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 xcor￿e ￿ the ap￿atIe cl IrelaThJ IFRS 102} is￿3 on 16 2014 arKI
nandal Rep)rtiThJ %aTh*rd apF4Kable In and Ird¥KI IFIiS 1021 Owrib¥ A£t 2022 aT¥J UK f￿al
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
Co￿￿Ko￿t C E Jjrthn LVO, Royal NMt- 4*pF•)rt￿ 20 ju￿ 2023
*5 5 L Rth"rèJ 29 Fdmuay 2024
tr R MBE. 29 F￿¥￿ 2024
Td.. 023 9￿7 1522 Ernil..
tr*th¥ETr￿t &)Il Ffl &Jx n115. Loth EC4P 4(•
"lttay 20) F(M¥aAv￿U@. F￿￿7￿* IX114 7JP
MrsAPB*
Mrs J A Cs*the

MrsVLeQ
C•7dn J B 5rry>￿ Rwal
Vxe LTha
m￿NINt¢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 f*Xt
Mr5BMF
MrsJ¢)
tsMHw
tha"r'. CLmwYthe C E &Ndan LVO Rwal Pth- Rair&l 19A* 2023
145 E Yea5- Re￿￿1 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 Fannylcir*d 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 I￿9 aTrJ s￿￿ Sn aknThnstrarNÈ trartI￿ atwntJTEtrt5 bthe J(xTry the is ￿¥Y {RN)
Gr￿￿￿th b) 1981 3Thl VAS ro in rw r*rw¥' 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 o*rseas F£&graJuates n M&*J￿bJr9h Swar< i)
She was a former thalr of the Nava Lad￿5 Ckn aTrJ charitab￿ Trust arvj a ftxm¥ TnL#eÈ of the ShIp￿tked MariT*ts' s￿1&Y, the
Btitish Ex.SeN¢¢rn's As$￿]￿0n, (rK)w eiw¥, Veterans) the ￿al 14awy aTrJ Royal Mar1￿ Charlty.
was a Trutsofthe ￿t￿.$ R￿1 se￿ Ea￿t￿tTru￿fv¢￿ 1991 tr 1937 * (h•r Irtym 2￿7 w)ti12011. In 2014, st* then
took on the rde of Thair cf the hugdy ￿￿Ces￿￿1 WFJ451tQ fryoject Grwp. whkh was sa up to èJurat4 cM)m*￿rate ￿*brnte rhe
Cenrenary ef the formation of the Wrens in 2017. 9* a5 an Presid￿￿ (l the TrusL and the ASS￿3￿.￿ of Wrer6 and
WonEn rrf the Royal Naval SeNces until deaih.
She was o Freernan of the G?kj￿rt￿. Company aTrJ cl the ¢Jty of LorKkn.

