Women’s Royal Army Corps Association Impact Report 2026
Celebrating and Supporting Female Veterans
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.
On Armistice Day, the Bank of England held its Remembrance service with members of the WRAC Association taking an active role as Pauline Milnes read the Kohima. The Act of Remembrance took place at the Bank of England War Memorial in the internal Garden Court.
Vice President Col (Ret’d) Amanda Hassell
It is my privilege to introduce this year’s annual impact report, reflecting a period marked by both poignant moments and significant progress. In this Grand Reunion year, we had an excellent turnout for the Annual General Meeting, where we welcomed Major General Tim Hyams, CB, OBE of the Army Benevolent Fund, and bid ‘farewell’ to Brig Fiona Gardner CBE as I took on the role of Vice President, and to Reverend Sue Wing, welcoming serving officer Reverend Trudy Hobson as our new padre.
The launch of the Female Veterans Toolkit took place at the Royal Hospital Chelsea, bringing together key stakeholders and individuals who will champion the recognition of female veterans. I am particularly grateful to those of our members who contributed to the project. Designed to promote understanding of female veterans’ issues and to support a wide range of service providers, this resource will equip stakeholders with practical tools and guidance to meet evolving needs and celebrate the service of women in the Armed Forces. We look forward to seeing its positive impact in years to come.
Our association took a leading role in the important work of restoring berets and cap badges to women whose service was impacted by the pre-2000 ban on LGBT serving personnel. Ceremonies were held in Guildford, Cardiff and the National Memorial Arboretum with Army representation from Brigadier Melissa Emmett MBE and Brigadier Clare Phillips CBE who both delivered a heartfelt and sincere apology. We are particularly
proud to have played our part in welcoming these women back into the wider veteran community and specifically into the WRAC Association.
Our members were deeply saddened by the passing of our esteemed President and former Colonel Commandant of the Women’s Royal Army Corps, Her Royal Highness the Duchess of Kent. Attending the requiem mass in London alongside Life Vice President Sue Westlake MBE to pay respects on behalf of the Association, we reflected on her five decades of loyal service to our corps and her unswerving dedication to female veterans, a dedication we are proud to continue.
Chief Executive Officer Paula Rogers
In a year of significant anniversaries and enhanced visibility for female veterans, the WRAC Association has remained at the forefront of the work to celebrate women who served. The summer saw us elected for another three-year period to sit on the Executive Board of Cobseo: The Confederation of Service Charities. We are proud to have the support of our peers, particularly those single cap badge associations who voted for us to represent their distinct views. Engagement with the Ministry of Defence and Office for Veterans’ Affairs allows us to ensure women’s issues and contributions are communicated directly to those shaping policy and future veteran provision, and we have been pleased to have been consulted on the new veterans strategy and see that the strategic themes of “celebrate, contribute, support” will directly benefit the women we work hard to champion.
Our impact report reflects on our achievements throughout the year and the ways in which the WRAC Association continues to work hard for female veterans, from individuals needing help or companionship, to wide-reaching delivery which will improve outcomes for significant numbers of women for years to come. We are proud to be The Servicewomen’s Charity.
Minister for Veterans and People Louise Sandher-Jones MP, with our programme lead Liza Jarvis and Life Vice President Col Ali Brown OBE
Director of the Office for Veterans Affairs Anisha Worbs attending our launch of the Female Veterans Toolkit
Our dedicated staff team are supported by volunteers who organise local events and maintain contact with isolated veterans, as well as supporting our charity’s strong governance. Our volunteer contingent comprises civilians, serving personnel and scores of veterans who continue to serve those who served.
Being an area coordinator definitely keeps me on my toes! Everyone brings their own energy, and something unique to the table - that’s what makes it so enjoyable. I love doing my bit for the WRAC Association, it’s not just about helping out, it’s about being part of a community that really feels like home. Dawn Hawker WRAC 1980 - 1983
I have the honour of chairing the committee which organises the annual WRAC Gala Dinner Club event and have completed cycle challenges to raise much needed funds. My dulcet tones can also be heard calling the step as we march at the Cenotaph each year.
Karen “Radders” Radford WRAC 1987-1992, RAMC 1992 - 1993
I really enjoy volunteering as a branch organiser, bringing together ladies who served in the WRAC and those that joined after us who have struggled to find any veteran get-togethers locally. It’s fantastic that the Association brings in ladies from across the county to meet many old comrades. Sandy Warne WRAC 1987-1992, AGC 1992 - 1993
I have been volunteering as the Internal Auditor since 2013, providing an unbiased assessment of the effectiveness of the financial controls of the WRAC Association. I am proud to contribute in this way, supporting the Association and maintaining a bond with the WRAC and female veteran community. Sarah Morris WRAC 1985-1992, AGC (SPS) / C2 (MSF) 1992 - 2018
I have put the many skills learnt during my service in the WRAC to good use in my career since, and will forever be grateful for those opportunities. Volunteering as a trustee has given me a chance to continue being a part of the WRAC family and increase the voice of female veterans more broadly. Sue Mackenzie UOTC 1981 - 1985, WRAC 1985 - 92
Chair of the Membership Council Lt Col (Ret’d) Rowena Naile MBE
In the year of a Grand Reunion, when veterans of the WRAC come together for a triennial celebration of their service, the Association has excelled at furthering the Object of maintaining contact between female veterans and women still serving. From young members of Wales UOTC to senior female officers of the British Army, their attendance at our events further cements our ties to the serving community and demonstrates the impact our proud history has on those who continue to serve and those who are looking towards a career following in the footsteps of the women who went before.
In the year we lost our last ATS ‘Bletchley Girl’ Betty Webb, she was remembered at our summer event at Bletchley Park where so many ATS codebreakers worked during WWII. Our national, regional and local events continue to attract large numbers of members, and we are proud to welcome members from the serving community and veterans from the Royal Navy and Royal Air Force to our membership and our gatherings. With over 4500 active members we continue to be well represented at veterans events arranged by our friends including The Not Forgotten, The Royal Hospital Chelsea and the Royal British Legion.
The fostering of esprit de corps and comradeship was to the fore in Cardiff where 350 members gathered to reminisce and party the weekend away. The Yorkshire Military Band included many former WRAC Band members making a very special Beating Retreat and Parade. However, the main story of the Grand Reunion had to be 82-year-old Josephine Marchant who attended her first Association event, thinking she would know nobody and meeting someone she had been in training with 60 years before! To me that sums up what the Association is all about.
Being part of the WRAC Association reconnects me with a unique bond that never seems to fade, which focuses on support and legacy, whilst keeping our history alive.
The WRAC Association continues to prove that you can take the women out of the uniform, but you can’t take away the camaraderie, the massive friendships, the mutual support and a whole load of laughter.
The WRAC Association is more than shared service, it’s lifelong friendships, understanding and support. Lynda Armstrong
Making memories
Grand Reunion: Cardiff
350 WRAC veterans came together in Cardiff for our triennial reunion - a long weekend of fun and friendship. Old memories were shared and new memories made as our members dined and danced, marched and made merry. Our guests included the Veterans’ Commissioner for Wales, Col (Ret’d) James Phillips, whilst the public were treated to a parade of female veterans, and marching band in Queen Alexandra Gardens.
Coming together, getting out and about
I love being in the WRAC Association. It has opened up so many new things to me, including the Grand Reunions. I love going to them and spending a great weekend with lots of ladies with our shared history. I also attend monthly meetings at various locations and always have a wonderful time. I’ve made so many good friends and acquaintances, I’m so pleased I joined. Jane Griffin-Ash
Remembering those who went before
Across the UK and the world, veterans of the WRAC ensure those who went before are never forgotten, whilst inspiring women and girls who are considering a military career. Armed Forces Day in June and November’s Remembrance events including the Cenotaph parade allow us to raise the visibility of female veterans, and in a year of significant anniversaries, we also marked eighty years since VE and VJ Days.
Two important anniversaries were marked in Guildford as we celebrated the 60th Anniversary of the opening of Queen Elizabeth Barracks and marked 50 years since the Guildford Pub Bombing which took the lives of two WRAC servicewomen Private Ann Hamilton and Private Caroline Slater. The WRAC Association was proud to install two new plaques which were dedicated that weekend, one honouring those killed, and one to remember the contribution of the WRAC at the site of the old parade square.
Presenting berets and cap badges to female veterans dismissed under the pre 2000 ban on LGBT personnel serving in the British Armed Forces.
Thank you for the genuine warm welcome from the WRAC Association. After 57 years of living with the loss and sense of shame I now feel able to hold my head up and be a proud veteran. A day I never dreamt would happen. Margaret Henderson
The Lioness
Our members receive two editions of the Lioness magazine each year. The Lioness connects our members, sharing special events, activities and achievements that build on our esprit de corps, even when we are apart.
May I say how beautifully produced and thoroughly interesting the latest edition of Lioness has proved to be. As a former editor of the Guards Magazine, I appreciate just how much energy and imagination have been poured into creating such a brilliant end-product.
Major General (Ret’d) P G Williams CMG OBE
Social media
Our Facebook following has grown to 6.7K followers in the last year and we have started sharing more videos which get high engagement from our members and attract new followers. We use our account to share communications, support new branches, publicise events and celebrate successes and achievements.
The WRAC Association Facebook page is a great way to easily keep in touch with everything that’s going on – I never miss an event!
Helen Rutherford
TV, radio and online
ITV News came to Guildford to film our beret presentation ceremony. I couldn’t believe it! We watched ourselves on the evening news and relived the moment. I’ve also been interviewed on BBC radio - it’s great to know that people really want to hear what veterans have to say. Ruth Birch
Chair of the Benevolent Fund Grants Committee Maj (Ret’d) Monica Jones
This year has continued to reflect a period of steady stewardship and measured demand for support across the WRAC Benevolent Fund with a modest reduction in successful applications of approximately 13%, although the complexity and vulnerability of beneficiaries remain unchanged. The Committee has remained focused on delivering timely, proportionate and compassionate assistance while safeguarding the Fund’s long-term sustainability. Financial management remains strong and revised delegated spending powers introduced in July 2025 are now fully embedded, enabling faster decisions without compromising governance.
Partnership working continues to extend the reach of the Fund. Collaboration with the Veterans Charity provides direct support to ATS and WRAC veterans in need of swift support, and 2026 sees the launch of our new partnership with Lightning Reach which will enable us to reach many more eligible veterans including, crucially, those who are currently not part of the wider veteran community. For women who served but have lost touch with the Armed Forces family we hope we can give financial
support where needed, and reconnect to offer the wider, holistic support of camaraderie and sisterhood.
Our Annual Maintenance Grants allow us to ensure those who are living on low incomes can enjoy a good standard of living through regular weekly payments. We have reviewed these over the last financial year to ensure alignment with eligibility criteria, with new awards made alongside careful management of renewals. These measures reinforce our commitment to targeted, responsible grant-giving. Our care enhancement grants, including nursing-home top-up fees, care at home, and personal expense allowance ensure that our most vulnerable veterans can receive the best care and retain the dignity they so rightly deserve.
Our Committee members and partner organisations support our charity with professionalism and dedication. Together, we continue to uphold the Fund’s mission of providing meaningful support to those who have served.
A hand up, not a handout
Support from the WRAC Benevolent Fund makes a real difference to our veterans, enabling women to improve their circumstances and empowering some to get their lives back on track.
Receiving financial support is something many proud veterans prefer to keep private, however some beneficiaries are happy to share their story with others in the hope that they will inspire more struggling veterans to come forward.
Anne lives with the lung condition COPD and her breathing problems affect her mobility. The WRAC Association provided the funds for a mobility scooter and Anne was happy to share the difference it has made to her.
I had been using a wheelchair to go shopping but as my husband is blind in one eye, he does not always see things. We were often knocking into things and saying “sorry”. It got to the stage where I looked for any excuse not to go out.
Having the scooter gave me back my independence and the confidence to go out without spending most of the time apologising. I have quite a lot of hospital appointments, the scooter is so useful as a lot of these appointments are a long way from the car park.
I can’t thank you enough as this really has changed my life and given me something to look forward to.
You have gone above and beyond for the continued support. It has made a positive impact on my life and influenced my path forward. I thank you for your generosity and kindness with the continuing annuity payment and providing me with vouchers for clothing - your integrity and empathy is amazing.
CR wanted us to pass on her heartfelt thanks and appreciation for the generous financial support she received from your benevolent fund. You provided the funding for essential roof repairs to her property and plastering and she is so very grateful for your generosity.
From a SSAFA Caseworker
Female Veterans Transformation Programme
The launch of the Female Veterans Toolkit brought together government, service providers, charities, serving personnel and veterans to witness the culmination of years of research, consultation and co-design.
Funded by the Armed Forces Covenant Fund Trust, NHS England, and The Veterans Foundation, our project saw us engage with over 800 former servicewomen to capture the lived experience of female veterans of the Royal Navy, British Army and Royal Air Force. Our ten focus areas include physical and mental health, employment and housing, and provide specific information for Northern Ireland, Scotland and Wales, including translated resources.
“Ambitious, ground-breaking, systemic change… there can be no doubt that the Women’s Royal Army Corps Association has achieved that.” Anna Wright, Chief Executive of the Armed Forces Covenant Fund Trust and Royal Navy veteran.
Photo sessions at our Winchester HQ and around the UK captured female veterans expressing their individuality for a series of posters which are on display and raising awareness. Videos of the photo sessions including interviews with the participants are featured on the Office for Veterans’ Affairs YouTube channel, and the free-to-use posters are available for any organisation looking to connect with female veterans.
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Bod yn Gynghreiriad
Dangos Empathi · Eiriol · Sefyll o Blaid
Beth yw
Cynghreiriad? Pwy all
She is many things Mae cynghreiriad yn rhywun sy’n eiriol dros gynhwysiant a grwpiau heb gynrychiolaeth fod yn
She served in the Armed Forcesddigonol er nad ydynt yn aelod o’r grŵp maen nhw’n ei amddiffyn. Er i hyn gael ei anelu’n bennaf at gyn-filwyr gwrywaidd Gyngh-reiriad?
sy’n cefnogi cyn-filwyr benywaidd, Unrhyw un. Dynion, menywod,
gellir ei gymhwyso at unrhyw gymuned cyn-filwyr, dinasyddion. Hyd yn
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GEORDIE S DAUG HTERond dyma 10 ffordd go iawn o ddangos eich cefnogaeth:
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FUN EXPLORERSCARAVAN menywod o ddifrif. Peidiwch datrys – byddwch yn barod â’u diystyru neu geisio’u Gwrandewch i wrando a dangoswch empathi, dyna’r cyfan.Cymerwch brofiadau a Chredwch mewn mannau preifat fel Peidiwch â chywilyddio – addysgwch, yn enwedig ymddygiad amharchus. Heriwch jôcs neu RywiaethHeriwch 2 Cefnogwch eu syniadau. Crëwch le i fenywod hymgyrchoedd.Codwch Rhannwch eu gael siarad. Leisiau
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She is a veteran. 7 gyfleoedd, nid drwy geisio Cynigiwch gymorth drwy achub. Helpwch nhw i weld eu bod yn perthyn.
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“This much-needed toolkit will not only help service providers to better cater to the unique needs and experiences of women veterans, but will also help to banish stereotypes and celebrate the growing female proportion of the veteran community.” Louise SandherJones MP, Minister for Veterans and People and Army veteran.
The Female Veterans Transformation Programme (FVTP) Toolkit is a practical resource designed to help organisations, professionals, and services understand and better support the needs of female veterans in the UK. It’s based on research, co-production, and co-design with women who have served in the Armed Forces and organisations who support them.
Although there has been growing recognition of veterans’ needs in general, female veterans often report that their experiences, challenges, and strengths are overlooked or misunderstood. Evidence from the FVTP shows clear differences in how women experience transition and their route to the appropriate support when compared with their male colleagues. The toolkit was created to highlight and provide solutions to overcome this gap, ensuring female veterans are visible, recognised and provided with the right support at the right time.
The Female Veterans Toolkit is available free-of-charge at covenantfund.org.uk/female-veterans-toolkit , and includes downloadable resources, evidence summaries, a self-assessment tool and examples of good practice.
