WOMENS ROYAL NAVALSERCE 8ENEV(XÉMTTrUST Ilncorpwared by Royal Charter) Reilstered (rIty 206529 TRUSTEES ANNU IIEPORT AND FIIIANCIAISTATEMEIIts FOR TMEYEAR ENDED 31 DECEMBER 2024
WOMENS ROYAL MAVAL SERVICE BENEVOLEpir CONTENTS OF TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2024 R•port of lh• TnMI• 1 to 11 12 10 14 15 Balan Shoet 16 C•sh Flow StalMn•nt 17 Not•• to th• Cash Flow Stat 18 Not•s to th• Fbmnclal Sl*•m•nl• 19 to 29
WOMENS AOYAL NAVAL SERVICE OEMEV(KEiifTRL6r Ilncorporated by Royal Charter) Reilstered Charlty 206529 TRUSTEES ANNUAL REPORT AND FINAN(IALSTATEIAEIfiS FOR THE YEAR EMDED JI DECEMBER 2024 The TnJ$tees present thelr Arbnual Aeport and Fknancial Statements ofthe charity for the year ended 310Ètsmber 2024. Thè F5nartfjal Statements have been prepzred in accordance with the Ststement of RecoTtnewwJed PrXti: Accounti Reportlng by Charities preparing their aCCoLts In aCcOrdae wkth the Finandal ReportinN Standard aPPcable In the UK and Republic of Ireland IFRS 1021 Issued OD 16Juty 2014 and the Finanual Re[rf1 Standard applicable in the United Kingthjm and Republic of Ireland IFRS 1021 and the Charities Act 2022 and UK Generally Accepted Prattice as it apleS from l January 2019. EFERENCE AMD ADMINISIUTION OETAIiS AT 31 OECEMBER 2024 Patron er Royal HiBhne55. The Princess Royal alr Comfflander H E Rifflrner MBE Royal Navv Vkt Chatr Litutenant Commander K D Hutton Royal Navy Ms M 8(Aam (Treasurer) SJ Crisp Mrs AGott cth))MavrV Hooton R(yal Navy ch Petty Officers Parkinson Royal Naval Reser%e C0MnN)d A M PKton MBE ftal Na Mrs V Radakln Chf Petty OfThcerJ Roe Royal Navv Royal MavyThd Roy4 Mthes Charfty IIINRMC. CP¢t M•rnb•r) Commodore C E Jordan LVO Royal Navy WRNS BT. c/0 Royal Navy and Royal Marlnes Charlty, Bylldlng 37, HM5 ExcellenL Whale Island. Portsmouth, P02 8ER Tel.. 023 9387 1522 min WbsitÈ'. ¥ffnsbt.or&uk Holts Military BanK 2LKI FtrAvenUe. Fambmgh Buslness Prt Farnborwh GU14 7JP Audltor Gibson Whitttr. Larth H4wse. Parkland5 Buslness Pari Waterlooville P07 6XP DB Pitrnans LLP. One BartholDrnew C105t. Barts Sqare. ECIA 78L Investrnent Manai¢rs RBC Brewn Oolphln, 11 Smlthfield Street, LorKlon ECIA 9BD
Alrs A P Bates Commander M W Cole Royal Na Mrsj A Crabtree CornfflanderA S Crk Aoyal Na Captain P E Duncan Royal Navy Mrs J Gray Cornrnandant A iarken CBE Women's Royal Naval Servke Mr5 V Le QuesnE Commodore A M Pfjcton MBE Royal Na¥y Cornmander M J Aobbins Royal Navy Captain J Bsimpson Royal Navy Commander E Walmslry Royal Na Ind•p•nd•nt Ad¥lsors ifjeut•nant CommandeYJ Plzll R¢)yal Nwrf- Retlred 29 Cttober 24 Warrant Officer AAIIEn Royal Retired 29 October 24 Ms N Sutherland Nomlnaied by the Assod•tlon of Wrens and Women of th• Royal Nml Servl Miss A La8rue- retFred July 2024 Syb Comrnittees •131 De¢ember 1024 Chw. c(•nmlÉ A M Pth)n MBE R¢))ol Na¥v Msm Bolam Mrs O Bler Mrs A Gott Mrs B M Hines Aenant Comrnarthr K Hutton Royal Navy M5 N Sutherland IlndeFendent Financial Advisor) Chr.. Mrs AGoit OfficerAAllen Roya Nwi Mrsj Crlsp Msm H15 LRutenant Corrrfnander SA M¥Lennan Royal Navy Chlef Petty Officer S Parkhwn Royal Naval Reserye tenart CommaThJerJ Pizii Rffjfal Nawi Chair Lieutenant Corrmander K Hutton Royal Navy Chpf Petty S Parkirwn Royal Nav* Reselve Mr5 V Radakin
The Women's Royal Naval 5er¥ice Benevol Trust IWRNS 8T> was founded in 1941 by Damt Vera L4ught¢n Mathews. In Dlrector WRNS and in Igso the Trust was grnnted a Royal Chartu. It b a Reeisttted CharitylNo. 229}. WRNS Members are defined a5 all fonner rnernbers of the Wrn's Roy Naval knice have SeTv¢d 4t any tlme aftertht 3rd day of September 1939 and btforè thè 1st day of November 1993. The Trust hekl an Extraordinary Genwal Meeting <)n 17 May 2023 10 ask the mefflbw5 lo vote on a strfes of re501utlons toncerning chan8es to the Royal Chartér and Byelaws thai had been agreed by the Central Committee followi the work of the Strate8lC Development wking Group. The Central Comminee proposed thatthe futurecontintsed delr¥eiance of benevolence to ihose eliKible membefs oftheTiustwould be best served by becomiThaa wholly ovmed subsidiarychariryof the Rgyal Navy and Royal Marine5 Charity IRNRMCI. The resolutions were carried unanirnou. The legal date of transition was 19 Jufy 2023, and the full tran51tion was achieved by l January 2024. The Royal Navy and Royal Marlnes Charity. registered cornp3ny number 06047294 and registered charity number 1117794 wfth re81Stered offices at Building 37. HM5 Excelfil. vIha Island. POrtsMh. Hanwshire. P02 8ER is now the sole Corporate Member of the Trust. The mana8ement of the Trust is vesttd in th• Central Committee. Trth conststs ofthè Chair. Vlce Chalr, the TSUrer, the Coiporate Mernberfs Nominated Representative, andTrustees not more than 7 in number. A repretatIVe from board ofthe A550ciation ol Wren5 and Women ofihe Rt)yal Naval SeNces (usually the Charl acts as a Hrmrary Officer of theTrust and 5er¥ing women of the Royal Naval Services act 35 IndepeThdentAthsers tothècentral Comrniltte. AIITrustees 8iveof theirtlme frtety and noTru5tee remuneration was paid in theyear. Detsils are di5th)sed in Note Ioto the accounts. They appoint a Finarfe Commjttee to oversee and advise on the Trust's finances and A¢¢ounts a Grants Committee to which ihev delegate such powers as io the In¥esti8ation. cornyderation. and determinatirffi of aPptionS for grant5. and a ZIlty A55urance Group to re¥lewthe Trust's pro¢edyres #nd risks. The 8oard of Tntstees néts ai thffttim¢s a year. Trustees are re4ulred to dlscloseall reant interests and regi51erthem with the Central Committee and. in aCcordaeW1th the Trust'5 pollcy, Ithdrawlr0M deo5ions where a conflict of interest arises. The prlmary objects of the Trust are lo provide relief in cases of Tre51ty or distress among the WRNS Mernber5 of the Trust and amon8 the dependants of such per50ns and io accept and administer any gift for aThy Special or limited object in 8eneral accordart¢e with thè aims ol the Tn1. To make provlsion ID 5111table cases for a55i5tance with further education for WRNS Members of the Trust. The Trust's polities, adopted to a¢hSeve its objects. are to in¥est its lunds in secufitKs that the Trustees expert will give optini5ed flnanclal returns. The Trust's maln oblecllves for 2024 wtrt met: to satisfy. from lis own resources, LW in coniurth with other tharities, the needs of appllcants assessed as requlring 8rant, sublert to 8rants policv.. to review all re8ular grants on an ongoing basis- to reviewthe Trust's perfomiance a8ainst Actuwal wedi¢tions,' to develop further the Trust'5 relationship with the other Royal Naval thar11. and to manaBe the 5Cessl tran%lign to owned SudiaryOf the RNRMC lor fure delrvery of benevolenee. Grants are therefore awarded In f¢JlJowry areas: ular Charltable Paymofftfs Sublert to real need, the Trust hasthfeetypes of Ilexible re8ularweeklyBrants. Usual pahj quarterly, are revie¥1 on an annualbasis. and cate8orised asfollows= Enhancemeni Grd home; -To hdp iowards the o)stofpemuneM ortewwrary care In a careor nursln8 home orin thelr own Weekl Maintenance Granl- Forbentfiuaries of state penskn a8t on a low income: ortsu lement- For beneficiaries belowsiate pension age. who a loo young toqualify for Pension CredK and vet too old to find employment ea5ity. or too infirntod050. Gentral Amtnlty Grants These grants help day-to-day Ibvin8 expenses. e.g., the payment of bills. clothing or pethaps household goods othtrwist unaffordable and are paid periodi¢alty.
