REGISTERED COMPANY NUMBER: 01)606887 (England and Wales) REGISTEREO CHARITY NUMBER.. 206787 REGISTERED CHARITY NUMBER: SCO $3305 IIEPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE WHrrE ENSIGN ASSOCIATION Um￿ED 11111111111 DZY265F• 0710412025 ¢c￿p￿lEs PIOUSE A12 Gibs￿ wh￿er Limiled Stslutory Auditors Larch H(MJse P&*L*ds Business Parl( Hampsh*e P07 6XP THE WHITE ENSIGN ASSOCIATION UMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Tntstees 1 to 9 Report of the Ind8p¢ndent Audito 10 to 13 Statement of Financial Actlvltles 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Cash Flow st￿•M8rt 17 Notes to the Financial Ststements 18 to 29 THE WHITE ENSIGN ASSOCIATION UA•TED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The truths are aLso dire(lors of the chanty the pu￿ of the CowEs Ad 2OJ6. present their report wrth the financial Stalen￿1$ of the charity for the year ended 31 December 2024. The tnjslees have a(bpted the provisions of Accounting aThJ Reporting by Chaiit*s". Statement of Recommended Praclice applicable to charit￿ preparing their acewnts in accordan￿ with the Financial Reporting Standard appI￿able in the UK and Rep￿IC of I￿nd IFRS 102) (effecbve 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The principal obj'ects ol the Ass(wtw are to assist and pffjmote the inlwests of those who are seNing or have al any time Serv￿ in the Royal Navy. the Royal Marir*, the Royal Naval or Royal Marines Reserves. the fOr￿er Women's Royal Naval Servts. the Queen AlexaThJra's Royal Naval Nursing SeNice or the Royal Fleet Auxilk4ry. in such ways a5 shall from tsme to be IWht fft. arKI in pwbcular and without Prejudi￿ lo the generalty ofthe foregoin9 by pffjwding". General guidance in Connecth"C￿ wrth investments. h￿se pwchase. insura1￿e lindudThJ edLKatiortal costs and schcol fees). pensons and Cp3mmulatK)n. Appropriate athl￿ and gU￿artCe. thrcMJgh empbymenl servres, to ddiver enduring suppcfft to dividuals preparin9 for and those seeking ¢1￿110n employment, ir￿lUdIng the e5tabli5hmenl of small businesses. Gener81 infomiation arKI advre to those kaving the Service seeking to settte in ciwlAn lrfe. Infomi*ion and advv on general personal adrninistratNe mattets in SUrtab￿ Cases appropr* to Ihe positK)n facilitps of the Assctk7tkln. It should be ncrted that the ASs￿latIon d￿$ ncl make grnnls but facilitales and supports appl￿tiOnS lo other appropriate Charrt￿ or or9ani5ations when. in the course of its wellare W￿k. li c>)mes across such cases of Summary of Pollcies The Assctialion's policies have been designed to xhieve these L*jects by provKling the bas￿ infrastructuie to enab￿ all those who are semng in or have serv8J in the Nawal Swvice and wh) seek assislance with avilian employment, iesettlemenl, inve51ffEnl, financial planning aThJ general perwnal administration matters to obtain appr¢)priale infcffmatK>n. guIdan￿. contacts cyportunit*s through.. A ￿n￿rehensive counsdling service, wth a prc•3ramnk of regular wsits to all major Royal Navy bases. shore establIshff￿nts Rtyal Marines unts. Vkqts are aLso m&Je to air squadrons and 'ships and submarines ofthe FW as requested. Personal interview5 whTeh a￿ coTraLKted either faCe4￿f¥e in units or online. Home wsiis are rnade in appropriate cases. for exwnple to WCYJnd￿ cf injured perscnnel and to the dis*led. The proviS￿n of face4C￿faCe presentations and wd)inafS cfi transilK)n. resett￿ent, civilian employment and ffinancial {i1￿1LKIlng armed force pens￿nI awareness. Indwidual casthvork support in resFonse to registrnb.ons cn our K￿bS￿e Tequesling assistsrxe. The referral of benefKaanes. in apprcq>riate case5. to theA55(KialNJns' Pand of Professional Advisers. Public benefit The Trustees have relerred to the adv￿ cOnta'n￿j in the Char*y Ccmmiss¥)rnrfs general guijance on public benefrt when reviewir¥J the Ass¢xialv)n's ains arKI o*'ectives aThJ in pLgnning fuluTe activrties. The Ass(xiation's charitab￿ seNices. which are pmided free. are availab￿ to all who seNe or have served in the Royal Nwy. the Royal marir￿, the Royal Fl*1 Auxiliary. the Women's Royal Naval Service. the Queen Alexandra's Royal Naval N￿￿ing Semts or the Royal Naval or Rrtyal Marine Reserve Forces from the tirr they join the Servi¢e until they dE. The AsSCaal￿n's seNtis may also be accessed by ck)se dependents and the WEA will a￿y$ endeavour to guide and assist p&*e wh) app￿h the charty for I￿, but who may not have a Royal Navy or Roya Marine5 ￿gr1)und. Page 1 TrE YIHrrE ENSIGN ASWCIATK)N LIPMTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORPIANCE Charitable activities Following a strategic rewEw by the nav CEO in the autumn of 2022 and the resultant of the Council of Management to r&set the strategic dI￿110n of the charty in January 2023, the last 12 months have wi(nessed the conb"nuing imF4errÉntation of a bold ne4Y &year strategy. Thts strategy has three key strands". maintaining the delNery of our pree￿slIng cfj￿ offer {these outwts were valndated by Ihe Strategic revwl,. responding lo six areas of r￿ed hYents￿ during the slraleg¢ review". arLd ddivering firture financial sustainatxlty. The first phase of this strategy. to be inp*nled in 2023 aTrJ 2024. was delNered in fvl and on time by the dose of 2024. Among other Ihings it has led to a ¢J)ubh'ng in the size of the executive Staff, from 5 in April 2022 10 10 in June 2024. thereby enabling the As5Oaat￿ to delNer its core outputs with greater resil*nce whilst also enatAing the Assc¢iatK>n to do more to•Mrds r￿ting the a￿5 of need NJentifEd in the CEO'S strategic review. Among the nTr)re notable ￿h￿ar￿nts in 2024 a￿. Improved coverage of Scotland and ￿erseaS (the first area of ￿1) by the new fiJ114irne regional manager for those regigns went INe in Juty 2023. Nctable firsts were inaugLJral visits to the Naval Support F￿lIlty in UKMCC Bahwain and JFHQ N¥les. This additrjnal post, alongshle the existing fUll-tW￿ wional managers. has provided capaoty the Asswalion to delwer support to our beneficiarw in re¥e¢t of the 2015 Pens*Jn Remedy {the second area of Identi￿ needl whth was inylunented by the Govemmenl on 1 Octoter 2023. lrnproved support to those being ft￿￿￿1ty discharged and earfy Service ￿averS more generalty {the third and fourth of identffied needl folkwng the recrurtment of a Employmènt Consuttant. Recruitment into a newty established Financd Wellbeing MaroJer post wh￿h wenl live in June 2024. offering dedicated suFycrt to those experiencing finanaal drfficultses and to the Royal Nw divisional $y$twn and Royal Marines ￿jImental system ICKI {the fth area of identified need). Increased engage1￿ftt wrth the Naval Famil*s Federation. thr1￿h regukr contitJutNJns to lés HomeFQrt magazine. to improbe our supputto naval families (the ￿xth area of ￿￿ent￿￿ need). CollaboTh7titin with partners in the na￿ charty seLtor cOr￿"nueS to be an es5erth.al part of the ￿.