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2025-03-31-accounts

THE ROYAL NAVAL BENEVOLENT TRUST OUR IMPACT

Annual Report & Accounts 2024-2025

OUR MISSION

Sailors and Marines helping Sailors and Marines, now and always.

OUR VISION

Sailors, Marines and their families living happy, dignified lives.

SUPPORT WE PROVIDE

“ Thank you so much for speaking with me this morning, and for all the help RNBT have given me I am overwhelmed, you are an angel.”

Family

Health, including addiction

Assistance with independent living

Housing

Crisis support, food, clothing

Personal debt, financial wellbeing

Employment & training

Digital Care home & domiciliary inclusion care top-up fees

FOREWARD

As we reflect on a year of significant progress at The RNBT, I would like to give a special mention to the, sadly, very few of our World War II veterans that are still with us.

We have the privilege of looking after some of them in our care homes, Admiral Jellicoe House in Portsmouth and Pembroke House in Gillingham, Kent and, in a year where we have commemorated the 80th anniversaries of Victory in Europe Day (VE80) and Victory over Japan (VJ80), it is right that we acknowledge the sacrifices that great generation made for the freedoms we enjoy today.

I had the honour of representing The RNBT at the VJ80 event at the National Memorial Arboretum earlier in the year and met some of these veterans in person. I was humbled by their stoicism, resolve and quiet humility, a truly remarkable experience.

Turning to The RNBT, the past year has been one of challenge and opportunity. We are working with Meaningful Care Matters to embed their Butterfly Approach in both care homes, transforming care by prioritising feelings and individuality. This approach has already made a qualitative improvement in the way care is delivered, creating an inclusive and holistic wellbeing environment centred on each resident and their families.

Our benevolence arm has further professionalised with the recruitment of highly skilled regional professionals and we have successfully rolled out our new strategy in the nations and regions of the UK over the summer of 2025.

The new engagement strategy has already yielded results and we exceeded our annual target for new cases in the first quarter alone. Testament indeed to the vision of Debbie Dollner, our Chief Executive, and the hard work of Michael “Sam” Allardyce, our Director of Grants & Engagement.

I consider myself fortunate to have a Board of Trustees that are extremely talented, diverse in thought and experience and so dedicated to the interests and wellbeing of the charity.

In the spirit of continuous improvement, we have initiated a governance review to ensure that our committee structure and processes remain both relevant and appropriate for a 21st century charity of our size. We have also strengthened our headquarters staff and processes, particularly in Finance, to streamline our operations and ensure robust support to our staff at all levels.

I am pleased also to note how our investment in our HR function has led to a notable reduction in churn in our care homes and has made for a most positive effect on morale and efficiency generally.

In closing, I would like to pay particular tribute to our outgoing Vice President, Ian Ranscombe, who, over nine years of dedicated service to The RNBT was a great support to me and numerous others across the charity and the wider naval community.

He is much missed for his invaluable contributions to our work, his ability to cut through process and get things done and, not least, his sense of humour and goodwill to all.

Moving further into our second century, The RNBT is firmly on track.

This is achieved by hard work at all levels and I would like to extend my personal thanks to all of our volunteers, staff and trustees for their continued dedication to making “Serve a Day, Supported for Life” a reality.

Commodore Russell Best OBE RN

Chair of Trustees

FROM OUR CHIEF EXECUTIVE

This year has been a defining moment for The RNBT, a time of steady progress and meaningful change.

We’ve focused on strengthening the way we work, modernising systems, simplifying processes, and investing in the tools and people we need to meet today’s challenges and those of the future.

Welcoming new leaders into The Trust has brought fresh perspectives and renewed energy.

Together, we’ve sharpened our focus on what matters most: delivering meaningful support to those who turn to us, and making sure our services remain relevant, responsive, and firmly rooted in the needs of our community.

None of this would be possible without the dedication of our staff, volunteers and supporters. Their commitment underpins all that we do.

As we look ahead, we do so with clarity, compassion, confidence, and with a renewed sense of pride and purpose; to ensure continued support, wellbeing, and a lasting commitment to our Royal Navy Family.

Debbie Dollner

Chief Executive

“ Thank you for my Regular Charitable Payment, I must admit I would be unable to cope without your incredible support.”

“ As a direct result of your grant, I am now employed as a Generator Technician, for which I will be forever grateful. The grant quite literally saved me from potentially crippling financial problems (I was quite close). This grant was life changing.”

962 beneficiaries

With a Total Charitable Spend of £11.9M

18% of Grants went to Serving Personnel

82% of Grants went to Former Serving Personnel

We supported beneficiaries in 18 countries

STRUCTURE & PURPOSE

GOVERNANCE & MANAGEMENT

Our official charity name is ‘The Royal Naval Benevolent Trust (Grand Fleet and Kindred Funds)’, which recognises the origins from Admiral Jellicoe’s Grand Fleet Fund, established in 1915. Soon after the First World War, the Trust was established by Royal Charter on 2 May 1922.It is a registered charity in England & Wales (No. 206243) and in Scotland (SC052748).

Other specific Working Groups are formed as necessary. Terms of reference are set by the Central Committee.

The Trust’s governing document is our Royal Charter, granted in 1922 and regularly updated.

The following governance documents are available on the website www.rnbt.org.uk

David Baxter was elected as an Ordinary Member Trustee in March 2024 and two further Ordinary Member Trustees were selected in May 2025, Adrian Boswell and Anthony Maher.

The Trust’s Primary Beneficial Object is to give help, in cases of need, to those who are serving or have served as ratings in the Royal Navy or as other ranks in the Royal Marines, and their dependants. The Trust is known as The RNBT and our beneficiaries are helped in the following ways:

All Trustees receive induction training on taking up the role and periodic Trustee training is also available.

The Trust thanks outgoing Trustees Janine Potts MBE, Stevie Milne and Sarah Bryant for their valuable contributions.

The Trust is a member of the National Council for Voluntary Organisations (NCVO), the National Care Forum (NCF) and the Almshouse Association. The Central Committee is the Trust’s committee of all Trustees through which charity governance is delivered. The sub-committee structure, which supports the Central Committee (CC) comprises:

The Trust gives special thanks to Ian Ranscombe, former Vice President, Honorary Treasurer and Ordinary Member Trustee, who stepped down from the Board in March 2024 after nine years of dedicated service.

The day-to-day management of the Trust’s affairs is delegated to our Portsmouth-based Chief Executive, Debbie Dollner.

OBJECTIVES

SUPPORTING WITH COMPASSION

The Trust’s specific objectives for 2024/25 were to assist Beneficiaries through Individual Grants, Regular Charitable Payments, Advice on Welfare, Holistic Support and the Provision of Residential and Nursing Care.

Regular Charitable Payments

Individual Grants

Residential Care

Advice & Holistic Support

wellbeing support 

  - **occupancy - 93%**

The Grants Team oversaw just over £1,063k in individual grants for the year as well as distributing 574 Regular Charitable Payments to our beneficiaries totalling over £1.2m.

This year, the Grants Team has been at the heart of our mission, helping over 960 serving and former Royal Navy and Royal Marines personnel and their families, through some of life’s toughest moments. With care and compassion, they have ensured that urgent needs, from housing costs and essential living expenses to specialist medical equipment, were met quickly and sensitively.

Their dedication has not only brought practical help but also hope, dignity, and reassurance to those facing hardship. By working closely with partners and making every pound count, the team has stretched the impact of our funds and reached even more people in need, ensuring no one in our naval family is left without support.

