WOMENS ROYAL NAVALSER￿CE 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 RecoTt*newwJed PrXti￿: Accounti￿ Reportlng by Charities
preparing their aCCoL￿ts In aCcOrda￿e wkth the Finandal ReportinN Standard aPP￿cable 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 ap￿leS 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))Mav￿rV Hooton R(yal Navy
ch￿ Petty Officers Parkinson Royal Naval Reser%*e
C0MnN)d￿ A M PKton MBE ft￿al Na
Mrs V Radakln
Ch￿f Petty OfThcerJ Roe Royal Navv
Royal Mavy*Thd Roy4 M*thes Charfty IIINRMC. C￿P¢￿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
W*bsitÈ'. ¥ffnsbt.or&uk
Holts Military BanK 2LKI F￿￿trAvenUe. Fambmgh Buslness Prt Farnborwh GU14 7JP
Audltor
Gibson Whitttr. Larth H4wse. Parkland5 Buslness Pari Waterlooville
P07 6XP
DB Pitrnans LLP. One BartholDrnew C105t. Barts Sq￿are. 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 Cr￿k 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(•nm￿lÉ A M Pth)n MBE R¢))ol Na¥v
Msm Bolam
Mrs O B￿ler
Mrs A Gott
Mrs B M Hines
Aenant Comrnarthr K Hutton Royal Navy
M5 N Sutherland IlndeFendent Financial Advisor)
Ch￿r.. Mrs AGoit
OfficerAAllen Roya Nwi
Mrsj Crlsp
Msm H￿1￿5
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. I￿n Dlrector
WRNS and in Igso the Trust was grnnted a Royal Chartu. It b a Reeisttted CharitylNo. 2￿29}.
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 w￿king 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 Excel￿fil. vIha￿ Island. POrtsM￿h. Hanwshire. P02 8ER is now the sole Corporate Member of
the Trust.
The mana8ement of the Trust is vesttd in th• Central Committee. T*rt￿h conststs ofthè Chair. Vlce Chalr, the T￿SUrer, the Coiporate
Mernberfs Nominated Representative, andTrustees not more than 7 in number. A repre￿tatIVe 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 aPp￿￿tionS for grant5. and a ￿ZIlty A55urance
Group to re¥lewthe Trust's pro¢edyres #nd risks. The 8oard of Tntstees n*éts ai thffttim¢s a year.
Trustees are re4ulred to dlscloseall re￿ant interests and regi51erthem with the Central Committee and. in aCcorda￿eW1th the Trust'5
pollcy, I￿thdrawlr0M deo5ions where a conflict of interest arises.
The prlmary objects of the Trust are lo provide relief in cases of Tre￿51ty 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 Tn￿1.
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 5￿Cess￿l tran%lign to owned Su￿diaryOf the RNRMC lor fu￿re 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 that*lvti bè sou8htfrom or8anisations such asthe CAB Debi cO￿sellIng
SepAce, Slep Ch•n8e Dobt Charity and the Seaf•rers' Athice and Inf0m￿lI0n Line IWLI..
Funewal Expenses-ThèTfUSt rmy h*wr(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 h￿th* meansto pay kn lum:
o Household Goods and Repaks - Household goods can indude help wlth the p￿rd￿Se of mthlte 8t￿￿$, fvmlture. Iloor
coverings, rede£￿atIOn etc. Repair5 rnay 1￿C￿de struclwal Trteds or1￿1￿/1*ati￿ rèplatemèn( but payments from the
appropriate authorities are always wwe5twd ffi
Medical Alds- Wrth a huh percentageof curnt beneficiarit5 b*ngof pension3blt ag* (see d￿rt). demand for medical
ald5 s￿h as stair lift5 and dectric powued Veh￿25 conknues. The Trust believes that swift assIstan￿ShOuld beyjven to
those wtth dtsabilitle5 whwe special equijrnent is required. In some cas4 we prowde fundln8 where there would
otherwise be a bne and una¢teptabl* wait forstathrtory lUnth￿ to Twhith the ind[¥id￿l is otherwise entltled.