Supporting our female veterans
Requests for assistance most commonly granted by our Benevolent Fund
23% Mobility aids
26% Housing repairs and adaptations
6% Other 7% Care and medical
20% Household goods
11% Funeral costs
7% Help with debt
111 £200,878 successful requests was spent by the for assistance were Benevolent Fund successful
Reaching & engaging with our members and the veterans community
Proud to work alongside:
Looking to the future
A Message from Vice President Colonel (Ret’d) Amanda Hassell
As I reflect on my journey since taking on the role of Vice President in March 2025, I am both humbled and inspired by the collective energy and commitment shown across our association. My vision is to forge stronger connections and collaboration between staff, trustees, area coordinators, volunteers and branch leads, working ‘better together’ to support those in need and to provide opportunities for camaraderie amongst all our female veterans. So many of our members and volunteers do such good work at branch level and organising national opportunities for us to get together through events such as the 10k run, Chatsworth cricket, Cyclefest, walking group and the beer festival, to mention a few. There is something for everyone and there are always new ideas being generated at a local level. Camaraderie is so important; we all share our military experience as women and we must continue to be proud of the service we have given, reminding the public that women served too!
Looking to the year ahead we will have further opportunities to present berets and cap badges, and to welcome new members to the Association. I look forward to the development of our new website which, alongside The Lioness magazine, will be our ‘front door’ to welcoming members and advertising all that is going on in the Association. There will be a few changes to the management board this year and I look forward to working alongside our new Chair of the Membership Council, Janette Deans and new Treasurer, Barbara Johnson, and give heartfelt thanks to the outgoing members Rowena Naile and Tim Savage for their dedication to the Association. As we look forward to increasing our support for those who served in the ATS and WRAC, we will continue our influence campaign to ensure that female veterans of all three services receive the recognition and support they deserve.
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Front cover, members of our South Wales branch
head to the Remembrance parade at the Cenotaph
Back cover, Association event at the
National Memorial Arboretum
wraca.org.uk
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Women’s Royal Army Corps Association Postal address: Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester SO23 0LD 0300 400 1992 info@wraca.org.uk
Registered Charity Number 206184, founded 1919
Charity registradon number.. 206184 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 HSJ Audlt Limlted
The Women's Royal Army Corps Assoclatlon Contents p)ge Trustees, Report Independent Auottor's Report statement of Flnand31 ACtivleS Comparative Statsment of Flnanclal ActlvStyes io Statement of Finantsal Posltlon li statement of Cash Nows 12 Notes to the Statement of Cash Flows 13 Notes to the VnarKlal Statements 14-23 The following pages do not form part of the ststutory accounts.. Detailed Statement of Financial Activities 24-25
The Women's Royal Army Corp$ Assoclation rrustee$' Report For The Year Ended 30 September 2025 The trustees present their report and the finane4al ststements for the year ended 30 September 2025. ObJrtive5 and A¢tlvltl4s AlJ nd ObJ•tllves The charftable Oblett of the AssociaYon is.. To promote the erriaency of the Am)y by.. l. Maintainlng contatt between fonner members of Queen Mary's Auxiliary Corps IQMAACI, the Auxiliary Territorial Service (A1, the Auxlllary Terrttorlal seiCe Territorial Army IATS TAI, Women's Royal Amy Corps IWRACI Women's Royal ArTny Corps Territorial Army {WRAC TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women still serving In the Arrny, fostering mutual friendship between them and providing for social gatherln9S. 2. Fostering esprlt de corps. comradeship. welfare and preseNing the trddltlOn5 of the qMAAC, ATS. ATS ITAI. WRAC, WPAC ITA) and WRAC ITAVRI. The admlnlstration and activitles of the WRAC Assoclauon are governed by the WRAC Association Constitution 2024. Publ1¢ Benefft Tre trustees confirrn that they have complled with the requirements of SeLtlon 17 of the CharleS Act 2011 tr> have due regard ro the Charlty Commission's guidance on public benefi hl•vements and Pertornianc• Charltsble Artlvitl•s The WRAC AssociaOn Conbnues to further the A550ciation's oblett of fostertng esprft de corps and comradeship through the provlsion of support and opportunlties for member5 whi15r advotatirig for female veteralls publicly and strategically. Durln9 thls reportlng perlod we provlded $19nificant 5UPPOrt and numefQU5 evenis allov4ln9 our members to benefif from their status a5 WRAC veteran5. We began the year With a well-attended weekend of events in Gulldford to mark the 60th anniversary of the openin9 of the Queen Ellzatyeth Barracks, and the 50th annlversary of the Guildford pub bombing5 vihere 40 WRAC servlcevéomen were killed by the IRA alongside two Scots Guards aT)d a clv1114n. Over 100 membets paraded at the Cenotaph In November, wlth more representlny the Assoclatlon at 5ervlces atro55 the UK. Wreath5 ere lald lft LoDdon. Gtsildford Iwhere we retaln the Freedom of the Boroughl, and In each of our 8 Association areas Iscouand and Nl, North East, North West, Centfdl, Wales and The West, Eastern, London and South East, South and South westl. Our summer event was held In luly at Bletchley Park as we remembered the work of ATS servlcebyomefi worklng at the hotne of the decode thrDughout WWII includlng Betty Webb MBE, an active member of our Associatwjn svho died lust a few rnonths earlier aged 101. The main event during this perfod wa5 our Grand Reunion in March, when almosr 350 members vlslted Cardiff for thls Important Irlennial event. During thls weekend, we sald farewell to our Vlce President and Chair of Trustees Fiona Gardner CBE at our AGM, and to our Padre the Rev Susan Wing who have both tired from their positions. Col Amanda Hassell Wa5 elected as VP aDd Chalr of Tnjstees, and the Rev Trudy Hobson ha5 Jolned the A5socSatlon as our Padre Throughout the year we were privileged to the pmcess of rè-presentlng berets and cap badge5 to WRAC veterans dismlssed because of their sexuality as part of the Army's response to thÈ recommendations from the Etherton Revie¥v. r055 evenrs In Gulldford, tsrdrff and the National Memorial Artoorerum we welcomed back 39 veterans to our Corp5. Branches and grou remain the principle int for providing ¢omrade5hlp to our metnbers, and our Tnagazine Yhe one$S. is publshEd t¥wice a year wlth reports from our members and informatson about future events in ¥Yhlch they can get Involved. Our social medla artivity conllnJes to Increase, partlcularty through our Facebook page which has $een 51gnlflc4nt rise in engayèment over the last 12 month5. We contlnue to support our ATS and WRAC Veterans Lhrough our Benevolent Fund grant5. Working closely wlth SSAFA and RtyL The Fem¥le Veterans. Transformation Programtne IFvfpi Continued apa with signlficant engageffteDt across the veteran charity sector, statutory providers Including NHS bodles and trusts, government includin9 Cablnet Office, offi for Veterans. Affairs, and the devolved natlonslveterans, commlssloner5 of Northem Ireland, Scotland and Wales. Followlng successful three-year term on the Executsve Board of COBSEO. our CEO was eletted for a further three-year term and continue5 to engage wlth govemment. statutory bodies and the Armed Forces charity sector to ensure female veteran5 are consldered in the provisK>n of all relevant servlces. Page I
The Women's Royal Arniy Corps Assoclatlon Trustee$. Report (continued) For The Year Ended 30 September 2025 FSnanclal Revitw Flnanclal Po$ltlon Income derlved from the Inve5tsnent portfollo is the maln Incorne stream for the A550tiatSon, supplemented by 8d hoe legacies and donation5. The Assoclatvjn showed net outgolngs of £217.741 for the year. The net gain on investments this year was £572,704, resulting In a net galn of £354,963. Tre charfty doe5 not activety fundralse or seek legacies, albeit the Chadty Is extremely appreave of those who have made prvvision for the Assooation in thelr wjlls. The charity ceived £30,519 of legaoes irt the year. INstMeNt Policy and Obitctlves The Snvesttnent oblettives are set oul in the Irivestment Pollry.. to balance incorne and capital returns over the k)ng rerm. preserve the real capital value of the funds and meet the onyoing Income requlremehts of the tharlty. Th5eS Instruct RBC Brewin Dolphln to manage the charfty's 1nve5ttnents. Lnvestment retums were £234,832 and at the end of the year Y)e market values were £8,528.936. Investrnent management costs of £37.882 for the year were charged to the portfolio. Rlsk Management R15k Management is a standin9 Item on the Agenda at Trustees tneetings and the Risk Register viewed ¢gJlar1y by the Management Board. Succes51on planning forthe offirS of the Association is an ongoing risk and planning is in place, albtit those in place now are $0 for 3 years and are supported by the CEO'S £billty to step up. tskewlse planDlThg Is In place to tnan6ge long term staff atsSen. Re8•N•8 A Reserv Pollcy provlde5 es5entlal accountalIty to funders, donors and other stakeholdets and Is held to help the tharlty opernre eNldently. The charity uses easlly ¢sIble cash from Special Intere# Bearing Accounts ISIBAI to meet the usual operatin9 Costs. The worklng reserve Is 3 months of the budgeted operating costs and Is available froffl both SIBA and Brewin Dolphin. tiquldlty and cash reserve5 are FnonitDred by the Hnanclal Officer and reported guarIV to the Management Board. When revievéing the Reserves Pollcy Trustees always seek advlce on market condltlons trotn the Inve5tFnent Nanager. At the end of the year the thanty hekl total reserves of £8.618,014 of which E8.539,664 wa5 unrestricted, £76,684 was restThcted to the Female Veterans. Transfvmiation Prograrnme and £1,666 re5tnrted 10 the COBSEO Fem?le Cluster Group. Future Devlopm•nts Throughout 2025 we will continue the prrJtsSS of re-presenting berets and cap badges to WRAC veterans as part of the Army's response to the recommendatloD5 from the Etherton Revle4Y. In NoveTnber, the FemalÈ VÈtÈrans' Toolkit w511 be launched )s part of the Fvfp, providing a rdnge of resource5 which wlll slgnincantly Improve outcome5 for ftrnale veterans accessing servites in the UK. Code5igned With female veterans and stakeh¢laets from across the sertor and spanning the Royal Navy, Bntish Army Roy81 Alr For, thls importsnt resource w511 provlde much needed support for agendes cornmltted to Impmvlng thelr dellvery to women who have served In the Armed Forces. Strnctur. Govrn4n¢¢ 4nd Management GovrnTn9 Document The Women's Royal Amiy Corps Assouation. in¢orporatln9 Queen Nary's Amiy Auxilk3ry Corps and Auxlllary Terftortal Service Comrades Association, 15 a registered charlty, fDvnded by a trust deed in 1919. The Association is gDverned by the rules and reoulatlons set down In the trust deed. Followlng advice recelved from the Charity Comm155loner during the year ended 31 October 2000, two related but vlously separate chariti (The Auxiliary Territtsrial Service Benevolent Fund & the Women's Roya1 Army Corps Benevolent Fund, and The Princess Royal's Memodal Fund) were amalg?mated wlth the Association. The Auxiliary Tethtorial Servl¢e Benevolent Fund was established by a trust deed on i August 1944. The Wornen'5 Royal Army Corps Berievolent Fund was establlshed by a trust deed on 28 December 1950. The Benevolent Funds were comblned 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 or(Jers dated 17 February 1993 and 3 April 1997. copItINUED Page 2
The Women's Royal Arniy Corps Assoclatlon Trustees. Report (continued) For The Year Endad 30 September 2025 Governlng Document- contlnugd The comblDed Benevolent Funds formed ) registered charltyi govemed by the rules and reguL4tions set down in the amended trust deeds. FOl01n9 amalgarnation with the Assoclation. the charitaL¥le registratlon of the Benevolent Funds. L¢nder charity number 247793. was removed and the funds ¥¥ere re-reg15tered as a subsidiary chadty Of the WRAC Association. The PrInc$ Royal's Memorial Fund was establlshed under a trust aeed dated 30 Marth 1966, and was a reglstsffd charity. under charlty nutTrber 248204. Followlng amalgamatlon %Yith the Association, the separate ch4rftable registration has eea5ed. WRAC Associatlon Iincorporaun9 Queen Mary's Anny Auxiliary Corps and The Auxiliary Territorial Servitr Comrades A550ciationl. Truste• Soltetion Methods The Trustees are the Nanaging Trustees of the WPAC Assoclation and are.. The A5sociatlon Officers- Vlce Presldent, Chalr of the Metnbershlp Couftcil. Chair of rhe Benevolent Fund and Treasurer. Eletted Mernbers- up to $. An Elected Member shall be proposed by any other frustee ènd is to be approved by the Trustees. An Elected Trustee Member shall serve for an Inltial perfod up to 3 years and thereafter may be re-appointed and serve for to two more conse¢utive 3-year terms 19 years In totall with annual Btyflcatlon by the Trnstees. Tenure as an ofFicer does rt run concurrently wlth that of a Trtsstee The Trusiees are supported by the CEO, Finjnce & Governance offlcer & Grants offlcer. The Membershlp Counol Is responsible for ofFering advice and recommendatlons to Trustees on membershlp matters for WRAC Associatbn Branches. Member5 and the wlder Service thanty settor, particularly In relation to fflembership relatlons. The Membet5hlp Counol consist5 Of: Chair of the Membershlp Council la Trustee) Chair of the Benevoknt Fund la Trustee) All Llfe Vlce Presldents All Arca Co-ordlDators Editor of the One55 ex offi¢iD onorary AppolntmeDts w[n the Assodation to act as ex officio rnembers le.g. Lawyer and Padre) expt the Treasurer who is an Offior of the A5socladon. The Role of Tru$t•O5 To provlde the level of Governance necessary for the WRAC Assoclation, the Trustee5 are experted to attend all Tnjstee Meetlngs, the AGN. and at least one Major Grants Commlttee r4eetings IMGCNI a year, prknr to which a newly Inducted Trustee would be expetted to sh3dow a MGCM at least ¢nce. The WRAC Assoclatyon continues to subscribe to the Charlty Commission's on-line updates, the COBSEO ne$letter, Go¥.UK update5 and NCVO e-bulktin%. Trustees are required t¢ dlsc105e all relevant interests and reglster them wlth the VI President and in aecordance with the. WRAC A5sodarion's policy are to withdraw from dec1510ns where a conflict of Interest arises. Key M•nay•ment Remuneratlon All Trustees give of thelr tiffle freely and no Trustee muneFat1on wa5 pald In the reporting year. Details of Trustee expenses and lated partv transactions are di5d05ed IN thls repDrt. Oryanisatlonal Structur* Management Board The Membership Council is responsible to the Management Board for growln9, revlewing, monrtodng and makin9 declsion5 on rnembership, membershlp styucture and events. The Mernbershlp Coun¢il sets the dlrettion for relatlonshlps witn WRAC Assotiation Branches and the Wider Serrf1 charity Sector and Is a forum for recommending change to Trustees as It affects ts)e Mernbershlp. It is supported by other sub commlitees forTned for speoflc purposes. The mefflbers of the Nanagetnent 8oard are.. Vice Presldent & Chalr gf BDard of Trustee5 Chair of Nembership Councll land Deputy vice Presldenti Chalr of Benevolent Fund Treasurer Chief Executlve Offir Page 3
