Queen Mary's Roehampton Trust Annual Report and Flnanclal Statements 31 March 2025 Chanty F, a recruiting campaign was initiated over the wlnler months of 2023124. The Trust has an open and transparent remitmenl policy and a suitable advert was placed in appropriate places. Given the nature of the Trust. particular skills and experience in grant giving were sought. as was knowledge of the ben&ficiary constituency. The Clerk to Ihe Trustee5 collated responses and in the Spring of 2024, applications were scrulinised by a small sel8clion Board of current Trustees. Following interview5, three new Trustees were duly appointed as shown earlier in this report. The induction process was initiated and new Trustees receNed full information packs whilst Ihe necessary paperwcKk and appointments were Garried out by the Clerk. The Board of Trustees is assisted In Its wcKk by a Grants su￿0mm￿lee (GSC) and a Finance & Investments Sub-committee {F&ISC). Both sutFcommittees are ¢omprised of a number of Trustees and some Trustees sit on both sub-committees. The newly appointed Tru$lee$ were assigned to the GSC, which is where the detailed scrutiny of grant applications takes place. The F&ISC lends lo have Trustees wilh experience arKllor a particular interest in financial investment. However, Trustees may attend meetings of IF sutpcommittees to which they are not assigned to observe all the workings of the Trust. Queen Mary's Roehampton Trust Trustee$, roport Year to 31 March 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) AltlYAJgh this is now some years ago. it is worth highlighting how the Covid pandemic altered the Trustees method of working. During 202012021. as 2 consequence of the Covid-19 pandemi¢, no face-to-face meetings look place. In order lo allow for the continued support to beneficiary organisations. the Trustees arranged for virtual meetings using Ihe Zoom soknre packa￿. Abeil normality has rètLJm8d in so far as face-to-f3￿ meetings oc¢ur regularly, the Trustees maintained the ability for those unable to allend in person, to join meetings virtually, thereby allowing more Trustee engagement than had been the case prior lo the adoplion of virtual meeting softw?re. Statement of Trustees, responsibilltle$ The Trustees are responsible for preparing the Tru$tee5' report and financial slatements in acoordance wth applicable law and United Kingdom Acwunting Standards {Uniled Kingdom Generally Accepted Accounllng Practice). The law applKable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which gwe a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements. the Trustees are required lo: • select suitable accounting policies and then apply them consistenlly,. • observe the methods and win¢ipl8s in Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charilles preparing their accounts in accordance with the Financial Reporting Standar(l appliGable to the United Kingdom and Republic of Ireland IFRS 102),. • make judgements and estimates that are reasonable and prudent., • stale whether applicable United Kingdom Accounting Stsndards have been followed. subject lo any material departU￿S disclosed and explained in the financial statements- and • prepare the financial ststemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in oFeration. The Trustees are responsible for keeping proper accounting records that disclose ￿th reaSona￿e accuracy at any time the financkgl F)osib'on of the charity and enable them to ensure that the financial statements comply wlh the Charities Art 2011, appllcable Charity {Accounts and Reports) Regulations and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Quean Mary's Roehamplon Trust TN3tse8' report Year lo 31 March 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Risk managomont As a matter of course, th& Trustees reviewed their approach to risk during the year. viewing and. where necessary. updating the risk managem&nl strategy. The chief risks to the Trust remain those associated with safeguarding the value of the funds whilst generatiro appropriate levels of income Ihal may be awarded lo organisalions which support eligible beneficiaries 2nd ensuring that suitable financial systems are in place, including those relating lo the awarding and monitoring of grants. The Trustees minimise investment risk through the use of a firm of investmgnt manaws and through maintsining a diversrfied portfolio wrth a balanced asset allocation. The investment risk is further minimtsed through the detailed scrutiny by the F&ISC. which is comprised of kn￿edgeable and financially astvte Trustees. Contlngency meetings wlth the investment managers are programmed during the year should the investment sf(ualion demand. Gen8ral operating risk is minimised through the regular review of the Tiust's actNities by the Trustees. The Tru8tees are sallsfled that the arrangements which are in place to manage and reduce risk to a minimum are appropriate in the circumstances. All data used by th8 Trust is held electronically with a copy being held by the T￿aSU￿r as a back-up, should the need arise. The Tnjstees have agreed a suitable risk management strategy to ensu￿ that the business of the Trust and support to beneflciarles continues. as dlscussed bebw. Key management porsonnel The Trustees consider that they, along with the Clerk to the Trustees. comprise the key management of the charity in charge of dir8cling and controlling, running and operating the harity on ? day lo day basis. The Treasurer acts as the principal line-manager for the Clerk. The salary of the Clerk is reviewed and set by the Trustees using the annual retail price index as a broad