Our Wellbeing Support Advisors have made a real difference by offering personalised support that uncovers hidden needs and ensures no beneficiary is overlooked. Their proactive approach has strengthened access to grants, built new partnerships and expanded skills. By regularly attending veteran outreach events as well as volunteering at The RNBT’s events and

activities, our Wellbeing Support Advisors have become a trusted, visible presence. They also help share our beneficiary stories, bringing our mission to life and reinforcing the Trust’s commitment to care, dignity and community.

Sam Allardyce

Director of Grants & Engagement

GRANTS AWARDED

GRANTS MADE BY SUPPORT TYPE

NUMBER OF GRANTS BY GRANT AMOUNTS (£k) by BENEFICIARY GROUP BENEFICIARY GROUP

NUMBER OF GRANTS BY GRANT AMOUNTS (£K) BY CATEGORY CATEGORY

OUR STORIES

INVESTING IN OUR PEOPLE

Richard served in the Royal Navy from 1979 to 1985. In his sixties, he began to struggle with mobility, leaving him increasingly isolated from his friends, family, and church community.

The RNBT provided a mobility scooter, restoring his independence and connection to daily life. Richard also began receiving the Regular Charitable Payment, which, in his words, “helped with my social life. Now that I have one.”

----- Start of picture text -----
“
Just give the RNBT
a call, they’ll find you
”
the help you need
Richard,
Cabin Gunner
----- End of picture text -----

Eleanor joined the Royal Navy in 2000 as a steward and served until 2012.

Our Human Resources team has continued to make a positive and lasting impact, taking a proactive approach to both operational and strategic priorities.

In 2020, her home in Plymouth was severely damaged by flash floods. Unable to return for seven months, Eleanor faced the loss of her kitchen, bathroom, and much of her furniture.

Updates to the Trust’s people policies have not only clarified processes and ways of working – they have also strengthened understanding across the organisation.

The RNBT stepped in to replace what was lost, helping her rebuild her home. The Trust was able to continue to support Eleanor, providing the quarterly Regular Charitable Payment, providing support and reassurance for the future.

Our in-house recruitment campaigns have brought talented people into key roles, delivering cost savings and a smoother selection process.

----- Start of picture text -----
“
Knowing the RNBT
has got my back is
”
so reassuring
Eleanor,
Former Navy Steward
----- End of picture text -----

Through open communication and a fair, balanced approach, the team is building trust and reinforcing the Trust’s commitment to a supportive, transparent workplace where everyone can thrive.

Rachel Vaughan

HR Manager

OUR VALUES

Community

Courage Commitment Clarity

CARE WITH MEANING

The year saw the commencement of the Trust’s work with Meaningful Care Matters to bring the Butterfly Approach to care to both of our homes: Pembroke House in Gillingham and Admiral Jellicoe House in Portsmouth. This person-centred model places love, connection and meaningful moments at the heart of daily life, creating warm, vibrant homes where residents feel truly valued. Our teams at the homes continue to work incredibly hard to bring the concept to life for our residents and relatives.

House was completed in the Autumn of 2024. We give our warm thanks to The Michael Uren Foundation for their generous donation which gave life to this much needed specialised environment for our residents living with dementia.

In Portsmouth, Admiral Jellicoe House goes from strength to strength and has now been accepting residents for over three years, building a vibrant community with strong occupancy.

Our six cottages that make up the John Cornwell VC National Memorial Almshouse in Hornchurch, Essex continue to provide safe and peaceful homes for former Navy personnel and their families.

The newly formed dementia community at Pembroke

“ You helped with funding for my mother to get her fire, wall and chimney repaired, thank you for helping us in our hour of need. We are forever grateful. ”

OUR DEEPEST GRATITUDE

TRUSTEES

We are sincerely grateful to the Trustee Board for the exceptional commitment, guidance and warmth you have brought to the organisation.

Your expertise and strategic insight have helped shape our direction, while your generosity of time and genuine care for our beneficiaries have ensured our work remains true to our mission.

Each of you has contributed not only your skills but also your empathy and understanding, and together you have been a steady source of encouragement and inspiration.

Thank you for standing with us and for the many ways, both seen and unseen, that you help the Trust flourish.

FUNDERS

The RNBT is immensely grateful to Greenwich Hospital and The Royal Navy and Royal Marines Charity for your generous grants. This support plays a vital role in enabling us to provide life-changing assistance to those in the naval community who need it most.

“Without this Regular Charity Payment surviving would be such a challenge.”

Your contributions not only strengthen The RNBT’s ability to respond to immediate needs but also help plan for the future with confidence, ensuring its mission of care and support continues.

DONORS

Thanks to all our donors, who we list on the next page.

THANKS TO OUR DONORS

THANKS TO OUR DONORS

Grants

Individual Donations

Durnford & Cawthan Memorial Trust via Hampshire & IOW Community Foundation Greenwich Hospital

Royal Navy & Royal Marines Charity

Royal Naval Associations

Royal British Legion

RBL Alford RBL Cliffe Branch

RNA Aberdeen Branch RNA Redcar RNA Aberystwyth RNA Romford & Hornchurch RNA Bracknell RNA Rosyth & West Fife Branch RNA Chichester Branch RNA Skipton & District RNA Christchurch RNA South Bristol RNA Horsham RNA Stirling RNA Liverpool RNA Wymond RNA Purley

In Memory

G Adamson E Brown F Dumbreck P Lee R Pearsall L Scott K Thornton
J Anderson T Bucknill B Dunster P Lewis A Penn M Sedgewick B Torres
T Andrew H Butterworth P Edge K Lowen R Penny Shaw A Tucker
A Banks P Bywood G Ford S Lowen J Perry G Shaw C Vickers
D Banks F Chesterman J Foreman B McGovern A Place D Smith R Vigar
J Barber A Clark P Foster E Midwinter D Poole B Southward D Wade
P Barton M Corps J Fryatt D Moore M Redwood Stella B Watkins
D Birch R Coupe G Hall M Morrissey J Riley G Stevens D Webb
P Bolam H Cox T Harham E Norman J Rober J Steward R Webber
H Boler J Cruickshank P Harman T Norman G Ruble A Sykes W Wells
A Brett M Dale T Harman T Normsen G Rumble S Sykes D Wheeler
I Brooks S Dockerill T Harmon C Ormonde D Sanderson D Thompson A Wilkinson
D Brown M Draper E Hayward P Pearce Saunders J Thomson
S Aistrope V Darcy D Grey MJC Magan C Ponting D Sparrow
S Appleby S Davies A Hall J Main S Purdie W Sterry
J Armour S Dixon R Halsted S Maitland D Pye R Sullivan
K Barclay M Donnan D Hardy W Mansfeld T Ready Sharp T
A Barrett F Douglas A Hay P Marshall M Roseblade D Tanner
M Bastow J Douglass C Hayward C Martin J Ross W Thomas
A Beattie D Dranswick A Heap RS Mason P Saddington R Tinsley
J Belby R Dubery D Heath A McCormac K Sampson N Wallbank
J Bird J Eden J Heighton KW Mogridge P Sanderson C Walmsley
J Bleby P Edwards G Holman R Morgan J Sangwan R Wernick
M Briggs J Erskine S Hopkins D Morrice A Scadden T Westmaas
N Brookes R Faerber D Ingle E Nicholson T Scadden N White
F Brown M Ford M Jameson J Norman Scott Scott C Wight
R Burn P Fowke G Kearns I O’Connor C Seymour G Wise
L Burnett D Fraser J Knowles A Oliver AW Shuttleworth G Wood
E Collins B Gravells J Lewarne J Owens P Sibeon W Woods
T Cooper G Gray V Low G&A Parker A Smith M Young
D Cranswick J Gray T Lowen M Partridge I Smith
TK Crocker T Greene G Lyon D Pendleton M Smith

Legacy Gifts

B Carpenter J Jude G Spate M Corps P Neville J Stanaway H Davies D Oliphant B Underhill R Deloford C Reed G Walker J Easlick A Rushbrooke C Way F Hicks D Sparrow

THANKS TO OUR DONORS

PEMBROKE HOUSE

ADMIRAL JELLICOE HOUSE

LOOKING AHEAD

Grants

Looking ahead to 2025–2026, The RNBT plans to launch regional hubs across the UK to bring the Trust closer to its beneficiaries and better identify those in need of support.