The Womèn's Royal Army Corps Association Trustees. Report (contlnued) For The Year Ended 30 September 2025 fjovern•nce A Governance Audit took place In June 2022. The COB5EO audit tool. appmved by the Charlty Commlsslon was used. The overall score was 71180,. a green outcome overdll indicating good gDveTnance. The Trustees intend to follow thls procedure on a 3-yearly basls alongslde the audlt of Trustee skills a150 3-yearfy. The next Govemance and Skllls Audits wlll take place in the summer of 2025. Refern¢o and Admlnlstratlve Detalls Trusteej Ms V W Buck (appointed 15109120251 Ns S F Veillard-Thomas Nalor M C Jones Lt C¢l¢nel T Savage Ns J Deans lappoirited 19105120251 Ns S Mackenzie N5 B johnson N5 D Menday Ns S A Whitehe8d Colonel A Hassell M5 H Merrington-Rust Lt Colonel R C Trlaile NBE Br1g F G8rdner CBE Ireslgned 22103120251 Other Pt¢1 Nrs P Rogers- Chief Executive Offlcer Nrs J Winfield- Finance & Governance Offlcer Ch4rtty Number 2Q6184 Prlnclpal Address ATR Wlnchester Slr John Moore Barrack5 Building 24 Andover Road Winchester HampshlrÈ S022 6NQ Audbtor9 HSJ Audlt Umlted Hazel House Sevem Drive Newport Newport NPIO 8FY Bankers Royal Bank of Scotland 31-37 Victorla Road Farmborough Investment Manager BC Brewin Oolphin 12, Srnithfield Street London ECIA 9BD Page 4
The Women's Royal Army Corps Assoclation Trustees. Report (contlnued) For The Year Ended 30 September 2025 st4tsment of Trnst•e$' Rospon$5blllties The trustee5 are responsible for prepanng the Trustets. Keport and the finandal statetnents In accordance wlth appllcable lav4 nd Unltsd Kingdom A¢¢ounting Standards (United Kingdorn Generally Accepted Ac¢ountiThg Practice). The law applicable to charltles In England and Wales requires the trugtees to prepare financlal statements for each financlal year which give a true and fair view Df the state of affair5 of the charity and of the incoming resources antl application of resources Of the charity for that penod. In preparing the financial statements the trustees are requlred to., selett suitable accounyng policies and then apply them con$1stently.' observe the methods and prln£iple5 in the Charity SORP. make Judgments and accounting estitnate5 that are reasonable and pnjdent,. state svhether applicable accounwng Standards have been followed., subject to any departures dlsclosed and explaloed In the financial statements,. and prepare the financial sratements on the golng cOnrn basls unle55 It is inappropnate to presume thar the chanty will continue in business. The trustees are responsible for keeplng adequate aCCDUntirig records which disclose with re3s0nable accuraLy at aDydme Ihe ftnangal positlon r>[ the ch8rlty and to enable them to ensure that the accounts comply with the Charitie5 Act 2011. the Chanty (Atrounts and Rep¢rt51 Re9ulabons 2008 and the provislons of the trust deed. They are also responsible for safeguardin9 the assets of the charity and hen for taking reasonable steps for the prevention and detettion of fraud and other irregularitles. The trustee5 are responsible for the malntenanee and Integrity of the corporate and financlal inforrnation included on the charity's *ebslte. Legislatlon In the United Kingdom govemlng the PparatIOn and dSemInatiOn of financlal staternents may dlffer frgm legislatlon In other JurSsdictlOn5. The trustees. rewt was approved by the brd of tru5tee5 and slgned on Its behalf by.. Colonel A Hasso11 Trustee Date page 5
Independent Auditor's Report to the Mémbers of The Women's Royal Arniy Corps As$o¢latlon Opinion We have audited the finan31 statements of The Women'5 Royal Army Corps Associatron Ithe'charity'l for the year ended 30 September 2025 which Comprlse the Statement of Finanual Activities lincludino Income aDd ExpendibJre Account), ststement of Flnancl81 Posltion, Statement of Cash Flow5 and the related notes, includlng a summary of sionificant accountlng pollcles. The ffnanclal reportlng framework that ha5 ben applied in thelr preparation Is appllcable law and United Klngdom A¢¢ounting Standards (Unlted Kingdorn Generally ACpted Accountriig Pratti¢el, Intludin9 FRS 102 Yhe Finan¢ial Repor9 Standard applicable In the UK ind Republic of Ireland". In our opinlon the financial statements: give a true and fair vieby of the state of the charty's affairs as at 30 September 2025 and of Its In¢omlng ourCeS and applicatlon of resources, for the year then ended., have been property prepared in aCcordaTh wlth Unlted Klngdom Generally Accepted Accountlng Practlce.. and have been prepared ITh accordance with the requirement5 of the chariti Act 2011. BJ515 for oplnlon We conducted our audit In accordance wlth Intematlonal Standards on Auditing IUKI IISAS IVKII and applicable law. Oyr responslbllitie5 under those strndards are further descTibed in the Audltor's responslbllltles for the audit of the financlal statemÈnt5 section of our report. We are inoependent of the charty in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve rhat the audit evidenee we have obtalned Is sufficient and approprFate to prpvlde a basls for our oplnion. Concluslons Relatlng to Golng Concern In audlting the financial Statements, we have concluded that the trustees, use of the golng concern basls of 4ccDunting in the prepaTation of the financial staternethts Is appropriate. Based on the work we have performed, vée have not identified any material untrrtainties PatIng to events or condltlons that, Individually or collectively, may slgnlflcant dDubt on the chanty's ability to continue as a going contrrn for a period of at least 12 months from when the flnanclal staternents arE authorised for issue. Our responsibilities and the ponsIbIlitieS of the trustees syith respect to 90in9 concern are described in the relevant settions of thls report. Other Information Tne other information (mprlses the Inlomiaon Included In the anfiual report, other than the financlal statements and our auditorfs report thereoD. The trusrees are responslble for the other InforTnatlon conlalned within the annual report. Our oplniDn on the fihancial statements doe5 not cover the other information and we do not expre55 aTTry fortn of I55uran¢e conclJsi¢n theTh. In connertion our audit of the financlal statements, our responsibility Is to re3d the Dther information and. in doing 50, consider whether the other nforMatIOn Is materially iTrconslstent wlth the finaDcial 5ktements or our knowledge ¢bralned In the audit or othenvise appears w bè materially misstated. If we identlfy Suth material inconslstencles or apparent material mi55tatements, we are requlred to determine whether th15 give5 rise to I tnaterial misstatemenf In the Ilnanclal sratements themselves. If, based on the byork we have perforrned, vée conclude that there is a material rnisstatement of thls other Informatlon, we are reqUId to report that facr. We have nothin9 to oport In thls reg4rd. Matters on Wbl¢h We Ave Requirtd to Report by Exceptlon We have nothiny tD repDrt in SpeCt of the following rnatters in relation to whld) the chae5 (Accounts and Reports) Regulations 2008 requi us to tEPOrt to you If, in our opinion.. the inforrnation given In the Trustees. RerKJrt is incon5i5tent in any mèterlal Spect with the fnan£lal statement5; or sufficient accountlng record5 have Dol been kept,. or the financlal Statements are not In ègreement wlth the accounting record5 or return5,' or • we have not recelved all the informatlon and expLanaJons we require for our audit. Page 6
Independent Audltor's Report (contlnued) to the Members of The Women'$ Royal Arniy Corps Association R•spon$lbillt5es rjf Tru5tea$ As explained rnore fully in the Trustre5' ResponsibillUes StatsmeTrt Set out on page 1-5, the trustees are re5POn5ible for the preparatlon of the financlal statements and ft>r belng satisfied that they give a truÈ fair vlew. and for such internal control as the trustee5 determine 15 necÈssary to enable the preparatyon of financlal statements that are free from materfal misstatement, whether due to fraud or error. In preparlng the financlal statements, the trustees are reSponsIb for assesslng the charity's ablllty to contlnue as a going concern, dlsclosingi a5 applltsble, matter5 related to going con¢eTh and uslng the golng concern basis of accountlng unless the trustees either intend to liquidate the thantv or to cease opeotiOn5, or have no realistic alternave but to do $0. Audltor's R•$ponsibllltle8 for the Audit of the Nnanual StJt•rnent8 We have beèn appolnted as audltor under sectl¢n 144 of the Charitles Act 20II and rewrt In acwrdance with the Att and relevant regulatsons made or having effect thereunder. Our obiethves are to obtsin reasonable assurance aboui whether the fiTranclal statements as a ¥vhole are free from tnateTha1 misstatement, whether due to fraud or error. and to issue an auditor's report that Indudes our opinlon. keason3ble SUranCe Is a high level of assurance, but Is not a guarantee that an audit collducted In atcordance wlth ISAS IVKI wl11 always ¢Jetert a material m15Statement vlhen it exists. Nisstratements (an arise from ftaud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Influence the economlc decisions of users taken on the basls of these ftnandal #atefflents. The extent to syhlch our procedures are capable of detecting iryularltles, induding fraud Is detailed below: We obtain and update our understanding of ty)e entity, its actlvltles, Its eontrol environment, and Ilkely ftU developments, Including In rebtyon to the le9al and regulatory framework applicable 3nd how the entlty Is complying wlth that framework. We comrnunlcated identthed fraud risks throughout the engagement team and remalryed alert throughout the engauement proces5 for any indlcations of fvaud. As requlred by the audlting standards, we Identrfy and assess the r15k of materlal misstatefflent of finandal statements, whether due 10 fraud or error, in particular revenue recognition and Tnanagement Dverride of control. We design and perform audit procedures re5ponslve to those risks, and obtain audit evldence that 1$ 5uffic*ent and appmpnate to provide a basis for our Oplnlon. This indudes consideration of the rlsk of arts by the entity that were eontrary to appll¢aNe laws and regulatlons, Includlng fraud. In response to the risk of matsrial mlsst4kment and non-compllan£e wth laws and regulations, includlng fraud, we deslgned procedures whlch induded: Enqulry of mariagement and those charged with governan around aLtsal and potential Iltigation and claims as well as actual, 5usperted and alleged fraud: Reviewing minutes of meerin9s of those charged wh governance,. 4sse55ing the extent of compliance with the laws and regulatlons considèred to have a direct material effect on the financial Statements OT the operations of the entity throuoh enquiry and Inspection: Reviewlng financibl statement <llsclosures and testing supportlng documentatlon to a55e5s compllance with appllcabte laws and regulations,. Ldentifying journal entrtes and other adlustrnents to test based on risk crfteria and comparing the 1dentifled entrtes to 5UPPOrtlng doEutnentation. These Included fhose posted to unusual occount comblnation5,' sessing whether Tevenue has be@n accounted for In the correct period the existentr (If revenue at the tur off date based on the adopted accountyng policy for revenue. Because of the inherent Ilrnitafjons of an audir, there Is a rfsk that we will not detecr all Irregularities, Including th05e leadlng to a material m15StatÈment in the finaDcial Statements tsr non-compliantr with regulation. Thls rtsk increases the more that cornpllance wlth a law or regulation Is removed from the events and transactlons refletted ITr the flnancial stat¢ment5, as by¢ Will be less likèly to become aware of InstanrE5 Of non-compliance. The rlsk Is also greater reg3rding irregularllles occurrlng due to fraud rather than error, as frad involves Intentional concealrnenr, forgery. colluslon, omi)n or misrepreselltation. A further descnption of our rt5ponsibillties for the audit of the financial ststement5 Is located on the Financial Reporting Councll's websrte www.frc.Lry.uk/auditorsrespon5ibilities. ThSs description forms part of our audiroff s report. Page 7
Independent Auditor's Report (continued) to the Member5 of The Women's Royal Army Corp5 A550ciation Use Of Our Report This report Is made solely to the tharity'5 trustees, as a bodyi In accordance wlth Part 4 of the Charft1es (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the ch3fity's trDstees those matters that Yée are required to state to them In an audltor'5 report and for no other purpose. To the fullest extent permitted by law, tr4e do nrt accept or assume re5PQn5ibility to anyone other than the charity and the charity'5 tru5tee5 a5 a body. for our audit wvrk, for ihis report, or for thc Opinions w¢ have fortned. HSJ Audit knmited Date 2510212026 HSJ Audil Umited Hazel House Severn Drive Newport Newport NPIO 8F HSJ Audlt Umlted Is ellglble for appointment as au¢ltor of the th6rit¥ by rtue of its eiiglblllty for appointrnent as audltor of a company under section 1212 of the Comp3nies Act 2006. Page 8
The Women's Royal Army Corps Associatlon Statement of Financial Activities For The Year Ended 30 September 2025 2025 2024 UTrrggtrlcitd Restrfrted fuhd5 funds Totsl Total Nobis INCOME AND ENDOWMENTS FROM: Donation5 and legacles Charltable activltle5'. other Events Grand Reunlorb Investments other 37,724 199,207 236.931 283.328 2,798 36,024 234,832 9,655 2.798 36,024 234,832 9,655 763 236,375 5,411 321,033 199,207 520,240 525,877 EXPENDITURE ON: Raisin9 funds Charftable 4cti¥ities'. Direct Costs Grant Funding Support Costs 137,B831 137,8831 127,5571 1112.9081 1157,061} 1269,9691 1154,4901 1200,8781 1200,8781 1217,3491 1229,2511 1229,2511 1253,3041 1580,9201 1157,0611 1737,9811 1652,7001 1259,8871 42,146 1217,7411 1126,823) 572,704 572,704 799,405 NET EXPENDITURE BEFORE INVESTMENT LOSSES Net gains on investments NET EXPENDITURE 312,817 42,146 354,%3 672,582 NET MOVEMtN7 IN FUNDS RECONCILIATION OF FUNDS: Total funds br¢ught forward 312.817 42,146 354,963 672,582 8,226,847 36.204 8,263,051 7,$90,469 TOTAL FUMDS CARRIED FORWARD 21 8,539,664 78,350 8.618.014 8,263,051 The notes on pagè$ 13 to 23 fortn part of these finariual statements. Page 9
The Women's Royal Army Corps Association Comparative Statement of Flnanclal Activities For The Year Ended 30 September 2025 2024 Ufvrestritted Restricted Totsl Not•g INCOME AND ENDOWMENTS PROM: Don?tloThs and legacies Charltable actlvlties.. Ott)er Events 186,508 96,820 283,328 763 206,444 5.411 763 236,375 5.411 Investments 29,931 other 399.126 126,751 525,877 ÈXPENDrnJftE ON: Ralsing funds Charltable actyvifies.. Direct Co5t5 Grant Fundlng Support Costs 122,4101 15,1471 127,5571 154,1351 IIQO,3551 1154.4901 1129,2321 188,1171 1217,3491 1233,5961 119,7081 1253,3041 1439,3731 1213,3271 1652,700) NET EXPENDTfuRE BEFORE INVESTMINT LOSSIS 140,247) 186.5761 1126,8231 429,169 370,236 799,405 Net gain5 on investments NET EXPENDmiRE 388.922 283.660 672,582 Transfers bett¥een funds 21 6,444,474 16,444,474) NET MOVEMENT 114 FUNDS RECONCILIATION OF FUND&. Total funds brought forward 6,833,396 16,L60,8141 672,582 1,393,451 6,197,018 7,590.469 TOTAL FUNDS CARRIÈD FORWARD 21 8,226,847 36,204 8,263,051 The notes on pBoe$ 13 to 23 fom part of these financial statements. Paye 10