guide. ACTIVfflES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Charltable obJectlve8 and actlvltle8 The oblect of the Trust is to relieve p8rsons of the following dasses who are in need of assistance". Persons who served in any of the Armed Forces of th& Crown and who were disabled in such service and the wdows and other dependants of such per50ns. Persons who seNed in the mercanlile marine or in any service established under thg Civil Defenre Acts 1937 and 1939 and who were disabled in such service and the widows a￿1 other dependants of such persons . I See'Future Plans. below. Queen Mary's Roehampton Trust Tru8te88' report Year to 31 March 2025 ACTivmES, SPECIFIC OBJECTWES AND RELEVANT POLICIES (continued) The Trustees meet the object of the Trust by making grants to any charrtable institutions or organisalions whose objects include the reception, accommodation. treatment or after-care of persons who come within the Trust's object as set out above. The Trustees may also make grants in aid of medical or surgical research h2ving partlcular regard lo the needs of disabled persons who served in the Armed For¢es of the Crown. Mindful of the ever-changing land$￿pe within the serving and ex-service ¢ommunty, and the evolving needs of beneficiaries, the Trustegs review the grant-giving polity on an annual basis and have a robust programme of visits to previous and cutrenl beneficiary organisatiorts. Publlc bonellt The Trustee5 have had regard to the guidance issued by the Charity Commission concerning public benefit. They are sat15fied that the infomiation given in this Report, partSculady regarding the &tivrties undertaken when read in conjunction with the objec1$ of the Trust. demortslrates that the requirements to identify publi¢ b&nefK( have been met. The Tnjslees publicise the work of the Trust and each year Invite relevant organisations to apply lo it for asglstance. Grant making policy The Trustees consider applications for grants from charitable institutions or organisalions whose objects come within the Trusys object as set out above. There is no minimum or maximum grant and the amount awarded 1$ reviewed on a case• by-case basis. Terms and ¢onditions grants are discussed and drafted by the Tru51ees based on the applications, also on a case-by-case basis, bul mindful of available funds al the lime. In some c*Gumstances, the Trustees may decide to award grants wlthout ary accompanying conditions. Investmant policy and perfo￿anCe The Trust invests in accordance wtth the Trustee Investment Act 2000. Under the present law, the Trustees cannot spend the Trusvs capital endowment or any capital gains which derive from IL unloss special permission Is obtained from the Charity Commission. The future numbers of potential beneficiaries depend on a wide range of signrfunl factors including.. the mass mobilisation of men and women in 193945 have dwindled to a few who are now Centsnarians and, in the main, frail.. the subsequent decade and a half of National Service involving a signiflcanl proportion of the male population, seNing for skK)rt P8rlods, although with a limited number of injurles and deaths in service,- Queen Mary's Roehampton Trust Trust•es' roport Year to 31 March 2025 ACTNITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES {￿ntinue￿I Inve8tment pollcy and performance Iconlinued) • the progressive reduction Ihere8fter of the Armed Forces {although noting recent operations and casualties, many of whom would not have survived in earlier conflicls bul who will need expensive and long-lerm helpl,. • an increasing recognition of the long-term nature and often debilitating effects of the severe mental stress that may be incurred by persons with military service.. and * the additional lrfe expectancy of widows, wldowers and chll partners extending the ltt long perh)d of need of each generation of beneficiaries. Glven the passage of time. and w￿h due consideratlon to the ag6 of those from the mass- mobilisation of 1939-45, Ihe peak in numbers of veterans has passed. The number of veterans with War Pensions or awards from the Armed Forces Compensation Schen appears lo have peaked also although some injurie$. especially those of a mental nature, lake some lime to come to light. However, the proportion of veterans of working a continues lo rise, as, of course, has been the rising age criteria for the State Pension. Thus, additional support In their advancing years is likely to increase also. What is clear is the increasing cost of medical. care and home support services. which are prolonging both lrfe length and quality, which tend to outpace standard inflalb)n at an acceleraling rate. Thls continues lo put pressure on Ihe funds available. The Truslees, ¢ontinuing aim is to balance the interests of ujrrenl and future benefficiaries by maximising investment income. subject lo the a￿eed risk profile, for distribution. while seeking lo maintain the value of the undistributed capital by no less than the RPI measure of infiation and more recently, CPI. Since 1990. the Trustees have distribute(l over £17.5 million in grants from income generated by the capital fund. The Trustees resolve to continue their lon9-term defensive approath to the Trust's investment policy. applying due diligen¢e Ihrough quarterly reviews. As previously reported. during 21122 the Finance & Investment SutFCommittee recommended lo the Board of Trustees that the portfolio should be invested in the Charity Mulli-Asset Fund which would come into full effect 22123. Thls has resulted in the smoolhing-out of the Income over a Ihree-year period and had given a greater ability to forecast annual income. In the intere$l$ of clarity, the