$ business and 15 integr81 lo the ddNery of the new strategy. i￿luding the delivery of futu￿ financial sustainabil Ihrwgh increased and dNefsffied grant inccffle. The Royal Navy and Royal Marines Chèrity IRNRMC} has lyjth generousty prowdgj a grant to SUFPOrt the work of ￿1r Ccmpensation Advocacy ar￿ Supwrt Officer ICASOI helped to fund the wor* of t4K) of our regKffial M￿09￿¥ in England and Wales in their delivery of financial awarwLess support to our ben*1¥￿s. Greemwch Hosprtal has aLs0 generousty fijnded the work our full-time regi¢￿01 manager f¢y Scoland. Ncffthem Ireland arKI Overseas and the ne•V Financial Wellbeing Manager p)sl. In additKJn. the ￿ works in a colFegiale manner wrth colleagues from other naval charities and in partiCU￿r the Royal Marines Asxrk?lion-The Royal Marines Charity in aws of mutual efesl. The Association is gratelul to other Charrt￿ wl*) prov•Je grants which enable us lo deliver outputs on behaw of our beneficiaries. a part￿laT ackrThlledw￿￿t is (yNed in this respecl lo our longstanding suFyorter, the Gosling Foundat￿)n. In 2024 Trinty Hwse generously provhled a grant to the Association for the first lime and the AsSC¢iat￿n is also thankfvl to Ihe Bernard Sunley Foundation and the C A Redfem charitab￿ FoundatKJn for their corrtinuing funding of our actMb"es. The Assccration is also proud to work in dose partnership wrth the Royal Na￿. both at Headqu*ters and ktal thl, in support of serving personnel. P4e2 ThE YIHITE ENSIGN ASSOCIAnON UVJTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Work summary Work over the ya comprised {in thi% section the corresFondw)9 fvJw fcrf 2023 are in parenthests): Information and Guidance. case￿Ik supwt vras to 1070 (1(EOI indivwjuals registered foT sc￿rE fom of assistsnce durivJ the year. Pwsonal Intervie￿. 974150411-2-1 interyiew5 wwe eonducted ether face-t¢>fxe OT online. Presentations. BrEfings were de14¥ered to aL•J*nces lotaltsng 5112 132201 benefKrar*s - financkgl awareness 2107 110821. transition preparation 873 IS391 arKI pension ￿arefie$s 2132115991. Therefore. in overdl terns. ts number cl benefrraries wth 7h*KJm the eharity has interacted over the past 12 months has increased to 71￿ 147841. Thi5 heajline figure represents an overall gr￿￿h of approximate 530h compared to the number of indmduas who were sUPPOrted by thè ASsoC￿lI0n in 2023. The establishn*nt of multi￿e KX)sts fdknmng the If￿1￿mentat￿)n of the aforementioned new strategy has enabled the Asscti8tv)n to delNer this We￿0￿ slep change in Ihe suFyort that li is abk to offer lo the naval comrnunty. The doubliry in sile of the execJJlive slaff has dri¥pn a 40% increase in engagemeni wrth beneficiaries through our outreach xlivities li.e. c(Al￿t￿e briefings) and a similarty signftanl iise in the amount of 1-2-1 support which has provided to indNpJuals. In the case of the ktter, this is evklenced by Ihe near doubling in the nUrnb￿ of Perso￿ intefyth¥$ wfwch were conduded in 2024. In term5 of perf0mlar￿, there have be￿ otherwek(Th xhi8￿￿pnts in 21Y24. Ot part￿lar note.. Across the fLtII spectrum of its services, the Asseaa•)n ass5ted cirta fvththirds of the 3,000 SeNice vers from the Royal Na￿ and Royal Mar1r￿ in 2024. cunpar&J to haff of that cohort in 2023." The CASO deatt wlh 166 ne4¥ &￿s. representiTrJ a 78% increase in volume compared to 2023 193). She helped beneficiaries lo ckim £643.￿ under the Am&J Forces Crynsation Scheme and its predecessor. the War Pension Scheme,. The provision of a dedKated, lull-time servte in Scx)Uarxl ￿$￿rted in a doubling of casework support prov¥Jed to beneficiaiies compared to Ihe As$￿￿9110n'S pre¥￿S part-time coverage of IhFS important naval region vthich indudes His Majestys Naval Base Clyde, HMS CALEt)ONbq in Rosyih and 45 Commando RM in A￿rOath.. and Under a ne4V inth'*Ne started in Jan 24, our new Enwuyment ec￿sU￿anY8 proath.ve eThg￿emenI wrth pe￿onnel subject to the medical discharge pro￿5 resulted in supp)rt being offered lo 350 individuals. representir¥J orca 70% of this vulnerabbe cohort. The support provided to individuals who took ￿ this offer in¢ludgJ'. gumlance in understanding ilphealth tenefils uThJer the Armed Forces Pensions &heme.' ajvice on preparing for civilian em￿tryment,. assistance in m*ing claims under the Amied Forces CLvnpensakn"on Scheme" and hdp in dealirvJ with rr￿ ￿rreS and debt. Follcwing the establishment of a co￿*rate Partnershp Manager F¥)sL a new t￿o￿te partnership stheme was e5t8t4ished on 1 Jan 24 lo ￿p1a? the AsKtolion's pwous ￿MpanY membership scherrE. This pwdes an impThed ¢Yfer lo (wr corFwate partners and our ben*Brps and has been wdl retsNed. Amryj the exth.ng devek)pnents ufN*r this n6w scheme have been the fitsl webinars Ce￿dUCted by corpor* pattrers to infomi SeNce ￿a¥erS and veterans WI￿ are searching for ne4V empwrtnt C4)p￿in￿eS. Events The Annu￿ General Meetmig was hekl in at Trinty Hc￿Se on 20 March 2024. As part of the new strategy to ena)le future financial sustainabilty. thore has been a fccus on delivering high qualrty fundraising aCtNit￿. Accordingty. Ihe Association's rrwr event of the year was a dinner hdd on 6 June 2024 onboard HMS BELFAST {a fl4ship at the D-oay landwigsl to mark the 801h anniversary of D-Day. . This raised a substantol sum of nK)ney foc ￿ charty. In ?JdrtL￿. Ihe inaugural White Ensign A$S￿latIon Maritime Seminar was helj at the clfices of Nort1￿ Rose Fubnght in London. ￿ 30 January 2024. 