2023-09-30-accounts - The Women's Royal Army Corps Association (Incorporating Queen Mary's Army Auxiliary Corps And Auxiliary Territorial Service Comrades Association)

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WOMEN’S ROYAL ARMY CORPS ASSOCIATION ANNUAL REPORT 2023

Vision To provide camaraderie, benevolence and mutual support to former members of the ATS and WRAC, and exert influence within the military charity sector to broaden support for female veterans.

BENEVOLENCE SPEND £262,980 spent on 144 beneficiaries COMRADESHIP 395 58 Branches meet every month around the globe (mostly in UK) Members attended national events MEMBERSHIP Census 2021 data tells lls there are approxiTnately 85,000 felnale Neterans in the UK M,ho sen'ed in the AIS orWRAC. 3000, Members

Vice President Brig (Retd) Fiona Gardner CBE

It has been an active year for the Association. We have raised our profile on social media as part of our plan to be more visible and to reach out to the 85,000 plus female Army veterans reported in the Census. Our members have come together across the UK, with a large contingent marching at the Cenotaph on Remembrance Sunday and of course the Association branches and groups continuing to provide comradeship and companionship for members through varied events and activities.

We continue to support former ATS and WRAC ladies through our individual grant giving, and have joined forces with the Veterans Charity to fund immediate emergency assistance where needed.

The Board of Trustees have welcomed two new members. Dawn Menday is an ex-WRAC NCO who has pursued a career in finance, and Shelley Whitehead is an ex Reserve WRAC and Infantry NCO, and Cadet officer, working in sport management. Isabel McCord has handed over the Chair of the Benevolent Fund Grants Committee to Monica Jones.

The LGBT Veterans Independent Review was published, reflecting the evidence submitted by respondents of whom 69% were women, and we have been engaged with the recommendations to ensure our affected members are supported. With grants of £360k awarded by the Armed Forces Covenant Fund Trust and the NHS we have joined forces with Cobseo to launch the Female Veterans Transformation Programme, ensuring service providers build the needs of female veterans into the design and delivery of their services.

Chair of the Membership Council Lt Col (Retd) Rowena Naile MBE

The Association’s national, regional and local events continue to further the Association’s Object of fostering esprit de corps and comradeship. Among the events taking place during 2023 was our first event of the year - the dedication of the Association Centenary plaque in Guildford Cathedral that had been delayed due to Covid. Members filled the space around the plaque which now sits alongside our Books of Remembrance before enjoying afternoon tea together. Our spring-time AGM had to be held

remotely at the last minute because of a rail strike, resulting in a much larger attendance than normal with over 1200 views of the meeting online. The ‘We Will Remember Her’ campaign brought together members across the length and breadth of the UK holding simultaneous services at the war memorials or graves of the 26 ATS killed on 11 May 1943 with the main focus being in Great Yarmouth where they lost their lives. Our well attended Summer Event at Worthy Down enabled our members to appreciate how much the Army has progressed with regards to accommodation and barracks facilities.

The Branches and Groups remain the main focus for providing our members with comradeship, and this year we have had new branches form in Sheffield and Northern Ireland. Work continues to improve the package for the members through the various working groups, and this year we have provided Association table top banners to Areas and blankets for wheelchair users which were proudly on display as we marched past the Cenotaph on Remembrance Sunday.

Chair of the Benevolent Fund Grants Committee Major (Retd) Monica Jones

It was a privilege to take on the role of Chair of the Benevolent Fund from July 2023. I will continue the legacy of ensuring that the benevolence the charity provides stays relevant to current problems facing our beneficiaries. Also that it continues to build the varying ways in which they can be assisted with the focus of grants to offer a “hand up not a hand out”. The last year has seen many beneficiaries struggling with the rise in the cost of living. This year’s highest spend for one-off

grants was for priority debt with a spend of £26,363 which is indicative of the financial hardship currently facing our beneficiaries. During this year £262,980 was spent on benevolence grants benefitting 144 female veterans. The Trustees continue to regularly review the Grant Giving Criteria and Guidelines to ensure that it meets the needs of its beneficiaries and that the charitable funds are put to best use to support those most in need.

This year the Benevolent Fund formed a new partnership with The Veterans Charity, delivering rapid support to supply essentials including food shopping, clothing, household goods, utilities support, smartphones/tablets and even temporary emergency accommodation. The partnership means that they will assess and deliver immediate needs support on behalf of and funded by the WRAC Association, whilst requests for non-urgent items and long term support will still be submitted through SSAFA or RBL.

Details of how to apply for support are available on our website and published in the Lioness.

Chief Executive Officer Paula Rogers

2023 has seen the WRAC Association increase our status within the veteran community and our visibility in the public eye, ensuring that the contribution of our trailblazing women is recognised across UK society.

As we continue to engage with the wider veteran population on a variety of issues, we are heartened that the Office for Veterans’ Affairs has begun to develop a stand-alone strategy for women veterans to sit as part of its overall strategic plan. We are proud

to have been engaged with the development of this work throughout the year, ensuring that the needs of older female veterans remain sharply in focus, and look forward to the launch in 2024. Within the Coseo Executive Board we continue to be a strong voice for women within the veteran community - sitting on the Executive Committee of the Female Veterans Cluster Group and now leading the programme which is set to deliver meaningful change to female veterans accessing support and services through statutory, charity and commercial sectors.

As one of the four lead organisations in the Single Cap-Badge Associations Network, we have brought together the heads of other similar military organisations to share best practice and learn from each other’s delivery. Our get-togethers in 2023 have offered the chance to really learn from one another and improve our own offer to members of the WRAC Association. This Annual Report captures just some of the achievements of our Association over a twelve month period. I hope you enjoy reading about our work and continue to support us as we support women who served.

Simply the BL. I••T•II

“The Lioness magazine just keeps getting better!”

“I look forward so much to my copy of the Lioness”.

‘‘On behalf of the Portsmouth Branch I would like to thank you for the great Lioness, it was a lovely surprise to everyone I have spoken to.”

“The much-improved Lioness ensures we remember happy times and see photos of people I remember.”

“I would like to congratulate all of the team on the wonderful commemorative issue of the Lioness on our past patron and Life Member, Queen Elizabeth II. It was a fantastic read.”

“Thank you so very very much for mailing the Lioness magazines. They are phenomenal! Outstanding and tremendous. I have thoroughly been humbled by all the remarkable endeavours of the fine Lioness staff, all ATS and WRAC members, these past many years. Their loyalty, friendships and duty is remarkable! It is a joy to read, the photographs and stories are beautiful. Congratulations to everyone who submitted and shared and also for putting these remarkable Lioness magazines together.”