Finance & Investment Sub-committee made recommendations lo the Board of Trustees on the Irealmenl of Accumulation units and Dlstribulion Units within the investment in the Charity Multi-Assel Fund. After due consideration the Board of Trustees agreed that income and increases in the value of units within the CMAF were to be treated as follows: + Gains and losses in value of Accumulatlon Units are not treated 88 Income for accountin9 and auditing purposes but are Considered as an unrealised capit81 gain to the investment in order to keep pace with infiation. Queen Mary's Roehampton Trust Tru$tees' report Year lo 31 March 2025 ACTivrriES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued} Investmgnt pollcy and perfomiance (continued) • Income from the Distribution units is recElved as cash by the Trust gnd treated a$ income and available for distribution as grants approved by the Trustees and lo sustain the running ￿sts of the Trust. This was weed (unanimously) by Resolution and reC￿ded on 16 Aprll 2024. ACHIEVEMENTS AND PERFORMANCE Revlew of activities During the year the Grants Su￿9mmIttee reviewed the Grants Polr¢y, making recommendations for minor change5 which were endorsed by the full Board of Trustees ertsuring the needs of benef￿laneS and potential beneficiaries could be matched with available funds. The Trustees a9r8ed lo continue to review the Grants Policy on a regulgr basis. In parallel. the Grants Sub-commlttee reviewed and made some changes lo th8 appli(xtion form in order 10 9Ne greater visibility lo the number of eligible beneficiaries who will benefit rf the application is successful. Ordinarily the Trustees have an annual programme of vislts to benellciary and potential beneficiary organisalions. During the year. a number of useful visits were Garried out which broadened the relationship between the Trust and benefiu'al org8nisations and enhanced the understanding of the Trustees when considering applicallons for SupP￿t. FINANCIAL REVIEW R98uIts for t￿ year A summary of the yearfs results can be found on page 15 of thls report and financial statements. The Trusys total in¢omefor the yearenfjed 31 March 2025 was £478,857 {2024 - £532,591) comprislng investment income and interest receivable. Aftei grants and other expenses, the nel expenditure (2024 - incomel of the unreslricled general fund was £23,192 {2023 - £123,512)- The net expenditure l {in¢ome) is deducted from l {added lol th8 unreslricled general fund and the balance of the fund is available for di51ribution. Al 31 March 2025 the balance of the fund was £180,197 (2024 - £203.389). 970A of lolal oulgoings were attributed lo charitable expendtture12024- 97¥0). Investment safe custody charges of £17.776 12024 £16,651) and net losses on investments of £855,13112024- gains £934.565) are charged lor credited) lo the endowed caprtal fund in accordance with the Charity Commission's Statement of Recommended Practice. The balance of Ihg endowed Capital fund a131 March 2025 was £13.864,574 (2024 £14.737.481). Queen Mary's Roehamplon Trust Trustee$. report Year to 31 March 2025 FINANCIAL REVIEW (Gonlinued) Reserves policy It is the Trustees. wlicy to maintain a level of free ￿SeNeS necessary to meet any sudden and unforeseen needs of Trust beneficiaries and to enable the Trust's level of support for beneficiaries lo be maintained in any year when income falls below expectations. Al present. the Trustees jLKlge the appropriate level of such reserves to be in the region of £50,000 to £100,000. Where tt becomes necessary to use up any of these reseNe$, the aim is lo restore them to the desired level as soon as practicable. INhere the Trust's accumulated it￿OMe reserves exceed the desired level, the Trustees seek lo disburse the excess by way of grants to beneficiaries. At 31 March 2025 the free res8rves of the Trust were above Ihe desired levd. at £180,197 {2024- £203,389}. Golng concom The Trustees have assessed the posllion of the charity as a going corKern in preparing this report and financial statements and have made this assessment in respect to a period of one yearfrom the date of approval of these acGount¥. based on the expected level of activty during 2025126. The charity had nel current assets al 31st March 2025 and slgntficanl fixed asset investments which can be converted lo cash if necessary in order lo meet future grant commllmenls as or when they are made. FUTURE PLANS 11 Is widely accepted Ihat a prlncipal role of Govemment is to ensure the safety of its cltizens and secure the country from fO￿Ign Interference or hostile action. Thus, the need for Amied Forces In pursull of defence of the Gountry is enduring, for the foreseeable future at least. To that end Ihe Trustees feel Ihe need for charitable support for those who have served in the Armed Forces and have been injured or disabled {be it mental or physical Injury) arh their depeThJents will remain in perpeluity. On the one hand, those who have served and are Ilkely lo see service in the Armed Forces will continue lo decllne in future years,. on the other hand, the c¥>sl arKI complexity of suwort to individuals is likely to conlinue to rise. Historically, the costs of medical support and soclal care have tended lo outpace the general rate of Inflation by a significant margin and the is no suggestion that this tenéency is likely to change. Sel against such a background, Trustees are minded to ¢ontinue to support organisations which provide services to individuals who fall within the objects of th8 Charity, to the extent that the financial resources will allow. Thus, the Trustees intend to manage the Trusys income through the proper and