11. too, proved to b8 toth a successful event and furdratsirKJ inrtiatrrt. Page 3 THE YIHrrE ENSIGN ASSOCIATION UAIITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financial position The over811 perforrronce. including a much improved Un￿aised gan from investments. enables the chanty lo report an oveTrll SLbrplus of £473,503 for the year. At 31 Decemter 2024 the A$sWatK￿ hdd net asset5 of £6,225,447. The RNRMC eonts.nue to COr￿uct dr transa¢twJna banknrwJ arKI ￿cOunts.ng respMSibilrt￿ for the INEA. AII payments made on the Ass¢xth"on's behaff are authonsed by the W'5 Oiredor of Employment. Communications 8￿j Finan￿ IDECFI. The RNRMC also have a ￿0-PerSOn auth)risalion process. provKling assurance against the pclenlkal for fraudulent acbvity. The DECF aL%o works cbsdy wth the RNRMC in-h¢JJse marwmenl ￿(a)Untsnt and cffter5. The RNRMC support is this respec¢ is excelenl. Balance between d•re¢t charitable costs and overhèads The alkxat¢on of costs between the min funclional a￿a5 by the Charity CcmmissDn is based on aly5is of ovefall activty levets aTrJ cost and tirrE by r4lue spent on indiwdual and collectNe tasks. The major item of expenditure is the cost of the S￿￿. The m4orty of staff ts"me, by value. is spent on the primary output of the charity {brEfings. personal inteNp4VS and indNklual rtem5 of easewothl and 15 therefore ategorised as 'actNrttes in furtherance of the Chari￿$ objects., The overall bala￿e betsw direct charitable ¢Wul and overheas 8nd runnirwJ costs is congdered reasonable. vestment policy and objectives The Assoaation's investment pc4iey a•ns to ccthtJJte to and buill a reserve to guamtee rts long-tem futu￿. The investment managers report quartety on the perf0Mwn￿ of the Asswation's investments and they have provkled briefings to the Finance and General PurFThe Commrttee IF&GPCI in committee in 2024. Members of the F&GPC ￿th a g￿¢j working kn¢)wledge of fund and investrnenl management also keep a watching brief over the perforrnarKe of the A$S￿lat￿￿'S inveslwents. There wll be 8 lull review of the puryjose of the investments. Conducted by the F&GPC. al rts June 21r25 treeting tr approval at the September 2025 Cwncil of Managwr*nt meetr"ng. Reserves policy The AsSoC￿l￿n depends for its financial I￿"￿ty on d￿all￿S and grants. Dcfflation irccyne. wh￿h by li$ nature is uncertain. supplements the Teturns from the Asscoation's investrrEnts. Grant inc(Yne r￿1Ved can be both unrestn.cted and reStr￿ted and is allocated to the Assco"ab"on's ad1vit￿S accordingly. The Asscciation's policy on reserves 15 to maintain a value matthing a55essed OFerab"ng costs for an eylended penL*J (recommended srA. ffl￿th$} lo alkn¥ for continued SUFWt to exisb'ThJ clients in the event ol a sign￿ant reduction in Current antic¥ialed inccvme W. The fw reserves held at 31 D￿mber 2024 were £44,140. This is cakulaled as lotsl unrestricted reserves 1£6.205.4471 less unrestricted Intang￿le fixed assets 1£28,3001, tangble fixeil assets 1£7,8041 and investments 1£6,125,2031. The WEA'S Reserves, combined wrth irweslments held at the year-end a￿ considered to be *LOte lo fulfil their Obl¢gat￿n5 and the fLrture pLans are lo grow revenLE slreans. The WEA'S policy on Te5erves is wuLarfy fevEwed, taking into account investment ad￿e and market vol*'lty. There wll be a fvll review of the ReseThes Policy. conducted by the F&GPC al its June 2￿5 m*ting for apprcwal at the Seplen*$8r 2025 Council of Management meeting. 0￿ignated Fund The Whrte Ensign AsKtiath)n t)eswJnaled FuThl vras sel up follw'tvJ receipt of two major donatIL￿$ in September 1995. The Purp￿ of the Fund 15 lo help secure Ihe kng4emi fLrture of the A$S￿l￿10n and 1$ invested appwriatdy. Golng ¢oncem The trustees haye rw&¥ed and approved the Wet fry 2025. They ¥e a￿are of any material uncertainties which W￿k1 affed the WEA'S abilty to continue as a gcmng concem. for the foreseeable future. The tr[￿e&S review this ￿￿e on a regular ba￿"S and rnore formalty annuaty. Page4 ThE WHITE ENSIGN ASSOCIATION LIIATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FufuRE PL4NS Having implernenled the phase of the &year st• by September 2024. the Council of Managemenl directed that the next phase of the tharty's strateg￿ reset should be deliVe￿d on an opportunty basis, set against the sttstegK obJ&tNes of d￿r￿j more in meeting the AS$￿at￿)n'$ core V81idaled outputs arKI the six areas of need *Jenlffied in Ihe strat￿lC revEw, and doing so in a financialty sustainable mannef. Accordingly. gwen the increase in demand for the CASO'S semces (reported in the Summary seclion abovel and followir¥J the decisMJn of Greenwich Hosprtal lo g￿erOuS￿ fijnd a s￿d CASO post. recrurtmenl adion has been taken. The SLKcesslul candxlate is lo Icin the Assocwtion in Q12025. Enhancemerrt of our dyrtal and coffrnin￿atKjnS cyb'lty has been identffied as a uitul enabler to the delivery of the Associab"on's strategy. Accordingty. folhM"r*J the s￿nIng of a contract with dt-squad in Decembef 2024 to work ah)ngsKle the Asswation in ddwering a dgital transf0M￿tion. develcpment actwty Ks underway for a n&v websi(e. sob board and innovatNe n•M CAreers pLatform cal￿d the Career Compass. 11 is planned lo go INe with this r*w digital capabilty by the eThJ of Q1 2025. R￿lIment acth)n is also in hand to establish a new full-lime Communications and OLrtreac* Manager rost. The Asso¢ialk)n will continue to dNersrfy ib incc*ne streams to help ensu￿ its fubjre financial sustainabilty. ThB will include working wth new and eX￿tsn9 g1ant-mak1r￿ partne￿ to fur￿ re￿want projects and expanding our base of corporate partners, vnth a parkvLar fccus on those work wthin the mar￿rne seclor. STRUCTURE, GOVERNANCE AND MANAGEMEP Governlng document The White En&gn AsSCciat￿n Limi￿￿ laLso referred lo as WEA. or Ihe A550cBtion'l is a ￿gIstered charity and a ￿MpanY limited by guarantee. 11 wa5 Inco￿Ta￿j on 24 June 1958 and 1$ govemed by its Memofandum ar￿ Arttks ofAsswalw)n. The Council of Man¥1Y￿1 {also referred to as Counaf) is the Gove￿"ng B(*Jy of the Assctots"on and eonsisls ol the elecled trustees. who are also the directors of the ch￿rtab￿ c(Y￿nY. It meets fom*lly tsv a year and *littonalty as required. The Council ha$ two $uWmmittees to which it delegates aspects ofthe Char￿￿$ aCti￿ty.. The Finance & General Purposes Committee IF&GPC) The Counul delegates day lo oversight of the Assory*•)n's f￿￿cIal 0￿ratiOnS arKI risk register to the F&GPC. The F&GPC meets yeaty and addr(Kw￿1ty as necessary. The Nominations and RemuneRt¥)n Committee (NRC) The Council delegales the sourang and nL¥n1na1￿n of new Ctsjncil, F&GPC and NRC members to the NRC and lo make annual T￿MMendat￿)n$ lo the Council on staff sal￿. The NRC meets ts¥￿e yearfy and addib"onally as n*ssary. Recrnllment and appoSntsnent of In The selection, inductson, rwew and m￿ltOring of trustees is overseen by the NRC as part of ils Temit from the Council and il is chafged with the ncYninatK)n of $uf(abk CaThJ￿ates to maintain the necessary breadth of exFertise on the Councyl. A training prc•3ramffe. I￿￿K11ng a crynprehensive presentation ar*J staff br￿ffing. has been prepared fw trustee ￿dUCtIon. Page S THE WHITE ENSIGN ASSOCIATION UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Princip41 risks and un¢ertainti•s During the year, Ihe Council (through the F&GPCI has revthved the full range of operalhmal risks to which the Assctialion coukl be exp)sed and the neceswy