“I felt a sense of belonging again when I joined the WRAC Association. I was able to meet up with old friends of like mindedness.”

“The Association is a way to still feel part of the WRAC and a great way of tracing ladies you have long lost touch with.”

”My mother reached the marvellous age of 100 on 26th June. She would like to thank the Association for the muchappreciated birthday card and message which she was honoured to receive.”

“The WRACA gives me a sense of belonging and access to wonderful events.”

“Just a quick note to say thank you so much for including Mum’s obituary in the latest edition of ‘The Lioness’. She would have been extremely pleased to have been remembered in a magazine she regularly enjoyed reading.”

“I like being part of a group of likeminded people.”

“I would like to thank the WRAC Association HQ for the very generous Christmas gift, and also the wrapped parcel. I will open that Christmas morning. It was wonderful seeing you when you came up to visit us all.” (From a Chelsea pensioner)

At 1400 hours on Sunday 14th May 2023 members of the WRAC Association stopped to commemorate those who died as a result of a bombing raid on the 11th of May 1943. Killed as they returned to their quarters in Great Yarmouth following morning PT, these young women are commemorated annually at the spot where the tragedy occurred. This year, on the 80th anniversary, the WRAC Association held individual ceremonies all across the UK for each of those who died in the locations where they had been buried or remembered on memorials.

Some of our members discovered that one of the ATS servicewomen was buried minutes from their home, whilst others travelled hundreds of miles to pay their respects. One of our members was able to attend thanks to a Membership Support Grant from our Benevolent Fund. Some services were attended by the families of those who were killed, and some by complete strangers who wished to give thanks for their sacrifice. Newspapers, local radio and even BBC TV news covered the events as the stories of these women captured the hearts of the nation.

From the Isle of Lewis to the shores of Dorset, twenty-six simultaneous acts of Remembrance marking one tragic event – the single largest loss of female life in the history of the British Army.

tJUENEWS Rotherham veterans commemorate 80th anniversary of Great Yarmouth mbing tragedy Events honour 26 women killed i Great Yarniouth WW2 bombing W02Caih*iknièMwhr ••

apr*dslstwh••d Women's Royal Amiy Corps veteran from Halilax chosen for London Cenotaph March Past TALKiiiawoKIMa nlailonline Pip's a marvel- it was great t highlight her vzk M•rchlng lo tr•gedy: New pleiure8 •rn r•aled ol the ATS glrls killod by th• M#zis- 26 lo#t thèir livè# in Great Y•rTnouth bornbing in worst WWII •tro¢hyto hh Br[¥h •mty 80 years ago I1.1 J4 Aj¥. -' Sti)rnowavgirl .kiUed bi. enL'mv I I".

85%

91%

described some impact of military service on their physical or mental health as a civilian[1] and less than 31% identify with the term ‘veteran’[2] .

2%

of women reported feeling that they were treated differently to their male counterparts

Only 2% of veteran research focuses on females[5] . The Female Veterans Transformation Programme aims to change this.

during their military service[3] with 60% stating that they had received little support or preparation for life as a civilian[4] .

Proud to work alongside:

1Hooks, Morgan et al., ‘Where are all the Women?’, 31.

2Christina Dodds and Matthew Kiernan, “Hidden Veterans: A Review of the Literature on Women Veterans in Contemporary Society,” Illness Crisis and Loss 27, no. 4 (2019): 295.

3Lauren Godier-McBard, Nicola Gillin and Matt Fossey, We Also Served: The Health and Wellbeing of Female Veterans in the UK (Chelmsford: Anglia Ruskin University, 2021), 27.

4Paula Edwards and Tony Wright, No Man’s Land, (Dudley: Salute Her UK, 2019), 16.

5Lauren Godier-McBard, Graham Cable, Abigail Wood and Matt Fossey. “Gender differences in barriers to mental healthcare for UK military veterans: A preliminary investigation.” BMJ Military Health 168(1), (2022): 70–75

Running from 2023 until 2026 and funded by the Armed Forces Covenant Fund Trust and the NHS, The Female Veterans Transformation Programme is raising awareness of the specific needs of female veterans and ensuring those needs are built into the design and delivery of the services they access.

The programme is being delivered by the WRAC Association’s project team of Liza Jarvis (Project Lead), supported by Hannah West (Communications and Engagement Officer) and reports to the Cobseo Female Veteran Cluster.

We have been busily reading all of the research about female veterans to make sure we have fully understood these needs and how they vary for different groups and individuals. Liza and Hannah will now be turning their attention to engaging with female veterans, service providers, advocates and policy makers who work in charities, as employers and in government, amongst others. They will work collaboratively to produce a practical toolkit for those who provide support services to make sure that female veterans are considered and represented by them. We are in close contact with the Office for Veterans’ Affairs as they develop the Women’s Veterans Strategy with our toolkit providing a practical way of implementing their recommendations.

Xmas presents bought for our ladies residing in the Royal Hospital Chelsea and Erskine Care Homes for Veterans in Scotland

ladies were helped with debt. 75 household goods purchased £9,700 £12,060 spend on cost of living payments to spent on EPVS 35 beneficiaries 177 +09 =186'.: assistance 144 £262,980 were successful total spend

Letter received from Anne who sent a photo of herself on the scooter purchased with a £1004 grant

“Very many thanks for renewing Miss M’s care home grant. I know her family will be delighted, she would also if she could communicate.”

From a SSAFA Caseworker helping a female veteran with a £5,200.00 Care Enhancement Grant for Nursing Home Top Up Fees.

“Thank you so much for supporting our case for Ms C and replying so quickly. It will be a great weight off her mind and she can now look forward to moving into her new home.”

From a SSAFA Caseworker helping a WRAC veteran who needed help with removal costs (£580) and fitted carpets (£1,930.00)

Thank you card from Francine who was awarded a grant for priority debt of £2431 and a Benevolent Fund Support Grant of £50 per week for 6 months.

All support applications are processed within strict confidentiality guidelines. Anne and Francine were happy to waive their anonymity to encourage others to reach out for help.

Message from the Vice President, Brig (Retd) Fiona Gardner CBE

2024 will bring the 75th Anniversary of the formation of the WRAC, with commemorative events planned in Guildford and at the National Army Museum, and planning for our summer event is well advanced. Our branches, activity groups and fundraising cohort will be providing a network of events throughout the year.

