## DAME AGNES WESTON’S 

## ROYAL CHARITY FOR THE NAVAL SERVICE 

## Trustees’ Report 

## and Financial Statements 

## for the year ended 31 March 2026 

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



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **INDEX** 

||**Page(s)**|
|---|---|
|**Trustees Report**|**1 to 18**|
|**Independent Auditor’s Report**|**19 to 22**|
|**Statement of Financial Activities**|**23**|
|**Balance Sheet**|**24**|
|**Statement of Cash Flows**|**25**|
|**Notes to the Cash Flow Statement**|**26**|
|**Notes to the Financial Statements**|**27 to 41**|





**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

The Trustees of Dame Agnes Weston’s Royal Charity for the Naval Service (Aggie’s) have the pleasure of 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 2026. 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 (FRS 102) (effective 1 January 2019). 

## **WHO WE ARE AND HOW WE HELP** 

**The Royal Navy exists to protect the UK’s trade and freedom, maintain peace & stability and to safeguard global trade. They are also ready to act as a fighting force if diplomacy fails.[1]** 

**Aggie’s** provides vital support to help the Royal Navy keep doing all these crucial activities for our country. 

Recognising the challenges of the role and providing support to mitigate the impact of these challenges are vital to the retention of Naval personnel. Training is necessarily rigorous, deployments are lengthy, often over six months, and are regularly subject to change, often delaying their return. This creates a challenging environment for both the serving personnel and their families at a time when the Royal Navy’s resources for pastoral support are ever more stretched. 

It is important that everyone has someone they can talk to, and a strong support system ensures that life in the Royal Navy is as fulfilling and stress-free as possible. Taking on the challenges that serving personnel and their families face is a lot harder if you are lacking 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 times. Aggie’s provides emotional support and enhanced wellbeing through the provision of pastoral workers serving in naval bases, air stations, naval training establishments, Royal Marine units, amongst Service Family Accommodation (SFA) 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 Auxiliary), and their families. 

## **Our Vision** 

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 Jesus places on them. 

## **Our Mission** 

Faith. 

> 1 https://www.royalnavy.mod.uk/what-we-do 

**1** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **Our Objectives** 

Through the provision of pastoral support, we aim to: 

- Support personnel in training in order to reduce the numbers being withdrawn from training. 

- Support personnel experiencing stress in order to reduce the number becoming medically downgraded. 

- efficiency. 

- Support families through testing times, particularly during lengthy deployments, in order to reduce the numbers resigning from the Royal Navy early due to family reasons. 

## **What we do** 

Aggie’s provides events and activities to connect communities and offers support through listening and signposting; treating each individual with respect, care and compassion. In this way, the pastoral workers are embedded within the communities 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 

34 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 nights, film nights, cook-your-own-scran nights, dinners, parties and faith-based events. The aim 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. 

Feedback: 

_“Your benevolence helped us feel less alone and gave us the ability to sustain when we really needed it. It behooves me to say a heartfelt thanks to you and the team who genuinely reached out in every way you can, I am eternally in gratitude for everything you did for us.”_ 

_“During my tenure as Director of Music Training, the HMS Nelson Aggie’s team proved to be a vital and embedded element of the wider welfare and supervisory care framework supporting the Royal Marines School of Music. Their role was particularly influential for young musicians transitioning from civilian life into the Royal Marines Band Service, providing an accessible, trusted, and independent source of support that ranged from a compassionate shoulder to cry on through to calm, experienced guidance on sensitive and deeply personal matters that individuals would not always feel able to raise within the chain of command._ 

_Beyond this formal pastoral support, the genuine friendship, visibility, and positivity brought by the team significantly enhanced the lived experience of both trainees and staff. Regular informal engagement most memorably the early-morning bacon rolls within the School, offered a fresh and human perspective on stand-easy periods, creating shared space for connection that strengthened relationships, morale, and mutual understanding across the workforce._ 

**2** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

_The Aggie’s team were also a constant and reassuring presence at passing-out parades, open days, and family events, seamlessly integrating with my staff to present a coherent, open, and professional care package to parents, guardians, and families. This visible, joined-up approach materially reinforced confidence in our supervisory care arrangements and was a clear contributory factor in shaping the OUTSTANDING judgement awarded by OFSTED in 2025._ 

_In short, Aggie’s did not simply complement our welfare provision, they materially elevated it, to the lasting benefit of our people and the institution as a whole.”_ 

_“Good afternoon, could I please take a minute of your time to note down the importance of the work that Aggies conducts. As a WO1 in the Executive cadre I have been lucky enough to complete 2 Executive Warrant Officer jobs in Ship’s HMS Northumberland and more recently HMS Dauntless where I returned from the 8-month CSG 25 deployment at the end of last year.”_ 

_“The work conducted and headed up by Emma and the HMNB Portsmouth Aggies team to the benefit of the Ship’s Company of HMS Dauntless, before during and after our deployment last year was exemplary. All too often in busy operational warships it’s easy to forget about how important the relationship is between the deployed sailor and their loved ones. This is always captured nicely by Emma with her experience and understanding of deploying military families.”_ _**Lt Col Steve Green RM**_ 

## • Community Waves 

8 Family pastoral workers focus their time on supporting naval families in SFA estates in large base port areas or near more remote naval establishments. 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 for women and events for men with their children. The aim is the same as for the support to serving personnel, to increase the feeling of belonging, 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. 

## Feedback: 

_The deployment club in Crownhill has allowed us to get to know one or two families as we explore emotions and absence, as well as having the opportunity to bond._ _**- PW at Plymouth**_ 

_“Very lovely afternoon, very informative. Looking forward to attending other get togethers. Being alone in a new country gets overwhelming so being able to connect with fellow moms & military people really helps to feel welcomed. Thank you!” –_ _**RN Family member**_ 

_“I earnestly wanted to say thank you for the tremendous support we received during a really trying period in our lives. The way you showed up — sign posted, offered patience and gave sincere reassurance — made an utter difference in each one of our lives. Your assistance to my wife and care for my daughters is unmatched to date.” –_ _**RN Family member**_ 

**3** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## • Storybook Waves. 

This ‘free to beneficiary’ project enables serving parents who are for any reason geographically separated from their children, to record a bedtime story. The recordings are facilitated by pastoral workers, 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 a deployment journal, Aggie’s little hero medal, a copy of the book, a scrap book and a range of supporting literature. 

## Feedback: 

_“My 15-year-old Daughter has autism and struggles with Dad being away. Hearing her dad’s_ voice _was very helpful.” –_ _**RN Family member**_ 

_“We listened to 1 or both the stories pretty much every night, the story made them feel like they weren’t so far away for our child.” –_ _**RN Family member**_ 

_“Our son was 6 months old when we received our story - being able to hear his daddy’s voice every night as part of his bedtime routine when his dad couldn’t physically be there made all the difference for him and for me. I know that as he gets older these stories will provide a valuable connection for our son whilst his dad is away.” –_ _**RN Family member**_ 

_“Storybook Waves has brought so much to our little Naval family. My husband recorded his first story for our little girl when she was just 1 and he was spending a lot of time on short notice deployments. We didn't realise how much the comings and goings would affect her at such a young age but listening to daddy's stories has provided priceless connection to her and her serving father. I am certain that the connection to daddy and stories has contributed to her developing speech and love for books. Not only does Storybook Waves provide such a vital connection to a serving parent who is away, it helped me as the parent who was at home to assist our young daughter in navigating her big feelings!” –_ _**RN Family member**_ 

## • Other activities – volunteers 

To support the pastoral workers Aggie’s has 25 volunteers who work alongside them, helping with practical activities so that the pastoral workers can spend time engaging with serving personnel and their families. There are also an additional 4 Storybook Waves editors who form part of this volunteer workforce. Aggie’s is truly grateful for the contribution that all our volunteers make. 