Removal and Travel EMpenses- The Trust m•y ass&t people fekncatin¥ to an area *there fall￿Y support them. Travel
0515 may begNen to hdp our beneffiaarresmsit theirfamily whèn they arè in hospr(al. or in Ot￿r¢are. Ottaslonalty, thè
Trust will help with expense5 when the use ol a taris crucial tothe ap*•nt's day-to-day lrfe.
Rent and Deposfts.Aw¥ds may be towards a dep￿1 orathwKe rent.
Educavon and Tralnln8- Th1$ Is nomially In ￿ form of hdp wSth the ￿$t of trainin8 course5, Stu￿ costs. ccrfnputers
etc. for forffler WRNS5eekingto promte ffinanci￿ award within cwrent orfrjture emplwefit.
PubH¢ benefft
The Trust operates for the publlc benefft under two chafltable purpose5 a5 defined in the Charitie5 Aci 2011: The relief of those .
nèed. by reason ol youth* zge. ill health. disabllity. finantial hardship or other disadvantaee, and the advantèmtnt of education..
This benellt Is dellvered through re8ulaf ¢harttable payment5 and one-off 8r•nts to former rnembers of the WRNS and thelr
dependents. The T￿Stee5 confirm that they have referred to the Charity Commi55ion's general guidance published in respeci of
thei¥ public beneflt statement, when reviewing the Trusvs alms aftd oblectlves and In plannlt)$ future actlvltles and settln¥ the
grant-making policy for the year.

Jrln8 2024 there have been 41 ontroff applicatiN￿ Pr￿ts$ed by RNRMG •Jt of the 41 appI￿lon5 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)
. £*7￿73
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
week￿mIl￿tIn1￿Ct
£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 fOrn￿WANs lind￿lIngthose cwrenttyse1v1￿1ft 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 arKltherefore*wk 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 wfideva￿ety of matters. Reports ire submitted for con￿deratIOn byour fjrants Comrnittee. Althov8h 5SAFA and RBL arethe main
So￿e$ for caseworkers, Other orBanis*ions rnay *0 be used, partKularly o¥er5eas applicants.
Members may to the Trust for help d*e¢¢ 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 a￿tInueS 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 me*tin8 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:
stake1￿Ider risk ICasevA>rkin8 0rgani5ati￿I
Llaison through ftNRMC and Casewor*in8 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 ImpleTh*nted a number of regional hubs wfth a mixwfe of pakl staff and vohjnteers. whlch has eased the
s￿￿at1￿ 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.
M￿lI0r I￿orne 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 Pr￿lIde.
Generate suffl¢ient financial resources to meet the rbeeds of c￿rrent and future beneficiarie5.
Promote the work oltheTrust among potential doTh)rs and legacy gNer5.
Develop further theTn￿VS 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 r￿Ular 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. D1Vega￿ne irNesknent eain& the net Inci>me was £71k
compared to a net expenditu￿ of £ll￿)k in 2023.
Expendlrure was lower than bud8eied d￿ft8 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 11K￿deS 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
re￿IVed In the year, with an &lditfjonal £91k berne accrued intothe HOWe￿.￿T￿tSt hasbeen notlf*doffurther 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 reQ￿ted 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 In1￿Stffl￿ 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 applic*ions during theyear. The split tsf
6rnnt eXP￿d(l￿re fluctuated between thevarltyjs categories as eath appftsiion tsfvdged on merti.
Support tosts have detrtastd in 2024 from £69k to £13k (ex¢k￿l￿ 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 T￿￿5 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 insurar*es and ac(n￿d irKome from investfftnts and legaties accrued at the end of 2024. E91k of
Iwcle5 have been aCCr￿d at the end of 2024. none wereacu•Jed at the end of the prevknusyear.
Accruals includè unpaid tf**l exptrw and yants apprMI for pawn￿1 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 istheOn￿C￿sIafit 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 unpredIcta￿e source of i￿orne. 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 appr0￿matelY £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. D￿￿8 2019. the Re￿eW T*AS 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 ￿t￿r￿d that ￿serveS are
SLrffi¢lent.