Trustees have reviewed our financial governance and have agreed to combine the Association HQ Fund and the Benevolent Fund, which will ensure the financial sustainability of the Association and enable greater support to members, while maintaining our individual grant giving to any former ATS or WRAC servicewoman in need. Trustees have also initiated Part 2 of our Strategic Review, reviewing the organisational structure of the Association staff to ensure it meets the needs of the Association moving forward.

We will continue to have a voice within Cobseo and the female veterans sector, contributing to the understanding of the needs of female veterans and ensuring those needs are considered and incorporated in policy and service provision. In particular, we look forward to seeing the emerging outcomes from the Female Veterans Transformation Programme as it looks to transform the support available to female veterans.

Thank you to our volunteers who help to keep the Association running and our superb fundraisers who raise much needed funds and boost morale amongst the membership.

Our Annual Report shows you some of the work we do to provide camaraderie, benevolence and mutual support to former members of the ATS and WRAC and our work to exert influence within the military charity sector.

If you believe what we are doing to better the lives of female veterans is important please help us.

There are lots of different ways you can do this:

make a donation
pass this brochure on to a key player in your community
consider the WRAC Association in your will
ask for some posters to put up in your community
encourage a female veteran you know to join us
direct a female veteran you know who is in need to SSAFA or RBL so that we
can help her.

WRAC Association

Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester, Hampshire, SO23 0LD Tel: 0300 400 1992 (local rate call, including mobiles) info@wraca.org.uk or benfund@wraca.org.uk www.wraca.org.uk

President Her Royal Highness The Duchess of Kent GCVO Registered Charity Number 206184, founded in 1919

Registered Charity Number 206184 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FOR THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Rothmans Audit LLP Chartered Accountsnls & Statutory Auditors Avebury House St Peter Street Winchester Hampshire S023 8BN

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 1 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees submit their report and the financial statements of the Women's Royal Army Corps Association for the year ended 30 September 2023. The Trustees agree on the broad strategy and areas of activity including the policies for grant making, inveslmenls, and reserves. The management of Association staff and other charity management responsibilities are delegated lo the Chief Executive Officer. The charitable Object of the Association is.. To promote the efficiency of the Army by.. Maintaining contact betseen former members of Queen Mary's Auxiliary Corps IQMAACI, the Auxiliary Territorial Service IATSI, the Auxiliary Territorial Service Territorial Army IATS TAI, Women's Royal Army Corps IVIRACI, Women's Royal Army Corps Territorial Army IWRAC TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women still serving in the Army, fostering mutual friendship between them and providing for social gatherings. Fostering esprit de corps, comradeship, welfare and preserving the traditions of the QMAAC, ATS, ATS ITAI, VVRAC, WRAC ITAI and IhRAC ITAVRI. The administration and activities of the WRAC Association are governed by the VVRAC Association Constitution 2021. The Trustees have referred lo the guidance contained in the Charities Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the charity. In particular, the Trustees consider how planned activities will contribute to the aims and activities they have sel. CHARITABLE ACTIVITY The VIRAC Association continues lo further the Association's object of fostering esprit de corps and comradeshipas we provide support and opportunities for members whilst advocating for female veterans publicly and slralegically. Branches and groups remain the main focus for providing comradeship lo our members with new branches forming in Northem Ireland and Yorkshire. Throughout the year, events have brought our members together with a large conlingenl marching al the Cenotaph and across the UK on Remembran Sunday. Further events included the dedatIOn of the Asswialion Centenary plaque in GuildFord Cathedral, and our well attended Summer Event al Worthy Down Barracks which enabled members lo appreciate how much the Army has progressed. Our ongoing 'We Wll RerrEmber Herf campaign to ensure Army women are appropriately rerrEmbered on war memorials hrt a signrficant milestrjne this year as members the length and breadth of the UK held simubneous servres al the war rrEmorials and graves of the 26 ATS killed on 11 May 1943 on the 80th anniversary of the bombing. Public and media interest around this event raised the profile of female veterans SignthY. The AGM was held remote because of a rail stn"ke, but we were delighted to count over 1200 views of the meeb.ng online. We have raised our profile on social media as part of our plan lo be more visible and to reach out lo the 80,000 plus female Army veterans reported in the latest UK Census. We conb'nue to support former ATS and WRAC ladies through our individual grant giving, and have joined forces with the Veterans Charity lo fund immediate emergency assistance where needed. With a grant of £300k over three years awarded by the Armed Forces Covenant Trust, we have joined forces with COBSEO lo launch the Female Veterans, Transformation Programme, working lo deliver a toolkit that will assist all service providers lo build the needs of female veterans into the design and delivery of veteran services of the future.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 2 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 FINANCIAL REVIEW Income derived from the investment portfolio is the main income stream for both the Association and the Benevolent Fund, supplemented by ad hoc legacies and donations. The Association also reiVeS income from subscriptions at £10 per member per year. The Association showed net oulgoings of £28,640. The net gain on investments this year was £17,606. The Benevolent Fund showed net oulgoings of £224.695. The net gain on Investments was £102,015. The charity does not actively ftjndraise or seek legacies, albeit the charity is appreciative of those who have made provision for the Association in their wills. £11,200 was received into the Association comprising 4 legacies and £2,000 comprising 1 legacy into the Benevolent Fund. INVESTMENT POLICY AND PERFORMANCE The investment objectives are sel out in the Investment Policy., to balance income and capital returns over the long term, preserve the real capital value of the funds and meet the ongoing income requirements of the charity. Trustees instruct Brewin Dolphin lo manage the charity's investments. The last 12 months have been another challenging period for investors. During the first half of the year, global markets performed better than expected before falling back in the third quarter due to rising oil prices, inflation and higher Interest rates. Income continLJes to hold up well though and equity dividends remained resilient and bond markets provided more attractive levels of income. Looking ahead, the forecast is for bond yields to remain steady with cash an increasingly attractive option given the high levels of interest rates in the UK. Stocks in the US, particularly technology stocks are looking overpriced. In Europe, the advice is steady as she goes. For China, GDP growth is still likely to outpace the rest of the wodd but the riSkIward balance remains unattractive. Our investment managers suggest that fixed income markets have remained under pressure with this backdrop and other interest rate sensitive instruments have also suffered, particularly in the investment trust sector where a significant widening in discounts has exacerbated the challenged performan. These factors, combined with the very focussed returns that we have seen partiCLJlarly from the US market have impacted performance and have potential lo do so al least over the short term. However, our portfolios remain well diversified and are structured to wilhsland the current volatility whilst looking to a recovery over the short to medium term. Investment returns were £224,414., comprising £42,567 for the Association and £181,847 for the Benevolent Fund. Al the end of the year market values were Benevolent Fund £6,098,743 and the Association £1,396,047. Investment management costs of £36,590 for the year are charged to the portfolio. RISK MANAGEMENT Risk Management is a standing item on the Agenda at Trustees meetings and the Risk Register reviewed regularly by the Management Board. sUCsSion planning for the Officers of the Association is an ongoing risk and planning is in place, albeit those in place now are so for 3 years and are supported by the CEO'S ability to step up. Likewise, planning is in place lo manage long term staff absence. RESERVES STRATEGY A Reserves Policy provides essential accounlabilily lo funders, donors and other stskeholders and is held lo help the charity operate efficiently.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 3 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 The charity uses easily accessible cash from Special Interest Bearing Accounts ISIBAI lo meet the usual operating costs. The working reserve is 3 months of the budgeted operating costs and is available from both SIBA and Brewin Dolphin. Liquidity and cash reserves are monitored by the Financial OffIr and reported quarterly lo the Management Board. Vvhen reviewing the Reserves Policy Trustees always seek advi on market conditions from the Investment Manager. Al the end of the year the charity held total reserves of £7,590,469 of which £1,393,451 were for the Association, and £6,155,806 were for the Benevolent Fund. (Cash reserves al £26,653 (Assn) and £33,138 (Benll. In addition, the sum of £5,541 was held for the COBSEO Female Cluster Group and £35,671 for the Female Veterans, Transformation Programme STRUCTURE, GOVERNANCE AND MANAGEMENT Status of the Charity The Women's Royal Army Corps Association, incorporating Queen Mary's Army Auxiliary Corps and Auxiliary Territorial Service Comodes Associats'on, is a registered charity, founded by a trust deed in 1919. The Association is governed by the rules and regulations sel down in the trust deed. Following advice received from the Charity Commissioner during the year ended 31 October 2000, two related bul previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fund) were amalgamated with the Association. The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944. The Women's Royal Army Corps Benevolent Fund was estsblished by a trust deed on 28 December 1950. The Benevolent Funds were combined under a scheme of the Charity Commissioner on 28 April 1961. This scheme was superseded by another scheme on 21 October 1964, and subsequent supplemental orders dated 17 February 1993 and 3 April 1997. The combined Benevolent Funds formed a registered charity, governed by the rules and regulations sel down in the amended trust deeds. Following amalgamation with the Association, the charitable registration of the Benevolent Funds, under charity number 247793, was removed and the funds were re-registered as a subsidiary charity of the WRAC Association. The Princess Royal's Memorial Fund was established under a trust deed dated 30 March 1966, and was a registered charity, under charity number 248204. Following amalgamation with the Association, the separate charitable registration has ceased. Charity Name WRAC Association lineorporating Queen Mary's Army Auxiliary Corps and The Auxiliary Territorial Service Comrades Associalionl. Charity Nurnber 206184 Princi Unil 11 Basepoint Business Centre 1 Winnall Valley Road Winchester Hampshire S023 OLD al Address Banker Royal Bank of Scotland 31-37 Victoria Road Farnborough Hampshire GU14 7NR Auditor Rolhmans Audit LLP Avebury House 6 St Peter Street nchesler Hampshire S023 88N

