DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE Trustees, Report and Financial Statements for the year ended 31 March 2025 Registered Charity Number {England & Wales): 1176596 Registered Charltable Company (Limited by Guarantee): 11114651 FAi44fvlly Alopi8siAo 4IA¢v fvJ4vAI FAMII
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDÉD 31 MARCH 2025 INDEX Page(51 Trustee5 Report Ito16 IndependentAudlto¢$ Report 17to19 5tstementof Flnanclal Attle$ Balance Sheet 21 Statement of Cash Flow5 Notesto the Cash A¢)wStatement Note5to the Flnanclal Ststernents 24to39
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, ANNUALAEPORT The Tnjstèes of Dame Agnes Weston's Royal Charity for the Naval Service IAggie'sl have pleasure in presentingtheir annual report for the purposes of the Charities Act 2011 and thè Companie5 Act 2006, together with the accounts forthe year ended 31 March 2025. In preparin8 this annual report and financial statement the trustees have adopted the provisions of the Statement of Recommended Platti applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191. WHOWE AREAND HOWWE H The Royal Navy èxlsts to protert the UK'S trade and freedom. maintaln peace & stability and to safeguard global trade. They are also readyto act a5 a fightlng force If diplomacy falls. A8gle'5 provides vltal support to help the Royal Navy keep doing all these crucial activitle5forour country. Recognising the challenges of the role and providing support to mitlgate the impact of these challenges are vitsl to the retention of Naval personnel. Training is necessarily rigorous, deployments are lengthy, often over six month5, and are regularly subject to change, often delaying their return. This treates a chaSlen8ing environment for both thè serving personnel and thèir families at a time when the Royal Navy's resources for pastoral SLtpport are ever more stretched. It is important that everyone has someone they can talk to, and a strong support 5y5tem ensures that life in the Royal Navy is as fulfillin8 and 5tress-free as possible. Taktng on the challenges that serving personnel and their famllies face is a lot harder if you ère lacking in confidence and are not happy in yourself. And when there are any extra pressures, it helps to have someone who knows you to support you through those time5. Aggie's provides emotional support and enhanced wellbeing throL¢gh the provision of pastoral workers serving nav31 bases. air stations, naval training establishments, Royal Marine units, amongst Seryice Family Accommodation ISFAI areas and amongst the RFA population. Aggie's pastoral workers have the time, knowledge and skills to listen, advise, signpost and offer practical support to all Regular and Reserve members of the Royal Navy community (which Includes Royal Marines and Royal Fleet Auxi5iaryl, and their families. Our Vislon That all serving members of the Royal Navy (including the Royal Marines and Royal Fleet Auxiliary) and their families live life to the fullest measure and know the value that Jèsus places on them. Our Mlsslon The promotion of the efficiency of the Royal Navy and the Royal Marines and the advancement of the Chri5ti8n faich. htw'.l/www.royalnavy.mod.uklwhat-we4Jo
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 TRVSTEES'ANNUAL REPORT Our Ob"ertl Through the provlslon of pastoral support, we aim to.. Support personnel in training in order to reduce the nurnbers being withdrawn from training. Support personnel experiencing stress in orderto reduce the number becoming medically downgraded. Support personnel weighed down by family, financial or practical Issues in orderto help them restore theSr Èfficiencv. Support families through testingtimes, particularly during lengthy deployments, in orderto reduce the numbers reslgning from the Royal Navy early due to family reasons. Wh wedo Aggie's provide events and activities to connect communities and offer support through listening and slgnpostin& treating each individual with respect, care and compassion. In this way, the pastoral workers are embedded wlthln the CDmrnunlties they serve so they are a known and trusted source of support when needed, providing service personnel and their families with improved wellbeing and resilience. Pastoral Workers 28 pastoral workers are assigned to work inside naval bases, air stations, naval training schools and Royal Marine units. The pastoral Workers often operate from Havens or lounge areas offering free tea and coffee. TV. DVDS, games, information and a wide range of activities including pamper ni8hts, film nights, cook-your-own-scran nights, dinner5, Parties and faith-based events. The airn of every event is to make people feel safe, help them to form friendships with other serving personnel, and build trust so that those in need of a pastoral conversation feel confident in having one. Communi Waves 8 Family pastoral wothers focus theirtlme on supportin8 naval families in SFA estates Sn large base port areas or near more remote naval establishment5. Operating mostly from naval community centres, they gather people together through a range of activities for spouses and children of differing age groups. They also run outdoor activities, specific events forwomen and èvents for men with their children. The aim 15 the same as for the support to serving personnel, to increase the feelin8 of belongin& to create community and peer-to-peer support and to build sufficient trust to enable the beneficiary to open up to the pastoral worker when needed. book Waves. This free project enables servlng parents who are for any reason geographically separated from their children, to record a bedtime story. The recordings are facilitated by pastoral workeTS, creating another way in which connections can be made. The stories help children to feel connected to their parent during the Separation and can ease reintegration upon return. The recording is edited, has backing tracks and Sound effects added, and Is downloaded in MP3 format. This is then given to the family with è deployment journal. Aggie's little hero medal, a copy of the book, a scrap book and a range of sUPPOrting literature.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRU5TEES'ANNUAL REPORT Other activities- volunteers To support the pastofal workers Aggie's has 24 volunteer5 who work alongsSde them, helping with practical activities so that the pastoral worker5 can spend time engagingwith serving personnel and theirfamilies. There are also an additionèl 4 Storybook Wave5 editors who form part of this volunteer workforce. Aggie's is truly grateful forthe contribution that all our volunteers make. ACHIEVEMENT AND PERFORW4NCE Supportlng personnel in tralnlng In order to reduce the nurnbers beln8 wlthdrawn from training. Eleven Aggie's pastoral workers are employed acros5 five Part l and Part 2 training schools. Many of the trainees are young and are livin8 away from home forthe first time. Some come from dysfunctional homes and do not have cohesive family support in place, others bring their past problems into the Service when they joln. The trainees can, therefore, find the training environment challenging physicèlly. mentally or emotionally, and the support of a pastoral worker can make the dIffenCe which enables the trainee to succeed through to the end of training. During the year. our pastoral workers helped 1,69412024.. 1,4061 service personnel in training wlth issues relating to their service life. Many of the trainees attribtjte the support they received to their being able to eontlnue with their trainin8. Comments from beneficiaries include the following: One Chrlst1È7n recruit came in quite dffstres5ed one evenlng os his troop ht7d been worned 17bout the wor thut s inevfftobly comlng. ond they d been told they weren't good enough. notsupporting each other enough, nut trustworthy enough. It wc¢s quite an eye-opener in many woy5- to see the reÈ71ity of what these lods are up aguinst ond how theysometimes beor the brunt of the stress ond t7nxieties of thelrtroining tet7msl RM Recruit at CTCRM One recruit known to me, popped by to talk through his decAsion regording continuing his troining. Over u cuppt7 ond some artwork, he neededsomeone to download his thoughts ond said how huvlng the 'Aggie Lodies'_ as he put itl- to support him andsee him through some of the harclest times in his life, hod helped him greotly. As ret711y gifted urtist. this recruit was really chuffed thot50me of his ort will be disployed in the Chuplaincy on our new CombotArt woll. RM recruit at CTCRM Murk ot HMS Ruleigh Aggies hos been verysupportffve encour(7ging to ull recruits in Neptune as he b005ts m(trule ond confidence into getting bock to training. RN Serving person at Raleigh .genuinely guys, I'll be In touch, ond sincerely thonk you very muchforsticking with me, you oll genuAnely mode o very difficultsituation more beoroble and sometimes enjoyoble. Thonk you" Words frorn a recruit at CTCRM Supportlng personnel experiencing stress In order to reduce the number becoming medically downgraded. There are many things in life that can cause Someone to become stre55ed.. relationship issues- physical exhaustion; financial issues,. profes5ion31 or training difficulties,. bullying or harassment,. illness,. and trauma are just a few examples. By talking these issues through with a Pastoral Worker and reflecting on them, benefitting from signposting to specialist 5UPPOrt, OT receiving an early referral, there is a much higher probability that the individual would be able to resolve the i55ue before their stress reaches the point where they become medically non- deployable. Our pastoral worker5 have intervened in cases where such issues have threatened the C3Teer. mental health and even the life of a serving person.