THE ROYAL NAVY TROPHY FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS
For Period
1 April 2024 to 31 March 2025
Registered Charity No. 246917
Trustees’ Annual Report and Comments
Royal Navy Trophy Fund
| Charity Registered No: | 246917 |
|---|---|
| Covering the Accounting Year: | 1 April 2024 to 31 March 2025 |
| Address: | Neptune Block |
| HMS NELSON | |
| HMNB Portsmouth | |
| Portsmouth PO1 3HH | |
| Governing Document: | Constitution |
| Objects: | To promote the efficiency of the Royal Navy and UK Armed |
| Forces and to advance education in the history of the Armed | |
| Forces and armed conflict by: | |
| (a) the establishment and maintenance of a collection of items | |
| of cultural, significant and renowned interest to the Royal Navy | |
| and to selected non-military organisations, for the promotion of | |
| the history and future of the Royal Navy and Defence | |
| Engagement in the UK and around the world. | |
| (b) the preservation, maintenance and repair of articles of | |
| historic interest. | |
| Trustees: | Commodore Marcel Rosenburg Royal Navy |
| Captain Lee McLocklan Royal Navy | |
| Mr Stephen Prince | |
| WO1 Nick Kent Royal Navy | |
| CSgt Robert Binnie Royal Marines | |
| Trustee selection method: | Trustees are appointed as additional roles to their assignments in |
| the Naval Service. | |
| Bankers: | RBS Holts |
| Independent Examiner: | P A NichollsMBE MAAT |
| 5 Nursery Road | |
| Havant | |
| Hants PO9 3BG | |
| Activities and Achievements: | The Trustees approved expenditure on paintings of King |
| Charles III, the Chief of the Defence Staff and the First Sea | |
| Lord as well as the acquisition of centrepieces for newly | |
| commissioned ships. Old trophies are being sold in a slow, | |
| deliberate and conscientious manner. Repairs to damaged | |
| trophies continue. | |
| Financial Review: | The fund was worth £27.25M of which nearly £311.4K was held |
| in bank and deposit accounts. |
The total value of trophies was £26.93M, an increase of £1.02M over the year. The main reasons for the increase were:
• £493K uplift in the value of the Fort Blockhouse Wylie murals.
- £563K uplift in the values of other trophies.
Investment Selection Policy: No investments are currently held but this is under review. Financial Reserves Policy: The Trustees have considered the level of reserves to retain, appropriate to the charity’s needs. These will be held in the deposit accounts with a value in the range of £200K to £250K. This will cover the fund if there is no income in 12 months and will also pay for capital projects. The Trustees aim to ensure that the charity will be able to fulfil its charitable objectives even if there is a temporary shortfall in income and unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
Grant Policy: Makes grants to individuals and ships alongside in Portsmouth. Risk Assessment: The Trustees review the major risks to which the charity is exposed, and systems have been established to manage those risks and believe that by maintaining the free reserves stated it will provide sufficient resources in the event of adverse conditions.
Public Benefit Statement: This fund provides public benefit by the establishment and maintenance of a collection of items of cultural, significant and renowned interest to the Royal Navy and to other selected organisations. In addition, the preservation, maintenance and repair of articles of historic interest. As a result, the fund promotes the efficiency of the Armed Forces of the Crown by enhancing the Royal Navy’s and Royal Marines’ capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests.
I confirm that I have paid due regard to the Charity Commission of England and Wales’s guidance on public benefit when deciding what activities the charity should undertake.
Declaration:
I declare, in my capacity of Charity Trustee, that I have approved the above report.
