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2023-03-31-accounts

Page
Section 1:Objectives
Section 2:Main activities
Section 3:Achievements
and Performance
Section 4:Financial
review
Section 5:Plans forthe Future
Section 6:Structure,
Governance		 and Management 10
Section 7:Reference and administrative information 13
Section 8:Acknowledgements, Statement ofTrustees and Appointment ofAuditors 14
Independent
Auditor's
Report		 17
Statement of Financial Activities
Balance Sheet 22
Statement ofCash Flows 23
Accounting
Policies
Notes to the Financial Statements 27

Location Location Posts filled Posts vacant
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
Royal Fleet Auxiliary
Portsmouth
Community		 Waves
Plymouth
Community
Waves

FO R THE YEAR E NDED 31 MAR CH 2023
31.3.23 31.3.22
Unrestricted Restricted Endowment Total Total
fund funds funds funds funds
Notes f f f f
INCOME AND ENDOWMENTS
FROM
Donations
and legacies		 51,632 1,539 53,171 232,524
Charitable
activities
Pastoral workers 215,507 215,507 173,741
Storybook Waves 31,582 31,582 16,727
Community
Waves		 42,500 42,500 44,500
Other activities 789 476 1,265 17,258
Investment
income		 3 537,481 537,481 393,897
Other income 5 10,230
Total 589,902 291,604 881,506 888,877
EXPENDITURE ON
Raising funds 11,066 17,555 28,621 101,309
Charitable
activities
Pastoral workers 409,227 213,436 622,663 533,941
Storybook Waves 10,726 25,095 35,821 38,809
Community
Waves		 71,465 47,248 118,713 70,552
Other activities 1,854 1,060 2,914 22,704
Total 504,338 286,839 17,555 808,732 767,315
NET INCOME/(EXPENDITURE)
before net gains/(losses) on 85,564 4,765 (17,555) 72,774 121,562
investments
Net gains/(losses) on
investments (403,753) (403,753) 566,035
NET INCOME/(EXPENDITURE) 85,564 4,765 (421,308) (330,979) 687,597
RECONCILIATION OF FUNDS
Total funds brought forward 121,691 48,646 13,796,806 13,967,143 13,279,546
TOTAL FUNDS CARRIED
FORWARD 207,255 53,411 13,375,498 13,636,164 13,967,143

31.3.23 31.3.22
Notes f f
FIXEDASSETS
Investments 14 12,833,307 13,264,708
CURRENT ASSETS
Debtors 15 147,206 54,606
Cash at bank 695,041 700,009
842,247 754,615
CREDITORS
Amounts
falling due within		 one year 16 (39,390) (52,180)
NET CURRENT ASSETS 802,857 702,435
TOTAL ASSETS LESSCURRENT LIABILITIES
13,636,164 13,967,143
NET ASSETS 13,636,164 13,967,143
FUNDS 19
Unrestricted
funds		 207,255 121,691
Restricted funds 53,411 48,646
Endowment
funds:
Expendable
Endowment		 fund 10,869,946 10,859,853
Fair Value reserve 2,505,552 2,936,953
13,375,498 13,796,806
TOTAL FUNDS 13,636,164 13,967,143
31.3.23 31.3.22
Notes to cashflow E
Cash flows from operating activities
Cash generated
from operations		 (466,970) (328,291)
Net cash used
in operating		 activities (466,970) (328,291)
Cash flows from investing activities
Purchase of fixed asset investments (13,137,038) (1,792,462)
Sale offixed asset investments 12,661,383 1,872,433
Movement
in cash held at		 investments 503,303 (279,255)
Dividends
received		 451,909 340,966
Net cash provided
by investing
activities		 479,557 141,682
Cash flows from financing activities
Income attributable
to endowment		 157,075
Expenditure
attributable
to endowment		 (17,555) (91,156)
Net cash (used in)/provided by financing activities (17,555) 65,919
Change
in cash and cash equivalents		 in
the reporting
period		 (4,968) (120,690)
Cash and cash equivalents at the
beginning
ofthe reporting		 period 700,009 820,699
Cash and cash equivalents at the end of
the reporting
period		 696,041 700,009