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES'ANNUAL REPORT During the year our pastoral workers supported 1,72412024.. 1.2651 serving personnel with issues relating to stress. These interactions have provided personnel with supportto better equip them through their life in the Royal Navy. "During my tffjme ftn phose l ot R171eigh. l unfttrtunt7tely injuredmy leg. This was o verystressful t7ndsud timefor me but our meetings with Aggies Mork mode it muth better. He w05 kAnd and supportive and provided us with session5 that would muke the boring/dull ttme in the injured division much more bean7ble. Mark wos ulwoys there to help ond would bring homemade goods ond cokes on people's birthdays and would even gts out of his woy to get us pIzzt7s once a week. These things mayseem little to mtsst but when you are injured tsndfeel like you t7ren't progressing, these things metsn Èy lotl Thank youfor all thtst you do, it really is oppretioted.. SeNing RN personnel Raleigh -Heordyou ot the recovery conference ond never realised whot it wos that Aggies did. I thought it wos about the food. You made on Impressioft), and I would like to book you in to tolk to the teom unL4 05 we get new joiners." RN serving personnel at Ne150n honk you so much. I'm all over the pluce just now... you reolly helped me e(zse down o Ilttle. I'm blessed.. you help me through thing5 while I work out how to try andfind my woy. l om grt7teful. Mt7ny thonksfor ollyou do to support me. Thonk you so muchfor ull you do who you ure in yourrole. The ultlmote professionul. Superstor thot you are." RN personnel Nelson "5inGe I hove been tolking this Out, my sleep hos become less disturbed- my ulrlfriend certainly appreciates that". Quotelrom one person who I've met o couple of timesfollowing him popping into Cht7ploincy becouse he wos feeling in such t7 bt7d wuy. RN personnel Yeovilton ou ore my light in a di7rkplt7ce & whet) wefinish, I can't explt7in how wonderful Ifeel." RN personnel Nelson "It 51HMS RNCH wellbeing morningj has beenfantostit, ond you guys have been u m¢75sive port of thot. Ship s command have been veryp051tive ond Fleetxo noticed, and thefeeling is they will roll these out goingforwurd. Thunks so muchforhelping to muke these happen." RN Personne5 Drake honk youfor this lovely, entouraging messt7ge ond l opologizefor toking so long to get bock to you. I hope this emOlfind$ you well ond that you hod o grei7t Chri5tmtss breok. l om back in the UK now fJnd dolftg u lot better. I wentfvr tsn ENGI appointment where I told the doctor the situation, wh¢7t I've been doing the pust 6 months and how lftel now. She's given me 0 6-month certificate with no limitutionsftlroffshore. They're usuollyfor two yeurs but she wonts to reassess me ofter my next trAP to 5eo. She olso put o condition on the certiflcote thot I continue to check in tlndchat with you On u regUlr bosis." RN personnel RFA is place h05 reolly helped me. I'd be in a ditch now otherwise" RN Personnel Drake Supportlng personnel weighed down by famlly, Ilnancial or practical issues In order to help them restore their efficlency. Even if the serving per50ft Is not succumbing to stress, issues can CaSe a slgnificant distraction which can undermine performance and team cohesion. This, ultlmately. will impact on the operational capabillty of the unit as a whole. Pastoral workers, through listenin& asking questions and offering advice, can help individuals to reflect on how to resolve their situation, thereby restoring their effectiveness. During the yearour pastoral workers supported 1,17212024.. 1,0791 serving perstsnnel with matters relatingto family, financial or other practical issues.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES'ANNUAL REPORT honk you so muchfor everything you've donefor us while I've been on maternity leave. It's been so lovelycoming to the events you've orgt7nised especNully the Christmt75 books ondpo5t(3 evening and being (Jble to do crufts wffth the little ones around-you've been so occommoduting, and it's made such o huge differerjce ttr how connerted I'vefelt with work while on matErnity in o really lovely woy" serving RN personnel Drake honk you 50 muchfor your 5UPPOrt & help over the It75t couple of weeks. Our chut ret711y helpedand the emoils you sent obout.... reolly meontso much to myfomily and l. Wishing you oll the best & l om sincerely grotefulfor oll you hove done.- RN personnel Nelson -you get me. Out of the people I've spoken to you're the only one." RN personnel Nelson "Thank youfor tillyou do ondfor lookFng after my WAfe ond baby thls morning" RM personnel cRm "I'm hovlng stjch ty good tAme. It (Ltsdies nlghtj htss helped me so muth tonlght, I needed to tope with hlm suddenly being uwoy.. RN personnel Drake Supporting families through testing times* particularly during lengthy deployments, in orderto reduce the numbers resigning from the Royal Navy early due to family reasons. 'Family reasons, is consistently one of the most common causes of serving personnel deciding to leave. Long deployments can be very challenging for families. particularly when the deployments are extended. Regular relocatson to another basè can also cause considerable stress and disruption to famlly life. It is essential, therefore. that pastoral workers are available to ensure that families are integrated into the community, are supported with practical challenges, encouraged, and given relevant advice and signposting to specialist SoUrS of support. During the year our pastoral workers supported 65612024: 1,0111 family members with specific issues alongside their usual routine of providing community activities and events. The 2024 number is higher because there was previously a coffee Shop in Faslane, Scotland which was closed. "Most plt7ces I go to I worry ond get ¢7nxious about how I'll cope with the children. 8ut if I know I'm coming here I on't worry ot all be¢iJ(J5e I know everything will be ok, th(yt you'lljust sort it o(rt ond yo(4'11 help me. You ure literollymy life suver5. 1 come in just go "phew"" RN Family Drake "Mum to newborn and 2-yeor-old. This wus ourfirst deployment, up)d I wos nervous to soy the leust. I wosn'tsure of the mental toll it would take on us ofamily and I wonted to do everything possible to try ond mitigote some of the worry. My husbandheard about Storybook Woves through ufriencl, ond I'd heurd o lot of other mums mention it t75 a 'must' on deployments so he contacted his local Aggie's Pastoral Worker in Portsmouth and within ufew weeks we hud a bedtime storyl Commotion in the Ocet7n became a part of our everyday, we would listen to it over ond over on car journeys, we'd read the book at night Using ull the sume intonotions that my husbt7nd used on the rewrding und to this duy we 5tAII listen to it. Itfills us with happiness every time. At u time of disconnert it made us feel so tonnecttd und ot o time of 5Gdness it brought us qll such joy. I can't recommend it enough." RN family Storybook Waves One parent come to Family Nightfor thefir5t time talking how difficult it wasfor her as herparent is t71ways awoy und it is offecting kids behovior. She wos 0150 lookingfvr more community und was wondering how her daughters would take to o new group. She was very keen at the end soying she ond her daughters hadu wonderful time. RN family Plymouth Community Wave5 h17nks very muchforputting on geek Club this week. Ichild) ond l enjoyed doingsetting different und (child) suid they really enjoyed the Lego. It wos nice seeing otherfamilies ond meeting Adomfrom Battling on." RN family Plymouth Communlty Waves -Aggies really does o lotformvfomily t7ndore olwoys there while I'm owoy. Thorjk you. 9uys, andseonid." RN
