Women's Royal Naval Service BenevolentTrust TRUSTEES ANNUALREPORr AND FINANCIAtSI4TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
TrUST ¢¢ENTs OF THE FINANCIAL STATEMEPW& FOR THE YEAR 31 DECEIA8ER 2023 1 to 15 16to 18 19 21 23 to g)
in xcore the apatIe cl IrelaThJ IFRS 102} is3 on 16 2014 arKI nandal Rep)rtiThJ %aThrd apF4Kable In and Ird¥KI IFIiS 1021 Owrib¥ A£t 2022 aT¥J UK fal J knctre rt ak"e5frDrn l J¥Y 2015. awlr Mr5J CJw- 17 2023 MtsA fAtt- Remxrtyj 17 2023 Mrs V Re4yxtsI 17 Mty 2023 $ E Y- Re5wJwJ 19 W 2023 5 M lJrK1- Rebred 19 Juty 2023 CoKot C E Jjrthn LVO, Royal NMt- 4pF•)rt 20 ju 2023 5 5 L Rth"rèJ 29 Fdmuay 2024 tr R MBE. 29 F¥ 2024 Td.. 023 97 1522 Ernil.. trth¥ETrt &)Il Ffl &Jx n115. Loth EC4P 4(• "lttay 20) F(M¥aAvU@. F7 IX114 7JP MrsAPB Mrs J A Cs*the
MrsVLeQ C•7dn J B 5rry> Rwal Vxe LTha mNINt¢d by th• A55odathm of IVveM Wofflen of the Royal Naval Ser¥lces rth5 L RLtygJ 14 (kt 2023 M6s A iagrne- 14 Crt 2023 MtsO& A fXt Mr5BMF MrsJ¢) tsMHw tha"r'. CLmwYthe C E &Ndan LVO Rwal Pth- Rair&l 19A 2023 145 E Yea5- Re1 19 2023 Mr5 V R&J*m
(22JarnMry 1923. 2025) F•nyiywl Ihe WRhS in fy¥ly 1942, initb as a trA5t orKI a5 a t>Jv Cath It wa5 to hdp C and F4ct tt in fy c¥ts at g)Lkth%k Park durirwJ 6 rfkne- r>rw. In 1973 Fannylcird the a Trfft in 1979 til 1986, a R•s¥ry vf11 OBE (R•s•e) (19 July 195Q- 19 2023) e the WPJ4S In I9 aTrJ s Sn aknThnstrarNÈ trartI atwntJTEtrt5 bthe J(xTry the is ¥Y {RN) Grth b) 1981 3Thl VAS ro in rw rrw¥' in I. Qkn to QhEf Q¥fKer in 1987 Roste the WR$ Cfftws ts) rkNrty Cirth WRP6 LW. tre wa5 to albjw She left the RN in l¥JS aTrJ the irth ttwty fcr orseas F£&graJuates n M&JbJr9h Swar< i) She was a former thalr of the Nava Lad5 Ckn aTrJ charitab Trust arvj a ftxm¥ TnL#eÈ of the ShIptked MariTts' s1&Y, the Btitish Ex.SeN¢¢rn's As$]0n, (rK)w eiw¥, Veterans) the al 14awy aTrJ Royal Mar1 Charlty. was a Trutsofthe t.$ R1 se EattTrufv¢ 1991 tr 1937 * (h•r Irtym 27 w)ti12011. In 2014, st then took on the rde of Thair cf the hugdy Ces1 WFJ451tQ fryoject Grwp. whkh was sa up to èJurat4 cM)mrate brnte rhe Cenrenary ef the formation of the Wrens in 2017. 9 a5 an Presid (l the TrusL and the ASS3. of Wrer6 and WonEn rrf the Royal Naval SeNces until deaih. She was o Freernan of the G?kjrt. Company aTrJ cl the ¢Jty of LorKkn.
19%) theTrwt VA5 grantèj a W Owi¥. It a IP4x I519). 1939 and tth 1st thy cl 1943. un)X. The lèjal de Yrt5 2023. hy theti¥tsthn k¥rK¢%% %•ill a tWgEtdcl l Jar¥Jary 2024. Royal Naval SeThe5 the (tsrl asa Trust •KI céthe 1 Nwal as The primwy obj.ects of the Trnst are trj wvvide rdief in (ase5 of dtstress the WRNS MbS of the Trust and anYJng the deperthnts of s4Kh persors aTrJ to acceFt and grft for siwal OT lirrèJ obJ"t In gentral act(thrKt with the afv of the Trust. The Tntsts makn c&Ject fcf 2023 wve ft. a%e55ed as reqUr¥j a m sulyect to fft pyiy,. To rewew all grants an ongtyn9 ba515; PUBUC BElIEF ATEmE11T The Trust cfvate5 the wrFoses a5 d2finèJ 2011.. The of tt05e In ne&$ ofyojth. ax ill , rjsthrty. finanual hardship c tsth's•fvantax the thtrnent of èJLKatts'. This benefft is delNtred thrOh regular charitatk t¥T ants to rnberS of the WRNS and th•r dewklants. The Trustees cenfimi that tw have red to the Charity C£rfnrissnn's 931 gukl>)ce puNiyed Tn Te5FeLt of thr public bent stst*nwt, the Trusfs aims and ob)thves and in anning lutyre xtswbe5 and setting the grant maknng ptyliry ft>r the vear. Exaryles c4 the dIffere wr ha5 made lo the Iwes cl sthme of tyjr bè)ÉfitiaiÈs fwnd on pages lQ.12. % part of thelr overnll dutle5, Tnstee5 of the WRNS BT are required to consKlff risk Fart involved In Sts runnln9. Three members of the Central Committeeare reSp(Siblefor carryin9 Out an annual intemal audit and re¥ of the sk Register. The Qualty Assurance Group's IQAGI finth'r¥4s are then reportgj and discussal at Ihe next meetiw of the Central Cc¥nmittee.' thus. any percelved tX)tential problerns are highlighted and dea viith as [Cessary.