The alrn Isto Invest In a dlver5e ran￿of asset cla55e5TAlth aviewto probidir¥ incometo rneetthe ￿ed5 Df beneficiarie53nd togenerate
sufficient growth to countei inllat((mry tendenoes. In order to a(h￿R 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. follty*ln8thelr 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 investh￿t 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 0￿reach Support
WRNS 8T Ambassadors
Donation5
We 8ratefvlly acknowledge the support received durinB 2024 from:
Pamela Anderson
St. Ann's Church. HMN8 PortsM0￿h
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 thO￿t 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
￿en￿arn Don
We have received kind donation5 In memory ol former w￿n5 and our supporters as IFSted
below:
Aorence 8archam Boutton
Elizabeth Mzr8aret Mary FlèShtrfom￿1lY KoÈnlPage
Beryljoan Lacev
janet EliiatrRth imthard
Gladys Emlly Hard¢n8 r*e Palntsr
Anne Wilkin50n
Margaret Lucie Woliams
Every donation 1$ 5incerety a￿reCIated 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 du￿Tr8 the year..
As50¢1atlon of Wrens Bownemouth
Association of Wren5 Cardiff
A$50oation ofwrens Gillin8harn i)mt
Association of Wrens Solent
Assouadon ofwrerfj Sourh Dorset
In addition tothe hundred5 ofvoluntary hours given so Benerousty by ourTnWTrust Officials and IndepeTh¢lent thsors. theTrust
is alsofortunate tu benefit from time 8iven by many other5 ir￿Uding.
our team ofAmbassadors.'
those who supwrt WRNS 8T at external
those who participate In funthaislng events on our b•halfr
those who ¢reate and craft artlsvc Items In order to ratse fvnd$,'
those who give the office adm￿l$ll4￿￿e. creatr4eand tethDKal supporL
The Tw5t 15 alway5 look1￿fOrnewWay50f (a) r315irv4 its wofil4 and Ibl Continui￿t0 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 TrU￿ee5 and the ffinartclal staternents in accordance w6th applicable law
and United Kin8dorn Accounting Standards {Unsted ￿n8th)m General￿ Accepted Accounting Practice).
The law 4ppIl￿b* kn tharitie5 in En8laTrJ and Wales thèCharilie5Atl 2011. Charlty (Acc￿nts 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 appIl￿tIon 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 prows10￿0[ theTrust deed. They a￿ also responsible for safeguaT(tin8 the assets gf
the tharity and hen￿ fortakin6 reasonable 5tep5 for the prevenl*Jn 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$para￿On Is appllcablo law and
Unhed Klrudom Accounting StandaT(Is (United lQngdcrfn Gwa*y Accepted A￿oUnting Pr￿liCe).
In ouroplnlon Ihe IlnwK4al 8latement&'
give a two and fair View of the slate of the dwlrfs affwrs as at 31 Decembèr 2024 of its incomkwj
resources #rKI applKation of res￿r(*s, for the yeartr*n ernled:
. have b88n propaty Frapargd in accorda￿6 with Un&ad Kingdom G8Mratyknp￿l ACc￿l￿￿j Practic8:
and
. hav8 beon prepared In accordanc• thlth the requlremwts ofthe Chwll18s Act 2011.
Basls lor oplnlon
We conducted ow audit in accordan￿ 7Arylh krt8ffla￿ Starmlards on Au(*ting (UK) {I&A8 (UK)) and
applica￿8 law. responsitAlilies ￿dar thos8 st¥thrds we fvrther described in th8 Auditors.
re¥ponsibilitie$ for the audit of the ffinancial statsments Sect￿ of t￿r re￿. W8 are independent of the
arity in accordance with the ethiL*l requirements that are rel6vant lo ow audlt of th8 ffinanc￿ 8tatem8nls In
th8 UK. Induding the FRQS Ethical sta￿lar￿. we have fvlfilled i)ur ethS¢al respon$ib#itw in
ac￿rdanCe these re(wirements. We believe that the evidence we have 4Jbtsined is sufficient and
appropriate to a b￿$ 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¢￿un￿g in the preparation crf th8 finarKlal 8l*empnts Is aprwiate.