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR TrtE YEAR ENDED 31 MARCH 2025 TRU5TEÉS' ANNUALREPORT family Arbroath PLANS FOR FUTURE PERIOD Aggle's has launched 3 new Five Year Strategy whlch will focus on: Understsndlng the needs of our beneficiary group,. increaslng Capacity by retruiting more volunteers. widening our Reach through the ACTION tnitiative15ee below). improvTng the Sustainability of the charity by broadening our range of supporters; developing better ways to demonstrate Impact,. and irnproving Governance by diversifying the Board of Trustees. A88ie's 1% launching a new project- Aggie's Community Teams in other Neighbourhoods IACTioNI. There 15 3 rising trend for naval families to settle aw3y from base port area5 where they have established famSly and friendship support. Although their need5 might be different, they will still have needs for support. particularly when the servlng person deploys. Commencing April 2024. we have one team member running pilot trials in a small number of areas known to have significant naval populations. These pilots will determine what option5 are viable for gaining contact with naval families, what their needs are, and how best to meet those needs. The trial is ongoing currently and will be reported at the next Trustee meeting tn July 25, if the tria15 are successful. the scheme will be widened to cover other part5 of the country. As the naval footprint develops, Aggie's needs to be able to respond to the changes and 8enerate new PastOTal Worker positions where naval populations are unsupported. Particular sites for potential employment of an Ag8ie's Pastoral Worker include.. Britannia Royal Naval College, Dartmouth,. RAF Marham which is the home of the RN F35 community,. and Barrow in Furness where our submarine5 are built with naval crews standing by in build. FINANCIAL REVIEW Income 2024-25 Expenditure 2024-25 2% Aggie's achievements outlined in this report are accomplished with a relatNÈly small budget. Income forthe year was £970,51012024.. £918,928) and expendlture was £1,047,29012024.. £979,485) which include feè5 for third parties for investments. Therefore, Aggie's has made a deficit for the year (before net105ses on investmentsl of £76,78012024.. deficit of £60,557). This was an upturn on the budgeted net expenditure deficit of £259,683. Aggie's relles heavily upon its inve5trnent income of £586,77012024-. £585.3371, alongside generous grants awarded of £274,12112024.. £282.3041 to supplement charitable aetlvlty to meet its support costs . Restrirted grant funds were received from the Royal Navy and Royal Marir*e5 Charity, RMA- The Royal Marines Charity, the Armed Forces Covenant Trust Fund. Greenwich H05Pltal, Speclal Boat Service Association ISBSAI. Naval Childfen's Charlty and Hampshire & Isle of Wight Community Foundation.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENOEL) 31 MARCH 2025 TRUSTEES'ANNUALREPORT Addltionally, unrestricted grant funds were received from the Pemberton Barnes Trust. Other income from individual donors and le8acie5 totaled £78,61912024.. £24,770). These resources are used to support the charitable activities of Aggie's, with 86%12024.. 87%) of expenditure bèing on charitable artlvities and the rernainlng 14%12024: 13%) on raising funds lincludin8 investment management). INVESTMENTS A88ie's funds are invested in the Sustainable Multi-A5set Fund which has a target of inflation ICPII plus 4% per annum, net of fees, over rolling ten-year periods. The investment objective 15 to maintain the real capital value ahead of inflation, over the long term. The overall performance for the yearto 31 March 2025 was a return of l.l%. Since inception Ilst August 20181 the Fund has returned +5.5% p.a. net of fees (Peer Group, ARC Steady Growth.. +4% p.a.) whilst experiencin8 circa 70% of the volatility of global equity markets. The Trustees can tolerate variation in the capital value of the portfolio in the short-term and are prepared to adopt total return lincome and capital growth) approach to meet their expenditure requirements. They have adopted a 'medium-to-high' approach to risk to generate a total return ahead of infl3tion over the medium to long term. The Sustainable Multi-Asset Fund aims to have a positive impact on people and the planet by avoiding ham through ESG integration and exclusions, beneliting stakeholders through re5ponslble buslness activities and contributing to solutions through influence and investing for impact. The trustees ¢onsider that the ethical consideTations of the charity are fulfiSled by those sét by the fsjnd. These include no direct Investment in companie5 that produce alcohol, pornography, 8ambling services. tobacco or companies offering'pay dav loans. Aggie's Trustees utilise the investmentsto aehleve an income which contributes significantlyto charitable artivities. and they are therefore mindful of the need to preserve the investment capital in order to Sustain the income for future years. The income objective included in the budget for 2024125 was an investment income of £564,50012023124: £520,OCX)l. The income achieved was £586,77012024'. £585,337). Included within the total investment income was also interest receivèd of £28,84012024.' £23,621).
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, ANNUAL REPORT KEY RISKS AND UNCERTAINTIES The top three risks identified by the trustees, along with the mitigations put in place, are as follows.. Mltl8atlon R15k Poor performance of investments / loss of capital. Review investment policy and investment managers. Obtain proper investment advice and assessment of performance of investment managers on regular basis. Variation in the capital value of the portfolio in the short-term 15 tolerable. Cash resèrves maintained to alleviate potential short-term loss of income, providing time to plan forthe longer term. Established a timetable of milestone dates so that grant renewal can be requested in good time, and mitigations put in place should grants be unsuccessful. Decisions by grant making organi53tionsto not renew a grant wlll unbalance the budget with the potential for redundancie5 or financial instability. Maintain regular dialogue with grant makin8 organisations to cement felatlonships, articulate the need. provide evidence of impact, and gain under5t3ndlng of their financial position and intentions. Investigation into the further diversification and increase of fvnding through recruitment of a Fundraising Manager with a fu5 on Grants, Trusts, Corporate and Community Fundraising. Implementation of an O erational Plan b the Exec team Regularly updated communications plan. A weak public image or poor understanding of the role of the charity amongst beneficiaries with potential hjnders. Good quality Teporting of attivities and annual impactstatement. Develop and maintaln brand visibility in vscinity of activities. Controlled social media presence. Rapid and honest response to negative events and bad publicity. Sufficient allowance in annual budgetto enable communications strategv- Continued èmployment of a Marketing & Communications team includlng a Director of Communications and 3 Marketing & Cornmunlcations Co- Ordinator.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. ANNUALREPORT RESERVES The Trustees a8reèd In October 2024 to maintain a reseNe of £300,000 for the Smoothing out of the variations of income and expenditure. The charity operates with an annual break-even budget, which forecasts that income will return a small surplus, after expected expenditure of approximately £19,500 for the year ended 31 March 2026. Total funds held by the charity at 31 March 2025 are £14,008.487 of which £13.648,483 relate to endowment funds and £49,895 are restricted fund5. The free re5erve5. unrestricted fund5 not repsented by fixed assets at 31 March 2025 were £310,109131 March 2024.. £272,715) whtch is sufficient to set up a desiEnated reserve fund and cover the budgeted net expenditure and any shortfalls should this materialise. The predictable nature of expenditure, the low risk of unèxpected event5 that may have high-cost implications, and the availability of investments which could be liquidatèd in extremis suggest that drawdown from expendable endowment will be manageable, and significant ffee reseNes are not required, however as a prudent measure. the Trustees have allocated a designated Reserve fund for the period to 31 March 2025. In establishing the charittys Reserve5 Policy, the trustees have referred to Charity Commission guidance ICC191 and accounting standards ISORP 20191- ING CONCERN The Trustees assessment of the overall financial position is that the charity has sufficient resèrves to carry out its plans beyond the next financial year and can draw upon the unrestricted endowment fund5 shtsuld the need arise in the short term. On thi5 basis the trustees remain confident of their assessment that the charity is able to continue as a going concèrn.
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 TRVSTEES'ANNUALREPORT REFERENCE AND ADMINISTRATIVE DAll5 Name of the charlty Ireglstered namel and any other namè whlch it Uses. Dame Agnes Weston's Royal Charity for the Naval Service 18enerally known as Aggie We5ton'% or Aggie's) is an incorporated charity registered with the Charity Cornmission of England and Wales and 15 a Charitable Companv ILimited by Guarantee) re8lStered with Companies House. Re8lStratlon numberswith Charlty Comml4lon and CompanSes House Charity Commission 1176596 Companies House 11114651 Patrons The charity Is honoured to have Hi5 Majesty King Charles111 and the Ministry of Defence as p*rons. Addre55 of prlncipal offite (Head Office) and other¢Mtact detai15 Castaway House 311 Twyford Ave Portsmouth, P02 8RN Telephone-. 07977 641876 Email.. offite@aggies.org.uk Website: www.aggies.org.uk AcknovAedgements The tnisteès express their slncere thanks to His Majesty The King for his continued patronage. They are also most apprèclative and grateful to all supporters, funding bodies and partners. In particular, they are enormously grateful for the ongoing grant support from: The Royal Navy and Royal Marines Charity Greenwich H05Pltal RMA-The Royal Marines Charity IRMA- TRMCI Armed Forces Covenant Fund Trust Pemberton Barne5 Trust Special Boat Setvice Association ISBSAI Hampshire & Isle of Wight Community Foundation Structure Governance and Risk Mana ernent Aggie We5ton's is a Charitable Incorporated Organisation, limited by guarantee, and the Trustees are the Members of the charity. Due to the specialist nature of the charity, Trustees are recruited through a number of avenues. Some are invited to offer themselves for consideratlon, others approach the chaTtty direct. The charity makes use of online recruitment tools tts advertise specialist vacancies and we also respond to recommendations. In every case, a 10
