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2022-03-31-accounts

DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

Trustees’ Report

and Financial Statements

for the year ended 31 March 2022

Registered Charity Number (England & Wales): 1176596 Registered Charitable Company (Limited by Guarantee): 11114651

“For the Glory of God and the Good of the Service”

DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INDEX

Page
Section 1: Objectives and Activities 1
Section 2: Main activities 2
Section 3: Achievements and Performance 3
Section 4: Financial review 6
Section 5: Plans for the Future 8
Section 6: Structure, Governance and Management 8
Section 7: Reference and administrative information 10
Section 8: Acknowledgements, Statement of Trustees and Appointment of Auditors 12
Independent Auditor’s Report 15
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 20
Accounting Policies 22
Notes to the Financial Statements 24

DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

The Trustees of Dame Agnes Weston’s Royal Charity for the Naval Service have pleasure in presenting their annual report for the purposes of the Charities Act 2011 and the Companies Act 2006, together with the accounts for the year ended 31 March 2022. In preparing this annual report and financial statement 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 published October 2019.

1. Objectives and Activities

Purpose

The Charity’s Object, which is for the Public Benefit, is the promotion of the efficiency of the Royal Navy and the Royal Marines and the advancement of the Christian faith. The overarching vision of Aggie Weston’s is that all serving members of the Royal Navy, Royal Marines, the Royal Fleet Auxiliary and their families should be able to ‘live life to its fullest measure[1] ’ which means that they should have physical, emotional and spiritual health, and be living in strong relationships.

The objective of all Aggie Weston’s work is to move personnel towards achieving this vision by improving their quality of life within the beneficiary community, and to help individuals to deal with the unique stresses associated with service in the Royal Navy. The deployable nature of naval employment often leads to separation and loneliness, which are two of the key stressing factors which create the need for pastoral support which the charity provides. Through Pastoral Workers operating in naval bases, air stations, naval training establishments, Royal Marine units and amongst Service Family Accommodation (SFA) areas, the staff provide pastoral support which contributes to the performance, resiliance and retention of the naval community.

Aims and objectives

The charity’s aim, or mission, is to provide pastoral support (including practical help) to serving members of the Royal Navy (including Royal Marines and Royal Fleet Auxiliary) and their families. In doing so the charity can:

Through these aims and outcomes Aggie Weston’s can contribute to an increase in resilience, retention and performance of serving personnel, thus increasing the efficiency of the Royal Navy.

Aggie Weston’s strategy for achieving these aims is achieved through:

1 The vision of “living life to its fullest measure” is drawn from scripture. John 10:10 states: “A thief comes only in order to steal, kill and destroy. I (Jesus) have come that they may have life, life in its fullest measure.”

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

In the longer term, Aggie Weston’s is seeking to establish a more formal collaborative arrangement with Royal Navy Family and People Support, together with other naval charities, through regional collaborative working groups. The charity is also seeking to develop a strategy for providing increased pastoral support to serving personnel and their families who live geographically dispersed across the country and not near a naval establishment.

2. Main activities

In meeting the Charity’s Object, Aggie Weston’s works in close cooperation with the Royal Navy and, in particular, with the Naval Chaplaincy Service and the Royal Navy Family and People Support organisation. The main activities which have been undertaken for the public benefit during this financial year are:

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Increasing use is being made of volunteers in the delivery of support to both serving personnel and their families. Volunteers are tasked based on their skill sets but, in most cases, they will not lead events or lead on pastoral conversations, instead taking on many of the supporting activities so that pastoral workers are freed up to have pastoral conversations and to build relationships with their beneficiaries.

Trustees are briefed annually at a trustee meeting on the need to have regard to Charity Commission guidance on public benefit. This briefing explores the full meaning of the terms “public” and “benefit” in the context of delivering pastoral support to the Royal Navy community.

3. Achievements and Performance

Pastoral Support

At year end, Aggie Weston’s was providing 33 Pastoral Workers (plus 15 committed volunteer Pastoral Workers). A further eight salaried Pastoral Worker posts (NELSON, Portsmouth Community Waves, second post at Hamworthy Barracks, RM Stonehouse, DRAKE x 2, Plymouth Community Waves, Helensburgh) were vacant at the year end. Our Pastoral Workers were delivering pastoral support at 20 venues in and around Naval Bases, air stations, training schools and Royal Marine bases in England and Scotland. By working in collaboration with the Naval Chaplaincy Service, the charity maximises efficiency because the requirement for charity funded work space and line management is negated. The collaboration also ensures close links with the local military Chain of Command and thus allows the Pastoral Workers to be quickly aware of requirements as they emerge. The team is involved in a wide variety of support activities, as determined by local opportunity and need, including community work, pastoral care and management of on-base facilities for rest and recreation.

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

During the year salaried Aggie’s Pastoral Workers were present at:

ng the year salaried Aggie’s Pastoral Workers were present at:
Location Posts filled
31/3/22		 Posts vacant
31/3/22
HMS NELSON and HM Naval Base Portsmouth
HMS DRAKE and HM Naval Base Plymouth
Helensburgh (community-based)
HMS SULTAN (Training Establishment)
HMS COLLINGWOOD (Training Establishment)
HMS RALEIGH (Training Establishment)
Commando Training Centre Royal Marines, Lympstone
Hamworthy Barracks (Poole)
Royal Marines Barracks Stonehouse (Plymouth)
Royal Marines Barracks Bickleigh
Royal Marines Barracks Arbroath
Royal Marines Barracks Taunton
Royal Marines Barracks Chivenor
Royal Naval Air Station Culdrose
Royal Naval Air Station Yeovilton
MOD Caledonia (Rosyth)
Defence School of Logistics and Administration Worthy Down
Portsmouth Community Waves
Plymouth Community Waves
Royal Fleet Auxiliary		 3
1
2
2
2
1
4
1
-
1
2
1
1
1
2
1
1
4
2
1		 1
2
1
-
-
-
-
1
1
-
-
-
-
-
-
-
-
1
1
-

The Pastoral Worker role is proactive and adapted to meet the local needs and opportunities. The common theme is that Pastoral Workers seek to come alongside and become known by service personnel and their families, and thus to be ready to help deal with personal issues before they grow into crises. This team has helped an average of 254 beneficiaries in some way on each working day through the delivery of 66,136 acts of kindness over the last calendar year, despite the lingering impact of COVID-19 restrictions for part of the year. This has led to over 6,286 pastoral interventions (an average of 523 per month). Additionally, Pastoral Workers have continued to make pastoral telephone calls to Serving Personnel accommodated in Quarantine and Isolation Facilities in a number of locations. It should be noted that the number of pastoral conversations (not including the telephone calls to those in Quarantine) has increased from 2,944 in FY 19/20 to 4,028 in FY 20/21, and 6,286 in FY 21/22 (the latter being a 56% increase).