Ptudenl investment poliC￿S whilst maintaining the value of the endowment. The governing dwjment includes spe¢rfi¢ referen￿ to those Persons who served in the mercantile marine or in any service established under the Civil Defence Acts 1937 and 1939 and who were disabled in such service and the vvidows and other dependants of such persons. within the range of beneficiaries. The Civil Defence Acts concemed were repealed in 1949 and so the youngest potential beneficiaries under this clause W￿ld now be 94 years of age. Thus, the TrLJslees are consciou5 that in ihe near future, it would be apwoprrate to seek approval fiom the Charity Commission to amend the charitable object accordingly. Queen Mary's Roehampton Trust Trustees, roport Year to 31 March 2025 FUTURE PLANS leontinuedl In a glob21 sense, the conlinuir7g political uncertainty has seen growing inllalion with increases in the general cost of living. Not surprisingly this has geen a general increase in unsolicited approaches from charitles for financial support, albeit many do r￿t meet the restricted charitable object. Even so, the Trustees expect lo see 8 corresponding Increase in demand for support lo our eligible benefici8ry organisations. This rs likely lo remaln a theme in the short-18rm although the longer-lerm is somewhat less predictable. When Considering applications for support the Trustees will continue to focus their priority to those organisations that provide support lo eligible beneficiaries who *e most in need. To this end, the application fomi and Grants Policy will continue lo t* reviewed on a regular basis ensuring the most effeclive use of the Trust's in¢ome. Conscious loo of the in¢reasing demand for impact reporting. the Trustees are minded lo include relevant inforniation from those organisalions that have had the benefit of financial support from the Trust. Signed on behaK of the Trustees.. Air Marshal Sir Barry Thornton KCB R4F Chairman Appmved by the Trustees on: Queen Mary's Roehamplon Trust 10 Inde￿nd¢nt audltor'8 ro1>Qrt Year to 31 Mar¢h 2025 Independent audllorfs report to the tru8tees of Queen Mary's Roehampton Trust Oplnlon We have audited the accounts of Queen Mary's Roehampton Trust (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial aclwities. the balance sheel. the statement of cash flows. the principal accounting policies and the notes lo the accounts. The financial reporting framework thgt has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Ac£epled Accounting Practice). In our opinion, the accounts.. • give a true and fair view ot the 5ts1e of the charity's affairs as at 31 March 2025 and of Ils income anfj expendilure for the year then ended. • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and • have been prepared Sn accordance with the requirements of the Charities Act 2011. Basls for oplnlon We condwted our audit in aCCordar￿e with International Standards on Auditing {UKI IISAS (UKII and appli¢able law. Our responsibilities under those standards are further described in the auditc*'s responsibilib'es for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirernenls that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard. and we have fulfilkd our other ethiGal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going con¢om In auditing the accounts. we have concluded that the Iru$tee$' use of the going concem basis of accounting in the weparalw)n of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions that. individually or collectively, may cast SIgn￿lCant doubt on the charity's ability to continue as a going concem for 8 period of at least twelve months from when the accoL+nts we authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concgrn are described in the relevant sections of this report. Queen Mary's Ro8hamplon Trust 11 Ind8pendont audltoffs report Year to 31 March 2025 Othor information The trustees are responsible for the other irrformation. The other information wmprises the information included in the annual report and accounts other than the accounts and our audilorfs report thèreon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion Iher80n. In connection with our audit of the accounts. our responsibility is to read the other information and. in doing so, Gonsider whether the other infomiation is materially inconsistent with Ihe S￿OuntS or our knowledge obtained in the audit or otherwise appears lo be materially misstated. W we identify such material inconsi$tenThes or apparent material misstatements, we are required lo determine whether there is a material mi5Stalemenl in the accounts or a material misstatement of the other information. If, bas&d on the work we have performed, we conclude Ihal there Is 2 material misstatement of this other Information. we are required to report that fact. We have nothlrrfJ lo report in this regard. Matters on whlch we are requlred to roport by oXGePtlon We have nothlng lo report in respect of the following matters in relation to wh￿h the Charities Act 2011 requires us lo report to you rf. in our opinion.. • the informatr'on given in the trustees, annual report is inconsislenl in any rroterial respe¢t th the accounl$' or • sUffic￿nt accounts'ng records have not been kept,. or the accounts are not in agreement with the accounting records and returns,. or • we have not received all the infomiallon and explanations we requlre for wr audit. Ra#ponsiblllti8s of tn15toes As explained more fully in the trustees, responsibililies statement, the trustees are reS￿nSIble for the preparation of the accounts and for being satisfied that they give a true and fair view. and for Such intemal control as the InJstee$ determine