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 4 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 Investment Mana Brewin Dolphin 12 Smithfield Street London EC1A 9BD gr The Trustees and Councll of the Assoclatlon The Trustees are the Managing Trustees of the VWRAC Association and are.. The Association OffiTrrs- Vice President, Chair of the Membership Council, Chair of the Benevolent Fund and the Treasurer. Elected Members - up lo 9. An Elected Member shall be proposed by any other Trustee and is to be approved by the Trustees. An Elected Trustee Member shall serve for an initial period up lo 3 years and thereafter may be re-appointed and serve for up lo two more consecutive 3-year terms19 years in totall with annual ratification by the Trustees. The Membership Council is responsible for offering advice and recommendations lo Trustees on membership mallers for WRAC Association Branches, Members and the wider Service charity sector, particularly in relation to membership relations. The Membership Council consists of.. Chair of the Membership Council la Trustee) Chair of the Benevolent Fund la Trustee) All Life Vice Presidents All Area Co-ordinators Editor of the Lioness- ex officio Honorary Appointments within the Association lo act as ex officio members le.g. Lawyer and Padre) except the Treasurer who is an Officer of the Association. Management Board The Membership Council is responsible lo the Management Board for growing, reviewing, monitoring and making decisions on membership, membership strLJCture and events. The Membership Council sets the direction for relationships with VVRAC Association Branches and the wider Service charity sector and is a forum for recommending change lo Trustees as it affects the Membership. It 15 supported by other sub committees formed for specific purposes. The members ofthe Management Board are.. Vice President & Chair of Board of Trustees Chair of Membership Council land Deputy Vice President) Chair of Benevolent Fund Treasurer Chief Executive Officer

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 5 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees who have held Offi since 1 October 2022 are as follows.. Trustees Brig (Reldl FH Gardner CBE Vice President Appointed March 2021 Appointed Trustee February 2020 Appointed Trustee July 2013 Rea oinled Trustee Jul 2021 Appointed Trustee July 2014 Reappointed Trustee July 2021 Vice President Col (Reldl IM Mccord Chair of the Benevolent Fund until Jul 2023 Chair of the Membership Council from March 2021 Chair of the EFC from July 2014 to March 2021 Chair of the Benevolent Fund from Ju 2023 Deputy Chair of the Benevolent Fund Treasurer appointed July 2022 Ll Col (Retdl RC Naile MBE Maj IReldl MCM Jones Appointed Trustee May 2015 Rea oinled Trustee Jul 2021 Appointed Trustee April 2015 Rea oinled Trustee Jul 2021 Appointed Trustee JLJIY 2019 Served as NEM November 2018- June 2019 Appointed Trustee February 2017 Rea oinled Trustee Jul 2021 Appointed Trustee February 2017 Rea oinled Trustee Jul 2021 Appointed Trustee August 2017 Rea oinled Trustee Jul 2021 ointed Trustee Jul 2019 ointed Trustee June 2023 ointed Trustee June 2023 Maj (Retdl CH Merrington-Rusl MBE Ll Col (Retdl TR Savage Miss B Johnson Mrs S Mackenzie Col (Reldl A Hassell Ms SMF Veillard-Thomas Ms Dawn Menda Ms Shelle Whitehead Non-Executive Member Ex-officio A ointments PRO ers Mrs PF Muxworth NEM Chief Executive Officer Association Secreta ointed Ma ointed Ma 2021 2017 The Role of Trustees To provide the level of Governance necessary for the WRAC Association, the Trustees are expected to attend all 3 Trustees Meetings annually, the AGM, and at leasttwo Major Grants Committee Meetings IMGCMI a year, prior to which a newly inducted Trustee would be expected lo shadow a MGCM al least once. The WRAC Association continues lo subscribe lo the Charity Commission's on-line updates, the COBSEO newsletter, Gov.UK updates and NCVO e-bullelins. Trustees are required to disclose all relevant interests and register them with the VI President and in accordan with the WRAC Association's policy are lo withdraw from decisions where a conflict of interest arises. KEY MANAGEMENT PERSONNEL REMUNERATION All Trustees give of Iheirtime freely and no Trustee remuneration was paid in the reporting year. Details of Trustee expenses and related paty transactions are disclosed in this report.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 6 REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 GOVERNANCE A Governance Audit took place in June 2022. The COBSEO audit tool, approved by the Charity Commission was used. The overall score was 71180", a green outcome overall indicating good governance. The Trustees intend lo follow this procedure on a 3-yearly basis alongside the audit of Trustee skills also 3-yearly. STATEMENT OF TRUSTEES RESPONSIBILITIES The charity Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice}. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalements for each financial year that 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 lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent,. slate 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 business. The TTuslees are responsible for keeping sufficient 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. The Trustees are sponSible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial ststemenls. 2010312024 Approved by the Trustees on . Signed on behalf of the board 2010312024 Dale........................ Brigadier (Retired) Fiona Gardner CBE, Chairman