Ontroff Grnnts The types of dernand can bp extremely variol. The m3in areas of current expeThliture categori5ed a5 belDW, but there 15 no Set parameter, and each requeM Is taken on Its own mwtL W•llar• Debts (Prlorltyl and Arrears- Help may be given in this area In the hope that It will assist the applcant to recover the ffinancial 51tuatiork It is alway5 recomrnended thatlvti bè sou8htfrom or8anisations such asthe CAB Debi cOsellIng SepAce, Slep Ch•n8e Dobt Charity and the Seaf•rers' Athice and Inf0mlI0n Line IWLI.. Funewal Expenses-ThèTfUSt rmy hwr(h certain costs once elwbi1 forthe Dwfs Funeral Expenses Payment has be Investtqated. Ir may be io hdp one of our digibk b¥fiCIa toward5 the cost of a partnerfs fvneral or perhaps a late benefitiarf5 lunerdl when the partnerorfan doesnot hth meansto pay kn lum: o Household Goods and Repaks - Household goods can indude help wlth the prdSe of mthlte 8t$, fvmlture. Iloor coverings, rede£atIOn etc. Repair5 rnay 1Cde struclwal Trteds or11/1ati rèplatemèn( but payments from the appropriate authorities are always wwe5twd ffi Medical Alds- Wrth a huh percentageof curnt beneficiarit5 bngof pension3blt ag (see drt). demand for medical ald5 sh as stair lift5 and dectric powued Veh25 conknues. The Trust believes that swift assIstanShOuld beyjven to those wtth dtsabilitle5 whwe special equijrnent is required. In some cas4 we prowde fundln8 where there would otherwise be a bne and una¢teptabl wait forstathrtory lUnth to Twhith the ind[¥idl is otherwise entltled. Removal and Travel EMpenses- The Trust m•y ass&t people fekncatin¥ to an area there fallY support them. Travel 0515 may begNen to hdp our beneffiaarresmsit theirfamily whèn they arè in hospr(al. or in Otr¢are. Ottaslonalty, thè Trust will help with expense5 when the use ol a taris crucial tothe ap•nt's day-to-day lrfe. Rent and Deposfts.Aw¥ds may be towards a dep1 orathwKe rent. Educavon and Tralnln8- Th1$ Is nomially In form of hdp wSth the $t of trainin8 course5, Stu costs. ccrfnputers etc. for forffler WRNS5eekingto promte ffinanci award within cwrent orfrjture emplwefit. PubH¢ benefft The Trust operates for the publlc benefft under two chafltable purpose5 a5 defined in the Charitie5 Aci 2011: The relief of those . nèed. by reason ol youth* zge. ill health. disabllity. finantial hardship or other disadvantaee, and the advantèmtnt of education.. This benellt Is dellvered through re8ulaf ¢harttable payment5 and one-off 8r•nts to former rnembers of the WRNS and thelr dependents. The TStee5 confirm that they have referred to the Charity Commi55ion's general guidance published in respeci of thei¥ public beneflt statement, when reviewing the Trusvs alms aftd oblectlves and In plannlt)$ future actlvltles and settln¥ the grant-making policy for the year.
Jrln8 2024 there have been 41 ontroff applicatiN Prts$ed by RNRMG •Jt of the 41 appIlon5 staffed. 27 were approved totalllrKq £26.351.93- and 14 were dedined. Ofthosè approved.. the highest artas tsfspertd cMtinuÈ to be in Household GotyJ& K•dical and Funeral Costs: 16 are new applicznts. with the remain1r 11 ha¥fjn8 lleen supported weviously by WANS 6T: arKI •vera8¢ age for those recep11 a one off grant 15 71. Breakdown ofon¢•ff spend yr•rr. (kne Off Grant Spend 2024 £5.413.0) . £773 PvkntyOebts& IwRent & l#1 FudL É4a4AO Eynse4 £L9J3 a920A) Breakdown ot RCP Spend: Rcws are fflade to feapients who art in nnancoal need and rwAewed annually to ensure the need is slill pwalent. RCP Spend Breakdown 2024 £415QQ) Weekty5upptyt weekmIltIn1Ct £19.507.58 É445%.41
Acll¥• RCVS atih• •nd 012024: TTre CEGIOI CEqOHI CEqSF) GAG WMG 15 Grand Totsl 39 Sadty 11 Reclplents passed awaydwing 2024. Mernbers of the &ants Commlttee are all fOrnWANs lindlIngthose cwrenttyse1v11ft theANI and glve their tlme and asslstance voluntsrilyi this expertise enables the Cornmiitee to understand thE unbque cwcurn5tsnces ofseryice the WRNS. Thecharity h3s no caseworkers arKlthereforewk mainty with theSSAF4 the Armed Forcestharity and the Royal Brlt15h Leglon IRBL). Caseworkers call on applitants on behalf of WRNS BT. Thty are discreet and knowledgeable and can give friendly support and adv cffi a wfidevaety of matters. Reports ire submitted for conderatIOn byour fjrants Comrnittee. Althov8h 5SAFA and RBL arethe main Soe$ for caseworkers, Other orBanisions rnay 0 be used, partKularly o¥er5eas applicants. Members may to the Trust for help de¢¢ or a relation •x friend w do 50 on their behall. In some In$tances the Trust mav sponsor applications internalty. In additlon to Grant-makin8 WRNS 8T, via RNRMQ atInueS to take an aclr¥e role kn si8npostin8 appllcants and their famllies In the right direction for VIce support relati to benefits. pthsions. kol authffity rdnts and tart providers. all whil• providing erKouragement and reassurance to those seeWn8 asslstsnce. As the numbws of our benetldaries reduce. much more tlme has been Spent In provhlin8 hollstlc and tsllored sw>port As part of thelroverall dutles. Trustees of WRNS BTare requlred to consider rlsk factors Involved In Its runnlng. Three members ol the Central Committee are responsible for carrying out an annual internal audit and re¥tew of the Risk Reg15ter. The Quality Assurantt Group's IqAGI findings arè then rèported and distusstd at the metin8 of the Central Cammittèè: thus. any percelved poientlal problems are hi8hll8hted and dealt with as necessary. The flisk Reglsttr covers all aspects of the charity's operations. from Investments to siafl recfultment to governance. External influences such as changes in the political and economic climaies are considered. All potential risks are assessed as having 'remote throuBh to highly probable likelihood- and an -iTrsi8nifFcant through to extreme I catastrophic irnpacl" and then thè oveiall levtl of risk is calculated. In 2024 the plinclple potsnlial risk was: stake1Ider risk ICasevA>rkin8 0rgani5atiI Llaison through ftNRMC and Caseworin8 organisations to opt¥we limited resowces where applicabbe and support recrultment campaigns to IrKrease the nufflber of caseworkefs In are35 not cwrently uNered. or where concentrations of potentlal beneficiaries exlst. SSAFA have recendy ImpleThnted a number of regional hubs wfth a mixwfe of pakl staff and vohjnteers. whlch has eased the sat1 In some areas. The Risk Regis FS Current subRttto a full review fdlowiw the Trusvs traThsition to becoming a wholly owned Subsidiary of RNRMC. As far as Is possible, measures are in place to deal wrth those risks whKh are *rythin our control, and ¥therever possible, Steps taken to minirThze the detrimentsl effects of £Ktside influences.