Based on Ihè work we havè perfami￿. hav8 *18n11￿ materlal uncwtsknll88 relatlng lo events or
condltbns IhaL Indlvklualty or Co1￿C1fveIy, 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 res￿￿111111eS of the Intsteas vlith respacl to gr￿n9 concem are described In the
r8levant sections d this ferKrt
Other Informatlon
The tfU8tees ¥8 reSp￿sIble for the ottw infomwkn. Th othgr h)fom)th e(¥nprl8es ts Informalon
indudad in the Annuol Raport. ottwthan the fiwKi81 stsI￿ts 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 8XF*ess any fom) of aSsU￿ce 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 Infornio￿n is malwialty MKon$istgnl wth Ihg financial stalgments or
our knoW￿e obtained in the a￿lt cf Othe￿ appews to be malerialy Thmsstated. 11 we identify such
malarfal ii¢onsi8tenci8s or apparent matsfial Misstatem￿1$, 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 r8qu*ed 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 folkn*irvJ rnattets 7h**re the Ch*ibes (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(a￿th 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 ty￿anatk￿S we roqLlre our audtL
Pag8 12

REPORT OF THE INDEPENDE1￿ AuD￿ORs 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&paratk)n of the 17naKlal statements which gve a In￿ aTrJ fair view. and for suth internal control as th8
twstgos delermlng Is ￿¢￿$sary to enatle the F¥eparnkn of IlrwKaal that are free from matertal
misslalemenL whether due lo fra￿1 or e￿Or.
In preparing the financial statements. the trustees are re5FK)nsible for assessing the charity% ability to
continue as 8 going conewn, disdosing, as appICa￿e, m8tters rg18tèd to g)iThJ coneam and using thè going
concem basls of accounting unless the In￿leeS either intend to ￿￿￿Jate the c*arity or to cease operations, or
havg no rgalislic altemative lo do ￿.
Our r•$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
w￿h the Act and rdevanl regulat￿n$ 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 opin￿n. Reasonable a$s￿ance Is a high level of assurarKe, bul Is not a guarante8 that an
audit conducted in accordance with ISAS (UK) wa ahyays delect a material misstatement when il exists.
Misstatements arise ftom fraud ￿ error and are considered material rf, individualty or in ihe aggregale,
they could reasonably be exp*ctqd to infiuwKe tho •J￿k)n$ of users taken on the basis of these
financial Stal￿an18.
Thè extent to *thlc*b our proce￿r•S are cwable of delethg 1T8wl8rit￿. wKluding fraud is dgtsilod bgknv:
Irregularibes. induding fraud. are instances of non-tXJmp￿anc￿ wlth laws and regulallons. We deslgn
procedures in Irne V+ith our resP)ns￿lI1ties. 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 undersl*th of ts legal regulatory framework In whkh the c￿MpanY
OP8rat8s. The key laws considered incknled lh& Chwthgs ACL We have LY)ffoL￿raled our enqimries
¢lwough rgview of Trustee miThJtes.
We have evaluated managemenl •)Centi￿ aThJ opporbjilllgs for frau￿le￿I 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 ￿Sl￿t 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-cOmFAi￿1¢e 7hith laws and regulati￿ts.
WO hav8 also conYnuni¢alad r818vant Kl8n1ffi8d laws arml r8guLations a￿1 potential fraud risks to all
engagement team members and remaY￿1 alert to any I￿1t￿t￿)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 deteC￿g resulting frtsm orrt¥. as fraud may wwofvè delibèrats conc6alm8nt by,
for exampla. forgery or ntentional mosrew6s￿￿tiOn$. or ttwwh coluslcffl.
A fvrther dgscripIK)n of our responsibilibas ￿ th8 a￿lIt of Ihe staternents is located on the Financial
Reporbng Council's website at vAy*.frtfrtg.ukJauthtw￿￿Ii1Ie$. 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 trad￿g 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 Statem￿1$
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 aUl￿rIsed for wue by B¢)grd of Trustees orKI auttK)rlsed
and were signed M its behaf by:
Ccimmander Haather Ri1M￿r- 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
I￿ted
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 INCC￿lE 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 r￿l￿ed
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} 'ACc￿￿lng and ReportiNJ by Charities..
