funds
Charitable Activities
S1 Quality of Life Serving
S2 Individual Benevolence
S3 Naval Families
S4 Veterans
Total charitable activities
Total		 Staff Costs
Admin
Insurance
Depreciation
Governance		 Total Charity
Subsidiaries		 Total Group
63,054 145,663 20,957 44,836 46,049 320,559 - 320,559
82,394
213,788
28,957
61,952
63,628
83,319
216,190
29,283
62,648
64,341
9,004
23,362
3,164
6,770
6,953
36,698
95,222
12,898
27,594
28,340		 450,719
-
455,781
-
49,253
-
200,752
-
450,719
455,781
49,253
200,752
211,415 548,562 74,302 158,965 163,262 1,156,505 - 1,156,505
274,468 694,225 95,259 203,801 209,311 1,477,064 - 1,477,064
Staff Costs
Administration Insurance
Depreciation
Governance		 Total Charity
Subsidiaries		 Total Group
49,162 148,053 6,317 39,512 33,911 276,955 5,316 282,271
96,028
330,940
13,047
81,613
70,043
40,226
138,633
5,466
34,188
29,342
6,912
23,821
939
5,875
5,042
21,666
74,670
2,944
18,414
15,804		 591,672
-
247,855
-
42,589
-
133,497
-
591,672
247,855
42,589
133,497
164,833 568,065 22,396 140,090 120,230 1,015,613 - 1,015,613
213,994 716,118 28,713 179,602 154,141 1,292,568 5,316 1,297,884

40

12 - Analysis of Staff Costs

Year to 31 December 2025

Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
Salaries and wages
1,632,817
1,538,690
1,517,364
1,413,637
National insurance
201,281
190,171
158,531
149,238
Pension costs
104,379
102,461
96,383
94,019
1,938,477
1,831,322
1,772,278
1,656,894
The number of employees whose emoluments (salaries and benefits in kind) fell within the following bands:
2025
2024
£110,000-£120,000
1
-
£100,000-£110,000
-
-
£90,000-£99,000
-
-
£80,000-£89,999
-
-
£70,000-£79,999
5
4
£60,000-£69,999
-
1		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
1,632,817
1,538,690
1,517,364
1,413,637
201,281
190,171
158,531
149,238
104,379
102,461
96,383
94,019		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
1,632,817
1,538,690
1,517,364
1,413,637
201,281
190,171
158,531
149,238
104,379
102,461
96,383
94,019		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
1,632,817
1,538,690
1,517,364
1,413,637
201,281
190,171
158,531
149,238
104,379
102,461
96,383
94,019		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
1,632,817
1,538,690
1,517,364
1,413,637
201,281
190,171
158,531
149,238
104,379
102,461
96,383
94,019
1,938,477 1,831,322 1,772,278 1,656,894

The number of employees earning £60,000 or above for whom pension contributions have been paid in the year is 6 (2024: 5). The total pension contributions paid by the Charity during the year for employees earning more than £60,000 was £33,751 (2024: £24,710).

13 - Staff Numbers

The average number of employees (including casual and part time staff) during the period was as follows:

Direct charitable - Sports
Direct charitable - Benevolence
Support		 2025
2024
-
-
21
22
16
15		 2025
2024
-
-
21
22
16
15
37 37

14 - 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 £582,746 (2024: £550,665).

15 - Movement in Net Funds for the Year

2025 2024
Movement in net funds is stated after charging/(crediting): £ £
Auditors remuneration (including irrecoverable VAT):
- Statutory audit (current year) 29,101 22,323
- Advisory and other 5,413 5,189
Depreciation - owned assets 90,348 109,825
Amortisation 67,104 65,734

16 - Transfers Between Funds

Transfers between funds relate to amounts allocated by the RMA-TRMC general funds to its subsidiaries.

17 - Taxation

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

41

18a - Intangible Fixed Assets - Group
Cost or Valuation
As at 1 January 2025
Additions
Disposals
As at 31 December 2025
Amortisation
As at 1 January 2025
Charge for the year
Eliminated on disposals
As at 31 December 2025
Net book value
As at 31 December 2025
As at 31 December 2024		 £
443,597
149,137
-
592,734
(122,376)
(90,348)
-
(212,724)
380,010
321,221
18b - Intangible Fixed Assets - Charity
Cost or Valuation
As at 1 January 2025
Additions
Disposals
As at 31 December 2025
Amortisation
As at 1 January 2025
Charge for the year
Eliminated on disposals
As at 31 December 2025
Net book value
As at 31 December 2025
As at 31 December 2024		 £
443,597
148,697
-
592,294
(122,376)
(90,348)
-
(212,724)
379,570
321,221