ThE CHARITIES IPROTECTIOII AMD SOCIAL If4vESTMEMn Acr 2016 Durlng the period covered by this report. the Trust did not en8a¢e with any professional fundraiser or commerclal partlclpator. nelther did the Trust market itself to the pvblie. However. the Trustees are aware of the Fundraisln8 Re8ulators "Code of Fundraising Practice" and its key princlples and expected bthaviours.These were ts*en into conslderatlon when theTrust planned for a very small number of initiatives run by its staff and Trustees towards the end of the year. No ¢omplalnts were recelved. PLANS FOR THE SUTURE The following actions are In lace to ensu that theTrL&fs objects are met. Maintain a cost effedfjve and efficlent or8anisation. Malntain a range of grants to meet different arcumstances of need. Increase 8rants periodicalty subiectto affordalmlity. MlI0r Iorne and saving5 thresholds. Monitor the relationshlp between admI$alIve cost and supportto beneficiaries. Ensure that cases are tlealt wfjth expedluouslv. Alert potential beneficiaries and those who moy refer them tg us of the support we can PrlIde. Generate suffl¢ient financial resources to meet the rbeeds of crrent and future beneficiarie5. Promote the work oltheTrust among potential doTh)rs and legacy gNer5. Develop further theTnVS relationship with the other Royal Naval Charitles. Work with other organi5atiDn5 to ensure that rfwe cannoi a$1 appllcants thatth•T are advlsed of other sources of help. Collaborate wfth other ¢h¥ftles to pursue ihe kntwests of ow beneficiaries. Conduct rUlar reviews of the Trusfs strateKy In light of (hangingcircum5tarKts. Monitorthe Trusfs performance Wnst knuarial predTrctl.
R•¥lewolAccounts. YI D•c•mb•r2024 In 2024. thè Trust perforned wei fmancially. The ¥counts show net irK¢¥ne of £282k after factorfng in an in¥èstrnent galn of £211k Icompared to Investment 8aln of É191k and a net income of £724 in 202al. D1Vegane irNesknent eain& the net Inci>me was £71k compared to a net expenditu of £ll)k in 2023. Expendlrure was lower than bud8eied dft8 the year. with the com base sifviftanity reduch¥ sinceJolnln8 the RNRMC Group. The vear-end value of the Inve5trnent portfdio rose lo £4,(K11rn compared to £3A67m In 2023. WRNS 8T recthved in kind suwort from RNRMCto the value of £IISk in 2024. The ¥alue of this support 15 the flrst year cost borne bv RNRMC to carry out the administration on behalf of WANS 8T. This 11KdeS Grant-makI Finan, Goverrbance. Fundraisin& Communications and AdrThnistratim. It is antiapated that during 2025 the value of thi5 service will trna$e as the dutTr?5 and tasks become busirbe55 a5 Usual awKI are fully inte8rated into the RNRMC 5V5tem5 ar prottsse& This accountinÈ adjustment is shown In donations but is offset in administrative$ a zero effert on the surplws. Income Income from le8aties totalled £112K the largest btin¢ £57L This is an intrease on the 2023 total wh.ch was £16k. 01 this, £21k was reIVed In the year, with an &lditfjonal £91k berne accrued intothe HOWe.TtSt hasbeen notlfdoffurther le8a¢les In the region of £29k still to be re(ewed. relatinB to 3 open estates. As has been the case In the last S years, noextemal qrnntswefe reQted due to good fv)atKial outcomes over the perlod. The Trust doe5 not intendto request arry maiorgrantsfor 2025arKi ilthere15aoshshorrfall inyear, ryll continvetodrawdown on Its Investment portfolio in attordance with the strateg Plan. (Yonations and fundrisin8 fell toEISk from E22k in 2023 TAthile In1Stffl Income intteased to £139k12022-£131kl, a demonstfation of rallyln8 markets and increasin8 intrrest rates durin¢ the year. EwNthtsr• Fundraisin8 and publl¢ity costs decreased tl £7k to £ In¥e5tfflent mènagement f¢e5 have detrea slightly at £46k12023. £47kl. ts Jwarded decreased by 30% 10 £118k in the year. £3k was retymed Irwi grant applicions during theyear. The split tsf 6rnnt eXPd(lre fluctuated between thevarltyjs categories as eath appftsiion tsfvdged on merti. Support tosts have detrtastd in 2024 from £69k to £13k (ex¢kl donattd swvttsl and dirttt tosts havè detrèastd from £48k to £7k lexcludln6 donated servScesl. SatAngs wereathle¥ed In areas suth as salary CO5 rentaNI general offlce runnlnÉ cosrs slncelolnlng Ihe RNRMC. Governan costs are made up of leBal fees. aud¢ and accountancy and meeting e¥pen5es. These costs have decrebsed compared to the prevTrous year with the AGM. held in Portsmouth again. costm8 £Sk rather than £6k in 2023. Legal costs decreased following the completion ofthe traffjitim work, reducing the ftgure by £llk from 202a. b•l•nct Shvot The Trust dld nol make any caimtal purchases dwrvA the year. The T5 15 to only caF•ts&se llew over £S(Kl and so any small Items are treated as revenue elpenditure. The Trusvs investment portfolio market valuE h3s li 4nificantty with an realISed 83in of E211k thringthe yeardue12023 of f 191kl. oiher dèbtors include prepaid insurares and ac(nd irKome from investfftnts and legaties accrued at the end of 2024. E91k of Iwcle5 have been aCCrd at the end of 2024. none wereacu•Jed at the end of the prevknusyear. Accruals includè unpaid tf**l exptrw and yants apprMI for pawn1 at a tommittee meetln8 in December 2024, tO8ether with the annual audltfee. erall, Ihe Trust closed theyear with a balarttsheetfWre of £4.6m12023 £4.3m}. si•trmeniotCosh Wows Cash income from investin8 aciibTrties was£192l wlmth was than the cash in cyeratin¥actb¥ities of £173k.