Royal Navy and Royal Marines Associations

Royal Navy & Royal Marines Charity

Royal Navy and Royal Marines Associations

RNA Portsea and Portsmouth

Donations from HM Ships, RN & RM Establishments

RNA Rayleigh

This development reflects our ongoing commitment to improving access and delivering meaningful impact for the naval community.

In Memory

HMS Ganges Association HMS Sultan

D Brierley J Reason D Wade

In Memory

Individual

Help Hubs are already open in Rosyth and Plymouth with 50 cases covered during the first quarter of the 2025-2026 financial year.

T Dobbin R Hartley

H Harrison G Kerridge

A Bosustow J Harrison

J Abrahams

P Dorrington C England J Goode

Individual

D Seamer

B Daubeney T Leckie

N Daubeney S Dixon A Horgan M Howard

Other

Other

Thanet Masters Lodge No. 8918

Dane John Lodge

Defence Academy CE Thunderer Gary n Jack - London to Brighton Bike Ride 2024 Hermes Lodge Wellbeing Walkers WRNS BT

HMS Ganges Association Kent Provincial Grand Stewards Lodge no. 5866 Libertas Secunda Lodge No. 6433 Medway Mission

FINANCE REVIEW

INCOME

The Trust delivered a strong financial performance in 2024–25, achieving an operating surplus of £530k, compared to an operating deficit of £2.16m in the previous year. The improvement reflects increased income, careful cost control and a focus on operational efficiency. After recognising an investment loss of £1.1m, the year closed with an overall deficit of £560k.

INCOME

INVESTMENTS AND RESERVES

Total income for the year was £12.5m (2023–24: £9.3m), reflecting a significant increase primarily driven by care home resident fees. Admiral Jellicoe House operated close to capacity throughout the year and both care homes achieved higher average occupancy levels. Legacy income also increased, rising from £0.3m to £0.8m, providing an important contribution to our charitable activities.

The RNBT’s investment portfolio performed well for most of the year, though market volatility in the final quarter led to a loss of £1.1m. The Trust remains cash solvent with significant reserves which are essential to meet the long-term commitment to support our beneficiaries.

LIABILITIES

The Trust made a £1m repayment on its loan with The Royal Bank of Canada during the year, reducing the balance to £0.8m

EXPENDITURE

Total expenditure was £11.9m (2023–24: £11.5m). Despite increased activity, the Trust’s continued focus on efficiency and cost control helped manage rising operational costs. Benevolence and grant expenditure remained steady at £3m, with ongoing support from the Royal Navy and Royal Marines Charity (RNRMC) and Greenwich Hospital.

FINANCIAL RISKS AND OUTLOOK

The principal risks continue to be market uncertainty affecting investment returns and rising operational costs, particularly employee-related costs. The RNBT remains vigilant in monitoring these risks and adapting its financial strategy accordingly.

DONATIONS AND LEGACIES £1.2M

Income from donations and legacies. The Trust was extremely fortunate to be given a generous donation from The Michael Uren Foundation during the year.

GRANTS £1.6M

Supporters remain Greenwich Hospital and RNRMC, which between them provided almost all the grant funding. The Trust also received a grant from Durnford and Cawthan Trust, which is administered by the Hampshire and Isle of Wight Community Foundation.

CARE HOMES AND ALMSHOUSE £8.5M

This includes income from residents’ fees as well as donations and grants provided specifically for the care homes and Almshouse.

INVESTMENT INCOME £1.1M

Investments are an important source of income for The Trust. The RNBT has investment funds with two investment managers.

OTHER INCOME £22K

This includes rental payments from our naval charity sector tenants in Castaway House.

INCOME BY CATEGORY

EXPENDITURE

FINANCE REVIEW

GRANTS TO INDIVIDUALS £1.6M

Expenditure on grants to individuals was marginally lower this year.

REGULAR CHARITABLE PAYMENTS £1.3M

Expenditure in year was broadly as per the previous year (£1.4m). All RCPs were increased to an amount of £40 per week to reflect the greater need of individuals in times of increasing costs.

CARE HOMES AND ALMSHOUSE £8.8M

The cost of running the two care homes, along with the Almshouse. Approximately 75% of the homes’ operating expenditure is made up of staff costs to provide a safe and caring environment for the residents.

RAISING FUNDS £175K

Expenditure on raising funds increased slightly from £139k in 2023-24. This represents less than 1% of total expenditure, significantly lower than the average for the charity sector.

EXPENDITURE BY CATEGORY

INVESTMENT POLICY

The Trustees maintain an Investment Policy designed to balance the generation of income, the preservation of capital, and long-term capital growth to support the Trust’s charitable objectives.

The Trust’s investment approach reflects its moderate risk appetite, appropriate for its long-term horizon and its commitment to supporting beneficiaries for up to 100 years after the closure of the Royal Navy. The Trust adopts a total return approach, aiming for a drawdown of approximately 4% per annum to fund charitable activities, while seeking to achieve a rolling five-year total return of CPIH +5% (CPIH +4% after management fees).

PORTFOLIO STRUCTURE AND MANAGEMENT

The RNBT’s investments are professionally managed, with approximatel 69% of the portfolio invested in the COIF Charities Investment Fund managed by CCLA, and 29% in the Newton Growth & Income Fund for Charities. The remaining 2% is held in cash and short-term deposits to meet operational needs.

The Trustees do not operate a formal exclusionary or ethical investment policy; however, individual investments may be excluded if they are considered to conflict with the Trust’s charitable purposes.

OVERSIGHT AND PERFORMANCE

MONITORING

Investment performance is overseen by the Finance and Risk Committee and formally reviewed by the Trustees at least annually. Performance is measured against the Trust’s target of CPIH +5% (CPIH +4% net of fees) over a rolling five-year period. The portfolio is managed on a long-term total return basis, with diversification across asset classes to mitigate risk.

The Investment Policy is reviewed regularly to ensure it remains aligned with the Trust’s financial objectives and its duty to current and future beneficiaries.

FINANCE REVIEW

FINANCE REVIEW

The principal risks are:

PENSION SCHEMES

RESERVES POLICY

INVESTMENT RETURNS

The Trust operates a Group Personal Pension (defined contribution) scheme (GPP) with employee contributions set at a minimum 3% of earnings and an employer’s contribution of 7%. The Trust fully complies with the auto-enrolment regulations and has a low rate of employees choosing to opt-out of the scheme. Additionally, the Trust administers a pension scheme with NEST for any employees who prefer to use the scheme.

REMUNERATION POLICY

The Trust sets employee pay to support its charitable objectives efficiently, sustainably, and fairly, ensuring rates are competitive but proportionate for a charity of its size.

With over 200 staff and assets exceeding £50 million, the Trust requires experienced senior executives with the right leadership, strategic, operational, financial, and clinical skills. Pay is therefore set to attract and retain high-quality candidates, recognising that the Trust cannot offer private-sector incentives such as bonuses, share schemes, or final-salary pensions. Remuneration is also set at a level acceptable to employees, donors, and beneficiaries.