management ￿t￿)n to mtyate them. The Associabon ha5 an Operational Risk Reg￿ter, wh¢h inlegr*s the ong(Mrg assessment of risks Into the day4trday management pr¢Jcesses of A SLThmary of the main r￿kS assccLated the INEA'S acltmb'es are contained in the tsb￿ beltyw". Rlsk Descrlptlon >10% shortfall in forecast of Cowate Partnership Scheme incane R6sk Mltigatlon Actlvities Deliver transf(¥mation to improve offer to corporate partners. Engage wth marrtwne sector to deliver ￿levant partners. Maximise part￿r renerta￿. CEO lo mnitof the stheme morthly. EstablLsh Corr¥ns arKI Outreach Manager Failure to meet the neeAls of wr customers Seek regular ujstomw feedback through case management and test*nonkgls. Continually improve, uwl*e and augment gUKlan￿ and advre avatrlable. Mainlain CLwrency with al presentiition and intervivw materFal. Deliver ccrns dpJrtal slrategy to prov#Je qualty prc*Jucts for custome￿. There a rseed to estsblish s&ond AFCS Marw. and fulklime Comms Manager. Mettubus staff sele¢tKJn, lai10￿ indu¢twi prc¥Jramme. rolling stsff training and appraisal. Grant prowled by Gosling FoundatKJn fcy financing d relevant staff development training. Regular interath.on wth RN, MOD and other stakehdders to ensure that slaff ￿maIn up to dale with *isMive and policy deveWnen15. Engage wrth MOD to ensure 2015 Pension ReTr￿ guK1￿ce fr¢yn VVEA is acuwate and rdevant. Maintsin h*Jh qualty of impaca rewrts'ng to grant-makir4J charitE$ to iustfy conlinuatKJn of funding. Secure mutti-year grant arr￿ge￿ts where possib￿. Diversfy ￿JrCeS of grant and to ir￿reaSe arr￿UnIS from ex¢5ting funder5. IIEA reseNes to prowJe aitemate xwrce of inC￿e to fvnd actwty (￿r time. Business Continuty to L* reviewed wularty. Regular revw of staff a￿aiLablIty to ensure maintenance of national Cover￿ at r&3son*le levds. Establishment of, and r￿rU￿rnent into. F4Xts alongside the nèed for staff rel￿1￿)n to tyjild fesilience into our proms￿. Insuffiaent staff Cap￿ty. capability or undpJ perfornan Loss of grant income Business conts"nuty.' staff thnce and turrnver REFERENCE AND ADMINISTRATIVE DETAILS Registered Company numbgr 00606887 (England and wa￿$) Rfjgistergd Charity numbor in England and Wal•s 206787 Reglstered Charfty num￿1 in Scotland SCO $3305 Registered office HMS Beffast Tooley st￿et London SE12JH Page 6 THE WHITE ENSIGN ASSOCIATION UWTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trust¢e5 Admiral Sir Mark Slanhcpe GCB OBE DL" Captsin L Batchelor RNFV Admiral Si¥ Philip Jones GCB OL. Mr S Black. Mr E Byers" Ms R Caimie LEulenanl General E Davis C8 C8E ' Mrs H Oeeble CBE Commodore R Dorey RFA Captsin A Gosling RNR Ms C Haughey OBE KC Commodore l Kennedy CBE QHNS" Ms S Murray OBE Mr J Saundetrwalson DL" Mr H Theochan OBE. Admiral Sir George Zambelk% GCB DSC DL" Mr T Ellison W01 David Smth MBE Chaimian {re￿￿￿ 21 March 2024) Chaim)an (from 21 March 20241 VKe Ctwmwn (fr￿ 21 March 2024) (res￿￿ 20 March 20241 (rnsb3neil 20 March 2024) {appointed 20 March 217241 {4)poinled 20 Mar¢h 2024 and ￿$￿ned 1 December 2024) ' Members ofthe Finance & General Purpo￿ Committee Presid•nt Admiial Sir Jock Slater GCB LVO DL Vice Prnsid•nts Mr J D Andrewe$ MA FCA Admiral Sir Jonathan Band GCB DL Lord Carlile of Berriew CBE KC Sir Miehael Bett CBE MA Mf C Cazael MA FCA VI￿ Admiral SirAdrian Johns KCB CBE CL Admiral Sir Michael Layard KCB CBE Sir John Parker GBE Admiral Sir Mark Stanhope GCB OBE DL Mr R J Taylor Royal Patron His Majesty The KirKJ Company Secffjtary Mr A Marchanl-wncott The chi￿ Ex•cutive and Staff Commodor8 S H Wright Royal Navy was appoinbj as the Execut￿￿ by the Counal wrth effect frcffl 22 April 2022 an(F remains in post. He ts SLtpported by nine c11￿r mèmbers of staff.. a Dirtttor of Empl¢)ym8nl. Communicat¢ons and Finance. WIKJ also serves as the Company Secretary,. the RegKinal Manager East.. the Regional frAanager West aTrJ London", the Reg￿nal Manager Scolland, Northem Ireland and Overseas,. the compensth.on Adv￿ aThJ &IpP￿ Officer. the Empbyftpnt Consurtant". the Corporate Partnefships Manager, the Financial Wdlbeing Manager and the AdministratN)n Swvt Manager (relinquished post 15 October 20241. The stsff conduct a programffe of visrts to ships, sutlnarines, nawal shore establishments, nav81 air squadrons, Royal Marines unrts and reknrt joint wrts to fulA vaiious briefing p￿￿)rnes atyj ￿￿1￿￿ke personal inteNews and castr*￿1k. Page 7 THE WHITE ENSIGN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Remuneratlon Policy Setting staff rwnuneration ts tonsKlefed on an annual basis by tr* NtyftrOt￿ns and RemuneratKsn Committee INRCI. It Considers the CEO'S remunera￿ ￿ its rn￿K)n aTrJ also the recOM￿enda￿ns made by the ChEf Executive in respect of the remainder of the executive *aff. The NRC'S re￿mMer￿￿￿"Oft$ are then considered by the Council of Mana3en*nl whth nyakes a final deterrn1nali￿ the award5 to be made. The Advisers A Pand of Professional AdvBers {PPAI has been formed to provKle professional servw advice to the WEA'S beneficiaries in appropryale cases. The names a￿1 delads of the PPA partners are published in the ch8rrtWs Annual ReTrAe4V and are listed on the WEA'S *ebsi(e. Audito Gibson Whitter kn'mited Slatutory Audrtors Larch House Partlands Business Pa Denmead Hampshire P07 6XP Solieitors Ashursl LLP Broadwak House 5 Appold Street London EC2A 2HA Banker5 Royal Bank of SCI￿nd plc Hoh's Military Banking 200 Fowler Avenue Fowler Business Park Famborough Hampshire GU14 7JP STATEMENT OF TRUSTEES. RESPONS181UTIES The trustees (who are also the directo￿ of The White Enggn AsscKiatK)n Limited for the purposes of cmipany Iwl are responsib￿ for prepariTrJ the Rep)rt ol the Trustees and the financial slalements in rdance with appltable a￿j United Kin9*Jn AcC￿nting Standards (United Kry¢SJm Generally Awted Accounting Practice}. Company law requires the trustees to prepare fin￿0a1 statements for eath financial year wh￿b gNe a In fair wew of the Stale of affairs of the Charitab￿ ¢￿panY and of the incomivJ resources and application of resources. including the income aThJ eypenditvre. of the th￿itable compwiy for that pericxj. In preparing those finanaal ststemenls, the trustees are required to select surtable aetounting ￿Xih￿ and then appty them consistty.. observe the methods and princip￿5 in the Charty SORP., make judgeff*nis and estwnates that *e reasonable and pr￿lent". prepare the financial stslemerts ffi the going COn￿M basis unkss it is Inappr￿nate to presuffE that the charitable conyny will continue in business. The trustees are reSpon￿bIe fty keeping proper a￿nkn"rg rerL)rds