Resems Polkv The income from inveMments istheOnCsIafit source ofhjnds aThJ wovlded approxlmately 117% ofthat needed tocoverthe8rnnts expendStuie of £118k or 78% towards the overall cost of wnnrnB the Tru5t1£178kl. The shortfall is met from donations and le8acle5. whlch are an extremely unpredIctae source of iorne. Reserve5 of £4.6m in unresirided funds are sufficient to meet the Trust, cornmitrnent to those beneficiaries currently supwttd shthjbd k¢ies. as a source of income. no bon8er beavailable. Therrustcommlssloned an Actuarial Review ofthe remaining PulatiOn ofthe WRNS in 2010to a55i5t with its plan5 for future stsffin8 and reserves. The Review originally concluded that appr0matelY £5m would be reoulred to helpfvnd all requestsforasslstance. based on rnortality rates ofthe members over thenext 50years. In 2015. the Revlew was refreshed to indude updated pertOmian, tO8ether with the impact of external Influences such as chan8es to benefits and pensions. VAT and inflation and it was calculated that £3.7m would be required to help fund all future requests. D8 2019. the ReeW TAS refreshed. and It was again tonthJdÈd that approximately £3.7m would be required to meet beneficiary need5. The of managing the Trust were not induded in thls figure. but the Tru5V5 annual pethmance Is monitored a8ah)st the Re¥w. and the Trustees contlnue to be trd that serveS are SLrffi¢lent. The alrn Isto Invest In a dlver5e ranof asset cla55e5TAlth aviewto probidir¥ incometo rneetthe ed5 Df beneficiarie53nd togenerate sufficient growth to countei inllat((mry tendenoes. In order to a(hR th6 alm the Trust Invests in • ran8e of equltles, whllst malntalnin¢ a reasonable representation In fixed interest stock 2024 sawthe continuatlon of good retumsfrom equfjty markets. folltyln8thelr stroii8finlshto 2023. US $tocksonce a8aln led theway. wlth the lareest technolo&cal companies--the Magnificent r. Pushi rnarkets higher. The total retum on WRNS BT porthllo was 7.58X In 2024 eamir4 investht Income of£129k durfn8 the I•rtI pthod. a8aln ald•d by the portfollos exposure tothe US stsck m•rket and the tethnc4oy sertor. The Tru5tÈÈs arè satisfied that the perfommnce of the p(Kifolk) is in *+e wtth the Investment Polky. The Twst malntalns close cooperation wllh organisat1(S whkh are able to help former members of the WRNS. Induding those stlll ser¥in8 in the armed forces. In this way. the Trust 15 able to seek for its member5 widw financial assistante and the best possible help and adviee available. Many have found the advice given even more Valuab than material ahl. The Trust would Ike to thank most warmly all those wlth whom it Ilalses th, Just a few of whom are Urted. for their cooperation durln8the year.. Association of Wrens & Wonben of the Royal Naval 5eThTices Naval Childrerb's Charity Royal Forre 8enevolent Fund Royal Air Forces Associatlon Royal Commonwealth Ex-Ser¥ices LeaÉue Royal Naval Benevolent Trust Royal Naval Officers. Charity Seafarers. Advice & Inforrnation Une 55AFA the Armed Force5 charity South African Leglon The Army Charitles The Royal Brltlsh Le8ion The Roy21 Canadian Legion The Royal Marines Charity Veterans 0reach Support WRNS 8T Ambassadors Donation5 We 8ratefvlly acknowledge the support received durinB 2024 from: Pamela Anderson St. Ann's Church. HMN8 PortsM0h Glllian Brooke Patricia McKain M T Williams Easi WKkham & Wellin8 War Memorfal TN As always. we received manydonatlons frcrtn otherorganlsations Indi¥iduals which are numÈrous tts ffjentitin. bui tts whom we are most grateful fortheir support.
The Trust qreatlyappreclates those who have thOt to rememberus In theSI Wlll. We are honored to fecelve ilfts In Wllls from the following 5UPPQrters in 2014.. Llnda Barker GlllSan Brooke Carniel Muriel Elbro Ooli5 Foxton Jenniler Gretn Margaret Allinson Lindsay Patrlda Mifner Enld Ottewell Mary Vèronica Pa Deane Kathleen Read Mary Stuart Sndl Rosemary Wi150n 08E (Roslel enarn Don We have received kind donation5 In memory ol former wn5 and our supporters as IFSted below: Aorence 8archam Boutton Elizabeth Mzr8aret Mary FlèShtrfom1lY KoÈnlPage Beryljoan Lacev janet EliiatrRth imthard Gladys Emlly Hard¢n8 r*e Palntsr Anne Wilkin50n Margaret Lucie Woliams Every donation 1$ 5incerety areCIated and helps us continue our¥ital Thankyou. Ass(Kiation of Wre r grateful thanks 80 to the Broth and Inform•1 Groupswho hekl lundrawg events or mède generous donotions. in support of the Trust duTr8 the year.. As50¢1atlon of Wrens Bownemouth Association of Wren5 Cardiff A$50oation ofwrens Gillin8harn i)mt Association of Wrens Solent Assouadon ofwrerfj Sourh Dorset In addition tothe hundred5 ofvoluntary hours given so Benerousty by ourTnWTrust Officials and IndepeTh¢lent thsors. theTrust is alsofortunate tu benefit from time 8iven by many other5 irUding. our team ofAmbassadors.' those who supwrt WRNS 8T at external those who participate In funthaislng events on our b•halfr those who ¢reate and craft artlsvc Items In order to ratse fvnd$,' those who give the office adml$ll4e. creatr4eand tethDKal supporL The Tw5t 15 alway5 look1fOrnewWay50f (a) r315irv4 its wofil4 and Ibl Continuit0 refft both the population of former Wren5 and the turrent Naval Commuth that the Trust Ls stlll provldln8 assfjstance where requlred. Support from those Ilsted abfft Is cnjclal and enable5 ow small team lo take our message to as wide an audience a5 posyble.
ststement ofTru5tee rnwslb41tlts The Trustees are re5pon5ible for preparln8 the Report of the TrUee5 and the ffinartclal staternents in accordance w6th applicable law and United Kin8dorn Accounting Standards {Unsted n8th)m General Accepted Accounting Practice). The law 4ppIlb kn tharitie5 in En8laTrJ and Wales thèCharilie5Atl 2011. Charlty (Accnts and Aeport51 ReBulatlons 2[ and tht provlslons of the Tnjst deed requlrestheTrusieesto prepare finarthl statements fweach financlal yearwhlch 8lve a true and falrvlew ot the state of affalr5 of the charity aThJ of the incoming resources and appIltIon of resource5. includinz the sncome and expenditure, ofthe charity for that peric4J. In preparing those financial statements. thetru5tee5 are required kn: select suitsble accounting policies and then app them conwtentPr. observe the rnethods and prinryles in the Charity SORP: make judgements and estimatesthat are reasonable and pnth: and prepare the financial 5taternents thegoin8concern bass unle55 itis inappropriateto Fyesurnethatthe tharitywill continue in business. The TnJ5tees are responsNI e for keeping proper accounti records TAthith disc&w wilh reasonable accuracy at any twne the financial posltlon of the tharity and to enable them to ensure ihat the financlal statements compty wéth the Charrtles Atl 2011. the Charlty IAccounts and Reports) Regulations 21Th)8 and the prows100[ theTrust deed. They a also responsible for safeguaT(tin8 the assets gf the tharity and hen fortakin6 reasonable 5tep5 for the prevenlJn and detection of fraLEd and other irregularities. By orderoftheTntstees Commander Heather mmer M8E. Royal Navy- Chair Date: Zl iilLH IGLS li