The success of the Pastoral Worker programme has again been evidenced this year through an increase in requests for additional pastoral support from the Naval Command, the Naval Chaplaincy Service and the Royal Navy Family and People Support organisation. Whilst not all requests can be met the requests in themselves are seen as an indicator that the value of the service being delivered is appreciated and valued.

Although the situation has much improved, COVID continues to impact our output. The MoD has taken a cautious approach to lifting COVID restrictions and some personnel remain cautious about fully re-engaging with anyone other than essential work colleagues. The most junior 20% of the Navy joined while restrictions were in place and have not, therefore, had the same level of exposure to Aggie’s Pastoral Workers. This has necessitated a more proactive and outward approach to pastoral ministry, creating opportunities for pastoral workers to visit people in their work place, holding “pop-up” events, and re-establishing their brand amongst the beneficiary population.

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Feedback from beneficiaries continues to demonstrate the impact that pastoral workers are having. Feedback from Chaplaincy Team Leaders and command teams provide further evidence of the value placed on our work.

Storybook Waves

A total of 666 children benefitted from Storybook Wave recordings made in FY 21/22. Feedback from beneficiaries continues to show the positive impact these recordings have on the lives of service children and also, consequently, on both the non-deployed parent and, indirectly, the deployed parent.

Aggies Community Waves

Generous funding from the Armed Forces Covenant Fund has supported the funding of the project co-ordinator role and enabled the short-term recruitment of two additional Pastoral Workers to combat loneliness within Service families in the Portsmouth area. Further funding from BAE Systems in the year has enabled an additional post to be created. Such has been the success of Portsmouth Community Waves that a similar team has been established in Plymouth and funding has been secured from Trinity House to recruit a team co-ordinator in the next financial year.

Other Projects

Portsmouth Military Kids: Aggie Weston’s continues to work with Portsmouth Military Kids, an organisation which helps schools use the Service Pupil Premium effectively for the benefit of the children. Aggie’s is also contributing the Gosport and Fareham Multi-Academy Trust which has a high proportion of service children.

Money management course: Aggie’s has developed a money management course with a number of aims. Firstly, it educates people on how best to plan their money so that they do not get into financial hardship. Secondly, it brings beneficiaries together, helping them to develop their own friendship networks. Thirdly, it gives parents an opportunity to engage with a pastoral worker and other parents while their children are being cared for in another part of the building. Rollout has been impacted by COVID, virtual courses were hampered by poor WiFi in accommodation blocks, and delivery to families has been hampered by gapped posts in the Community Waves team. It is hoped that, with Community Waves coming back up to full strength in Portsmouth, courses can be piloted in the Portsmouth area after summer leave and then rolled out more widely.

Impact reporting and support

Supporters, donors and other interested parties are encouraged to monitor the work of Aggie Weston’s through a range of media including: The charity’s website; social media (Facebook and Twitter); its regular magazine “Ashore and Afloat”; and the annual published impact statement “Making a Difference.” Bespoke impact reporting is provided to grant giving organisations. As a Christian charity Aggie Weston’s recognises the importance of prayer. A monthly prayer diary is circulated to trustees, staff and close supporters.

Investment Performance against Investment Objectives Set

During the year Aggie Weston’s investment portfolio was managed by Newton Investment Management. The objective of the portfolio was to achieve a balance between income and capital growth. Over the rolling year to 31 March 2022, the portfolio has underperformed its benchmark return of +9% by 2.0% with a net of fees return of +7.0%. As noted under the investment policy (see section 5), the Trustees have placed a number of ethical restrictions on investment options and they accept that these may impact the return on investment.

The income objective included in the budget for 2021/22 was an investment income of £300,000 (2020/21: originally £325,000 which was revised to £275,000 at the start of the financial year as a result of the pandemic). The income achieved was £391,046 (2020/21: £271,934) which included £52,931 (2020/21: £nil) of accrued dividends at 31 March as a result of a change in reporting by the investment management firm.

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

4. Financial Review

* Income before capital receipts

The charity has managed to reduce its deficit (£35,513 before capital receipts (2020/21: £172,813)) during the current year through increased grant funding (£36,057), a net increase in donations and income from Trusts (£38,675 including income distribution from the Dashwood trust of £27,500) and increased investment income (£121,686). Included within the investment income is £52,931 (2020/21: nil) of accrued dividend income as a result of a system change during the year by the Investment Managers. Grant income includes government grants (under the Coronavirus Job Retention scheme (CJRS)) of £10,230 (2020/21: £52,175). With additional output during the year, costs increased by a total of £58,986.

During the year, the charity also received capital additions to its expendable endowment fund of £157,075 (2020/21: £449,065) from the Dashwood Trust. The Dashwood Trust holds a portfolio of properties which are generally disposed of on becoming vacant, whereupon proceeds are generally distributed to the Trust’s beneficiaries. Amounts distributed can vary considerably from year to year. Aggie’s anticipates further receipts in the coming years until the entire portfolio is disposed of, although timing and amounts cannot be predicted (refer to contingent asset note 22).

Combining the Dashwood receipt with the net expenditure, the total funds to be carried forward at 31 March 2022 are £13,967,143 compared to £13,279,546 brought forward at 1 April 2021; a favourable movement in funds of £687,597 (2020/21: £2,683,640). The favourable outcome is a result of the capital growth within the investment portfolio of £566,035 (2020/21: £2,407,388) plus the capital receipt from the Dashwood Trust.

Principal Funding Sources

The primary source of income for the charity is investment income, which formed 54% (2020/21: 51%) of the annual income (excluding capital receipts). Further income is received through grants, trusts, and donations from supporters. During the year grants were received from the Royal Navy and Royal Marines Charity, RMA - The Royal Marines Charity, Greenwich Hospital, the Naval Children’s Charity, the Armed Forces Covenant Trust Fund, and BAE Systems. Additionally, grant funds were received from Trinity House for work in 2022/23 and funds were received from Annington Trust and the Pemberton Barnes Trust. The charity is grateful for these generous financial contributions which have enabled Aggie Weston’s work in support of serving Naval personnel and their families.