**4** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 


**5** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Number of Pastoral Conversations** 



## **Supporting personnel in training in order to reduce the numbers being withdrawn from training.** 

young and are living away from home for the 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 join. The trainees can, therefore, find the training environment challenging physically, mentally or emotionally, and the support of a pastoral worker can make the difference which enables the trainee to succeed through to the end of training. 

During the year, our pastoral workers helped 1,959 (2025: 1,694) service personnel in training with issues relating to their service life. Many of the trainees attribute the support they received to their being able to continue with their training. 

**6** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## _Feedback:_ 

_2 young recruits have been in to see me to talk through their anxiety and stress issues – both with low self-esteem and little self- confidence.  Interestingly they both shared the lack of a healthy father figure in their lives growing up and were brave to come and seek someone to talk with. One of them I referred to a Padre, and they said what a difference it had made to talk and be listened to without judgement. The Padre said after, “He spoke really highly of his time with you and between us I feel we have given him enough peace and encouragement to stabilise him and set him on a more positive track”. -_ _**2 Trainees feedback PW at CTCRM.**_ 

_This recruit was in in first two weeks of training and questioning, as an older recruit (27) whether or not he should be at CTCRM, he also confided that he lived with his parents and was homesick. The same recruit came back 3 days later to say "it was a relief" talking with me. He went on to say "you 100% helped me” –_ _**RM recruit at CTCRM.**_ 

_I’m having more ‘coffee queue’ chats. It’s basically what happens when lads are making themselves a brew whilst I’m tidying up around the kitchen area. A slight glance, a half-smile, and a ‘how’s your day been going?’ seems to open up conversations. One in particular involved a lad who said everything was fine, then he looked sideways at me and I said ‘really?’ His face crumpled and he said ‘no, I’m feeling so low. I’ve been here for so long. I don’t know how I’m keeping going...’ It’s these moments which show me the value of what we do – being present yes, but also deeply aware of another. –_ _**PW at CTCRM of a RM recruit.**_ 

_Having the Aggie's PW's around has absolutely transformed my time in training. They're a safe haven in an otherwise completely challenging environment, allowing us to "escape" whilst still on camp, and are made up of the most wonderful personalities, each of which I'm so grateful for. Training is the mentally toughest thing I've ever been through and having a smiley face or nice conversation is a game changer, let alone someone to talk to, understand, and empathetically give advice. I couldn't image what training would have been like without them. Thank you! –_ _**RM recruit at CTCRM.**_ 

_“I truly believe that I wouldn't have been able to get through basic training without the support of Aggies. A big thank you to Mark and the Chaplaincy team at Raleigh.” -_ _**Trainee RN at Raleigh**_ 

_“I would just like to say a big thank you, I can't express enough how much I appreciate your time and words of advice and wisdom along the way throughout my journey” -_ _**Trainee RN at Raleigh**_ 

_“You gave me light when I felt I was [in] darkness. You gave me hope when I felt hopeless. And I can't thank you enough for helping me get my faith back. I will never forget everything you have done for me. All the best” –_ _**A Trainee**_ 

## **Supporting personnel experiencing stress in order to reduce the number becoming medically downgraded.** 

There are many things in life that can cause someone to become stressed: relationship issues; physical exhaustion; financial issues; professional 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 support, or receiving an early referral, there is a much higher probability that the individual would be able to resolve the issue before their stress reaches the point where they become medically nondeployable. 

Our pastoral workers have intervened in cases where such issues have threatened the career, mental health and even the life of a serving person. During the year our pastoral workers supported 1,553 (2025: 1,724) serving personnel with issues relating to stress. These interactions have provided personnel with support to better equip them throughout their life in the Royal Navy. 

**7** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## Feedback: 

_“Thanks for being there for me when I needed you. Keep being the great person you are.” -_ _**Serving RN at Nelson**_ 

_This 'Bandie' was not coping emotionally or with the physical aspects for RM training; we talked at length and she said she had not even told her mum that she was having suicidal thoughts. I managed to calm her down and explained that I intended to call in the duty padre which she was fine with. If an Aggies PW was not available that evening, where in a training establishment when places are closed in the evening, would she have gone, what might she have done? The outcome could have been very different. Whilst waiting for the duty padre, she thanked me "for listening and being there" -_ _**RM recruit at CTCRM**_ 

_I just wanted to share some feedback about the support I received from Tracey in Portsmouth Naval Base. Over the last few months, I was going through a really tough period while serving, and I honestly don’t think I’d have managed it the same way without her help. At a time when the Navy couldn’t offer me a safe space to talk or anyone to properly listen, Tracey gave me exactly that. Having somewhere I could speak openly, without judgement, made a huge difference. She helped me make sense of things when everything felt chaotic. She set me small, realistic goals, helped me see situations from a different point of view, and made everything feel far more manageable. I didn’t even realise how much I needed that kind of support until she started offering it. I’m genuinely grateful for everything she did. She went above and beyond, and it made a massive difference during one of the hardest periods of my life. I just wanted to make sure that her support was recognised — Aggie’s is very lucky to have someone like her. Thanks again for all the work you do. –_ _**Serving RN at Nelson**_ 

## **restore their efficiency.** 

undermine performance and team cohesion. This, ultimately, will impact on the operational capability of the unit as a whole. Pastoral workers, through listening, asking questions and offering advice, can help individuals to reflect on how to resolve their situation, thereby restoring their effectiveness. 

During the year our pastoral workers supported 1,069 (2025: 1,172) serving personnel with matters relating to family, financial or other practical issues. 

## Feedback: 

_“Thank you so much for the work you do. I've walked away today filled with hope, love and joy. My family were delighted to have such a positive phone call after yesterday's negative call. I will remain strong and calm and have faith in his plan.”-_ _**Serving RN person**_ 

_“To our Pastoral Worker, thank you from the bottom of our hearts, for the incredible care & support you give to all of us. Your dedication to your pastoral role shines through in everything that you do - whether it's a kind word, a listening ear, or the quiet ways you make sure no one feels alone. You have a unique gift for looking after the both the needs of staff and the spirit of our community, and that care makes such a difference in our daily lives. -_ 

_We want you to know how deeply valued and appreciated you are - not only for your role, but also for the genuine warmth and friendship you bring.”-_ _**Serving RN person**_ 

**8** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **Supporting families through testing times, particularly during lengthy deployments, in order to 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 the Service. Long deployments can be very challenging for families, particularly when the deployments are extended. Regular relocation to another base can also cause considerable stress and disruption to family 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 sources of support. 

their usual routine of providing community activities and events. 