is necessary to enable the preparation of accounts that are free from material misstalemenl, whether due lo fraud or grior. In preparing the accounts, the trustees are responsible for assessing the charrty's ability to continue 85 a going concern, disdosing, a5 applicable, matters related to going concern and uslng the going concern basis of accounting unless the Iwslees either intend lo liquidate the charity or lo cease operations, or have no realistic alternalNe bul lo do so. Queen Mary's Roehampton Trust 12 Independent auditor's report Year to 31 March 2025 Audltof5 responsibllttles for the audlt of the account8 Our objectives are lo obtain reasonable assurance about whether the a¢¢ounts as a whole ara free from material m5sstalement. whether due to fraud or error, and lo issue an auditorfs report that indudes our opinion. Reasona￿e assurance is a high level of assurance. bul 15 nol a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstslement when il exists. Misststemenls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expecled to influence the e¢0￿Mi¢ de(Asions of users taken on the basis of these accounts. Irregularities, incI￿ling fraud. are instances of non-comtdiance with laws and regulations. We design wocedures in lir￿ with our responsibilities. outlined above. to d&tecl material misstatement$ in respect of irregularities, including fraud. The 8xlent to wh￿h our procedures are capable of detecting irregularities, including fraud is detaiied b810w: Our approach to idenlfying and assgssing the risks of material misstalemenl in respect of irregularities, induding fraud and r￿)n￿OmplIance with laws and regulatior￿, was as follows". • Ihe engagement partner ensured that the eng&3ement team collectively had the appropriate competerts, capabilities and gkllls to klentify or recognise non-compliance with applicatde laws and regulations,. and • we obtained an understanding of the legal and regulatory frameworks Ihal are applicable to the charity and determined that Ihe most significant framewc4*s which are directly relevant lo specific assertions in Ihe financi81 ststemenls are those that relate lo the reporting framework {Statement of Recommended Pracli¢e'. Accounting and Reporting by Charf(ies preparing their accounts in accordancewith the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011). We assessed the susceptibility of the charity'5 financial statements to material misstatement. including obtaining an understatmllng of how fraud might occur, by.. • making enquirieg of management 8$ to thgir knowledge of actual, suspected and alleged fraud", and consKlering the internal Gontrols in place to miti'gate risks of fraud and nonvcompliance with laws and regulatiorts. To address the risk of fraud through management bias and override of controls, we: performed analylical procedures to idenlfy any unusual or unexpected relation5hip5 In response to the rigk of irregularities and Tr)n-complianc8 with laws and regulations, we de5ioned procedures which included, but were not Ilmiled to: • review of the minutes of meellngs of those ¢harged wlth governance" and ewuiring of manag8ment as to &tual xnd potential litigation and claims. Queen Mary's Roehampton Trust 13 Indel￿dent audltovs report Year lo 31 MarGh 2025 Audttor's responslbilitie8 for the audit of the accounts (continued) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to identrfy nonwcompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal cor￿SpOndence, rf any. Material misstslements that arise due lo fraud can be harder lo detect than those that arise from error as they may Involve deliberate concealment or collusion. A further descripli)n of our responsibilities for the audit of the accounts is lO￿ted on Ihg Financial Reporting Council's website al www.frc.org.ukJaudilorsresponsibililies. This description forms part of our auditorfs report. U8• of our roport This report is made solety to the charity's trustees, as a body, in acKordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required lo stale to them in an auditorfs report and for no other purpose. To the fullest extent permilled by law. we do not accept or assume responsibility lo anyone other than the Charity and the charity's trustees as a body, for our audit work, for this report, or for th8 opinions we have fomed. Charllon Baker {Bristoll Ltd Eden Business Park, 61 Macrae Road. 1st Floor, Ham Green, Bristol, BS20 ODD Date.. Charllon Baker (Bristol) Ltd is ellgible to act as an audilcff Sn temis of stttton 1212 of the Companies Act 2006 Queen Mary's Roehampton Trust 14 ststemenl of flnanclal actlvltles Year to 31 March 2025 End¢wMgnt Unrestricted fund8 funds Total Endowm•)t Unrestrict&J 2025 funds funts Total 2024 )tes h)corn• and eThJoMTh•nts Irom: Inveslrnents Totsl income 478,857 478.857 471857 478,857 532,591 5Y2.591 532,591 532.591 Expondlturo on: Ralslng furK1s . Inves1T￿t marogernnt C4)sts Charitable activitie5 Total 0X￿ndIt￿N 17.776 17.776 502,049 519,825 16.651 16,651 409,079 425.730 502,049 501049 409,079 409.079 IT.776 16,651 Net lexpenditUfEI in¢om• b•for• In¥•stm•nt {17.776) 123,1921 140,968} 116.6511 1rJ.512 106.861 Net Ik)ssesygaths on investments Net Income {exp•ndltur•l and net movement In funds (855.131) {854131} 934.565 934.565 (87190n {23,1921 (891099) 917,914 123.512 1.041.426 Recon¢lllallon of fundg: Fund balances brought forward at 1 Aprll 2024 FuThJ balan￿ carrigj forvard at 31 Mard) 2￿25 14,737.481 203.389 14.940.870 13,819,567 79,877 13,699,444 13.864.574 180,197 14.044.771 14,737.481 203.389 14.940.870 The statement of financial a¢tivrlie$ includes all galns and losses reccgnlsed in the year. All of the Trust's activities derived from Continuing operatKJns during the above tsvo financial periods. Queen Mary's Roehampton Trust 15 Balance sheèt as al 31 March 2025 2025 2025 ?