Pay rates are generally set around the median for equivalent-sized charities, informed by Croner’s Annual Charity Rewards Survey, peer comparisons with Service charities, and the National Care Forum. The Trust complies with Real Living Wage requirements and is working towards formal accreditation. No differentiation is made on age or sex.

The Finance & Risk Committee approves all salary increases, including annual cost-ofliving adjustments. Trustees review salary bands, scales, and benefits regularly to ensure the Trust remains aligned with sector standards.

The RNBT maintains a Reserves Policy to ensure long-term financial sustainability and to protect against identified risks in the Trust’s Risk Register. The Finance & Risk Committee reviews the policy annually.

The policy sets a target reserves range of £10m to £16.9m, representing unrestricted general funds only. It excludes endowments, restricted or designated funds, and funds tied up in charitable fixed assets. Any surplus or shortfall against the target range is managed in line with agreed principles to balance financial sustainability with delivery of charitable objectives.

As at 31 March 2025 the unrestricted general funds were £16.1m.

RISK MANAGEMENT

The Trustees maintain a robust approach to risk management to safeguard the Royal Naval Benevolent Trust’s assets and ensure the delivery of its charitable objectives. Key risks are regularly reviewed by the Finance & Risk Committee and monitored against the Trust’s Risk Register.

Market volatility can affect the value of the Trust’s portfolio and the income available to support beneficiaries. This risk is mitigated through diversified investments, professional management by CCLA and Newton, and oversight by the Finance Risk Committee against a rolling five-year CPIH +5% total return target.

Compliance with Regulations and Standards. As an operator of care homes and a registered charity, The RNBT must comply with statutory, regulatory, and care quality requirements. This risk is managed through robust policies, regular audits, staff training, and close monitoring of changes in regulation.

GRANT INCOME

The Trust relies on support from RNRMC and Greenwich Hospital to fund grants. Reductions or delays in this income could affect service delivery. Mitigation includes maintaining strong relationships with funders, diversifying income sources, and holding adequate reserves.

The Trustees are satisfied that the risk management framework and reserves in place allow the Trust to respond effectively to these and other emerging risks.

GRANT SPENDING

GRANT SPENDING BREAKDOWN (£M)

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INDEPENDENT
AUDITOR’S
REPORT TO THE
TRUSTEES OF
THE RNBT
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OPINION

We have audited the financial statements of The Royal Naval Benevolent Trust (the ‘Charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements :

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further

described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

INDEPENDENCE

We are independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements

OTHER INFORMATION

We have nothing to report in this regard

AUDITOR’S REPORT (continued)

AUDITOR’S REPORT (continued)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustee’s Report at the start of this report, under Structure & Purpose and Governance & Management. The Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES

FOR THE AUDIT OF THE FINANCIAL

STATEMENTS

We have been appointed as auditor under section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 144 of the Charities Act 2011 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

EXTENT TO WHICH THE AUDIT WAS CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

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

NON-COMPLIANCE WITH LAWS AND REGULATIONS

Based on:

We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102) and the Charities Act 2011 , the Charities and Trustee Investment (Scotland) Act 2005 and UK tax legislation.

The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Health and Social Care Act 2008 (Regulated Activities) Regulations 2014, Care Quality Commission (regulation) Regulations 2009, Health and Safety Act 1974, Data Protection Act 2018, Employment Rights Act 1996, and the Bribery Act 2010.

Our procedures in respect of the above included:

governance for any instances of non-compliance with laws and regulations;

FRAUD

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

AUDITOR’S REPORT (continued)

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

USE OF OUR REPORT

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act and in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: frc.org.uk/auditorsresponsibilities . This description forms part of our auditors’ report.

UHY Hacker Young Chartered Accountants Statutory Auditors Thames House Roman Square Sittingbourne Kent ME10 4BJ

Date: 14 November 2025

Registered Charity in England & Wales (206243) and Scotland (SC052748)

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2025

BALANCE SHEET As at 31 March 2025

As at 31 March 2025

Note
Income from:
Donations & legacies
5
Grants receivable
6
Charitable activities:
- Care homes & almshouse
7
Investments
8
Other
9
Total income
Expenditure on:
Raising funds
10
Charitable activities:
- Grants to individuals
10
- Regular Charitable Payments
10
- Care home & almshouse
10
Total expenditure
Net (expenditure) / income before net gains / (losses) on investments
Net (losses)/ gains on investments
16
Net income / (expenditure) for the year
Transfers between funds
20
Net movement in funds
Reconciliation of funds
Total funds brought forward
20
Total funds carried forward
20		 Unrestricted
Funds
£
1,149,417
-
8,019,554
1,082,961
22,323
10,274,255
175,231
1,091,530
216,300
7,504,596
8,987,657
1,286,598
(1,046,735)
239,863
(723,689)
(483,826)
16,552,025
16,068,199		 Designated
Funds
£
-
-
-
-
-
-
-
43,161
-
736,689
779,850
(779,850)
-
(779,850)
723,689
(56,161)
36,584,148
36,527,987		 Restricted
Funds
£
12,638
1,623,538
506,753
43,787
-
2,186,716
-
494,000
1,120,339
549,137
2,163,476
23,240
(43,620)
(20,380)
-
(20,380)
2,208,494
2,188,114		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
965,417
965,417		 £
1,162,055
1,623,538
8,526,307
1,126,748
22,323
12,460,971
175,231
1,628,691
1,336,639
8,790,422
11,930,983
529,988
(1,090,355)
(560,367)
-
(560,367)
56,310,084
55,749,717
Total Funds 2025		 £
650,733
1,682,985
5,865,996
1,066,453
26,449
Total Funds
2024
9,292,616
138,563
1,655,274
1,381,997
8,280,641
11456475
,,
(2,163,859)
3,542,201
1,378,342
-
1,378,342
54,931,742
56,310,084

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

Note
Fixed assets
Tangible fixed assets
15
Investments
16
TOTAL FIXED ASSETS
Current assets
Debtors
17
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling due within one year
18
Net current assets
Creditors: amounts falling due after one year
24
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted funds
20
Designated funds
20
Restricted funds
20
Permanent endowment funds
20
TOTAL CHARITY FUNDS		 £
-
15,548,819
15,548,819
617,232
1,068,175
1,685,407
(366,027)
1,319,380
(800,000)
16,068,199
16,068,199
-
-
-
16,068,199
Unrestricted
Funds		 £
13,814,182
22,713,805
36,527,987
-
-
-
-
-
-
36,527,987
-
36,527,987
-
-
36,527,987
Designated
Funds		 £
-
2,188,114
2,188,114
-
-
-
-
-
-
2,188,114
-
-
2,188,114
-
2,188,114
Restricted
Funds		 £
103,444
861,973
965,417
-
-
-
-
-
-
965,417
-
-
-
965,417
965,417
Endowment
Funds		 Total
Funds 2025
£
13,917,626
41,312,711
55,230,337
617,232
1,068,175
1,685,407
(366,027)
1,319,380
(800,000)
55,749,717
16,068,199
36,527,987
2,188,114
965,417
55,749,717		 To
Funds 20
13,930,6
42,903,0
56,833,6
749,5
1,018,3
1,767,
(491,5
1,276,3
(1,800,00
56,310,0
16,552,0
36,584,1
2,208,4
965,
56,310,0

Approved and authorised for issue by The Trustees on 31 October 2025 and signed on their behalf by

Alf Crossman Honorary Treasurer

STATEMENT OF CASH FLOWS

For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

Note
Net cash used in operating activities
22
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from the sale of investments
Net cash provided by investing activities
Cash flows from financing activities:
Repayment of borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23
Cash flows from operating activities		 2025
£
146,753
1,126,748
(723,689)
500,000
903,059
(1,000,000)
(1,000,000)
49,812
1,069,363
1,119,175		 2024
£
(2,203,583)
1,066,453
(724,570)
1,500,000
1,841,883
-
-
(361,700)
1,431,063
1,069,363

1 GENERAL INFORMATION

The Royal Naval Benevolent Trust was incorporated under Royal Charter granted on 2 May 1922 and is a charity registered with the Charity Commission in England & Wales (number 206243). The registered office address is Castaway House, 311 Twyford Avenue, Portsmouth PO2 8RN.