## Feedback: 

_“Thank you so much for tonight. It was just what was needed for all of us. It was great to connect with others who are also struggling, trade stories and offer support. Many days we get told to manage or that we picked this lifestyle and that is just not the case, we take on this added responsibility when we meet our partners and take on ensuring the continuation of routine and being two parents when a partner is deployed.  I know for me, my first few weeks of this deployment have been extremely hard mentally as well as physically, adapting to the 'new' normal has not been easy this time.  But today has helped me push the reset button and put my mental health first as well as rest a bit and have fun. As you know as parents, we are constantly supporting our kids filling up their selfconfidence and reassurance levels, while ours take a hit. Spending a few hours refilling mine will not only help me but my kids, who have been struggling themselves to adapt to their dad being deployed.  I want to say a massive thank you to you for organising something like tonight, that lets us take a moment, trade stories, offer support but most of all lets us know that as the 'parents left behind' we are just as important as the deployed members of our families. Every day can become monotonous sometimes and something like tonight can re-inspire us all and reminds us that a deployment is a time for us too. Thank you again for an amazing night”-_ _**Family of serving RN**_ 

_“I would like to thank all involved with the support give with the activity’s at Norton Manor Camp this summer both my boys  (10,12) had a wonderful time. With my wife deployed for the last 6 months the activity days was a God send allowing myself to work while both my children were having a great time, and not having to sit in my office getting bored. Knowing that my wife will be redeploying next year for 2 years on a 10 week on 4 weeks off routine having this small amount of help and support is going along way in helping and supporting not just my children but myself over the school holidays. Both boys always came home happy and excited to tell me about their day and very much looked forward to the activities and the day as a whole.”-_ _**Serving RN at Norton Manor**_ 

## **PLANS FOR FUTURE PERIODS** 

Aggie’s is focused on: **Understanding Capacity** by recruiting more volunteers; widening our **Reach** ; improving the **Sustainability** of the charity by broadening our range of supporters; developing better ways to demonstrate **Impact** ; and improving **Governance** by diversifying the Board of Trustees. 

As the naval footprint develops, Aggie’s needs to be able to respond to the changes and generate new Pastoral Worker positions where naval populations are unsupported. Particular sites for potential employment of an Aggie’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 submarines are built with naval crews standing by in build. 

**9** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **FINANCIAL REVIEW** 


Aggie’s achievements outlined in this report are accomplished with a relatively small budget. Income for the year was £901,774 (2025: £970,510) and expenditure was £1,351,361 (2025: £1,047,290) which include fees for third parties for investments. Therefore, Aggie’s had a deficit for the year (before net gains on investments) of £449,617 (2025: deficit of £76,780). The net gain on investments £787,568 (2025 – loss £290,883) resulted in a net surplus of £337,951 (2025 – net deficit £367,663). 

Aggie’s relies heavily upon its investment income of £582,942 (2025: £586,770) to meet its support costs and to supplement charitable activity alongside generous grants awarded of £255,967 (2025: £274,121). 

Restricted grant funds were received from the Royal Navy and Royal Marines Charity, Greenwich Hospital, the Armed Forces Covenant Trust Fund, Special Boat Service Association (SBSA), the Naval Children’s Charity, Hampshire & Isle of Wight Community Foundation, The Benefact Trust and Trinity House. 

Additionally, unrestricted grant funds were received from the Pemberton Barnes Trust, The Council of Voluntary Welfare Work, The Privy Purse Charitable Trust and the Everest Trust. Other income from individual donors and legacies totaled £29,938 (2025: £79,619). 

These resources are used to support the charitable activities of Aggie’s, with 87% (2025: 86%) of expenditure being on charitable activities and the remaining 13% (2025: 14%) on raising funds (including investment management). 

## **INVESTMENTS** 

4% per annum, net of fees, over rolling ten-year periods. The investment objective is to maintain the real capital value ahead of inflation, over the long term. 

Over the year to 31 March 2026, the Aggies investment portfolio returned +9.3%, with a year-end value of £13,608,663. This compares to the CPI+4% long-term target of +7.0% and ARC Steady Growth Charity peer group of +8.7%. Investment performance across global equities and global bonds was positive in a year which included President Trump announcing Liberation Day tariffs, ensuring trade negotiations, central bank rate cuts, strong corporate earnings, stock market highs, sharp increases in the price of gold and oil, and the likelihood of higher inflation from the Iran conflict. 

**10** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

Since inception (1 May 2022) to 31 March 2026, the Aggies investment portfolio has returned +5.0% p.a. net of fees. Over the same period, CPI+4% has been +8.5% p.a., the comparative performance including a period of very high inflation and negative asset class returns in 2022. The ARC Steady Growth Charity peer group returned +4.6% p.a. 

The Trustees can tolerate variation in the capital value of the portfolio in the short-term and are prepared to adopt a total return (income 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 inflation over the medium-to-high term. 

The Sustainable Multi-Asset Fund aims to have a positive impact on people and the planet by avoiding harm through ESG integration and exclusions, benefiting stakeholders through responsible business activities and contributing to solutions through influence and investing for impact. The trustees consider that the ethical considerations of the charity are fulfilled by those set by the fund. These include no direct investment in companies that produce alcohol, pornography, gambling services, tobacco or companies offering ‘pay day’ loans. 

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 2025/26 was an investment income of £539,281 (2024/25: £564,500). The income achieved was £582,942 (2025: £586,770). Included within the total investment income was also interest received of £16,047 (2025: £28,840). 

**11** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **KEY RISKS AND UNCERTAINTIES** 

|**Risk**|**Mitigation**|
|---|---|
|||
|Poor performance of<br>investments / loss of<br>capital.|Review investment policy and investment managers.<br>Obtain proper investment advice and assessment of performance of<br>investment managers on regular basis.<br>Variation in the capital value of the portfolio in the short-term is tolerable.<br>Cash reserves maintained to alleviate potential short-term loss of income,<br>providingtime toplan for the longer term.|
|Decisions by grant<br>making organisations to<br>not renew a grant will<br>unbalance the budget<br>with the potential for<br>redundancies or<br>fnancial instability.|Established a timetable of milestone dates so that grant renewal can be<br>requested in good time, and mitigations put in place should grants be<br>unsuccessful.<br>Maintain regular dialogue with grant making organisations to cement<br>relationships, articulate the need, provide evidence of impact, and gain<br>understanding of their fnancial position and intentions.<br>Investigation into the further diversifcation and increase of funding<br>through recruitment of a Fundraising Manager with a focus on Grants, Trusts,<br>Corporate and Community Fundraising.<br>Implementation of an Operational Plan by the Exec team|
|A weak public image or<br>poor understanding of<br>the role of the charity<br>amongst benefciaries<br>with potential funders.|Regularly updated communications plan.<br>Good quality reporting of activities and annual impact statement.<br>Develop and maintain brand visibility in vicinity of activities.<br>Controlled social media presence.<br>Rapid and honest response to negative events and bad publicity.<br>Sufcient allowance in annual budget to enable communications strategy.<br>Continued employment of a Marketing & Communications team including a<br>Director of Communications and a Marketing & Communications Co-<br>Ordinator.|



**12** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **RESERVES** 

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 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 only required to smooth income over the financial year. 

The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately two and half months of unrestricted charitable expenditure. This is deemed sufficient to provide a cushion against unexpected drops in income.  As of 31 March 2026, our unrestricted reserves were £177,698, which is in line with our target (roughly 1.5 months of operating costs). This policy is reviewed annually to ensure it reflects the current operating environment and financial risks. In establishing the charity’s Reserves Policy, the trustees have referred to Charity Commission guidance (CC19) and accounting standards (SORP 2019). 

The free Reserves are held in a high interest, immediate access account with Cazenove Capital.  Drawing down of this money requires authorization of two Trustees (The Chairman and Capt. Hugh Harris Royal Navy).  Due to the predictable nature of the Aggie’s income and expenditure, use of the Reserves should not be immediate but a planned affair which has been discussed with, and approved by the CEO, during routine financial updates. 