19%) theTrwt VA5 grantèj a W Owi¥. It ￿ a IP4x I￿519).
1939 and tth 1st thy cl 1943.
un￿￿￿)X￿￿. The lèjal d*e Yrt5 2023. hy￿ theti¥tsthn k¥rK¢%% %•ill a tWgEtd*cl l Jar¥Jary 2024.
Royal Naval SeTh￿e5 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 M￿b￿S of the Trust and anYJng
the deperthnts of s4Kh persors aTrJ to acceFt and grft for￿￿ siwal OT lirr*èJ obJ"￿t In gentral act(thrKt with the afv
of the Trust.
The Tntsts makn c&Ject￿ fcf 2023 wve ft*.
a%e55ed as reqU￿r¥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 th￿trnent of èJLKatts￿'.
This benefft is delNtred thrO￿h regular charitatk t¥￿T ￿ants to rn￿berS of the WRNS and th•r dewklants.
The Trustees cenfimi that tw have r￿￿ed to the Charity C£rfnrissnn's 9￿31 gukl>)ce puNiy*ed Tn Te5FeLt of th￿r public ben￿t
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 dIffer￿e 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 pot￿￿01 risks are assessed as having o'remote
through to h￿JhIV wobable llkelihc￿', and thrtwh to extra￿ I rAtastroFthic impa(r, and the ow811 lfftl of
risk is calculaled.
In 2023 the r￿￿5 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 0￿￿Y co￿ed. or mr￿￿trabOns of Frfjt￿tial benefidaries
e￿$￿ SWA h￿e recendy Implen￿tsd a numto c4 le9c￿al hjbs a mixkne of paid siaff vobJnte¥s, vih*h has eased tl
20
Grants Expenditure 2023
r (haiitat4e Pa
ts 9jb]￿ to rea
I, ts*TnL#ha5tsYeety￿ofknbleregu1
￿ts, pad quart*ty and
3.fill
10.381
350
To he
15,520
6.162
2,610
5.104
LCl.288
tw ￿1r¥I to ￿rfv for Paision CreJ¢
) c4d to fiTrJ £* Infimi
tt> (k) ￿.
Gerberal pJDenrtyGr￿ i aLrtlwng &foxJd
Edu¢ation
Funeral Experise5
Hou5ehdd Fud
with day-t¢>day li￿n9 expens25, e.9.f the
pwmwtofN15, dothlng or pthaps hjusehokl
9￿dS (%hen￿Se vnafforttswe aThJ are
CW5e*v)Id &xJds
IpH0tssth￿d Repairs
. MedKal Aith
Removal Expen5E5
Rent & oepo￿ls
aTrJ the ¥Kx1 {s￿LI..
J have￿ n￿$t0 pty in fijl..

cla cw is cnxi* b) the apF4KarfsdaWtrdty lrfw.
Age Ran8e ot Benefiti*ies 2023
Cc¢rnr•tr are all fcrfmer mvntws of
WRNS lirthing arrenty
the RNI gve thor b"rr* aTrJ asststsr£e
•Nineties
E￿htleS
•5￿￿nties
(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 unTh*thankwu IGnd al￿)￿.
c{￿r￿ and mg*al 9Jtsdes f*r f￿li￿ tt*Tnrfs firwKiI s¥pJtaid L* 14ye3rs
-. lsb4ll*e•lwa￿Vr￿trfvI￿¢r•1Itheh* b)•tWehI￿Phe￿ts¥v￿•I￿￿&fft* •m•d•t•dbymrf*mity.- 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
you*llenwqhl Ih•¥e tud•yfortheffrstthReth ManyM￿￿$￿￿>￿PjnP4rymYVwfi_ myxOrt¥ls￿1thQ*￿d*ml￿lo￿
ThÈ61yrokJ ofa frTh*r 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 L4*Sin9 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 n￿ntr￿ b) hdp ease prÈtyJfft rest
•w•ltd•llv*y. l•m Jv k•Dklry fonyardto the 1freed￿ It wDIAfveme. As• IVMlw•s•hv•ys*oudto wurmyunlfonn....
(On having that xervio rEroynis¢d Thrn7) - towardsmelwsovwwhelmedme andttlss•nethlng whlth I wlll
ccwjrrert bkl ts Att￿darKe lJhx¥aKe IA4} was (rA￿k￿l ty DYTr. W AA at the hwhw r* cr6Jf(
ants è1mkn￿atsJn t￿).
During the per￿ Cove￿ ty this rryrt, the Trust dKI not ervjage with F¥ofe5sfjo￿l or ccmwdal part￿PatOr, n
dld the Trust market to the pJNK. However. the Tn&ee5 ￿e of the FuTrJraisiTrJ Re9Jlators"CoJe of Fundraising pr￿ty￿"
and Its key prfncI￿eS 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*¥ cfyn*irts r&ev&J.