42

19a - Tangible Fixed Assets - Group

Cost or Valuation
As at 1 January 2025
Additions
Disposals
As at 31 December 2025
Depreciation
As at 1 January 2025
Charge for the year
Elmininated on disposals
As at 31 December 2025
Net book value
As at 31 December 2025
As at 31 December 2024		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
110,670
24,679
2,116,981
-
-
26,813
41,430
68,243
-
-
-
-
-		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
110,670
24,679
2,116,981
-
-
26,813
41,430
68,243
-
-
-
-
-		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
110,670
24,679
2,116,981
-
-
26,813
41,430
68,243
-
-
-
-
-		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
110,670
24,679
2,116,981
-
-
26,813
41,430
68,243
-
-
-
-
-		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
110,670
24,679
2,116,981
-
-
26,813
41,430
68,243
-
-
-
-
-
1,981,632 - 137,483 66,109 2,185,224
(148,205)
-
(53,014)
(20,179)
(221,398)
(66,842)
-
(56,307)
(10,797)
(133,945)
-
-
-
-
-
(215,047) - (109,321) (30,976) (355,343)
1,766,585 - 28,162 35,133 1,829,880
1,833,427 - 57,656 4,500 1,895,583
19b - Tangible Fixed Assets - Charity
Cost or Valuation
As at 1 January 2025
Additions
Disposals
As at 31 December 2025
Depreciation
As at 1 January 2025
Charge for the year
Elmininated on disposals
As at 31 December 2025
Net book value
As at 31 December 2025
As at 31 December 2024		 Leasehold
Freehold
Office
Motor
Improvements
Property
Equipment
Vehicles
Total
£
£
£
£
£
1,981,632
-
103,162
24,679
2,109,473
-
-
7,105
41,430
48,535
-
-
-
-
-
1,981,632 - 110,267 66,109 2,158,008
(148,205)
-
(47,094)
(20,179)
(215,478)
(66,842)
-
(36,193)
(10,797)
(113,832)
-
-
-
-
-
(215,047) - (83,288) (30,976) (329,310)
1,766,585 - 26,979 35,133 1,828,698
1,833,427 - 56,068 4,500 1,893,995

20 - Fixed Asset Investments

Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
Market value brought forward
12,024,621
9,741,421
12,024,721
9,741,521
Additions at cost
2,544,023
14,361,156
2,544,023
14,361,156
Disposals at carrying value
(2,455,392)
(13,103,696)
(2,455,392)
(13,103,696)
Net gain/(loss) on revaluation
1,386,823
1,025,740
1,386,823
1,025,740
Market value carried forward
13,500,075
12,024,621
13,500,175
12,024,721
Analysis of market value of investments by type:
Unlisted-RM Shop Limited
-
-
100
100
Unlisted-Conquering Horizons
20,037
20,037
20,037
20,037
Equities
7,225,127
6,373,103
7,225,127
6,373,103
Bonds
1,796,920
2,519,071
1,796,920
2,519,071
Alternative investments
2,588,747
1,573,613
2,588,747
1,573,613
Cash
1,869,244
1,538,797
1,869,244
1,538,797
13,500,075
12,024,621
13,500,175
12,024,721
Analysis of market value of investments between those held within and outside the United Kingdom:
Within the United Kingdom
764,991
624,353
765,091
624,453
Outside the United Kingdom
12,735,084
11,400,268
12,735,084
11,400,268
13,500,075
12,024,621
13,500,175
12,024,721		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,024,621
9,741,421
12,024,721
9,741,521
2,544,023
14,361,156
2,544,023
14,361,156
(2,455,392)
(13,103,696)
(2,455,392)
(13,103,696)
1,386,823
1,025,740
1,386,823
1,025,740		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,024,621
9,741,421
12,024,721
9,741,521
2,544,023
14,361,156
2,544,023
14,361,156
(2,455,392)
(13,103,696)
(2,455,392)
(13,103,696)
1,386,823
1,025,740
1,386,823
1,025,740		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,024,621
9,741,421
12,024,721
9,741,521
2,544,023
14,361,156
2,544,023
14,361,156
(2,455,392)
(13,103,696)
(2,455,392)
(13,103,696)
1,386,823
1,025,740
1,386,823
1,025,740		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
12,024,621
9,741,421
12,024,721
9,741,521
2,544,023
14,361,156
2,544,023
14,361,156
(2,455,392)
(13,103,696)
(2,455,392)
(13,103,696)
1,386,823
1,025,740
1,386,823
1,025,740
13,500,075 12,024,621 13,500,175 12,024,721
-
-
100
100
20,037
20,037
20,037
20,037
7,225,127
6,373,103
7,225,127
6,373,103
1,796,920
2,519,071
1,796,920
2,519,071
2,588,747
1,573,613
2,588,747
1,573,613
1,869,244
1,538,797
1,869,244
1,538,797
13,500,075 12,024,621 13,500,175 12,024,721
13,500,075 12,024,621 13,500,175 12,024,721