The Women's Royal Army Corps Assoclatlon statement of Flnancial Position As At 30 September 2025 2025 2024 Vnr4strfctsd Restrfcted fundg funds Total tunds Total funds FIXED ASSETS Intangible Assets Tanglble Assets Investments 13 14 4,419 2,557 8.528,148 4.419 6.313 2.557 3.937 8,528.148 8,158,935 15 8.535,124 CURRENT ASSETS stocks Debtor5 Cash at bank and in hand 8,535,124 8.169,185 5,694 3,406 5,694 16,829 64,927 2,190 84,952 33,274 17 13,423 64,927 9,100 78.350 87,450 120,416 Cr*dltors: Amounts Falllng Wtthln One Year 18 14,5601 14,5601 126,5501 NET CURIiENT ASSETS (LIABILMES) 4,540 78.350 82,890 93,866 TQTAL ASSETS LESS CURRENT LIABfLrnES .539,664 78,350 8,618,014 8.263,051 MET ASSErs 8,539,664 78,350 8.618,014 8,263.051 UNDS OF THE CHARITY Restricted Funds Unrestrricted Fund5 78,350 36,204 8,539,66q 8,226,847 TOTAL FUNDS 21 8,618,014 8,263,05L On behalf of the board Colonel A Hassell Trustee Date The notes on pages 13 to 23 foryn part of these financial statements. Paoe li
The Women's Royal Army Corps As$o¢latlon statement of Cash Flows For The Year Ended 30 September 2025 2025 2024 Cash flows from operatlng attivilias Net cash used In operations 1360.2001 1395,5931 Net cash used In operating activities 1360,2001 1395,5931 Cash flows from Inve5tln¥ •¢tivities Purchase of tangible assets Purchase of other fixed asset Investments Proceeds from dlsp05al of other flxed asset Investrnents Interest r1Ved Divldends received 12.5591 1235.4091 370,669 966 235,409 {280.7091 437.730 439 234,393 Net cash generated from Investlng activltles 391,853 369.076 Increasel1decasel In cash and cash equivalents sh and cash equlvalents at beglnnlng of year 31,653 33.274 126,5171 59,791 sh and cash e9ulvalents at end of year 64,927 33.274 paoe 12
The Women's Royal Army Corps Assoclatlon Notes to the St•tement of Cash Flows For The Year Ended 30 September 2025 l. R•¢on¢iliation of income to cash usad operatlon$ 2025 2024 Net Income AdJustments for.. Interest income In¢oTne from investments Depreciation of tangible a55ets Net fair value 9ains reco9nised in profit or loss ovements working capital.. IlncreaselldecreasÉ In stod¢s Decreaselllncreasel In trade and other debtors Increase In trade and other credltors 354,963 672,582 14391 1234.3931 19661 1235,4091 2,995 1799,4051 1572,7041 13.5041 68.123 27,754 2,274 152,1201 14,456 Net cash used in opÈrEtions 1360,2001 1395,5931 2. CJ$h and e4ulval¢nts Cash and cash equivalents, as ststed In the Statement of Cash Flob¥s. relates to the followlng ltsms In the Balance Shett.. 2025 2024 Cash at bank and In hand 64,927 33.274 3. Analysls of chèn9s net funds Ca¥h Ilow As at 3r1 Sept•mb4r 2025 October 2024 Cash at bank and In hand 33.274 31,653 64,927 Page 13
The Women's Royal Army Corps Assoclatlon Not¢s to the Financial Statements For The Year Ended 30 September 2025 l. General nlormatbon The Women's Royal Army Corps Association is an unincorporated charlty registered 4¥ith the Charlty Commls51ori, wi5tered ch3rfty numblr 206184. The priTTr¢ipal adtyress Is ATR Wlnchester. Sir John Noore Barrack5 Building 24 Arydover Road Wlnchester, Harnp5hire, S022 6NQ. 2. Accountlng Policies 2.1. Basls of Preparwtipm of ViMn¢lal Statements The firyanclal statements have been prepared In accordance with the Charities SORP IFRS 1021 'Accountino and Reportin4 by Chadtles.. Statement of Recommended Ptsttice èppllcable to Charltles prepaThg thelr accounts In actsjrdance wlth the Financial Reportlll9 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecuve I January 20191", Flnanclal Reporting Standard 102'The FH)andal Reportlng Standard applScable In the UK and Republic of Ireland. and the Charities Art 2011. The charlty Is a Public Benefit Entlty as deflned by FRS 102. The presentatlonal and functlonal currency of the charlty 15 Pound Sterflng. The accounts are rounded to the nearest pound Ing Concern DIKIosu The trustees have not identified any materfal untrrtalntyes related to events or condltlons that may cast signlflcant (loubt about the charity's abllity to contlnue as a goln9 concern. Thet stees consider that there are no materfal vniertainties about the ASSOtiatitsn's abillty to tontinue as a 9oln9 concern and these accounts have been prepared on a gThrig iontrm basis. There are no signiflont Judgements whlch affect Éhe amounts recognised In these flnanc131 staternents. With respect to the next repong perlod, the most signhfjcant area5 Of unrtaInty that affect the carry1ng value of assets'held by the Thst are the level of Inve5trnent return and the perform8n£e of Investment markets. 2.3. Éund Attountlng Following advltt recelved from the Charity Commlssloners durfng the year ended 31 Ortober 2001, tV40 related. but previousty separate charfties (The Auxillary Terrltorial Service Benevolent Fund & The Women'5 Royal Amiy Corps Benevolent Fund, and ThÉ Prfncess Royal's Memorlal Fund) ¥vEre amalgltnated with the 50aOn. The Benevolent Funds including the Prfncess Royal Nemorial Fund 15 the re5trirted fund representing the attsvltles of The Auxiliary Terrltorlol Service and The WoTnen's Royal Army Corps Benevolent Fund (incorporating the Princess Royal's Mernorial Fund) that provldes one-off grants, annuities and nurslng home fee5 to ex-5eNlce women. The ndS of these amalgatnated charities were historically treated as restricted by the Tntstees, however the TruslÈÈs have taken legal advire regarding ihe nature of these fuDd5 and have determined that there are no legal 5tl10rTrS on their usage, as the oblerts of the Benevolent Funds slt %vlthln the objects of the Association. The Trustees therefo TZtINed 3 decision to merge the Benevolenr and Assouation fund5 Into a 51ngle fund In Novernber 2023. These Inancial statements present in aggregate, the result5 for Ihe year ended 30 September 2024 and rhe balance sheet osition as at 30 Septernber 2024, for the three or19inal charities wlth comparatlves for the year ended 30 Septethber 2023. Th• Branches of th• Assocaatlon TheB nthes of the As50clalion do not expressly further Its Objects through any explicit Qr implicit power proviijed by the A5sociation'5 Constitutlon,. neither control nor management Is exerused. Furtherniore, the A550ciation's Constikntion recognlses formally the dtstlnrtlvens of a Branch'5 financlal commltments from thai of Irs own. On that basls, the Membership Councll h4$ dedded to separate any flnantièl ¢onnettion that has exlsted and recognlse in clear and transparent way that there Is no flnancial dependency of the AssoclatSon on the Brènches or vice-vea and that nelther control nor manegernent has been or will be exerclsed. As such tranch incorrbe and expendtture Is not recooriised In these finanual statements. Page 14
The Women's Royal Army Corps Assoclatlon Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 2.4. Incoming RtJouv All incoming resources are recD9nised once the charlty has entitlement to the income, it is probable that the ineoffle will be received aThd the rnonetary value of IncoFning resourtss can be measured wkh SLrfncient reliablllty. Donatlons are recogni5ed upon receipt. Membership Income 15 recognlsed evenly over a 12-month period from the date of reIPt. The Charity reduced subscriptions to zero in March 2024. Legacy 95fts aré Fecognised on a case-by- case b35is follow1ng the granting of probats when the admin15trdtor/executor for the estate has communicated in bynting both the amount and settlement date. Interest on funds held on deposit 15 include¢ when receivable and the amount can be measured rellably by the charfty- this is nomially upon notification of the interest paid or payable by the bank. OIvidend5 are recognised once the diwldend ha5 been dedarecl and notiff¢aOn has been received of the dividend due. Thls Is nortnally upon notificatlon by our investment èdvlsor of the divldend yleld of the Investment portlolio. 2.5. Resvurces Exp¢tsded All expenditure is accounted for on an ac)1$ basls, and has been Classifd under headlng5 that aggreyate all costs related to that category. Grants payable are YMe1}t5 made to thlrd partles ID the furtherantr of the Charitab oblettive5 of the Trust. They are accounted for when the recipient ha5 a reasonable expectation that they wlll receive a grant, and the Trustees have agreed to pay the grant wlthout condition. All resources expended are Indu5ive of IrrecDverable VAT. AllotIoN aof M4nagement and A¢lmlnl$tratlon Costs Management and admlnlstration costs, including SUPPOrt costs and governan costs, have been allocated between tharltable actlvltie5 as shown the notes to these accounts. Where costs cannot be dlrectly attrtbuted to o partlcular actlvity they are allocated on a basis consistent with the use of resources. for exarnple, staff eost5 are allocated based Dn the proportion of titne spent by staff merntse on each activity. Governance costs comprise all costs Involvln9 the public accountability of the charlty artd it5 cofflplian wlth regularion and gDod practce. TrE5e Gosf5 Include costs relatsd to strtutory audlt. 2.6. IntanglFle Flxed A$9•ts and Amortisatlon- Other Intan9lbl Inrangible assets con$i5t of cornputer 50ftware costs related to the deslgn arvj bullding of a bespoke onllne ¢Jatsbase. The asset was Sn development as at 30 September 2017 and was brought intQ Vse in February 2018. The charity Intends to keep updatlng the datsbase software as necessary and to use It for the foreseeable future so it is not possible to reliably estimate the actual lifespan of this asset. A lo-year Ilfespan has therefore been adopted as thls is the bngest peHod permitted by FRS102 in these circumstances. Amort15ation costs are Induded wSthin expenditure on charitable actvltles In the Statement of Financial Actlvities. 2.7. Tan9lblo Flxed A¥$ets and Depreclation Assets £LOO or more are capitalised a5 tangibk fixed a55ets and are carried at cost, net of deprecia0 and any provision for impairment. Depreoation is provided at the followifig annual r4tes in order to wrlte off each asset over Its estirTTrated useful life.. Flxtures & Fn95 Computer Equipment Stralght Ilne over 10 year5 Straight Ilne Over 5 years 2.8. Inve%tmnts Investhents are a fom of baslc flnan¢lal instrument and are Inltlally reeognised at their transactlon value and subsequently measured at thelr fair Value as at the balan sheet date usin9 the closing quoted market prfce. The Association dtses not acquire put opuons, derivatives or other complex finaDcial instruments. A11 gain5 and losw are taken to the Statement of Financlal Activities as they arise. Realised 9alns and losses o investments are calculated as the differen between sales proceeds and thelr opening carrying value or their purchase value If acqulred subsequent to the ffrst day of the financial year. vnrealised gains and 105ses are calculated as the diflerence between the faSr value at the year-end thelr carrying value. Realised and unreallsed irivestment gains and 1055es are comblned In the Statement of Flnandèl Activitles. The tnain form of financlal n5k faced by the charity is that of vobtlllty ith equlty markets and Investment markets due to wlder Économic conditions, the attitude of investors to investment risk, and changes In 5enUment ctsncerning equities and within partl¢ular sectors or sub sertors. Page 15
The Women's Royal Army Corps Assoclation Note5 to the Financial Statements (continued) For The Year Ended 30 September 2025 2.9. stockg and Work In Prngress Stocks are s¥dted at the lower of cosi and net realisabte value. 2.10. Cash and Cash Equivaltnts Cash Ind tash eouiV31ents a bosic financial ¥5set5 and inclutle ¢ash in hand and deposits held at Call with banks, other 5hort-term hlghly Ilquld invesrments that mature no more than three rnonth5 frorn the date of acqulsltlon and are readlly convertible to a known atnount of cash with insignificant risk of change in value, and bank overdrafts. 2.11. Flnanclal Instrurnents The ¢harlty only has flnanaal assets and flnancial liabilities of a kind that qualify as basic financlal instruments. Baslc f5nano81 instruments are inltlally recognised at transathon value and sJbseouently measured at thelr settlement value with the exception of investfflents which are measured at their fair value as descnbed n)ore fully below. 2.12. Pensions The company opera*S a defined contrtbuthin penslon scherne. The assets of the scheme are held separately froTn those of the company in an indeppndently administered fund. Conrributlons payable for the year are charyed In the income and expendlture account. 2.13. CTtdltors Creditors and provisions are recognlsed where the charity has a present obligation resulting from 3 past event that will probably result In the transfer of funds to a third party and the amount due to settle the obli9ation can be measutt or estlrnated reliably. CredIr$ and piovlsions are normally recognised at their settlement arnount after allo4¥in9 for any trade discounts due. 2.14. Funds received a5 agent whe the charity receives resourcES whh It is bound to pay over to a speclfled third party the transaction 15 not recogni5ed in these accounts as the charity has no discretion over the use to whlch the fund5 are applied. The re¢pt of funds is not recognised as incorne nor Is the distributlon of funds recognised as expendlture. 3. Income frnm Donation$ and L•ga¢le9J 2025 Unrestrkted Resirlcled Total nd$ fvNd$ fund$ Donatlons anij gifts MeTDber subscrfprions and sponsorships Legacies Grants Other 1,742 1.742 30,519 30,519 199,207 5,463 199,207 5,463 37,724 199,207 236,931 2024 Vnr•strkt•d R•strf¢t•¢l Total lund$ funds fvnds Oonations and gifts Member 5ub5CnPtions and sponsorships Legaci£s Grants Other 23,231 14.455 145,913 23.715 14,455 145,913 95,131 4,114 95,131 1,205 2,909 186,508 96,820 283,328 Page 16
The Women's Royal Army Corps Agsoclation Notes to the Financlal Statements {contSnued) For The Year Ended 30 September 2025 The following grants ère Included wlthin the total income from donations and legacles above- 2025 ?024 Re5trlrt•d Restrlcted ds NHS England Armed Forces Covenant Trust Miscellaneous Small Gr4Trt The Veterans Foundation 30,DOO 147,267 30,000 65.046 85 21.940 199,207 95.131 4. Income from Charltabl• Artlvllles 2025 2024 Umrestricted Unrestricted Other Events Grond Reunion 2,798 36,024 763 38,822 763 S. Investm•nt Income 2025 Unrestrlcted Restricted Total funds fund$ funds Interest on shorr-term dep051ts Dlv(dends from Inve5ttnents 439 234.393 439 234,393 234.832 234,832 2024 Uhrestricted Atrirted funds lund$ Tot•1 funds Interest on short-terrn deposlts Dlvidend5 from Investments 523 443 29,488 966 235,409 205,921 206,444 29,931 236,375 6. Other Incom• 2025 2024 ilnre5tricted Unrestrl<ted Memorabillia Sales Glft Aid Tax 7,917 1,738 2,465 2,946 9,655 5,411 Page 17
The Women's Royal Army Corps Assoclation Notes to the Flnancial Statements (Continued) For The Year Ended 30 September 2025 7. An4lysis ¢+f Exp•ndlture 202S Grarbt lundlng of Aetivltlej undertaken dlrectly Support costs (see nore 81 (see Dote 91 70ts1 RalslThg funds Direct Costs Grant Fyndlng Support Costs 37,883 269,969 37,883 269,969 200,878 229,251 200,878 229,251 307,852 200,878 229,251 737,981 2024 Grant funding of attivltles (see note 81 (see note 91 Activities undertaken Support Total Ralslng funds Direct costs Grant Fundlng Support Costs 27,557 J54,490 27,557 154,490 217,349 253,304 217,349 253,304 182,047 217.349 253,304 652,700 Durlng the year, the charity 5UPPOrted 140 beneflclarle5 and distributed 163 12024.. 1821 grants to individuats totalllng E200.878 12024.. £217,349). 8. Grants Payablo 2025 2024 Grants to Grants to Individuals Indlvlduals Grant Funding 200,878 217,349 Grnnts paid to Indivlduals, Included abovè, are as follows.. 202S 3024 Benevolent Fund GrdThts Princess Royal's Nemorlal Grant Annual Maifttenan Grant 174,899 24,810 17,640 217,349 Page 18