In 2023, tt* Trugt fiwi&tyf. slbyw net m4 fknity in ￿ 1n5E4J￿t gain of E168k Icomp3rèJ
to Invefvt l(ss (rf E482k a r*t exttythJre rl £47* in 20221. g*rs, exp￿I￿re wa5 É16Th The
thè F*rtfokJ rtse to £3.867m to £3,73)n n 2022).
tncome frcffi Iwe5 tc*aoJ £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 t￿￿1. have sgjesto reth but $￿Id
¥1 becom[￿**j ￿1th1n 2024 or L*w. A5 ha5 ￿(ase n thelast s￿ tm) extynal grats tO9xd finarrtial outc
ov* Tr￿[ (*xs to re7R5t arv may garts 2024 •xl. I tlwe 15 a thcrtfall ￿ yeu, %*ill ccffitinLE to dtt14
In 2022. to £131k12022. É121kl a rThyk&5 irKre4srg interest rat&
aWK*b)r* ISWJ on
lear due to Alw tery hdd at H￿s Exc&￿rt ir$ 2023. as ro 14¥rtwrt T•*N5' Hal in Loth in 2022. A&ira"c￿1ty. tyl (nsts
Tr￿t thJ Trjt m*e capfd pJrchase5 (knbiThJ the y. fixoj a55é5 thes*w O￿al as In 2022. Tre
The Tr￿S mèrkL* *dlJe ha5 ri5w %Mth a g•n ￿E168k Lknr#J the (2022 as loss of
£483kl. A rn1m￿r ofthang*5 m* t*ytttho 0jr￿t y afterthe TruAÉe5 • the r￿r￿￿all￿s ￿ded
Bre￿￿ t1)Ip￿Tr.
2023. As e¥pLimèJ in ncts 15 tr* the ?￿C￿rts. Tr rawiw1£93kl te rwrwj vthen ty ¥e in 2024ty
(Ayal, theTrusiilwJ baly￿e$leetrV￿erf£4￿n l))22 £4.kn).
in in bank bda
É168k ￿ 38.6% tMrts theovual cosiclMrMr#J ￿TrLS[l£33￿Xl. The 4xxtral frrm aTrJ lèjaoes, th are a)
I future Durir#J 2019. the R*ith¥ wa5 w75 th* aFwff• £3.7m wwkl ￿ rquired to meet

in f￿￿ irtvest ￿ks. A £IUk1£112k.. 20221 ￿ r*JJn cn ThE#r￿ts VAS set kn 2023.
armed f￿r￿ tn thss ￿Ey. the TvJ* s able to s*k f￿￿?1 a5%tirKe the test PC65èSe hdp thice aYallaNe.
Naval childr￿,$ Charity
Poppyxotlw
Royal Air Frxces kn￿atiOn
Royal Naval Tr￿$t
Royl Naval orrws, (h&ity
Seafarv5' Pthice & Infcrtbjn
S￿dI￿5, Sakx5, Airmen ar¥1 Farn1￿5 Asgjaatbjn
Amiy Charth¢S
Roy& Bribth Leg
The Royal Canadiafft Legion
The Royal Mthres
Ele￿ C(￿￿51￿
F￿Try
TLYnu
ck CÈrt
RM Pouitaine
The fami￿ of &ll Cad*l
T￿¢f LcThkn a
gratdul forth*rsJFprt
aoe5
I￿r￿j ts ￿r.
Bd- Miss {Pbie)
35
2￿)
11,4
18
Ne￿rr￿- K4hlEen Jsjn IKthI}
P￿k￿rd- Star• Wrflia
ght- Mss P￿eb)Fe Phwna IPg¥ry)
218
15,927

