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2024-12-31-accounts

Company no. 10036700 Charity no. 1165868

The REME Charity Report and Audited Financial Statements 31 December 2024

The REME Charity

Reference and administrative details

For the year ended 31 December 2024

Company number 10036700 Charity number 1165868 Registered office and The REME Charity operational address Regimental Headquarters REME MoD Lyneham Lyneham Chippenham SN15 4XX

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Brig C P Phillips CBE Chair Maj Gen S M Andrews CBE Chair - resigned 23 May 2024 Cmdr M Ashton RN Lt Cl Abigail Brown appointed 23 May 2024 Col M J A Bullard MBE resigned 23 May 2024 Cap H Burns Mr J Foster appointed 18 January 2024 Col (Retd) R Fram MC Maj P C D Hembery Mr T Hirst MSc CEng Col D G Scott ADC Maj A Shand CEng appointed 1 March 2024 Col M A Simpson QVRM TD VR resigned 23 May 2024 Mr P Tumim

Chief executive officer and company secretary

Mrs Barbel Harris

Bankers

Holt's Military Banking The Royal Bank of Scotland Plc 200 Fowler Avenue Fowler Business Park Farnborough GU14 7JP Sparkasse Berliner Sparkasse Alexanderplatz 2 10178 Berlin

Lloyds Bank Plc 25 Gresham Street London EC2V 7HN

1

The REME Charity

Reference and administrative details

For the year ended 31 December 2024

Solicitors Wilsons Solicitors LLP Alexandra House St Johns Street Salisbury Wilts SP1 2SB Investment advisor and Sarasin and Partners LLP nominee company Juxton House 100 St Paul’s Churchyard London EC4M 8BU Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

2

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

The trustees present their report along with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Articles of Association, the Charities Act 2016, the Companies Act 2006, the Charities (Accounts and Reports) Regulations, and the Charities Statement of Recommended Practice (FRS102) effective 1 January 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by the Articles of Association of The REME Charity dated 2 March 2016. The trustees reviewed and amended the organisations Charity Governance Manual in 2023 (next review due 2025). The Corps of Royal Electrical and Mechanical Engineers (REME) has been supported by a charity since 1945. The REME inaugural charities were the REME Benevolent Fund and REME Scholarship funds. Over the years, these charities have been linked, closed and joined by others. Today, The REME Charity is the headline charity which has the REME Central Charitable Trust (296030-1), the REME Benevolent Fund (246967-1) and the REME Sports Association (246967-2) linked to it. The REME Museum (27240) is included in these group accounts as it is governed by the same Trustee Board and is administered by the REME Charity. The REME Trading Company is incorporated and is controlled by the Charity.

The REME Charity closely monitors the Corps’ military operational activities and any additional support REME personnel, past or present, may require. Every spring, the Board revisits the Charity’s strategy and mid-term objectives to ensure our activities meet those emerging needs and that we protect our long-term viability. To that end we regularly examine our impact metrics and administer surveys to remain relevant to our beneficiaries.

We strive to increase our reach and impact and good two-way communication with the REME Family. In 2024 we visited all 9 Battalions in their respective homes and attended Family Days and Health Fairs to become more visible to our beneficiaries.

Recruitment and appointment of Trustees

2024 saw the departure of long-standing Board members to make way for a new generation of Trustees as part of our diversification programme. Succession and further diversification remain an agenda item for our meetings and more work is planned to better reflect and represent the diversity amongst our beneficiaries.

New Trustees are offered training, access to newsletters and relevant literature and are supplied with pertinent information by the CEO to keep up to date with current regulatory, reporting and compliance related matters, thereby enabling them to fulfil their obligations.

Organisational structure and governance

The Board of Trustees is an independent decision-making governing body which meets at least twice a year. The board is led by a Chair. Trustees are given responsibility for different areas of the business and chair separate sub-committees to monitor performance and exercise governance. The Finance and Investment Committee meets quarterly. The execution of the day to day running of the business is delegated to the Chief Executive Officer, with delegated spending powers defined in the Governance Manual.

3

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

Risk management

The Charity maintains a risk register which is reviewed biannually by a sub-committee. Risks are categorised in five main areas: Impact, Financial Sustainability, Compliance, Operational and Hazards and Reputation. A reduction in income, both from the supporter base within the Corps through the Day’s Pay Scheme (payroll giving), and a reduction in investment income due to volatile markets, poses the biggest risk to the Charity.

OBJECTS AND ACTIVITIES

Public benefit

We provide public benefit by assisting REME regular and reserve personnel to more effectively perform their roles and duties within the British Army. We support serving personnel’s families and the retired veteran community and their families by enhancing esprit de corps through promoting the concept of support to the REME family for life. We do this by providing funding for benevolence, welfare, communications, activities, social gatherings and events. Our assistance enables Service personnel to face the challenges and dangers associated with military service by developing and maintaining teamwork, skills, fitness, mental wellbeing and morale.

We promote the efficiency of the armed forces of the Crown by enhancing the British Army’s capability to undertake the roles demanded of it, including the defence of the United Kingdom and its interests. By supporting the wider REME family we assist the Government in fulfilling its promise in the Armed Forces Covenant to treat serving personnel, veterans and their families fairly.

Through our support to the REME Museum, we preserve the heritage of the Corps of REME through collecting and conserving appropriate artefacts, memorabilia and memories for future generations and communicate the story of REME and the people who served in the Corps to the visiting public and to a wider audience on-line.

Objects

The REME Charity is independent of military authorities. It undertakes a crucial function as the needs and ambitions of the REME family go beyond the bounds of the resources and policies of the Army and MOD. The three pillars of our support to the Family are:

These objects allow the charity to provide support to REME regular, reserve and retired personnel and their families. This is done though the provision of grants to groups or individuals and through fostering connections which promote REME efficiency, ethos and comradeship, giving members a sense of belonging to the REME Family.

STRATEGY

The Board of Trustees articulated the REME Charity Strategy 2022 – 2025, which details how the Charity aims to interpret and fulfil its objectives, prioritise resources and ensure capabilities for the next 3 years. It forms the basis of the workplan, recruitment and associated activities for the executive. The Strategy was reviewed and considered fit for purpose at the Spring 2024 workshop and continues to undergo regular reviews.