2 ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements have been prepared under the going concern basis and the historical cost convention, with the exception of the revaluation of fixed asset investments, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(Charities SORP (FRS 102) - second edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2022), the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005. The Trust owns a subsidiary company, RNBT Care Ltd which was created during the feasibility stage of the Admiral Jellicoe House Project but has never been used and is dormant. As a result, consolidated statements have not been prepared.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Public Benefit Entity

The Trust meets the definition of a public benefit entity under FRS 102.

Going Concern

c)

In making their assessment in respect of going concern the Trustees have considered a period of no less than twelve months from the date of signature of these financial statements. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. Accordingly, these financial statements have been prepared on a going concern basis.

d) Income

Income is recognised when The Trust has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2025

2 ACCOUNTING POLICIES (continued)

d) Income (continued)

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Care home and almshouse income comprises fees in respect of residents at Pembroke House, Admiral Jellicoe House, weekly maintenance charges in respect of John Cornwell VC National Memorial Almshouse and donations and grants receivable, all of which are accounted for on an accruals basis.

e) Legacy Income

Legacy income is recognised in accordance with the income recognition policy. In calculating the level of legacy accrual, management is required to exercise estimation and judgement, particularly in determining the amount and probability of receipt.

f) Donations of gifts, services and facilities

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by The Trust; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor; expenditure that meets these criteria is charged to the fund.

2 ACCOUNTING POLICIES (continued)

i) Expenditure and irrecoverable VAT

Grants and Regular Charitable Payments (RCPs) to individuals – Grants and RCPs to individuals are included when they are authorised by the Grants Administrators or the relevant committee. These costs include the support costs incurred in managing the grants and RCPs systems.

Care homes and almshouse – the direct operating costs of Pembroke House, Admiral Jellicoe House and John Cornwell VC National Memorial Almshouse are included with the addition of support costs representing services provided by Headquarters. Some preliminary revenue costs associated with Admiral Jellicoe House are also included.

k) Allocation of support costs

l) Operating leases

Tangible Fixed Assets

m)

Individual fixed assets costing £500 or more are capitalised. All properties, furniture and equipment are held as operating assets.

Depreciation is provided at the following annual rates on a straight-line basis:

between 1% (100 years) and 20% (5 years) between 5% (20 years) and 33.3% (3 years) between 6.7% (15 years) and 33.3% (3 years)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2025

2 ACCOUNTING POLICIES (continued)

n) Fixed asset investments

The investment portfolio has been valued at bid price value as at 31 March 2025. The SOFA includes the net gains and losses on investments arising on revaluation at the year-end and on disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments.

Gains and losses

o)

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value Realised and unrealised investment gains and losses are combined in the statement of financial activities

p) Stocks

t) Pensions

The Trust operates two defined contribution pension schemes and the pension charges in relation to these schemes represent the amounts payable by The Trust to the schemes in respect of the year.

u) Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from UK taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the year.

3 Accounting estimates and judgements

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

q) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Judgements and estimates are continually evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The matters considered below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows.

r) Cash at bank and in hand

Cash at bank and cash in hand excludes cash investments which are part of The Trust’s investment portfolio in line with the approved Investment Policy. Cash balances exclude any funds held on behalf of service users.

Loan measurement

Future payments have been estimated in respect of the loan in computing the effective interest rate at inception, with a periodic re-assessment being undertaken of the effective rate as a floating rate instruments based on actual outcomes during the loan term.

s) Creditors and provisions

Creditors and provisions are recognised where The Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Care home debtors

An allowance for bad and doubtful debts is maintained in respect of estimated losses resulting from the inability of the Trust’s debtors to settle amounts due.

Useful economic lives of tangible fixed assets

The useful economic life of an asset is determined at the time the asset is acquired or brought into use and reviewed annually for appropriateness. The useful economic lives are based on historical experience together with anticipation of future events. Management reviews its estimate of the useful lives of depreciable assets at each reporting date based upon the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment and care home and almshouse assets are split into different components that are depreciated using different useful economic lives which requires estimation.

Cost allocation

Support costs not attributable to a single charitable activity are allocated or apportioned on a basis consistent with identified cost drivers for that cost category. Cost drivers utilised include head count, staff time allocation, and effort and judgement is exercised in applying cost drivers to cost categories

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

4. DETAILED COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024

Note
Income from:
Donations and legacies
5
Grants receivable
6
Charitable activities
- Care homes and almshouse
7
Investments
8
Other
9
Total income
Expenditure on:
Raising Funds
Charitable Activities
- Grants to Individuals
- Regular Charitable Payments
- Care Home and Almshouse
Total expenditure
10
Net (expenditure)/income before net losses on investments
Net losses on investments
17
Net (expenditure)/income for the year
Transfers between funds
22
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward
22		 Unrestricted
Funds
£
637,658
-
5,706,486
958,756
26,449
7,329,349
138,563
920,173
254,588
8,249,854
9,563,178
(2,233,829)
3,106,415
872,586
(19,142,751)
(18,270,165)
34,822,190
16,552,025		 £
-
-
-
76,990
-
76,990
-
29,599
26,585
-
56,184
20,806
253,933
274,739
19,870,626
20,145,365
16,438,783
36,584,148
Designated
Funds		 Restricted
Funds
£
13,075
1,682,985
159,510
30,707
-
1,886,277
-
705,502
1,100,824
30,787
1,837,113
49,164
93,410
142,574
(309,655)
(167,081)
2,375,575
2,208,494		 £
-
-
-
-
-
-
-
-
-
-
-
-
88,443
88,443
(418,220)
(329,777)
1,295,194
965,417
Endowment
Funds		 Total
Funds
£
650,733
1,682,985
5,865,996
1,066,453
26,449
9,292,616
138,563
1,655,274
1,381,997
8,280,641
11,456,475
(2,163,859)
3,542,201
1,378,342
-
1,378,342
54,931,742
56,310,084

5 INCOME FROM DONATIONS AND LEGACIES

|Donations
Legacies
INCOME FROM GRANTS
RNRMC
Greenwich Hospital (RCPs)
Other|£
354,804
794,613
1,149,417
£
-
-
-
-
Unrestricted
Funds
Unrestricted
Funds|£
-
-
-
£
-
-
-
-
Designated
Funds
Designated
Funds|£
10,638
2,000
12,638
£
494,000
1,119,538
10,000
1,623,538
Restricted
Funds
Restricted
Funds|£
-
-
-
£
-
-
-
-
Endowment
Funds
Endowment
Funds
|Total
2025
£
365,442
796,613
1,162,055
Total
2025
£
494,000
1,119,538
10,000
1,623,538|Tot
202
352,9
297,7
650,7
Tot
202
580,00
1,097,9
5,00
1,682,9| |---|---|---|---|---|---|---|