43

21 - Stock

Goods for resale Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
180,985 175,091 59,411 59,471
22 - Debtors
Accrued Income
Due from Parent
Due from Subsidiaries
Other Debtors and Prepayments		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
95,309
203,630
95,309
203,630
172,898
139,285
172,898
137,658
-
-
23,462
50,741
450,795
301,810
433,586
277,449
719,002 644,725 725,255 669,478
23 - Creditors
Amounts falling due within one year
Bank loan
Grants payable
Taxation and social security
Accruals and other creditors
Deferred income (see Note 25)
Due to Parent
Due to Subsidiaries
Amounts falling due in more than one year
Bank loan		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
548
548
-
-
100,263
111,498
100,263
111,498
78,621
63,708
47,362
39,856
376,663
550,706
310,303
488,181
180,149
25,000
179,949
25,000
5,112
18,509
5,112
16,882
-
-
24,892
20,858
741,356 769,969 667,881 702,275
Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
890
1,301
-
-
890 1,301 - -

44

24 - Custodian Funds

The RMA-TRMC holds custodian funds on behalf of the following and are included in the creditors amount above.

Entity
42 Cdo Assoc.
42 Com Memorial Garden
Adams Hoofing Hut
Art Society
Bude
Cardiff South Wales
Carlisle & District
Chelmsford
Deal
Doncaster
Families Branch
Fijian Commando Brothers
Frankton Memorial
Glasgow
Guildford
Liverpool
Local Branch Donations
Membership Committee
Mentors
NI Branch
Norfolk
North East Essex
Northern Region
RMA Concert Band
RMA Gig Club
RMA PT Branch
RMSA
Romford
Rugby Football Club
Scotland & NI
Sheffield
Shotgun
Signals
South and East Region
South West Region
Squash
Taunton
Tavistock
Telemark
Test Valley
Wolverhampton
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Geographical branch of RMA
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Monies collected centrally for branches which do not have their
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Maintenance of memorial at former RM Barracks Eastney
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Principal Objective
Virtual branch of RMA-TRMC
Maintenance of a Memorial Garden at Bickleigh
Beach Hut at Christchurch
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Geographical branch of RMA
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC
Virtual branch of RMA-TRMC		 Held
2025
2024
Cash
-
5,551
Cash
11,842
11,842
Cash
32,068
26,647
Cash
-
27
Cash
-
2,759
Cash
-
4,916
Cash
-
627
Cash
-
1,108
Cash
-
14,293
Cash
-
2,249
Cash
-
1,235
Cash
-
1,210
Cash
2,390
2,390
Cash
-
2,676
Cash
-
241
Cash
-
5,700
Cash
-
(15)
Cash
-
22,420
Cash
-
803
Cash
-
1,844
Cash
-
6,177
Cash
-
2,880
Cash
-
1,392
Cash
-
34,877
Cash
-
7,392
Cash
-
350
Cash
-
2,886
Cash
-
2,801
Cash
-
5,874
Cash
-
471
Cash
-
255
Cash
-
1,974
Cash
-
20
Cash
-
5
Cash
-
2,539
Cash
-
183
Cash
-
1,920
Cash
-
5,648
Cash
-
853
Cash
-
154
Cash
-
703
own funds		 Held
2025
2024
Cash
-
5,551
Cash
11,842
11,842
Cash
32,068
26,647
Cash
-
27
Cash
-
2,759
Cash
-
4,916
Cash
-
627
Cash
-
1,108
Cash
-
14,293
Cash
-
2,249
Cash
-
1,235
Cash
-
1,210
Cash