4

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

2024 charitable objectives, themes and activities Welfare

In 2024, the trend for the number of cases we supported stabilised somewhat from previous years. 2022 saw 376 cases, in 2023 we supported 451 and in 2024 we helped 461 individual cases. We attribute the 2023 increase to the Cost of Living crisis, as most applicants stated a lack of funds as the reason for their issues, and that remains the most prevalent reason in 2024. By far the majority of beneficiaries require assistance with extraordinary expenses, such as purchasing essential household appliances, especially in cases of relationship breakdown. This is closely followed by serving personnel asking for financial assistance towards compassionate travel. Our total financial support amounted to £386,743 (£408,695 in 2023; £227,632 in 2022), with average grants of £655 (£718 in 2024; £605 in 2022). The Board of Trustees recognises the immense contribution the Army Benevolent Fund makes to our welfare cases and in 2024 renewed our commitment to donate £85,000 in support of their welfare work.

The REME Responders, part of our flagship initiative ‘Lifting the Decks’, went from strength to strength. Founded in 2022, REME Responders stand ready to support their comrades. We have created good geographical coverage, able to spring into action, wherever support is needed. This can come in the shape of comrade visits, practical help with chores or transport, or result in a referral to specialist services. Over 180 volunteers offer a friendly ear, practical help and (re)connection with the wider REME Family, often preventing escalation and crises. The vast majority of volunteers are DBS checked and Safeguarding trained. The Responders also have a closed social media group, a regular newsletter and are offered training opportunities.

Counselling access, respite breaks, comrade visits and signposting to professional support continue to be offered under the mantle of the ‘Lifting the Decks’ programme, designed to tackle problems timely and presenting choice to the service user. In addition, the Corps Welfare Officer undertakes comrade visits, supporting REME Family members, and connects the REME Charity to the serving community.

‘Lifting the Decks’ has become an institution since its inception in 2021 and attracts major fundraising events, such as the ‘Virtual 10k’ in May and the ‘Lifting the Decks Challenge’ in October. Those events are led by serving REME soldiers and have raised £33,141 this year (£28,414 in 2023) whilst also helping to spread the support message more widely.

Esprit de Corps

The Charity supports serving REME soldiers’ team sports, Adventurous Training and Enterprise, veteran reunions, Female REME Conferences, mess events and other gatherings to promote cohesion and a sense of belonging.

The budget for 2024 was adjusted to invest even more into our serving community but also to meet sharp increases in cost.

36 sports teams were allocated £358,435, an increase of 24,866 from 2023. The annual grassroots skiing event EXERCISE SUPREME GLACIER took place once again in December and resulted in a record number of REME skiers qualifying for the Army Championships. The Charity was happy to financially support this success.

5

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

The REME Association held 7 RHQ led events in 2024. Nearly 200 veterans attended the annual Reunion in Warwick, and we had a great turnout of over 120 serving and reserve personnel, veterans and family members at the Corps Memorial event at the National Memorial Arboretum in late September.

61 bereaved families were supplied with coffin drapes, 41 Buglers, 44 Standard Bearers, berets, flags etc at veteran’s funerals. Coffin drapes have been entrusted to the Scotland and the Northern Ireland branches of the REME Association to be supplied to funerals in their region. Buglers and Standard Bearers are volunteers who give up their time to honour their comrades. The service is coordinated by the Welfare team and is highly rated by bereaved families.

The REME Association Job Agency (RAJA) once again held two job fairs in 2024, one in the South (Lyneham) and one in the North (Catterick) of the UK. The events attracted over 161 companies and were attended by nearly 200 soldiers in their career transition period. The service supported 726 service leavers throughout the year.

The REME Association, the REME Institution, the REME Messes as well as the REME Museum receive annual grants from the Charity. Any unused funds return to the Charity.

‘The Craftsman’ magazine continued to be distributed to a 4,500 strong readership.

In 2024, the Board of Trustees decided to pause our contribution to the REME Arkwright Scholarship in order to fully evaluate its impact and value for money in 2025.

ACHIEVEMENTS AND PERFORMANCE

Income generation

The Charity successfully increased the percentage of Day’s Pay Scheme contributors by 12% to 86.4% of regular soldiers and 96.8% of officers. Reservists participation went up by 10%. This constituted 34.9% of the overall income in 2024. The Charity is diversifying income streams and actively mitigating associated risks.

In 2024 the Charity was remembered in the wills of 3 REME veterans, amounting to legacy income of £7,179.

The Charity holds an account portfolio with Sarasin & Partners. Our investments with the Blackrock Armed Forces Income and Growth Fund were closed in 2024 and funds were transferred into our Sarasin & Partners portfolio.

At 31 December 2024 the Sarasin main portfolio stood at: £15,570,335 (2023: £14,084,112), resulting in an income of over £400k in 2024, which constitutes 15% of our annual income.

FINANCIAL REVIEW

Income

The total income of the REME Charity as of 31 December 2024 was: £2,831,837 which, in addition to income generation channels and activities mentioned above, includes £214,683 of services and facilities donated by the MoD.

6

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

Expenditure

Expenditure for the year was £2,671,988 and comprised £1,214,118 in esprit de corps activity, £582,679 in grants, £569,417 on the museum, and £305,774 on income generation cost. Support costs of £253,646 were reallocated between headings as shown in note 8 on support costs.

Reserves policy

The Trustees review the reserves policy and quantum of related investments during the annual budgetary cycle in the autumn of each year. The aim is to ensure the amount held in reserves and investments is adequate to mitigate against potential financial threats and to provide a secure base to meet future requirements and fulfil the objectives of the Charity over the long term.

The Charity identified a number of risks potentially impacting current income streams:

To mitigate the identified financial risks, adequate reserves are required to meet the Charity’s objectives. Reserves should be able to meet potential strategic shocks and increases in demands whilst also enabling the Trustees to deliver the Charity’s objectives. The Charity’s commitment is to support the REME Family now and particularly in the future.

Therefore, the Trustees have assessed the level of reserves and related investments required to meet these contingencies and mitigate against the current risk profile, to be in the range of £18 million.

The Charity’s reserves are composed of designated funds to secure long term support of the charitable objectives: Welfare & Benevolence (31%), Promoting the efficiency of the Armed Forces (10%), Sports and Adventurous Training (33%) and Esprit de Corps (15%). A further 11% is designated to cover future governance and administrative cost. These designations are based on historic demand levels.

Funds in deficit

The Charity has no deficits.

Financial position

The trustees consider that the assets held by the charity enable the fund to meet its foreseen future obligations. Given the charity's current level of reserves, including investment assets of over £15 million, the trustees consider that the charity will continue as a going concern at current spending levels for a period of at least 10 years from the date on which these financial statements are approved. The trustees therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1(c) to the financial statements.

7

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

Dependency on donors

The viability of the Charity is highly dependent on the goodwill and donations of REME serving soldiers and veterans, with their contribution making up over half of the Charity’s income.