Aggie’s have made the decision to change the financial year end to 31[st] December to align with funders. The charity operates with the aim to break-even at the end of financial year and forecasts that income will meet expected expenditure at 31[st] December 2026. Total funds held by the charity at 31 March 2026 are £14,346,438 of which £14,128,784 relates to endowment funds and £39,956 are restricted funds. The level of free reserves, unrestricted funds not represented by fixed assets, at 31 March 2026 were £177,698 (31 March 2025: £310,109) which is sufficient to cover the budgeted net expenditure should this materialise. 

## **GOING CONCERN** 

plans beyond the next financial year and can draw upon the unrestricted endowment funds should the need arise in the short term. On this basis the trustees remain confident of their assessment that the charity is able to continue as a going concern. 

**13** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **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 

## **Patrons** 

The charity is honoured to have His Majesty King Charles III and the Ministry of Defence as patrons. 

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

Castaway House 311 Twyford Ave Portsmouth, PO2 8RN 

Telephone: 07977 641876 Email: office@aggies.org.uk Website: www.aggies.org.uk 

## **Acknowledgements** 

The trustees express their sincere thanks to His Majesty The King for his 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: 

- The Royal Navy and Royal Marines Charity 

- Greenwich Hospital 

- Armed Forces Covenant Fund Trust 

- Pemberton Barnes Trust 

- Special Boat Service Association (SBSA) 

- Hampshire & Isle of Wight Community Foundation 

- The Benefact Trust 

- The Everest Trust 

- The Privy Purse Charitable Trust 

- Trinity House 

- Council of Voluntary welfare work 

## **Structure, Governance and Risk Management** 

Aggie Weston’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 consideration, others approach the charity direct. The charity makes use of online recruitment tools to advertise specialist vacancies and we also respond to recommendations. In every case, a 

**14** 



## **DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

prospective 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 before becoming a full trustee. 

## **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 Patrick Allen Royal Navy (Retired) (Chairman) Mr Stephen Martin (Vice Chairman) Captain Hugh Harris Royal Navy Commander Stuart Somerville Royal Navy (Retired) Lieutenant Commander Louise Wooller Royal Naval Reserve Mrs Adeola Oludemi Captain Peter Selby Royal Fleet Auxiliary (resigned in July 2025) Lt Cdr Susie Williford Royal Navy Mr Samuel Adams (appointed 10[th] March 2025) **Senior Executives and organisations providing services or professional advice** Chief Executive Officer Mr Andrew Gordon, MEng Hons, Chartered MCIPD, appointed CEO 2[nd] March 2026 (Previously Chief of Staff / Deputy CEO – appointed 26[th] April 2021) Chief Executive Officer Rev. Dr Scott Shackleton (resigned 30[th] September 2025) Director of Communications / Deputy CEO Mrs Kathryn Hearn, appointed Deputy CEO 2[nd] March 2026 (Appointed 23[rd] February 2015) Finance Director Mrs Catherine Gilpin AICPA, MBA Open (appointed 30[th] September 2024) Solicitors Weller Law Group LLP 65 Leadenhall Street London EC3A 2AD Auditors Gibson Whitter Larch House Parklands Business Park Denmead PO7 6XP Bankers NatWest Bank plc 130 Commercial Road Portsmouth PO1 1ES 

**15** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

Investment Managers 

Cazenove Capital 1 London Wall Place London EC2Y 5AU 

## **Public benefit disclosures** 

The Charity’s Object, which is for the public benefit, is the promotion of the efficiency of the Royal Navy and the advancement of the Christian faith. The activities described on pages 2-3 are made available primarily to serving members of the Royal Navy (which includes the Royal Marines and Royal Fleet Auxiliary) and their families. 

The Trustees, on an annual basis, consider how the activities of Aggie Weston’s satisfy the guidance on public benefit issued by the Charity Commission. This is recorded in the minutes of the meeting. 

## **Volunteers** 

Aggie Weston’s makes use of volunteers to support pastoral workers in the delivery of their activities. Volunteers are supervised by pastoral workers, they contribute to activities being led by pastoral workers, and do not run activities without the supervision of pastoral workers. 

## **Fundraising** 

Aggie’s have recently employed a Fundraising Manager to ensure the sustainability of the charity in the future. Other costs incurred in relation to fundraising relate to investment management fees and expenses relating to the production and distribution of our publications. 

**16** 



**DAME AGNES WESTON’S ROYAL CHARITY FOR THE NAVAL SERVICE** 

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 

## **TRUSTEES’ ANNUAL REPORT** 

## **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). 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting 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 will continue in operation. 

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: 

- there is no relevant audit information of which the charitable company’s auditor is unaware; and 

- the trustees have taken all steps that they ought to 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 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: 

- i) Aggie Weston’s does not employ professional fund-raisers or commercial participators to carry out fund raising. The charity does not engage in street or door to door fundraising. 

- ii) 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 supporters of the charity is conducted in accordance with the Fundraising Regulator’s Code of Fundraising Practice. 

- iii) The trustees are not aware of any failure to comply with the Code of Fundraising Practice. iv) Aggie Weston’s has not received any complaints about activities for the purpose of fund raising. v) The trustees are content that through adherence to the Code of Fundraising Practice they avoid any unreasonable intrusion into a person’s privacy, or the placing of undue pressure on a person to give money or other property. 

**17** 



DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSTEES, ANNUAL REPORT
Appointment of Auditors
Gibson Whitter have been appointed as audFtors to the charity.
This report has been prepzred having taken advantage of the small companies exemption in the Companies Act
2006.
Approved by the trustees and signed on their behalf.
Captain Patrick Allen Royal Navy (Retired)
Chairman
Date 6th July 2026
Steve Martin
Vice Chairman
Date 6t1 July 2026
18

## **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 2026 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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

Page 19 



## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **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. 

Page 20 



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

## **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: 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

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 and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities acts, Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to overstate profit and management bias in accounting estimates. Audit procedures performed by the engagement team included: 

- Discussions with management and Trustee Directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; 

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; 

- As required by ISA 240, incorporating an element of unpredictability into our audit testing. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

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. 

Page 21 



REPORT OF THE INOEPENDENT AUDITORS TO THE IAEMBERS OF
DAIAE AGNES WESTON'S ROYAL CHARrr
FOR THE NAVAL SERVICE
Us• of our rnport
This wort is made sO￿Y to the tharitable companys ￿￿￿tsr$, as a bth, in a￿da￿e V+ith Chapter 3 of
Part 16 of the Compan￿5 Act 2Cth. Our audrt wDrk has tjeen undertaken so that might $late lo the
charitable company's membe(s those mattefs W•È a￿ required to s&￿e to them in an auditors. report an¢J for
no other purpDse. To the fijllest extent pemwtted by W. vft do not accept or assume responsibilty to anyone
other than the Charitab￿ company and the charilable Cgykwn￿s merrthrn a5 a bc*ty. for ow th, for
this repo
Gavin ￿hrtter ISenic* Stattrtw AL*JitrfJ
for and on behaw OfGibS￿ L¥nrted
Statutory AL
Larch House
Pafklands Bu&ne55 Park
Denmead
Hampshire
P07 6XP
Dale..
Page 22