6 INCOME FROM GRANTS

Care Home residents’ fees
Care Home grants, legacies and donations
Care Home investment and other income
Almshouse weekly maintenance charge
Almshouse investment and other income		 £
8,012,058
-
7,496
-
-
8,019,554
Unrestricted
Funds		 £
-
-
-
-
-
-
Designated
Funds		 £
-
456,700
10,435
39,618
-
506,753
Restricted
Funds		 -
-
-
-
-
-
Endowment
Funds
£		 Total
2025
£
8,012,058
456,700
17,931
39,618
-
8,526,307		 Tot
202
5,699,6
99,30
22,5
37,3
7,10
5,865,9

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

8 INCOME FROM INVESTMENTS

INCOME FROM INVESTMENTS
Dividends from pooled funds
Short term interest		 £
1,064,202
18,759
1,082,961
Unrestricted
Funds		 £
-
-
-
Designated
Funds		 £
43,787
-
43,787
Restricted
Funds		 £
-
-
-
Endowment
Funds		 Total
2025
£
1,107,989
18,759
1,126,748		 Total
2024
£
1,049,585
16,868
1,066,453

10 ANALYSIS OF EXPENDITURE

Staff costs (note 12)
Other support costs
Governance costs
Grants to Individuals (note 11)
Regular Charitable Payments (note 11)
Care Home and Almshouse
Total expenditure 2025		 Raising
Funds
£
97,886
75,321
2,024
-
-
-
175,231		 £
426,410
128,309
11,134
1,062,838
-
-
1,628,691
Grants to
Individuals		 £
107,445
20,798
2,024
-
1,206,372
-
1,336,639
Regular
Charitable
Payments		 £
6,513,381
190,633
18,556
-
-
2,067,852
8,790,422
Care Home &
Almshouse		 Total
2025
£
7,145,122
415,061
33,738
1,062,838
1,206,372
2,067,852
11,930,983		 To
20
6,655,4
503,1
23,8
986,9
1,272,8
2,014,1
11,456,4

9 OTHER INCOME

Rents from charitable property
Miscellaneous income		 £
17,782
4,541
22,323
Unrestricted
Funds		 £
-
-
-
Designated
Funds		 £
-
-
-
Restricted
Funds		 £
-
-
-
Endowment
Funds		 Total
2025
£
17,782
4,541
22,323		 Total
2024
£
17,900
8,549
26,449

Rents from charitable property refers to the lease rental income received from the tenants of Castaway House. The Trust charges rent at below market rates to organisations that support The RNBT and wider Naval Family.

Governance costs include auditors’ remuneration totalling £20,148 (2024: £19,200). £19,200 (2024: £18,300) was in respect of the external audit and £948 (2024: £900 ) was in respect of other accountancy services for preparing the accounts of RNBT’s dormant subsidiary company RNBT Care Ltd. All amounts are inclusive of VAT.

11 GRANT MAKING

GRANT MAKING
Medical
Education & Employment
Housing
Funerals
General
Total one-off grants to individuals
Regular Charitable Payments		 £
292,919
32,230
447,444
59,131
231,114
1,062,838
1,206,372
2,269,210
Grants		 £
155,950
17,159
238,218
31,481
123,046
565,852
130,267
696,119
Support Costs		 Total
2025
£
448,869
49,389
685,662
90,612
354,160
1,628,691
1,336,639
2,965,330		 Total
2024
£
494,562
46,742
807,756
131,005
175,208
1,655,273
1,381,997
3,037,270

All grants are paid for the benefit of named individuals, identified as being members of The RNBT Family.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

12 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL Staff costs were as follows:

Salaries
Redundancy and termination costs
National Insurance
Employer’s contribution to defined contribution pension schemes
Other employee benefits
Agency staff
Recruitment and training
The Employee Cost note shows employee notional salaries before any salary sacrifice schemes.
The number of employees whose total employee benefits exceeded £60,000 was:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000		 2025
£
5,693,915
29,500
499,489
370,189
151,770
262,693
137,566
7,145,122
2025
No
3
1
-
1
5		 2024
£
5,303,635
-
452,116
329,082
120,300
280,836
169499
,
£6,655,468
2024
No
-
1
1
-
2

13

14

STAFF NUMBERS

The average number of employees (headcount and full time equivalents (FTEs) during the year was as follows:

2025 2024
Headcount FTEs Headcount FTEs
Headquarters 18 16 16 14
Admiral Jellicoe House 103 93 99 87
Pembroke House 70 63 72 63
~~191~~ ~~172~~ ~~187~~ ~~164~~

The Trust sometimes uses agency nursing and care staff at Pembroke House and Admiral Jellicoe House to cover for absences from work and short-term unplanned staff shortages.

RELATED PARTY TRANSACTIONS

Tim Forer, the Trust’s specialist Legal and Management Trustee is employed by Blake Morgan, the Trust’s solicitors. During the year £12,899 was paid to Blake Morgan (2024: £10,184) for advice on contracts and employment law matters.

The total employee benefits of the key management personnel were £415k (2024: £418k). Key management personnel include the Trustees, Chief Executive, Finance Director, Director of Grants & Engagement, Chief of Staff, and Pembroke House and Admiral Jellicoe Home Managers; the total employee benefits include salary, employer’s national insurance contributions, employer’s pension contributions and the value of other employee benefits such as Group Life Assurance.

During the year 8 Trustees were reimbursed expenses totalling £1,999 in connection with travel (2024: 3 Trustees were reimbursed expenses totalling £499 in connection with travel).

The charity’s Trustees did not receive any remuneration or receive any benefits-in-kind during the year (2024: £Nil). No charity Trustee received payment for professional or other services supplied to the charity (2024: £Nil).

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

15
TANGIBLE FIXED ASSETS
COST
On 1 April 2024
Additions
Transfers between classes
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Freehold
properties
£
16,456,001
648,651
7,643
17,112,295
2,985,967
578,139
-
3,564,106
13,548,189
13,470,034		 Assets
Under
Construction
£
7,643
(7,643)
-
-
-
-
-
-
7,643		 Furniture &
equipment
£
1,492,951
75,038
-
1,567,989
1,058,715
150,807
-
1,209,522
358,467
434,236		 Motor
Vehicles
£
77,433
-
77,433
58,720
7,743
-
66,463
10,970
18,713		 Total
£
18,034,028
723,689
-
18,757,717
4,103,402
736,689
-
4,840,091
13,917,626
13,930,626

All of the above assets are used for charitable purposes.

16 INVESTMENTS

a Movements in investments during the year

Market value at start of year
Disposals at carrying value
Net gain/(loss) on revaluation
Total investments
Cash held by portfolio manager
Market value at end of year		 £
42,852,066
(500,000)
(1,090,355)
41,261,711
51,000
41,312,711
2025		 40,809,1
(1,457,55
3,499,7
202
42,852,06
51,00
42,903,06

Additions and disposals include transactions associated with switching between funds and asset classes as well as overall withdrawals from and additions to The Trust’s total investments. The whole portfolio was invested through UK based investment operations. All investments are either listed on recognised stock exchanges or are valued by reference to such investments.

Other than cash held by the portfolio manager, all investment assets of the Trust comprise pooled investment funds.

b Investment Management Fees

The unrealised gain or loss on revaluation of investments is shown after the deduction of any fees charged directly to the fund. Total investment management fees for the year ended 31 March 2025 are not quantified in total, as in some cases were not separately identified by the investment manager having been charged directly to the value of the investment portfolio. (For the year ended 31 March 2024 total investment manager fees were £230,638).