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF Page 7 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 Opinion We have audited the financial statements of The Women's Royal Army Corps Association for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102.. The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the slate of the Charity's affairs as al 30 September 2023 and of its incoming reSoUrS and application of resources for the year then ended., have been properfy prepared in accordan with United Kingdom Generally Accepted Accounting Pffictice", have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements 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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustee's use of the going conrn 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 doubl on the charity's ability to continue as a going concern for a period of al least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, including the trustees, report, olherthan the financial statements and our audilorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl othenmise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 eourse of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise lo a material misststemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF Page 8 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misslatemenls in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you If, in our opinion.. the information given in the trustees, report is inconsislenl in any material respect with the financial slatemenls", or sufficient accounting records have not been kept., the financial statements are not In agreement with the accounting records., or we have not obtained all the information and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going cOnM and using the going conrn basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial ststements We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to iSSLJe an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect of irregularities, including fraud. The extent to vthl¢h the audlt was consldered capable of detectlng Irregularltles Includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we Identified the laws and regulations applicable lo the charity through discussions with the trustees and other management, and from our knowledge and experience of the charities sector.,

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF Page 9 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 we focused on specific laws and regulations which we considered may have a direct Material effe¢l on the financial statements or the operations of the charity, including the Charities Act 2011, data protection, employment, and health and safety legislation," we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstalemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud," and considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. We Identified the greatest risk of material Impact on the financial slalements from irregularities, including fraud, lo be within the recognition of income and the override of controls by management. To address the risk of fraud in these areas, we.. selected a sample of transactions from Material income streams and compared expected income to that recorded within the financial stslements. performed analylieal procedures lo identify any unusual or unexpected relationships", lesled journal entries during the year and al the year-end lo identify unusual transactions., assessed whelherjudgements and assumptions made in determining the accounting estimates set out in the notes lo the accounts were indicative of potential bias., investigated the rationale behind significant or unusual transactions., In response to the risk of irregularities and non-compliance with laws and regulations, we designe procedures which included, bul were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims., reviewing correspondence with relevant regulators, such as the Charities Commission., and reviewed legal and professional expenditure incurred in the year. There are inherent limitstions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our auditor's report.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF Page 10 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2023 Use of our report This report is made solely lo the Charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the Charity's trustees those matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. RON_ /knLLP Rothmans Audit LLP Chartered Accountsnts and Ststutory Auditors Avebury House Sl Peter Street Winchester Hampshire S023 8BN Date.. 29 April 2024 Rothmans Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 11 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Totsl Fund5 Year Ended 30.09.2023 Total Funds Yèar Ended 30.09.2022 Notes UnrestriGtsd Funds Restricted Funds INCOME FROM.. Donations and legaci&s Charilabk activities Investments Other income 55.874 61.153 117,027 77.179 22,360 221.247 10,053 42.567 5,659 181.847 256 224,414 5,915 TOTAL INCOME 104,100 243.256 347,356 330,839 EXPENDITURE ON: Raising funds Charilabk activities 6.728 126,012 29.862 438.089 36,590 564,101 38.532 472,338 Total Exp8ndlture 132,740 467.951 SQO,691 510,870 Net Gains I Ilossesl on invesknents 10 17,606 102.015 119,621 11.088.468) NET INCOME I IEXPENDITUREI 1122,6801 1133,7141 11.268,4991 Transfers between funds NET MOVEMENT IN FUNDS 1122,6801 1133,7141 11.268.499) RECONCILIATION OF FUNDS.. Total Fund$ brought fotward 19 1.404.485 6.319.e98 7,724,183 8,992.682 Total fund5 carrRd forward 1.393.451 6.197.018 7,590,469 7,724.183 The statement of financial activities includes all gains and losses recognised In the year. All income and expenditure derive from continuing activities. The notgs on pages 14 to 30 fom? part ofthgse financial statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 12 BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes FIXED ASSETS Intangible assets Tangible assets Investments 8,206 2,480 7,494,790 7,505,476 10,100 3,525 7,667,505 7,681,130 10 CURRENT ASSETS Stock Debtors Cash al bank and in hand 4,464 32,832 59,791 97,087 3,982 43,624 17,511 65,117 13 LIABILITIES Creditors.. Amounts falling due within one year 14 12,094 22,064 NET CURRENT ASSETS 84,993 43,053 TOTAL NET ASSETS 7,590,469 7,724,183 FUNDS OF THE CHARITY Restricted Funds. The Benevolent Funds The COBSEO Female Cluster Group Fund The Female Veterans Transformation Programme 16 17 6,155,806 5,541 6,310,169 9,529 18 35,671 Unrestricted funds.. General Funds 19 1,393,451 1,404,485 TOTAL FUNDS 19 7,590,469 7,724,183 The financial statements were approved by the Board of Trustees on on its behalf by.. 2010312024 and were signed Brigadier (Retired) Fiona Gardner CBE, Chairman The notes on pages 74 to 30 fom7 Part ofthese fin8nci81 statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 13 STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2023 2023 2022 Notes Net cash lused inl operating activities: {474,4701 {415,9831 Cash flows from investing activities Dividends and interest from investments Purchase of intangible assets Purchase of propety, plant and equipment PrOedS from sale of investments Purchase of investments 224,414 221,247 516,387 224,051 516,750 376,465 231,222 366,490 Net cash provided by investing activities Change in ¢a5h and cash equivalents in the year 42,280 149,4931 Cash and cash equivalents at the beginning of the year 17,511 67,004 Cash and cash equivalents at the end of the year 59,791 17,511 NOTES TO THE STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS NOTE 1: RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Nel movement in funds Adjuslmenls for.. Depreciation and amortisation charges IGainslllosses on investments Dividends and interest from investments Ilncreaselldecrease in stocks Ilncreaselldeerease in debtors Increaselldecreasel in creditors Nel cash lused inl operating activities 1133,7141 11,268,499) 2,939 1119,6211 1224,4141 14821 10,792 9,970 474,470 2,897 1,088,468 1221,247) 1,800 111,8481 7,554 415,983 STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUPrfALENTS 2023 2022 Cash at bank and in hand Total Cash & Cash Equivalents 59,791 59,791 17,511 17,511