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 TRUSTeES'ANNUALREPORT prospertive trustee will be interviewed by the CEO, followed by a panel of trustees, and may then be recommended to the full Board. The applicant will then attend a trustees meeting as an observer befo becoming a full trustee. DirÈttors and trustees The directors of the charitable company Ithe charity) are its trustees for the purpose of charity law. The trustee5 seNing durin8 the year (for the full year unless a shorter period is indicated) and since the year end were as follows: Captain Patrlck Allen Royal Navy IRetiredl Mr Stephen Martin Captain Hugh Hairis Royal Navy Commander Stuart Somerville Royal Na IRetTrredl Lleutenant Commander Louise Wooller Royal Naval AeseNe Mrs Adeola Oludemi Mrs Carole Blackhouse (resigned I" May 20241 Capt3ln Peter Selby Royèl Fleet Auxiliary Lt Cdr Susie Williford Royal Navy (appointed 15, July 20241 Mr Samuel Adams lappointed IO, March 20251 (Chairmanl Ivice Chaimanl Senlor Executives and organisations providing servlces or professlonal advice Chief Executive Officer Rev. Dr Scott Shackleton (appointed 22" July 20241 Mr Chri5 New 08E Iresigned 7, August 20241 Mrs Cathèrine Gilpin AICPA, MBA Open (appointed 30" September 2024, previously Finance Manager) Mrs Nicola Torrance FCCA IresiBned 19, November 20241 Mr Andrew Gordon lappointed 26 Aprll 2021. previously Ops & HR Manager) Mrs Kathryn Hearn (appointed 23 February 2015, previously Communication5 & Story Book Waves Manager) Chief Executive Officer Finance Director Flnance Director Chief ol Staff / Deputy CEO Director of Communication5 Solicitors Weller Law Group LLP 65 Leadenhall Street London EC3A 2AD Auditors Gibson Whitter Larch House Parklands Business Park Denmead P07 6XP Bankers Natwest Bank plc 130 Commercial Road Portsmouth POI IES 11
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 TRUSTEES'ANNUAI REPORT Investment Managers Cazenove Capital l London Wall Place London EC2Y SAU Publlc benefit disclosures The Charity's Object. which 15 for the public benefit. is the promotion of the efficiency of the Royal Navy and the advancement of the Christian faith. The actwitie5 described on page5 2-3 are made available primarily to serving members of the Royal Navy Iwhich includes the Royal Marines and Royal Fleet Auxiliary) and their families. Thè frustees, on 3A annual basis, consider how the activities of Aggie We5ton'5 Satisfy the guidance on public benefit 155ued by the Charity Commission. This is recorded In the minutes of the meeting. unteers Aggie Weston's makes use of volunteer5 to support pastoral workers in the delivery of their activities. Volunteers are supervised by pastoral workers, they contribute to activities bein8 led by pastoral worker5, 3nd do not run activitie5 Wlthout the supeNision of pastoral worker5. Fundraisin Aggie's have recently employed a Fundraising Manager to ensure the sustainability of the charity in the fre. Other costs Incurred in relation to fundraising relate to investment management fees and expenses relating to the produrtion and distribution of our publications. 12
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. ANNUALREPOAT Where we operate RM Condor, Arbroath Helensburgh Rosylh RNAS Yeo¥illo HMS CoUln8wood RM Norton Manor HMS Sultan HMS Raleigh Rmchivenor (ommumilyWavÈ5. Ptymouth DSL Worthy Dovm CrAnrnumltyWave5. Portsmouth RM Bi(kiusti HamvffjrthyBarracks RIIAS Culdrose RM Stonehouse HMSNelson. HMS Excelleni & HMN8 Portsmouth HMNB Debtnport CTCRM Lymp51one 13
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, ANNUALREPORT Statement of Trustees, Responslbillties The trustees Iwho are also directors of Dame Agnes Weston's Royal Charity forthe Naval Service for the purposes of ¢tsmpany lawl atcept 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 Practi1. The law applicable to charities in England & Wales requlres the trustees to prepare financial Statements for each financial year which give a true and fair view of the state of affair5 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: select suitable accounting policies and then apply them consistently; obseNe the methods and principles In the Charitie5 SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent.. st3te whether applicable èccounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wlll continue in operation. The trustees are responsible for keepin8 proper accounting retords that disc105e wlth reasonable accuracy at any time the financial position of the charity and enablè them to ensure that the financial statements comply with the Charities Act 2011, the Companie5 Act 2006. and the Charitles (Accounts and Reports) Regulations 2008. They are a150 responsible for safeguarding the assets ef the charity and hence for taking reasonable steps for the prevention and detettlon of fraud and other irregularitie5. In so far as the trustees are awa= there Is no relevant audit inftsrmation of which the charitable companrfs auditor is unaware,. and the trustees have taken all stepsthat they oughtto have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitvs web51te. Legislation in the United Kingdom governing the preparatlon and dissemination of financial statements may differ from legislation in otherjurisdictions. Charities (Protection and Soclal Investment) Act 2016 Under the terms of this art.. Aggie Weston's does not employ professional fuftd-raisers or comrnerclal participators to tarry out fund raising. The charity does not engage In street or door to door fundraising. Neither the charity nor any person acting on behalf of the charity was subject to any undertaking to be bound by any voluntary scheme for regulating fund-raising. However. any fund-raising by trustees, staff or 5UPPOrters of the charity is conducted in accordance with the Fundraising Regulatorfs Code of Fsjndraising Practice. The trustee5 are not aware of any failure to comply with the Code of Fundraising Practlce. Aggie Weston's ha5 not received any complaints about activitie5 for the PUTPOSe of fund raising. The trustees are content that through adherence to the Code of Fundraising Pr3Ctice they avoid any unreasonable intrusion into a pefson'5 privacy. or the placing of undue pressure on a person to give money or other Property. 14
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES'ANNUAL REPORT Appointment of Auditors Glbson Whitter have been appolnttd as audrtorstothe charlty. This report has been Pfepared havingiakèn advantage of the small companies exèrnption in the Compan$ Act 2006. Approved the stees and sl8ned on their behaK. Captain Patrk Allen Royal Navy IRetlredl Chatrman Date ........... Steve Martin Vice Chalrman Date 16
REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBERSOF DAMEAGNES WESTON'S ROYALCHARITY FOR THE NAVAL SERVICE Oplnion We have audlted the financial statements of Darne Agnes Weston's Royal Charity for the Naval Service Ithe'charitable company'l for the year ended 31 March 2025 which comprise the Statement of Financial Artivities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements. including a summary of 5ignilicant ac¢ountinE policles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ountlng Standards Iunlted Kingdom Generally Accepted Accounting Practicel. In our oplnlon the financial statements.. give a true and fair view of the state of the charltab1e company's affairs as at 31 March 202S and of its incomiTh8 resources and application of resources, including its incorne and expenditure, fortheyÈar thÈn Ènd. have been property prepared in accordance with Vnited Klngdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requiiernents of the Companies Act 2006. Basls foroplnlon We conducted ouraudlt in accordancewlth International Standafds on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities underthosestandards are further described In theAuditors' responsibilities forthe audit of the financial statements section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Ul including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. C¢n¢luslons relatlngto golng concem In auditing the flnancial 5taternents. we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the linanclèl statements Is approprlate. BasÈd on thÈworkwe have performed. we have not identified any material uncertainties relatingtoevent5 orconditions that, individually or collectively, may cast slgnlficant doubt on the charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the flnancial statements are authorised for issue. Our responslbllltles and the responsibil*ties of the tTUStees with respect to going concem are described in the leVant 5ectlOn5 of thi5 pOrt. Other Informatlon The trustees are responsible for the other information. The other information comprise5 the information included in the Annual Report, other than the financial staternerts 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 5tsted in our report. we do not express any form of assurance conclusion thereon. In connection with ouraudit of thefinancial statements, our responsibility F5 to read the other Informatlon and, In dolng so, consider whether thÈ other informatlon is materially inconsistent with the financial 5taternents or our knowledge obtained in the audit or otherwise appears to be rnaterially rnis5tated. If we Identlfy such material inconsistencies or apparent materlal misstatements. we are required to determine whether this gives rise to a materlal mlsststÈmÈnt In the financial 5taternents them5Efves. If, based on tho work we have performed. we conclude that there is a material mlsstatement of thls other information. we are required to report thatfart. We havÈ nothing to report in this regard. Opinitsn$ on other matters prescrlbed bythecompanles Act 2006 In our opinion, based the work undertakÈn in the course of the audit= the inforrnatSon given In the Report of the Trustees for the flnanclal year for which the financlal 5taternents are Prepared is consistent with the financial 5taternents- and the Report of the Trustees has been prepared in accordance with applicable legal reouirements. Pag& 16