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Investment Policy

Aggie Weston’s investment manager throughout the year was Newton Investment Management Ltd, who were instructed to invest at moderate risk to provide a balance of growth and income. The trustees set the following additional ethical considerations:

All investments were acquired and held by the investment manager as nominee. During the year, the trustees undertook an investment management review with the outcome that the investments are to be transferred to a new management firm post year-end under a total return investment strategy.

The overall investment strategy is to achieve an income to assist the charitable activities and preserve the capital to sustain this income stream going forward. Should the investment capital be used to meet costs, it would reduce the amount of income we are able to generate and increase the amount of endowed funds required to be expended in the future. This cycle would escalate and make the current level of activities unsustainable.

Reserves Policy

In establishing the charity’s Reserves Policy, the trustees have referred to Charity Commission guidance (CC19) and accounting standards (SORP 2019). The trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. This intention is reviewed annually when trustees agree the budget for the forthcoming year.

The legacy of Aggie Weston’s long history means that the charity benefits from funds invested to provide annual income for the long-term benefit of the charity. This income is applied against the overheads and management costs with the excess utilized for delivery output. Therefore all donations and grants received are focused on delivery of output for the beneficiary group.

With the revised total return strategy for investments and an output based on the provision of 41 Pastoral Workers and the Storybook Waves projects, trustees have budgeted that annual income will fall short of expected expenditure by approximately £123,000 per year.

Having closed this gap considerably from the previous year, the Trustees continue to look to reduce this further over the next few years. The Trustees are of the opinion that a reduction in the annual net expenditure could only be achieved through either a decrease in activity or an increase in voluntary income. With the positive impact of the pastoral programme it is not deemed appropriate to reduce activity at this stage, therefore the trustees have decided to accept a draw-down of the free reserve, and to utilise the endowment funds (capital receipts from Dashwood Trust) received to allow time for the funding to be sought. They are, however, mindful that in the longer term they cannot maintain an annual net expenditure requiring a drawdown on the expendable endowment without impacting on income from investment.

With the balance of the free reserves being almost sufficient to meet the budgeted deficit for the year 22/23, the Trustees are content to accept, but closely monitor, the expected net expenditure for another year.

The predictable nature of expenditure, the low risk of unexpected events that may have high cost implications, and the availability of investments which could be liquidated in extremis suggest that drawdown from expendable endowment will be manageable, and significant free reserves are not required. So, for the period to 31 March 2022, the Reserves Policy will not stipulate a minimum level of free reserve.

The Trustees continue to take the impact of the COVID-19 virus into consideration within their assessment of the going concern of the charity. Funders’ ongoing commitments to the charity remain unaltered and the income from

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

investments has recovered from the poor performance in FY20/21. The assessment of the overall financial position remains unchanged in that the charity can draw upon the unrestricted endowment funds should the need arise in the short term and the trustees remain confident of their assessment that the charity is able to continue as a going concern.

The charity’s free reserves, unrestricted funds not represented by fixed assets, at 31 March 2022 were £121,691 (31 March 2021: £81,054). Restricted funds at 31 March 2022 were £48,646 (31 March 21: £33,640) which includes £38,667 (31 March 2021: £20,774) relating to salary costs of pastoral workers.

5. Plans for future periods

Aggie Weston’s continues to look for ways to increase output without increasing salary costs. The first, outlined above, is make greater use of volunteers in support roles. The second is to collaborate more effectively with other charities and organisations in the welfare space. In particular we are working on a format for establishing regional working groups which can establish the need, develop an integrated programme which meets that need, share out the activities across the range of partners, deliver the programme, and assess the impact.

Our aspiration for the next financial year is to examine how remotely working Pastoral Workers can support service personnel and families who live geographically dispersed from naval base port areas. Dual crewing of ships, Three Watch Manning and the future accommodation model will all lead to an increase in the number of families living remote from base port and the amount of time serving personnel spend on leave, or training/working from home.

6. Structure, governance and management

Aggie Weston’s is an incorporated Charity and a Charitable Company (Limited by Guarantee) governed by Articles of Association as amended by resolution dated 24 February 2020. With effect from 1 April 2018 the Charity merged with Dame Agnes Weston’s Royal Sailors’ Rests, Charity Number 238748 and a deed of transfer of assets was completed on the same date. The organisation adheres to Christian Articles of Faith adopted 7 October 2005.

Governance is undertaken by a Board of Trustees comprising 3 to 15 members as specified in Articles of Association. The current Board comprises 9 trustees as listed on page 11 of this report; they have the powers to act in accordance with the Articles of Association, which may be exercised only in promoting the Charity’s Object.

The Articles of Association require at least one Ordinary Meeting of the Trustees and one Annual General meeting to be held in every 12-month period. In practice the Board of Trustees meets three times per year. The Board will review the charity’s long-term strategy at a meeting in autumn and provide direction so that a budget can be prepared for the following financial year. This draft budget is presented to the trustees for approval at a meeting in February. The previous year’s work will then be reviewed at an AGM meeting in the summer, at which point the audited accounts and annual report will be ready for approval. ‘The Scheme’ defines the required quorum based on the size of the Board; while the Board consists of 9 members (as at present) a quorum of 5 is required before any business can be transacted. Special meetings may be called at any time.

Selection and training of trustees

Potential trustees are identified using a range of networks and contacts; both those known to current Trustees, as well as supporters, Chaplains and the other Military Christian Organisations. Potential trustees are invited to attend a Board meeting on an exploratory basis, and at a later date will discuss their suitability for the role with the Chairman. If the Chairman and the potential trustee agree to proceed then the Board will consider the appointment. In accordance with Articles of Association, trustees are appointed for a five-year period. Trustees will generally be invited to serve for a second term, but only in exceptional circumstances may a trustee stay on for a third term (i.e.

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

15 years). All trustees sign a declaration of eligibility to serve in this capacity. Trustees are required to accept the charity’s Christian Articles of Faith.