The sk Register covers all aspects of the charitvs operations. from invtstments io staff to g)vematKe. External influerKe5 such os changes in the wjitical and ec(rfwic dimate5 are uffiydered. All pot01 risks are assessed as having o'remote through to hJhIV wobable llkelihc', and thrtwh to extra I rAtastroFthic impa(r, and the ow811 lfftl of risk is calculaled. In 2023 the r5 we: The Trustees and Stsff ha¥e produced a comprehensive an to deal with the dthe teftwary c¢ pwnHnent loss of it5 kry Staff; campaigns to increase the number rf coseKffkers in area5 Tr)t 0Y coed. or mrtrabOns of Frfjttial benefidaries e$ SWA he recendy Implentsd a numto c4 le9cal hjbs a mixkne of paid siaff vobJnte¥s, vihh has eased tl 20 Grants Expenditure 2023 r (haiitat4e Pa ts 9jb] to rea I, tsTnL#ha5tsYeetyofknbleregu1 ts, pad quartty and 3.fill 10.381 350 To he 15,520 6.162 2,610 5.104 LCl.288 tw 1r¥I to rfv for Paision CreJ¢ ) c4d to fiTrJ £ Infimi tt> (k) . Gerberal pJDenrtyGr i aLrtlwng &foxJd Edu¢ation Funeral Experise5 Hou5ehdd Fud with day-t¢>day lin9 expens25, e.9.f the pwmwtofN15, dothlng or pthaps hjusehokl 9dS (%henSe vnafforttswe aThJ are CW5e*v)Id &xJds IpH0tssthd Repairs . MedKal Aith Removal Expen5E5 Rent & oepols aTrJ the ¥Kx1 {sLI.. J have n$t0 pty in fijl..
cla cw is cnxi b) the apF4KarfsdaWtrdty lrfw. Age Ran8e ot Benefitiies 2023 Cc¢rnr•tr are all fcrfmer mvntws of WRNS lirthing arrenty the RNI gve thor b"rr* aTrJ asststsr£e •Nineties EhtleS •5nties (SWA) ROYJ Bnbth (tRBLI. Sixknes gNef[ wyyt a •Frf •FortTres rroy th te for ovwseas ¢Jrrt or 4 cr friaTrJ on (ks g) on
S 9Etting to th time ofyear th I gi¥e thank y•u... It It ¥rtasntfur BT l abl? to stay this retiremert l arn otwnalty ¥Yatdul to al and unThthankwu IGnd al). c{r and mgal 9Jtsdes fr fli ttTnrfs firwKiI s¥pJtaid L 14ye3rs -. lsb4lle•lwaVrtrfvI¢r•1Itheh b)•tWehIPhets¥v•I&fft •m•d•t•dbymrfmity.- Frcrfn a 9xA The dau9ht£r and .In.13%¥ of a f(XTrw a (WE aler her l(lY t•"fv. The Trnst VRS plpAsed to youllenwqhl Ih•¥e tud•yfortheffrstthReth ManyM$>PjnP4rymYVwfi_ myxOrt¥ls1thQdmllo ThÈ61yrokJ ofa frThr Wren, rth¥ re5¥knt in a cwe thWltvJ to SUFPJt b)th hLs tTh)ts tyualy fats in thefamty W uptott to w intr)ftl¥lyrEwe L4Sin9 ihe Lcol dirèl theTru wa5 tlea5ed te tryde a gart cl £1.0. to s&te pxewre the farfmtyvks Lth. We 4yDthJ tsE RNBT, Yts) agreed lu In earty 20. the Ttrust 1th [8.[1) rEW (D#50f£l.Th PIP v4a5 wt in Flao and as a result 6 nntr b) hdp ease prÈtyJfft rest •w•ltd•llvy. l•m Jv k•Dklry fonyardto the 1freed It wDIAfveme. As• IVMlw•s•hv•ysoudto wurmyunlfonn.... (On having that xervio rEroynis¢d Thrn7) - towardsmelwsovwwhelmedme andttlss•nethlng whlth I wlll ccwjrrert bkl ts AttdarKe lJhx¥aKe IA4} was (rAkl ty DYTr. W AA at the hwhw r cr6Jf( ants è1mknatsJn t). During the per Cove ty this rryrt, the Trust dKI not ervjage with F¥ofe5sfjol or ccmwdal partPatOr, n dld the Trust market to the pJNK. However. the Tn&ee5 e of the FuTrJraisiTrJ Re9Jlators"CoJe of Fundraising prty" and Its key prfncIeS and expthi behwtxJr5. These laken irto the Trnst klannèj a vey small number of inltkiti¥es nJTh by tis staff Truts tthyarts the >e3r. l¥ cfynirts r&ev&J.