RECONCILIATION OF NET (EXPENDITURE)/INCOME OF NET (EXPENDITURE)/INCOME OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.3.23 31.3.22
f
Net (expenditure) fincome for the reporting period (as per the
Statement of Financial Activities) (330,979) 687,597
Adjustments
for.
Losses/(gain)
on		 investments 403,753 (566,035)
Dividends
received		 (451,909) (340,966)
Income attributable to endowment (157,075)
Expenditure
attributable		 to endowment 17,555 91,156
Increase in debtors (92,600) (48,393)
(Decrease)/increase in creditors (12,790) 5,425
Net cash used in operations (466,979) (326,291)
ANALYSIS OF CHANGES IN NET FUNDS
At1.4.22 Cash flow At 31.3.23
f f E
Net cash
Cash at bank 700,009 (4,968) 695,041
700,009 (4,968) 695,041
Liquid resources
Cash held within investments 503,303 (503,303)
503,303 (503,303)
Total 1,203,312 (508,271) 695,041

31.3.23 31.3.22
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
f f f f
Donations from
individuals and trusts 24,463 1,539 26,002 21,829
Gift Aid 2,569 2,569 1,978
Legacies 600 600 142
Grants 24,000 24,000 24,000
Dashwood Trust capital
receipt 157,075
Dashwood Trust income
distribution 27,500
51,632 1,539 53,171 232,524
Grants received, included in the above, are as follows:
31.3.23 31.3.22
f
Pemberton Barnes Trust 24,000 24,000
INVESTMENT INCOME
31.3.23 31.3.22
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
f f f f
Dividends 527,126 527,126 391,046
Interest and tax credits 10,355 10,355 2,851
537,481 537,481 393,897
INCOME FROM CHARITABLE ACTIVITIES
31.3.23 31.3.22
Activity f f
Grants Pastoral workers 215,507 173,741
Grants Storybook Waves 31,582 16,727
Grants Community Waves 42,500 44,500
Other income Other activities 789 485
Grants Other activities 476 16,773
290,854 252,226
eceived, included in the above, are as follows:
31.3.23 31.3.22
f f
RNRMC 154,313 107,947
Annington Trust 6,294
RMA - TRMC 47,144 45,321
Greenwich Hospital 23,600 21,200
Carried forward 225,057 180,762
27 continued. ..

Direct Direct Support
Costs (see costs (see
note 8) note 9) Totals
f f
Pastoral workers 427,190 195,473 622,663
Storybook Waves 35,821 35,821
Community Waves 81,447 37,266 118,713
Other activities 2,002 912 2,914
546,460 233,651 780,111
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.3.23 31.3.22
f f
Staff costs 510,036 441,627
Hall hire costs 1,686 2,095
Other staff costs 18,567 8,107
Office, IT and consumable costs 3,774 4,539
Communications 2,029 2,519
Equipment 5,354 11,878
Travel 2,536 1,541
Food costs for sessions 533 347
Publications 6,300
Advertising 574 2,440
Professional fees 958 1,233
Subscription 275 273
Other management costs 138 396
546,460 483,295
SUPPORT COSTS
Governance
Management costs Totals
f f f
Pastoral workers 189,816 5,657 195,473
Community Waves 36,188 1,078 37,266
Other activities 886 26 912
226,890 6,761 233,651

Management Management
31.3.23 31.3.22
Pastoral Community Other Total Total
workers Waves activities activities
activities
f f f f f
Wages 134,425 25,628 627 160,680 133,942
Social security 9,407 1,793 44 11,244 9,074
Pensions 6,615 1,261 31 7,907 6,675
Rent 5,772 1,100 27 6,899 4,940
Insurance 475 91 2 568 552
Advertising 9,303 1,773 43 11,119 6,764
Other staff costs 1,926 367 9 2,302 1,625
Website costs 4,801 915 22 5,738 271
Office, IT and consumable
costs 5,270 1,005 25 6,300 1,956
Communication 2,101 401 10 2,512 2,503
Equipment 538 103 3 644 18
Travel 2,525 482 12 3,019 1,776
Professional
fees		 1,727 329 8 2,064 1,590
Subscriptions 3,292 627 15 3,934 3,221
Other management costs 1,639 313 8 1,960 1,788
189,816 36,188 886 226,890 176,695
Governance costs
31.3.23 31.3.22
Pastoral Community Other Total Total
workers Waves activities activities
activities
f f
Auditors' remuneration 5,351 1,020 25 6,396 5,940
Trustee expenses 306 58 1 365 76
5,657 1,078 26 6,761 6,016