## **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 2026** 

|Unrestricted<br>Restricted<br>funds<br>funds<br>Notes<br>£<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>58,938<br>1,000<br>**Charitable activities**<br>5<br>Pastoral workers<br>-<br>157,695<br>Storybook Waves<br>-<br>36,179<br>Community Waves<br>-<br>62,093<br>Other trading activities<br>3<br>2,897<br>-<br>Investment income<br>4<br>582,942<br>-<br>**Total**<br>644,777<br>256,967<br>**EXPENDITURE ON**<br>Raising funds<br>6<br>57,078<br>-<br>**Charitable activities**<br>7<br>Pastoral workers<br>709,437<br>188,378<br>Storybook Waves<br>28,586<br>32,244<br>Community Waves<br>174,700<br>46,284<br>Other activities<br>-<br>-<br>**Total**<br>969,801<br>266,906<br>Net gains/(losses) on<br>investments<br>-<br>-<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>(325,024)<br>(9,939)<br>**Transfers between funds**<br>20<br>192,613<br>-<br>**Net movement in funds**<br>(132,411)<br>(9,939)<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought forward<br>310,109<br>49,895<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>177,698<br>39,956|31.3.26<br>Endowment<br>Total<br>funds<br>funds<br>£<br>£<br>-<br>59,938<br>-<br>157,695<br>-<br>36,179<br>-<br>62,093<br>-<br>2,897<br>-<br>582,942<br>-<br>901,744<br>114,654<br>171,732<br>-<br>897,815<br>-<br>60,830<br>-<br>220,984<br>-<br>-<br>114,654<br>1,351,361<br>787,568<br>787,568<br>672,914<br>337,951<br>(192,613)<br>-<br>480,301<br>337,951<br>13,648,483<br>14,008,487<br>14,128,784<br>14,346,438|31.3.25<br>Total<br>funds<br>£<br>109,619<br>167,980<br>32,689<br>73,452<br>-<br>586,770<br>970,510<br>148,855<br>686,705<br>49,475<br>161,701<br>554<br>1,047,290<br>(290,883)<br>(367,663)<br>-<br>(367,663)<br>14,376,150<br>14,008,487|
|---|---|---|



## **CONTINUING OPERATIONS** 

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 

Page 23 



DAME AGNES INESTON'S ROYAL CHARITY
FOR THE NAVAL SERVICE
BALANCE SHEET
31 PIARCH2026
FiXED ASSETS
Inveslmgnls
Nots$
31.3.26
31.3.25
15
CURRENT ASSETS
Deblors
Cash al bank
13,588.247 13.107,035
16
151,943
713.587
149.334
819.239
865,530
CREDITORS
Amounts falllng due within one year
968,573
1107.3391
167,1211
NET CURRENT ASSErs
758.191
901.452
TOTAL ASSETS Less CURRENT
LIABILITIES
14.346.438 14.008.487
NET ASSErs
FUNDS
Unr&stri¢led funds
Reslri¢ted funds
Endowmènt ftsnds..
Expgn¢Yabl8 EndoW￿ent fund
Fair V￿u￿ re$9rvè
14,346,438 14.008.487
20
177,698
39,956
310,109
49,895
10.868,292
3,260.492
10,669,203
2,779,280
TOTAL FUNDS
14.128,784
13.848.483
14,346.438
14.008,487
The financial
Issue ¢)n ......
proved and aulhorlsed for issue by the Board of Trustee8 and authorised for
. and were signed on its behalf by..
Captain Patrick Lyons Allen- Trustee
Mr Stephen M8rtin- Trustee
The notes fomi part of these financial ststemenl$
Page 24

## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2026** 

|||31.3.26|31.3.25|
|---|---|---|---|
||Notes|£|£|
|**Cash flows from operating activities**||||
|Cash generated from operations|1|(880,296)|(525,615)|
|Net cash used in operating activities||(880,296)|(525,615)|
|**Cash flows from investing activities**||||
|Sale of fixed asset investments||306,356|121,070|
|Dividends received||582,942|602,644|
|Net cash provided by investing activities||889,298|723,714|
|**Cash flows from financing activities**||||
|Expenditure attributable to endowment||(114,654)|(121,780)|
|Net cash used in financing activities||(114,654)|(121,780)|
|||||
|**Change in cash and cash equivalents**||||
|**in the reporting period**||(105,652)|76,319|
|**Cash and cash equivalents at the**||||
|**beginning of the reporting period**||819,239|742,920|
|**Cash and cash equivalents at the end**||||
|**of the reporting period**||713,587|819,239|



The notes form part of these financial statements 

Page 25 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2026** 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**ACTIVITIES**|||
|---|---|---|
|**Net income/(expenditure) for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**Adjustments for:**<br>(Gain)/losses on investments<br>Dividends received<br>Expenditure attributable to endowment<br>(Increase)/decrease in debtors<br>Increase in creditors<br>**Net cash used in operations**<br>**2.**<br>**ANALYSIS OF CHANGES IN NET FUNDS**|31.3.26<br>£<br>337,951<br>(787,568)<br>(582,942)<br>114,654<br>(2,609)<br>40,218<br>(880,296)|31.3.25<br>£<br>(367,663)<br>290,883<br>(602,644)<br>121,780<br>8,426<br>23,603|
|||(525,615)|
||||



||At 1.4.25|Cash flow|At 31.3.26|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|819,239|(105,652)|713,587|
||819,239|(105,652)|713,587|
|**Total**|819,239|(105,652)|713,587|



The notes form part of these financial statements 

Page 26 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026** 

## **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. 

## **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. 

## **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: 

- the donor specifies that the grant or donation must only be used in future accounting periods; or 

- - the donor has imposed conditions which must be met before the charity has unconditional entitlement. 

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. 

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. Investment management costs are included when the amount is able to be measured reliably. Interest income is recognised using the effective interest method and dividends are recognised as the charity's right to receive payment is established. Dividend income is accrued at the year end when entitlement to the amount receivable has been advised by the investment managers. 

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. 

Page 27 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **1. ACCOUNTING POLICIES - continued** 

## **Expenditure** 

- Expenditure on raising funds are those costs incurred in attracting voluntary and investment income. 

- Charitable activities include expenditure to support the delivery of the charity's objects. Charitable 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 activities on a basis consistent with the use of resources (See note 8). 

## **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. 

## **Fixed asset capitalisation policy** 

Fixed assets will be capitalised for individual items over £1,000. 

Page 28 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **2. DONATIONS AND LEGACIES** 

|Unrestricted<br>funds<br>£<br>Donations from<br>individuals and trusts<br>26,490<br>Gift Aid<br>1,506<br>Legacies<br>942<br>Grants<br>30,000<br>58,938<br>Grants received, included in the above, are as<br>Pemberton Barnes Trust<br>**OTHER TRADING ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>Fundraising events<br>2,897<br>**INVESTMENT INCOME**<br>Unrestricted<br>funds<br>£<br>Dividends<br>568,216<br>Interest and tax credits<br>14,726<br>582,942|Restricted<br>Endowment<br>funds<br>funds<br>£<br>£<br>1,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,000<br>-<br>follows:<br>Restricted<br>Endowment<br>funds<br>funds<br>£<br>£<br>-<br>-<br>Restricted<br>Endowment<br>funds<br>funds<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-||
|---|---|---|
||||