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF WCAIEN% ROYAL NAVAL SERVICE BENEVCLEiir TRUST Oplrknn We have audited the financial statements ofWOm'5 Royal Naval BerwolenlTNst lth8'(arity) for the yeai ended 31 Decembgr 2024 wthich conwrisg tho Slalgmont of Financial Actsvibes. the Balgncg Sh991. the Cash Fknv Stat8m8nt and notes to tho financaal slatem8rts. a surnmary ofsignthcant accounting pdl¢i88. Thè financAI reporting fram6vffJrk that has been applled In thetr pr$paraOn Is appllcablo law and Unhed Klrudom Accounting StandaT(Is (United lQngdcrfn Gway Accepted AoUnting PrliCe). In ouroplnlon Ihe IlnwK4al 8latement&' give a two and fair View of the slate of the dwlrfs affwrs as at 31 Decembèr 2024 of its incomkwj resources #rKI applKation of resr(s, for the yeartrn ernled: . have b88n propaty Frapargd in accorda6 with Un&ad Kingdom G8Mratyknpl ACclj Practic8: and . hav8 beon prepared In accordanc• thlth the requlremwts ofthe Chwll18s Act 2011. Basls lor oplnlon We conducted ow audit in accordan 7Arylh krt8ffla Starmlards on Au(ting (UK) {I&A8 (UK)) and applica8 law. responsitAlilies dar thos8 st¥thrds we fvrther described in th8 Auditors. re¥ponsibilitie$ for the audit of the ffinancial statsments Sect of tr re. W8 are independent of the arity in accordance with the ethiLl requirements that are rel6vant lo ow audlt of th8 ffinanc 8tatem8nls In th8 UK. Induding the FRQS Ethical stalar. we have fvlfilled i)ur ethS¢al respon$ib#itw in acrdanCe these re(wirements. We believe that the evidence we have 4Jbtsined is sufficient and appropriate to a b$ fiy opNiion. Concluslons r•lallng to golng ¢on¢wn In auditing the fmanc1 statom8nts. hav8 C(1 that th8 trusig88' uso of the going (a)TKem basis of a¢ung in the preparation crf th8 finarKlal 8lempnts Is aprwiate. Based on Ihè work we havè perfami. hav8 18n11 materlal uncwtsknll88 relatlng lo events or condltbns IhaL Indlvklualty or Co1C1fveIy, may casl ficant th)ubt on th8 charivs abilty to continue as a going concem kn a period of at least monihs fr(¥h wtben thè financyal statemènts are aulhorised for Our responsblities and the res111111eS of the Intsteas vlith respacl to grn9 concem are described In the r8levant sections d this ferKrt Other Informatlon The tfU8tees ¥8 reSpsIble for the ottw infomwkn. Th othgr h)fom)th e(¥nprl8es ts Informalon indudad in the Annuol Raport. ottwthan the fiwKi81 stsIts WKI wr RgF&Yt of lh9 Indepondert Auditors there. Jr opinion on the finan¢ial stalemenis does c47ver the olher infomiatTh and. except to tha èxta c4heThvi88 exK4icilly stated wi our do not 8XFess any fom) of aSsUce ts)ndusion thereon. In ¢onne(on ryih our auditof the finanti81 statement4 lbthty is to read the other Infomiatlon aNJ, In dolng so, ¢onskler whether th8 otsr Infornion is malwialty MKon$istgnl wth Ihg financial stalgments or our knoWe obtained in the alt cf Othe appews to be malerialy Thmsstated. 11 we identify such malarfal ii¢onsi8tenci8s or apparent matsfial Misstatem1$, wè aré fèwind to d•t8nninè whèthwthis givès Tise to a matsrlal misststsnwt in Ihe fmancial statements thernsefvos. 11. based on the work have perfonn8d, wa condud8 that thern is a material mis8tstem8nt of thls other Mifomiation, we are r8qued to rwrt thal fact. We have noth lo rop(Y¢ In Ihb rogwd. Matt•rs on whlch w• ar• r•qulr•d lo r•wt by •xc•pllon Wé have nothKig to reFth in resped of the folknirvJ rnattets 7hre the Chibes (Accounts and Reports} Regulatlons 21K)8 requkes us to report to if, in our (ylnlon: - the infomiation given in the Repr of Ihe Tnthes i¥ any Tespe(with the finanrAal 8tatemonts,' or - sufficiant accountif¥J r8(ath have rnt baan k8p( the finanaal statements are not in &Jreement wilh th8 actountkng rectsds and retwrK8: or we have not r8celved all Ihe Inforniatlon and tyanatkS we roqLlre our audtL Pag8 12
REPORT OF THE INDEPENDE1 AuDORs TO THE TRUStEES OF WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TRVST R•sponslblllll•s of trust••s As explained rnor6 fuly in the Stslement ol Trltha R88ponsibffities, the truste68 ara responsible for th8 pr¶tk)n of the 17naKlal statements which gve a In aTrJ fair view. and for suth internal control as th8 twstgos delermlng Is ¢$sary to enatle the F¥eparnkn of IlrwKaal that are free from matertal misslalemenL whether due lo fra1 or eOr. In preparing the financial statements. the trustees are re5FK)nsible for assessing the charity% ability to continue as 8 going conewn, disdosing, as appICae, m8tters rg18tèd to g)iThJ coneam and using thè going concem basls of accounting unless the InleeS either intend to Jate the carity or to cease operations, or havg no rgalislic altemative lo do . Our r•$ponslbllltl•• for tho audlt of th• Ilnancw •tal•m•nts We havé been appointed as auditors undor Sed(M 144 of the Chth A(a 2011 arnl report In accordanc8 wh the Act and rdevanl regulatn$ made ¢Y ha¥NvJ effed therewth. Our objeclives are to obtoin reaS(ab}S assurance thtvAwth8rtha fin¥la1 slalamènts as a vkncle aro fr99 from material misslatemenL whetherdu8 to fraud or errcf. arKI to issu8 a Report of the Ind8peThJent Auditors that indudes our opinn. Reasonable a$sance Is a high level of assurarKe, bul Is not a guarante8 that an audit conducted in accordance with ISAS (UK) wa ahyays delect a material misstatement when il exists. Misstatements arise ftom fraud error and are considered material rf, individualty or in ihe aggregale, they could reasonably be expctqd to infiuwKe tho •Jk)n$ of users taken on the basis of these financial Stalan18. Thè extent to thlcb our procer•S are cwable of delethg 1T8wl8rit. wKluding fraud is dgtsilod bgknv: Irregularibes. induding fraud. are instances of non-tXJmpanc wlth laws and regulallons. We deslgn procedures in Irne V+ith our resP)nslI1ties. outlined above. to detect material mrsststements in resped of irragularilies, induding fraud. Th8 extent to our wocedwes we capable of deteding irregularitie including fraud, is dètail8d below. We obtained an underslth of ts legal regulatory framework In whkh the cMpanY OP8rat8s. The key laws considered incknled lh& Chwthgs ACL We have LY)ffoLraled our enqimries ¢lwough rgview of Trustee miThJtes. We have evaluated managemenl •)Centi aThJ opporbjilllgs for frauleI manlpulallon of the finarwl st8temenls iTrguding rnanagem8nt override of (Thtrols aThJ th8 applulion of revonug recognition al cutwoff and considered that the winapal risk was related to the posting of inappropriate joumal entries to inprove the Slt before lh8 Ye end. We have athjressed this by assessing Aoumal entrles as part of our planmg audit apFffoach. Wa hava onquir8d of rnanager and those charye ith govemance Hi respect of known or suspected instsnces of non-cOmFAi1¢e 7hith laws and regulatits. WO hav8 also conYnuni¢alad r818vant Kl8n1ffi8d laws arml r8guLations a1 potential fraud risks to all engagement team members and remaY1 alert to any I1tt)n& of fraud tr nOn-mr413rte 7Mth laws and regulatiLl throu9lK#JI the audiL There are inherent limilatiorts in the aurfil procedures described above. We are less IW to beoyjmè aware of instances of non-compliance with law3 aTrJ regJlatKjr that are rk)t ckndy relaled to events aThJ tr8nsactions reflectetl In the financi81 s18lements. Mso, th8 risk of not det8clKKJ a maierial rnisstatemenl du8 to fraud is higher than thg risk of deteCg resulting frtsm orrt¥. as fraud may wwofvè delibèrats conc6alm8nt by, for exampla. forgery or ntentional mosrew6stiOn$. or ttwwh coluslcffl. A fvrther dgscripIK)n of our responsibilibas th8 alIt of Ihe staternents is located on the Financial Reporbng Council's website at vAy*.frtfrtg.ukJauthtwIi1Ie$. This d8scriptKin Icrfms part of cwr Report of the Independent AudIt0. Pag¢ 13