which disc105e with reasonable accurxy at any lime the financkgl position of the charitable ccrfnpany and to enable Ihern lo ensure that the financial stslemenls comply with Ihe cryn￿s Act 2006. They are also responsible for safeguarding the assets of the charilabk company and her￿ ft>r L8king reayjnable sleps f¢v the preventb)n aTrJ deteCtK￿ of fraud and ¢)ther ifregularilies. . Page8 THE YIHrrE ENSIGN ASSOCIATION UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENf OF TRUSTEES. RESPONSI8IUTIES- continued In so far as the trustees are aware" there is no relevant audii informat•Jn of whth the charitable company's auditors are unaware," and the Iruslees have taken an steps that they ought to have laken lo make themsd￿ ￿le of ￿Y rglevanl audit information and lo establish that the audrtors we aware of that infomialv)n. AUtXTORS The aLtdrtoTs. Gibson Ilthitter Limited. wll be proposed for rfraFqJ￿ntrnent al the forthcoming Annual Ger￿al Meets'ng. ifvuz Appffjved by order of the b)ard of trustees on ... .. .. and s&r*d on its behalf by: Captain L H L 8atchelor- Trustee Page 9 REPORT OF THE INDEPENDE1￿ AUDITORS TO THE MEMBERS OF THE VIH￿E ENSIGN ASSOCIATION LIMITED Oplnlon We have audrted the financial st*wnenls of The Ihhite EnsKJn A￿tation kn"mited (the 'thantable company'} SJr the year ended 31 December 2024 whth c(Nwrise the St*wnent of Financial Adiv*ies, the Balance Sheel, the Cash Fbw Stslwnent and noles to ￿ ffina)cial st*ements. ir￿lUding a Summary of Slgnrf￿anI aC￿UntirQ polioes. The financol rewling Iran*wc*k that has been appl*d in their prepwats'on 15 applicable law and United Kingdom Accounting Standards (United ￿"ft9dCIn Generalfy Accepted Accounts"ng Practice). In our opinion the financi81 staterrEnts". grve a true and fair vw of the state of the charitabk convan￿$ affairs as at 31 December 2024 and of rts ineoming resourees aThJ appkath)n of reS￿rceS, i￿luding its incC￿E and expenditure. for the year then ended", have been prope￿ wepared in accordan￿ with United Kwyjom Generdty A￿ted Aco)unting Practice,. and have b￿n prepwed in ac£ordance with tIE requir&r*nts olthe Crynies Acl 20C6. Basis for opinion We conducted our audit in acc￿d￿ with Internal￿nal Standards on Audrting (UK) IISAS {UKI} and applicable law. Our responsibilittes uTrJer those standards are fvrther described in the Audi(ors' respongbilrties for th8 audrt of the financ￿1 statements seclN)n of our report We are indeFendent of the charrtable company in acojrdance wth the ethtal requirements thal are rdevanl lo our a￿rt of the financial statements in the UK, including the FRC'S Elhi(31 Slandard. and we have fijlfilled our other ethul responsibilities in accordance wth these wuirwnents. ￿ belwe that the audrt ev￿Je￿e we have cthined suffiaenl and approprk* lo pr¢NhJe a bag's for our opinw. Conclusions relating to going concern In audf¢ing Ihe financial State￿￿rts, we habE cortluded that the trustees. use of the going concem basis of accounting in the preparation of the financol Stater￿ is appropria¢e. Based on the Work we have perfonned, we have ncrt I￿nI￿￿ed ony material ￿￿taIntleS TeL*ing to events or c0th￿IllonS that. indivKluaUy or colSeclNety, may cast ￿gnIf￿nI (kmjbt on the charitable company's ability to continue as a gi￿n9 con￿rn for a period of al least mcffiths from w￿n the financ￿ statements are author6ed for issue. Our responsibilities and the re5ponsikn"lrt*s of the tsustees wih respect to goiThJ concem ¥e described in the lewanl sections of this le￿t. Other information The Ifustees are ￿spons￿￿e for the other inf¢Jmiat¥Jn. The othw infCm*N￿ corry)rises Ihe infomiation inclLtded in the Annual Reptht, ¢)ther than the financial aThJ our Report of the Independent Auditors thereon. Our opinion on the fina￿131 Statements not c￿r the other infowrnath)n arld. exwt lo the e>lent othernvise eyplicrtly stated in our reporL we do ncrt express *y fom of assuffj￿e conclusion thereon. In connection wrth our audit of the financial stst￿ertts. our reswr6ibihty is to read the other infomialion and. in doing $0, consider whether the other inf{m)alb￿ is materialty Ir￿OnSIstent wth the financial statement$ or our knowledge ¢)bt￿ned in the audrt or otherwise appears lo be materialty misstated. 11 we ￿lentIfy such malerral Inconsistences or apPa￿rt m*enal misstatements, we are required to deterrnlr￿ whether this gives rise to a material mLsslatemenl in the financial statenpnts Ihemsefves. If, based on the work we have performed. we conclude that there is a m*erral misstatement of this other infc¥malKJn. are required lo report that fact. We have nothing to rep￿t in this regard. Oplnlons on other mattets prnscrll>ed by Ihe Companies Art 2006 In our opinion. based on the work uTrJertaken in the c￿r$e of the audit." the informabon given in the Re￿rt of the Trustees for the financial year for which the ￿n￿Cial statements are prepared is consL%tenl wrth the financial stalemenls" and . the Repe4t of the Twstees has bew prepared in ac0)r(1￿ce wth appIThb￿ legal requThnents. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION LIMITED Matters on which we ale required to by exceplion In the light of the kncpmedge aThJ ur*Jetslanding of the charitable company and its environment Obtain￿ in the ourse of the audit, we have not Klenlrfied material misstslemenls in the Report of the Trustees. We have not￿ng to repjrt in respect of the mattets tAffie￿ Ihe Conpantes Act 20C6 requires us to report to you if. in our opinion.. adequate accounb.ng records have not been kept or rdums adequate for ow audit have ncl been recewed from branches not visrted by us", or the finanoal statements are in ￿ree￿Ent the a¢￿Inting records arKI re¢ums', c certain disCbsU￿ oftruslees. remuneratic￿ speC￿d by law are ncA made,. or we have not received all the inlomwb'on and explanathms we require for c*Jr audrt,. lx Ihe trustee5 were not enlrt*d to lake artrdntsge of Ihe smal companies exen￿￿n from the requirement to prepare a Strnlegic Report or in preparing the Report of the Tnjstees. R•sponsibilities of trustees As explained more fulty in the Statement of Trustees. Responsibilrt*s. the trustees (who are also the directors of the chantable company for Ihe purposes of company knvl a￿ reswjnsibbe for the preparation of the -financrdl statements ar*J for bartg satisf*d that they gNe a true and fair wew, arKF for such inlemal control as the Irustees determine is r*essary lo enab￿ the Pw)a1a￿ of financial statemenls that are free frun material misstatement. ￿etherd￿e to fra￿1 or errcK. In preparin9 the financial ststements, the