2,390
2,390
Cash
-
2,676
Cash
-
241
Cash
-
5,700
Cash
-
(15)
Cash
-
22,420
Cash
-
803
Cash
-
1,844
Cash
-
6,177
Cash
-
2,880
Cash
-
1,392
Cash
-
34,877
Cash
-
7,392
Cash
-
350
Cash
-
2,886
Cash
-
2,801
Cash
-
5,874
Cash
-
471
Cash
-
255
Cash
-
1,974
Cash
-
20
Cash
-
5
Cash
-
2,539
Cash
-
183
Cash
-
1,920
Cash
-
5,648
Cash
-
853
Cash
-
154
Cash
-
703
own funds		 Held
2025
2024
Cash
-
5,551
Cash
11,842
11,842
Cash
32,068
26,647
Cash
-
27
Cash
-
2,759
Cash
-
4,916
Cash
-
627
Cash
-
1,108
Cash
-
14,293
Cash
-
2,249
Cash
-
1,235
Cash
-
1,210
Cash
2,390
2,390
Cash
-
2,676
Cash
-
241
Cash
-
5,700
Cash
-
(15)
Cash
-
22,420
Cash
-
803
Cash
-
1,844
Cash
-
6,177
Cash
-
2,880
Cash
-
1,392
Cash
-
34,877
Cash
-
7,392
Cash
-
350
Cash
-
2,886
Cash
-
2,801
Cash
-
5,874
Cash
-
471
Cash
-
255
Cash
-
1,974
Cash
-
20
Cash
-
5
Cash
-
2,539
Cash
-
183
Cash
-
1,920
Cash
-
5,648
Cash
-
853
Cash
-
154
Cash
-
703
own funds		 Held
2025
2024
Cash
-
5,551
Cash
11,842
11,842
Cash
32,068
26,647
Cash
-
27
Cash
-
2,759
Cash
-
4,916
Cash
-
627
Cash
-
1,108
Cash
-
14,293
Cash
-
2,249
Cash
-
1,235
Cash
-
1,210
Cash
2,390
2,390
Cash
-
2,676
Cash
-
241
Cash
-
5,700
Cash
-
(15)
Cash
-
22,420
Cash
-
803
Cash
-
1,844
Cash
-
6,177
Cash
-
2,880
Cash
-
1,392
Cash
-
34,877
Cash
-
7,392
Cash
-
350
Cash
-
2,886
Cash
-
2,801
Cash
-
5,874
Cash
-
471
Cash
-
255
Cash
-
1,974
Cash
-
20
Cash
-
5
Cash
-
2,539
Cash
-
183
Cash
-
1,920
Cash
-
5,648
Cash
-
853
Cash
-
154
Cash
-
703
own funds
25 - Deferred Income
Balance at 1 January
Amount released to incoming resources
Amount deferred in year
Balance at 31 December
Analysis:
Release within one year
Release after more than one year		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
25,000
10,000
25,000
10,000
(25,000)
(10,000)
(25,000)
(10,000)
180,149
25,000
179,949
25,000
180,149 25,000 179,949 25,000
180,149
25,000
179,949
25,000
-
-
-
-
180,149 25,000 179,949 25,000

45

26 - Analysis of Group Unrestricted Funds

Unrestricted funds
RMA-TRMC general funds
Designated
TRMC-C&E
TRMC-Branches
Unrestricted & designated total
The RM Shop Limited
TRMCE
Group unrestricted total
Unrestricted funds
RMA-TRMC general funds
Designated
TRMC-C&E
RM Branches
Group and Charity designated total
The RM Shop Limited
TRMCE
Group unrestricted total		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
10,686,068
3,688,009
(2,523,918)
865,997
(1,165,828)
11,550,329
-
2,160
(351,688)
-
366,188
16,660
234,787
451,074
(304,489)
-
-
381,372
10,920,855 4,141,243 (3,180,094) 865,997 (799,640) 11,948,361
165,134
545,653
(513,208)
-
(10,000)
187,579
-
133,186
(227,552)
-
94,366
-
11,085,989 4,820,082 (3,920,854) 865,997 (715,274) 12,135,940
Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2024
31.12.2024
£
£
£
£
£
£
9,912,313
3,552,339
(2,287,951)
620,189
(1,110,821)
10,686,069
-
-
(396,318)
-
396,318
-
215,970
254,612
(235,796)
-
-
234,786
10,128,283 3,806,951 (2,920,065) 620,189 (714,503) 10,920,855
174,403
522,006
(508,275)
-
(23,000)
165,134
-
99,441
(204,639)
-
105,198
-
10,302,686 4,428,398 (3,632,979) 620,189 (632,304) 11,085,989