The Charity’s targeted marketing campaigns and increased communications in 2023 and 2024 have led to increased support through payroll-giving (75% in 2023, 86% in 2024). The diversification of income streams through increased fundraising activity has further mitigated potential risk. Our plans for 2025 include a legacy and in-memoriam campaign.

Funds held as custodian trustee

No funds are held as custodian trustee.

PLANS FOR FUTURE PERIODS

The Board of Trustees devised the REME Charity Strategy 2022-2025 during a workshop in early 2022 and thoroughly reviewed its impact in spring 2023 and 2024.

The Executive Implementation plan is monitored and its impact measured in regular reviews. Especially the communication efforts detailed in the Strategic Plan have exceeded targets and have contributed to increased uptake of the Charity’s support offer to its beneficiaries as well as regular giving. We enjoy a greater presence and increased interactivity, particularly on social media platforms, and REME Connect, the REME Family’s website, received a complete overhaul.

The Charity’s vision:

“Our vision is to be the source of support, belonging and connection to the REME Family, now and always”.

A series of strategic objectives, whose fulfilment, taken together, will realise the Charity’s vision, are expressed as an end state for the charity at the conclusion of the plan. The end state will be a charity that:

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

8

The REME Charity

Report of the Trustees

For the year ended 31 December 2024

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. 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 charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 14 May 2025 and signed on their behalf by

Brigadier Clare Phillips CBE - Chair

9

Independent auditors' report

To the members of

The REME Charity

Opinion

We have audited the financial statements of The REME Charity (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 the financial statements section of our report. We are independent of the group and parent charity 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 the provisions available for small entities, in the circumstances set out in note 9 to the financial statements, 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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the annual report other than the group and parent charity financial statements and our auditor’s report thereon. Our opinion on the group and parent charity 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.

10

Independent auditors' report

To the members of

The REME Charity

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.

Opinion 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 the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

The REME Charity

Our responsibilities for the audit of the financial statements

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

The REME Charity

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 14 May 2025

Robert Wilson FCA (Senior Statutory Auditor) For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

The REME Charity

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Restricted
Note
£
Income from:
Donations and legacies
3
559,683
Charitable activities
5
-
Other trading activities
6
77,617
Investments
7
-
Total income
637,300
Expenditure on:
Raising funds
2,419
Charitable activities:
Benevolence grants
62,113
Esprit de corps
393,447
Museum
-
Total expenditure
8
550,401
86,899
Net gains on investments
16
28,692
Net income / (expenditure)
115,591
Transfers between funds
(148,605)
Other recognised gains / (losses):
14
-
Net movement in funds
9
(33,014)
Reconciliation of funds:
Total funds brought forward
542,725
Total funds carried forward
509,711
Gains / (losses) on revaluation of
heritage assets
Net income / (expenditure) before
investment gains / (losses)		 Unrestricted
£
1,423,541
108,811
234,470
427,715
2,194,537
303,355
520,566
820,671
569,417
2,121,587
72,950
1,197,912
1,270,862
148,605
21,500
1,440,967
17,969,404
19,410,371		 2024
Total
£
1,983,224
108,811
312,087
427,715
2,831,837
305,774
582,679
1,214,118
569,417
2,671,988
159,849
1,226,604
1,386,453
-
21,500
1,407,953
18,512,129
19,920,082		 2023
Total
£
1,688,681
93,832
302,163
413,040
2,497,716
262,586
547,974
1,240,851
507,357
2,558,768
(61,052)
743,726
682,674
-
(35,000)
647,674
17,864,455
18,512,129

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 22 to the accounts.

14

The REME Charity

Consolidated balance sheets

As at 31 December 2024

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Mixed motive investments
15
Fixed asset investments
16
Current assets
Stock
17
Debtors
18
Cash at bank and in hand
Liabilities
Creditors due within 1 year
19
Net current assets
Total assets less current liabilities
19
Net assets
21
Funds
22
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds
Creditors due after more than 1
year		 The group
2024
£
1,159,223
2,545,852
41,354
15,570,335
19,316,764
241,629
122,471
360,522
724,622
(108,200)
616,422
19,933,186
(13,104)
19,920,082
509,711
2,876,174
16,534,197
19,920,082		 Restated
The group
2023
£
1,227,582
2,335,667
41,354
14,347,320
17,951,923
232,862
155,645
278,752
667,259
(93,949)
573,310
18,525,233
(13,104)
18,512,129
542,725
2,813,579
15,155,825
18,512,129		 The charity
2024
£
910,078
401,526
41,354
15,570,335
16,923,293
166,134
161,822
233,970
561,926
(430,536)
131,390
17,054,683
(13,104)
17,041,579
507,386
150,000
16,384,193
17,041,579		 Restated
The charity
2023
£
932,235
362,841
41,354
14,347,320
15,683,750
158,477
172,975
169,121
500,573
(345,335)
155,238
15,838,988
(13,104)
15,825,884
552,980
130,000
15,142,904
15,825,884

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Prior year funds have been restated to reflect the requirements of the Charities SORP and be comparable to the current year. See note 22 for further details.

Approved by the trustees on 14 May 2025 and signed on their behalf by

Brigadier Clare Phillips CBE - Chair

15

The REME Charity

Consolidated statement of cash flows

For the year ended 31 December 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Loss on the disposal of tangible assets
Depreciation charges
Loss on the disposal of heritage assets
Loss on the disposal of mixed motive investments
Revaluation (gains) / losses on heritage assets
Revaluation losses on tangible fixed assets
Revaluation gains on mixed motive investments
Gains on investments
Dividends, interest and rents from investments
Increase in stock
Decrease in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Purchase of heritage assets
Purchase of investments
Disposal proceeds on sale of fixed asset investments
Net cash provided by / (used in) investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
1,407,953
-
86,344
-
-
(21,500)
-
-
(1,226,604)
(427,715)
(8,767)
33,174
14,251
(142,864)
427,715
(17,985)
(188,685)
(259,429)
263,018
224,634
81,770
278,752
360,522		 2023
£
647,674
18,160
87,430
5,250
2,360
35,000
3,550
(490)
(743,726)
(413,040)
(18,147)
8,441
(52,402)
(419,940)
413,040
(19,917)
(35,840)
(540,407)
-
(183,124)
(603,064)
881,816
278,752

Analysis of changes in net debt

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

16

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

a) Basis of preparation

The REME Charity is a charitable company limited by guarantee registered in England and Wales. The registered office address is:

The REME Charity Regimental Headquarters REME MoD Lyneham Lyneham Chippenham SN15 4XX

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The REME Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes for investments (notes m, n, o) and heritage assets (note l).