tehJw'.
Bthym. Mrs Nancy r￿ C*
135
En9￿1- Mts tkyts Vtra ￿ Wdli•Ys
l. m￿ 8izateth rtt Ttt¥in
270
175
25
15
207
397
25
59
310
so
175
105
Hakns. l*sWulir* P4)n
rKJ . 1455 KalNe￿ (W)
Mthck. Mrs
Mlve. Mrs Rits
ctt. ￿ Slirlty
s￿itoe. Mrs >y
I￿. Miss Ilmnel
Wknn.Cdrth
GiftAid th"m 2023
125
565
ChJr gratdLI th￿*S p totr* Grwp5 Lynts ￿.
Cardff
Carthgan
Eth'nl￿r￿ & D&JKt
F7*eham
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* h*yth distlbj inbj a prcoosal fc¢ the
c¢ *1 fG memtV5 the nvAt4>50Iw
r4￿nE*0 m*E a fuss andaskknl*¥xl a pka th* rwiErvR5 a%*we£l￿v ctsformwkn th rrwy trR eX￿￿0￿j
irnt￿t on ixJyne55. TreTw5ta5 fwa5 F<65tle h)J meagJtsto awJa)wre #* ixsine55 tr) iw*kirfe5
a fl4u￿cY to m*h ts numtts Crvth19 W teen rer4xwJ ty thethalI￿￿or vie cost￿.
cf se¥val rryuLw aTrJ the Tru*s ￿aL￿tr to L¥*off L￿5 fEqwrino irw
Cth Fbmmer saby that the Tn￿￿￿tr￿￿*tirnE in 2022 r¥Jr*eroJ 25. a snaR èJalnst 16 kn 2021.
umlThJ aOKantsseekJThJ cwff 93ntsrAwntr￿*l3S. ￿ WHY￿[{{￿24 kn 3)21. rffv#clRegJarCharrtable p￿￿tsI¥JMtr¢r￿l
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
p￿t (knwntr of the Tnrt S50 s¥%vJ a5 OK* cl Fhxe cCffjrt￿ frcTh 21K13 to 2011. I￿sS 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 IF￿r￿, RJ"Ir￿￿ rttorded tha￿ to
12

JFrrfyter
1 £173,548.
tirymding inNt51mvrt kts5e5 theTnJ5t cyrJJ"rrfJ of￿£th￿pa& ro rf£34k￿ 2021. Tr i￿￿trn￿t 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 ￿r￿j as aOaLse. Wth her L6ual light
te of th￿kS was desthj tsj uThirmvJ5
13

17 May 2023
b)at she had te￿ ￿1th ￿ Tr￿tts the 11 yews. sKe leavnj 2011 Lknty. ftomJaMJary 2021 haj d￿lre0 tre
Trvsvs Stra￿￿ WtrkirYJ ISDV+G) sd LV ID k%Aat fu￿ ha1
RNRMC", faolrtaDThJ ths ft*x*mi5¥vJ ttE exi5tuwJ RTrfft1 Owtw ￿ &trlJv45. Wth tVC6al u￿.
A in t¢&$.
TheTrtrt ￿AlkI ietsin i% th￿rty. rvrtv. dtsftn15 *5TrLts
ri￿fen￿l fCrI￿ Wtrer
THAT, in 14crftr*TrLtsYs Flyo (Th•tw. tt* Bytrlkns¢*tt*Tru* >W in ihvr enbrety ontr£ tern
14

Cthe Jtrdan ttky) asw Tr￿ to y￿rty Ift* ye51 aTed the kwJ5al or rgj (tr ml
Istl sh￿￿ 74 in fawxr clthe rK* at61air*r& It Wa5 th* a un￿lM￿￿¥¢￿e in f￿r of the pywjsal ha1
15