trustees are responsib￿ for asses&rvJ the chaiitable crynpany's abilty lo coritinue a5 a going o)ncem. di$¢Yosing. as applUb￿. matter5 reL*ed lo going concern and using the going concem basis of accounbng unless the trustees Inter￿ to INuh1ate the charrt*le company or to cease oFeralions, or have no realists'c attemative bLrt to do so. P•Je11 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION UMITED Our responsibilities forthe audit of the financial statements Our oty'e¢tives are to obtain ￿aSOnable assurarte at¢)Ut whether Ihe financial statements as a whole are free from material misslalenpnL whether due to fraud or error. and to tssue a Report of the Independent Auditors that includes our ¢)pin*)n. Reasonab￿ assurance is a hbjh level of assurance, is not a guarantee that an audit conducted in accordance ￿th ISAS IUKI will a￿lay$ delecl a material misst*enEnl when it exists. Misststements can arise from fraud oi error and a￿ considered malerol rf, indwidually or in the aggregate, they could reasonabty be e)¥ected to lifl￿rKe the ec(￿¢¥n￿ d￿slOn$ of users taken on the basis of these financial statements. The extent to Wh￿ our prccedurES are wable of deteLting lrregularrt￿5. Ind￿ng fraud is ddailed belcw.. Irregularities, including fraud. are Insta￿ of non-cornpliar￿e w*h I￿S and regukth"ons. We design procedures in line wth our responsibilrties. ouuined aboNe. to delec* matwial misstatements in respect of Irregularit￿9, i￿lUding frdud The extent to whtch our Prc￿u￿ we capable of dete£*ng irregularities, including fraLTd, is delaiw belort. Based on our Unde￿tandIng of the charrtable compary and sector. we identified that the principal risk5 of non-compliance with law5 arLd wulations related lo breaches of employment d*a protection and anti-bribery and CL)trUPt¥)n legisbtKsn. and we cowdwed the extent to whth non-compliance might have a trralerial effect on the financial statemwts. ￿ abo ￿ns￿￿ered those laws and regulations that have a direct impact on the financial statements yjch as the CharrtEs acts. CornpanEs Ad 20C6 and UK tax legislation. We evaluated managernenl's In￿tNeS aThJ opportunitie5 for fvaudulent manipulation of the financial statements (including the risk of override of o)ntro151, and detemiined that the principal nsks were related to Posting inappropnate joumal entries to oveTState p￿fft and man•JerrEth bk8s in ac¢>xJnting estimates. Audit procedu￿$ perfonmed by the engag￿nt team induded.. Eh'scussions wth management and Trustee Directots, inckjding consthrakn of knNn or SUSP*d instances of non•compliance with laws and regulat¥)ns and fraud", klenlfying and testtng entnes. in pa1Kular ￿ Joumal ertiies ￿ with unusual acccwnt combinations", As wuired by ISA 240, ine)Jrwrating an elwrnnt of u￿red￿bIty mto our audit le51ing. There are inherent Iwniiations in the aL*Jié prccedures described abjve. Vde are less likely lo become aware of instances of nonteS fcwm part rfthese finarKial staterrents Page 16 THE WHITE ENSIGN ASSOCIATION LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.24 31.12.23 as rest*ed Net income for the rewxiing pefiod {as perthe sL*M￿ of Financial Activitses} Adjustment$ for. Depreciation charges Gain on inveslnwts Interest recewed Investment man￿ernent fees Dimdends re￿Ned DeC￿aSe/{1ncreaseI in detl¢ys Incr￿Se in c￿l￿Or$ 473.503 203,570 4,215 {234,3411 1241 S9.883 1204,6021 {44.1921 97,095 (530.9411 66.365 (210.308 59,779 36.753 N•t ¢a$h used in operations {101.41SI I118,3￿) ANALYSIS OF CHANGES IN NET FUNDS A11.1.24 Cash fkn¥ At 31.12.24 Net cash Cash at bank 116.293 43,193 159.486 116.293 43.193 159.486 T¢tsl 116.293 43,193 159.486 The notes forn pat of these financwl statem P4e 17 THE WHITE ENSIGN ASSOCIATION UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEIIBER 2024 ACCOUNT1P￿ PoL￿lEs Basis of preparing the financial Statements The financral 5talernents of the Charrtab￿ conpary, wh¢h is a pubk benefft entty under FRS 102, have been prepared in accordan￿ wrth the Char￿"eS SORP IFRS 102> 'Accounling arK5 Reporting by charrt￿.. Stalement cl Recommended Pr￿t￿e applK*Jle to Charrties preparin9 theiT aC￿UnIS in aCCordar￿e with the Financial RepcxtiTrJ Stsndard appI￿ab￿ li the UK arhj Republ￿ of Ireland IFRS 1021 (effective 1 J￿Uary 20191.. Financial Repo￿"ng Sl*)dafd 102 The Financial Repoth'ng Standard applicable in the UK and Republic of Ireland the CINrpanEs Act 2c￿. The financtal statements have been prep¥ed under the hLStorical cost ￿nVentsC￿, Wbth the ex•n of investrnenls which are Incl￿ at Ma￿et value, as by the revahjation ofcertwn assets. Income Voluntary income including donth"ons, gift5 and legaoes aNJ grant5 that prowde funding or are of a general n*ure a￿ recognised VI￿re there is entrtlemenl. receipt is PrO￿ty aThJ the amount can be M￿sUred with suffrwt rebiats"lity. S￿h Incon￿ is deferr&J ￿.. the donor specfies IhattP£ 9ranl C￿ I￿n8th)n must only be used in fLrture acctsJnb"ng periods." or the donof has irrposed coTrJit￿ns whth must be met tekne the chanty has ur￿0nd￿1cnal entitlement. Income from tharrtable actNities ithes in¢tyne rewed urKJer contract or enlitlerrent lo grant funding is subject to specffic ￿ndit￿$ is recognised as eamed las the rdaled g¢)gd$ and Serv￿e$ a￿ promded). Grant inccyne irKluded in this category prowdes fvnding to SLtrPPQrt actwrties and is recognised where there 15 entItkn￿nt, I￿￿p1 is probable and the arno￿1 can be measured with sufficient reltabdty. Volunteers and donated seThices The value ot se￿￿eS provN1ed by vO￿nteets is irKtxp)raled into these finarrial stateThEnts. Where gctsls or serv￿e$ are provthd lo the thanty as a donatK)n that wwld nomially te purchased from suppliets, ths contribution is inciudeil in the financial ststemenls al an esb'mate based on the value of the ￿ntribUt￿)n to the charity. Expenditure ExperKliture is recognised when a Ik4blty i1￿rred. ¢(￿tractual a￿￿gements are rwnis&J as goods or servtces are supplEd. Fundraising costs are cosls incurred in attr*ing voluntsry inctffe. Charitable aCtiV￿.e$ include eXpendrtU￿ aswated with providing seNices to the charity's benefKk3ries arKI include both the direct costs and support costs ￿lating to those act￿rtIeS SupFXIrt costs include central fundions ar*J governar￿ costs. These have been allocated to activrtw on a basis consistent with ts use of re$￿T￿$. Intangible assets Intangible assets are initialty rreasufed at cost. After inrtial TecognitK)n. intangible assets are nwsured al cost less any ￿UmUlated aMrtiSati(￿ and any acoJmuLateJJ Imk￿lIr￿1I bsses. Computer soflware is being an￿rI1$ed eventy over