## **3. OTHER TRADING ACTIVITIES** 

## **4. INVESTMENT INCOME** 

Page 29 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **5. INCOME FROM CHARITABLE ACTIVITIES** 

|Activity<br>Grants<br>Pastoral workers<br>Grants<br>Storybook Waves<br>Grants<br>Community Waves<br>Grants received, included in the above, are as follows:<br>RNRMC<br>RMA - TRMC<br>Greenwich Hospital<br>Trinity House<br>NCC<br>AFCFT<br>SBSA<br>HIWCF<br>Benefact Trust|31.3.26<br>£<br>157,695<br>36,179<br>62,093<br>255,967<br>31.3.26<br>£<br>141,631<br>-<br>34,022<br>5,000<br>450<br>20,034<br>6,332<br>19,331<br>29,167<br>255,967|31.3.25<br>£<br>167,980<br>32,689<br>73,452|
|---|---|---|
|||274,121|
|||31.3.25<br>£<br>131,450<br>55,923<br>34,022<br>-<br>509<br>39,965<br>6,088<br>6,164<br>-|
|||274,121|



## **6. RAISING FUNDS** 

## **Raising donations and legacies** 

||||||31.3.26|31.3.25|
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|Endowment||Total|Total|
||funds|funds|funds||funds|funds|
||£|£|£||£|£|
|Staff costs|45,198|-||-|45,198|16,708|
|Communications|340|-||-|340|2,079|
|Publications|7,471|-||-|7,471|7,169|
|Other fundraising costs|4,069|-||-|4,069|1,119|
||57,078|-||-|57,078|27,075|
|**Investment management**|**costs**||||||
||||||31.3.26|31.3.25|
||Unrestricted|Restricted|Endowment||Total|Total|
||funds|funds|funds||funds|funds|
||£|£|£||£|£|
|Portfolio management|-|-|114,654||114,654|121,780|
|Aggregate amounts|57,078|-|114,654||171,732|148,855|



Page 30 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **7. CHARITABLE ACTIVITIES COSTS** 

|Pastoral workers<br>Storybook Waves<br>Community Waves<br>**8.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**<br>Staff costs<br>Hall hire costs<br>Other staff costs<br>Office, IT and consumable costs<br>Communications<br>Equipment<br>Travel<br>Food costs for sessions<br>Publications<br>Advertising<br>Professional fees<br>Other management costs<br>**9.**<br>**SUPPORT COSTS**<br>Pastoral workers<br>Community Waves|Direct<br>Costs (see<br>note 8)<br>£<br>522,488<br>60,830<br>128,614<br>711,932<br>Management<br>£<br>367,271<br>90,388<br>457,659||
|---|---|---|
||||



Activity Basis of allocation Management Allocated based on direct costs Governance costs Allocated based on direct costs 

Page 31 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **9. SUPPORT COSTS - continued** 

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

## **Management** 

|Wages<br>Social security<br>Pensions<br>Rent<br>Insurance<br>Advertising<br>Other staff costs<br>Website costs<br>Office, IT and consumable costs<br>Communication<br>Equipment<br>Travel<br>Professional fees<br>Subscriptions<br>Other management costs<br>**Governance costs**<br>Auditors' remuneration<br>Legal fees<br>Trustee expenses|Pastoral<br>workers<br>£<br>202,073<br>22,599<br>9,771<br>8,637<br>928<br>27,494<br>16,007<br>6,104<br>14,176<br>1,799<br>35,145<br>3,795<br>11,465<br>6,801<br>477<br>367,271<br>Pastoral<br>workers<br>£<br>5,778<br>1,260<br>1,018<br>8,056|Community<br>Waves<br>£<br>49,731<br>5,562<br>2,405<br>2,125<br>229<br>6,767<br>3,939<br>1,502<br>3,489<br>443<br>8,649<br>934<br>2,821<br>1,674<br>118<br>90,388<br>Community<br>Waves<br>£<br>1,422<br>310<br>250<br>1,982|31.3.26<br>Total<br>activities<br>£<br>251,804<br>28,161<br>12,176<br>10,762<br>1,157<br>34,261<br>19,946<br>7,606<br>17,665<br>2,242<br>43,794<br>4,729<br>14,286<br>8,475<br>595<br>457,659<br>31.3.26<br>Total<br>activities<br>£<br>7,200<br>1,570<br>1,268<br>10,038|31.3.25<br>Total<br>activities<br>£<br>183,377<br>14,429<br>8,524<br>8,197<br>540<br>12,997<br>3,815<br>1,080<br>4,955<br>2,804<br>1,210<br>4,635<br>11,196<br>2,918<br>1,261|31.3.25<br>Total<br>activities<br>£<br>183,377<br>14,429<br>8,524<br>8,197<br>540<br>12,997<br>3,815<br>1,080<br>4,955<br>2,804<br>1,210<br>4,635<br>11,196<br>2,918<br>1,261|
|---|---|---|---|---|---|
|||||261,938||
||||||31.3.25<br>Total<br>activities<br>£<br>7,020<br>-<br>344|
||||||7,364|



## **10. NET INCOME/(EXPENDITURE)** 

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

||31.3.26|31.3.25|
|---|---|---|
||£|£|
|Auditors' remuneration|7,200|7,020|
|Auditors' remuneration for non audit work|2,126|1,584|



Page 32 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **11. TRUSTEES' REMUNERATION AND BENEFITS** 

During the year no trustees received remuneration from the charitable company (31.3.25: £Nil). 

## **Trustees' expenses** 

During the year two trustees (31.3.25: two) were reimbursed expenses by the charity for travel, subsistence and training totalling £853 (31.3.25: £529). 

## **12. STAFF COSTS** 

|**STAFF COSTS**||||
|---|---|---|---|
|Wages and salaries<br>Social security costs<br>Other pension costs|31.3.26<br>£<br>891,122<br>86,872<br>40,345<br>1,018,339||31.3.25<br>£<br>732,947<br>46,537<br>32,351<br>811,835|
|||||
|**Staff numbers**||2026|2025|
|||||
|Average head count||48|43|
|||||
|Analysed as:||||
|Full-time||6|4|
|Part-time||42|39|
|||||
|||48|43|
|||||
|||||
|Calculated on a full-time equivalent basis, analysed by function:||||
|Charitable activities - Community Waves||3.7|3.4|
|Charitable activities - Pastoral workers||18.8|16.9|
|Charitable activities - SBW||1.2|0.8|
|Administration, management, raising funds and research||6.2|5|
|||||
|||29.9|26.1|
|||||
|||||
|||||



Life insurance for staff totalling £8,197 (31.3.25: £5,469) was paid during the year 

The average monthly number of employees during the year was as follows: 

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 

|||31.3.26|31.3.25|
|---|---|---|---|
|£60,001|- £70,000|1|-|



Page 33 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **13. EX GRATIA PAYMENTS** 

An Ex Gratia payment  of £6,000 was made under a settlement agreement to the former CEO. 