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES BASIS OF ACCOUNTING The accounts (financial stalemenlsl of the charity have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant notes to these a¢¢ounts. The accounts have been prepared In accordance the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191,. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the Charities Act 2011. The charity conslitules a public benefit entity as defined by FRS 102. The accounts (financial stalementsl have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, rather than the Accounting and Reporting by Charities.. Statement of Recommended Practs. effective from 1 April 2005 which has since been withdrawn. The presentational and functional currency of the charity is Pound Sterling. The accounts are rounded to the nearest pound. The Charity's principal office is Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester, Hampshire, S023 OLD. The trustees consider that there are no material UnrtaInlieS about the Association's ability to continue as a going COnM and these accounts have been prepared on a going concern basis. There are no significant judgements which affect the amounts recognised in these financial statements. vwth respect to the next reporting period, the most significant areas of uncertainly that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. FUND STRUCTURE Following advice received from the Charity Commissioners during the year ended 31 October 2001, two related, but previously separate charities (The Auxiliary Territorial Service Benevolent Fund & The Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fundl were amalgamated with the Association. The Benevolent Funds including the Princess Royal Memorial Fund is the restricted fund representing the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund (incorporating the prInsS Royal's Memorial Fund) that provides one-off grants, annuities and nursing home fees to ex-service women. The funds of these amalgamated charities are treated as reslricled by the Trustees, and are only applied for the purposes specified in the original objects of the charities concerned. In addition, there is an unrestricted bul designated fund for life subscriptions that make transfers to the unreslricled fund, as income received in advance is realised.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 15 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FUND STRUCTURE {continuedl These financial statements present in aggregate, the results for the year ended 30 September 2023 and the balance sheet position as al 30 September 2023, for the three original charities with comparatives for the year ended 30 September 2022. THE BRANCHES OF THE ASSOCIATION The Branches of the Association do not expressly further its Objects through any explicit or implicit power provided by the Association's Constitution,. neither Control nor management is exercised. Furthermore, the Association's Constitution recognises formally the dislin¢liveness of a Branch's financial ¢ommilmenls from that of its own. On that basis, the Membership Council has decided to separate any financial Connection that has existed and recognise in a clear and transparent way that there is no financial dependency of the Association on the Branches or vice-versa and that neither control nor management has been or will be exercised. As such branch income and expenditure is not recognised in these financial statements INCOME RECOGNITION All incoming resources are recognised once the charity has entillement lo the income, il is pmbable that the income will be received and the monetary value of incoming resources can be measured with sufficient reliability. Donations are recognised upon receipt. Membership income is recognised evenly over a 12-month period from the dale of receipt. Legacy gifts are recognised on a case by case basis following the granting of probate when the adminislralorlexecutor for the estate has communicated in writing both the amount and selllemenl dale. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and nolificalion has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. RESOURCES EXPENDED All expenditure is accounted for on an accruals basis, and has been classified under headings that aggregate all costs related lo that category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. They are accounted for when the recipient has a reasonable expectation that they will receive a gmnl, and the Trustees have agreed lo pay the grant without Condition. All resources expended are inclusive of Ircoveb1e VAT. ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS Management and administration costs, including support costs and governance costs, have been allocated beeen charitable activities as shown in note 7. Vvhere costs cannot be direcuy attributed to a particular activity they are allocated on a basis consislenl with the use of resources, for example, staff costs are allocated based on the proportion of time spent by staff members on each activity. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practi. These costs include costs related to stalulory audit.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 16 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exptIOn of investments which are measured at their fair value as described more fully below. INTANGIBLE FIXED ASSETS Intangible assets consist of computer software costs related to the design and building of a bespoke online database. The asset was in development as at 30 September 2017 and was brought into use in February 2018. The charity intends lo keep updating the database software as necessary and to use il for the foreseeable future so il is not possible to reliably estimate the actual lifespan of this asset. A 10- year lifespan has therefore been adopted as this is the longest period permitted by FRS102 in these circumstances. Amortisation costs are included within expenditure on charitable activities in the Statement of Financial Activities. TANGIBLE FIXED ASSETS Assets costing £100 or more are capilalised as tangible fixed assets and are carried al cost, nel of depreciation and any provision for impairment. Depreciation is provided al the following annual rates in order to write off each asset over its estimated useful life.. Computer equipment Office equipment Straight Line over 5 years Straight Line over 10 years INVESTMENTS Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as al the balan sheet dale using the closing quoted market pri. The Trust does not acquire pul options, derivatives or other complex financial inslrumenls. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. STOCKS Stocks are slated al the lower of cost and nel realisable value. CREDITORS Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their selllement amount after allowing for any trade discounts due.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 17 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 PENSION COSTS The company operates a defined contribution pension scheme. The assets of the scheme are held separatety from those of the company In an independently administered fvnd. Contributions payable for the year are charged in the income and expenditure account. FUNDS RECEIVED AS AGENT )ere the charity receives resources which it is bound lo pay over to a specified third party the transaction is not recognised in these accounts as the charity has no discretion over the use lo which the funds are applied. The receipt of funds is not recognised as Income nor is the distribution of funds recognised as expenditure. DONATIONS AND LEGACIES 2023 2022 Unrestricted Annual Association subscriptions Donations lo the Association Legacie5 13,932 20,742 21,200 55,874 13,026 27,816 4,000 44,842 Restricted The Benevolent Funds.. Donations Legacies Grants Returned The COBSEO Female Cluster Group Fund". COBSEO Funding The Female Veterans Transformation Programme Fund.. COBSEO Funding 1,156 1,315 12,205 7,662 12,497 11,155 47,500 61,153 32,337 117,027 77,179 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Unrestricted Income from Grand Reunion 22,360 22,360