its estimated usefijl hfe Off￿jr years. The investment portFdio has been Valued at market Wdlue at the bala￿e sheet date. The SOFA includes the nel gwns and losses on inveslments arising on reValuat￿n at the year end and on disposals throughout the year. Realised gain5 and losses on Sa￿ of investments are calculaled as the drf1ere￿￿ befv￿en the Sa￿ prcceed5 arHI ¢Jpening mathet value. Unrealise(I gains and losses represent the movement be￿n nK8(ket value. Page 18 continu￿... THE WHITE ENSIGN ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS - eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNllNG POUCIES- continued Tanglble fixed assets DePr￿latIOn is provided at the fdlw'ng annLpI rates in othr to write off asset ¢)ver its eslwTr*d useful lrfe. Fixiures fittings 25% on cost Taxation The Charrty is exempl from eorFrA*in tsx on its charbtsble xtfvities. Fund accounting Unrestricted lunds can be used in wrth the ¢￿itable obJ&b'ves al the discretion of Ihe trustees. Reslricled funds can be used for pa*cular restrict￿ purposes within the objects of the charty. Reslriclic*bs arise vthen specrfEd by the donor or when funds a￿ raised for paitular restricted purposes. FUrt￿r explanab.on of the natL*e arnj puw of each fund is irKhJd&J in the notes to the financkgl statement5. Pension costs and other post-retirement benefits The charitable company operates a defined conlributicn Pensi￿ scheme. ConlributKJns payable to the charitable ￿MpanY'S pension a￿ charged to the Statwt of FInar￿la1 Activib"e5 in the period to which they Telale. DONATIONS AND LEGACIES 31.12.24 31.12.23 as resLited Donation5 Donated se￿￿ and f*ilths 15,657 5,000 39,962 20.657 39,962 The charity has been PToMded with t<¥Jkkeepir@ aThJ a¢ccwnting wilh charge by The Royal Nawy & R¢)yal Marines Charty IRNRMCI. No value has been included in the financkgl statements for these bc4)kkeeping aeeounlirvJ seNtes d[￿ lo the Se￿￿$ prOV￿ed forming part of the core charitable obJ'ectNes of the RNRMC. OTHER TRADING ACTivmES 31.12.24 31.12.23 as resL*ed Fundraising Lvents Subscription Event income Adverts'sir#J incon 94.073 13.699 2,800 1.152 15,tX6 15,SC 1.830 83,046 111.724 Page 19 continued... THE WHITE ENSIGN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOP 31.12.24 31.1223 as restated Investment Ir￿ne Oeposrt account interest 210,308 204,602 24 210.308 204,626 INCOME FROM CHAR￿ABLE ACTivmES 31.12_24 31.12.23 restated Activty Nwal servKe personnel ad¥￿e and Financial awaren leaming 24.752 24,024 Naval ser￿e FersMnel and assistance Grants 340.496 184,550 365,248 208,574 Grants r￿￿ed. Incl￿ in the abDve. are as folhM'. 31.12.24 31.12.23 as resl*ed The Gasling Foundot RNRMC Greenwch Hosprtai Bernard Sun* F¢)undalK Trinty House 100.000 105.005 103.434 17.917 14.140 50,000 87,092 32,458 15,000 340.496 184.550 RAISING FUNDS Othgr trading activiiies 31.12.24 31.12.23 as restated Fundratsing ￿ent costs 28,484 41,982 Page 20 continued... THE WHrrE ENSIGN ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS - continued Investment maftagemont costs 31.1224 31.12.23 as restated PortfdKJ managewÉnl fees 66,626 59.852 Aggregate arrounts 95,110 101.834 CHARITABLE AcnvmES COSTS Dire(1 Costs (see nole 8) Support costs (see note 91 T¢)tsLs Naval service ￿rSonn￿ afviee and assistan 563.361 78.789 642,150 OIRECT COSTS OF CHARITA8LE ACTMTIES 31.12.24 31.12.23 restated Staff costs Event costs Travel and subsrslerKe Other staff costs Contract manajement chwge5 482.168 40.340 35.653 4.953 247 377,216 17,%6 33.659 1.829 240 563,361 430,910 SUPPORT COSTS ManagenEnt costs Total$ Naval se￿￿ personnel and as￿Stan 72,519 6.270 78,789 Page 21 continued... THE WHITE ENSIGN ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontinu•d FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS- ¢onOnued Support cost5, included in the above. we as fokwjs.. 31.1224 31.12.23 as restated Naval seN personn and aswstan Total acb"vities Renl and r*es Insurance Telephone Postage and ststior Advertising Sundries Computer eosts Accountancy fees Subscriptions Legal and professi¢)nal fees Depreciation of lan91b￿ assets Auditors, remuneration 16.016 2.966 2.997 921 9.831 4.790 26.187 1.097 1.580 2.700 15,696 1,750 2,814 1.141 6,000 1,315 22,131 1,765 395 4,215 5,970 6.270 78.789 63,192 10. NET INCOMEIIEXPENDITUR Net ￿Cl￿r￿1(eXpenditUre) is stated after cWW(creJJitiryi.' 31.12.24 31.12.23 restated Depreciation. rmned assets 3.433 4.215 11. AUOITORS. REMUNERATION 31.12.24 31.12.23 as r￿￿ed Fees payable lo chariils audrtots forthe audit of the clk4ntys financial statements 6.270 5.970 Page 22 continued... ThE l*TrI￿E ENSIGN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 310ECEM8ER 2024 12. TRUSTEES. REMUNERATION AND BENEFITS There wwe no Iruslees. remuneratv)n LY othw bw)effts the year ended 31 D￿lLer 2024 nor for the year ended 31 De¢￿ber 2023. During the ye¥ one {31.12.23". nol trustee drrector was reinbursed expenses by the charitable company totalliThJ £53 (31.12.23'. £Nif) for travel costs. 13. STAFF COSTS 31.12.24 31.12.23 as rest*ed Wages and sakries SocLal secunty costs 413.￿2 38.432 29,774 339.633 24.706 12.877 482,168 37T.216 The average monthty number ofanpbyees the year was as fcAIcMs". 31.12.24 31.1223 as reslatej Dir* charilabfe thilies 10 The number of emptyees t•4hose employee benef￿S {excluding emptyer pension Costs) exe£eded £60,CI)O was.. 31.12.24 31.12.23 as restated £60.￿l- £70,000 £80,￿l- £90.000 The avef4e monthty number offvu tin8 equvalent durir*J the yearwas as folkxs.. 31.12.24 31.12.23 Direct charitable activiéies Page 23 continued... THE WHITE ENSIGN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 14. PRIOR YEAR AWUSTMENT Investrment portlolKJ man4ement fees h￿ been restated in the prevhjus year due to a change in reporting of third party charges by inveslment m￿agets. These fees have now been grossed up ftc¥n revalualh?n gaIn￿¢?$$e$. The prior year has had no Impact on the fijnd F#)Srtion at 1 January 2024 or 1 January 2023. 1& INTANGIBLE FIXED ASSETS Computer COST Addrttons 48,300 NET BOOK VALUE Al 31 t)ecember 2024 48,300 Al 31 D￿￿ber 2023 No arTh)rb"salM in the year 31 Decwnber 2024 as asset not OF*r8ihMal until after 31 December 2024. 