Statement of Recommended Practi￿ apFlicable to d)arilie$ preparng Iheir aGcounts in a¢)￿rdanCe
with th8 Financial Rep￿￿g StarKlard applicable in the UK and Repthlic of Ireland IFRS 102)
(off8CtiVo 1 January 2019)., Financiol Rgporfing Standard 102 Thg Finanual ReF￿rting Standard
appllcable in thg UK and Republicol Ireland, and lh8 Charities Act 2011. Tho knncial Statements havo
been prepared under the hiStOr￿al ￿$1 convention. the exceptlon of iive8tments whEch arn
included al market value, as modlfied by Ihe rev2Juakn ol certth assets.
Income
Income generally is re¢c￿￿ed the Trust has entitlem￿ to the funds. any pèrfomianc8
ondittons attached to the i[￿Ome have been mgt. it i8 wobablg that the Ini>)mg WMI b8 received and
the anv)unt can be measurnd reliaw.
All income fr(Mm donations i8 ac￿￿nted for 47n an acauals basis. In respect of ￿clas. 8nlitlem8nt is
taken a$ the eathr of the dats on wthi¢h eithèr tho Trust is aware that prc￿at0 has beèn granted. th8
estate has been fin￿lsed arnj the not111cafj￿ has boen made. or when a d￿tsuI1(￿ ts rece￿￿ from
the estale. Recgipt of a legacy. or in part. is crfy considered probabb wh¢n thè amount can
b8 m8a5ured r￿la￿Y 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
r￿1Vable
In¢om6 from grants, whethertakmtafor knenue. ￿an1$. K8 rgcowised wh9n thg Trust has enliU8mgnl
to the funds, any p8rfomianc8 rLmdit•)ns attached lo grant have been m8t. it is wobable that the
IrKorne VAI be recxNed the amcwnt can b8 m&*ured relat*y and Is not dgferred.
in
This represents gross in¢r*ne from events Irom sales oflnerdwthe in Ihe year.
vestment income
vestment income has b88n for on an a(xrua15 basB whKh ￿dudeS div¥Yend8 on stocks
and sh8re8 whore We'eX￿￿dentt at the balance date.
Ex
Expenditure is recognised Or￿ there is a legal or c4Jnslnx*ive c&ligknn to make a paymenl lo a thyd
party, * is wobable that setuèmenl be rewwed and the amount ￿ the oblSgatlon can be measured
reliably. The Twsl is not registered VAT *xl x(thingly 011 expenthluro is shown wss of
irrecovérable VAT 7wh•re ¥ph'cai4e.
Investment mana
ment Cth8ts
Thgs& we the gross costs charged by lnvestr1￿￿ fund managers ¥rith atlocated SUPFQrt Costs.
Charitsble acb'wti"
nts
individu
Grant and annulty paymènts afe InC￿￿ed ¥•then by ts G￿ts Committee and payabl8.
These costs indude the ￿$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 poL￿lES-Can1InU•d
Exp•Ddlfvrn
This heading comwses direct rjjsts of In events. ￿ PL01￿ costs arKI support cosls
located on the basls of staff al*￿ty.
Suppjrt costs have beèn allocated befvthn ralshYJ and chwMat4e acilvllles. <>)vemance ¢05ts
comprise all costs Invofving Ihe Pul￿1¢ aco)untsbilty of Ihe charity and its comFdiance with regulation
and wod practi￿. These costs indude costs rdated k) S￿￿￿audit and W f￿S 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 S￿nt on ead) of these arna8.
Grants ofl8r8d su4.ecl to co￿lI110nS twe Tr)t bw mel at ￿ year end dale are noted 88 a
¢))mmitsnent tmjt not accwed as expwbjiiwe.
T￿gIbl• 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%fM￿l
Indmdual a88ets a)sth3 £51)0 or morn are c411￿.
Badges of Office are not de&ye￿al6d as il 15 (xTh¥J￿ Ilw will Trjt dBpTo￿ate in vahje.