of•wr•purt Hamwh P07 6XP I,h/o,
WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TRUST STATEMENT OF FIIIANCIAL ACTMTIES FOR THE YEAR ENOED 31 DECEMBER 2024 31.12.24 Total Jnds 31.12.23 fvnds as restaled INCOME AND ENDOWMEirfs FROM Donallons and kgades 242,939 242.939 34,333 Othw tradg acbwtses Inv8stm8nt irKom 7.71e 131.110 138.679 138.679 Tolal 382,598 173,159 EXPENDITURE ON Raising funds 88.379 88.379 91.046 Charflable actlvllles Granlmaklng 2ZJ.446 2Z3.446 272293 311.825 311.825 363,339 Net gans on investments 211,488 211.488 1W.904 NET INCOME 282281 282.261 724 RECONCILIATION OF FUNDS Total funds brought fowward 4.314,844 4.314,844 4.314.120 TOTAL FUNDS CARRIED FORWARD 4.597.105 4.597.105 4.314,844 The notes fomi t of these finani?al Statem1$ Page 15
TrUST BALANCE SHEET 31 DECEIA8£R 2024 31.12.24 31.1123 a8 r8slatad FIXED ASSETS Tangible ass8ts Inve8tsn8nts 14 15 2.025 4,003,731 2,025 3.867,039 4.1x15,756 3.869.oe4 CURRENT ASSETS Debtors Cash at ba[ 16 122,041 487,165 467,521 609,206 493,825 CREDITORS Amounts fallng du& wittmn ¢Th year 17 (17.85TI {48.045) NET CURRENT ASSErs 591,349 445.780 TOTAL ASSEfs LESS CURREp¥r LIABILMES 4,597.105 4.314.844 NET ASSETS 4.597.105 4,314.844 FUNDS Unre51riL*ed fvnds 19 4.597,105 4,314.844 TOTAL FUNDS 4.597.105 4.314.844 The financral statements were arKI aUlrIsed for wue by B¢)grd of Trustees orKI auttK)rlsed and were signed M its behaf by: Ccimmander Haather Ri1Mr- Tn¥lo0 CommThJore Anngltg ¢tOn- Trustee Page 16
VIOMEN% ROYAL MAVAL SERVKE BENevoLENT TrUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 85 Ited Cash flow• from operaling actlvlll•• Cash generalod fr(Jm operations (172.67• (206.356) Net used in operating acllvliies (172,679) 1206,356) Ca•h flows from Inv•stOng actfvitl•s Purchase of fixed asset investments Sale offfixed asset investments Interest received DNKlends rac8iv8d (756,470) 810.114 8.816 129.863 (449,418) 482,350 6,455 124.655 Net cash provkjed by investry actpA 192.323 164.042 Chang• In c••h and ca•h •qulv•lonts In th• rèportlng p•rlod Cash and ca¥h •qulval•nts at tho b•glnnlng of lh• r•portlng p•rlod 19.644 (42.314) 467.521 509,83S Cash and ¢h •wl¥aE•nts at th• •nd of th• reportlng p•rlod 487,165 467,521 The rth fwm part of Ihe5e finwKial statements 17
WOhlEN? ROYAL NAVAL SERVICE BENEVOLEI TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEIIBER 2024 RECONCLIATION OF NET INCClE TO NÉT CASH FLOW FROM OPERATING ACTivrrEs 31.12.24 31.1223 restated Net In¢om• forth• reportlng p•rfod (a• p•r th• stat• of Flnanclal Aetlvttlu Adjustments for. Gain on investments Interest received Olvkjonds rled Invostmonl managmenl fees (Inc¥ea8eydecre&8e in debtors (D8craasoKin¢rease in ¢redllors 282.261 724 P11.4881 18,8161 {129.8631 21,152 {95.737) {30,188) (1.904) {6,455) (124.655) 22,742 58,534 33,658 N•t ¢a•h u••d In op•ratlon• {172,679) {206,356) ANALY818 OF ¢HANGes •4 Ner FUNDS A11.124 Cash11)w At 31.12.24 Nel cash Cash at bank 467,521 19.644 487.165 467.521 19.6M 487,165 Totsl 467.521 19,644 487.165 Page 18
WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT NOTES TO THE FWANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES B•sls of prnparlng th• Ilnanclal stat•m•nts The finanoal statements of Ihe charity. th1¢h is a benéfil under FRS 102, have been prepared in accordan with Ihe Charitses SORP (FRS 102} 'ACclng and ReportiNJ by Charities.. Statement of Recommended Practi apFlicable to d)arilie$ preparng Iheir aGcounts in a¢)rdanCe with th8 Financial Repg StarKlard applicable in the UK and Repthlic of Ireland IFRS 102) (off8CtiVo 1 January 2019)., Financiol Rgporfing Standard 102 Thg Finanual ReFrting Standard appllcable in thg UK and Republicol Ireland, and lh8 Charities Act 2011. Tho knncial Statements havo been prepared under the hiStOral $1 convention. the exceptlon of iive8tments whEch arn included al market value, as modlfied by Ihe rev2Juakn ol certth assets. Income Income generally is re¢ced the Trust has entitlem to the funds. any pèrfomianc8 ondittons attached to the i[Ome have been mgt. it i8 wobablg that the Ini>)mg WMI b8 received and the anv)unt can be measurnd reliaw. All income fr(Mm donations i8 acnted for 47n an acauals basis. In respect of clas. 8nlitlem8nt is taken a$ the eathr of the dats on wthi¢h eithèr tho Trust is aware that prcat0 has beèn granted. th8 estate has been finlsed arnj the not111cafj has boen made. or when a dtsuI1( ts rece from the estale. Recgipt of a legacy. or in part. is crfy considered probabb wh¢n thè amount can b8 m8a5ured rlaY and the Twst has been ofthe exe$ knIen lo make a dlslrtbullon. Tax credits on irKome from legac49s and gift wd hav8 also begn r8cordod on an acwaks Voluntsefs and do Tho valug of $9Tricos providod by 1$ 1Th>y into th8se finan(xal statemen Where gojds or services aro provkled to the dwrity as a donation that normalty be pwthased from suppli8r5. tlis contribution is included financial statements at an estimate based on the value of the c0nlrlbutl to Ihe chwity. nt r1Vable In¢om6 from grants, whethertakmtafor knenue. an1$. K8 rgcowised wh9n thg Trust has enliU8mgnl to the funds, any p8rfomianc8 rLmdit•)ns attached lo grant have been m8t. it is wobable that the IrKorne VAI be recxNed the amcwnt can b8 m&ured relaty and Is not dgferred. in This represents gross in¢rne from events Irom sales oflnerdwthe in Ihe year. vestment income vestment income has b88n for on an a(xrua15 basB whKh dudeS div¥Yend8 on stocks and sh8re8 whore We'eXdentt at the balance date. Ex Expenditure is recognised Or there is a legal or c4Jnslnxive c&ligknn to make a paymenl lo a thyd party, * is wobable that setuèmenl be rewwed and the amount the oblSgatlon can be measured reliably. The Twsl is not registered VAT *xl x(thingly 011 expenthluro is shown wss of irrecovérable VAT 7wh•re ¥ph'cai4e. Investment mana ment Cth8ts Thgs& we the gross costs charged by lnvestr1 fund managers ¥rith atlocated SUPFQrt Costs. Charitsble acb'wti" nts individu Grant and annulty paymènts afe InCed ¥•then by ts Gts Committee and payabl8. These costs indude the $ts irKurTed in manyw the wts and nUitIeS systèm. Pag8 19 contiNJed...