Trustee induction comprises of the attendance at a Board meeting, an induction brief from the CEO and completion of a Trustee Induction Course. The CEO is responsible for facilitating the training of new trustees and will ensure attendance at a suitable induction course as well as facilitating any special training or induction which is deemed necessary. Additionally, continuation training is included as a standing agenda item at each trustees’ meeting. Organisational structure and decision making

The CEO is delegated authority by the Chair of the Trustees through a letter of delegation. In delivering the instructions of the Board of Trustees the CEO is assisted by a Finance Director (who is also the Deputy CEO) and an Ops and HR Manager. All three report to the trustees, both through a written report and a verbal brief, at each of the termly trustees meetings. The Board is kept informed of progress by a ‘Monthly Report to Trustees’ which is prepared by the CEO.

Arrangements for setting remuneration

The Finance Director submits a paper at the June board meeting which establishes: External factors determining the pay award (such as inflation); benchmarking against Croner Rewards (or other salary benchmarking reports for the sector), peer comparison in the third sector and other employers against which comparison is relevant; affordability in the long term; a range of pay award options. Trustees have the opportunity to discuss the contents of the paper with the Finance Director and then make their decision in a trustee only time. The charity complies with Minimum Wages legislation and the National Living Wage rates.

Relationship with other organisations

The closest relationship with another organisation is that with the Naval Chaplaincy Service. Since the majority of Pastoral Workers are line managed by Chaplaincy Team Leaders it is imperative that this relationship works well. The CEO meets with the Deputy Chaplain of the Fleet at least termly and engages with each Chaplaincy Team Leader at least once per term – often through a visit. The Deputy Chaplain of the Fleet has a standing invitation to attend Trustee meetings and the Chaplain of the Fleet is also invited to attend once per year. This arrangement is formalised within a Memorandum of Understanding (MoU), which is co-signed by the CEO and the Chaplain of the Fleet. This MoU is reviewed and resigned whenever the Chaplain of the Fleet or CEO hand over their responsibilities. The current MoU was signed in October 2021. The charity provides standardised Terms of Reference for the Pastoral Workers, but the local Chaplaincy Team Leaders are delegated the responsibility for drafting operational paragraphs which provide detail on the individual’s daily roles and responsibilities. The CEO personally authorises these TORs annually to ensure that the work of the Pastoral Workers is focused on meeting the charity’s objects. Aggies’ CEO or Operations and HR Manager maintain close links with the staff and their local line management. The Chaplaincy Team Leaders provide annual personnel appraisal reports on Aggie’s staff to the CEO.

Another close relationship is with Royal Navy Family and People Support which provides Community Development Workers who work alongside Aggie’s staff. Increasingly the two organisations are seeking to merge their family support programmes into a single programme for each region, delivered collaboratively.

Aggie’s has, for many years, worked very closely with other naval charities. Aggie’s collaboration with other charities includes: Working with the Naval Children’s Charity on cross-referral of beneficiaries; with the Royal Navy and Royal Marines Charity on the commissioning of services in naval bases and training schools; with the RMA-The Royal Marine Charity on the commissioning of services in Royal Marine units; and with the Greenwich Hospital Trust on the commissioning of support to Part 1 training at HMS Raleigh.

Aggie Weston’s collaborates with appropriate charities through forums and bodies that are relevant to its work; notably the Confederation of British Service Charities (COBSEO), Council for Voluntary Welfare Work (CVWW), Military Christian Organisations (MCO) and Principal Royal Naval Charities (RNCEOs). It is also a member of the National Council for Voluntary Organisations (NCVO).

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Risk management

The Board of Trustees recognises its ultimate responsibility for risk management, but delegates responsibility for day-to-day management, administration and monitoring of risk to the CEO. Risks are scored by combining the likelihood of occurrence with the potential impact on the charity and ranked accordingly.

Risk management is a standing agenda item at Board meetings, which ensures that all substantial risks are brought to trustees’ attention and considered in priority order. To assist with this process, a risk management framework is reviewed and updated at each trustees’ meeting.

The risk assessment process identified the following major risks:

The Board confirms it has put measures in place to manage these risks and monitor the likelihood of these risk events, in order to minimise the financial and reputational impact they would have on the charity. Aggie Weston’s operates a policy of continuous review and development of its management systems.

Trustees’ Perspective on the Future of the Charity

Trustees believe that the charity continues to deliver a service which promotes the efficiency of the Royal Navy and the Christian faith. They have been encouraged by the warmth with which the Pastoral Workers are received and continue to see bids for additional pastoral support being received from various official naval authorities. They recognise that changes in the investment management strategy have reduced but not eliminated the budget account but firmly believe that the service offered by the Charity meets a clearly defined and contemporary need and that the deficit is currently manageable in the short term through the utilisation of the Dashwood Trust capital receipts. In the longer term, they are confident that a total return approach to restructuring our investments, combined with increased recognition of the charity’s output, will ultimately win enough funding support to achieve a balanced budget.

7. Reference and administrative information

Name of the charity (registered name) and any other name which it uses.

Dame Agnes Weston’s Royal Charity for the Naval Service (generally known as Aggie Weston’s or Aggie’s) is an incorporated charity registered with the Charity Commission of England and Wales and is a Charitable Company (Limited by Guarantee) registered with Companies House.

Registration numbers with Charity Commission and Companies House

Charity Commission 1176596
Companies House 11114651

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Patrons

The charity is honoured to have as its patrons:

Her Majesty The Queen Ministry of Defence

Address of principal office (Head Office) and other contact details

Castaway House 311 Twyford Ave Portsmouth, PO2 8RN

Telephone: 02392 650505 Email: office@aggies.org.uk Website: www.aggies.org.uk

Directors and trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law.

The trustees serving during the year (for the full year unless a shorter period is indicated) and since the year end were as follows:

Captain Paddy Allen Royal Navy (Chairman) Mr Stephen Martin (Vice Chairman) Commander Hugh Harris Royal Navy Commander Stuart Somerville Royal Navy (Retired) Lieutenant Commander Louise Wooller Royal Naval Reserve Major James Weir Royal Marines Ms Oonagh Maguire Mrs Carole Backhouse Mrs Adeola Oludemi Commodore Robert Fancy OBE Royal Navy (Retired) (Resigned 13 July 2021)

Senior Executives and organisations providing services or professional advice

Chief Executive Officer Mr Chris New OBE Director of Finance Mrs Nicola Torrance FCCA Operations and HR Manager Mr Andy Gordon Solicitors Weller Law Group LLP 65 Leadenhall Street London EC3A 2AD Auditors Gibson Whitter Larch House Parklands Business Park Denmead PO7 6XP

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Bankers NatWest Bank plc
130 Commercial Road
Portsmouth
PO1 1ES
Investment Managers Newton Investment Management Ltd
160 Queen Victoria Street
London
EC4V 4LA
Cazenove Capital (from April 2022)
1 London Wall Place
London
EC2Y 5AU
Global Custody Services The Bank of New York Mellon
One Canada Square
London
E14 5AL
Tax Consultantants (investments) PricewaterhouseCoopers LLP
1 Hardman Square
Manchester
M3 3EB

8.