￿24 2024 Flx•d assets Investments 13,890,260 14,763.149 Current ass•ts Cash al b*k and ir7 hand Tt)tal current a85•ts 161,231 161,231 184,141 184.141 Credltorn.- amounts falling dua thin one yèar 10 (6.720) {6.4201 Not current 888ets 154,511 177,721 Total n•t •¥sots 14.044.771 14,940,870 The funds ot the charlty: Endowrn8nt funds Unr88tricted fvnds . General fund 12 13.8e4,S74 14.737.481 180,197 203,389 Total charity funds 14,044.771 14.940.870 Approved by th8 Trustee5 and srgned on their behalf by.. Air Marshal Sir Bary Thomlon KCB RAF Trustee Approved on.. lols Queen Mary's Roehamplon Trust 16 Statèrnènt of cash flows 31 March 2025 2025 2024 Notes Cash fftow$ from opèrating actlvltl•s: N8t cash used In operatlng ￿tivitieS A ($37.788) {427,0811 C￿h flow¥ from invoJting •¢tlvltlu: Cash dividends and int8r8st fr(￿ investments Sale of investments Net cash pro¥lded by Invwtlng actlvltles 478.858 36,000 514.858 532.591 17.459 550.050 ¢hangfy In ca6h and cash oqulvalents In ¢h• y•8r (22.910) 122,989 Cash and cash equlvalents at 1 April 2024 184.141 61,152 Cash and ¢ash • ulval•nts at 31 March 2025 161,231 184.141 Notes to the statement of cash flows for the year to 31 March 2025 A R¢conclllatSon of net movement in funds to n•t cash US￿ In op•ratlng activiti•s 2025 2024 Nèt movement kn funds {as per the stat•ment of ffinanci81 #¢tl¥ltle$l (896.0991 1,041,426 Adjustments for: Losse$ I (Gain$} on Inv¢$tments Other movements on inveslmonl8 Divid&nds and interest from investments Increase I IdeGrpa$81 in ¢redilors Not ¢a8h u$•d In opèratlng actlvltlo$ 855.131 1934.5681 118.2421 16081 (478.8581 1532,591} 300 17201 (537,7881 1427.0611 B Analysis of cash and cash Èquivalents and movement In net debt 2024 Cash flows 2025 Cash at bank and in hand Total cash and c4¥h oquivalgnts 184,141 184,141 122.9101 122.9101 161,231 161,231 Queen Mary's Roehampton Trust 17 Princlpal accounting pol1cl￿ 31 March 2025 ACCOUNTING POLICIES Thg principal accounting policies adopted, judgements and key sources of estimation uncertainty in Ihe preparation of the financial statements are laid oijl below. Basis of preparatlon These financial statements have be&n prepared for the year lo 31 March 2025. The financial slatemenls have been prepared underthe historfcal cost convention wrth items recognised at cost or transaction value unless otherwise staled in the relevant accounting policies below or the noles lo these accounts. The financial statements have been wep8red in aceordancè with A￿OUntIng and Re[￿rtIng by Charities: Statement of Re¢ommenéed Practice 8PF4icable to charilEs preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 1021 (Charities SORP FRS 1021, the Financial Reporting Standaid applicable in the UK and Rewblic of Ireland (FRS 102) and the Charities Act 2011. The charity conslitule$ a publiG benefft entity as defined by FRS 102. The financial statements a￿ presented in sterling and are ri)unded to Ihe nearest pound. Critical accounting estlmates and areas of ludgement There are no significant areas of judgement or key assumptions that affect Items in thg financial statements. With respect lo the next reporting period, the most signtficant areas of uncertainty are the carrying value of investment assets held by Ihe charity, whioh will depend on the performance of investment markets and the investment income from these assets. Assossment of going concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. Th8 trustees have made this assessment in respe lo a p8riod of one year from the dale of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast signrficant doubt on the ability of the charity to continue as a golng concern. The trustees are of the opinion that the charity wlll have sufficient resources lo meet ils liabilities as they fall due. This is because the value of assets held by the charity is very materially in excess of the liabilities of the charity and the level of commitments in respect of grants approved for projècts payable in future years. The most significant area8 of judgement that affect items in the financial slalemenls are detailed above. With regard lo the next accounting peryod. the year ending 31 March 2026. the most significant a￿8$ that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets l¥ee the investment policy and the risk management sections of the trustees, report tor rn0￿ Informal￿n). Queen Mary's Roehampton Trust 18 Prlnclpal ac¢ountlng poli¢ie$ 31 Mar¢h 2025 Income recognition Income is recognised in the period in which the charity has enlillement lo the income, the am¢unl of income ean be meaSU￿d reliabty and 4t Is sxobable that the Income wlll be received. Income comprise5 interest receiv8ble and investment income. All income is accounted on an ac¢fuals basis in accordance wilh the conditions of the SORP. Investment income from listed investments is recognised 0￿6 the income has been declared and nolificallon has been recelved of the amount due. Inte￿$1 on fvnds held on depo$lt is Inoluded when recelvable and the amount can b8 measured reliably by the charity., this is rK)rmally upon notrfi¢ation of Ihe intewt paid payable by the bank. Expgndlturg rgcognltlon Liabilities are recognised as expenditure as soon as there is a legal or GonstnKtive obligallon commlttlng the charty to make a payment to a third party, il is probable that a transfer of economic benefits will be requir￿ in settlemenl and the amount of the Ot￿lgatIOn can be measured reliably. All exp8nditure is accounted for on an