WOMEN? ROYAL NAVAL SERVICE BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEPAENTS- ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING poLlES-Can1InU•d Exp•Ddlfvrn This heading comwses direct rjjsts of In events. PL01 costs arKI support cosls located on the basls of staff alty. Suppjrt costs have beèn allocated befvthn ralshYJ and chwMat4e acilvllles. <>)vemance ¢05ts comprise all costs Invofving Ihe Pul1¢ aco)untsbilty of Ihe charity and its comFdiance with regulation and wod practi. These costs indude costs rdated k) Saudit and W fS together wilh an apportionrnenl of overhe•J 8TrJ ¥upwirt ¢)st& the nature of the costs. Survrt slaff costs have t¢en apporuoned t¢tW98n raising thwllable aclivities and goveman¢e ¢osts bas&J on Ihe slaff tine Snt on ead) of these arna8. Grants ofl8r8d su4.ecl to colI110nS twe Tr)t bw mel at year end dale are noted 88 a ¢))mmitsnent tmjt not accwed as expwbjiiwe. TgIbl• Ilx•d •••ts Dapreciali is pro¥ided at •wo1 rate5 wder to wite off eath asset over its esllmated useful lile. Fixtures and ffitlings Computw equlpmont . 20% on txjst . 2O%fMl Indmdual a88ets a)sth3 £51)0 or morn are c411. Badges of Office are not de&yeal6d as il 15 (xTh¥J Ilw will Trjt dBpToate in vahje. The invgstmenl wrlfolo has bw at nwket ve al bn¢e sheet dale. Thè SOFA includes Ihe nat gains losses C investments #risirwJ on revaluation at the year end and ¢)n disposa18 thMUghCtthè w. Realised gaS lossas on sales crf inveslmonts am calculatod as tho differenr be the sale proceeds and opening Va0. lthrealsed gairm WKI k>s888 Tax¥tlon Fund a¢couThtlng UrKestricted funds can be used the chartth ot4ecllvo5 at Ihg dls(rnUon of thg tslee& Reslrfcted lunds can only be useil partsar reslrthj wrpose$ ¥ilhin the objects of the charity. Reslrid)ns aris8 Wh speufied by the Ikw tr when funds are raistid for partklar restrlcted puwposes. Furthar explanalcffl of Ihe natsjre and purwjse of fvnd Is In Ihe r¥)tos to the finandal stm8nts. Hlr• purchaso and luslThg comm51m•nts Rents15 paid und8r operalirwJ leases we dwgBd to the Stateffrt of Financlal AcImt on a slralght lino basis over th8 period d the18ase. P•Jè 20 conllNed...
WOMEN? ROYAL NAVAL SERVICE BENEV¢)LEKr TrUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnwid FOR ThE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES- contlnu•d P•nslon costs and other postwr•tir•m•nt b•n•fits The dwrity operates a defined contribution pen stheme. Contrft¥Jticrfts pay80 lo tt)0 charfW$ [s1on scheme are charged to the Stslemenl of Finan(ial Aclivitss in the p8rioJ to whth tw relate. DONATIONS AND LEGACIES 31.12.24 31.12.23 restat•J Lega¢ies In Memriam d(atior The Asswation ofwrens Individual donations Royal Nav Associati¢ tkthaled goods and services 112,092 1.201 4,997 8,643 $22 115,484 15,927 3.565 2,406 12.1x16 429 242.939 34,333 Legacles In excess of£10,OWwfjro rac8i¥ed thrwvJ th8 yaarfrom lh8 fdk)wwvJ 8stat8S: Mlss Erld 0tt8wdl Miss Margaret Atlinson nd$aY Miss Rosemary wsOn OBE (Roth) £10.000 £57.220 The Trust has b88n n(fi0d d furth8r 18ga(x8s in lh8 r8gioTr ot £29.10012023: £93.015) for which the conditions of recognition li the currant r have Mt been mèL OTHER TRADING ACTMTIES 31.1224 31.12.23 as r8stat8d Gener81 fundraising 7.716 IVESTMENT tr4COME 31.12.24 31.12.23 reslalgd Investmenl portfokn) Bank Interest HMRC Interest recelved 129.863 8,809 124,655 6,455 138,679 131.110 Page 21 continued...
WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TRUST NOTES TO THE FWANCIAL STATEMENTS - contlnued F{ THE YEAR ENDED 31 DEGEMBER 1024 RAISIMG FUNDS Ral•k¥ donatlons and kngacles 31.1224 31.12.23 stated General Support costs 6,956 32,486 34.037 37.025 39,442 31.1214 31.12.23 restated PortfolK) managemnt Supw)rt o)sts 46.49) 46,964 51.354 51.604 Aggregate amounts 88,379 91.046 CHARITABLE ACTMfiES COSTS Grant ndlng of Dirnct Sw)port Costs Isèo (sea ncrte costs Ise rrf)t8 7) 8} rn)te 9) Tol81s Grantm8klNJ ,ozJ 115.072 S8.3S1 223.446 DIRECT COSTS OF CHARITABLE ACTMTES 31.1224 31.1223 as Stsff o)sts Trophy renlal 6.716 47.951 43.307 50.023 47,952 Pap 22 nnued...
WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TrUST NOTES TO THE FINANCIAL STATEMENTS - coThtlnu•d FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE 31.12.24 31.1223 a$ restated GTrntmakiry 115,072 168.650 The totsl grants paid to indTrikluals durirvJ the year *dS as 31.12.24 31.12.23 IrKliviua15 115.072 168.050 I grants were payable to WK17ual5 Ihe year. SUPPORT COSTS Govemance Totsls Ralslng donalons and legad9S Investmont management costs GranlmaknrwJ 29,638 4.234 SCI,8 4,399 630 7.$43 34.037 4.864 58.351 12,572 97.252 Activity M8nagemont Govamance o)sts Basls of allocath)n Timo Support Sts, indLKJed in the St0. ar8 as fokNth' Manag•menl 31.12.24 31.12.23 restated donations InNwslment and ies Total Total xIMtse$ Waggs Social security Pensions Renl Insurance Printing. postagé and stationery Sundrhes Computer maintsnaneè Office equlpment TralnlTrJ 2.167 228 102 3.714 6.19) 50,025 896 1.723 4.230 439 33 15 175 596 316 292 526 72 14 25 4.415 289 2,731 240 283 101 172 173 Canied fcnvard 6,525 10.875 65,271 Page 23 continued...
TrUST NOTES TO THE FIIIANCIAL STATEMENTS- corbtlmwd F(XI THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS. eénllrn*d Manag•m•nt. conllnu•d 31.1224 31.12.23 Raing and legacies Tolal actrvitses costs &antrnaking aclivrties Brought forward Travd and aubsi8t Donalod aUntaI arKI managèment 3.81% 571 6.525 977 10.875 1.629 65.271 81 25,261 72.176 68.836 Gov•rTharM 31.12.24 31.12.23 r85tated Raislng donations In¥8st Total Total Audito. romLmergUL Auditors. r8mLnoration for non audit work AGM expenses TNsts8s rrwtkng expenses Legal and professional 1,949 3.342 5.570 4,420 507 1.693 73 242 870 1,450 4.838 1,400 6.216 107 15 182 878 143 21 246 410 11.067 4.399 7.543 12,572 23.981 10. TRUSTEES. REIAUNEIIATION APa) BENEFITS Thfjre re no truste8s' remwwalkn or othw bwwffts ftr Ihe yew ended 31 0nr 2024 for the ended 31 Decembèr 2023. Py24 c£ffllnued...