Acknowledgements, statement of trustees and appointment of auditors

Acknowledgements

The trustees express their sincere thanks to Her Majesty The Queen for her continued Patronage.

They are also most appreciative and grateful to all supporters, funding bodies and partners. In particular, they are enormously grateful for the ongoing grant support from:

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Dame Agnes Weston’s Royal Charity for the Naval Service for the purposes of company law) accept responsibility for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Companies Act 2006, and the Charities (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity 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 charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Charities (Protection and Social Investment) Act 2016

Under the terms of this act:

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DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ ANNUAL REPORT DISCLOSURE

Appointment of Auditors

Gibson Whitter have been appointed as auditors to the charity.

This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

Approved by the trustees and signed on their behalf.

Captain Paddy Allen Royal Navy Chairman Date 21 June 2022

Commander Hugh Harris Royal Navy Trustee Date 21 June 2022

14

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

Opinion

We have audited the financial statements of Dame Agnes Weston's Royal Charity for the Naval Service (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

15

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion.

Procedures performed by the audit team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

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 Report of the Independent Auditors.

16

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

Use of our 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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Whitter (Senior Statutory Auditor) for and on behalf of Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

Date: 23 June 2022

17

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
fund
funds
Notes
£
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
72,699
2,750
Charitable activities
4
Pastoral workers
-
173,741
Storybook Waves
-
16,727
Cost of operating centres
-
44,500
Other charitable activities
485
16,773
Investment income
3
393,897
-
Other income – Government
Grants
5
10,230
-
Total
477,311
254,491
EXPENDITURE ON
Raising funds
6
24,540
-
Charitable activities
7
Pastoral workers
356,997
164,699
Storybook Waves
16,013
22,796
Cost of operating centres
32,338
36,595
Other activities
6,786
15,395
Total
436,674
239,485
Net gains on investments
-
-
NET INCOME
40,637
15,006
RECONCILIATION OF FUNDS
Total funds brought forward
81,054
33,640
TOTAL FUNDS CARRIED
FORWARD
121,691
48,646		 Endowment
funds
£
157,075
-
-
-
-
-
-
157,075
91,156
-
-
-
-
91,156
566,035
631,954
13,164,852
13,796,806		 31.3.22

Total
funds
£
232,524
173,741
16,727
44,500
17,258
393,897
10,230
888,877
115,696
521,696
38,809
68,933
22,181
767,315
566,035
687,597
13,279,546
13,967,143		 31.3.21
Total
funds
£
485,839
128,048
13,372
32,500
436
272,211
52,175
984,581
99,862
529,811
25,261
50,032
3,363
708,329
2,407,388
2,683,640
10,595,906
13,279,546

All income and expenditure has arisen from continuing activities.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

The notes form part of these financial statements

18

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

BALANCE SHEET

31 MARCH 2022

Notes
FIXED ASSETS
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
Endowment funds:
Expendable Endowment fund
Fair Value reserve
TOTAL FUNDS		 31.3.22
£
13,264,708
54,606
700,009
754,615
(52,180)
702,435
13,967,143
13,967,143
121,691
48,646
10,859,853
2,936,953
13,796,806
13,967,143		 31.3.21
£
12,499,389
6,213
820,699
826,912
(46,755)
780,157
13,279,546
13,279,546
81,054
33,640
11,193,481
1,971,371
13,164,852
13,279,546

The financial statements on pages 18-36 were approved and authorised for issue by the Board of Trustees and authorised for issue on 21 June 2022 and were signed on its behalf by:

Captain Paddy Allen Royal Navy - Trustee

Commander Hugh Harris Royal Navy - Trustee

The notes form part of these financial statements

19

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

Notes to cashflow
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Movement in cash held at investments
Dividends and interest received
Net cash provided by investing activities
Cash flows from financing activities
Income attributable to endowment
Expenditure attributable to endowment
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.22
£
(328,291)
(328,291)
(1,792,462)
1,872,433
(279,255)
340,966
141,682
157,075
(91,156)
65,919
(120,690)
820,699
700,009		 31.3.21
£
(380,419)
(380,419)
(2,934,106)
3,081,878
(147,739)
272,211
272,244
449,065
(78,578)
370,487
262,312
558,387
820,699

The notes form part of these financial statements

20

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Gain on investments
Dividends and interest received
Income attributable to endowment
Expenditure attributable to endowment
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.21
£
Net cash
Cash at bank
820,699
820,699
Liquid resources
Cash held within investments
224,048
224,048
Total
1,044,747		 31.3.22
£
687,597
(566,035)
(340,966)
(157,075)
91,156
(48,393)
5,425
(328,291)
Cash flow
£
(120,690)
(120,690)
279,255
279,255
158,565		 31.3.21
£
2,683,640
(2,407,388)
(272,211)
(449,065)
78,578
(5,111)
(8,862)
(380,419)
At 31.3.22
£
700,009
700,009
503,303
503,303
1,203,312

The notes form part of these financial statements

21

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, the receipt is probable and the amount can be measured with sufficient reliability.

Where entitlement to grant funding is subject to specific performance conditions, income is only deferred when:

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount to be measured reliably. Interest income is recognised using the effective interest method and dividend and rent are recognised as the charity's right to receive payment is established. Dividend income is accrued at the year end when entitlement to the amounts receivable has been advised by the investment managers.

The charity received government grants in respect of claims made under the Coronavirus Job Retention Scheme. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Income from activities to generate funds, such as services provided, and investment income are recognised on a receivable basis.

Volunteers and donated services

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

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

Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods or services are supplied.

22

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

VAT

The charity is not registered for VAT and is unable to recover VAT incurred on its expenses. On this basis all costs are recorded inclusive of VAT within the financial statements throughout the current and previous year.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent funds arising from capital assets donated to the charity, principally held as fixed asset investments. The fund is expendable at the discretion of the trustees to support the charity's objects however the investments provide a substantial contribution to the charity's unrestricted income so it is the intention of the trustees to hold these assets permanently. Any capital gain or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Pension costs and other post-retirement benefits

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

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Leases

Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves, together with the ability to draw upon the expendable endowment if required, for the charity to be able to continue as a going concern.