REPORTOFTHE INDEPENDENT AUDITORSTOTHE MEMBERSOF DAME AGNESWESTON'S ROYALCHARITY FOR THE NAVALSERVICE Matters on whlch we are requlred 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 follDwin8 rnatters where the Companies Art 2(K16 reouires u5 to report to you if, In our opinion.. adequate accounting record5 have not been kept or returns adequate for our audit have not been received from branche5 not visited by us., or the financial statements are not In agreement with the accounting records aThd returns.. or certain disc105ure5 of tru5tees' remuneration specified by lawarÈ not made.. or we have not received all the information and explanations we require for our audit. Responslbllltiesoftrustees As explained more fully in the Statement of Trustees, Responsibilitie5. the tTUStees (who are 3150 the director5 of the Charitable Company for the purpDses of company lawl are responsible for the preparation of the financial Statements and for belng 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 frorn material mi55tsternent, whether due to fraud or error. In prepan8 the financial st8tements. the trustees are responsible for assessing the charitable company's ability to continue as 3 going concern. disclosinE* a5 applicable, matters related io 805n8 concÈrn 2nd usin8 the golng concern basis of accountine unle55 thetrustee5 either intend to liquidate the charitable cotnpanyorto ce45e operatlOn5, or havp no reallstlc alternatSve but to do so. Page 17
REPORTOF THE INDEPENDENT AUDITORSTO THE MÉMBERS OF DAME AGNESWESTON'SROVALCHARIT FOR THE NAVALSERVICE Our responsibl1lÈ$ forthe audltof thefirbancial thtements Our objective5 are to obtain reasonable a5suran¢È about whether the financial Statements as a whole are free from terial misstaternent, whether due to Iraud or error, and to issue a Report of the Independent Auditors that includes our opinlon. Reasonable assurance is a hlgh level ol assurance. but 15 not a guarantee that an audit conducted in accordHntÈwith ISAS IUKI will always detecta materlal misstatementwhen it exist5. Mi5StatÈments tan arlsefrom fraud or error and are con51derÈd material if. individually or in the aggregate. they could reasonably be experted to Influence thÈ economic dec*sion5 of users taken on the basis of these financial Statements. The extenttowhich our procedures are capable of detecting irregularvcles. Includlngfraud is detailed below- Irregularities. includingfraud, are Instances of non-compliance with laws and regulations. We design procedures In Ilne with our responsibilities. outlined above, to detect material mi55tatement5 in respe¢t of irregularities, includin8 fraud. The extent to whl¢h our procedures 3re capable Df detetting IrrÈgularities, induding fraud, is detailed below. Based on our understanding of the charitable company and sector, we identified that the principal risks of non- compliance with laws and regulations related to breaches of employment law. data protection ènd anti-bribÈry and corruption legislation, and we £onsidered the extent to which non-compllance might have a material effect on the financlal statements. We also considered those laws and regulation5 that have a dirett impact on the financial statements such a5 thè Charities acts. Companies Act 2006 and UK tax legislation. We evaluated management's incentNes and opportunities for fraudulent manipulation of the financial statements lincluding the risk irf overrlde of controls), and eterrnIn that the principal risks were related to posting inappropriate journal entries to ov@rst3te proflt and management bi45 in atcounting estimates. Audit procedures performed by the engagement team included.. Discussions with managernent and Trustee Dlrettors. including consideration of known orsuspected instances of non-compliance with laws and regul8tlons and fraud.. Identifying and testing joumal entries, In particular any journal entries posted with unusual aOUnt combinations.. As rÈ4ulred by ISA240. incorporatingaD element of unpredictability into ouraudittesting. There are inherent limitations in the audlt procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not c105ely related to events and transattions reflected in the financial statements. Also. the risk of not detetting a material misstatement due to fraud 15 higher than the risk of not detecting one re5ultin8 from orror, as fraud may involve deliberate concealment by. for example. forgery or intentional rn15rÈpr@sentations, or through collusion. A furtherde5¢rlptlon of ourresponsibilities fortheaudit ofthe flnanclal ststements is located on the Financial Reptsrtln8 Council's website at www.Irc.or8.uklauditorsresponsibilities. Thi5 destrlptlon forms part ol our Report of the IntlependentAuditors. Page 18
F(XTHE NAVALSEM(E This report 15 made sowy tothe ehaVitab mÈmbors. as a bcdy. in accLvdance with Chapter 3 of Part 16 of ComW$ Ad XfA. ()Jr work has be 50 that we ffl¥ht 5tste to the tharite company's mEmbers those matters wèare requlred to stste to them •n wthtors. rewt •nd forfioottr purpose.Tothefvllest extent permitted by law. we do racCe0 orasyjme responsilwlityto otlvthan thE tharitab compJny aftd the tharitae ns membu5 a5 • body.tr¢ur ud6twrt forth15 reporL or lor theopIn we havefomwd. GaMn Whitter ISeniorststutoryA4knr} for and on ofGibsan VthhlerLimital ststLrtory Authtors Larch H P•rklafidsBu¥ntss Park eTrrr**d Harryshwe P07 &XP 19
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL5ERVICE STATEMENT OF FINANCIALACTivmES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 Total funds 31.3.24 Total funds as restated Unrestricted fund Restricted funds Endowment funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 108,119 1,5CKI 109,619 48,770 Charltable artlvltle5 Pastoral workers Storybook Waves Community Wave5 Other activities 167,980 32,689 73,452 167,980 32,689 73,452 162,880 31,796 87.628 2.S17 Investment income 586,770 586,770 585,337 Total 694.889 275,621 970.510 918.928 EXPENDITURE QN Raising fund5 27,075 121,780 148,855 127,465 Chariiable actlvltles Pastoral workÈrs Storybook Waves Comrnunity Waves Other activltles 509,765 16,208 103,893 554 176.940 33,267 57,808 686,705 49,475 161,701 554 627.350 49.131 175,123 416 Total 657,495 268,015 121,780 1,047,290 979,485 NET INCOMVIEXPENDITUREI Before net Bainslllossesl on Investments 37,394 7,606 1121,7801 176,7801 160,5571 Net Bainslllossesl on Investments 290.8831 290,8831 800.543 NET INCOMEIIEXPENDITUREI 37.394 1412.6631 1367.6631 739.986 RECONCILIATION OF FUNDS Total funds brought fonvard 272.715 42.289 14,061,146 14,376,150 13,636.164 TOTAL FUNDS CARRIED FORWARD 310.109 49.895 13.648,483 14.008.487 14.376.150 CONTINUING OPERATION5 I Income èod expenditure has arlsen from contlnulng actlvltles. The charity has no recognised 8asns or1055e5 Otherthan those dealt with In the statement of financial actNities. The notes form part of thesa finaneial st8t&ménts Page 20
DAME AGNE5 WÉSTOII'S ROYALCHAR FOP THE NAVAL5ERVICE OAL4NCE SHEET 31 MAACH 2025 3L3.15 31.3.24 a5 ro#ated Notes FI¥EO ASSETS InvestrTrents 14 13,107,035 13.518,988 CURRE14TN55ETS Debtors Cash at bank 15 149.334 819.239 157.760 742,920 968.573 900.680 CREDITOPS Amounrs fatlln8 duewlthln oneyear 16 167,1211 143,Si81 NETCURRENT ASSIIS 90 452 857.162 TDTALASSETSiESSCURRENTUABILmES 14.th)8.487 la,376,150 NET ASSET5 IA DW487 150 FUNDS 31D,109 49.895 272,715 42,289 Resfrfcted fuTrds EodowmentfuDds', ExpÈnd?blÈ Endowment Falr Value reseNe 10,865,ZOJ 2,779,280 10,869.913 3,19L,Z33 13 648,483 14,OSI.146 TOTALFLIND5 14,ODÉ,487 14,376.150 Thellna ements were approved and authcdsed for issue bythe board cfTmsteE5 *nd autrISed forissue on nd were 51gned on its betr}a by.. ck Lyvn5 Allen- Trustee Mrstephen Mart4n-Tru5tee Tho notes form pqrt of th&so nnanoal slalornents Page 21
DAME AGNESWESTON'5 ROYALCHARITY FOR THE NAVAL SERVICE CASH FLOW STATEMENT FOR THE YÉAR ENDED 31 MARCH 2025 31.3.25 31.3.24 as restated Notes Cash flowsfrom operating a¢tivitie5 Cash generated from operations 1525,6151 1520,8531 Net cash used In operating actlvlties 1525.6151 1520,8531 Cash fluws from Investlng actlvltles Sale of fixed asset inve51ments Dividends received 121.070 602,644 114,862 568,765 Net cash provided by investing actIve5 723,714 683,627 Cash flows from flnanclng actlvltles f xpendlturo attributable to endowment 1121,7801 1114,8951 Net cash used in financing activities 1121,7801 1114.8951 Change in cash and rash oqulvalents In ihe reportlng perlod Cash and cash equl¥alents at the beginnlng of the reportinK wiod 76,319 47,879 742.920 695,041 Cash and cash equlvalents atthe end of the reporting perlod 819.239 742,920 The notes form part of these financial statements Page 22