The Women's Royal Army Corps Assoclation Notes to the Financial Statements (contlnu¢d) For The Year Ende4130 September 2025 9. Support Costs 2025 support Empltsyee costs General adrnlnlstratlon Governance tOSt5 160.901 50,660 17,690 229,251 2024 &Jpport Cost$ Employee costs General admlnistration Governance costs 16k.072 70,183 22,049 253,304 10. Auditor's Remtsntration Rernuneration received by the charity's audltors and their a$50clates durtng the year Y48S 4s follows.. 202S 2024 Audit Setvi¢es Audit of the company's financial statements 4,740 4.147 other Serviceg Other non-audlt services 1,200 1,325 11. Stsff coslg Stsff costs were as follows.. 2025 2024 Wages and salaries Soclèl security costs Other pension costs 231,141 5.409 8,436 207,457 14,162 10,457 244,986 232,076 No employees rec•ved ernployee benefits (excluding empknyer pensiDn cogtsl for the reporting perfod of more than £60,000. Page 19
The Women's Royal Army Corps Assotlatlon Notes to the Financial Statements {contlnued) For The Year Ended 30 September 2025 12. Aver•¥e Number of Emplgyees Average number of efflployees durln9 the year wa$ as folkiws.. 2025 2024 Admlnlstration other 13. Inian9ible Assets Cost A5 at i ottober 2024 18,938 A5 at 30 Seotember 2025 18,938 Amortlmtlon As at i October 2024 Provided durfng the period A5 at 30 SeptembeT 2025 12,625 1,894 14,519 Net Book Value As at 30 September 2025 4,419 As al l October 2024 6,313 14. Tanglble Ass•ts Fixtures & Computer Flttln9$ E4ulpm•ht Totsl Cost AS at i October 2024 3,830 8,790 12,620 As at 30 september 2025 3,830 8,790 L2,620 D•predatlon As at l October 2024 Provlded durfng the period 3,340 206 5,343 1.174 8.683 1,380 As at 30 September 2025 3,546 6,517 10,063 Net 8ook Value As at 30 September 2025 284 2,273 2,557 AS at l October 2024 490 3.447 3,937 P&Je 20
The Women's Royal Army Corps A$$oclatlon Notas to the Financlal Statements (continued) For The Year Ended 30 September 2025 15. Investments Listed Cost or Valuation A5 at l Ottober 2024 Additlon5 Disposa Fair value adlustrnents 8,158,935 280,709 1437,7301 526,234 AS at 30 September 2025 8.528,148 ProvI51on As at l October 2024 A5 at 30 September 2025 N•t Book Valu• As at 3D September 2025 8,528,148 As at l Ottober 2024 8,156,935 The historital cost of investment5 held at the year end £7,224.200 12024.. £7.359.4601. 16. Stocks 2425 2024 Stock 5,694 2,190 17. Debtor* 2L125 2024 Du• wlthin one Vebr Prepayments and accrued income Other debtors 15,818 i.oii 83,94L I,oii 16,829 84,952 18. cdItors. Amouhts F•lllhi Due Wlthln One Yr 2025 2024 Accruals and defetYEd incorne 4,560 26,550 page 21
The Women'5 Royal Amy Corps Associatio Notes to the Financlal Statements (continued) FOT Tha Yoar Ended 30 September 2025 19. Deferrèd Ineome Deferred income movements in the year were as follows.. 2025 2024 Balance at the start of the perfod Income deferred in the current period Arrvjunts released In Srtome from previous periods 16.524 21,989 15.4651 116.5241 Balance at the end of the period 16.524 Deferred incxime in 2024 relaied ¢0 income received durfng the prior ye4r for events whlch are to take plèce In the current financial period. 20. P¢nsl0 CoMmltm¢nts The chadty operates a defined £ontribuUon penslon scheme. The assets of the scheme are held separately frTJm those of the charSty In an Independendy administered fund. During the year the charge to the statement of financial activitie5 in respert of deflned contrfbutlon schernes vlas £8.436 12024.. £10,457}. At the 5totement of finanaal position date contrfbutlons of £NIL vlere dJe to the fund and are Induded In credltors. 21. Movem in Fund$ Asati Asat30 September 2025 2024 ltheome ExpendIr¥ Unrestrirted fun0$ General.. General unrestrtcted fund R•strlcted funds COBSEO Female Veterans Cluster The Female Veterans Trdn5forrnation Programme .226.847 321,033 18,2161 .539.664 2,299 33,905 16331 1156.4281 1,666 76.684 199.207 Totsl vestrlrted f¥Jnd$ 36,204 199,207 IL57,0611 78,350 Total funds 8.263,051 520,240 1165,2771 8,618,014 Asati ortober 2023 A$at30 SepteMr 2024 Incom• Expondltstro Tr?nsf¢rs Unrestrlcted funds General.. General unrestrtcted fund Restrlrted The Benevolent Fund A,J93,451 399,126 110.2041 6,444,474 8.226,847 6.155,806 31,620 257.048 16,444,474) ..CONTINUED e22
The Women's Royal Arniy Corps Assoclatlon Note5 to the Financtral Statements (contlnued) For The Year Ended 30 September 202S COB5EO Female Veternns Cluster Tre Female Veterans TraDsformation Pro9ramme 5,541 13,2421 2.299 35.671 95,131 196,8971 33,905 Totsl restrlcl•d fundg 6,197,018 126,751 156,909 16,444,474) 36,204 Total funds 7,590,469 525,877 146,705 8,263.051 The Benevolent Funds, includlng the Prfncess Royal Memorlal Fund, is the restrf¢ted fund representiThg the athwitie5 of The Auxill4ry Terrftorfal Servlce and The Women's Royal Army Corps Benevolent Fund (incorporadng the Prinws Royal's Metnorial Fund), whith is a subsidlary thaaty of the WRAC assodatlots. The ¢unds may be applied onty in pursuance of the objects of the charity, namely.. To promote the interest5 and welare of persons who have served In the Corps In such ways as are charltable in la%v: and The relief of persons In need are either.. Person5 V4ho have Served in the Corps.. or The chlldren or dependents of any pers0Tr lallve or deadl who has served In the Corps The Trustees rnay relleve persons in neea bv: Naking grants ol money to them; or Providing or paying for goods, 5ervice5 or ra11tIeS for them,. or Naking grants of money to other persons or bodle5 who provlde goods, servtes or fatilibes to those In need. FollDWin9 taoful consideration of the charitable objetts of the WRAC Assodation and Benevolent Fund5, and after t4klTrg appropriate legal advice, the trustee5 determlned that these funds should be meroed Into a single fund tts ect their shared chadtable objecbves and to ensure that the A5sodatlon would contSnue to be able to support all its tnernbers in need. Th1$ merger took place on 30 Novetnber 2023, and all funds prevlously held by The Benevolent FndS have been transferyed to the General Unre#ntted Fund of the WRAC Association. The COBSEO Fetnale Veterans Cluster restricied fund 145 to funding provlded to the WRAC for its ¥yvrk with the aforementioned group. and costs relate to fundlng travel and substence and marketyng costs for group members. The Female Veterans Transformation Programme restrlrted fund was crE6ted In FY23 and is funded by a grant from Ihe Armed Forc£5 Covenant Fund Trust and NHS England. The programme Is designed to make female veterans 'vlslble' and deliver long- tertn, systemlc thange at vererdn-facin9 organisètions such as healthcare servlces, care home5 and charltles. 22. Transa¢tloM vilth Trustees During the year the expenses relmbur5ed to the trustee5 or paid dlrettiy to third partles were as foltrJw5'. 2025 2024 Travel 3,161 776 5,968 Accommodation 3,937 5.968 23. R•lated Party Dl$dosure$ There have been no related partay transaction5 in the reporknng period that re•uire dlsclosure. Page 23
The Women's Royal Army Corps Association Detailed Staternent of Finan¢i)l Artivities For The Year Ended 30 September 2025 2025 2024 Total fvnds Total funds INCOME AND ENDOWMENTS FROM: Donatlons and legacles Donations to the AssOcian AssociatloTrs subscriplio Legacies GFants Gnts returned 1,742 23.715 14.455 145,913 95,131 4.114 30,519 199,207 5.463 236,931 283,328 ChJrit•bl• Actlvltlels: Other Events Events 2.798 763 2,798 763 fjr•nd Reunlon Grand Reunlo 36.024 36.024 Inv¢stments Dividends from other fi¥ed asset investtnents- listed Enteresl on short terrn deposits 234,393 439 235,409 966 234,832 236,375 other Memorablllia Sales Glft Aid Tax 7,917 1,738 2,465 2,946 9,655 5,411 520,240 525,877 EXPENDITiIRE ON: Raising funds Investment managetnent eosrs {37,8831 127,5571 137,B831 127,5571 Charltable Aelivities: Dlrert costs Memorablllla Purchses for Shop Chdstrn4s cards Standard Bearers FIowEfS Presentatlons Qortation in error Other Events COBESO Expenses FVTP Expenses P Wages and salarie5 Uoness publitatlon costs Memberghip 3rtivty costs 16,2821 14,2511 11,2201 (3,7081 1521 14201 16631 11301 11,0241 1401 11201 13.2421 122.2891 174,6081 128,7021 19,6151 ..CONTINUED 16341 167,9311 (88,4971 134.9771 {1,7451 Page 24
The Women's Royal Army Corps Associatlon Detailed Statement of Flnanclal Activities (contlnued) For The Year Ended 30 September 2025 Rememberance costs Wlgan Summer Event costs Guildford EvensoDg costs National Memorial Arboreturn Costs Grand Reunion costs 14571 14831 {2,25ll 11,5301 15,5871 19,2751 14,2581 150,4681 1269,9691 1154,4901 Grant Funding Grants to indNiduaL5 1200,8781 1200.8781 1217,3491 1217,3491 support Costs Wages and salanes Employers Nl Employers pensions- defined contributions scheme Travel expenses prtntlllg, Postage and stationery Advertlsing and marketing costs Sundry expenses Trustees, expenses AGM I board meetings expenses Audit fees 1142,6441 15,4091 18,4361 14,4121 14,1531 111.3511 135,1561 15.3791 16,8391 15,4721 1132,8491 114,1621 110,4571 13,6041 14,3101 126,790} 139,083) (5,6981 110,879) 15,4721 1229,2511 12S3,3041 1652,7001 1737,9811 EXPENDITURE BEFORE XNVEsf14ENT LOSSES Ntt gains lttvt*tments Fair value surplvs Dn revaluatlon Df investments {217,741) (126,8231 572,704 799,405 572.704 799,405 NET INCOME 354,963 672.582 Page 25
Charity registradon number.. 206184 THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 HSJ Audlt Limlted
The Women's Royal Army Corps Assoclatlon Contents p)ge Trustees, Report Independent Auottor's Report statement of Flnand31 ACtivleS Comparative Statsment of Flnanclal ActlvStyes io Statement of Finantsal Posltlon li statement of Cash Nows 12 Notes to the Statement of Cash Flows 13 Notes to the VnarKlal Statements 14-23 The following pages do not form part of the ststutory accounts.. Detailed Statement of Financial Activities 24-25
The Women's Royal Army Corp$ Assoclation rrustee$' Report For The Year Ended 30 September 2025 The trustees present their report and the finane4al ststements for the year ended 30 September 2025. ObJrtive5 and A¢tlvltl4s AlJ nd ObJ•tllves The charftable Oblett of the AssociaYon is.. To promote the erriaency of the Am)y by.. l. Maintainlng contatt between fonner members of Queen Mary's Auxiliary Corps IQMAACI, the Auxiliary Territorial Service (A1, the Auxlllary Terrttorlal seiCe Territorial Army IATS TAI, Women's Royal Amy Corps IWRACI Women's Royal ArTny Corps Territorial Army {WRAC TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women still serving In the Arrny, fostering mutual friendship between them and providing for social gatherln9S. 2. Fostering esprlt de corps. comradeship. welfare and preseNing the trddltlOn5 of the qMAAC, ATS. ATS ITAI. WRAC, WPAC ITA) and WRAC ITAVRI. The admlnlstration and activitles of the WRAC Assoclauon are governed by the WRAC Association Constitution 2024. Publ1¢ Benefft Tre trustees confirrn that they have complled with the requirements of SeLtlon 17 of the CharleS Act 2011 tr> have due regard ro the Charlty Commission's guidance on public benefi hl•vements and Pertornianc• Charltsble Artlvitl•s The WRAC AssociaOn Conbnues to further the A550ciation's oblett of fostertng esprft de corps and comradeship through the provlsion of support and opportunlties for member5 whi15r advotatirig for female veteralls publicly and strategically. Durln9 thls reportlng perlod we provlded $19nificant 5UPPOrt and numefQU5 evenis allov4ln9 our members to benefif from their status a5 WRAC veteran5. We began the year With a well-attended weekend of events in Gulldford to mark the 60th anniversary of the openin9 of the Queen Ellzatyeth Barracks, and the 50th annlversary of the Guildford pub bombing5 vihere 40 WRAC servlcevéomen were killed by the IRA alongside two Scots Guards aT)d a clv1114n. Over 100 membets paraded at the Cenotaph In November, wlth more representlny the Assoclatlon at 5ervlces atro55 the UK. Wreath5 ere lald lft LoDdon. Gtsildford Iwhere we retaln the Freedom of the Boroughl, and In each of our 8 Association areas Iscouand and Nl, North East, North West, Centfdl, Wales and The West, Eastern, London and South East, South and South westl. Our summer event was held In luly at Bletchley Park as we remembered the work of ATS servlcebyomefi worklng at the hotne of the decode thrDughout WWII includlng Betty Webb MBE, an active member of our Associatwjn svho died lust a few rnonths earlier aged 101. The main event during this perfod wa5 our Grand Reunion in March, when almosr 350 members vlslted Cardiff for thls Important Irlennial event. During thls weekend, we sald farewell to our Vlce President and Chair of Trustees Fiona Gardner CBE at our AGM, and to our Padre the Rev Susan Wing who have both tired from their positions. Col Amanda Hassell Wa5 elected as VP aDd Chalr of Tnjstees, and the Rev Trudy Hobson ha5 Jolned the A5socSatlon as our Padre Throughout the year we were privileged to the pmcess of rè-presentlng berets and cap badge5 to WRAC veterans dismlssed because of their sexuality as part of the Army's response to thÈ recommendations from the Etherton Revie¥v. r055 evenrs In Gulldford, tsrdrff and the National Memorial Artoorerum we welcomed back 39 veterans to our Corp5. Branches and grou remain the principle int for providing ¢omrade5hlp to our metnbers, and our Tnagazine Yhe one$S. is publshEd t¥wice a year wlth reports from our members and informatson about future events in ¥Yhlch they can get Involved. Our social medla artivity conllnJes to Increase, partlcularty through our Facebook page which has $een 51gnlflc4nt rise in engayèment over the last 12 month5. We contlnue to support our ATS and WRAC Veterans Lhrough our Benevolent Fund grant5. Working closely wlth SSAFA and RtyL The Fem¥le Veterans. Transformation Programtne IFvfpi Continued apa with signlficant engageffteDt across the veteran charity sector, statutory providers Including NHS bodles and trusts, government includin9 Cablnet Office, offi for Veterans. Affairs, and the devolved natlonslveterans, commlssloner5 of Northem Ireland, Scotland and Wales. Followlng successful three-year term on the Executsve Board of COBSEO. our CEO was eletted for a further three-year term and continue5 to engage wlth govemment. statutory bodies and the Armed Forces charity sector to ensure female veteran5 are consldered in the provisK>n of all relevant servlces. Page I