WOMEN'S ROYAL NAVAL SERV￿ BENEVOLENT
Opinion
Ihe year eTh*d 31 Dec￿￿*r ￿r23 corrrAi￿ the Slaiement of Fro￿1￿ A(*tths. Ihe Balan￿ Shee¢
the Cash Fhyw Ststement and nctss to Ihe f￿aTrial Stat￿ents. indLNJ1￿j a 9Jmmary of signfficant acLtsJnting
pc4icies. The r8rKKts'rvJ framvArMk that has trttn ar¥Ath in tsr preparalK)n 15 a￿AlcatAe Iw and
In cmjr Opinic￿ Ihe fina￿1￿ 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$foropirw
We (¥rylu(tsl our wxirrkn vffjlh InknatKThI StaThJwts on IUK) IISAS IUKII aTrJ
a￿KatIe law. Our reSp￿￿￿tieS uTrJer Ih)se &aThJards are fijrther desc¥iW in the hJJditors'
re¥K)nsib'ltss for thè aLMIit of Ih8 fina[Kx￿ stat￿T￿￿ of wr reKAyi We are Trleterklent of
chaiity in acmrdaThx vthh the eiw W#rem￿ that are relevant to ow audit of the firw)csal ststwnents in
thè UK indudiThJ the FRC'S Eth￿￿ St¥wJard. arnl have tulfiRpA Iwr othw elhi(%l ffjspthsibilit*s in
aCc￿rdan￿ these requirwwts. We tdieve that ts a￿tht evid￿ we have Obtain￿ is gJff¥ient
apKvowlate to wovide a ba%s forow cfrfrwon.
Concluslons r•laOry to 901ry conwn
In aUd￿.￿j the ffinancrdl stateN*nts. Iwe LY)nckn￿ thal the t[￿te95. LW of th8 l))r￿￿ basi8 of
ac4)M¢mg pyeparat1l￿ ol Ihe stat￿nents is awcwale.
Based on thg vKxk have r*Jrml. ha¥e rK4 kyenlifth any Ma￿la1 urKertainf*s relating to events or
Cond￿ tha¢ indthjually crf coH&•. may (ast ￿Thficant on ￿ ctsiitys at¥lty to conlinue as a
issue.
I￿r respxywtiltie5 arKI ttE re5PKmyb'liOes of tr* Inistees *ryth res￿ to concem are descthd in the
I￿ant sodicrts oftlis rep
Olh•r Infrymatlon
Ind￿ in Ihe hnnual Rerxrt other than the ffinanoal Staten￿lS our Repcrt of the lThlepen¢*nt Auditors
In rnrThCbC￿ ￿1th aLh4ii of lh8 stat￿ts, wr rp5kKwthIty is k) re•J thg otsr lnfcrntK￿ and,
in dc4ng so. wnshjer whether inf(rnl*)n is maten&ty in0￿siStent witr the fi￿ar￿al staten￿ntS or
T kJH￿ed98 oLlained in the aLKIst LY Ott￿115& aFf￿5 to be materiaty Frisst8t8d. 11 we klentty su
n7Oterial in0￿Sist￿￿4es ￿ apparent materiJ ffisState￿ts. ￿ are required to deteryThne vthether Ihis ￿VeS
rise to a FnaterAI rnis5tatenEnt in lh8 finarK4a statements them5kn. If, t)aseJ on th8 Vrtjrk we have
performed. condude Ihal th￿e 15 8 ￿$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 rnpr*t by ex¢Wk)n
We have nothing to reF(<( in res￿ of the fommng nwtters wtve the (Jwrft*s 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
suff￿ent acb)unb"r¥J rec4Jrds have Th)t teen kept,.
Page 16