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

DEBTORS

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17
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Trade debtors
Other debtors
Prepayments
Accrued income
18
CREDITORS (Amounts falling due within one year)
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income (note 20)
19
DEFERRED INCOME
Deferred income comprises entirely of Pembroke House and Admiral Jellicoe residents’ fees invoiced in advance £30,17
Balance at the start of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2025
£
174,135
15,490
10,507
417,100
617,232
2024
£
98,616
-
50,569
186,669
30,173
366,027
3 (2024: £97,808).
2025
£
97,808
(97,808)
30,173
30,173		 2024
£
349,706
879
29,382
369,586
749,553
2024
£
132,944
98,870
56,158
105,744
97,808
491,524
2024
£
21,699
(21,699)
97,808
97,808

20 MOVEMENTS IN FUNDS

Current year

MOVEMENTS IN FUNDS
Current year
Endowment Funds
Royal Naval Fund
Mrs I Briggs for Regular Charitable Payments
Dame Elisabeth Kelly Fund
Sir John Langham Bequest
John Cornwell VC National Memorial
1939/45 Memorial Award Fund
Restricted Funds (Grants & RCPs)
Royal Naval Reserve Benevolent Fund
Mrs I Briggs – revenue
Sir John Langham Bequest – revenue
1939/45 Memorial Award Fund – revenue
Greenwich Hospital Regular Charitable Payments
RNRMC Naval Service Benevolence Fund
Submarine Memorial Fund
Durnford & Cawthan Trust
The Lemming Fund		 Balance at
01 April 2024
£
543,758
210,090
179,428
12,894
7,206
12,041
965,417
211,077
2,216
237
1,398
801
-
9,549
-
225,278		 £
-
-
-
-
-
-
-
4,379
-
-
-
1,119,538
494,000
3,075
5,000
5,000
1,630,992
Income		 £
-
-
-
-
-
-
-
-
(2,216)
(237)
(1,398)
(1,120,339)
(494,000)
(12,624)
(5,000)
(5,000)
(1,640,814)
Expenditure		 £
-
-
-
-
-
-
-
(4,362)
-
-
-
-
-
-
-
-
(4,362)
Investment
Gains /
(Losses)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March 2025
£
543,758
210,090
179,428
12,894
7,206
12,041
965,417
211,094
-
-
-
-
-
-
-
-
211,094

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

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20 MOVEMENTS IN FUNDS (continued)
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20 MOVEMENTS IN FUNDS (continued)

Current year

urrent year
estricted Funds (care homes & almshouse)
H Amenities Fund
H Residents’ Support Fund
H Redevelopment Fund
JH Projects Fund
JH Amenities Fund
ohn Cornwell VC National Memorial
otal Restricted Funds
esignated Funds
alklands Fund
lan Brown Fund
trategic Reserve
apital Development Fund
angible Fixed Asset Fund
otal Designated Funds
otal Unrestricted Funds
otal Funds		 Balance at
01 April 2024
£
34,081
760,498
775,276
-
2,437
410,924
1,983,216
2,208,494
4,180,008
33,514
12,500,000
5,940,000
13,930,626
36,584,148
16,552,025
56,310,084		 £
10,438
14,870
99,525
372,500
10,453
47,938
555,724
2,186,716
-
-
-
-
-
-
10,274,255
12,460,971
Income		 £
(9,848)
-
(99,525)
(372,500)
(3,778)
(37,011)
(522,662)
(2,163,476)
(38,748)
(4,413)
-
-
(736,689)
(779,850)
(8,987,657)
(11,930,983)
Expenditure		 £
(872)
(14,813)
(15,267)
-
(17)
(8,289)
(39,258)
(43,620)
-
-
-
-
-
-
(1,046,735)
(1,090,355)
Investment
Gains /
(Losses)		 Transfers
£
-
-
-
-
-
-		 Balance at
31 March 2025
£
33,799
760,555
760,009
-
9,095
413,562
- 1,977,020
- 2,188,114
-
-
-
-
723,689		 4,141,260
29,101
12,500,000
5,940,000
13,917,626
723,689 36,527,987
(723,689) 16,068,199
- 55,749,717

Purposes of restricted funds

Permanent endowment funds

Only the income arising from the investment of these funds can be spent for the stated purposes. The larger permanent endowment funds include:

Instituted in 1892 and provides assistance for widows and other dependent relatives of ex-serving personnel. Provides income for additional RCPs.

The Royal Naval Fund Mrs Ina Briggs Fund Dame Elisabeth Kelly Fund Chatham Depot Aid Fund Langham Fund 1939/45 Memorial Award Fund

Produces income for housing assistance for serving personnel.

Income for those who were originally recruited into the Naval Service through Chatham Naval Base (this occurred when the Naval Service was organised by Port Divisions).

Produces income for London-based members of The RNBT Family in need or distress.

Produces income for purchase of musical instruments or tuition for members of The RNBT Family.

Restricted funds

These funds are all expendable for specific purposes (both income and capital); other restricted funds generally receive and spend income during each year for specific purposes. The largest ones include:

Funds Regular Charitable Payments £35 per week to eligible beneficiaries.

Greenwich Hospital RCPs

The Royal Naval Reserve Benevolent Fund RNRMC Naval Service Benevolence Fund Submarine Memorial Fund Durnford & Cawthan Trust

Provides assistance to Reservists and their dependents.

Provides assistance to Reservists and their dependents.

Provides assistance to serving and ex-serving submariners

Provides income to assist beneficiaries aged 60 and over, with a naval connection, in the Portsmouth area

Provides amenities for the benefit of Pembroke House residents

Pembroke House Amenities Fund Admiral Jellicoe House Amenities Fund Pembroke House Residents' Support Fund Lemming Fund Pembroke House Redevelopment Fund John Cornwell VC National Memorial

Provides amenities for the benefit of Admiral Jellicoe House residents

Provides financial support for residents in respect of whom the standard accommodation fees cannot be met in full. Provides financial support for beneficiaries over fifty years old.

Created from the grants and donations received to help fund the major redevelopment of the Home in 2000; the only expenditure on the Fund is the depreciation charge for the capital costs of the redevelopment. Provides a maintenance fund for the ongoing upkeep of the almshouse properties

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

20 MOVEMENTS IN FUNDS (continued)

Purposes of designated funds

21

COMPARATIVES FOR MOVEMENTS IN FUNDS For the year ended 31 March 2024

Explanations for last year’s movements in funds may be found in Note 21 of the 2023/24 Annual Report & Accounts (available on the RNBT website).

Established as a restricted fund in 1992 to administer funds received on the winding-up of the South Atlantic Fund. In broad terms, its purpose is to assist dependants of serving personnel killed during, or as a result of, the Falklands conflict and to assist those injured. During 2003/04, under the terms of its governing document, the Falklands Fund was wound up. The Trustees transferred the assets immediately to a new designated fund of the same name. The original eligibility criteria have been widened to include beneficiaries who are South Atlantic Medal holders.

Falklands Fund

Established as a designated fund in 2013 from the receipt of a legacy. The purpose of the Fund is to support naval officers who also have rating service, where the individual’s needs cannot be fully met from other sources.

Alan Brown Fund

The purpose of the Fund is to separate out the costs of larger revenue projects, such as large scale decoration, so as not to distort the operating costs of Pembroke House. A transfer from The Trust’s unrestricted funds has been made to balance out the expenditure and therefore there is a nil balance on the Fund at the end of the year.

Pembroke House Revenue Projects

Established to fund future strategic initiatives

Strategic Reserve

Capital Development Reserve Established to fund future capital developments.

Tangible Fixed Asset Fund Established to match the net book value of the Trust’s tangible fixed assets that are used for charitable purposes.