In 2023, tt Trugt fiwi&tyf. slbyw net m4 fknity in 1n5E4Jt gain of E168k Icomp3rèJ to Invefvt l(ss (rf E482k a rt exttythJre rl £47 in 20221. grs, expIre wa5 É16Th The thè FrtfokJ rtse to £3.867m to £3,73)n n 2022). tncome frcffi Iwe5 tcaoJ £16i largest t"r¥J a cl £llk 15 a tsrea5e on 2022 tr¢ £147L Trust ha5 bLw tirEd offijrthw inthe rw 11 £93k to te t1. have sgjesto reth but $Id ¥1 becom[j 1th1n 2024 or Lw. A5 ha5 (ase n thelast s tm) extynal grats tO9xd finarrtial outc ov Tr[ (xs to re7R5t arv may garts 2024 •xl. I tlwe 15 a thcrtfall yeu, %ill ccffitinLE to dtt14 In 2022. to £131k12022. É121kl a rThyk&5 irKre4srg interest rat& aWKb)r ISWJ on lear due to Alw tery hdd at Hs Exc&rt ir$ 2023. as ro 14¥rtwrt T•N5' Hal in Loth in 2022. A&ira"c1ty. tyl (nsts Trt thJ Trjt me capfd pJrchase5 (knbiThJ the y. fixoj a55é5 thesw Oal as In 2022. Tre The TrS mèrkL dlJe ha5 ri5w %Mth a g•n E168k Lknr#J the (2022 as loss of £483kl. A rn1mr ofthang5 m tytttho 0jrt y afterthe TruAÉe5 • the rralls ded Bre t1)IpTr. 2023. As e¥pLimèJ in ncts 15 tr the ?Crts. Tr rawiw1£93kl te rwrwj vthen ty ¥e in 2024ty (Ayal, theTrusiilwJ balye$leetrVerf£4n l))22 £4.kn). in in bank bda É168k 38.6% tMrts theovual cosiclMrMr#J TrLS[l£33Xl. The 4xxtral frrm aTrJ lèjaoes, th are a) I future Durir#J 2019. the Rith¥ wa5 w75 th aFwff• £3.7m wwkl rquired to meet
in f irtvest ks. A £IUk1£112k.. 20221 rJJn cn ThE#rts VAS set kn 2023. armed fr tn thss Ey. the TvJ s able to sk f?1 a5%tirKe the test PC65èSe hdp thice aYallaNe. Naval childr,$ Charity Poppyxotlw Royal Air Frxces knatiOn Royal Naval Tr$t Royl Naval orrws, (h&ity Seafarv5' Pthice & Infcrtbjn SdI5, Sakx5, Airmen ar¥1 Farn15 Asgjaatbjn Amiy Charth¢S Roy& Bribth Leg The Royal Canadiafft Legion The Royal Mthres Ele C(51 FTry TLYnu ck CÈrt RM Pouitaine The fami of &ll Cadl T¢f LcThkn a gratdul forth*rsJFprt aoe5 Irj ts r. Bd- Miss {Pbie) 35 2) 11,4 18 Nerr- K4hlEen Jsjn IKthI} Pkrd- Star• Wrflia ght- Mss Peb)Fe Phwna IPg¥ry) 218 15,927
tehJw'. Bthym. Mrs Nancy r C 135 En91- Mts tkyts Vtra Wdli•Ys l. m 8izateth rtt Ttt¥in 270 175 25 15 207 397 25 59 310 so 175 105 Hakns. lsWulir P4)n rKJ . 1455 KalNe (W) Mthck. Mrs Mlve. Mrs Rits ctt. Slirlty sitoe. Mrs >y I. Miss Ilmnel Wknn.Cdrth GiftAid th"m 2023 125 565 ChJr gratdLI thS p totr Grwp5 Lynts . Cardff Carthgan Eth'nlr & D&JKt F7eham 2t#J 850 194 Tolal The Trust k¥Jkkw la) it5 Ibl corlir¥mJ to the fA wm5 and axywt Nwdl CorNnwty tl4it the Tnjst sb"Il assist rwa1. &¥wt frtyn tPose kthj abx is uuual and enablt% fwr io
ycfder(ltheTn&Ee5 2024 30101124 Irea£4 uajs 21 30101 l £L
17 May 2023 HEr Royd H sa#1 th& the TnLst sC fft the of w12021 fulw of 14hKh cwkl be any tharty. TheTr cffnaLs had rd on tr hyth distlbj inbj a prcoosal fc¢ the c¢ 1 fG memtV5 the nvAt4>50Iw r4nE0 mE a fuss andaskknl¥xl a pka th rwiErvR5 a%we£lv ctsformwkn th rrwy trR eX0j irntt on ixJyne55. TreTw5ta5 fwa5 F<65tle h)J meagJtsto awJa)wre # ixsine55 tr) iwkirfe5 a fl4ucY to mh ts numtts Crvth19 W teen rer4xwJ ty thethalIor vie cost. cf se¥val rryuLw aTrJ the Trus aLtr to L¥off L5 fEqwrino irw Cth Fbmmer saby that the TntrtirnE in 2022 r¥JreroJ 25. a snaR èJalnst 16 kn 2021. umlThJ aOKantsseekJThJ cwff 93ntsrAwntrl3S. WHY[{{24 kn 3)21. rffv#clRegJarCharrtable ptsI¥JMtr¢rl 39, a agar6t 52 iry 2021. Sth. at Cdr h•J to thrm the •Jknefthe dèaits t frNm¥ffyrunts in 2022. Miss bJr#J W teen a pt (knwntr of the Tnrt S50 s¥%vJ a5 OK cl Fhxe cCffjrt frcTh 21K13 to 2011. IsS a5 of the (kn Crthmittee ftr io yws 2019. It te rm5S to the unttnwy death ofcth Rose OBE RN, had tse Chaw dthe Tr rmm 2C117 to 2011 •¥1 a Tr iknettN In IFr, RJ"Ir rttorded tha to 12