16. TANGIBLE FIXED ASSETS Fixtures and fittings COST At 1 January 2024 Additions 51.607 2.838 ' At 31 Dttembw 2024 54.445 DEPRECIATION At 1 January 2024 Charge for year 43.208 3.433 Al 31 Decemter 2024 46.641 NET 800KVALUE Al 31 Decemter 2024 7,804 At 31 D￿ter 2023 8,399 P￿e 24 conlinL￿d... THE WHITE ENSIGN ASSOCIATION LIIITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 17. FIXED ASSET INvESTI￿NTs List&J investments MARKET VALUE Al 1 January 2024 Additions Disposals Revaluations Management f&s 5,646.269 14,358 16.5771 530,941 159.7881 At 31 December 2024 6,125,203 NET BOOK VALUE At 31 De¢entrr 2024 6,125.203 At 31 Decerter 2023 5,646.269 Investments a￿ held in a p(wWdwJs by CazencwR Capital and Safasin & Partners. The m*ket value (* investnEnls ty gecgr4>hica area is as fohm: 31.12 24 31.12 23 Hdd within UK Held outside UK 1,567,999 1,753,651 4,557,204 3,8¥2,618 6.125.203 5,646,269 Al inveslffwts are listed on recognsed stc¢k exchanges. Material Investments Market Value HolJirvJ Charty Mults'_Assel Fund Unitss GBP DistnbutM)n Sarasin Endtrwments Funds Class A Income 4.808.849 2.265.239 £2,917,529 £2.910.832 The h￿St￿ICal cost of the above in¥e5trnents 15 £5.783,571131.12.23: £5,775,797). 18. DEBTORS: AMOUNTS FALUNG DUE I•ThIN ONE YEAR 31.12.24 31.12.23 as lated Traje debtors Accrued ineome Prepayments 32,062 18,380 7.163 93.221 20,134 3,826 57,605 117,181 Page 25 Contin￿1... THE WHITE ENSIGN ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 19. CREDITORS.. Ata(XJNTS FAWNG DUE IhlTHIN ONE YEAR 31.12.24 31.1223 as restated Tr￿e uedrtors Social security arKI other taxes Deferred incorne Accrued expenses 7.898 15,232 137.352 12,469 41,861 13,061 70.525 10,751 172,951 136,198 D8ferred income Deferred 1￿me cc*npllses £12,650 131.12 23: £10.6681 for subscriplK)n incon*. £3,500 131.12.23. £Nil) for event inc¢yne ar￿ £121.202 131.12.23.' £60,817) for granl inciyne r￿e￿e￿ in the year which will be releas￿1 to income in fijture f￿a￿l￿ peri(*Js. 31.1224 31.12 23 as restated Balan¢e brought lo￿ard Am¢)unt release lo incorrnng resources AJnwnt defErred in the year 70,525 170.525 137,352 22,942 122,942} 70,525 8alance carried fow 137.352 70.52S LEASING AGREEMENTS MinimLm tease payn￿nts under ncfft-cancellable operats"rvJ fall due as folkM'. 31.12.24 31.12.23 as restated thin one year 3,924 3.924 21. ANALYSIS OF NET ASSEfs BETWEEN FUNDS 31.12.24 31.12.23 as restated T¢)tal funds Unrest[￿ted Restrthd fvnds fur Total funds Fixed assets Investments Current assets Current liabilrtEs 36.104 6.125,203 217.091 (172.9511 20,￿0 56.104 6,125.203 217,091 (172,9511 8,399. 5,646,269 233.474 1136,1981 6.205.447 20.￿0 6,225.447 5.751.944 Page continued.. THE WHrtE ENSIGN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER2024 21 MOVEMENT IN FUNDS nKwement in funds At1.1.24 31.12.24 UnrestrKted funds General fund De4nated fund 4,971.944 780.000 453.503 5,425,447 780,000 5,751,944 453.503 6,205,447 Restricted funds Digital Transformati 20,000 20,000 TOTAL FUNDS 5,751,944 473.503 6,225,447 Net ffthierrent in funds, irKlude(l in the at¥x ¥e as foMoK: Incomir¥J Resou￿$ Gains and McNement ¥1 funds Unrestricted funds General lund 659,822 {737.2￿) 530.941 453,503 Restricted fvnds Digital Transfomiation 20.fxM) 20.000 TOTAL FUNDS 679,822 1737,260) 530,941 473.503 Cornparati¥es lor movement In fvnds Prior year adj'ustrnent Nel movement in fund$ At 31.12.23 Al 1.1.23 Unrestricted funds General fund Designaled fund 4.793,591 780,OC 125.2171 203.570 4.971,944 780,000 5,573.591 125.2171 203,570 5,751,944 TOTAL FUNDS 5.573.591 125,2171 203.570 5.751,944 Comparth"ve net movw*nt in fimds, W￿uded in t1￿ atthE are as folk)￿.. IrKcmirvJ Res(xJrces Gains and Moverr*nt resources expended sses in fvnds Unrestrkted funds General fund ,165 (595.9&fj) 234.341 203.570 TOTAL FUNDS 565.165 {595.9*) 234.341 203,570 Page 27 continued... ThE WHrtE ENSIGN ASSOCIATION LIMITED NOTES TO THE FINAMCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 21 MOVEMENT IN FUNDS - confjnu Designated Fund - The White Ensun Assc¢otion FuThJ vras set up foll￿Ing ￿p1 of major donations In September 1995. The purpose of the FuTrJ is to help secure the long-temi future of the AsS￿lat￿n and ts inNested arvroprk1tety. Digitsl Transfomiation Enhancement of our d￿rtaI and c￿mUn￿.0nS cap*ilrty has been idenlif*d as a critical enabler to the ddivery ol the AS￿rat￿n.$ strategy. Accordingty, folluwtng the signing of a contrad with dt-sQL￿d in December 2024 to wcrtk 3knngS￿e the As5rtiation in delwering a digital Iransforrnation, devdoFThent actmty is underway for a new websrte. inlelluent jci) board and innovalNe nthv careers plalform calW the Cweer Ccrfnpass. This has tr￿n fvn¢Jed by a £20,000 grant from The Gosling Foundati￿ in 21r24 of which £20.(MXI has been spent on intangble fixed assets which will be amortised o ver the next 4 years and expended against Ihis fund. 23. EMPLOYEE 8ENEFIT OBUGATIONS The Charitab￿ ccwnpany oFerates a defined contribution pens￿￿ ￿heft￿ for all sala¥ied employees. The pension charge the peri¢Jl was Q9,774 (31.12.23." £12.8771. At the bala￿ sheet date the Contribut￿nS outstanding £Nrf131.12.23." £NI). CAPITAL COMMITMEpirs The charitable eompany has a caK¥t81 ¢c¥rm￿nenI whth are contractsd for but provided in thèse financial staternents totslling £49,380 {31.12.23". £Nill for the digital transfmatkm project. Grant inco￿￿ has been recwved by the charil*Jle ￿)ft￿Y for ths prqecL RELATED PARTY DISCLOSURES Certain Iruslee diwlors were asscKkgted with organisalh)ns which undert(K& transaction$ with the Charitab￿ company. All such transactKJns *Ere urhjertaken in ocwrd0n￿ with the charitable compan￿$ nomial agreements with supplErs. None of Ihe relevant tnjstee direclors were in a position of material infiuence wrthin the organisations concerned such that Iransxkjns be￿n the charitable company and the organis*ions requi￿ disclosure in the financial Statem￿1$ other than noted below. During the year The Goslw Foundatw, a chantabfe fouThlat¥)n of vthich Captain A Gosling RNR is a Iruslee director provided grant income totallirKJ £100,000 131.12.23.' £50.000), donation inc¢)me totall'r¥J £NIl131.12.23.. £20,IXJOI and fiJndrat5ing event inccorn totalliThJ £Nil131.12.23. £10.¢J)01. During the year Norton Rose Fulbrigm. a limited liabilty partnership of Ithich Mr Theccharis The￿hall OBE is a sen￿r consullant solicitor provKled donaled serV￿S totalling £5.OC(J131.12.23 £Nill. During the year rK>131.12.23." e¥Jht) trustee direclors wwe invoi¢xd by the chantable company tclalling £Nil131.12.23.. £1.737} fN attendance fees forevents that they atterKled. K•y manag•ment The total rernunera￿n pabj to those cL¥b5i￿ key man•3emenl during the year was £156.431 131.12.23.. £154,553). Pa9e 28 continued... THE WHITE ENSIGN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 26. ULTIMATE COMfROLLING PARTY The Charrtab￿ company is n(* undertPe ¢￿tr￿ crfant]ther entty orany one indNh4ual. Pa9e 29