REPORT OF THE 1K)EPENDEl￿AVDiToRs TO THE TRUSTEES OF
WOldEN'S ROYAL PiAVAL SERVICE BENEVOLEKr
TrUST
R•sponslbllld•5 oftrust••s
As explained rrKwe fully in the St8tempnt of Tn￿lee$. Re5rw6itrAthes. the tnjstees are resp￿￿trAe fu th8
prepafation of the fina￿al siatements give a Inje aTrJ fair View, intema cthitrol a$
Iru5tees deterrnine is I￿re&Sary to enable Ihe prepar*KJn of finwKaal s1atw￿ts that are free from material
mIsstaten￿1, to fraud CK
In pwriThJ the financial slatements, Ihe trustees are re¥MM*de for as￿ThJ ￿ ctsnvs atylity lo
have no reath5t￿ attwnatsve tlrt to do so.
responslbllltles ft*rthe wdlt of thèflnandal
We have been atwnted as aLh#itcrfs uThYer 144 of the Cha[￿eS 20117￿￿ reF*xi n ￿)Ndance
Jr ot¥ectives are to otlain r&iSc￿￿ a$swa￿e aojt statements as a wlM)le are free
fri)rn malerial rrMs5tsfvL due to tra￿1 or wrry. ￿ to issue a ReFK¥t of the lThJepeThJent Auditors
that our ¢wThon. Rea$C¥￿ assuran￿ is a h￿Jh assLwarte, lyjt ts not a guaranteè that an
udit c¥)n(hxted ui a(x¥xdarK* Isk IUKI dew a rnthiat ffusstaterrEnl it exists.
Mlsslaten￿ts can artse fr£•n fraL*J crf errcff aThJ we mat￿1a1 rf, lndN¥Ju￿ty LY in Ihe awwat8.
thèy LtyJkJ r¢asorbaL4y ￿ ey4xlgd to vfflugncg Ihè ec¢m￿lC dKI5￿ of user5 tskw on the basis of these
financ4* statern￿ts.
IrWu￿rits$. ffjdLMJirMJ fra￿￿. are ¥thrre5 of V*ith aThJ rewlalions. We de￿gn
pr￿dureS in lir￿ %%?th w resF(¥)s*ilrfies. (wAi)ed atthe. to dot•d mat*ial rris5tatern￿ts in reSp￿t of
irrewlaribes, fra￿Y. The extwt to our F*TrxYure5 are capatle of de(ectiThJ irwu￿rities.
I￿uding fraud. i% detai￿1 bekx.
We obtained an un(*rstanthJ of ts legej aTrJ in ￿1c* Ihe conyany
thrwgh rewew ofTnBtee Trwnutes.
We have evaluated Man4￿1t irm)tives aTrJ oFpm￿￿$ for fra￿Ju￿ mani￿la11￿ of
financi￿ Stalements managem￿1 override of cxffitrds and the aFpIKabon of revetwe
r￿nitiOn at CJJ1￿ and cons*J&rwJ Ihat ￿ pri￿4paI risk was ￿Latod to the pN)stirYJ of
inappropfiate icAJm¥ entrie5 to resum befrye the year e￿1. We have addressed this by
assessing pjumal enlries as part clow a4#1it ap[￿th.
W• have 81so r818%rant KJ8nliW ￿ 8fKI rryJlaticffl5 Fthntial fra￿1 risks to al
erIJager￿t leam wemters renu1￿ alert to ary I￿1[al￿￿$ of fra￿1 or n(m￿rn￿kancè vAth
law5 and Wlat￿￿5 Ihrw3lMXrt ts 8LKfiI.
Thwe arn inherent IIMrtati￿ in the *Jdit prrrt*1vres 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 fina￿1 s&2iements. Aso, ￿ risk of not ￿e￿"n9 a Mat0￿ nNsStattsYn￿t due to fraud is
hvJher than the risk of not detectry ￿ resukn'r#J frryn eTh￿, as fra￿j may inv(kn d￿lberate conceament by.
A furlher description of ow resFth9ts1rt￿ for Ihe a￿￿rt of b)e fina￿￿ statemo)ts is loca￿ on the Finarrial
Rerth"ng cour￿11.8 Webs￿ at w#W.trc.￿9.￿k1a￿11t0rye5w￿bliIE5. Thi5 desryticm frYm5 parl of our
Rwt ofthe lTrJepWyknlA￿it￿s.
P&Je 17

REPORT OF THE I1￿ENDENT AUDITORS TO THE TRUSTEES OF
WOMENE ROYAL NAVAL sERv￿E 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 a￿art 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. 0￿J￿ *rrt for tr￿$ reFrf or for opnions
""Gibson Wfftitter tirnited
statsjtory A￿JitOrS
Larth H￿se
Pa￿and¥ 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 DECEA￿ER 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•I￿￿n9 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• Mp￿0￿ pwlod la• p•rth•
r24
1473.6541
(168,1621
(6,4551
{124.655}
482.698
11,481)
1119,8461
140,1771
(1,4631
Ir￿a5￿j{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 1￿2)
leffKtr 1 Jarwary 2019y. FKwKial StaThJard 102 The FThnraal Rep￿ting StarvJard
a￿￿able In the UK aThY of IrelanEf Ihe Charte5 Pd 2011. The f•W￿al slatements have
the arn(￿tcan be meawrfrj rthbty.
Ehmakns and
estste h&8 been f￿￿Lled and the nOtitstb￿ has b88n madè. or v*th*) a dlstn"bub"on 15 rece￿1 from
Ihg e*at•. R￿1p1 of a l•J¥, kn t•Me pwL 15 con3Klgral plcknabk amount can
be measwed re1k9t￿Y and ts Trust has be￿ of the exethots ¥rt8ntion to a di5tribubon.
FuThJrnlsl
￿n￿entIr￿1)m•
Expenlrrturn
Talk￿ty. The Trust Is Th)t regISte￿j for VAT emxdirwy all eXF￿￿￿e Is Shcfi￿ grc6s
CrAts ofEa
volun
cThtinu9d...