JFrrfyter 1 £173,548. tirymding inNt51mvrt kts5e5 theTnJ5t cyrJJ"rrfJ of£thpa& ro rf£34k 2021. Tr itrnt pJifdh) be aff&tal ty wlatiiity in gktsl kd5 a decr&i cl £4183k a rfD.72m . t)th fr(*n £4.22m li 2021. Lt Cdr Pizli felt io tne TnL¢s to Lt rj as aOaLse. Wth her L6ual light te of thkS was desthj tsj uThirmvJ5 13
17 May 2023 b)at she had te 1th Trtts the 11 yews. sKe leavnj 2011 Lknty. ftomJaMJary 2021 haj dlre0 tre Trvsvs Stra WtrkirYJ ISDV+G) sd LV ID k%Aat fu ha1 RNRMC", faolrtaDThJ ths ftxmi5¥vJ ttE exi5tuwJ RTrfft1 Owtw &trlJv45. Wth tVC6al u. A in t¢&$. TheTrtrt AlkI ietsin i% thrty. rvrtv. dtsftn15 5TrLts rifenl fCrI Wtrer THAT, in 14crftrTrLtsYs Flyo (Th•tw. tt Bytrlkns¢ttTru >W in ihvr enbrety ontr£ tern 14
Cthe Jtrdan ttky) asw Tr to yrty Ift ye51 aTed the kwJ5al or rgj (tr ml Istl sh 74 in fawxr clthe rK at61airr& It Wa5 th a unlM¥¢e in fr of the pywjsal ha1 15
WOMEN'S ROYAL NAVAL SERV BENEVOLENT Opinion Ihe year eThd 31 Decr r23 corrrAi the Slaiement of Fro1 A(tths. Ihe Balan Shee¢ the Cash Fhyw Ststement and nctss to Ihe faTrial Statents. indLNJ1j a 9Jmmary of signfficant acLtsJnting pc4icies. The r8rKKts'rvJ framvArMk that has trttn ar¥Ath in tsr preparalK)n 15 aAlcatAe Iw and In cmjr Opinic Ihe fina1 Statery[s.. . gNe a Iwe fair of the State of th? dwtys afvr5 as at 31 C(anb 2023 8fKI of its Kxynir resourcAs aThJ apF4icalIc of resources. for year then enthd: aThJ 8asi$foropirw We (¥rylu(tsl our wxirrkn vffjlh InknatKThI StaThJwts on IUK) IISAS IUKII aTrJ aKatIe law. Our reSptieS uTrJer Ih)se &aThJards are fijrther desc¥iW in the hJJditors' re¥K)nsib'ltss for thè aLMIit of Ih8 fina[Kx statT of wr reKAyi We are Trleterklent of chaiity in acmrdaThx vthh the eiw W#rem that are relevant to ow audit of the firw)csal ststwnents in thè UK indudiThJ the FRC'S Eth St¥wJard. arnl have tulfiRpA Iwr othw elhi(%l ffjspthsibilits in aCcrdan these requirwwts. We tdieve that ts atht evid we have Obtain is gJff¥ient apKvowlate to wovide a ba%s forow cfrfrwon. Concluslons r•laOry to 901ry conwn In aUd.j the ffinancrdl stateNnts. Iwe LY)nckn thal the t[te95. LW of th8 l))r basi8 of ac4)M¢mg pyeparat1l ol Ihe statnents is awcwale. Based on thg vKxk have rJrml. ha¥e rK4 kyenlifth any Mala1 urKertainfs relating to events or Cond tha¢ indthjually crf coH&•. may (ast Thficant on ctsiitys at¥lty to conlinue as a issue. Ir respxywtiltie5 arKI ttE re5PKmyb'liOes of tr Inistees ryth res to concem are descthd in the Iant sodicrts oftlis rep Olh•r Infrymatlon Ind in Ihe hnnual Rerxrt other than the ffinanoal StatenlS our Repcrt of the lThlepen¢nt Auditors In rnrThCbC 1th aLh4ii of lh8 statts, wr rp5kKwthIty is k) re•J thg otsr lnfcrntK and, in dc4ng so. wnshjer whether inf(rnl)n is maten&ty in0siStent witr the fiaral statenntS or T kJHed98 oLlained in the aLKIst LY Ott115& aFf5 to be materiaty Frisst8t8d. 11 we klentty su n7Oterial in0Sist4es apparent materiJ ffisStatets. are required to deteryThne vthether Ihis VeS rise to a FnaterAI rnis5tatenEnt in lh8 finarK4a statements them5kn. If, t)aseJ on th8 Vrtjrk we have performed. condude Ihal the 15 8 $staternent of this cther infomTrkn. we are wuir&J to reW( Ihat fact. We have rv)thiThJ to Iwt in this rg3¥d. Matters on which we are required to rnprt by ex¢Wk)n We have nothing to reF(<( in res of the fommng nwtters wtve the (Jwrfts IA¢ownts aThl Rwxts Regulatior6 2(KJS requres u5 to retmyi to yw rf. in our . Ihe InlomMtb)n gNen in the Repjl of the Trustees is in mat iespect wth the thartial statements., or suffent acb)unb"r¥J rec4Jrds have Th)t teen kept,. Page 16