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE NOTESTO THE CASH FLOW STATEMENT FOA THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET IEXPEfrIDITUREIIINCOME ro NET C4SH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 a5 resiated Nti lexpendlturelllncomeforthe reportln8 period las per the Statement of Financlal Actlvlttesl Adjustments for: Lossesllgalnl on Investments Dfvidends received ExpÈndlture attributable to endowment Decreaselllntreasel in debtors Increase in creditors 1367.6631 739,986 290,883 1602,6441 121.780 8.426 23,603 1800,5431 1568,7651 114,895 110,5541 4,128 Net cosh used In operatlons 1525,6151 1520,8531 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank 742,920 76,319 819,239 742,920 76.319 819,239 Totsl 742.920 76.319 819,239 The notes form part of these fin8n¢tal 8tateménts Page 23
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNnNG POUCIES Basis of preparlng the flnan¢lal Matements The financial statement5 of the charitable cornpany* whlch Is 3 publi¢ benefit entity under FRS 102, havÈ been prepared in accordance with the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecttve l January 20191,, Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ifeland, and the Companies Act 2006. The financial staternents have been prepared under the historical cost convention. with the exception of Investments which are included at market value. a5 modified by the revaluation ol certain assets. Goln8 ¢on¢ern The financia15tatements have been prepared on a going ctsncern basis ès the trustees belleve that no material uncerrainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 Tnonths frorn authorising these financlal statements. The budgeted income and expenditure is sufficient with the level of reserves, together with thÈ ability to draw upon the expendable endowment if required. for the chority to be able to continue as a going contern. Income Voluntary income including donations, gifts and legacies and grant5 that provide core funding or are of a general natur& are recognlsed where there is entitlement. the receipt Is probable and the amount can be rneasured with Sufficient reliability. Where entltlement to grant funding is subject to specific perforrnance conditions, income 15 only deferred when.. the donor Specifies that the grant or donation must onty be used in fvture accounting period$,' or the donor has imposed condltlons whlch must be met before the charity has unconditional entitlement. Income from the D35hwood Trust is only recognised once the charity ha5 been notrfied of entitlernent to share Of the proteeds following ) completed property sale prior to the balance sheet date and its share of the proceeds can be reliably estimated. Investment income Is eamed through holding assets for investment purposes such as shares. It include5 dividends and interest. Where it is not pratticable to identlfy Investment management costs incurred within scheme with reasonable accurary the investment income 15 reported net of these ctr5ts. Investrnefit management costs are included when the amount 15 able to be rneasured reliably. Interest incorne is ognised using the Èffettive intÈrest method and dniidends are recognised as the charity's right to receive payment 15 established. Dividend incorne is accrued at the year end whÈn Èntitlement to the amount recelvable has been 3dvised by the investment managers. Income from activitie5 to geneote funds, stjth as servlces provlded. and investment Income are recognlsed on receivable basi5. Volunteers and donated servlees The value of service5 provided by volunteers Is not incorporated Into these flnancial statements. Where goods or servlces are provlded to the charity as a donation that would normalty be purchased from suppliers, thi5 contribution is included in the finan¢ial statements at an estimate based on the value of the contribution to the charity. Page 24 continu8d...
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVALSERVICE NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH ZOZ5 ACCOUNMNG POLICIES. contlnued Expenditure Expenditure is reco8nised when a Ilability Is Incurred. Contractual arrangements are recoEnised as servT¢es are supplled. Expenditure Expendlture on ralslng funds are those costs incurred in attractingvoluntary and investment income. Charitable èctlvities Include expenditure to support the delivery of the charity's oblerts. Charftable activities include both the direct costs and support costs relating to these activities. Support costs include central functions and governance costs and have been allocated to artivities on a basis Consistent wilh the use of rÈsources (See note 81. VAT The Charity Is not registered for VAT and is unable to recover VAT iThcurred on its expen5e5. On this basis all costs are recorded inclusive of VATwithin the financial statements throughout the current and previous year. Taxatloh The tharity Is exempt from corporation tax on its charitable activities. Fund accountlnz Unrestrirted funds are available for use at the discretion of the tru5tee5 In furtherance of th@ 8Èneral objettivÈs of the tharlty and which have not been designated for other purposes. Restricted funds are funds which a to bÈ are to used In accordance wlth specrfic restrlctlons imposed bv donors or which have been raised by the charity for particular purp05e5. The costs of raising and adminlsterlng su¢h funds are chargÈd agalnst the specific fur*d. The airn and use ot each restricted fund is set OLrt in the notes to the flnantlal statements. Endowment funds represent fund5 arising from cap¥tal a55ets donated to the charity, principally held as fixed asset investrnents. The fund is expendable at the discretion of the trustees to SUPPOrt the charity's objects however the investments provide a Substantial contrlbution to the ¢harity's unrestrlcted Income so it is the intention of the trustees to hold these assets permanently. Any capital gaiTh or 105ses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged again5tthe fund. Penslon cotts and other post-retlrement benefits The charitablÈ Company operates a defined contrlbution pension scheme. Contributions payable to the charitable comp3ny's pension stheme are charged to the 51atement of Flnancial Activities in the period to which they relate. Cash and cash equivalent5 Cash and cash equivalents include5 cash at bank and in hand and cash bHlan¢es within the InvÈstmÈnt portfolio available for investment transactlon purposes. Flxed asset Investments Investments are recognlsed Inltially at fair value which is normally the transaction price excluding transaction cost5. Sub$equently, they are measured at falr value with chan8e5 recognised in 'net gain51110s5esl on investments, In the SOFA if the shares are publi£ly tiaded or thelr fair value can othetwise be measured Le45e5 Rentals payable and recewable under operating leases are charged to the 50FA on a straight line basis overthe period of the lease. Page 25 continued...
DAME AGNESWESTON'S ROYALCHARITY FOR THE NAVAL SERVICE NOTESTO THE FINANCIAL STATEMENT5- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2025 OONATIONS AND LEGACIES 31.3.25 31.3.24 as restated Total funds Unrestricted fund5 Restricted funds Endowrnent funds Totsl funds Donatlons from individuals and trusts Gift Aid Le8acIÈs Grant5 69,444 1,531 7,144 30,000 1.500 70,944 1.531 7.144 30,000 20,218 1,982 2,570 24,000 108.119 1,500 109,619 48,770 Grants recelved. included in the above, are a5 folltsw5'. 31.3.25 31.3.24 as restated Pemberton Barne5 Trust 30,000 24,1)LKI INVESTMENT INCOME 31.3.25 31.3.24 as restated Totèl funds Unrestricted funds Re5triited funds Endowment funds Total funds Dividends Interest and tax credits 557,930 28,840 557,930 28.840 S61,716 23.621 586.770 586,770 585.337 INCOME FROM CHARITABLE A1v[rIEs 31.3.25 31.3.24 as restated Activitv PastDral workers Storybook Wave5 Community Wave5 other actlvlties GTants Grants Grants Other income 167.980 32,689 73,452 162,880 31.796 87,628 2,517 274,121 284,821 Page 26 ¢onlinued...
DAME AGNES WÉSTON'S ROYAL CHARITY FOR THE NAVAL SERVICE NOTES TO THE FINANCIALSTATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE AcfiviTIES- contlnued Grants received, included In the above, are as follows: 31.3.25 31.3.24 as restated RNRMC RMA- TRMC Greenwich Hospital Trinity House NCC AFCFT BAE Systems SBSA HIWCF 131,450 55,923 34,022 139,153 50,124 31,110 10,000 2,014 37,903 12,000 509 39,965 6.088 6,164 274,121 282.304 RAISING FUNDS RaIndn¥t19s ond le8acles 31.3.25 31.3.24 as restated Total funds Unrestrlcted funds Restricted ftjnds Endowment funds Total fvnds Staff costs Communlcatlons Publications Other fvndraising costs 16,708 2.079 7,169 1.119 16,708 2,079 7,169 1,119 4,185 320 8,065 27,075 27.075 12,570 Investment management costs 31.3.25 31.3.24 as restated Total funds Unrestricted funds fle5tricted funds Endowrnent funds Total funds Portfolio management 121.780 121.780 114,895 Aggregate amounts 27,075 121.780 148,855 127,465 Page 27 continued...