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollycontrolled subsidiaries, The Corps of Royal Electrical and Mechanical Engineers Museum (charity registration number 272740) and The REME Trading Company Limited (company number 10258502) on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the parent and its subsidiaries are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

In accordance with Charity Commission guidance, all linked charities per a Scheme dated 28 October 2016 are required to be reported as restricted funds. The linked charities comprise:

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

17

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received for advertising in advance of publication is deferred until criteria for income recognition are met.

e) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

g) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

18

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between costs of raising funds and expenditure on charitable activities based on the proportion of direct costs, as follows:

2024 2023
Raising funds 11.4% 10.3%
Charitable activities:
Benevolence grants 21.9% 21.4%
Esprit de corps 45.4% 48.5%
Museum 21.3% 19.8%

j) Grants payable

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

k) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Yachts 10 years straight line to residual value of £70,000 Furniture and equipment 3 - 10 years straight line basis Corps items Not depreciated

Items of equipment are capitalised where the purchase price exceeds £2,000.

The REME Collection ("Corps items"), which has been built up over many years, reflects the wide range of artefacts ranging from wooden carvings, paintings, silver pieces, furniture and many trinkets and items of an ornamental nature. Corps items are considered to have indeterminate lives and the trustees therefore do not consider it appropriate to charge depreciation. Items are initially recorded at cost when an acquisition has been made by purchase. The items are periodically revalued and any gain or loss arising on revaluation will be posted to the statement of financial activities. Methods of valuation are given in note 1 (l) below.

19

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

l) Heritage assets

The REME Charity has gained a wide and varied collection of assets since its formation in 1942. These are held within the Messes, the Church, and the Headquarters and have either been donated by individuals or units, or gifted by the MoD.

Where these assets are held primarily for their contribution to our nation’s culture and knowledge, they are classified as ‘heritage assets’.

The valuation of such a diverse and varied collection and the lack in many cases of comparable market values has meant an equally diverse approach in obtaining valuations. It has been necessary to use many sources of valuation expertise. These have included professional valuations as in the case of the silver and artwork and recourse to the many websites, trade magazines, auction houses and professional catalogues. The trustees have valued the heritage assets where available by reference to these experts, however valuations are often informal and occasionally written valuations are unavailable.

The assets are generally valued at 50% of insurance value. The heritage assets were not revalued in 2024 but during the year ended 31 December 2021 all artworks and silverware was revalued by Madley Associates, fellows of the National Association of Valuers and Auctioneers.

The assets are considered to have indeterminate lives and the trustees therefore do not consider it appropriate to charge depreciation. All heritage assets are reviewed for impairment annually and any charge taken to the SoFA.

Only items valued at more than £3,000 will be capitalised as heritage assets.

m) Mixed motive investments

Mixed motive investments represent the charity's collection of fine art, held by the charity primarily to contribute to the esprit de corps activities of the messes, but which is also held for its potential investment growth. Fine art is held at fair value.

n) Investment property

Investment properties are included in the balance sheet at fair value and are not depreciated. Changes in fair value are recognised in the statement of financial activities. Investment property is professionally revalued every two years, and informally reviewed for impairment annually.

o) Fixed asset investments

Listed investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposal throughout the year.

p) Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

q) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

20

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued) r) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

s) Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

u) Pension costs

The charitable company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

v) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

w) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1k to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

Revaluations

Heritage assets, mixed motive investments and investment property are stated at estimated fair value based on periodic valuations, as disclosed in notes 1l, 1m, 1n and 1o.

21

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

2. Prior period comparatives: statement of financial activities (restated)

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities:
Benevolence grants
Esprit de corps
Museum
Total expenditure
Net gains on investments
Transfers between funds
Other recognised gains / (losses):
Losses on revaluation of heritage assets
Net movement in funds
Net expenditure before
investment gains
Net income		 Restricted
£
337,574
-
69,397
29,547
436,518
2,419
62,113
393,447
-
457,979
(21,461)
27,958
6,497
-
-
6,497		 2023
Total
£
£
1,351,107
1,688,681
93,832
93,832
232,766
302,163
383,493
413,040
2,061,198
2,497,716
260,167
262,586
485,861
547,974
847,404
1,240,851
507,357
507,357
2,100,789
2,558,768
(39,591)
(61,052)
715,768
743,726
676,177
682,674
-
-
(35,000)
(35,000)
641,177
647,674
Unrestricted

There has been a restatement impacting transfers between funds and the split between restricted and unrestricted net gains on investments. See note 22 for further details.

22

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

3. Income from donations and legacies

Restricted
£
Subscriptions - retired officers
8,736
Subscriptions - serving officers
137,620
Subscriptions - museum (gold card)
-
Subscriptions - other ranks
51,409
Sports association grants
48,220
MOD grant in aid
-
Other donations
306,519
Legacies
7,179
Donated investment management services
-
Donated services and facilities
-
Total income from donations and legacies
559,683
Prior period comparative
Restricted
£
Subscriptions - retired officers
13,432
Subscriptions - serving officers
135,752
Subscriptions - museum (gold card)
-
Subscriptions - other ranks
50,724
Sports association grants
18,391
MOD grant in aid
-
Other donations
96,743
Legacies
20,359
Donated investment management services
2,173
Donated services and facilities
-
Total income from donations and legacies
337,574
* Donated services and facilities consists of:
Donated staff time
Donated facilities - office premises, equipment and utilities		 £
-
137,620
84,522
662,071
-
197,753
91,252
-
35,640
214,683
1,423,541
£
-
135,752
89,569
611,228
-
189,242
100,119
-
27,245
197,952
1,351,107
2024
£
186,006
28,677
214,683
Unrestricted
Unrestricted		 2024
Total
£
8,736
275,240
84,522
713,480
48,220
197,753
397,771
7,179
35,640
214,683
1,983,224
2023
Total
£
13,432
271,504
89,569
661,952
18,391
189,242
196,862
20,359
29,418
197,952
1,688,681
2023
£
169,278
28,674
197,952

23

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

4. Government grants

5. Income from charitable activities

Museum admission
Children's activities
Museum research
Total income from charitable activities
Prior period comparative
Museum admission
Children's activities
Museum research
Total income from charitable activities
Income from other trading activities
REME trading income
Sponsorship
Other fundraising
Total income from other trading activities		 Restricted
£
-
-
-
-
Restricted
£
-
-
-
-
Restricted
£
-
61,300
16,317
77,617		 Unrestricted
£
99,254
8,023
1,534
108,811
Unrestricted
£
83,565
8,009
2,258
93,832
£
188,396
1,000
45,074
234,470
Unrestricted		 2024
Total
£
99,254
8,023
1,534
108,811
2023
Total
£
83,565
8,009
2,258
93,832
2024
Total
£
188,396
62,300
61,391
312,087