REPORT OF THE 1K)EPENDElAVDiToRs TO THE TRUSTEES OF WOldEN'S ROYAL PiAVAL SERVICE BENEVOLEKr TrUST R•sponslbllld•5 oftrust••s As explained rrKwe fully in the St8tempnt of Tnlee$. Re5rw6itrAthes. the tnjstees are resptrAe fu th8 prepafation of the finaal siatements give a Inje aTrJ fair View, intema cthitrol a$ Iru5tees deterrnine is Ire&Sary to enable Ihe preparKJn of finwKaal s1atwts that are free from material mIsstaten1, to fraud CK In pwriThJ the financial slatements, Ihe trustees are re¥MMde for asThJ ctsnvs atylity lo have no reath5t attwnatsve tlrt to do so. responslbllltles ftrthe wdlt of thèflnandal We have been atwnted as aLh#itcrfs uThYer 144 of the Cha[eS 20117 reFxi n )Ndance Jr ot¥ectives are to otlain r&iSc a$swae aojt statements as a wlM)le are free fri)rn malerial rrMs5tsfvL due to tra1 or wrry. to issue a ReFK¥t of the lThJepeThJent Auditors that our ¢wThon. Rea$C¥ assuran is a hJh assLwarte, lyjt ts not a guaranteè that an udit c¥)n(hxted ui a(x¥xdarK Isk IUKI dew a rnthiat ffusstaterrEnl it exists. Mlsslatents can artse fr£•n fraLJ crf errcff aThJ we mat1a1 rf, lndN¥Juty LY in Ihe awwat8. thèy LtyJkJ r¢asorbaL4y ey4xlgd to vfflugncg Ihè ec¢mlC dKI5 of user5 tskw on the basis of these financ4 staternts. IrWurits$. ffjdLMJirMJ fra. are ¥thrre5 of Vith aThJ rewlalions. We degn prdureS in lir %%?th w resF(¥)silrfies. (wAi)ed atthe. to dot•d matial rris5taternts in reSpt of irrewlaribes, fraY. The extwt to our FTrxYure5 are capatle of de(ectiThJ irwurities. Iuding fraud. i% detai1 bekx. We obtained an un(rstanthJ of ts legej aTrJ in 1c Ihe conyany thrwgh rewew ofTnBtee Trwnutes. We have evaluated Man41t irm)tives aTrJ oFpm$ for fraJu manila11 of financi Stalements managem1 override of cxffitrds and the aFpIKabon of revetwe rnitiOn at CJJ1 and consJ&rwJ Ihat pri4paI risk was Latod to the pN)stirYJ of inappropfiate icAJm¥ entrie5 to resum befrye the year e1. We have addressed this by assessing pjumal enlries as part clow a4#1it ap[th. W• have 81so r818%rant KJ8nliW 8fKI rryJlaticffl5 Fthntial fra1 risks to al erIJagert leam wemters renu1 alert to ary I1[al$ of fra1 or n(mrnkancè vAth law5 and Wlat5 Ihrw3lMXrt ts 8LKfiI. Thwe arn inherent IIMrtati in the Jdit prrrt1vres des(*1 atrThe. W? 8f8 likety to bec aware of Instan of non-c0ryl1ar laws and wulaticffis that a dc6dy lated to events and transathns refieded in Ihe fina1 s&2iements. Aso, risk of not e"n9 a Mat0 nNsStattsYnt due to fraud is hvJher than the risk of not detectry resukn'r#J frryn eTh, as fraj may inv(kn dlberate conceament by. A furlher description of ow resFth9ts1rt for Ihe art of b)e fina statemo)ts is loca on the Finarrial Rerth"ng cour11.8 Webs at w#W.trc.9.k1a11t0rye5wbliIE5. Thi5 desryticm frYm5 parl of our Rwt ofthe lTrJepWyknlAits. P&Je 17