The Women's Royal Arniy Corps Assoclatlon Trustee$. Report (continued) For The Year Ended 30 September 2025 FSnanclal Revitw Flnanclal Po$ltlon Income derlved from the Inve5tsnent portfollo is the maln Incorne stream for the A550tiatSon, supplemented by 8d hoe legacies and donation5. The Assoclatvjn showed net outgolngs of £217.741 for the year. The net gain on investments this year was £572,704, resulting In a net galn of £354,963. Tre charfty doe5 not activety fundralse or seek legacies, albeit the Chadty Is extremely appreave of those who have made prvvision for the Assooation in thelr wjlls. The charity ceived £30,519 of legaoes irt the year. INstMeNt Policy and Obitctlves The Snvesttnent oblettives are set oul in the Irivestment Pollry.. to balance incorne and capital returns over the k)ng rerm. preserve the real capital value of the funds and meet the onyoing Income requlremehts of the tharlty. Th5eS Instruct RBC Brewin Dolphln to manage the charfty's 1nve5ttnents. Lnvestment retums were £234,832 and at the end of the year Y)e market values were £8,528.936. Investrnent management costs of £37.882 for the year were charged to the portfolio. Rlsk Management R15k Management is a standin9 Item on the Agenda at Trustees tneetings and the Risk Register viewed ¢gJlar1y by the Management Board. Succes51on planning forthe offirS of the Association is an ongoing risk and planning is in place, albtit those in place now are $0 for 3 years and are supported by the CEO'S £billty to step up. tskewlse planDlThg Is In place to tnan6ge long term staff atsSen. Re8•N•8 A Reserv Pollcy provlde5 es5entlal accountalIty to funders, donors and other stakeholdets and Is held to help the tharlty opernre eNldently. The charity uses easlly ¢sIble cash from Special Intere# Bearing Accounts ISIBAI to meet the usual operatin9 Costs. The worklng reserve Is 3 months of the budgeted operating costs and Is available froffl both SIBA and Brewin Dolphin. tiquldlty and cash reserve5 are FnonitDred by the Hnanclal Officer and reported guarIV to the Management Board. When revievéing the Reserves Pollcy Trustees always seek advlce on market condltlons trotn the Inve5tFnent Nanager. At the end of the year the thanty hekl total reserves of £8.618,014 of which E8.539,664 wa5 unrestricted, £76,684 was restThcted to the Female Veterans. Transfvmiation Prograrnme and £1,666 re5tnrted 10 the COBSEO Fem?le Cluster Group. Future Devlopm•nts Throughout 2025 we will continue the prrJtsSS of re-presenting berets and cap badges to WRAC veterans as part of the Army's response to the recommendatloD5 from the Etherton Revle4Y. In NoveTnber, the FemalÈ VÈtÈrans' Toolkit w511 be launched )s part of the Fvfp, providing a rdnge of resource5 which wlll slgnincantly Improve outcome5 for ftrnale veterans accessing servites in the UK. Code5igned With female veterans and stakeh¢laets from across the sertor and spanning the Royal Navy, Bntish Army Roy81 Alr For, thls importsnt resource w511 provlde much needed support for agendes cornmltted to Impmvlng thelr dellvery to women who have served In the Armed Forces. Strnctur. Govrn4n¢¢ 4nd Management GovrnTn9 Document The Women's Royal Amiy Corps Assouation. in¢orporatln9 Queen Nary's Amiy Auxilk3ry Corps and Auxlllary Terftortal Service Comrades Association, 15 a registered charlty, fDvnded by a trust deed in 1919. The Association is gDverned by the rules and reoulatlons set down In the trust deed. Followlng advice recelved from the Charity Comm155loner during the year ended 31 October 2000, two related but vlously separate chariti (The Auxiliary Territtsrial Service Benevolent Fund & the Women's Roya1 Army Corps Benevolent Fund, and The Princess Royal's Memodal Fund) were amalg?mated wlth the Association. The Auxiliary Tethtorial Servl¢e Benevolent Fund was established by a trust deed on i August 1944. The Wornen'5 Royal Army Corps Berievolent Fund was establlshed by a trust deed on 28 December 1950. The Benevolent Funds were comblned 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 or(Jers dated 17 February 1993 and 3 April 1997. copItINUED Page 2
The Women's Royal Arniy Corps Assoclatlon Trustees. Report (continued) For The Year Endad 30 September 2025 Governlng Document- contlnugd The comblDed Benevolent Funds formed ) registered charltyi govemed by the rules and reguL4tions set down in the amended trust deeds. FOl01n9 amalgarnation with the Assoclation. the charitaL¥le registratlon of the Benevolent Funds. L¢nder charity number 247793. was removed and the funds ¥¥ere re-reg15tered as a subsidiary chadty Of the WRAC Association. The PrInc$ Royal's Memorial Fund was establlshed under a trust aeed dated 30 Marth 1966, and was a reglstsffd charity. under charlty nutTrber 248204. Followlng amalgamatlon %Yith the Association, the separate ch4rftable registration has eea5ed. WRAC Associatlon Iincorporaun9 Queen Mary's Anny Auxiliary Corps and The Auxiliary Territorial Servitr Comrades A550ciationl. Truste• Soltetion Methods The Trustees are the Nanaging Trustees of the WPAC Assoclation and are.. The A5sociatlon Officers- Vlce Presldent, Chalr of the Metnbershlp Couftcil. Chair of rhe Benevolent Fund and Treasurer. Eletted Mernbers- up to $. An Elected Member shall be proposed by any other frustee ènd is to be approved by the Trustees. An Elected Trustee Member shall serve for an Inltial perfod up to 3 years and thereafter may be re-appointed and serve for to two more conse¢utive 3-year terms 19 years In totall with annual Btyflcatlon by the Trnstees. Tenure as an ofFicer does rt run concurrently wlth that of a Trtsstee The Trusiees are supported by the CEO, Finjnce & Governance offlcer & Grants offlcer. The Membershlp Counol Is responsible for ofFering advice and recommendatlons to Trustees on membershlp matters for WRAC Associatbn Branches. Member5 and the wlder Service thanty settor, particularly In relation to fflembership relatlons. The Membet5hlp Counol consist5 Of: Chair of the Membershlp Council la Trustee) Chair of the Benevoknt Fund la Trustee) All Llfe Vlce Presldents All Arca Co-ordlDators Editor of the One55 ex offi¢iD onorary AppolntmeDts w[n the Assodation to act as ex officio rnembers le.g. Lawyer and Padre) expt the Treasurer who is an Offior of the A5socladon. The Role of Tru$t•O5 To provlde the level of Governance necessary for the WRAC Assoclation, the Trustee5 are experted to attend all Tnjstee Meetlngs, the AGN. and at least one Major Grants Commlttee r4eetings IMGCNI a year, prknr to which a newly Inducted Trustee would be expetted to sh3dow a MGCM at least ¢nce. The WRAC Assoclatyon continues to subscribe to the Charlty Commission's on-line updates, the COBSEO ne$letter, Go¥.UK update5 and NCVO e-bulktin%. Trustees are required t¢ dlsc105e all relevant interests and reglster them wlth the VI President and in aecordance with the. WRAC A5sodarion's policy are to withdraw from dec1510ns where a conflict of Interest arises. Key M•nay•ment Remuneratlon All Trustees give of thelr tiffle freely and no Trustee muneFat1on wa5 pald In the reporting year. Details of Trustee expenses and lated partv transactions are di5d05ed IN thls repDrt. Oryanisatlonal Structur* Management Board The Membership Council is responsible to the Management Board for growln9, revlewing, monrtodng and makin9 declsion5 on rnembership, membershlp styucture and events. The Mernbershlp Coun¢il sets the dlrettion for relatlonshlps witn WRAC Assotiation Branches and the Wider Serrf1 charity Sector and Is a forum for recommending change to Trustees as It affects ts)e Mernbershlp. It is supported by other sub commlitees forTned for speoflc purposes. The mefflbers of the Nanagetnent 8oard are.. Vice Presldent & Chalr gf BDard of Trustee5 Chair of Nembership Councll land Deputy vice Presldenti Chalr of Benevolent Fund Treasurer Chief Executlve Offir Page 3
The Womèn's Royal Army Corps Association Trustees. Report (contlnued) For The Year Ended 30 September 2025 fjovern•nce A Governance Audit took place In June 2022. The COB5EO audit tool. appmved by the Charlty Commlsslon was used. The overall score was 71180,. a green outcome overdll indicating good gDveTnance. The Trustees intend to follow thls procedure on a 3-yearly basls alongslde the audlt of Trustee skills a150 3-yearfy. The next Govemance and Skllls Audits wlll take place in the summer of 2025. Refern¢o and Admlnlstratlve Detalls Trusteej Ms V W Buck (appointed 15109120251 Ns S F Veillard-Thomas Nalor M C Jones Lt C¢l¢nel T Savage Ns J Deans lappoirited 19105120251 Ns S Mackenzie N5 B johnson N5 D Menday Ns S A Whitehe8d Colonel A Hassell M5 H Merrington-Rust Lt Colonel R C Trlaile NBE Br1g F G8rdner CBE Ireslgned 22103120251 Other Pt¢1 Nrs P Rogers- Chief Executive Offlcer Nrs J Winfield- Finance & Governance Offlcer Ch4rtty Number 2Q6184 Prlnclpal Address ATR Wlnchester Slr John Moore Barrack5 Building 24 Andover Road Winchester HampshlrÈ S022 6NQ Audbtor9 HSJ Audlt Umlted Hazel House Sevem Drive Newport Newport NPIO 8FY Bankers Royal Bank of Scotland 31-37 Victorla Road Farmborough Investment Manager BC Brewin Oolphin 12, Srnithfield Street London ECIA 9BD Page 4
The Women's Royal Army Corps Assoclation Trustees. Report (contlnued) For The Year Ended 30 September 2025 st4tsment of Trnst•e$' Rospon$5blllties The trustee5 are responsible for prepanng the Trustets. Keport and the finandal statetnents In accordance wlth appllcable lav4 nd Unltsd Kingdom A¢¢ounting Standards (United Kingdorn Generally Accepted Ac¢ountiThg Practice). The law applicable to charltles In England and Wales requires the trugtees to prepare financlal statements for each financlal year which give a true and fair view Df the state of affair5 of the charity and of the incoming resources antl application of resources Of the charity for that penod. In preparing the financial statements the trustees are requlred to., selett suitable accounyng policies and then apply them con$1stently.' observe the methods and prln£iple5 in the Charity SORP. make Judgments and accounting estitnate5 that are reasonable and pnjdent,. state svhether applicable accounwng Standards have been followed., subject to any departures dlsclosed and explaloed In the financial statements,. and prepare the financial sratements on the golng cOnrn basls unle55 It is inappropnate to presume thar the chanty will continue in business. The trustees are responsible for keeplng adequate aCCDUntirig records which disclose with re3s0nable accuraLy at aDydme Ihe ftnangal positlon r>[ the ch8rlty and to enable them to ensure that the accounts comply with the Charitie5 Act 2011. the Chanty (Atrounts and Rep¢rt51 Re9ulabons 2008 and the provislons of the trust deed. They are also responsible for safeguardin9 the assets of the charity and hen for taking reasonable steps for the prevention and detettion of fraud and other irregularitles. The trustee5 are responsible for the malntenanee and Integrity of the corporate and financlal inforrnation included on the charity's *ebslte. Legislatlon In the United Kingdom govemlng the PparatIOn and dSemInatiOn of financlal staternents may dlffer frgm legislatlon In other JurSsdictlOn5. The trustees. rewt was approved by the brd of tru5tee5 and slgned on Its behalf by.. Colonel A Hasso11 Trustee Date page 5
Independent Auditor's Report to the Mémbers of The Women's Royal Arniy Corps As$o¢latlon Opinion We have audited the finan31 statements of The Women'5 Royal Army Corps Associatron Ithe'charity'l for the year ended 30 September 2025 which Comprlse the Statement of Finanual Activities lincludino Income aDd ExpendibJre Account), ststement of Flnancl81 Posltion, Statement of Cash Flow5 and the related notes, includlng a summary of sionificant accountlng pollcles. The ffnanclal reportlng framework that ha5 ben applied in thelr preparation Is appllcable law and United Klngdom A¢¢ounting Standards (Unlted Kingdorn Generally ACpted Accountriig Pratti¢el, Intludin9 FRS 102 Yhe Finan¢ial Repor9 Standard applicable In the UK ind Republic of Ireland". In our opinlon the financial statements: give a true and fair vieby of the state of the charty's affairs as at 30 September 2025 and of Its In¢omlng ourCeS and applicatlon of resources, for the year then ended., have been property prepared in aCcordaTh wlth Unlted Klngdom Generally Accepted Accountlng Practlce.. and have been prepared ITh accordance with the requirement5 of the chariti Act 2011. BJ515 for oplnlon We conducted our audit In accordance wlth Intematlonal Standards on Auditing IUKI IISAS IVKII and applicable law. Oyr responslbllitie5 under those strndards are further descTibed in the Audltor's responslbllltles for the audit of the financlal statemÈnt5 section of our report. We are inoependent of the charty in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve rhat the audit evidenee we have obtalned Is sufficient and approprFate to prpvlde a basls for our oplnion. Concluslons Relatlng to Golng Concern In audlting the financial Statements, we have concluded that the trustees, use of the golng concern basls of 4ccDunting in the prepaTation of the financial staternethts Is appropriate. Based on the work we have performed, vée have not identified any material untrrtainties PatIng to events or condltlons that, Individually or collectively, may slgnlflcant dDubt on the chanty's ability to continue as a going contrrn for a period of at least 12 months from when the flnanclal staternents arE authorised for issue. Our responsibilities and the ponsIbIlitieS of the trustees syith respect to 90in9 concern are described in the relevant settions of thls report. Other Information Tne other information (mprlses the Inlomiaon Included In the anfiual report, other than the financlal statements and our auditorfs report thereoD. The trusrees are responslble for the other InforTnatlon conlalned within the annual report. Our oplniDn on the fihancial statements doe5 not cover the other information and we do not expre55 aTTry fortn of I55uran¢e conclJsi¢n theTh. In connertion our audit of the financlal statements, our responsibility Is to re3d the Dther information and. in doing 50, consider whether the other nforMatIOn Is materially iTrconslstent wlth the finaDcial 5ktements or our knowledge ¢bralned In the audit or othenvise appears w bè materially misstated. If we identlfy Suth material inconslstencles or apparent material mi55tatements, we are requlred to determine whether th15 give5 rise to I tnaterial misstatemenf In the Ilnanclal sratements themselves. If, based on the byork we have perforrned, vée conclude that there is a material rnisstatement of thls other Informatlon, we are reqUId to report that facr. We have nothin9 to oport In thls reg4rd. Matters on Wbl¢h We Ave Requirtd to Report by Exceptlon We have nothiny tD repDrt in SpeCt of the following rnatters in relation to whld) the chae5 (Accounts and Reports) Regulations 2008 requi us to tEPOrt to you If, in our opinion.. the inforrnation given In the Trustees. RerKJrt is incon5i5tent in any mèterlal Spect with the fnan£lal statement5; or sufficient accountlng record5 have Dol been kept,. or the financlal Statements are not In ègreement wlth the accounting record5 or return5,' or • we have not recelved all the informatlon and expLanaJons we require for our audit. Page 6