## **14.** 

|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>108,119<br>1,500<br>**Charitable activities**<br>Pastoral workers<br>-<br>167,980<br>Storybook Waves<br>-<br>32,689<br>Community Waves<br>-<br>73,452<br>Investment income<br>586,770<br>-<br>**Total**<br>694,889<br>275,621<br>**EXPENDITURE ON**<br>Raising funds<br>27,075<br>-<br>**Charitable activities**<br>Pastoral workers<br>509,765<br>176,940<br>Storybook Waves<br>16,208<br>33,267<br>Community Waves<br>103,893<br>57,808<br>Other activities<br>554<br>-<br>**Total**<br>657,495<br>268,015<br>Net gains/(losses) on investments<br>-<br>-<br>**NET INCOME/(EXPENDITURE)**<br>37,394<br>7,606<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>272,715<br>42,289<br>**TOTAL FUNDS CARRIED FORWARD**<br>310,109<br>49,895|Endowment<br>Total<br>funds<br>funds<br>£<br>£<br>-<br>109,619<br>-<br>167,980<br>-<br>32,689<br>-<br>73,452<br>-<br>586,770<br>-<br>970,510<br>121,780<br>148,855<br>-<br>686,705<br>-<br>49,475<br>-<br>161,701<br>-<br>554<br>121,780<br>1,047,290<br>(290,883)<br>(290,883)<br>(412,663)<br>(367,663)<br>14,061,146<br>14,376,150<br>13,648,483<br>14,008,487|
|---|---|



Page 34 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **15. FIXED ASSET INVESTMENTS** 

|**MARKET VALUE**<br>At 1 April 2025<br>Disposals<br>Revaluations<br>Management fees<br>At 31 March 2026<br>**NET BOOK VALUE**<br>At 31 March 2026<br>At 31 March 2025|Listed<br>investments<br>£<br>13,107,035<br>(209,298)<br>787,568<br>(97,058)<br>13,588,247<br>13,588,247<br>13,107,035|
|---|---|



Investment funds are managed by Cazenove Capital. The market value of investments by geographical area is as follows: 

|31.03.26<br>31.03.25<br>£<br>£<br>Held within UK<br>909,449<br>2,252,599<br>Held outside UK<br>12,678,799<br>10,854,437<br>13,588,248<br>13,107,035<br>Fixed asset investments at cost as at 31.3.26 were £12,915,123 (31.3.25: £13,105,446).<br>**16.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.3.26<br>31.3.25<br>£<br>£<br>Trade debtors<br>2,500<br>-<br>Prepayments and accrued income<br>10,893<br>7,373<br>Accrued investment income<br>138,550<br>141,961<br>151,943<br>149,334|31.03.26<br>31.03.25<br>£<br>£<br>Held within UK<br>909,449<br>2,252,599<br>Held outside UK<br>12,678,799<br>10,854,437<br>13,588,248<br>13,107,035<br>Fixed asset investments at cost as at 31.3.26 were £12,915,123 (31.3.25: £13,105,446).<br>**16.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.3.26<br>31.3.25<br>£<br>£<br>Trade debtors<br>2,500<br>-<br>Prepayments and accrued income<br>10,893<br>7,373<br>Accrued investment income<br>138,550<br>141,961<br>151,943<br>149,334|31.03.26<br>31.03.25<br>£<br>£<br>Held within UK<br>909,449<br>2,252,599<br>Held outside UK<br>12,678,799<br>10,854,437<br>13,588,248<br>13,107,035<br>Fixed asset investments at cost as at 31.3.26 were £12,915,123 (31.3.25: £13,105,446).<br>**16.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.3.26<br>31.3.25<br>£<br>£<br>Trade debtors<br>2,500<br>-<br>Prepayments and accrued income<br>10,893<br>7,373<br>Accrued investment income<br>138,550<br>141,961<br>151,943<br>149,334|31.03.26<br>31.03.25<br>£<br>£<br>Held within UK<br>909,449<br>2,252,599<br>Held outside UK<br>12,678,799<br>10,854,437<br>13,588,248<br>13,107,035<br>Fixed asset investments at cost as at 31.3.26 were £12,915,123 (31.3.25: £13,105,446).<br>**16.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.3.26<br>31.3.25<br>£<br>£<br>Trade debtors<br>2,500<br>-<br>Prepayments and accrued income<br>10,893<br>7,373<br>Accrued investment income<br>138,550<br>141,961<br>151,943<br>149,334|
|---|---|---|---|
|||||
|||||
||||31.3.25<br>£<br>-<br>7,373<br>141,961<br>149,334|



Page 35 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Social security and other taxes<br>Other creditors<br>Deferred income<br>Accruals|31.3.26<br>£<br>1,041<br>18,021<br>5,218<br>52,920<br>30,139<br>107,339|31.3.25<br>£<br>-<br>13,057<br>8,555<br>18,491<br>27,018<br>67,121|
|---|---|---|



## **Deferred income** 

Deferred income comprises grant and fundraising income received for future financial periods. 

||<br>31.3.26|<br>31.3.25|
|---|---|---|
||£|£|
|Balance brought forward|18,491|-|
|Amount release to incoming resources|(18,491)|-|
|Amount deferred in the year|52,920|18,491|
||||
|Balance carried forward|52,920|18,491|
||||



## **18. LEASING AGREEMENTS** 

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

|Within one year<br>**ANALYSIS OF NET ASSETS BETWEEN FUNDS**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Investments<br>-<br>-<br>Current assets<br>275,037<br>49,956<br>Current liabilities<br>(97,339)<br>(10,000)<br>177,698<br>39,956|31.3.26<br>£<br>5,686<br>31.3.26<br>Endowment<br>Total<br>funds<br>funds<br>£<br>£<br>13,588,247<br>13,588,247<br>540,537<br>865,530<br>-<br>(107,339)<br>14,128,784<br>14,346,438|31.3.25<br>£<br>3,855<br>31.3.25<br>Total<br>funds<br>£<br>13,107,035<br>968,573<br>(67,121)<br>14,008,487|
|---|---|---|



## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

Page 36 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **20. MOVEMENT IN FUNDS** 

|**20. MOVEMENT IN FUNDS**||||||
|---|---|---|---|---|---|
|**Unrestricted funds**<br>General fund<br>Designated fund<br>**Restricted funds**|At 1.4.25<br>£<br>10,109<br>300,000|Incoming<br>resources<br>£<br>644,777<br>-|Resources<br>expended<br>£<br>(969,801)<br>-|Gains and<br>losses<br>£<br>-<br>-|Transfer<br>betw een funds<br>At 31.3.26<br>£<br>£<br>492,613<br>177,698<br>(300,000)<br>-<br>192,613<br>177,698|
||310,109|644,777|(969,801)|-||
|RNRMC - Family support (Pastoral w orkers)<br>RNRMC - Family support (SBW)<br>RNRMC - Mental health and w ellbeing support|6,538<br>5,383<br>28,796|26,150<br>21,529<br>93,952|(26,150)<br>(21,529)<br>(99,138)|-<br>-<br>-|-<br>6,538<br>-<br>5,383<br>-<br>23,610|
|NCC - Communities and Families|-|450|(100)|-|-<br>350|
|AFCFT - R&SAFC<br>RMA - TRMC - Pastoral Workers (RM Bases)<br>Cornelius Trust - ACW Activities|-<br>4,651|20,034<br>-<br>902|(20,034)<br>(4,651)<br>(902)|-<br>-<br>-|-<br>-<br>-<br>-<br>-<br>-|
|SBSA - Pastoral w orker|-|6,332|(6,332)|-|-<br>-|
|Yeovilton funds|-|1,000|(1,000)|-|-<br>-|
|Greenw ich Hospital - Raleigh Pastoral w orkers/SBW equipment|3,640|34,022|(33,587)|-|-<br>4,075|
|HIWCF - Pastoral w orkers|887|19,331|(20,218)|-|-<br>-|
|**Endowment funds**<br>Expendable Endow ment Fund<br>Fair Value Reserve<br>**TOTAL FUNDS**|49,895<br>10,869,203<br>2,779,280|223,702<br>-<br>-|(233,641)<br>(114,654)<br>-|-<br>-<br>787,568|-<br>39,956<br>113,743<br>10,868,292<br>(306,356)<br>3,260,492<br>(192,613)<br>14,128,784<br>-<br>14,346,438|
||13,648,483|-|(114,654)|787,568||
||14,008,487|868,479|(1,318,096)|787,568||
|||||||