REPORT OF THE I1ENDENT AUDITORS TO THE TRUSTEES OF WOMENE ROYAL NAVAL sERvE BENEVOLENr Lkne of oui This rep)rt made • to the dwws tn&ees, as a txThty, in aLz(Yd ¥ilh P•t 4 of lh• Charities (ALX)3unts and Reports) RegLlati¢xH 2(Th. Our aart th has been LWKIBrt so that we rnitht stats to tr thanty's tnjstees m¥tlws arn rwwirvd to to tmm in audrtors. reF(1 4TrJ for ro oth•r purpoBe. To Ihe fvleBt extent I, do nrA awt or a55ume respcngblty to arrycTh other the chgnty aThJ the ¢hanV$ trust¢¢s OS o W. 0J rrt for tr$ reFrf or for opnions ""Gibson Wfftitter tirnited statsjtory AJitOrS Larth Hse Paand¥ Busine P Harnpshire P07 6XP Page 18
TRUST FOR THE YEAR E)ED 31 DECEMBER 2023 31.12.23 31.12.22 Totsl fiJThJs ftJFkJ INCOME AND ENDOWMEPItS FROM 34.333 181,075 Othertrdding 7,716 131.110 7.716 131.110 18,242 121,327 173.159 173.159 EXPENDITURE ON RaiwTh3 fijrth 61,696 CharStabl• aetfvStl•s Grantmakn'rvJ 269.011 272.293 249,9)4 337.315 340.597 311.fr)0 Net gansllk)sses) C Nwesl 168.162 168,162 1482,698 NET INCOkEILYPENtXTUREI 132821 724 1473,654 RECONCIUATION OF FUNDS Total fijnds fcrfward 4.310.838 3282 4.314.120 4,787,774 TOTAL FUNDS CARRIED FORWARD 4.314,844 4.314,844 4.314,120 The Ib)t frmi part0fth finano81 statements P&Je 19
TrUST 31 DECEAER 2023 31.12.23 31.12.22 TarrfJible assets Investr 13 14 2,025 3,867.039 2,025 3.731,809 3.869,( 3,733.834 Debtors Cash at b 15 467.521 493,825 591.673 CRErxroRS Amunts frJllir¥J du& vAl¥n OM 16 148.0451 114.3871 NEf CURRENT ASSErs 445.780 580.286 LIABILMES 4.314,844 4.314.120 NEfASSETS 4,314,844 4.314,120 FUNDS Unrestnct8d ReslJKled fvnd5 18 4.314.844 4.310.838 TOTAL FUNDS 4,314.844 4.314.120 The finanaaf statements were aw0¥ and authtywl iwe bythè Board crf Trustees aTrJ authThed for ..3LI luly.21)14................... aThJ *Ere c•) its behall tyf. 30107 Iz4- 3010712Lk. slatmnts Page 20
TrUST 31.1223 31.12.22 Cash IIry*T from op•rnlfng •clMlb•s (X6.356) 1153,729) Net cash li operntiw a¢Yi¥ibe 1153.729) Purchase ol asset inbestrnenls {449,418) 1558.2341 572.045 1,481 119.846 Int•r8st 124.655 164.042 135.136 In the r•In9 porfod alh and caJh at lh• brylnnlng ollhg VW>Qrtlng pwlod (42.314) (18,591) $28.426 Cash and calh •qulv•l•nts al th••nd 467.521
MOTES TO THE CASH FLOW STATEAIENT FOR THE YEAR ENDB) 31 DECWER 2023 RECONCILIATK)N OF IEr INCOMEI(EXPEIIDITURE) TO NEf CASH FL(YW FROII (PERATING 31.12.23 31.1222 N•t Incom{•*ponL1t¥) f•rth• Mp0 pwlod la• p•rth• r24 1473.6541 (168,1621 (6,4551 {124.655} 482.698 11,481) 1119,8461 140,1771 (1,4631 Ira5j{d8uea$8l in cr&Jbt¥s {2.356) 1153.7291 ANALYSIS OF C+IAMGES IN NET FUNDS 1.1.23 Cgshfow At31.1223 N•t cuh at {42,314) 467.521 {42,314) 467.521 {42,314) 467.521
FOR THE YEAR ENDED 31 DECEIIIBER 2023 The fffwirJ81 of the thanty, is a bprnfft entity under FRS 102. b88n Ih tho FkMncial Repytirs StaThJard thè UK of Ireland IFRS 12) leffKtr 1 Jarwary 2019y. FKwKial StaThJard 102 The FThnraal Repting StarvJard aable In the UK aThY of IrelanEf Ihe Charte5 Pd 2011. The f•Wal slatements have the arn(tcan be meawrfrj rthbty. Ehmakns and estste h&8 been fLled and the nOtitstb has b88n madè. or vth) a dlstn"bub"on 15 rece1 from Ihg e*at•. R1p1 of a l•J¥, kn t•Me pwL 15 con3Klgral plcknabk amount can be measwed re1k9tY and ts Trust has be of the exethots ¥rt8ntion to a di5tribubon. FuThJrnlsl nentIr1)m• Expenlrrturn Talkty. The Trust Is Th)t regIStej for VAT emxdirwy all eXFe Is Shcfi grc6s CrAts ofEa volun cThtinu9d...
TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 caoon of su Exp•ndltyre costs nSe al c(ts inthg the pu1¢ oc(tyJntst411ty of eharity 8nd ts cg)mplkqnce wilh rlation and gjod prth. The58 c¥sts iThlude rAJsts related trj stsbJtThy •Jdit aThJ l&Jat fees Gronts offer•J wtiK lo havo Th)t twn at tha dato •r• 0$ timatgd u1 lrfe. FLKlures fftbTh Conyt•r8qulpwrnt . 20% on c05t . 20% on ojst Inv¢•tm¢nt• The Investrnt has b8•n valLd 8t market valug at ts ts18nce 8h8et date. The SOFA indleS the net gains and on inbnentS arlsing on r•valuall at th• yr and on dtsposa& th• yaar. Rèall g8in8 kwes on 88kn of imiestrnents are I18 as the differwKe bethen the sale w(Kee41s and Lyinlng Ma•t valuè. Unrnalis TaxatSon Fund accountlng Restrid•d can only bB used for parlbxlar restric pur[$ ¥wthin the Ob ol tho charity. Restric ariBe then by th& thTh)r or en bjnds Arn fatsèd for p•t¢ular Further exFAanatKffi of the nature Abwj pwp(e (rf •#th fimd i¥ Ind in ts notes to financial stat•mants. Hlv• purtham and l•aslng cornmltm•nt• Rèntals . under operabn9 bease8 are c*8rged to the statem of Fmndal kbvTrb•s on a stralght lkne basts ov8rthg Ihgloa charitys arw dwwl lo the Statem8nl of FwwKyal AdwTbes kn Ih8 1#> to th8y PwJe 24
31.12.23 31.12.22 15,927 3.565 162.382 5,753 IthdU don8¢K5 12,CJ6 497 34,333 181,075 Miss Dots Emitykn Foxtc £11. The Twst ha6 been Th)tsfa1 of fiJrth8r 1&3Ao•g kn Ihtr r¢wi of £93.01s{222.' £20,(0} for the 31.12.23 31.1222 Ganorgl fun1j 7.716 18.242 IIIVESTMEpif INCOME 31.12.ZJ 31.12.22 124.655 119,846 1,481 131.110 121,327 IIAISING FIJNDS 31.12.23 31.12.22 Gwal furthiBiry SuFwl ccts 6.741 39.442 nonwl...
NOTES TOnE FIMANCIAL sTATENTs. contlmmd FOR THE YEAR ENDED 31 DECEIABBI 21123 31.12.23 31.12.22 24.222 24.205 SuFWrt costs 28.862 28,050 81.696 CHARITABLE ACTMTIES COSTS Cosls (see Is99 Xo7) 8) note 91 Tolds 47.952 168,6XI 55.691 31.12.23 31.1222 47.951 TToyhy r1 47.952 GRApifs PAYABLE 31.12.23 31.1222 1f8.650 1n.548 31.12.23 31.1222 Inthuals 168,650 173.548 Pw26 CMtinU...
TrUST Tota 24.OW2 3.441 41.303 31486 4,640 55.691 1.199 14.38B rJ.981 92.817 ri 31.1123 31.1222 Tolal 17.5051 313 2.5)1 30.015 ,025 781 1.621 Pe$ R¢nt InsurwKo 1A81 153 221 14 137 12 14 178 1649 173 1.639 144 170 2.139 4,415 3,970 214 SuThJri8S 11Y2 2.731 240 283 oirhx equlpment Trrining 35 158 1,248 194 24.0¥2 3.441 41. 49.671 31.12.23 31.1222 aTrJ Total Total 1.547 221 non aLJrt work 2.176 6,216 10.142 Tnjstees meeting L1 and PTof8sth1 3.874 11.C7 10.567 1.199 14.388 23.981 27.208 (x)ntinu&J...