6. Income from other trading activities

24

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

6. Income from other trading activities (continued) Prior period comparative:

Income from other trading activities (continued)
Prior period comparative:
REME trading income
Sponsorship
Other fundraising
Total income from other trading activities		 Restricted
£
-
69,017
380
69,397		 £
182,958
1,000
48,808
232,766
Unrestricted		 2023
Total
£
182,958
70,017
49,188
302,163

7. Income from investments

Income from listed investments
Bank interest
Total income from investments
Prior period comparative:
Income from listed investments
Bank interest
Total income from investments		 Restricted
£
-
-
-
Restricted
£
29,547
-
29,547		 £
422,500
5,215
427,715
£
380,570
2,923
383,493
Unrestricted
Unrestricted		 2024
Total
£
422,500
5,215
427,715
2023
Total
£
410,117
2,923
413,040

25

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

8. Total expenditure

REME Museum
REME Trading
Officers Mess functions and costs
Grants payable (note 12)
REME Sports
Association events and costs
Office expenses
Repairs and maintenance
Depreciation
Fundraising costs
Publication costs
Staff costs (note 10)
Insurance
Trustee expenses
Donated facilities
Legal and professional
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
-
145,643
-
-
-
-
-
-
-
658
-
130,447
-
-
-
-
276,748
29,026
305,774		 Charitable
activities:
grants
£
£
-
-
-
-
-
10,180
434,973
710,991
-
28,141
-
48,736
-
26,363
-
-
-
-
-
-
-
67,178
92,393
207,275
-
-
-
-
-
-
-
-
527,366
1,098,864
55,313
115,254
582,679
1,214,118
Charitable
activities:
esprit de corps		 £
34,335
-
-
-
-
-
3,184
-
62,987
-
-
414,858
-
-
-
-
515,364
54,053
569,417
Charitable
activities:
museum		 Support and
governance
costs
£
-
-
-
-
-
-
105,167
12,296
23,357
-
-
30,910
18,121
8,949
28,677
26,169
253,646
(253,646)
-		 2024 Total
£
34,335
145,643
10,180
1,145,964
28,141
48,736
134,714
12,296
86,344
658
67,178
875,883
18,121
8,949
28,677
26,169
2,671,988
-
2,671,988

26

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

Total expenditure - prior period comparative
REME Museum
REME Institution (Officers' club)
REME Trading
Officers Mess functions and costs
Grants payable (note 12)
REME Sports
Association events and costs
REME Corps Sergeants' Mess
Office expenses
Repairs and maintenance
Loss on disposal of assets
Depreciation
Fundraising costs
Publication costs
Staff costs (note 10)
Insurance
Trustee expenses
Donated facilities
Legal and professional
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
-
-
117,129
-
-
-
-
-
-
-
-
-
3,269
-
115,048
-
-
-
-
235,446
27,140
262,586		 Charitable
activities:
grants
£
£
-
-
-
57,883
-
-
-
11,532
402,880
655,809
-
16,496
-
52,720
-
24,411
-
8,910
-
-
-
-
-
-
-
-
-
82,142
88,459
202,700
-
-
-
-
-
-
-
-
491,339
1,112,603
56,635
128,248
547,974
1,240,851
Charitable
activities:
esprit de corps		 £
20,082
-
-
-
-
-
-
-
665
-
5,250
64,070
-
-
364,852
-
-
-
-
454,919
52,438
507,357
Charitable
activities:
museum		 Support and
governance
costs
£
-
-
-
-
-
-
-
-
116,356
5,000
20,520
23,360
-
-
27,124
10,654
4,354
28,977
28,116
264,461
(264,461)
-		 2023 Total
£
20,082
57,883
117,129
11,532
1,058,689
16,496
52,720
24,411
125,931
5,000
25,770
87,430
3,269
82,142
798,183
10,654
4,354
28,977
28,116
2,558,768
-
2,558,768

8. Total expenditure - prior period comparative

27

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

9. Net movement in funds

This is stated after charging:

Depreciation
Loss on disposal of assets
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Consultancy
Corporation tax return		 2024
£
86,344
-
Nil
8,949
20,000
-
350		 2023
£
87,430
25,770
Nil
4,354
19,000
253
350

Trustees' reimbursed expenses comprise travel, subsistence and accommodation costs relating to 4 trustees (2023: 5 trustees).

Total governance costs were £32,949 (2023: £27,154).

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Donated salaries
Freelance staff		 2024
£
609,747
51,030
14,098
186,006
15,002
875,883		 2023
£
554,934
42,342
13,329
168,975
18,603
798,183

One employee earned between £60,000 and £70,000 during the year (2023: one employee).

The key management personnel of the charitable company comprise the CEO and Museum Director. The total employee benefits of the key management personnel paid by the charity were £129,786 (2023: £122,728).

Average number of employees (head count): 2024
No.
29		 2023
No.
25

28

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

11. Taxation

12. Grants payable

Grants payable
Benevolence
REME Sports
Discretionary grants
Adventurous and enterprising activities
REME Corps Sergeants' Mess
Officers Mess
Service Charities Equality Insights Programme		 Individuals
£
286,441
-
-
-
-
-
-
286,441		 Institutions
£
97,603
357,145
200,156
86,116
42,530
25,044
50,929
859,523		 Total
2024
£
384,044
357,145
200,156
86,116
42,530
25,044
50,929
1,145,964

Prior period comparative

Prior period comparative
Benevolence
REME Sports
Discretionary grants
Adventurous and enterprising activities
REME Corps Sergeants' Mess
Officers Mess		 Individuals
£
310,265
-
150
-
-
-
310,415		 Institutions
£
92,615
313,712
203,589
88,347
22,545
27,466
748,274		 Total
2023
£
402,880
313,712
203,739
88,347
22,545
27,466
1,058,689

The charity's grant making activities are characterised by large numbers of small grants, paid to support serving and retired soldiers and officers of the REME Corps. The total grants made to individuals in the current year was 524 (2023: 451). Individual grants are rarely made direct to the individual beneficiary. Grants are usually processed via a third party organisation such as the Army Benevolent Fund; the Soldiers’ Charity (ABF), The Sailors, Soldiers and Air Force Institution (SSAFA), or the Royal British Legion (RBL). If the beneficiary is a serving soldier, a grant is processed through the unit welfare organisation.