The invgstmenl wrlfolo has bw at nwket v*e al ￿ b*n¢e sheet dale. Thè SOFA
includes Ihe nat gains losses C￿ investments #risirwJ on revaluation at the year end and ¢)n
disposa18 thMUghC￿tthè w. Realised ga￿S lossas on sales crf inveslmonts am calculatod as tho
differenr* be￿ the sale proceeds and opening Va￿0. lthrealsed gairm WKI k>s888
Tax¥tlon
Fund a¢couThtlng
UrKestricted funds can be used the chartth ot4ecllvo5 at Ihg dls(rnUon of thg
t￿slee&
Reslrfcted lunds can only be useil parts￿￿ar reslrthj wrpose$ ¥*ilhin the objects of the charity.
Reslrid*)ns aris8 Wh￿ speufied by the Ikw tr when funds are raistid for partk￿lar restrlcted
puwposes.
Furthar explanalcffl of Ihe natsjre and purwjse of fvnd Is In Ihe r¥)tos to the finandal
st*m8nts.
Hlr• purchaso and luslThg comm51m•nts
Rents15 paid und8r operalirwJ leases we dwgBd to the Stateff*rt 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 pay8￿0 lo tt)0 charfW$
[￿s1on scheme are charged to the Stslemenl of Finan(ial Aclivitss in the p8rioJ to wh*th 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 w￿sOn 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
n￿nued...

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 WK17￿ual5 Ihe year.
SUPPORT COSTS
Govemance
Totsls
Ralslng donalons and legad9S
Investmont management costs
GranlmaknrwJ
29,638
4.234
SCI,￿8
4,399
630
7.$43
34.037
4.864
58.351
12,572
97.252
Activity
M8nagemont
Govamance o)sts
Basls of allocath)n
Timo
Support ￿Sts, indLKJed in the St￿0. ar8 as fokNth'
Manag•menl
31.12.24
31.12.23
restated
donations InNwslment
and
ies
Total
Total
xIMtse$
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
Rai￿ng
and
legacies
Tolal
actrvitses
costs &antrnaking aclivrties
Brought forward
Travd and aubsi8t￿
Donalod a￿UntaI
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 0￿￿n￿r 2024 for
the ￿ ended 31 Decembèr 2023.
Py24
c£ffllnued...

WOMEPTS ROYAL NAVAL SERVKE BEMEVOLENT
TRUST
NOTES TO THE F￿ANCIAL 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 re￿￿r5ed exper6os by th8 Twst travd.
SU￿Stence arKI tr*niThJ 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 Fe￿2024. Redmjwcosts ￿1¢ accounted for
the previ¢)us ffinancaal peri￿1.
12. co￿ARATIVEs FOR THE STATEAIENT OF FINANaALACTiiimES
iknrestricted Restricted
furnls
fvnd
Totsl
as restated
IMCOME AND ENDOWMENTS FROM
Donati￿8 &)d legaclgs
34.333
34,333
Other trading activit￿8
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
1X￿llnU￿...

TRUST
NOTES TO THE FINANCIAL STATEMENTS- ¢onUnu•d
FOR THE YEAR ENDED 31 DECEMBER 2024
12. co￿ARATIVEs 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
I8￿ting of third pty tharges by investment pold￿ m￿agers. Those fe88 have now been grossed
up from rava￿a￿On ￿1n3￿c￿
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 J￿￿ary 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 sERV￿E 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 D￿mber 2024
4,003.731
At 31 December 2023
3.867.039
Investments are held in a pothlio by RBC Bwvi tW*i. Tha market value of inv•stm8nts
by geograpNc81 area Is as folows:
31.12.24
31.12.23
Held vAthkn UK
Hfjld outs*le 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
Schrr￿0r 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 aCc￿￿d lega
P4e 27
c￿ntinued...

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
GeT￿al 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
Pr￿e Lagacy
3282
13,2821
TOTAL FUNDS
4,314.120
724
4.314.844
Comparalive nel movwnenl in Ind￿ kn the as
Ca￿S and Movement
Ir￿Se$
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 tranS￿IDn$ for the year end￿1 31 D￿ember 2024.
21. ULTlhlATE CONTROLUNG PARTY
Since 19 July 2023 the tharity was a (Y*med 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