23

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. DONATIONS AND LEGACIES

Unrestricted
Restricted
funds
funds
£
£
Donations from
individuals and trusts
19,079
2,750
Gift Aid
1,978
-
Legacies
142
-
Grants
24,000
-
Dashwood Trust capital
receipt
-
-
Dashwood Trust income
distribution
27,500
-
72,699
2,750
Grants received, included in the above, are as follows:
Pemberton Barnes Trust
3.
INVESTMENT INCOME
Unrestricted
Restricted
funds
funds
£
£
Dividends
391,046
-
Interest and tax credits
2,851
-
393,897
-		 Endowment
funds
£
-
-
-
-
157,075
-
157,075
Endowment
funds
£
-
-
-		 31.3.22
Total
funds
£
21,829
1,978
142
24,000
157,075
27,500
232,524
31.3.22
£
24,000
31.3.22
Total
funds
£
391,046
2,851
393,897		 31.3.21
Total
funds
£
34,538
2,236
-
-
449,065
-
485,839
31.3.21
£
-
31.3.21
Total
funds
£
271,934
277
272,211

Dividends income includes £52,931 (31.3.22: £nil) in respect of amounts accrued per the investment report at the balance sheet date. No amounts were accrued in respect of this at 31 March 2021 as the investment manager’s were unable to provide this information.

4. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Pastoral workers
Grants
Storybook Waves
Grants
Cost of operating centres
Other income
Other activities
Grants
Other activities
Grants received, included in the above, are as follows:
RNRMC
Annington Trust
RMA - TRMC
Greenwich Hospital
Carried forward		 31.3.22
£
173,741
16,727
44,500
485
16,773
252,226
31.3.22
£
107,947
6,294
45,321
21,200
180,762		 31.3.21
£
128,048
13,372
32,500
436
-
174,356
31.3.21
£
83,552
-
20,668
21,200
125,420

Grants received, included in the above, are as follows:

24

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

4. INCOME FROM CHARITABLE ACTIVITIES - continued

Brought forward
NCC
AFCFT
BAE Systems
Cornelius Trust		 31.3.22
£
180,762
16,000
41,549
12,000
1,430
251,741		 31.3.21
£
125,420
16,000
32,500
-
-
173,920

5. OTHER INCOME - Government Grants

Unrestricted
funds
£
Coronavirus Job Retention
Scheme grants
10,230
RAISING FUNDS
Raising donations and legacies
Unrestricted
funds
£
Staff costs
8,792
Communications
842
Publications
7,738
Advertising
6,764
Other fundraising costs
404
24,540
Investment management costs
Unrestricted
funds
£
Portfolio management
-
Professional fees
-
-
Aggregate amounts
24,540		 Restricted
funds
£
-
Restricted
funds
£
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-		 Endowment
funds
£
-
Endowment
funds
£
-
-
-
-
-
-
Endowment
funds
£
83,336
7,820
91,156
91,156		 31.3.22
Total
funds
£
10,230
31.3.22
Total
funds
£
8,792
842
7,738
6,764
404
24,540
31.3.22
Total
funds
£
83,336
7,820
91,156
115,696		 31.3.21
Total
funds
£
52,175
31.3.21
Total
funds
£
2,897
636
7,268
9,784
699
21,284
31.3.21
Total
funds
£
72,518
6,060
78,578
99,862

6. RAISING FUNDS

Raising donations and legacies

Investment management costs

25

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

7. CHARITABLE ACTIVITIES COSTS

Pastoral workers
Storybook Waves
Cost of operating centres
Other activities
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Hall hire costs
Other staff costs
Centre repairs and renewals
Office, IT and consumable costs
Communications
Equipment
Travel
Food costs for sessions
Publications
Advertising
Professional fees
Subscription
Other management costs		 Direct
Costs (see
note 8)
£
378,402
38,809
49,997
16,087
483,295		 Support
costs (see
note 9)
£
143,294
-
18,936
6,094
168,324
31.3.22
£
441,627
2,095
8,107
-
4,539
2,519
11,878
1,541
347
6,300
2,440
1,233
273
396
483,295		 Totals
£
521,696
38,809
68,933
22,181
651,619
31.3.21
£
428,174
-
3,477
295
2,664
1,885
6,463
793
-
1,132
731
1,146
273
376
447,409

9. SUPPORT COSTS

Management
£
Pastoral workers
138,173
Cost of operating centres
18,259
Other charitable activities
5,876
162,308		 Governance
costs
£
5,121
677
218
6,016		 Totals
£
143,294
18,936
6,094
168,324

Activity Management Governance costs

Basis of allocation

Allocated based on direct costs Allocated based on direct costs

26

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

9. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Management

Wages
Social security
Pensions
Rent
Insurance
Staff costs
Office, IT and consumable
costs
Communication
Equipment
Travel
Professional fees
Subscriptions
Other management costs
Governance costs
Auditors' remuneration
Trustee expenses		 Pastoral
workers
£
108,653
7,378
5,414
4,205
470
1,383
1,650
1,973
15
1,512
1,353
2,645
1,522
138,173
Pastoral
workers
£
5,057
64
5,121		 Cost of
operating
centres
£
14,358
975
715
556
62
183
218
261
2
200
179
349
201
18,259
Cost of
operating
centres
£
668
9
677		 Other
activities
£
4,620
314
230
179
20
59
70
84
1
64
58
112
65
5,876
Other
activities
£
215
3
218		 31.3.22
Total
activities
£
127,631
8,667
6,359
4,940
552
1,625
1,938
2,318
18
1,776
1,590
3,106
1,788
162,308
31.3.22
Total
activities
£
5,940
76
6,016		 31.3.21
Total
activities
£
121,315
7,891
5,861
4,140
543
587
6,796
2,041
434
23
3,096
3,159
702
156,588
31.3.21
Total
activities
£
4,470
-
4,470

Governance costs

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.22 31.3.21
£ £
Auditors' remuneration 5,940 4,470
Auditors' remuneration for non audit work 1,440 1,590

27

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

11. TRUSTEES' REMUNERATION AND BENEFITS

During the year no trustees received remuneration from the charitable company (31.3.21: £Nil).