46

27 - Analysis of Group Restricted Funds

RM Benevolence Fund
RM Cadet Fund
RM Central Sergeants' Mess Fund
RM Central Unit Institute Fund
RM Officers' Trust Fund
TRMC-AFCTF-ESLS
TRMC-CH
TRMC-OTTO
TRMC-JM-CFW
RMSA
AFGHAN Veterans Fund
TRMC Building 72
Gordon Messenger Centre
AFCFT-BCC
AFCFT-RSAF
TRMC-JM-AM
TRMC-HBFT
TRMC-GH-NORM
TRMC-AFCFT-EPVS
TRMC-GF-OW
Group restricted total
RM Benevolence Fund
RM Cadet Fund
RM Central Sergeants' Mess Fund
RM Central Unit Institute Fund
RM Officers' Trust Fund
TRMC-AFCTF-ESLS
TRMC-CH
TRMC-OTTO
TRMC-JM-CFW
RMSA
AFCFT-PP
National Lifting the Lid Grant
AFGHAN Veterans Fund
TRMC Building 72
Gordon Messenger Centre
AFCFT-BCC
AFCFT-RSAF
Group restricted total		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-		 Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
gains/(losses)
Balance
01.01.2025
31.12.2025
£
£
£
£
£
£
-
625,020
(1,502,188)
157,688
719,674
194
146,287
2,273
(2,119)
13,557
-
159,998
616,788
167,946
(157,484)
106,270
(57,979)
675,540
1,376,171
331,205
(140,404)
130,091
(107,368)
1,589,694
1,116,171
180,291
(123,682)
113,220
(49,390)
1,236,610
26,400
19,200
(39,652)
-
-
5,948
20,037
5,000
-
-
-
25,037
3,210
-
(3,210)
-
-
-
25,000
-
(25,000)
-
-
-
277
-
(214,219)
-
214,737
795
-
25,000
(25,000)
-
-
-
1,421,081
10,000
(91,658)
-
-
1,339,423
-
4,400
-
-
(4,400)
-
86,243
95,000
(120,044)
-
-
61,199
10,592
29,393
(31,777)
-
-
8,208
-
15,000
(5,920)
-
-
9,080
-
7,241
-
-
-
7,241
-
8,800
(8,800)
-
-
-
-
48,000
-
-
-
48,000
-
8,000
(8,000)
-
-
-
4,848,257 1,581,768 (2,499,157) 520,826 715,274 5,166,968
Opening
Incoming
Resources
Investment
Transfers
Closing
Balance
resources
expended
Gains/(losses)
Balance
01.01.2024
31.12.2024
£
£
£
£
£
£
-
644,507
(1,350,102)
122,493
583,102
-
134,787
2,450
(1,300)
10,350
-
146,287
704,859
163,687
(179,655)
82,389
(154,494)
616,786
1,350,130
316,741
(196,358)
101,281
(195,623)
1,376,171
1,103,528
169,285
(125,139)
89,038
(120,540)
1,116,171
-
26,400
-
-
-
26,400
-
20,037
-
-
-
20,037
-
54,500
(66,290)
-
15,000
3,210
-
25,000
-
-
-
25,000
34,137
148,170
(662,179)
-
480,149
277
309
-
(309)
-
-
-
19,999
-
(19,999)
-
-
-
9,199
-
(9,199)
-
-
-
1,531,156
-
(110,074)
-
-
1,421,082
19,343
29,835
(73,888)
-
24,710
-
80,000
110,000
(103,757)
-
-
86,243
10,592
31,776
(31,776)
-
-
10,592
4,998,039 1,742,388 (2,930,026) 405,551 632,304 4,848,257

47

28 - Classification of Group Funds

TRMC Comradeship and Engagement fund represents the remaining historic investment reserve of the Royal Marines Association which became part of RMATRMC. This has been designated for membership use.

TRMC-Branches is the activity of the branch network of the Royal Marines Association. The branches provide opportunity for camarderie throughout the Corps Family.

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 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.

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

RMSA is a restricted fund for the use of the Royal Marines Sports Associations. It supports RM sportsmen and women if they need further assistance with an event representing the Corps at a higher level.

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.

Gordon Messenger Centre (CTCFC) is a community facility which supports serving Royal Marines, veterans and their families through various events, activities and meetings.

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

Other restricted funds relates to smaller restricted fund amounts below £75k.