Page 37 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

|**20. MOVEMENT IN FUNDS - continued**||||||
|---|---|---|---|---|---|
|**Comparatives for movement in funds**||Incoming|Resources|Gains and|Transfer|
|**Unrestricted funds**<br>General fund<br>Designated fund<br>**Restricted funds**<br>Annington Trust - SBW Book Club|At 1.4.24<br>£<br>272,715<br>-|resources<br>£<br>694,889<br>-|expended<br>£<br>(657,495)<br>-|losses<br>£<br>-<br>-|betw een funds<br>At 31.3.25<br>£<br>£<br>(300,000)<br>10,109<br>300,000<br>300,000<br>-<br>310,109<br>-<br>-|
||272,715<br>992|694,889<br>-|(657,495)<br>(992)|-<br>-||
|RNRMC - Family support (Pastoral w orkers)<br>RNRMC - Family support (SBW)<br>RNRMC - Mental health and w ellbeing support|6,538<br>5,383<br>23,360|16,489<br>21,529<br>93,432|(16,489)<br>(21,529)<br>(87,996)|-<br>-<br>-|-<br>6,538<br>-<br>5,383<br>-<br>28,796|
|NCC - Communities and Families|-|509|(509)|-|-<br>-|
|AFCFT - R&SAFC<br>RMA - TRMC - Pastoral Workers (RM Bases)<br>Cornelius Trust - ACW Activities<br>Operation Care Package Donation<br>ACW - PO Donations|845<br>-<br>902<br>827<br>-|39,965<br>55,923<br>-<br>-<br>1,500|(40,810)<br>(51,272)<br>(902)<br>(827)<br>(1,500)|-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>4,651<br>-<br>-<br>-<br>-<br>-<br>-|
|SBSA - Pastoral w orker|-|6,088|(6,088)|-|-<br>-|
|Yeovilton funds|216|-|(216)|-|-<br>-|
|Greenw ich Hospital - Raleigh Pastoral w orkers/SBW equipment|3,226|34,022|(33,608)|-|-<br>3,640|
|HIWCF - Pastoral w orkers|-|6,164|(5,277)|-|-<br>887|
|**Endowment funds**<br>Expendable Endow ment Fund<br>Fair Value Reserve<br>**TOTAL FUNDS**|||||-<br>49,895<br>121,070<br>10,869,203<br>(121,070)<br>2,779,280<br>-<br>13,648,483<br>-<br>14,008,487|
||42,289<br>10,869,913<br>3,191,233|275,621<br>-<br>-|(268,015)<br>(121,780)<br>-|-<br>-<br>(290,883)||
||14,061,146|-|(121,780)|(290,883)||
||14,376,150|970,510|(1,047,290)|(290,883)||
|||||||



Page 38 

continued... 



**DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## 20. **MOVEMENT IN FUNDS - continued** 

## **Annington Trust - SBW book club** 

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

## **RNRMC : Family Support (PW)** 

Funds received from RNRMC contributing to the costs of pastoral workers supporting RN communities. 

## **RNRMC : Family Support (SBW)** 

Funds received from RNRMC to provide for project management of StoryBook Waves. 

## **RNRMC : Mental health and wellbeing support** 

Funds received from RNRMC contributing to the costs of pastoral workers at RN establishments. 

## **NCC- Project funding** 

Funds received from NCC contributing to costs of the Coronation project and Poppy Pods weekend. 

## **AFCFT - R&SAFC** 

Funds received from AFCFT (Reaching & Supporting Armed Forces Communities) contributing to the costs of ACW-PO. 

## **RMA - TRMC Pastoral Workers (RM bases)** 

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

## **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. 

## **SBSA Pastoral Worker** 

Funds received from SBSA to contribute the costs a second pastoral worker at RM Poole. 

## **Yeovilton funds** 

Funds received from sponsorship specifically for pastoral work at RNAS Yeovilton. 

## **Greenwich Hospital - Raleigh/Bickleigh Pastoral Workers** 

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

## **HIWCF** 

Funds received from a legacy to be used for Pastoral Workers and Community Work. 

## **Designated fund** 

Funds set aside by Trustees for contingency and unexpected expenditure. 

## **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. 

Page 39 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **21. EMPLOYEE BENEFIT OBLIGATIONS** 

The charity operates a defined contribution pension scheme for its employees. 

The employer's contribution to the defined contribution pension scheme during the year was £40,345 (2025: £32,351). At the balance sheet date £5,158 (2025: £4,428) was payable in respect of pension contributions. 

There were 39 employees in the pension as at 31 March 2026 (2025: 35). During the year pension contributions were accrued for 39 employees (2025: 35). 

## **22. CONTINGENT ASSET** 

The charity is one of four beneficiaries of the Dashwood Trust. The Dashwood Trust holds cash and currently own several properties. There has been significant uncertainty regarding the valuation of the Dashwood Trust’s assets and its current and future liabilities which affected the ability 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. 

The various beneficiaries have now resolved to sell all the properties and a valuation instruction has been authorised. Once all properties are sold, each beneficiary will receive their share of the total net assets of the trust. 

The valuation exercise is complicated and will not be performed in time for the statutory filing deadline of the accounts to be met. As it is currently not possible to arrive at a sufficiently reliable estimate of the net proceeds no income or asset has been recognised in the financial statements. 

## **23. RELATED PARTY DISCLOSURES** 

During the year under review the charity had 4 (FTE 3.67) (2024: 5 (FTE 4.44)) members of key management personnel who received employee benefits totalling £224,602 (2025: £164,781) made up of salary £187,759 (2025: £141,911), employer's national insurance £26,960 (2025: £16,544) and employer's pension contributions of £9,883 (2025: £6,326). 

During the year under review the charity's key management personnel had travel and subsistence expenses reimbursed or paid on their behalf totalling £4,341 (2025: £3,880) and training and subscriptions costs of £1,600 (2025: £1,022). 

There have been £260 (2025: £240) of donations received from Trustees without conditions. 

Page 40 

continued... 



## **DAME AGNES WESTON'S ROYAL CHARITY FOR THE NAVAL SERVICE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026** 

## **24. FINANCIAL INSTRUMENTS** 

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

||31.3.26||31.3.25<br>£<br>13,107,135<br>819,239<br>54,064<br> income and<br>31.3.25<br>£<br>557,930<br>(16,585)<br>(105,195)<br>436,150<br>(290,883)<br>-<br>(290,883)|
|---|---|---|---|
||£|||
|**Financial assets**||||
|Financial assets measured at fair value through net<br>income/(expenditure):||||
|Fixed asset investments|13,588,247|||
|||||
|||||
|Financial assets measured at amortised cost|716,087|||
|||||
|||||
|||||
|**Financial liabilities**||||
|Financial liabilities measured at amortised cost|89,318|||
|||||
|||||
|Financial assets measured at amortised costs comprise cash and other debtors.<br>Financial liabilities measured at amortised costs comprise other creditors, deferred <br>accruals.||||
||31.3.26|||
||£|||
|**Income and expense**||||
|Financial assets measured at fair value through net<br>income/(expenditure):||||
|Investment income|568,216|||
|Investment management fees|(17,596)|||
|Investment third party fees|(97,058)|||
|||||
||453,562|||
|||||
|||||
|**Net gains and losses (including changes in fair value)**||||
|Financial assets measured at fair value through net<br>income/(expenditure)||||
|Unrealised gains/ (losses) on investments|768,822|||
|Realised gains/ (losses) on investments|18,746|||
|||||
||787,568|||
|||||



Page 41