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 18 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 INVESTMENT INCOME 2023 2022 Unrestricted Dividend income Deposit & SIB accounts interest 42,156 411 42,567 38,952 38,956 Restricted The Benevolent Funds.. Dividend income Deposit & SIB aecounls interest 181,688 159 182,271 20 181,847 182,291 224,414 221,247 Investment income arises from the charity's investment porfolio, which is a financial instrument carried al fair value through the Statement of Financial Activities. OTHER INCOME 2023 2022 Unrestricted Memorabilia Sales Pryze Draw Gift Aid Tax 2,215 7,138 1,206 1,396 9,740 3,444 5,659 Restricted Gift Aid Tax 256 313 5,915 10,053

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 EMPLOYEES 2023 2022 The average monthly number of persons lexclLJding Trustees) employed by the Association during the year was.. Office & Administration staff costs for the above persons.. Wages & Salaries Social Security Costs Pension Costs 123,964 5,413 7,095 109,394 4,172 6,377 136,472 119,943 No employees received employee benefits in excess of £60,000. The charity considers the Board of Trustees to be its key management personnel. No Trustee received any remuneration for services lo the Association in the current or previous year. Reimbursements for travel expenses tolalling £5,006 were made lo 9 Trustees12022.' £5,495 to 10 Trustees) and of £4,823 10 10 Council members12022'. £5,430 to g Council members). The charity makes contributions to defined contribution pension schemes on behalf of its employees. The costs of these contributions are allocated between unrestricted and reslricled funds on the basis of the time spent by each employee on the activities undertaken by each fund. RAISING FUNDS 2023 2022 RESTRICTED Benevolent Fund - Investment Management 29,862 29,862 31,436 31,436 UNRESTRICTED Investment Management 6,728 6,728 7,096 7,096

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 20 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 CHARITABLE ACTIVITIES Direct Costs Grant Funding Support Costs Total 2023 Total 2022 Unreslricled Funds.. Maintaining contact and fostering friendships Restricted Funds. Fostering esprit de corps, comradèship and welfare 17,686 108,326 126,012 161,978 59,707 262,967 115,415 438,089 310,360 77,393 262,967 223,741 564,101 472,338 2023 2022 UNRESTRICTED Direct Costs Grand Reunion Great Yarmouth Remembrance Worthy Down Thanksgiving for Her Majesty Queen Elizabeth11 Rose Garden Other Events ststues & Staluelles National Memorial Arboretum Memorabilia Purchases for Shop Christmas Cards Standard Bearers Flowers Presentations 936 1,250 1,311 2,754 37,353 1,050 392 557 250 320 1,075 1,860 6,317 1,477 376 71 684 51,782 32 4,518 2,046 1,958 1,603 793 318 167 17,686 Support Costs staff Costs Travel & Meeting expenses Printing, postsge & stationery Sundry office expenses Marketing Governance - Auditors Remuneration - Audit Governance - Auditors Remuneration - Other Governance- AGM Governance - Trustees meetings, training & advice Governance- Trustees Costs Governance - Council Costs 62,722 1,945 1,635 14,535 15,630 1,701 738 3,001 2,075 2,456 1,888 108,326 61,548 3,209 2,211 14,845 13,440 1,599 657 2,323 2,042 2,892 5,430 110,196 TOTAL UNRESTRICTED 126,012 161,978

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 CHARITABLE ACTIVITIES (continued...) 2023 2022 RESTRICTED Direct Costs- Grant Funding Benevolent Funds grants to 17912022.. 1411 individuals PrIn$S Royal's Memorial Grants to 1312022.. 171 individuals Annual maintenan Grants lo 712022.. 51 individuals 210,697 35,750 16,520 262,967 144,901 35,500 8,352 188,753 Olrect Costs (Benevolent Funds) Lioness publication costs Thanksgiving for Her Majesty Queen Elizabeth11 Flowers Christmas Cards 42,143 144 23,154 557 322 1,477 25,510 1,603 43,890 Direct Costs ICOBSEO Female Cluster Group) COBSEO Expenses 3,988 3,988 1,626 1,626 Direct Costs (Female Veteran$ Transfomiation Programme) FVTP expenses 11,829 11,829 Support Costs (Benevolent Funds) Staff Costs Travel & meeting expenses Printing, postage & stationery Sundry Offi expenses Marketing Governance - Auditors Remuneration - Audit Governance - Auditors Remuneration - Other Governan¢e- AGM Governance - Trustees meetings, training & advice Governance- Trustees Costs Governance - Council Costs 68.952 1,422 2,205 18,637 11,120 1,699 738 3,008 2,149 2,550 2,935 115,415 58,395 1,180 792 15,208 11,007 1,599 857 2,323 707 2,603 94,471 TOTAL RESTRICTED 438,089 310,360 TOTAL COSTS OF CHARITABLE ACTIVITIES 564.101 472.338 The total amount of Governance costs, as shown above, was £22,00312022". £22,832), of which £11,859 12022. £14,943) relates to unrestricted funds and £10,144 12022." £7,889) relates lo restricted funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 INTANGIBLE ASSETS Computer Software Total COST At 01 October 2022 Additions Disposals At 30 September 2023 18,938 18,938 18,938 18,938 AMORTISATION At 01 October 2022 Charge for year Elimination on Disposals At 30 September 2023 8,838 1,894 8,838 1,894 10,732 10,732 NET BOOK VALUE At 30 September 2023 8,206 8,206 At 30 September 2022 10,100 10,100 Note- Intangible assets related solely to a database developed for the Restricted Benevolent Funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TANGIBLE FIXED ASSETS Computer Equipment Fixtures & Fittings Total COST At 01 October 2022 Additions Disposals At 30 September 2023 6,232 3,830 10,062 6,232 3,830 10,062 DEPRECIATION At 01 October 2022 Charge for year Elimination on Disposals At 30 September 2023 3,786 662 2,751 383 6,537 1,045 4,448 3,134 7,582 NET BOOK VALUE At 30 September 2023 1,784 2,480 At 30 September 2022 2,446 1,079 3,525 Noto: Fixed assets are allocated belween funds as follows.. Unrestricted Fund Restricted Funds - Benevolent Funds Nel Book Value al 30 September 2023 1,016 768 1,784 113 583 1,129 1,351 2.480 Unreslricled Fund Restricted Funds - Benevolent Funds Nel Book Value al 30 September 2022 1,395 1,051 2,446 317 762 1,079 1,712 1,813 3,525