TRUST
FOR THE YEAR ENDED 31 DECEMBER 2023
caoon of su
Exp•ndltyre
costs ￿n￿Se al c(*ts inthg the pu￿1¢ oc(tyJntst411ty of eharity 8nd ts cg)mplkqnce wilh
r￿lation 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 u￿1 lrfe.
FLKlures fftbTh
Conyt•r8qulpwr*nt
. 20% on c05t
. 20% on ojst
Inv¢•tm¢nt•
The Investrn￿t has b8•n valL*d 8t market valug at ts ts18nce 8h8et date. The
SOFA ind￿leS the net gains and on in￿bnentS arlsing on r•valuall￿ at th• y￿r
and on dtsposa& th• yaar. Rèall￿ g8in8 kwes on 88kn of imiestrnents are
I￿18￿ 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¢K￿5
12,C*J6
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{2￿22.' £20,(￿0} for the
31.12.23
31.1222
Ganorgl fun￿￿1￿j
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 cc*ts
6.741
39.442
nonwl...

NOTES TOnE FIMANCIAL sTAT￿ENTs. 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 r￿1
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 aL*Jrt work
2.176
6,216
10.142
Tnjstees meeting
L￿1 and PTof8sth1
3.874
11.C*7
10.567
1.199
14.388
23.981
27.208
(x)ntinu&J...

NOTES TO THE FINAIICIAL STATEMENTS. W￿ny•d
FOR THE YEAR El￿ 31 OECEIIJBER 2023
During yaar nina 131.12Z2: ew) trustses *Ere remlyJ5&J exp￿￿$ by th• Tr￿t for babBt.
Jb6￿ence traI￿r￿j tclallThJ £2.M (31.1122.. £2.465).
11. STAFF COSTS
31.12.23
31.12.22
Wages aThJ sdar*s
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}￿11￿20T3
2.025
FIXEDASSEf INVEsfMEKrs
inwslm•nts
MARKET VALUE
At l Janu*y 2023
+IA¢Jtws
D4x)sa
Reval￿1*￿$
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 c￿￿16 UK
1.66T.260
2.199.779
1.758.631
1,973.178
3,887.039
3.n1.809
PwJo 29
L￿tinUed...

TRUST
Hc4dirg Marketva￿e
147,279
£rJ2,996
J.gJO £222,212
£229.176
JPM US E¢wty Irvxxrn FuThJ K. Nst in¢¢mo
Sthrrpts US Ewty IrKome m￿1￿$￿ Fthj L IrKfjmè GBP
v￿ju¥￿ In￿sIn￿rt UK US Eqiity
15. DEvfoRS: AIKiup¥fs FALLWG DUE IMTHIN ONE YEAR
31.1123
31.1222
In th8 £Thl12022 £54.2151 kr￿￿￿199￿.
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
Itin￿d...

Ger*r81 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
G￿￿41 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)ntin￿d...

FOR THE YEAR ENDED 31 DECEI￿1 2023
ULTNATE COIffliOLUNG PARTY
Sirts 19 July 20rJ th? d￿rity 7Kd6 a of Royal Navy and Royal Marfnès
Chality la regstergj Engla￿1 aThJ Wales. wist8r•J C¥Jrnpany number
6047294. r8gislgr8d rtharty nurtw 1117PJ4 aThJ ako a I￿e￿j charty in Srthd, tharty number
SC0418981. wthith has the rfjght ol ￿t0 li ￿ rTwtirg5 of ts d￿rty. CLV'èS of the Roygl Navy
aThJ Royal Marirw Chwity cuw4NJaknJ fina￿4a1 *At￿l￿ts can bo Ot¢atr￿J from Bulding 29. HMS
Page 32