The trustees consider all grants paid to institutions over £50,000, which require trustee board approval, to be material in the context of the accounts. The total amount of grants paid over this amount in 2024 was 1, for £85,000, to the Army Benevolent Fund (2023: 1, for £85,000, to the Army Benevolent Fund). There were no other committed grants at 31 December 2024. No support costs have been allocated to the grants disclosed above although staff costs are allocated to general grant making activities per note 8 to the accounts.

29

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

13. Tangible fixed assets

Group
Cost
At 1 January 2024
Additions in year
Disposals
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Charity
Cost
At 1 January 2024
Additions in year
Disposals
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Yachts
£
280,000
-
-
-
280,000
101,500
9,500
-
111,000
169,000
178,500
Yachts
£
280,000
-
-
-
280,000
101,500
9,500
-
111,000
169,000
178,500		 £
938,277
16,785
(48,015)
-
907,047
557,226
76,844
(48,015)
586,055
320,992
381,051
£
137,252
-
-
-
137,252
51,549
13,857
-
65,406
71,846
85,703
Furniture
and
equipment
Furniture
and
equipment		 Corps
items
£
668,031
1,200
-
-
669,231
-
-
-
-
669,231
668,031
Corps
items
£
668,032
1,200
-
-
669,232
-
-
-
-
669,232
668,032		 Total
£
1,886,308
17,985
(48,015)
-
1,856,278
658,726
86,344
(48,015)
697,055
1,159,223
1,227,582
Total
£
1,085,284
1,200
-
-
1,086,484
153,049
23,357
-
176,406
910,078
932,235

30

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

14. Heritage assets

At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024		 2024
2023
£
£
2,335,667
2,340,077
188,685
35,840
-
(5,250)
21,500
(35,000)
2,545,852
2,335,667
The group		 2024
2023
£
£
362,841
348,601
38,685
14,240
-
-
-
-
401,526
362,841
The charity		 2024
2023
£
£
362,841
348,601
38,685
14,240
-
-
-
-
401,526
362,841
The charity
362,841

All heritage assets are deemed to be measured at valuation. The majority of heritage assets are donated items which are recognised on receipt at valuation. There is insufficient data available to disclose those assets measured at cost however the amount held at cost is a minor proportion of the total heritage assets.

During 2022, the REME Charity and the REME Museum de-recognised all heritage assets with a value less than £3,000 and this resulted in an extraordinary disposal of heritage assets during the year ended 31 December 2022. This was a one-time occurrence and no assets were sold or scrapped. It does not reflect any reduction in the overall value or ownership of the organisation's assets or its financial health.

Five year summary of heritage asset transactions:

Additions:
Purchases
Donations
Total additions
Disposals:
Carrying value
Proceeds
Revaluations		 2024
£
188,685
-
188,685
-
-
21,500		 2023
£
35,840
-
35,840
(5,250)
-
(35,000)		 2022
£
24,000
33,000
57,000
(815,558)
-
-		 2021
£
21,460
59,900
81,360
(184,180)
-
68,145		 2020
£
340
2,286
2,626
1,663
-
(9,539)

The REME Charity heritage assets

The REME Charity has gained a wide and varied collection of assets since its formation in 1942. These are held within the Messes, the Church, and the Headquarters and have either been donated by individuals or units, or gifted by the MoD.

Where these assets are held primarily for their contribution to our nation’s culture and knowledge, they are classified as ‘heritage assets’. Other assets are of significance to the Corps but are not held as heritage assets. These items were reclassified as non-depreciable tangible fixed assets during 2021.

31

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

14. Heritage assets (continued)

The REME Charity heritage assets (continued)

Further detail on the recognition and valuation of these assets is given in note 1(l).

The REME Museum heritage assets

The REME Museum of Technology was established in 1958 to house and preserve the heritage of the Corps of Royal Electrical and Mechanical Engineers. The Museum aims to promote a broader understanding of the functions of the Corps, its interaction with society and its role in providing equipment engineering support to the Army. It also provides an information resource for members of the Corps, researchers, educationalists and general public.

The collection which has been built up over many years reflects the wide range of equipment for which the Corps is responsible including tanks, weapons, helicopters and electronic equipment. The Museum also houses and maintains a comprehensive collection of medals, uniforms, documents and pictorial records covering the many activities of the Corps since its formation in October 1942.

The Museum follows a strict acquisition policy and only accepts items which either relate to the heritage of the Corps or clearly illustrate the changes in engineering and repair techniques associated with equipment responsibilities. Most of the items held are either donated to the Museum or gifted by the Ministry of Defence. Items are recorded at cost when an acquisition has been made by purchase.

The valuation of such a diverse and varied collection and the lack in many cases of comparable market values has meant an equally diverse approach in obtaining valuations. It has been necessary to use many sources of valuation expertise. These have included professional valuations as in the case of the small arms collection, guidance from the National Army Museum and recourse to the many web sites, trade magazines, auction houses and professional catalogues covering different aspects of the collection.

During 2013, the museum director revisited the valuations of the collections with the assistance of specialist publications and experts in the various items. During 2019 the vehicles collection was revalued using the same methods.

A full inventory is maintained of all items accessioned into the collection including valuations on the Museum's collection management database. Information provided includes the provenance and acquisition source of each item.

15. Mixed motive investments

At 1 January 2024
Revaluations
Disposals
At 31 December 2024		 2024
2023
£
£
41,354
43,224
-
490
-
(2,360)
41,354
41,354
The group		 2024
2023
£
£
41,354
43,224
-
490
-
(2,360)
41,354
41,354
The charity

32

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

15. Mixed motive investments (continued)

Mixed motive investments represent the charity's collection of fine art, held by the charity primarily to contribute to the esprit de corps activities of the messes, but which is also held for its potential investment growth. The fine art collection is held at fair value and will be revalued every 5 years.