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 10. INVESTMENTS 2023 2022 Unrestricted general funds: Brewin Dolphin Portfolio 1,396,047 1,396,047 1,408,504 1,408,504 Restricted Benevolent Funds: Brewin Dolphin Portfolio 6,098,743 6,098,743 6,259,001 6,259,001 Total Investments at market value 7,494,790 7,667,505 2023 2022 Investments al fair value comprise.. Listed Investments Cash held within the investment F)Ortfolio 7,347,939 146,851 7,494,790 7,535,908 131,597 7,667,505 2023 2022 Market value brought forward al 1 October Additions Disposals Unrealised gains I Ilossesl Market value carried forward at 30 September 7,667,505 224,051 1516,3871 119,621 7,494,790 8,901,216 231,222 1376,4651 1,088,468 7,667,505 The historical cost of these investments, purchased al various dates, is as follows.. 2023 2022 Unrestricted general fvnds Restricted funds.. Benevolent Funds 1,150,827 1,181,097 4,733,184 4,995,455 5,884,011 6,176,552 The investments are a financial asset measured at fair value through the Statement of Financial Activities

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 11 STOCK 2023 2022 Memorabilia Stock 4,464 3,982 4,464 3,982 12 DEBTORS 2023 2022 Due Within One Year.. Prepayments Accrued Income Other Debtors 20,697 10,000 2,135 40,538 2,000 1,086 32,832 43,624 Unrestricted Restricted 14,662 18.170 32,832 2,671 40.953 43,624 13. CASH AT BANK & IN HAND 2023 2022 Current accounts Deposit accounts 10,233 49,438 16,370 1,021 Cash in hand 120 120 59,791 17,511 Unrestricted Restricted 26,653 33,138 59,791 6,490 11,021 17,511 Cash at bank and in hand is a financial asset measured at amortised cost.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 14. CREDoRs 2023 2022 Amounts falling due within one year.. Accruals Taxation & Social Security Deferred Income Other Creditors 6,629 14,518 1,517 5,353 676 5,465 12,094 22,064 Unrestricted Restricted 8,816 3,278 12,094 10,716 11,348 22,064 2023 2022 Deferred Income: Deferred income brought forward Income released in Current year Income deferred In current year 5,353 15,3531 5,465 4,574 14,5741 5,353 Deferred income carried forward 5,465 5,353 The deferred ineome relates to membership subscriptions and other ineome for the next financial period whieh were received during the current year. 15. FUNDS RECEIVED AS AGENT The charity did not receive any funds as an agent in the year ended 30 September 2023 or the year ended 30 September 2022.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 27 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 16. THE BENEVOLENT FUNDS 2023 2022 01 October 2022 Incoming resources Donations and legacies Investment Income Other income Resources expended Raising Funds - Investment management costs Charitable activities (Losses) l Gains on investments 6,310,169 7,340,629 13,653 181,847 256 21,182 182,291 313 129,8621 1422,2721 102,015 131,4361 1308,7341 1894,0761 30 September2023 6,155,806 6.310,169 Cumulative unrealised gains on investments included in The Benevolent Funds balance at the year- end amounted to £1,365,55912022. £1,263,546) The Benevolent Funds, including the Princess Royal Memorial Fund, is the restricted fund representing the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund (incorporating the Princess Royal's Memorial Fundl, which is a subsidiary charity of the WRAC association. The funds may be applied only in pursuance of the objects of the charity, namely". To promote the interests and welfare of persons who have served in the Corps in such ways as are charitable in law", and The relief of persons in need who are either.. Persons who have served in the Corps., or The children or dependents of any person lalive or deadl who has served in the Corps The Trustees may relieve persons in need by.. Making grants of money lo them., or Providing or paying for goods, setvices or facilities for them., or Making grants of money lo other persons or bodies who provide goods, services or facilities to those in need.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 28 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. THE COBSEO Female Veterans Cluster Fund 2023 2022 01 October 2022 Incoming resources Donations and legacies Resources expended Charitable activities 9,529 11,155 13,9881 11,6261 30 September2023 5,541 9,529 The COBSEO Female Veterans Cluster reslricled fund was created in FY22 and relates lo funding provided lo the WRAC for its work with the aft)rementioned group, and costs relate to funding travel and subsistence and marketing costs for group members. 18. The Female Veterans Transfomiation Programme Fund 2023 2022 01 October 2022 Incoming resources Donations and legacies ReSoUrS expended Charitable activities 47,500 111,8291 30 September 2023 35,671 The Female Veterans Transformation Programme restricted fund was created in FY23 and is funded by a grant from the Armed Forces Covenant Fund Trust and NHS England. The programme is designed to make female veterans 'visible' and deliver long-lerm, systemic change al veleran-facing organisalions such as healthcare servIs, care homes and charities.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 19. TOTAL FUNDS OF THE ASSOCIATION 10et 2022 Incomlng Outgolng Resources Resources Transfers 30 Sep 2023 UnTestrieted Funds: General funds 1,404,485 121,706 1132,7401 1,393,451 Restricted Funds.. The Benevolent Funds COBSEO Female Veterans Cluster Female Veterans Transformation Programme 6,310,169 9,529 297,771 1452,134} {3,988} 6,155,806 5,541 47,500 111,8291 35,671 7,724,183 466,977 600,691 7,590,469

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 30 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Net Current Assets TOTAL 2023 Year Ended 30 September 2023 Unrestricted Funds: General funds 1,397,176 13,7251 1,393,451 Restricted Funds.. The Benevolent Funds COBSEO Female Veterans Cluster The Female Veterans Transformation Project 6,108,300 47,506 5,541 35,671 6,155,806 5,541 35,671 7,505,476 84,993 7,590,469 Cumulative unrealised gains on investments included within the unrestricted general funds balance al the year-end amounted lo £245,22012022.' £227,407) Fixed Assets Net Current As$et$ TOTAL 2022 Year Ended 30 September 2022 Unrestricted Funds: General funds 1,410,216 15,7311 1,404,485 Restricted Funds.. The Benevolent Funds COBSEO Female Veterans Cluster 6,270,914 39,255 9,529 6,310,169 9,529 7,681,130 43,053 7,724,183 21 ULTIMATE CONTROLLING PARTY The charity is Controlled by its Trustees. 22 RELATED PARTY TRANSACTIONS There were no transactions with related parties during the year, other than the reimbursement of expenses to Trustees as disclosed in note 5.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION YEAR ENDEO 30 SEPTEMBER 2023