DAME AGNES WWON'S ROYAL CHARITY FOR THE NAVALSERVICE NOTES TO THE FINANaALSTATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE AcnvrriES COSTS Direct Ctssts Isee note 71 Support costs (see note 81 Tota15 Pastoral workers Storybook Wave5 Community Wave5 other activities 468,870 49.475 110.397 391 217,835 686,705 49,475 161,701 554 51.304 163 629,133 259,302 898,435 DIRE COSTS OF CHARITABLE AcnviTIES 31.3.25 31.3.24 as restated Staff tost5 Hall hlre costs Other staff costs Office, IT and consumable costs Communications E4uipmÈnt Travel Food costs for session5 Publications Advertising Professional fee5 Subscription Other management costs 588.797 1.507 12.275 3,581 7.798 6,823 2.906 1.713 353 1.6Z8 923 538.758 949 22,526 6,868 6,977 12,466 3,049 1,944 1,386 1,060 247 1.341 829 629,133 597,571 SUPPORT COSTS 6overnan¢e cost5 Mana8ernent Totals Pa5tOTal wtsrkers Community Wave5 other actlvities 211.878 49,901 159 5,957 1,403 217,83S 51,304 163 261.938 7.364 269,302 Page 28 continued...
DAME AGNESWESTON'5 ROYAL CHARITY FOR THE NAVAL SERVICE NOTE5 TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ÈNDED 31 MARCH 20Z5 SUPPORT COSTS- tontlnued Activity Management Governance costs Basis of allocation located based on direct costs Allocated based on dSrect costs Support cost5. included in the above, are as follows.. Managernent 31.3.25 31.3.24 as restated Total activities Pastoral workers Communhv Waves other activities Total attivltles Wages Social security Pensions Rent Insurance Adyertlsing Other staff costs Webslte costs Office, IT and consumable costs Communication Equipment Travel Professional fee5 Stjbscriptions Other management costs 148.334 11.671 6,895 6.630 437 10.513 3,086 873 34.933 2.749 1.624 1.562 103 2,476 727 206 iio 183.377 14.429 8,524 8,197 $40 12.997 3,815 1,080 178,590 12.441 8.930 7.795 538 10.332 2.574 1,237 4.008 2,268 978 3,749 9.056 2,360 1,020 944 534 231 4.955 2,804 1,210 4.635 11,196 2,918 1.261 2.793 3,469 67 5,033 7,577 3,960 1,864 2.133 556 240 211,878 49,901 159 261,938 247,2CM) Govemance costs 31.3.25 31.3.24 as restated Total actlvities Pastoral workers Communitv Waves Other activitie5 Totèl activities Auditors. remuneration Trustee expenses 5,679 278 1,337 66 7.020 344 6,534 71S 5.957 1,403 7,364 7.249 Page 29 continued...
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVALSERVICE NOTES TO THE FINANaALSTATEMENTS- continued FOR THE YEAR ENOED 31 MARCH ZOZ5 INCOMVIEXPENDMJREI Net income/lexpenditurel is stated after ¢harglng/l£redltingl'. 31.3.25 31.3.24 as restated Audbtors, remuneration Auditors, remuneratlon for non audit work 7.020 1,584 6,534 1,512 io. TRUSTEES, REMUNÉRATION AND B£NEFITS During the year no trustees re&Ve remuneratlon from the charltable company131.3.24: £Nill. Trustees. empenses Ouring the year two trustees131.3.24.' onel were relmbursed expenses by the charity for travel, subslstence and training totalling E615131.3.24.. £121. ii. STAFF COSTS 31.3.25 31.3.24 as restated Wages and salaries Social security Costs Other penslon ts 732,947 46,S37 32,351 673.669 38,828 30,407 811,835 742,904 Staff number5 2025 2024 Average head count 43 42 Analy5ed ès.. Full-tirne Part-time 39 38 43 42 Calculated on a full-time eqUvalent basis, analysed by function.. Charitable activitie5- Comrnunity Wave5 Charitzble activitie5- Pastoral workers Charitable activlties- S8W Administration, rnanagÈment. ralslng funds and research 16.9 17.6 26.1 25.3 Life insurance for staff totalling £5.469131.3.24.. £5.8021 was paid duringthe year No employees rereived emolurnent5 in excess of £60,000. Poge 30 continued...
DAME AGNES WE5TON'5 ROYALCHARITY FOR THE NAVAL SERVICE NOTES TO THE FINANCIALSTATÈMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 12. COMPARATIVE5 FOR THE STATEMENTOF FINANCIAL ACflVITIE5 Unrestricted fund Restricted funds Endowment fund5 Totsl fund5 a5 restated INCOME AND ENDOWMENTS FROM Donations and legacies 47,249 1,521 48,770 Charliable actlvltles Pastoral workers Storybook Waves Communlty Waves Other activities 162,880 31.796 87,628 162.880 31.796 87,628 2,517 2,517 Investment income 585.337 585.337 Total 635,103 283,825 918,928 EXPENDITURE ON Raising funds 12.570 114,895 127.465 Charltable actlvttles Pastoral workÈrs Storybook Wave5 Community Waves other 8Ctivities 461,147 13,578 81,932 415 166,203 35.553 93.191 627.350 49.131 175.123 416 Total 569.643 294.947 114,895 979.4B5 Net 8alns on Investments 800.543 8Crf).543 NÈT INCOMEIIÉXPÉNDITVREI 65.460 111.1221 685.648 739.986 RECONaLIATION OF FUNDS Total funds brought forward 207.255 53,411 13,375,498 13,636,164 TOTAL FUND5 CARRIED FORWARD 272,715 42.289 14,061.146 14,376.150 Page 31 continued...
DAME AGNES WE5TON'S ROYAL CHARITY FOA THE NAVALSERVICE NOTE5 TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH ZOZ5 13. PRIOR YEAR ADJUSTMENT Investment portfollo management fees have been restated in the previou5 year due to a change in reporting of third party char8es by investment ptsrtfollo managers. These fees have now been grossed up from revaluatlon galnsllosses. The prioryear adjustment has had no Impart on the fund posltlon at l Aprll 2024 or l Aprll 2023. 14. FIXED A55ET INVESTMENTS Listed investments MARKETVALUE At l April 2024 Disposals RevaluatlOn5 Management fees 13,518,988 115,8751 1290,8831 1105,1951 At 31 March 2025 13.107.035 NEf BOOKVALUE At 31 Marth 2025 13,107,035 At 31 Mar£h 2024 13,518.988 Investment funds are manaEed by Cazenove Capital. The market value of investments by geographS¢al aa is as follows: 31.03.25 31.03.24 Held within UK HÈld outslde UK 2.252,S99 10.854,436 2,128,754 11,390.235 13.107,035 13,518.989 Fixed asset Investments at tost as at 31.3.25 We £13,105,446131.3.24: E13.121.1921. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 a5 restated Prepayments and accrued income Accrued investment inrome 7.373 141,961 2.685 155,075 149,334 157,760 Page 32 continued...
DAME AGNES WESTON'5 ROYALCHARITY
FOR THE NAVAL SERVICE
NOTES TO THE FINANCIALSTATEMENT5- cOnnUed
FOR THE YEAR ENDED 31 MARCH 2025
16.
CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR
31.3.25
31.3.24
as restated
Social secufity and other taxes
Othercredltors
Accruals
13,057
27,046
27.018
10,800
4,569
28,149
67.121
43,518
17.
LEASING AGREEMENTS
Minimum lease payments under non
DAME AGNESWESTON'5 ROYALCHARrrY FOII THE NAVALSERVICE NOTESTOTHE FINANCIALSTATEMENTS-tontinued FOR THÈYEAR ENDEO 31 MARCH 2025 Incomln8 rexouTCtS AesourctS Galns ind Trnn5ter belween funds At 1.4.24 endto losses Ar31.5. GEnertl fund DesSEllated funtt 272.715 1651,4951 IXN).LX))) Jo,itrJ JeQ.f AnnSngton Trust- 5BW Bopk Club kNRMC- FDmllysuwDrt IPasltsT•I woikersi RNRMC- FJMilYsupwrt158WI RWRMC- Mentsl healih and wesibeinisupport Ntc-communiiies Jnd FJmllle5 AFCFf- R&5AFC RM4- TrMC- Paxoiil worke IRM B4se31 CoinEliusTru5t- ACWA(Ii¥itlE5 operaEioneaTePackJie OonJrlon ACW-PO Oonatlon5 S65A- h51oral wotker Ye011¢n lunds Greenwith HD5piiol- F)iei8h Paxorni wotherslS6Weqvlprnent HIWCF-Pastotal wotkers 992 6.53B 5.383 za.3f 19>21 116.4891 121%91 1¥7.9961 15091 14U.110) 15L27ZI 16.489 21.5Z9 93.452 653B 5.383 28.795 39.965 5S.923 4.651 817 IB2 16.0881 216 Y.Q22 5.164 I$Y.f4)81 15.2711 42.289 275.621 126U.0151 49,495 EApend?bl? EndDwfflent Fund Faif voiue Reserwe lQ.169.913 3.191.239 I121.7) 121,070 112L0701 10.869.203 1779.250 14.061.145 1121.7801 IJO.8831 13.618.483 ToTFuPlDS 14.376.150 ¥70510 11,017J*I 12W.8831 JJ.708.487 Page 34 continued...