STAFF C OSTS
31.3.23 31.3.22
f
Wages and salaries 631,660 542,460
Social security costs 33,620 26,983
Other pension costs 27,653 23,633
692,933 593,076
Staff numbers 31.3.23 31.3.22
Average head count 43 40
Analysed as:
Full-time 4 3
Part-time 39 37
43 40
Calculated on a full-time equivalent basis, analysed by function:
Charitable activities —Community Waves 3.3 2.1
Charitable activities - LISOR projects 0.1
Charitable activities —Pastoral workers 17.9 17.7
Charitable activities —Storybook Waves 0.6 0.7
Administration,
management,		 raising funds and research 3.9 3.4
25.7 24.0

COMPARATIVES F O R THE STA TEMENT OF FINANCIAL ACTIVI TIES
Unrestricted Restricted Endowment Total
fund funds funds funds
f f f f
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 72,699 2,750 157,075 232,524
Charitable
activities
Pastoral workers 173,741 173,741
Storybook Waves 16,727 16,727
Community
Waves		 44,500 44,500
Other activities 485 16,773 17,258
Investment
income		 393,897 393,897
Other income 10,230 10,230
Total 477,311 254,491 157,075 888,877
EXPENDITURE ON
Raising funds 10,153 91,156 101,309
Charitable
activities
Pastoral workers 369,242 164,699 533,941
Storybook Waves 16,013 22,796 38,809
Community
Waves		 33,957 36,595 70,552
Other activities 7,309 15,395 22,704
Total 436,674 239,485 91,156 767,315
Net gains on investments 566,035 566,035
NET INCOME 40,637 15,006 631,954 687,597
RECONCILIATION OF FUNDS
Total funds brought forward 81,054 33,640 13,164,852 13,279,546
TOTAL FUNDS CARRIED FORWARD 121,691 48,646 13,796,806 13,967,143

FIXEDASSET INVESTME NTS
Listed
investments
f
MARKET VALUE
At 1 April 2022 13,264,708
Additions 13,137,038
Disposals (12,661,383)
Revaluations (403,753)
Net increase/(decrease) in cash (503,303)
At 31 March 2023 12,833,307
NET BOOK VALUE
At 31 March 2023 12,833,307
At 31 March 2022 13,264,708
31.03.23
Held within UK 2,081,962
Held outside UK 10,751,345
12,833,307
DEBTORS:AM OUNT S
FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
f
Other debtors 163 59
Prepayments and accrued income 8,540 1,616
Accrued investment income 138,503 52,931
147,206 54,606

CREDITORS: AMOUNTS
FALLING DUE WITHIN ONE YE		 AR
31.3.23 31.3.22
f f
Social security and other taxes 9,921 8,318
Other creditors 4,694 3,648
Deferred income 10,000
Accruals 24,775 30,214
39,390 52,180

31.3.23 31.3.22
f f
Balance brought forward 10,000 10,000
Amount released to incoming resources (10,000) (10,000)
Amount deferred in the year 10,000
Balance carried forward 10,000
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
f f
Within one year 3,855 480
ANALYSIS OFNET ASSETS BETWEEN FUNDS
31.3.23 31.3.22
Unrestricted Restricted Endowment Total Total
fund funds funds funds funds
f f f f f
Investments 12,833,307 12,833,307 13,264,708
Current assets 242,788 53,411 546,048 842,247 754,615
Current liabilities (35,533) (3,857) (39,390) (52,180)
207,255 53,411 13,375,498 13,636,164 13,967,143

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31.3.23 31.3.22
f f
Financial assets
Financial assets measured at fair value through net
income/(expenditure):
Fixed asset investments 12,833,307 13,264,708
Financial assets measured at amortised cost 695,204 701,116
Financial liabilities
Financial liabilities
measured		 at amortised cost 29,469 43,862
31.3.23 31.3.22
f f
Income and expense
Financial assets measured
at fair value through		 net
income/(expenditure):
Investment income 527,126 391,046
Investment management fees (17,555) (91,156)
509,571 299,890
Net gains and losses (including changes in fair value)
Financial assets measured
at fair value through		 net income/(expenditure)
Unrealised (losses)/gains on investments (298,062) 583,842
Realised (losses)/gains on investments (105,691) (17,807)
(403,753) 566,035