NOTES TO THE FINAIICIAL STATEMENTS. Wny•d FOR THE YEAR El 31 OECEIIJBER 2023 During yaar nina 131.12Z2: ew) trustses Ere remlyJ5&J exp$ by th• Trt for babBt. Jb6ence traIrj tclallThJ £2.M (31.1122.. £2.465). 11. STAFF COSTS 31.12.23 31.12.22 Wages aThJ sdars 97,349 1.523 1.7Z3 61.932 1.513 1.621 1CQ,595 65.066 31.12.rJ 31.1222 Chwtt8b SuFp)rt TolAI fitTrJ$ furk4 IMCOME AND ENDO11 FROII 155,328 25.747 181.075 Cxhertrading a¢ 18,242 121.327 18242 121,327 Total 294,897 25.747 EXPENDITURE ON Rak8irrfJ bjnds 61,696 61.696 GrantsmakK 249.9)4 289.135 311,FAIO Net w{kISses) on iibBstm (482.6981 {482.6981 (476.936) 1473,6541 Pago 28 c£ffltinugd...
FOR ThE YEAR ENDED 31 DECEIrn 2tr2J Restr¥A&l Total furk RECONCIUATIOM FUNDS Total funds Lwlt k¥wd 4.787.774 4,787,TT4 TOTAL FUNDS CARRED FORWARD 4.310.838 3282 4.314.120 13. Totsl8 At 1 2023 aThl DEPRECIATION At 1 JarMAry 2023 and 31 De(wber 2ty23 2,045 8.411 NEf BOOK VALUE At 31 C}1120T3 2.025 FIXEDASSEf INVEsfMEKrs inwslm•nts MARKET VALUE At l Januy 2023 +IA¢Jtws D4x)sa Reval1*$ 3.n1. 449.418 1482,3501 168.162 At 31 December2(123 3.867.039 MEf BOOK VALUE 3.867.039 3.731,809 31.12.23 31.12.22 Hekl wllhkn UK Hakl c16 UK 1.66T.260 2.199.779 1.758.631 1,973.178 3,887.039 3.n1.809 PwJo 29 LtinUed...
TRUST Hc4dirg Marketvae 147,279 £rJ2,996 J.gJO £222,212 £229.176 JPM US E¢wty Irvxxrn FuThJ K. Nst in¢¢mo Sthrrpts US Ewty IrKome m1$ Fthj L IrKfjmè GBP vju¥ InsInrt UK US Eqiity 15. DEvfoRS: AIKiup¥fs FALLWG DUE IMTHIN ONE YEAR 31.1123 31.1222 In th8 £Thl12022 £54.2151 kr199. 1& CREDrroRS: AMOUNTS FALLWIG DUE VIITHIM YE*Ji 31.1123 31.1222 258 47.787 14,179 14.387 17. 31.1223 31.12.22 TcAal funds fvTrJ nds 2,025 3067,039 493,825 (48.045) Investynents Currènt assets Current liablr•S 3.867.039 493.825 (48.0451 3,ni,809 ,673 (14,387) 4.314.844 4.314,844 4.314.120 1& MOVEMENT IN FUNDS At1.123 funds 31.12ZJ General bjnd 4.310.838 4,314,844 13.282) TOTAL FUNDS 4,314.13) 724 4,314.844 PwJg 30 Itind...
Gerr81 furk1 1n.159 1337.3151 1,162 132821 13,282) TOTAL FUNDS 173.159 1340.597) 168.1V2 724 Net At1.122 furmts 31.1222 G41 fv 4.787.774 1476.938) 4.310 Prir Lty 3282 4.787.774 {4TJ.654} 4.314,120 li frJnd8 294.897 (289.1351 (482,6981 (476.936) prtc* Lego¢y 25.747 465) 3,282 TOTAL FUND8 I311.6) 1482.698) {473,654) prf Ltya¢y P•Jg 31 0)ntind...
FOR THE YEAR ENDED 31 DECEI1 2023 ULTNATE COIffliOLUNG PARTY Sirts 19 July 20rJ th? drity 7Kd6 a of Royal Navy and Royal Marfnès Chality la regstergj Engla1 aThJ Wales. wist8r•J C¥Jrnpany number 6047294. r8gislgr8d rtharty nurtw 1117PJ4 aThJ ako a Iej charty in Srthd, tharty number SC0418981. wthith has the rfjght ol t0 li rTwtirg5 of ts drty. CLV'èS of the Roygl Navy aThJ Royal Marirw Chwity cuw4NJaknJ fina4a1 *Atlts can bo Ot¢atrJ from Bulding 29. HMS Page 32