Independent Audltor's Report (contlnued) to the Members of The Women'$ Royal Arniy Corps Association R•spon$lbillt5es rjf Tru5tea$ As explained rnore fully in the Trustre5' ResponsibillUes StatsmeTrt Set out on page 1-5, the trustees are re5POn5ible for the preparatlon of the financlal statements and ft>r belng satisfied that they give a truÈ fair vlew. and for such internal control as the trustee5 determine 15 necÈssary to enable the preparatyon of financlal statements that are free from materfal misstatement, whether due to fraud or error. In preparlng the financlal statements, the trustees are reSponsIb for assesslng the charity's ablllty to contlnue as a going concern, dlsclosingi a5 applltsble, matter5 related to going con¢eTh and uslng the golng concern basis of accountlng unless the trustees either intend to liquidate the thantv or to cease opeotiOn5, or have no realistic alternave but to do $0. Audltor's R•$ponsibllltle8 for the Audit of the Nnanual StJt•rnent8 We have beèn appolnted as audltor under sectl¢n 144 of the Charitles Act 20II and rewrt In acwrdance with the Att and relevant regulatsons made or having effect thereunder. Our obiethves are to obtsin reasonable assurance aboui whether the fiTranclal statements as a ¥vhole are free from tnateTha1 misstatement, whether due to fraud or error. and to issue an auditor's report that Indudes our opinlon. keason3ble SUranCe Is a high level of assurance, but Is not a guarantee that an audit collducted In atcordance wlth ISAS IVKI wl11 always ¢Jetert a material m15Statement vlhen it exists. Nisstratements (an arise from ftaud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Influence the economlc decisions of users taken on the basls of these ftnandal #atefflents. The extent to syhlch our procedures are capable of detecting iryularltles, induding fraud Is detailed below: We obtain and update our understanding of ty)e entity, its actlvltles, Its eontrol environment, and Ilkely ftU developments, Including In rebtyon to the le9al and regulatory framework applicable 3nd how the entlty Is complying wlth that framework. We comrnunlcated identthed fraud risks throughout the engagement team and remalryed alert throughout the engauement proces5 for any indlcations of fvaud. As requlred by the audlting standards, we Identrfy and assess the r15k of materlal misstatefflent of finandal statements, whether due 10 fraud or error, in particular revenue recognition and Tnanagement Dverride of control. We design and perform audit procedures re5ponslve to those risks, and obtain audit evldence that 1$ 5uffic*ent and appmpnate to provide a basis for our Oplnlon. This indudes consideration of the rlsk of arts by the entity that were eontrary to appll¢aNe laws and regulatlons, Includlng fraud. In response to the risk of matsrial mlsst4kment and non-compllan£e wth laws and regulations, includlng fraud, we deslgned procedures whlch induded: Enqulry of mariagement and those charged with governan around aLtsal and potential Iltigation and claims as well as actual, 5usperted and alleged fraud: Reviewing minutes of meerin9s of those charged wh governance,. 4sse55ing the extent of compliance with the laws and regulatlons considèred to have a direct material effect on the financial Statements OT the operations of the entity throuoh enquiry and Inspection: Reviewlng financibl statement <llsclosures and testing supportlng documentatlon to a55e5s compllance with appllcabte laws and regulations,. Ldentifying journal entrtes and other adlustrnents to test based on risk crfteria and comparing the 1dentifled entrtes to 5UPPOrtlng doEutnentation. These Included fhose posted to unusual occount comblnation5,' sessing whether Tevenue has be@n accounted for In the correct period the existentr (If revenue at the tur off date based on the adopted accountyng policy for revenue. Because of the inherent Ilrnitafjons of an audir, there Is a rfsk that we will not detecr all Irregularities, Including th05e leadlng to a material m15StatÈment in the finaDcial Statements tsr non-compliantr with regulation. Thls rtsk increases the more that cornpllance wlth a law or regulation Is removed from the events and transactlons refletted ITr the flnancial stat¢ment5, as by¢ Will be less likèly to become aware of InstanrE5 Of non-compliance. The rlsk Is also greater reg3rding irregularllles occurrlng due to fraud rather than error, as frad involves Intentional concealrnenr, forgery. colluslon, omi)n or misrepreselltation. A further descnption of our rt5ponsibillties for the audit of the financial ststement5 Is located on the Financial Reporting Councll's websrte www.frc.Lry.uk/auditorsrespon5ibilities. ThSs description forms part of our audiroff s report. Page 7
Independent Auditor's Report (continued) to the Member5 of The Women's Royal Army Corp5 A550ciation Use Of Our Report This report Is made solely to the tharity'5 trustees, as a bodyi In accordance wlth Part 4 of the Charft1es (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the ch3fity's trDstees those matters that Yée are required to state to them In an audltor'5 report and for no other purpose. To the fullest extent permitted by law, tr4e do nrt accept or assume re5PQn5ibility to anyone other than the charity and the charity'5 tru5tee5 a5 a body. for our audit wvrk, for ihis report, or for thc Opinions w¢ have fortned. HSJ Audit knmited Date 2510212026 HSJ Audil Umited Hazel House Severn Drive Newport Newport NPIO 8F HSJ Audlt Umlted Is ellglble for appointment as au¢ltor of the th6rit¥ by rtue of its eiiglblllty for appointrnent as audltor of a company under section 1212 of the Comp3nies Act 2006. Page 8
The Women's Royal Army Corps Associatlon Statement of Financial Activities For The Year Ended 30 September 2025 2025 2024 UTrrggtrlcitd Restrfrted fuhd5 funds Totsl Total Nobis INCOME AND ENDOWMENTS FROM: Donation5 and legacles Charltable activltle5'. other Events Grand Reunlorb Investments other 37,724 199,207 236.931 283.328 2,798 36,024 234,832 9,655 2.798 36,024 234,832 9,655 763 236,375 5,411 321,033 199,207 520,240 525,877 EXPENDITURE ON: Raisin9 funds Charftable 4cti¥ities'. Direct Costs Grant Funding Support Costs 137,B831 137,8831 127,5571 1112.9081 1157,061} 1269,9691 1154,4901 1200,8781 1200,8781 1217,3491 1229,2511 1229,2511 1253,3041 1580,9201 1157,0611 1737,9811 1652,7001 1259,8871 42,146 1217,7411 1126,823) 572,704 572,704 799,405 NET EXPENDITURE BEFORE INVESTMENT LOSSES Net gains on investments NET EXPENDITURE 312,817 42,146 354,%3 672,582 NET MOVEMtN7 IN FUNDS RECONCILIATION OF FUNDS: Total funds br¢ught forward 312.817 42,146 354,963 672,582 8,226,847 36.204 8,263,051 7,$90,469 TOTAL FUMDS CARRIED FORWARD 21 8,539,664 78,350 8.618.014 8,263,051 The notes on pagè$ 13 to 23 fortn part of these finariual statements. Page 9
The Women's Royal Army Corps Association Comparative Statement of Flnanclal Activities For The Year Ended 30 September 2025 2024 Ufvrestritted Restricted Totsl Not•g INCOME AND ENDOWMENTS PROM: Don?tloThs and legacies Charltable actlvlties.. Ott)er Events 186,508 96,820 283,328 763 206,444 5.411 763 236,375 5.411 Investments 29,931 other 399.126 126,751 525,877 ÈXPENDrnJftE ON: Ralsing funds Charltable actyvifies.. Direct Co5t5 Grant Fundlng Support Costs 122,4101 15,1471 127,5571 154,1351 IIQO,3551 1154.4901 1129,2321 188,1171 1217,3491 1233,5961 119,7081 1253,3041 1439,3731 1213,3271 1652,700) NET EXPENDTfuRE BEFORE INVESTMINT LOSSIS 140,247) 186.5761 1126,8231 429,169 370,236 799,405 Net gain5 on investments NET EXPENDmiRE 388.922 283.660 672,582 Transfers bett¥een funds 21 6,444,474 16,444,474) NET MOVEMENT 114 FUNDS RECONCILIATION OF FUND&. Total funds brought forward 6,833,396 16,L60,8141 672,582 1,393,451 6,197,018 7,590.469 TOTAL FUNDS CARRIÈD FORWARD 21 8,226,847 36,204 8,263,051 The notes on pBoe$ 13 to 23 fom part of these financial statements. Paye 10
The Women's Royal Army Corps Assoclatlon statement of Flnancial Position As At 30 September 2025 2025 2024 Vnr4strfctsd Restrfcted fundg funds Total tunds Total funds FIXED ASSETS Intangible Assets Tanglble Assets Investments 13 14 4,419 2,557 8.528,148 4.419 6.313 2.557 3.937 8,528.148 8,158,935 15 8.535,124 CURRENT ASSETS stocks Debtor5 Cash at bank and in hand 8,535,124 8.169,185 5,694 3,406 5,694 16,829 64,927 2,190 84,952 33,274 17 13,423 64,927 9,100 78.350 87,450 120,416 Cr*dltors: Amounts Falllng Wtthln One Year 18 14,5601 14,5601 126,5501 NET CURIiENT ASSETS (LIABILMES) 4,540 78.350 82,890 93,866 TQTAL ASSETS LESS CURRENT LIABfLrnES .539,664 78,350 8,618,014 8.263,051 MET ASSErs 8,539,664 78,350 8.618,014 8,263.051 UNDS OF THE CHARITY Restricted Funds Unrestrricted Fund5 78,350 36,204 8,539,66q 8,226,847 TOTAL FUNDS 21 8,618,014 8,263,05L On behalf of the board Colonel A Hassell Trustee Date The notes on pages 13 to 23 foryn part of these financial statements. Paoe li
The Women's Royal Army Corps As$o¢latlon statement of Cash Flows For The Year Ended 30 September 2025 2025 2024 Cash flows from operatlng attivilias Net cash used In operations 1360.2001 1395,5931 Net cash used In operating activities 1360,2001 1395,5931 Cash flows from Inve5tln¥ •¢tivities Purchase of tangible assets Purchase of other fixed asset Investments Proceeds from dlsp05al of other flxed asset Investrnents Interest r1Ved Divldends received 12.5591 1235.4091 370,669 966 235,409 {280.7091 437.730 439 234,393 Net cash generated from Investlng activltles 391,853 369.076 Increasel1decasel In cash and cash equivalents sh and cash equlvalents at beglnnlng of year 31,653 33.274 126,5171 59,791 sh and cash e9ulvalents at end of year 64,927 33.274 paoe 12
The Women's Royal Army Corps Assoclatlon Notes to the St•tement of Cash Flows For The Year Ended 30 September 2025 l. R•¢on¢iliation of income to cash usad operatlon$ 2025 2024 Net Income AdJustments for.. Interest income In¢oTne from investments Depreciation of tangible a55ets Net fair value 9ains reco9nised in profit or loss ovements working capital.. IlncreaselldecreasÉ In stod¢s Decreaselllncreasel In trade and other debtors Increase In trade and other credltors 354,963 672,582 14391 1234.3931 19661 1235,4091 2,995 1799,4051 1572,7041 13.5041 68.123 27,754 2,274 152,1201 14,456 Net cash used in opÈrEtions 1360,2001 1395,5931 2. CJ$h and e4ulval¢nts Cash and cash equivalents, as ststed In the Statement of Cash Flob¥s. relates to the followlng ltsms In the Balance Shett.. 2025 2024 Cash at bank and In hand 64,927 33.274 3. Analysls of chèn9s net funds Ca¥h Ilow As at 3r1 Sept•mb4r 2025 October 2024 Cash at bank and In hand 33.274 31,653 64,927 Page 13
The Women's Royal Army Corps Assoclatlon Not¢s to the Financial Statements For The Year Ended 30 September 2025 l. General nlormatbon The Women's Royal Army Corps Association is an unincorporated charlty registered 4¥ith the Charlty Commls51ori, wi5tered ch3rfty numblr 206184. The priTTr¢ipal adtyress Is ATR Wlnchester. Sir John Noore Barrack5 Building 24 Arydover Road Wlnchester, Harnp5hire, S022 6NQ. 2. Accountlng Policies 2.1. Basls of Preparwtipm of ViMn¢lal Statements The firyanclal statements have been prepared In accordance with the Charities SORP IFRS 1021 'Accountino and Reportin4 by Chadtles.. Statement of Recommended Ptsttice èppllcable to Charltles prepaThg thelr accounts In actsjrdance wlth the Financial Reportlll9 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecuve I January 20191", Flnanclal Reporting Standard 102'The FH)andal Reportlng Standard applScable In the UK and Republic of Ireland. and the Charities Art 2011. The charlty Is a Public Benefit Entlty as deflned by FRS 102. The presentatlonal and functlonal currency of the charlty 15 Pound Sterflng. The accounts are rounded to the nearest pound Ing Concern DIKIosu The trustees have not identified any materfal untrrtalntyes related to events or condltlons that may cast signlflcant (loubt about the charity's abllity to contlnue as a goln9 concern. Thet stees consider that there are no materfal vniertainties about the ASSOtiatitsn's abillty to tontinue as a 9oln9 concern and these accounts have been prepared on a gThrig iontrm basis. There are no signiflont Judgements whlch affect Éhe amounts recognised In these flnanc131 staternents. With respect to the next repong perlod, the most signhfjcant area5 Of unrtaInty that affect the carry1ng value of assets'held by the Thst are the level of Inve5trnent return and the perform8n£e of Investment markets. 2.3. Éund Attountlng Following advltt recelved from the Charity Commlssloners durfng the year ended 31 Ortober 2001, tV40 related. but previousty separate charfties (The Auxillary Terrltorial Service Benevolent Fund & The Women'5 Royal Amiy Corps Benevolent Fund, and ThÉ Prfncess Royal's Memorlal Fund) ¥vEre amalgltnated with the 50aOn. The Benevolent Funds including the Prfncess Royal Nemorial Fund 15 the re5trirted fund representing the attsvltles of The Auxiliary Terrltorlol Service and The WoTnen's Royal Army Corps Benevolent Fund (incorporating the Princess Royal's Mernorial Fund) that provldes one-off grants, annuities and nurslng home fee5 to ex-5eNlce women. The ndS of these amalgatnated charities were historically treated as restricted by the Tntstees, however the TruslÈÈs have taken legal advire regarding ihe nature of these fuDd5 and have determined that there are no legal 5tl10rTrS on their usage, as the oblerts of the Benevolent Funds slt %vlthln the objects of the Association. The Trustees therefo TZtINed 3 decision to merge the Benevolenr and Assouation fund5 Into a 51ngle fund In Novernber 2023. These Inancial statements present in aggregate, the result5 for Ihe year ended 30 September 2024 and rhe balance sheet osition as at 30 Septernber 2024, for the three or19inal charities wlth comparatlves for the year ended 30 Septethber 2023. Th• Branches of th• Assocaatlon TheB nthes of the As50clalion do not expressly further Its Objects through any explicit Qr implicit power proviijed by the A5sociation'5 Constitutlon,. neither control nor management Is exerused. Furtherniore, the A550ciation's Constikntion recognlses formally the dtstlnrtlvens of a Branch'5 financlal commltments from thai of Irs own. On that basls, the Membership Councll h4$ dedded to separate any flnantièl ¢onnettion that has exlsted and recognlse in clear and transparent way that there Is no flnancial dependency of the AssoclatSon on the Brènches or vice-vea and that nelther control nor manegernent has been or will be exerclsed. As such tranch incorrbe and expendtture Is not recooriised In these finanual statements. Page 14
The Women's Royal Army Corps Assoclatlon Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 2.4. Incoming RtJouv All incoming resources are recD9nised once the charlty has entitlement to the income, it is probable that the ineoffle will be received aThd the rnonetary value of IncoFning resourtss can be measured wkh SLrfncient reliablllty. Donatlons are recogni5ed upon receipt. Membership Income 15 recognlsed evenly over a 12-month period from the date of reIPt. The Charity reduced subscriptions to zero in March 2024. Legacy 95fts aré Fecognised on a case-by- case b35is follow1ng the granting of probats when the admin15trdtor/executor for the estate has communicated in bynting both the amount and settlement date. Interest on funds held on deposit 15 include¢ when receivable and the amount can be measured rellably by the charfty- this is nomially upon notification of the interest paid or payable by the bank. OIvidend5 are recognised once the diwldend ha5 been dedarecl and notiff¢aOn has been received of the dividend due. Thls Is nortnally upon notificatlon by our investment èdvlsor of the divldend yleld of the Investment portlolio. 2.5. Resvurces Exp¢tsded All expenditure is accounted for on an ac)1$ basls, and has been Classifd under headlng5 that aggreyate all costs related to that category. Grants payable are YMe1}t5 made to thlrd partles ID the furtherantr of the Charitab oblettive5 of the Trust. They are accounted for when the recipient ha5 a reasonable expectation that they wlll receive a grant, and the Trustees have agreed to pay the grant wlthout condition. All resources expended are Indu5ive of IrrecDverable VAT. AllotIoN aof M4nagement and A¢lmlnl$tratlon Costs Management and admlnlstration costs, including SUPPOrt costs and governan costs, have been allocated between tharltable actlvltie5 as shown the notes to these accounts. Where costs cannot be dlrectly attrtbuted to o partlcular actlvity they are allocated on a basis consistent with the use of resources. for exarnple, staff eost5 are allocated based Dn the proportion of titne spent by staff merntse on each activity. Governance costs comprise all costs Involvln9 the public accountability of the charlty artd it5 cofflplian wlth regularion and gDod practce. TrE5e Gosf5 Include costs relatsd to strtutory audlt. 2.6. IntanglFle Flxed A$9•ts and Amortisatlon- Other Intan9lbl Inrangible assets con$i5t of cornputer 50ftware costs related to the deslgn arvj bullding of a bespoke onllne ¢Jatsbase. The asset was Sn development as at 30 September 2017 and was brought intQ Vse in February 2018. The charity Intends to keep updatlng the datsbase software as necessary and to use It for the foreseeable future so it is not possible to reliably estimate the actual lifespan of this asset. A lo-year Ilfespan has therefore been adopted as thls is the bngest peHod permitted by FRS102 in these circumstances. Amort15ation costs are Induded wSthin expenditure on charitable actvltles In the Statement of Financial Actlvities. 2.7. Tan9lblo Flxed A¥$ets and Depreclation Assets £LOO or more are capitalised a5 tangibk fixed a55ets and are carried at cost, net of deprecia0 and any provision for impairment. Depreoation is provided at the followifig annual r4tes in order to wrlte off each asset over Its estirTTrated useful life.. Flxtures & Fn95 Computer Equipment Stralght Ilne over 10 year5 Straight Ilne Over 5 years 2.8. Inve%tmnts Investhents are a fom of baslc flnan¢lal instrument and are Inltlally reeognised at their transactlon value and subsequently measured at thelr fair Value as at the balan sheet date usin9 the closing quoted market prfce. The Association dtses not acquire put opuons, derivatives or other complex finaDcial instruments. A11 gain5 and losw are taken to the Statement of Financlal Activities as they arise. Realised 9alns and losses o investments are calculated as the differen between sales proceeds and thelr opening carrying value or their purchase value If acqulred subsequent to the ffrst day of the financial year. vnrealised gains and 105ses are calculated as the diflerence between the faSr value at the year-end thelr carrying value. Realised and unreallsed irivestment gains and 1055es are comblned In the Statement of Flnandèl Activitles. The tnain form of financlal n5k faced by the charity is that of vobtlllty ith equlty markets and Investment markets due to wlder Économic conditions, the attitude of investors to investment risk, and changes In 5enUment ctsncerning equities and within partl¢ular sectors or sub sertors. Page 15