Trustees' expenses

During the year one (31.3.21: no) trustees were reimbursed expenses by the Trust for travel, subsistence and training totalling £52 (31.3.21: £nil).

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
Staff numbers
Average head count
Analysed as:
Full-time
Part-time
Calculated on a full-time equivalent basis, analysed by function:
Charitable activities - Centres
Charitable activities - LIBOR projects
Charitable activities - Pastoral workers
Charitable activities - SBW
Administration, management, raising funds and research		 31.3.22
£
542,867
26,576
23,633
593,076
2022
40
3
37
40
2.1
0.1
17.7
0.7
3.4
24.0		 31.3.21
£
519,127
25,428
21,583
566,138
2021
37
3
34
37
1.5
0.1
17.8
0.6
3.1
23.1

Life insurance for staff totalling £3,960 (31.3.21: £nil) was paid during the year.

No employees received emoluments in excess of £60,000.

28

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
36,774
-
Charitable activities
Pastoral workers
-
128,048
Storybook Waves
-
13,372
Cost of operating centres
-
32,500
Other projects
436
-
Investment income
272,211
-
Other income
52,175
-
Total
361,596
173,920
EXPENDITURE ON
Raising funds
16,244
5,040
Charitable activities
Pastoral workers
402,909
126,902
Storybook Waves
5,027
20,234
Cost of operating centres
17,532
32,500
Other projects
3,363
-
Total
445,075
184,676
Net gains on investments
-
-
NET INCOME/(EXPENDITURE)
(83,479)
(10,756)
RECONCILIATION OF FUNDS
Total funds brought forward
164,533
44,396
TOTAL FUNDS CARRIED FORWARD
81,054
33,640		 Endowment
funds
£
449,065
-
-
-
-
-
-
449,065
78,578
-
-
-
-
78,578
2,407,388
2,777,875
10,386,977
13,164,852
Total
funds
£
485,839
128,048
13,372
32,500
436
272,211
52,175
984,581
99,862
529,811
25,261
50,032
3,363
708,329
2,407,388
2,683,640
10,595,906
13,279,546

29

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

14. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2021
Additions
Disposals
Revaluations
Net increase/(decrease) in cash
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Listed
investments
£
12,499,389
1,792,462
(1,890,240)
583,842
279,255
13,264,708
13,264,708
12,499,389

Investments are held in a portfolio managed by Newtons Investment Management Limited. The market value of investments by geographical area is as follows:

31.03.22
£
Held within UK 7,570,546
Held outside UK 5,694,162
13,264,708

Fixed asset investments at cost as at 31.3.22 were £10,088,797 (31.3.21: £9,059,285).

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Prepayments and accrued income
Accrued investment income		 31.3.22
£
1,107
568
52,931
54,606		 31.3.21
£
102
6,111
-
6,213

30

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Other creditors
Deferred income
Accruals		 31.3.22
£
8,318
3,648
10,000
30,214
52,180		 31.3.21
£
7,297
3,181
10,000
26,277
46,755

Deferred income

Deferred income comprises of a grant received from Trinity House for pastoral workers in 2022/23 (31.3.21: from RNRMC - RFA for pastoral workers in 2021/22).

Balance brought forward
Amount released to incoming resources
Amount deferred in the year
Balance carried forward		 31.3.22
£
10,000
(10,000)
10,000
10,000		 31.3.21
£
20,668
(20,668)
10,000
10,000

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
fund
funds
£
£
Investments
-
-
Current assets
145,023
58,646
Current liabilities
(23,332)
(10,000)
121,691
48,646		 Endowment
funds
£
13,264,708
550,946
(18,848)
13,796,806		 31.3.22
£
480
31.3.22

Total
funds
£
13,264,708
754,615
(52,180)
13,967,143		 31.3.21
£
2,880
31.3.21
Total
funds
£
12,499,389
826,912
(46,755)
13,279,546

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

31

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
RNRMC - Helping Hands
Annington Trust - SBW Book Club
RMA - TRMC - Pastoral Workers (CTC)
Greenwich Hospital - Raleigh/Bickleigh Pastoral Workers
RMA - TRMC - Norton Manor Pastoral Worker
RNRMC - Pastoral Workers
RNRMC - SBW
NCC - Communities and Families
LIBOR - Rosyth Pastoral Worker
AFCFT - Aggies Community Waves
AFCFT - FfC
Annington Trust - Deployment Journal
RMA - TRMC - Pastoral Workers (RM Bases)
BAE Systems - Community Support PO
Cornelius Trust - ACW Activities
Operation Care Package Donation
ACW - PO Donations
RNRMC - RFA Pastoral Workers
Endowment funds
Expendable Endowment Fund
Fair Value Reserve
TOTAL FUNDS		 At 1.4.21
£
81,054
108
12,758
18,064
-
149
-
187
-
2,374
-
-
-
-
-
-
-
-
-		 Incoming
resources
£
477,311
-
-
-
21,200
-
81,220
16,727
16,000
-
32,500
9,049
6,294
45,321
12,000
1,430
1,655
1,095
10,000		 Resources
expended
£
(436,674)
(71)
(5,882)
(18,064)
(20,900)
(149)
(81,220)
(16,914)
(16,000)
(2,185)
(32,500)
(9,030)
(6,294)
(16,181)
(3,000)
-
-
(1,095)
(10,000)		 Gains and
losses
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Transfer
between funds
At 31.3.22
£
£
-
121,691
-
37
-
6,876
-
-
-
300
-
-
-
-
-
-
-
-
-
189
-
-
-
19
-
-
-
29,140
-
9,000
-
1,430
-
1,655
-
-
-
-
-
48,646
(381,740)
10,859,853
381,740
2,936,953
-
13,796,806
-
13,967,143
33,640
11,193,481
1,971,371		 254,491
157,075
-		 (239,485)
(91,156)
-		 -
(17,807)
583,842
13,164,852 157,075 (91,156) 566,035
13,279,546 888,877 (767,315) 566,035

32

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. MOVEMENT IN FUNDS - continued