16. Fixed asset investments (group and charity)

Blackrock Armed Forces Growth and Income Fund - unlisted
Market value at 1 January 2024
Disposals
Net (loss) / gain
As at 31 December 2024
Sarasin Funds - all listed
Market value at 1 January 2024
Additions
Disposals
Net gains
As at 31 December 2024
Total investments
Investments are comprised of:
Listed investments
Unlisted investments		 2024
£
263,208
(263,018)
(190)
-
14,084,112
259,429
-
1,226,794
15,570,335
15,570,335
2024
£
15,570,335
-
15,570,335		 2023
£
262,437
-
771
263,208
12,800,750
540,407
-
742,955
14,084,112
14,347,320
2023
£
14,084,112
263,208
14,347,320

Included within investments are amounts held on behalf of other REME organisations, as follows:

2024
2023
%
%
REME Museum
2.3226%
2.3541%		 2024
2023
£
£
361,639
331,552
Market value

33

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

17. Stock

REME Trading stock for resale
Finished goods including wine
Debtors
Trade debtors
Prepayments and accrued income
Amounts owed by subsidiary undertakings
Other debtors
Funds held as an agent (note 20)		 2024
2023
£
£
75,495
74,385
166,134
158,477
241,629
232,862
2024
2023
£
£
7,866
6,112
112,362
147,257
-
-
185
2,195
2,058
81
122,471
155,645
The group
The group		 2024
2023
£
£
-
-
166,134
158,477
166,134
158,477
2024
2023
£
£
7,866
5,935
91,713
129,551
60,000
35,213
185
2,195
2,058
81
161,822
172,975
The charity
The charity		 2024
2023
£
£
-
-
166,134
158,477
166,134
158,477
2024
2023
£
£
7,866
5,935
91,713
129,551
60,000
35,213
185
2,195
2,058
81
161,822
172,975
The charity
The charity
172,975

18. Debtors

Included in amounts owed by subsidiary undertakings is £60,000 due in more than 1 year (2023: £nil).

34

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

19. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Trade creditors
Social security and other taxes
Accruals
Other creditors
Deferred income
Amounts due to subsidiary undertakings
Due in more than 1 year:
Other creditors		 2024
2023
£
£
37,591
26,088
14,138
16,004
35,159
33,964
14,046
11,549
7,266
6,344
-
-
108,200
93,949
13,104
13,104
The group		 2024
2023
£
£
37,591
26,088
12,154
11,939
21,806
21,873
13,914
9,183
7,266
6,344
337,805
269,908
430,536
345,335
13,104
13,104
The charity
345,335
13,104

20. Funds held as an agent

During the year, the charity acted as custodian trustee for funds received by some of the sports clubs and Messes' linked to the REME Charity. An analysis of the funds received and paid by the charity is given below, and these fund balances are included in debtors (note 18).

£
REME sports
1,000
REME Institution
645
REME Officers' Mess
2,620
REME Sergeants' Mess
-
Other organisations
(4,346)
At 31 December 2024
(81)
Funds held at
1 January
2024		 £
7,100
420
2,135
-
8,281
17,936
Funds
received		 £
£
(14,200)
(6,100)
(645)
420
(2,760)
1,995
-
-
(2,308)
1,627
(19,913)
(2,058)
Funds held at
31 December
2024
Funds
paid		 £
£
(14,200)
(6,100)
(645)
420
(2,760)
1,995
-
-
(2,308)
1,627
(19,913)
(2,058)
Funds held at
31 December
2024
Funds
paid
(2,058)

35

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

21.
Analysis of group net assets between funds
£
Tangible fixed assets
-
Heritage assets
-
Mixed motive investments
-
Fixed asset investments
361,639
Current assets
148,072
Current liabilities
-
Creditors due after more than 1 year
-
Net assets at 31 December 2024
509,711
Prior year comparative - restated
Restricted
funds
£
Tangible fixed assets
-
Heritage assets
-
Mixed motive investments
-
Fixed asset investments
331,552
Current assets
211,173
Current liabilities
-
Creditors due after more than 1 year
-
Net assets at 31 December 2023
542,725
Restricted
funds		 £
249,145
2,144,326
-
-
482,703
-
-
2,876,174
Designated
funds
£
295,348
1,972,826
-
545,405
-
-
-
2,813,579
Designated
funds		 £
910,078
401,526
41,354
15,208,696
93,847
(108,200)
(13,104)
16,534,197
General
funds
£
932,234
362,841
41,354
13,470,363
456,086
(93,949)
(13,104)
15,155,825
General
funds		 £
1,159,223
2,545,852
41,354
15,570,335
724,622
(108,200)
(13,104)
Total
funds
19,920,082
Total
funds
£
1,227,582
2,335,667
41,354
14,347,320
667,259
(93,949)
(13,104)
18,512,129

36

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in funds

Restricted funds
CCT:
Aliquot Shares
Service Charities Equality Insights Programme
Linked entities:
REME Benevolent Fund
HQ Officers Mess
REME Sports Association
REME Institution
REME Sergeants' Mess
REME Museum:
British Museum Project
Conspicuous Gallantry Cross
Total restricted funds		 Restated
£
331,552
-
-
35,722
-
146,523
26,603
2,325
-
542,725
At 1 January
2024		 Income
£
-
63,332
43,000
82,290
170,607
66,984
52,055
-
159,032
637,300		 £
-
(52,829)
(43,000)
(82,515)
(170,607)
(127,829)
(64,589)
-
(9,032)
(550,401)
Expenditure		 Gains /
(losses)
£
28,692
-
-
-
-
-
-
-
-
28,692		 £
£
1,395
361,639
-
10,503
-
-
-
35,497
-
-
-
85,678
-
14,069
-
2,325
(150,000)
-
(148,605)
509,711
Transfers
between funds
At 31 December
2024

37

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in funds (continued)

Total restricted funds
Designated funds:
Museum - general
Museum - development
REME Trading
REME Yacht Club Hulls
Total designated funds
General funds
Total unrestricted funds
Total funds
Transfers between funds
Unrestricted funds		 Income
Gains /
(losses)
£
£
£
£
£
£
542,725
637,300
(550,401)
28,692
(148,605)
509,711
2,175,431
329,811
(411,192)
21,500
149,462
2,265,012
467,544
89,056
(126,666)
-
-
429,934
40,604
188,396
(236,174)
-
38,402
31,228
130,000
-
-
-
20,000
150,000
2,813,579
607,263
(774,032)
21,500
207,864
2,876,174
15,155,825
1,587,274
(1,347,555)
1,197,912
(59,259)
16,534,197
17,969,404
2,194,537
(2,121,587)
1,219,412
148,605
19,410,371
18,512,129
2,831,837
(2,671,988)
1,248,104
-
19,920,082
At 31 December
2024
Transfers
between funds
At 1 January
2024
Expenditure
Transfers between funds represent: cash injections into the restricted portion of The REME Charity's
investment portfolio, as described in note 16; the purchase of an heritage asset with restricted funding;
the movement of group reserves between entities resulting from inter-group transactions; and
contributions to the saving plan for the REME Hulls fund as described below.

38

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in funds (continued) Purposes of restricted funds

Aliquot Shares

Service Charities Equality Insights Programme

Linked entities

British Museum Project

Conspicuous Gallantry Cross

Museum - general

Museum - development

The REME Charity’s investment portfolio was first created in 1985 from donations from a number of entities including the REME Museum. The Museum's percentage holding in the investment portfolio is expressed as an aliquot share holding.

This fund represents grant funding received from Money & Medals Network to fund training for the Museum Assistant Curator.