The Women's Royal Army Corps Assoclation Note5 to the Financial Statements (continued) For The Year Ended 30 September 2025 2.9. stockg and Work In Prngress Stocks are s¥dted at the lower of cosi and net realisabte value. 2.10. Cash and Cash Equivaltnts Cash Ind tash eouiV31ents a bosic financial ¥5set5 and inclutle ¢ash in hand and deposits held at Call with banks, other 5hort-term hlghly Ilquld invesrments that mature no more than three rnonth5 frorn the date of acqulsltlon and are readlly convertible to a known atnount of cash with insignificant risk of change in value, and bank overdrafts. 2.11. Flnanclal Instrurnents The ¢harlty only has flnanaal assets and flnancial liabilities of a kind that qualify as basic financlal instruments. Baslc f5nano81 instruments are inltlally recognised at transathon value and sJbseouently measured at thelr settlement value with the exception of investfflents which are measured at their fair value as descnbed n)ore fully below. 2.12. Pensions The company opera*S a defined contrtbuthin penslon scherne. The assets of the scheme are held separately froTn those of the company in an indeppndently administered fund. Conrributlons payable for the year are charyed In the income and expendlture account. 2.13. CTtdltors Creditors and provisions are recognlsed where the charity has a present obligation resulting from 3 past event that will probably result In the transfer of funds to a third party and the amount due to settle the obli9ation can be measutt or estlrnated reliably. CredIr$ and piovlsions are normally recognised at their settlement arnount after allo4¥in9 for any trade discounts due. 2.14. Funds received a5 agent whe the charity receives resourcES whh It is bound to pay over to a speclfled third party the transaction 15 not recogni5ed in these accounts as the charity has no discretion over the use to whlch the fund5 are applied. The re¢pt of funds is not recognised as incorne nor Is the distributlon of funds recognised as expendlture. 3. Income frnm Donation$ and L•ga¢le9J 2025 Unrestrkted Resirlcled Total nd$ fvNd$ fund$ Donatlons anij gifts MeTDber subscrfprions and sponsorships Legacies Grants Other 1,742 1.742 30,519 30,519 199,207 5,463 199,207 5,463 37,724 199,207 236,931 2024 Vnr•strkt•d R•strf¢t•¢l Total lund$ funds fvnds Oonations and gifts Member 5ub5CnPtions and sponsorships Legaci£s Grants Other 23,231 14.455 145,913 23.715 14,455 145,913 95,131 4,114 95,131 1,205 2,909 186,508 96,820 283,328 Page 16
The Women's Royal Army Corps Agsoclation Notes to the Financlal Statements {contSnued) For The Year Ended 30 September 2025 The following grants ère Included wlthin the total income from donations and legacles above- 2025 ?024 Re5trlrt•d Restrlcted ds NHS England Armed Forces Covenant Trust Miscellaneous Small Gr4Trt The Veterans Foundation 30,DOO 147,267 30,000 65.046 85 21.940 199,207 95.131 4. Income from Charltabl• Artlvllles 2025 2024 Umrestricted Unrestricted Other Events Grond Reunion 2,798 36,024 763 38,822 763 S. Investm•nt Income 2025 Unrestrlcted Restricted Total funds fund$ funds Interest on shorr-term dep051ts Dlv(dends from Inve5ttnents 439 234.393 439 234,393 234.832 234,832 2024 Uhrestricted Atrirted funds lund$ Tot•1 funds Interest on short-terrn deposlts Dlvidend5 from Investments 523 443 29,488 966 235,409 205,921 206,444 29,931 236,375 6. Other Incom• 2025 2024 ilnre5tricted Unrestrl<ted Memorabillia Sales Glft Aid Tax 7,917 1,738 2,465 2,946 9,655 5,411 Page 17
The Women's Royal Army Corps Assoclation Notes to the Flnancial Statements (Continued) For The Year Ended 30 September 2025 7. An4lysis ¢+f Exp•ndlture 202S Grarbt lundlng of Aetivltlej undertaken dlrectly Support costs (see nore 81 (see Dote 91 70ts1 RalslThg funds Direct Costs Grant Fyndlng Support Costs 37,883 269,969 37,883 269,969 200,878 229,251 200,878 229,251 307,852 200,878 229,251 737,981 2024 Grant funding of attivltles (see note 81 (see note 91 Activities undertaken Support Total Ralslng funds Direct costs Grant Fundlng Support Costs 27,557 J54,490 27,557 154,490 217,349 253,304 217,349 253,304 182,047 217.349 253,304 652,700 Durlng the year, the charity 5UPPOrted 140 beneflclarle5 and distributed 163 12024.. 1821 grants to individuats totalllng E200.878 12024.. £217,349). 8. Grants Payablo 2025 2024 Grants to Grants to Individuals Indlvlduals Grant Funding 200,878 217,349 Grnnts paid to Indivlduals, Included abovè, are as follows.. 202S 3024 Benevolent Fund GrdThts Princess Royal's Nemorlal Grant Annual Maifttenan Grant 174,899 24,810 17,640 217,349 Page 18
The Women's Royal Army Corps Assoclation Notes to the Financial Statements (contlnu¢d) For The Year Ende4130 September 2025 9. Support Costs 2025 support Empltsyee costs General adrnlnlstratlon Governance tOSt5 160.901 50,660 17,690 229,251 2024 &Jpport Cost$ Employee costs General admlnistration Governance costs 16k.072 70,183 22,049 253,304 10. Auditor's Remtsntration Rernuneration received by the charity's audltors and their a$50clates durtng the year Y48S 4s follows.. 202S 2024 Audit Setvi¢es Audit of the company's financial statements 4,740 4.147 other Serviceg Other non-audlt services 1,200 1,325 11. Stsff coslg Stsff costs were as follows.. 2025 2024 Wages and salaries Soclèl security costs Other pension costs 231,141 5.409 8,436 207,457 14,162 10,457 244,986 232,076 No employees rec•ved ernployee benefits (excluding empknyer pensiDn cogtsl for the reporting perfod of more than £60,000. Page 19
The Women's Royal Army Corps Assotlatlon Notes to the Financial Statements {contlnued) For The Year Ended 30 September 2025 12. Aver•¥e Number of Emplgyees Average number of efflployees durln9 the year wa$ as folkiws.. 2025 2024 Admlnlstration other 13. Inian9ible Assets Cost A5 at i ottober 2024 18,938 A5 at 30 Seotember 2025 18,938 Amortlmtlon As at i October 2024 Provided durfng the period A5 at 30 SeptembeT 2025 12,625 1,894 14,519 Net Book Value As at 30 September 2025 4,419 As al l October 2024 6,313 14. Tanglble Ass•ts Fixtures & Computer Flttln9$ E4ulpm•ht Totsl Cost AS at i October 2024 3,830 8,790 12,620 As at 30 september 2025 3,830 8,790 L2,620 D•predatlon As at l October 2024 Provlded durfng the period 3,340 206 5,343 1.174 8.683 1,380 As at 30 September 2025 3,546 6,517 10,063 Net 8ook Value As at 30 September 2025 284 2,273 2,557 AS at l October 2024 490 3.447 3,937 P&Je 20
The Women's Royal Army Corps A$$oclatlon Notas to the Financlal Statements (continued) For The Year Ended 30 September 2025 15. Investments Listed Cost or Valuation A5 at l Ottober 2024 Additlon5 Disposa Fair value adlustrnents 8,158,935 280,709 1437,7301 526,234 AS at 30 September 2025 8.528,148 ProvI51on As at l October 2024 A5 at 30 September 2025 N•t Book Valu• As at 3D September 2025 8,528,148 As at l Ottober 2024 8,156,935 The historital cost of investment5 held at the year end £7,224.200 12024.. £7.359.4601. 16. Stocks 2425 2024 Stock 5,694 2,190 17. Debtor* 2L125 2024 Du• wlthin one Vebr Prepayments and accrued income Other debtors 15,818 i.oii 83,94L I,oii 16,829 84,952 18. cdItors. Amouhts F•lllhi Due Wlthln One Yr 2025 2024 Accruals and defetYEd incorne 4,560 26,550 page 21
The Women'5 Royal Amy Corps Associatio Notes to the Financlal Statements (continued) FOT Tha Yoar Ended 30 September 2025 19. Deferrèd Ineome Deferred income movements in the year were as follows.. 2025 2024 Balance at the start of the perfod Income deferred in the current period Arrvjunts released In Srtome from previous periods 16.524 21,989 15.4651 116.5241 Balance at the end of the period 16.524 Deferred incxime in 2024 relaied ¢0 income received durfng the prior ye4r for events whlch are to take plèce In the current financial period. 20. P¢nsl0 CoMmltm¢nts The chadty operates a defined £ontribuUon penslon scheme. The assets of the scheme are held separately frTJm those of the charSty In an Independendy administered fund. During the year the charge to the statement of financial activitie5 in respert of deflned contrfbutlon schernes vlas £8.436 12024.. £10,457}. At the 5totement of finanaal position date contrfbutlons of £NIL vlere dJe to the fund and are Induded In credltors. 21. Movem in Fund$ Asati Asat30 September 2025 2024 ltheome ExpendIr¥ Unrestrirted fun0$ General.. General unrestrtcted fund R•strlcted funds COBSEO Female Veterans Cluster The Female Veterans Trdn5forrnation Programme .226.847 321,033 18,2161 .539.664 2,299 33,905 16331 1156.4281 1,666 76.684 199.207 Totsl vestrlrted f¥Jnd$ 36,204 199,207 IL57,0611 78,350 Total funds 8.263,051 520,240 1165,2771 8,618,014 Asati ortober 2023 A$at30 SepteMr 2024 Incom• Expondltstro Tr?nsf¢rs Unrestrlcted funds General.. General unrestrtcted fund Restrlrted The Benevolent Fund A,J93,451 399,126 110.2041 6,444,474 8.226,847 6.155,806 31,620 257.048 16,444,474) ..CONTINUED e22
The Women's Royal Arniy Corps Assoclatlon Note5 to the Financtral Statements (contlnued) For The Year Ended 30 September 202S COB5EO Female Veternns Cluster Tre Female Veterans TraDsformation Pro9ramme 5,541 13,2421 2.299 35.671 95,131 196,8971 33,905 Totsl restrlcl•d fundg 6,197,018 126,751 156,909 16,444,474) 36,204 Total funds 7,590,469 525,877 146,705 8,263.051 The Benevolent Funds, includlng the Prfncess Royal Memorlal Fund, is the restrf¢ted fund representiThg the athwitie5 of The Auxill4ry Terrftorfal Servlce and The Women's Royal Army Corps Benevolent Fund (incorporadng the Prinws Royal's Metnorial Fund), whith is a subsidlary thaaty of the WRAC assodatlots. The ¢unds may be applied onty in pursuance of the objects of the charity, namely.. To promote the interest5 and welare of persons who have served In the Corps In such ways as are charltable in la%v: and The relief of persons In need are either.. Person5 V4ho have Served in the Corps.. or The chlldren or dependents of any pers0Tr lallve or deadl who has served In the Corps The Trustees rnay relleve persons in neea bv: Naking grants ol money to them; or Providing or paying for goods, 5ervice5 or ra11tIeS for them,. or Naking grants of money to other persons or bodle5 who provlde goods, servtes or fatilibes to those In need. FollDWin9 taoful consideration of the charitable objetts of the WRAC Assodation and Benevolent Fund5, and after t4klTrg appropriate legal advice, the trustee5 determlned that these funds should be meroed Into a single fund tts ect their shared chadtable objecbves and to ensure that the A5sodatlon would contSnue to be able to support all its tnernbers in need. Th1$ merger took place on 30 Novetnber 2023, and all funds prevlously held by The Benevolent FndS have been transferyed to the General Unre#ntted Fund of the WRAC Association. The COBSEO Fetnale Veterans Cluster restricied fund 145 to funding provlded to the WRAC for its ¥yvrk with the aforementioned group. and costs relate to fundlng travel and substence and marketyng costs for group members. The Female Veterans Transformation Programme restrlrted fund was crE6ted In FY23 and is funded by a grant from Ihe Armed Forc£5 Covenant Fund Trust and NHS England. The programme Is designed to make female veterans 'vlslble' and deliver long- tertn, systemlc thange at vererdn-facin9 organisètions such as healthcare servlces, care home5 and charltles. 22. Transa¢tloM vilth Trustees During the year the expenses relmbur5ed to the trustee5 or paid dlrettiy to third partles were as foltrJw5'. 2025 2024 Travel 3,161 776 5,968 Accommodation 3,937 5.968 23. R•lated Party Dl$dosure$ There have been no related partay transaction5 in the reporknng period that re•uire dlsclosure. Page 23
The Women's Royal Army Corps Association Detailed Staternent of Finan¢i)l Artivities For The Year Ended 30 September 2025 2025 2024 Total fvnds Total funds INCOME AND ENDOWMENTS FROM: Donatlons and legacles Donations to the AssOcian AssociatloTrs subscriplio Legacies GFants Gnts returned 1,742 23.715 14.455 145,913 95,131 4.114 30,519 199,207 5.463 236,931 283,328 ChJrit•bl• Actlvltlels: Other Events Events 2.798 763 2,798 763 fjr•nd Reunlon Grand Reunlo 36.024 36.024 Inv¢stments Dividends from other fi¥ed asset investtnents- listed Enteresl on short terrn deposits 234,393 439 235,409 966 234,832 236,375 other Memorablllia Sales Glft Aid Tax 7,917 1,738 2,465 2,946 9,655 5,411 520,240 525,877 EXPENDITiIRE ON: Raising funds Investment managetnent eosrs {37,8831 127,5571 137,B831 127,5571 Charltable Aelivities: Dlrert costs Memorablllla Purchses for Shop Chdstrn4s cards Standard Bearers FIowEfS Presentatlons Qortation in error Other Events COBESO Expenses FVTP Expenses P Wages and salarie5 Uoness publitatlon costs Memberghip 3rtivty costs 16,2821 14,2511 11,2201 (3,7081 1521 14201 16631 11301 11,0241 1401 11201 13.2421 122.2891 174,6081 128,7021 19,6151 ..CONTINUED 16341 167,9311 (88,4971 134.9771 {1,7451 Page 24
The Women's Royal Army Corps Associatlon Detailed Statement of Flnanclal Activities (contlnued) For The Year Ended 30 September 2025 Rememberance costs Wlgan Summer Event costs Guildford EvensoDg costs National Memorial Arboreturn Costs Grand Reunion costs 14571 14831 {2,25ll 11,5301 15,5871 19,2751 14,2581 150,4681 1269,9691 1154,4901 Grant Funding Grants to indNiduaL5 1200,8781 1200.8781 1217,3491 1217,3491 support Costs Wages and salanes Employers Nl Employers pensions- defined contributions scheme Travel expenses prtntlllg, Postage and stationery Advertlsing and marketing costs Sundry expenses Trustees, expenses AGM I board meetings expenses Audit fees 1142,6441 15,4091 18,4361 14,4121 14,1531 111.3511 135,1561 15.3791 16,8391 15,4721 1132,8491 114,1621 110,4571 13,6041 14,3101 126,790} 139,083) (5,6981 110,879) 15,4721 1229,2511 12S3,3041 1652,7001 1737,9811 EXPENDITURE BEFORE XNVEsf14ENT LOSSES Ntt gains lttvt*tments Fair value surplvs Dn revaluatlon Df investments {217,741) (126,8231 572,704 799,405 572.704 799,405 NET INCOME 354,963 672.582 Page 25