DAME AGNESWESTON'S ROYALCHARITY FOR THE NAVALSERVICE NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMtr4TINFUNDS Cunyrnd¥e5 torrnty4•rn•rtlnfw IDcornln8 TE50urtES Resour5 Èwended fj•SDs and Tr4n51Èr between funds At L4.24 Al31.3.24 GeNera1 fund 207.255 635.103 1569.6431 272,715 Rtstrfctedlts Annington Trust- SBW Book Oub RNAMC- Famllysupport (Pastoral wortersl RNAMC- Famllysupport ISBWI RNRFIC- MÈntal health and wellbelni 5UPPOrt NCC- Communties and FaTniiles AFCFT- A88les CommunltyWavÈ5 AF(Ft- A&SAFC RMA- TRMC- Pastoral Workers IRfo 8?5es 8AE 5y5tem5 - ComMnIty$Up•rtpo Com¢llus Trust- A0vAttirIej OperatiDn C&re Packa4È D4natitsn TiSnlty Hovse- ACW- PLCoordlnator ACW- PO D¢natltrns SB5A- Pa5toTrl WOrkr Ye0110n funds Greenwlth Hospiia1- Ralelgh Pastoral worters/SaW eqySpment Grtenwith HOSPltal- cottfen<e 5,728 6.318 5,241 22,rs7 991 6.538 5,383 13.360 25.711 21,246 92.196 2.014 2,500 35,403 50.124 12.000 121,1041 5,107 17.a71
2 827 L65S io,oDJ L521 iio.oooi l650 216 3,226 1389 26,110 15.1th) S3.411 283.825 1294.9471 42.289 ETrtrwmentfwd% Expendable Endowment Fund FalrV?Ive Rese 10,869.946 1.505.552 1114,8951 114.862 1114,8621 10.869.913 3,191,233 800.543 13.375.498 BOO.543 14,051,146 TOTALFUND5 13,635.164 91B.g18 1979,4851 800.543 14.376.150 Page 35 continued...
DAME AGNES WESTON'S ROYALCHARrFY FOR THE NAVAL SERVICE NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 202S 19. MOVEMEMf IN FVND5- contlnued Annlngton Trust- SBW book club Funds received from Annlngton Trust for the Storybook Waves Book Club project. RNRMC: Family Support IPWI Funds received from RNAMC contrlbutlng to the ¢osts of pastoral workers supporting RN cornmunities. RNRMC: Famlly5upport ISBWI Funds received from RNRMC to provide for project management of StoryBook Waves. RNRMC: Mental health and wellbeing 5UPPOrt Funds received from RNRMC contributing to the costs of pastoral workers ai RN establi5hrnents. NCC- Proje fundlni Funds received from NCC contributing to costs of the Coronatlon prolect and Poppy Pods weekend. AFt- Aggle's Communlty Waves Funds received from AFCFt to support the PortsmtsLrth region comrnunity project providing part-time pastoral workers In support of fèmilies. AFc- R&SAFC Funds received from AFCFf (Reachlng & 5upportlng Armed For$ Communitie51 contTibLrting to the costs of ACW-PO. RMA-TRMC Pastoral Workers IRM bases) fjrant fundlngto £ontribuie to the c05t5 of the Pastoral Worker prograrnme at Royal Marlne bases. 8AE Systems- community support po Grant towards the costs of an addltlonal Pastoyal Worker fDr the Aggie's Cornrnunity Waves IACWI project in Portsmouth region. Comellu5 Tru51-ACW actlvltle5 fundlng Small grant as contribution towards attivities cost5 for ACW Portsmouth. Operatlon car* packaze donation Residual funds from Operation Care Package Isupport network of farniliÈ5lfriend5 for serving personnel particularly during Covidl donated to Aggie'5 in recognition of the work at Collingwood and Yeovilton. Trlnity Hou5e- ACW- PL coordlnator Funds received from Trlnity House to Contribute to the c05t of a co-ordinator for Aggie's Community Waves team in Plymouth. ACW- PO donatlons Donations received Specifically forACW PortsrnoLrth. SBSA P45toral Worker Funds received from SBSA to contrlbute the costs a second pastoral worker at RM P¢x)le. Yeovilton lunds Funds received from sponsorshlp speciflcally frir pastoral work at RNAS YeovlkoTh, Page 36 continued...
DAME AGNESWESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMENf IN FUND5- ¢ontlnued Greenwlch Hospltal- R?lelghlBScklelgh Pastoral Workers Funds retelved from GenwIch H¢JsPltal tLI SilPPOrt part-time pastoral workers at HM5 RalÈlgh and RM Bicklelgh. Greenwich H05pltal (Conference costs) Funds received from Greenwlch contributin8 to the costs of the annual staff £onleren¢e. HIWCF Funds recelved from a legacy to be used for Pastoral Workers and Communltywork. De$l%nattd fund Funds set aside byTrustees for contlngency and unexpected expenditure. Expendable endowmentfund Funds arising from capital assets donated to the charity. The fund Is expendable at the discretion of the trustees to supptsrt the charity's objects. Page 37 Continued...
DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE NOTES TO TrIE FINANCIAL5TATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 EMPLOYEE BENEF OBUGATIONS The charity operates a defined contribution pension scheme for it5 employees. The employer's contribution to the defined contribution pension schtme during the ye3r was £32,351 12024..E30.4071. At the balance sheet date £4.42812024.. £4,4451 was payable in respect of pension contributions.There were 35 employees in the pension as at 31 March 2025 12024: 311. Durfng the vear pension contributions We ac£rued for 35 ernployee$12024.. 321. 21. CONTINGENT ASS The charlty Is one of four beneficiaries of the Dashwood Trust. The Dashwood Trust currently cwns 11 residential and one c(Immercial site.There is significant uncertalnty regarding the valuation of the Dashwotsd Trust'5 assets and it5 current and future Ilabilities which affect the ability r(F rÈ113bly quèntify the thÈritWs share of these at the balance sheet date. Income from the Dashwood Trust is only recogni5ed onte the charity has been notlfied of entitlernent to è share of the proceeds following a iompleted property sale prior to the bèlance sheet date and its share of the proceeds can be reliably estimated. 22. RELATED PARTY DISCLOSURES DL*rlng the year under Teview the ¢harky had 5 IFfE 4.44112024.. 4 (E 2.6711 members of key management personnel who recelved employee benefits totalling £164.78112024: £162.0901 rnade up i)f salary £J41.911 12024.. E139,6091, employeT'S national Insurance £16.544 12024.. £15,50DI and employer's pension contribution5 of £6.32612024.. £6.9811. Durin8 the year under review the charity's key management personnel had travel and subsistence eKpen5e5 reimbursed or paid on thelr behalf totall¢ng £3,880 12024: £4,333) and training and subscriptlons costs of £1,02212024: £1.5021. There have been £24012024.. £2401 of donations received f¥orn Tru#ees without conditiOTh5. Page 38 continued...
DAME AGNES WESTON'S ROYALCHARITY FOR THE NAVAL SERVICE NOTESTO THE FINANCIALSTATEMENT5- continued FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL INSTRUMENTS The company's financial instruments may be analy5ed as follows.. 31.3.25 31.3.24 Hnancral a55ets Financial assets rnea5ured at fall value throu8h net Incomellexpenditurel: Flxed asset Investments 13,107.035 13,518,988 Flnan¢lal assets measured at arnortised cost 819,239 742,920 Flnanclal Ilabllities Flnancial liabilities measured at amort15ed cost 54,064 32,718 Flnanclal &5sets measured at amort15ed costs comprfse £a5h and other debtors. Financial liabllltles measured at amortlse(¢ costs comprise other creditOf5, deferred Income and accruals. 31.3.25 31.3.24 Income and expense Financial assets measured atfair value through net incomellexpendlturel: Investment incorne Investment management fees Investment third party fees 557.930 116.5851 1105.1951 561,716 115,5581 99.3371 436,150 441,821 Nèt yins and losses Iln¢ludlni changes In falr value) Financial assets measured at fair value through net income/lexpendlturel unreallsed1105sesllgains on Investments Rea115ed110ssesll8alns on Investments 1290,8831 800.543 1290,8831 800.543 Page 39