Endowment Funds
Royal Naval Fund
Chatham Depot Aid Fund
Mrs I Briggs for Regular Charitable Payments
Dame Elisabeth Kelly Fund
Sir John Langham Bequest
John Cornwell VC National Memorial
1939/45 Memorial Award Fund
Restricted Funds (Grants & RCPs)
Royal Naval Reserve Benevolent Fund
Royal Naval Fund – revenue
Chatham Depot Aid Fund – revenue
Mrs I Briggs – revenue
Dame Elisabeth Kelly Fund – revenue
Sir John Langham Bequest – revenue
1939/45 Memorial Award Fund – revenue
Greenwich Hospital Regular Charitable Payments
RNRMC Naval Service Benevolence Fund
Queen Mary’s Roehampton Trust
Submarine Memorial Fund
Durnford & Cawthan Trust		 Balance at
01 April 2023
£
510,825
388,045
197,247
168,517
12,113
7,206
11,241
1,295,194
199,027
8,460
79,997
1,962
721
-
1,156
-
-
20,000
2,537
1,600
315,460		 £
-
-
-
-
-
-
-
£-
3,891
9,986
9,149
3,894
3,308
237
242
1,097,985
580,000
-
13,075
5,000
1,726,767
Income		 £
-
-
-
-
-
-
-
£-
(4,674)
(21,403)
-
(3,640)
(4,762)
-
-
(1,097,184)
(580,000)
-
(6,063)
(4,400)
(1,722,126)
Expenditure		 £
32,933
30,175
12,843
10,911
781
-
800
88,443
12,832
-
-
-
-
-
-
-
-
-
-
-
12,832
Investment
Gains /
(Losses)		 Transfers
£
-
(418,220)
-
-
-
-
-
(418,220)
1
2,957
(89,146)
-
733
-
-
-
-
(20,000)
-
(2,200)
(107,655)		 Balance
31 March 20
543,7
210,0
179,4
12,8
7,2
12,0
965,4
211,0
2,2
2
1,3
8
9,5
225,2

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

21 COMPARATIVES FOR MOVEMENTS IN FUNDS (continued) For the year ended 31 March 2024

Balance at
01 April 2023
£
42,192
886,473
775,276
-
356,174
-
£2,060,115
£2,375,575
3,903,365
35,418
12,500,000
-
£16,438,783
£34,822,190
£54,931,742		 £
9,693
17,329
-
-
3,798
44,490
84,200
£159,510
£1,886,277
76,302
688
-
-
£76,990
£7,329,349
£9,292,616
Income		 £
(17,804)
(455)
-
-
639
(13,167)
(84,200)
(114,987)
(1,837,113)
(51,309)
(4,875)
-
-
(56,184)
(9,563,178)
(11,456,475)
Expenditure		 £
-
57,151
-
-
23,427
-
80,578
93,410
251,650
2,283
-
-
253,933
3,106,415
3,542,201
Investment
Gains /
(Losses)		 Transfers
£
-
(200,000)
-
-
(2,000)
-
-
(202,000)
(309,655)
-
-
-
5,940,000
13,930,626
19,870,626
(19,142,751)
-		 Balance at
31 March 2024
£
34,081
760,498
775,276
-
2,437
410,924
-
£1,983,216
£2,208,494
4,180,008
33,514
12,500,000
5,940,000
13,930,626
£36,584,148
£16,552,025
£56,310,084

22 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the statement of financial activities)
Depreciation charges
(Gains) / Losses on investments
Dividends, interest and rent from investments
Decrease/ (increase) in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Bank and cash balances
Short term investments
Total cash and cash equivalents		 At 1 April 2024
£
1,018,363
51,000
1,069,363		 2025
£
(560,367)
736,689
1,090,355
(1,126,748)
132,321
(125,497)
146,753
Cash Flows
£
49,812
-
49,812		 2024
£
1,378,342
897,155
(3,542,201)
(1,066,453)
68,292
61,282
(2,203,583)
At 31 March 2025
£
1,068,175
51,000
1,119,175

23

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025

TRUST INFORMATION

For the year ended 31 March 2025

24 LOAN FACILITY

In 2019/20 Trustees agreed to enter into an uncommitted revolving loan facility with Royal Bank of Canada (RBC) Europe Ltd, to help finance the Centenary Care Home Project (Admiral Jellicoe House). The aim of the facility is to smooth out the sale of the Trust’s investments over a longer period of time so that investments do not have to be sold at times when investment prices may be unfavourable. The loan facility is for a maximum sum of £5 million. Interest is charged at 1% above LIBOR rates (from 2021 the rate changed to 0.97% + Bank of England Base Rate). The loan facility is secured against the Trust’s investments managed by Newton Investment Management Ltd. Custody of those investments transferred to RBC in May 2020

The decision to agree the loan facility with RBC was taken after Trustees has considered its affordability over the long term, together with a comparison of loan arrangements offered by other banks.

As at 31st March 2024 there was a balance remaining of £1.8m. During the year two repayments were made totalling £1m, leaving a balance outstanding of £0.8m as at 31st March 2025. The interest applicable to the loan for 2024/25 was £102,956. Interest on the loan is capitalised as part of the Admiral Jellicoe House fixed asset cost.

25 OBLIGATIONS UNDER OPERATING LEASES

Patron

His Majesty King Charles III

Vice Patrons

Mr K Lambert BEM Mr N Jellicoe Ms Jenny Agutter OBE

President

Admiral Sir Tim Fraser KCB

Executive Staff

Chief Executive

Commander R G Bosshardt BSc MSc Royal Navy (until April 2024) Mrs D Dollner (from April 2024)

Finance Director

Mrs S Aistrope ACMA, CGMA (until October 2024) Mr J Thomas (Interim from November 2024 until September 2025)

Chief of Staff

Michele Stanley

Vice President & Honorary Treasurer

2025 2024 The total of future minimum lease payments on equipment operating leases expiring: £ £ Within one year 21,625 8,222 Between one to five years 48,778 554 Total obligations under operating leases 70,403 8,776

26 CAPITAL COMMITMENTS

The Trust had no material capital commitments as at the 31 March 2025. There were no capital commitments as at 31 March 2024.

Mr I Ranscombe (until 13 March 2025) Dr A Crossman (from 14 March 2025)

Chair

Commodore R Best OBE Royal Navy (Retd)

Admiralty Governor

Colonel M Stovin-Bradford Royal Marines (Retd)

Director of Grants and Engagement

Sam Allardyce (from 1st April 2025)

Registered Office

Castaway House, 311 Twyford Avenue, PORTSMOUTH PO2 8RN

Auditors

UHY Hacker Young

Senior Serving Officer

Thames House, Roman Square, Sittingbourne, Kent ME10 4BJ

Commodore J Carrigan Royal Navy

Investment Managers

Trustees

CPO D Baxter (from 1 March 2025) Mrs S Bryant Dr A Crossman (until 13 March 2025) Mrs N Ellis-Burt Mr P Hopkins Mr G Hounslea Mr D McGinley Mr N Gartside CFA Lt Cdr T Forer Royal Navy (Retd) Mr A Krzysica Mr S Milne Chief Petty Officer J Potts MBE Mrs P Shaw OBE Commander H Wright Royal Navy

CCLA Investment Management Limited Senator House, 85 Queen Victoria Street, LONDON EC4V 4ET

Newton Investment Management Limited BNY Mellon Centre, 160 Queen Victoria Street, LONDON EC4V 4LA

Bankers

Barclays Bank PLC PO Box 6, PORTSMOUTH PO6 3DH

Solicitors

Blake Morgan New Kings Court, Tollgate, Chandler's Ford, Eastleigh SO53 3LG

T THE ROYAL NAVAL BENEVOLENT TRUST SERVE A DAY, SUPPORTED FOR LIFE www.rnbt.org.uk