accnjals basis and inclu(les attributable VAT whiGh ¢annol be recovered. ExpendtLur8 comprises direct costs and support costs. All expendttur8, inducSing support costs, is allocated or apportioned to the applicable expenditure headings. Expenditure comprises the followng.. Expendrture on raising funds includes the fees payable to the investment managers in ¢onne¢lion wilh the management of the ch8nty's investments. b. Expenditure on Charitable actwities comprises grants payable to relieve persons who are in need of 8SSlSt8nce who seNed in any of the am)ed forces of the Crovm or In the mercantlle marlne or In any Service established under the Civil Defence Acts 1937 and 1939 and who were dlsabled In such service and their dependants, together with the Gosl of administering the grant programme. Grants payable are included in the statement of financial a¢livities when approved and when the intended recipient has eilher recewed the funds or been informed of the decision to make the grant and has satisfied all related conditions. Allocation of support and governance eosts Support costs represent indirect oharitable expenditure. In order lo carry out the object of the charty il is necess8ry to provide support in th8 form of financial and governance procedures, provision of office seNices 2nd equipment and a suitable working environment. Govemar)ce costs comprise the costs Involving the publK accountability of the charity (including audtt costs) and costs in respect to its GomplianGe with regulalion and good practice. Queen Mary's Roehamplon Trust 19 Prlncipal accounting poll¢los 31 March 2025 Support costs and governance costs are allocated lo Ihe charty's single charitable activity as any apportionment behveen expendittjre on raising funds and charitable activities would be immaterial. Investrnonts Listed inv8slments are a form of basic financial instrument and are initially re¢ognised at their transaction value and subsequently measured al their fair value as atthe balance sheet date using the closing quoted rnarket priGe. The ¢harily does not acquire pul options, derivatives or other complex financial instruments. Reallsed gains (or108sesl on investment assets are calculated as the drfferen¢e be￿een disposal proceeds and their opening carrying value or their purchase value if a(4uired subseqwnl to Ihe first day of the financial year. Unrealised gains (or losses) are calculated as the drfFeren¢e be￿een the fair value al the year end and their carryirrfa value al that d81e. Realised and unrealised investment gains lor losses) are combined in Ihe statement of financial activities and are ¢redil8d (or debited) in the year in which they arise. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider econom￿ conditions, the allilude of investors to investment risk, and changes in sentiment conceming equities within particular sectors or sub sectors. DobtOf5 Debtors are recoanised al their settlement amount, le$5 any provision for non-recoverability. Prepayments are valued al the amount prepaid. They have been discounted to the present value of the future cash receipl where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are aVaila￿e on demand or have a maturity of less than three months from the dale of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Credltors and provlslon8 Credilors and wovisions 8re recognised when there is an obligatlon at the balance sheet date as a ￿$￿11 of a past event, il is probable that a transfer of economlc bengfil will be required in settlement, and the amount of the selllement can be estimated r4iably. Creditors and provisions are racognised at the amount the charity anticipates il will pay lo settle the debt. They have been discounted lo the present value of the future cash payment whe 5uGh discounling is m8terial. Fund accounting The unreslricled funds represent funds available for the general charitable purposes of the Trust al the discretion of the Trustee5. The endowmenl fund comprises monles which must be held indefinitely as capilal. The income therefrom Can be used for general purposes and Is credited dlrectw to unrestriclgd funds. Queen Mary's Roeh8mpton Trust 20 Notes to thè flnanclal statements 31 March 2025 1 Income from Investments Unrestrfcted and total funds 2025 Unrestricted and total funds 2024 Income from Ilsted inv8strnents 478.857 478.857 532,591 532,591 2 Expondilure on raising funds Endowmont Endowment and total 8nd total fvnds funds 2025 2024 Investment manager Gosts 17.778 16,651 3 Expendlture cn charftable a¢tlvltle8 UnrÈstricted and to funds 2025 Unrestricted and lotsl funds 2024 Grant• payablg (not8 41 Support CO815 (note 5) Grants payabla Inote 4} Support costs IrK)te 51 Grant making athVit￿$ 462,000 40,049 502,049 373,520 35,559 409,079 Queen Mary's Roehampton Trust 21 Not￿ to tho flnanclal 8tatèmonts 31 March 2025 4 Grants payable Unr•8trlcted Unrsstrioted and to¢al and totEI funds funds 2025 2024 Royal British Legion Indiolries- roulina gxperKllture aThJ rg11gf wo BroU￿tOn Hous9- ro￿lne exp8nditure and relief work Cornb31 Stress~ in suppJrtof th& Community Mental H8allh Programme for digible teneffa8rt85 Ers￿n0 HospStAI- routs.ne exp&nditure ￿lief work Poppy F8Ctory- In SUPF)Qrt of the 'Get You Back to WoA(' programme for eligible beneficiarYe5 Stoll Iprevk)usly Sir oswa￿ Stoll Foundationl- routine eXpend￿Jre aThJ rglief work 81esma Th8 Limbless Vet¢r8ns- in support of roub're expend¥tur8 aryl relief WO￿ for eligible benefriaries Defen￿ Medkal WeWar8 SeTvlc•- routs'ne ￿pendItur6 and reliel wo The'Not Forgotten. Assoaa*'on- routine &xpgnditure and relipf work RO￿al Commonweallh Ex-SgNc*s League- routine expenditure