29 - Analysis of Group Net Assets Between Funds

As at 31 December 2025
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Cash at bank and in hand
Other net current assets/(liabilities)
Long term liabilities
As at 31 December 2024
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Cash at bank and in hand
Other net current assets/(liabilities)
Long term liabilities		 Unrestricted
Restricted
Total
Funds
Funds
2025
2025
2025
£
£
£
589,107
1,240,773
1,829,880
380,010
-
380,010
8,478,749
5,021,326
13,500,075
2,396,739
(961,542)
1,435,197
292,205
(133,589)
158,616
(890)
-
(890)		 Unrestricted
Restricted
Total
Funds
Funds
2025
2025
2025
£
£
£
589,107
1,240,773
1,829,880
380,010
-
380,010
8,478,749
5,021,326
13,500,075
2,396,739
(961,542)
1,435,197
292,205
(133,589)
158,616
(890)
-
(890)		 Unrestricted
Restricted
Total
Funds
Funds
2025
2025
2025
£
£
£
589,107
1,240,773
1,829,880
380,010
-
380,010
8,478,749
5,021,326
13,500,075
2,396,739
(961,542)
1,435,197
292,205
(133,589)
158,616
(890)
-
(890)
12,135,920 5,166,968 17,302,888
Unrestricted
Restricted
Total
Funds
Funds
2024
2024
2024
£
£
£
573,248
1,322,334
1,895,582
321,221
-
321,221
7,558,329
4,466,292
12,024,621
2,378,481
(734,207)
1,644,274
256,011
(206,162)
49,849
(1,301)
-
(1,301)
11,085,989 4,848,257 15,934,246

48

30 - Disclosure of Subsidiaries

Expenditure
Gains/(losses) on investments
Net movement in funds
Income
Expenditure
Gains/(losses) on investments
Net movement in funds
Assets
Liabilities
Net Assets
Restricted funds
Unrestricted funds
Assets
Liabilities
Net Assets
Restricted funds
Unrestricted funds
Year to 31 December 2024
Year to 31 December 2025
Income		 TRMCE
The RM Shop
£
£
258,141
545,653
(234,674)
(513,208)
-
-		 TRMCE
The RM Shop
£
£
258,141
545,653
(234,674)
(513,208)
-
-
23,467 32,445
68,721
241,663
(68,740)
(53,984)
(19) 187,679
-
-
(19)
187,679
(19) 187,679
TRMCE
The RM Shop
£
£
253,852
522,006
(204,639)
(508,180)
-
-
49,213 13,826
78,216
225,983
(78,215)
(60,754)
1 165,229
-
-
1
165,229
1 165,229

TRMC Enterprises

TRMC Enterprises Limited was incorporated on 23 February 2016, as the wholly owned trading subsidiary of RMA-TRMC with a share capital of £1. Its results to the 31 December are consolidated in the Group accounts. The above is an extract of the financial statements of TRMC Enterprises Limited for the period to 31 December 2025.

The RM Shop

RMA-TRMC became the sole shareholder of Royal Marines Shop Limited on 1 April 2019 and accordingly on that date the company became a subsidiary of the group. Its results for the year to the 31 December are consolidated in the Group accounts. The above is an extract of the financial statements of Royal Marines Shop Limited for the year ended 31 December 2025.

49

31 - Pension and Other Post-Retirement Benefit Commitments

The Charity operates a defined contribution scheme, which is administered independently of the Charity. The cost to the Charity for the year was £102,461 (2024: £94,019). At the Balance Sheet date the amount due to the pension scheme administrators was £nil (2024: £Nil).

32 - Related Party Transactions

During the year trustees donated £500 (2024: £12,215) to the charity. The charity also received a £90,000 (2024: £62,000) donation from the Globe and Laurel magazine, an organisation with common trustees and paid out £120,525 (2024: £120,817) in the form of grants.

The charity received grants from The Royal Navy and Royal Marines Charity of £200,000 (2024: £200,000).

Included in the accounts is £197,079 (2024: £235,964) recognised as a gift in kind relating to The Royal Navy and Royal Marines staff time spent.

A purchase was made from Charlie Sierra Group of £1,756, this purchase relates to a company with a common trustee/director.

33 - Net Debt
Cash at bank
Bank loan		 1 January
Cash flows
31 December
2025
2025
2025
£
£
£
1,644,275
(209,078)
1,435,197
(1,849)
411
(1,438)
1,642,426 (208,667) 1,433,759

34 - 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 37, HMS Excellent, Whale Island, Portsmouth, PO2 8ER.

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

50