Acquisition and display of a group of military medals awarded to Warrant Officer Second Class (WO2) Adam Miller, a R.E.M.E soldier and recovery mechanic who served with the British Army from 1998 to 2023.

The REME Museum is given an operating budget each year from the REME Charity.

The REME Development fund is to provide funding to develop the Museum. It is not to be spent on administration, but purely on developing exhibits, attracting visitors and generally improving the visitor experience.

39

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in funds (continued)

Purposes of restricted funds (continued) REME Trading

The REME Trading Company operates the shop in the REME Museum and online.

REME Yacht Club Hulls

The REME Hulls fund was set up as a saving plan to purchase a new yacht every five years. £20k was deposited during the year.

Prior period comparative - restated
Restricted funds
CCT:
Aliquot Shares
REME Connect: Afghanistan
Linked entities:
REME Benevolent Fund
HQ Officers Mess
REME Sports Association
REME Institution
REME Sergeants' Mess
REME Museum:
British Museum Project
Total restricted funds		 At 1 January
2023
£
303,594
12,299
-
10,498
10,986
191,211
22,068
2,325
552,981		 Income
£
-
17,500
51,613
88,632
132,407
78,021
51,592
-
419,765		 £
-
(29,799)
(51,613)
(63,408)
(143,393)
(122,709)
(47,057)
-
(457,979)
Expenditure		 Gains /
(losses)
£
27,958
-
-
-
-
-
-
-
27,958		 £
-
-
-
-
-
-
-
-
-
Transfers
between funds		 £
331,552
-
-
35,722
-
146,523
26,603
2,325
At 31 December
2023
542,725

40

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

22. Movements in funds (continued) Prior period comparative - restated

Total restricted funds
Designated funds:
Museum - general
Museum - development
REME Trading
REME Yacht Club Hulls
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 January
2023
£
552,981
2,090,471
467,334
56,392
110,000
2,724,197
14,587,277
17,311,474
17,864,455		 Income
£
419,765
303,204
94,640
182,958
-
580,802
1,497,149
2,077,951
2,497,716		 £
(457,979)
(313,888)
(94,430)
(219,916)
-
(628,234)
(1,472,555)
(2,100,789)
(2,558,768)
Expenditure		 Gains /
(losses)
£
27,958
(35,000)
-
-
-
(35,000)
715,768
680,768
708,726		 £
-
130,644
-
21,170
20,000
171,814
(171,814)
-
-
Transfers
between funds		 £
542,725
2,175,431
467,544
40,604
130,000
At 31 December
2023
2,813,579
15,155,825
17,969,404
18,512,129

Prior year funds have been restated to reflect the requirements of the Charities SORP and to be comparable to the current year. The charity has identified and removed historic internal restrictions on income and expenditure. Total restricted funds at 31 December 2023 have reduced by £3,851,355, and unrestricted funds have increased by the same amount.

41

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

23. Financial instruments at fair value

Financial assets measured at fair value 2024
2023
£
£
15,570,335
14,347,320
The group		 2024
2023
£
£
14,347,320
13,063,187
The charity

Financial assets measured at fair value comprise fixed asset investments.

24. Operating lease commitments

The charity held no operating lease commitments in the current or prior period.

25. Capital commitments

At 31 December 2023, capital expenditure commitments were as follows:

Committed but not provided for in the accounts:
Conspicuous Gallantry Cross medal purchase		 2024
£
-		 2023
£
150,000

At 31 December 2023, the charity had entered into an agreement to complete the purchase of a Conspicuous Gallantry Cross medal. The value of the purchase is funded by awarded grants which was recognised in line with the purchase of the medal. There were no further capital commitments entered into in the prior year, and none in the current year.

26. Related party transactions

The REME Charity is the sole corporate trustee and parent charity of the Corps of Royal Electrical and Mechanical Engineers Museum (charity registration no. 272740). During the year the REME Charity paid donations totalling £149,426 (2023: £121,207) to the REME Museum. The REME Charity operates payroll and manages transactions on behalf of the Museum. At the year end £337,805 was due to the REME Museum (2023: £269,908).

The REME Charity also has control of the REME Trading Company Limited (company registration no. 10258502). The Operations Manager and one of the trustees of the REME Charity make up the board of directors of the REME Trading Company. Amounts owed to the REME Charity at 31 December 2024 were £54,889 (2023: £35,213). The REME charity provided a loan of £60,000 to the REME Trading company in 2024 (2023: funding of £40,000). The REME Trading Company donated £nil in profits (2023: £40,172) and made sales of goods from the shop totalling £38,402 (2023: £21,680) to the REME Charity during the year.

27. Subsidiary undertakings

The Corps of Royal Electrical and Mechanical Engineers Museum

The consolidated financial statements include the results of The Corps of Royal Electrical and Mechanical Engineers Museum (the REME Museum), charity number 272740. The REME Charity is deemed to have control over the REME Museum by having sole corporate trusteeship. The REME Museum contributes to the esprit de corps objects of The REME Charity.

42

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

27. Subsidiary undertakings (continued) Results for the period

Gross income
Expenditure
Results for the year (excluding gains / losses)
Net assets
Assets
Liabilities
Total museum funds		 2024
£
727,362
(546,890)
180,472
2024
£
2,862,254
(14,982)
2,847,272		 2023
£
528,488
(488,401)
40,087
2023
£
2,655,171
(9,871)
2,645,300

The REME Trading Company Limited

The consolidated financial statements include the results of The REME Trading Company Limited (REME Trading), company number 10258502. REME Trading was incorporated to operate the cafe and shop situated within the REME museum. The REME Charity is deemed to have control over REME Trading, the directors of REME Trading being key management personnel of The REME Charity.

Results for the period

Turnover
Cost of sales
Gross profit
Other operating income
Administrative expenses
Operating profit / (loss)
Tax on profit / (loss)
Profit for financial year		 2024
£
226,798
(145,643)
81,155
-
(90,870)
(9,715)
-
(9,715)		 2023
£
204,639
(117,549)
87,090
40,000
(86,938)
40,152
-
40,152

43

The REME Charity

Notes to the financial statements

For the year ended 31 December 2024

27. Subsidiary undertakings (continued)

The aggregate of the assets, liabilities and funds was:

Subsidiary undertakings (continued)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Total reserves		 2024
£
96,821
(65,593)
31,228		 2023
£
84,807
(43,864)
40,943

28. Parent charity

The parent charity's gross income and the results for the year are:

Gross income
Surplus / (deficit) for the year (excluding gains / losses)		 2024
£
2,065,540
(10,907)		 2023
£
1,957,085
(101,540)

44