and ra19l￿rkfOr eligible beneficiaries Soldlers, Saik)rs. Airmen Families A8sociatk)n- routine exp&nditur8 and ￿lie1 wowk Gurkha Wetfare Trust-weware supwrt to gliglble pensionarg and in supw)rt of theSrt*t) o¥re IKJmes In Me￿1 S¢J)tbsh Veterans, ResKIen￿$- repair and Maintenan￿ work LaurKh p8d- routine expendrlure and relief work Royal Navy and Roytl Marine chik1￿￿'S Fund - rc#Jtlna èxpenditure arKI elief work Spnal Injuri85 Assoclation- routine expe￿￿ti and rell8f ￿￿)rk Nation81 Guwvetetans and Fam11￿$ Association- roulne expènditu￿ an rdi9f work Wings for Warriors Tum to StarboaT Roy81 Star arn1 Garter Fk)rnes Veterans Outr8ach Supwrt- llxrtine expentjtture and rellef Iliarn Simpson's Home. StirfiNJ- ￿utIne gxpendllur• relief work in support ofeloiNe bengfuaries RAFAssocrdtion- towards convgr¥ion of EaStr￿uMe Branch aub Royal Ho$pi¢al Chelsea Royal ￿fIed SeafaF¢rs Caro for Veterans- in supwrt of routine expendrtvre and ￿lief work BMWH- towards tha building of new bungaknws On Cours8 FoundatKJn- mutine expenditure and r81ief wod( Horsaback UK- rouUnÈ exp￿Ilu￿ an¢J reli81 work - In support ofa Sm￿1 number of nam￿1 welfare p8n$K)nws VOS- routme expenrjitU￿ and 5UPPOrt for eligi￿e bgneficlarios Total grani8 payabl• to Imiitution 35,000 25,000 35.CKK) 15.000 30.000 1S.000 30.000 30,000 30.000 30.0 20.000 20,000 25,01>0 35.000 15,000 30,0(X) 25.000 15,1)00 20,000 25.000 25,WO 15,000 10,OttO 10.000 10,000 5.000 10,000 5.ofKJ 10,0(K> 15.000 8,0￿j 5,000 5.000 10,000 7,0(K) 12,000 25,000 10.000 s,000 5,500 35,000 5.0110 10,000 14.500 12,1100 462,000 10.000 5.520 21,CilO 5.¢X)O 373,520 Queen Mary's Roehampton Trust 22 Notes to tho flnanclal statements 31 March 2025 5 Support costs unrestrict￿ Unrèstricted and total and totsl funds funds 2025 2024 Staff costs (note 71 Govemance costs Other ¢￿t5 27.825 9,662 2,562 25,707 7.881 1,971 35,559 6 Not exp•nditur• for tho y•ar bofore net investment gain8 Thls Is slated after charging.. 2025 2024 Au¢Jitorf$ remuneration . Audit fee8 8.720 6,420 7 Staff Gosts and rornunoration of key management personnel 202$ 2024 Salaries arKI wages Pen￿on contributions 25,175 2,650 27.825 24,438 1,269 25.707 No employee eamed £60,IJOO or more in the year (2024- none). The averag8 number of employees during the year was 1 {2024- 1). The key management personnel of the Gharty in charge of directing and controlling, running and operating the charty on a day to day basis ¢ompri$e the trustees and the Clerk to the truslees. The total remuneration linduding taxable benefits and employer's pension contributions) of the key management personnel for the year was £27,82512024- £25,707). No remuneration or other benefits have been pa￿d or are payable lo any Truste8 or person conn￿ted with such a Trustee directly or indirectly from the furKls of the Trust in the year 12024- none). During the year the Trust reimbur$ed to 9 Trustees 12024 - 6) travel, subsisten¢e and meeting expenses of £2.94212024- £1,461 }. 8 Taxatlon Queen Mary's Roehampton Trust Is a registeT8d charity and therefore 15 nol liable to income tax or capital gains lax on inwme derived from ils charitable activities, as it falls within the various exemptions available lo registered charities. Queen Mary's Roehampton Trust 23 Not08 to the financial statements 31 March 2025 9 Inv05tm•nts 2025 2024 Market valua at 1 Aprfl 2024 Addilions at cost Disposals Unreallsed investmènt Ilossesll gains Market valu8 al 31 Marth 2025 Cash held by investrnent managèrs for ro-rrwestment 14,762,168 13.845,063 136,000) 117,459) 1855,131 934.565 13,871.037 14,762.168 19,223 13,890,260 14,763,149 Hthjrical cost of InYe8tm8nts at 31 March 2025 14,SSS,179 14,581,575 Al 31 March 2025, the charty's investments comprised holdings in UK Mulli-Asset Holding Unil Trusts onty. 10 Creditors: amounts falling due wilhln one year 2025 2024 Accruals 6,720 6,720 6.420 6.420 11 Related party transactlon8 All Trustees are required lo ¢Je¢lare any inlerests they may have with organisations that a applying for support at every meeting. The following Trustees were also trustegs of, or connecled with, other voluntary organisalions which received grants and donations from Queen Mary's Roehampton Trust during the year &nded 31 March 2025: Amount 2025 Tnffjtee Voluntary organI￿lI￿n Defence M￿11¢81 Wa￿alé Servic Stt)Ibsh Vet8rans ReskJeW￿eS M8iurJames J Ma¢namara Rak85h Bhabutta 35.000 10.000 Arr#)unt 2024 Trustee Voluntsry organtsation D6fen¢e Medical Wamare Service Scottlsh Veterans Resvjences Major J3rn8s J Mxnamafd Rakesh 8h*)utta 30.000 Queen Mary's Roehampton Trust 24 Notos to tho financlal statgments 31 March 2025 12 Endowment funds Atl Exp•ndituro. galns and 10886$ At31 Mar¢h 2025 2024 Incomo Endowment fiJnd$ 14.737,481 1872,9071 13,884.574 All Expenditure, gains and losses At31 A4arGh 2024 2023 Endowment funds 13,819,567 917.914 14,737.481 The endowment ￿nd of the charity derives originally from the sale of real estate, the proceeds of which were invested. It is, therefore. not available for distribution by the Trustees. 13 Analysis of n•t asset8 botwgen funds UnmJtrict•d general fund Total funds 2025 Endowment funds Fund balanc08 at 31 Mar¢h 2025 ar• répresent￿ by: Investments Current assets Creditors.. am￿nts faling within one year Total net assats 13,864.574 25,686 14890.280 161,231 161,231 18.720 18,720 180,197 14,044,771 13,864,574 Unr8stiid8d gener81 fund Total funds 2024 Endowment funds Fund ba18rJGes at 31 M8rch 2024 are r8pTrsented by.. Inv8$tments Current asse¢s Creditors.. amunl$ ￿thIn tNJè year Totalngtassels 14, 737,481 25,668 14,763. 149 184.141 184.141 (6,420) (6.420) 203.389 14,940.870 14.737.481 Queen Mary's Roahampton Trust 25