Prior year comparative

Unrestricted funds
General fund
Restricted funds
RNRMC - Helping Hands
Annington Trust - SBW Book Club
RMA - TRMC - Pastoral Workers (CTC)
Greenwich Hospital - Raleigh/Bickleigh Pastoral Workers
Trinity House - RFA Pastoral Workers
RMA - TRMC - Norton Manor Pastoral Worker
RNRMC - Pastoral Workers
RNRMC - SBW
NCC - Communities and Families
BFBS - Pop-up Chaplaincy
LIBOR - Rosyth Pastoral Worker
AFCFT - Aggies Community Waves
Endowment funds
Expendable Endowment Fund
Fair Value Reserve
TOTAL FUNDS		 Incoming
Resources
Gains and
At 1.4.20
resources
expended
losses
At 31.3.21
£
£
£
£
£
164,533
361,596
(445,075)
-
81,054
147
-
(39)
-
108
16,736
-
(3,978)
-
12,758
4,285
20,668
(6,889)
-
18,064
-
21,200
(21,200)
-
-
10,000
-
(10,000)
-
-
612
-
(463)
-
149
-
70,180
(70,180)
-
-
3,071
13,372
(16,256)
-
187
-
16,000
(16,000)
-
-
5,040
-
(5,040)
-
-
4,505
-
(2,131)
-
2,374
-
32,500
(32,500)
-
-
44,396
173,920
(184,676)
-
33,640
10,386,977
449,065
(78,578)
436,017
11,193,481
-
-
-
1,971,371
1,971,371
10,386,977
449,065
(78,578)
2,407,388
13,164,852
10,595,906
984,581
(708,329)
2,407,388
13,279,546

33

continued...

DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. MOVEMENT IN FUNDS - continued

RNRMC - Helping Hands

Funds received from RNRMC to build a volunteer programme within Aggie's.

Annington Trust - SBW book club

Funds received from Annington Trust for the Storybook Waves Book Club project.

RMA - TRMC- Pastoral Workers

Funds received from the RMA - TRMC to support additional hours for pastoral workers at CTCRM.

Greenwich Hospital - Raleigh/Bickleigh Pastoral Workers

Funds received from Greenwich Hospital to support part-time pastoral workers at HMS Raleigh and RM Bickleigh.

Trinity House - RFA Pastoral Worker

Funds received from Trinity House to support a part-time pastoral worker for the RFA.

RMA - TRMC - Norton Manor Pastoral Worker

Funds received from RMA -TRMC to support a part-time pastoral worker to RM Norton Manor.

RMRMC - Pastoral Workers

Funds received from RNRMC to support the pastoral worker programme on RN bases and within the community.

RNRMC - SBW

Funds received from RNRMC to provide a part-time Storybook Waves Project Manager.

BFBS - pop-up chaplaincy

Funding received from BFBS to provide equipment for 'pop-up chaplaincy'.

NCC - Pastoral Workers

Funds received from NCC to support the Pastoral Worker programme.

AFCFT- Aggie's Community Waves

Funds received from AFCFT to support the Portsmouth region community project providing part-time pastoral workers in support of families.

LIBOR - Rosyth pastoral worker

Funds received out of LIBOR funds to support the provision of a part-time pastoral worker at HMS Scotia (Rosyth).

AFCFT - Aggie's Community Waves

Funds received from AFCFT to support the Portsmouth region community project providing part-time pastoral workers in support of families.

RMA- TRMC Pastoral Workers (RM bases)

Grant funding to contribute to the costs of the Pastoral Worker programme at Royal Marine bases.

Annington Trust - deployment journal

Grant award for the cost of design and production of a deployment journal of children as part of the SBW project.

BAE Systems - community support PO

Grant towards the costs of an additional Pastoral Worker for the Aggie's Community Waves (ACW) project in Portsmouth region.

34

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. MOVEMENT IN FUNDS - continued

Cornelius Trust - ACW activities funding

Small grant as contribution towards activities costs for ACW Portsmouth.

Operation care package donation

Residual funds from Operation Care Package (support network of families/friends for serving personnel particularly during Covid) donated to Aggie's in recognition of the work at Collingwood and Yeovilton.

ACW - PO donations

Donations received specifically for ACW Portsmouth.

RMRNC- RFA Pastoral Worker

Grant funding towards costs of a Pastoral Worker.

Expendable endowment fund

Funds arising from capital assets donated to the charity. The fund is expendable at the discretion of the trustees to support the charity's objects.

20. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined pension scheme for its employees.

The employer's contribution to the scheme during the year was £23,634 (2021: £21,583). At the balance sheet date £3,647 (2021: £3,181) was payable in respect of pension contributions.

There were 26 employees in the pension as at 31 March 2022 (2021: 25). During the year pension contributions were accrued for 27 employees (2021: 26).

21. RELATED PARTY DISCLOSURES

During the year under review the charity had 3 (FTE 2.58) (2021: 3 (FTE 2.57)) members of key management personnel who received employee benefits totalling £129,241 (2021: £118,449) made up of salary £123,338 (2021: £113,032) and employer's pension contributions of £5,903 (2021:£5,417).

During the year under review the charity's key management personnel had travel and subsistence expenses reimbursed or paid on their behalf totalling £1,776 (2021: £23).

There have been £240 (2021: £240) of donations received from Trustees without conditions.

22. CONTINGENT ASSET

As referred to in the Trustees Annual Report (see page 6) the charity is a beneficiary (one of four charities currently) of the Dashwood Trust. The Dashwood Trust currently owns 18 residential and one commercial site. There is significant uncertainty regarding the valuation of the Dashwood Trust’s assets and its current and future liabilities to reliably quantify the charity’s share of these at the balance sheet date. Income from the Dashwood Trust is only recognised once the charity has been notified of entitlement to a share of the proceeds following a completed property sale prior to the balance sheet date and its share of the proceeds can be reliably estimated.

35

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DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

23. FINANCIAL INSTRUMENTS

The company's financial instruments may be analysed as follows:

31.3.22 31.3.21
£ £
Financial assets
Financial assets measured at fair value through net income/(expenditure):
Fixed asset investments 13,264,708 12,499,389
Financial assets measured at amortised cost 701,116 820,801
Financial liabilities
Financial liabilities measured at amortised cost 43,862 39,458
Financial assets measured at amortised costs comprise cash and other debtors.
Financial liabilities measured at amortised costs comprise other creditors, deferred income and accruals.
31.3.22 31.3.21
£ £
Income and expense
Financial assets measured at fair value through net income/(expenditure):
Investment income 391,046 271,934
Investment management fees (91,156) (78,578)
299,890 193,356
Net gains and losses (including changes in fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments 583,842 1,971,371
Realised gains/(losses) on investments (17,807) 436,017
565,035 2,407,388

36