WOMEPTS ROYAL NAVAL SERVKE BEMEVOLENT TRUST NOTES TO THE FANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2024 10. TRUSTEES. REMUNERATION AND BENEFITS. ¢oThtlnu•d Tvu$t•o8' exp$ During the year six (31.12.23'. rw) trustees were rer5ed exper6os by th8 Twst travd. SUStence arKI trniThJ t(rtalng £1.871 131.1223: £2.7). 11. STAFF COSTS 31.12.24 31.1223 as restated Wages and salaries SOCI security costs Other p8ns)n costs 12.296 97.349 1,523 1,723 292 13,852 100,595 Th8 avwag8 rThJnlhly Nrnber of empknyee8 thriNJ WaS as f(AIow5: 31.12.24 31.12.23 rg518ted Charitable Supp)rt No employees received emoluments In ex(*ss d£60.CKYJ. Both staff warn mad8 redundantal the eThJ of Fe2024. Redmjwcosts 1¢ accounted for the previ¢)us ffinancaal peri1. 12. coARATIVEs FOR THE STATEAIENT OF FINANaALACTiiimES iknrestricted Restricted furnls fvnd Totsl as restated IMCOME AND ENDOWMENTS FROM Donati8 &)d legaclgs 34.333 34,333 Other trading activit8 vestment Income 7.716 131.110 7.716 131,110 Total 173.159 173,159 EXPENDMIRE ON Raising funds 91,046 91.lJ46 Ch•rltabl• actlvltl•s Gwtmaking 269.011 3,282 272.293 Total 360.057 3282 363.339 Net gains on invostments 190. P4e 25 1XllnU...
TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢onUnu•d FOR THE YEAR ENDED 31 DECEMBER 2024 12. coARATIVEs FOR THE STATEMENT OF FINANCIAL ACTMTIES. conthx••d unrestri Rastrict8(1 fimd Total funds as rastatsd NET 14COMEIIEXPENDrruREh {3,282) 724 RECONCILIATION OF FUNDS Total funds brought fcwward 4.310038 3,282 4,314.120 TOTAL FUND8 CARRIED FORWARD 4.314.8M 4.314.844 13. PRIOR YEAR ADJUSTMENT Inveslmanl porMio menagemenl fe8s have beon rnstat8d in th8 Frtwous year due to a ¢hange in I8ting of third pty tharges by investment pold magers. Those fe88 have now been grossed up from ravaaOn 1n3c The prfor yew adAustment has had no wnpaLt on Ihg fiwKI postK at 1 January 2024 cff 1 January 2023. 14. TANGIBLE FIXEO ASSErs Fixlwgs Compul8r quliyiiw fitkngs Totals COST At 1 Jary 2024 Disposas 2.025 2.045 (2.045) 8.436 (6.411) {4,366) At 31 DeceThthr 2024 2,025 OEPRECIATION At 1 January 2024 Eliminat8d on dispos81 4.366 (4,3661 2.045 11045) 6,411 16.4111 At 31 D8cember 2024 NET 800K VALUE At 31 December 2024 2.025 At 31 Décember 2023 2.025 2,025 Page 26 troJed...
WOMEN? ROYAL NAVAL sERVE BENEVOLENT NOTES TO THE FINANCIAL STATEMEMTS- n11Th•d FOR THE YEAR ENDED 31 DECEMBER 2024 15. FIXED ASSET INVESTMENTS Listed investrnents lIAR1 VALUE Al 1 Januory 2024 Additions Dlsposals Rovaluations Marog¢ment leé$ 3.867,039 756.470 (810,114) 211,488 121.1521 At 31 Decenknr 2024 4,003.731 NEf BIXIK VALUE At 31 Dmber 2024 4,003.731 At 31 December 2023 3.867.039 Investments are held in a pothlio by RBC Bwvi tWi. Tha market value of inv•stm8nts by geograpNc81 area Is as folows: 31.12.24 31.12.23 Held vAthkn UK Hfjld outsle UK 2.045.981 1,957,750 1.667.260 2.199.779 4,003,731 3,867,039 I Investments ar8 Asted on r8crynisad slo( exchrys. mat•rf Inv•stm•nts Hc4din9 Market Value 147.279 £249,638 471,195 £377.616 JP Morgan Fund ICVC US Equity Income C2 GBP Schrr0r US Eqiity Inccrfne ljaximiser Fund L Inrth GBP 16. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.12.24 31.12.23 as reststed Trad8 d8btoYs Prèpayments and ac¢ru8d Ino)me 1,554 120.487 28.304 122,041 26,304 Indud8d in the above is £.879 {2023: £nli ) kn aCcd lega P4e 27 cntinued...
WOMEN? ROYAL NAVAL SERVICE BENEVOLEKr TRU NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 310ECEM8ER 2024 17. CREDITORS: AMOUNTS FALUNG DUE ONE YEAR 31.1224 31.1223 rgstst¢d Trade Cfeditc¥y AcLYuals 757 17,1th) 258 47.787 17.857 48,045 18. ANALYSIS OF NET ASSEfs BETWEE14 FUP4)S 31.12.24 31.12.23 Tgslatgd fu furwjs Fixed assats Inveslments Current assets Current labilitiès 2,025 4.003.731 2,025 4.003,731 609,206 (17.857) 2.025 3,867.039 493,825 148,045> (17.857) 4.597.105 4.597.105 4,314,844 19. IJIOVEMENT IN FUNDS Net At1.124 funds 31.1224 Unre$trICt funds GeTal fijnd 4.314.844 282261 4.597,105 TOTAL FUNDS 4,314.8M 282.261 4,597,105 Net movement in funds. inthd8d the abm ¥e as f&tr*s: Icoming Reswrces Gains and Movomwt losses in funds Unr•strlet•d lund• General fvnd 381598 (311.825) 211,488 282261 TOTAL FUNDS 381598 (311.825} 211,488 282,261 contlnued...
WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS- corrtlnu•d FOR THE YEAR ENDED 310ECEM8ER 2024 19. MOVEMENT IN FUNDS - contlnu C¢mpor•tl¥•s for mov•m•nt In fund• Nel movempnt in fvrKIs Al 31.12.23 At 1.1.23 Unr•strlct•d fvnd$ Genwal fund 4.310.838 4.fK16 4.314.844 Re8trlct•d funds Pre Lagacy 3282 13,2821 TOTAL FUNDS 4,314.120 724 4.314.844 Comparalive nel movwnenl in Ind kn the as CaS and Movement IrSe$ in fjJnds exp8nd8d UnrMtrlcted funds General fund 173.159 (360.05T) 190.904 4,006 Roslrf¢l•d fund• Price Legacy (3.282) 13.282) TOTAL FUNDS 173.159 (363.339) 1WJ.904 724 Prfc• L•gacy Th818gaty is lo be used lo a5SiSt of Ihe WRNS in ScollarKI. 20. RELATED PARTY DISCLOSURES There wwe no related poty tranSIDn$ for the year end1 31 Dember 2024. 21. ULTlhlATE CONTROLUNG PARTY Since 19 July 2023 the tharity was a (Ymed subsid1 of Royal N8vy arKI Royal M8fH)es Charity (a regisiered ch81ity MKorpry8led in Eryland and Wales. registered company number 6047294. registered tharity number 1117794 and A) a registored d)arity in ScollarKI, charty number SC041898), whith has lh8 right ol vèlo in general meBings of the charity. Copies of the Royal Navy and Royal Marines Charity consoli(latsd financlal Statem be obtaingd from Buildlng 29. HMS Excellent. Whale Island. Pcfftsmuth. P02 BE Page 29