Signature Signed on Original Name Captain L McLocklan Royal Navy. Appointment Trustee Date 9 May 2025
RN TROPHY FUND
Registered Charity 246917
STATEMENT OF ASSETS AND LIABILITIES
31-Mar-25
| Assets Fixed Assets Notes Trophies 5 Fund Property Total Fixed Assets Current Assets RBS Holts Current Account Barclays Current Account Charities Deposit Account Petty Cash Misc Debtors & Prepayments 3 Total Current Assets Current Liabilities R Martin Gallery Account Examination Net Current Assets Net Assets Represented by: General Purposes Fund Commissioning Grants Fund 4 |
26,932,899.10 £ 69.00 £ |
25,911,962.00 £ 69.00 £ 26,932,968.10 £ 25,912,031.00 £ 53,513.76 £ 176,308.24 £ 108,838.57 £ 33.00 £ 10,322.20 £ 349,015.77 £ 1,446.00 £ 180.00 £ 1,626.00 £ 321,672.57 £ 347,389.77 £ 27,254,640.67 £ 26,259,420.77 £ 27,210,340.67 £ 26,191,920.77 £ 44,300.00 £ 67,500.00 £ 27,254,640.67 £ 26,259,420.77 £ 31-Mar-24 |
25,911,962.00 £ 69.00 £ 26,932,968.10 £ 25,912,031.00 £ 53,513.76 £ 176,308.24 £ 108,838.57 £ 33.00 £ 10,322.20 £ 349,015.77 £ 1,446.00 £ 180.00 £ 1,626.00 £ 321,672.57 £ 347,389.77 £ 27,254,640.67 £ 26,259,420.77 £ 27,210,340.67 £ 26,191,920.77 £ 44,300.00 £ 67,500.00 £ 27,254,640.67 £ 26,259,420.77 £ 31-Mar-24 |
|---|---|---|---|
| 197,585.10 £ - £ 113,765.07 £ 33.00 £ 10,489.40 £ |
|||
| 321,872.57 £ - £ 200.00 £ |
|||
| 200.00 £ |
|||
| 26,259,420.77 £ |
|||
| 26,191,920.77 £ 67,500.00 £ |
|||
| 26,259,420.77 £ |
Approved on 9 May 2025
Signed on Original
Captain L McLocklan Royal Navy Trustee
1
RN TROPHY FUND
Receipts and Payments Summary
1 Apr 24 - 31 Mar 25
| Investment Account Area Receipts Deposit Account Interest Payments Silver Purchases - £ Picture/Painting Purchases 27,791.12 £ Payments exceed Receipts General Hire Account Area Receipts Hire Fees 54,404.24 £ Payments Silver Repairs 11,860.52 £ Painting Repairs 19,116.35 £ Other Repairs 435.73 £ BRNC Gun Restoration 8,208.00 £ Insurance 7,392.35 £ Insurance Valuations 900.00 £ Book Binding - £ Trustees Meeting - £ Office Items 205.00 £ Branding 9,252.00 £ Shipping 394.83 £ Travel 173.97 £ Refund - Trophies Found 536.27 £ Miscellaneous 15.00 £ Account Examinations 360.00 £ Payments exceed Receipts Receipts exceed Payments Bank & Cash Balances @ 1 Apr 24 Investment Area - Payments exceed Receipts General Hire Area - Payments exceed Receipts Bank, & Cash Balances @ 31 Mar 25 |
4,926.50 £ 5,468.66 £ 9,000.00 £ 2,140.00 £ 27,791.12 £ 11,140.00 £ (22,864.62) £ (5,671.34) £ 44,923.42 £ 54,404.24 £ 44,923.42 £ 3,130.87 £ 2,305.45 £ 441.55 £ - £ 2,475.20 £ 480.00 £ 1,080.00 £ 16.13 £ - £ - £ - £ - £ 107.32 £ - £ 360.00 £ 58,850.02 £ 10,396.52 £ 4,445.78 £ 34,526.90 £ 338,693.57 £ (22,864.62) £ (4,445.78) £ 311,383.17 £ Previous Year |
4,926.50 £ 5,468.66 £ 9,000.00 £ 2,140.00 £ 27,791.12 £ 11,140.00 £ (22,864.62) £ (5,671.34) £ 44,923.42 £ 54,404.24 £ 44,923.42 £ 3,130.87 £ 2,305.45 £ 441.55 £ - £ 2,475.20 £ 480.00 £ 1,080.00 £ 16.13 £ - £ - £ - £ - £ 107.32 £ - £ 360.00 £ 58,850.02 £ 10,396.52 £ 4,445.78 £ 34,526.90 £ 338,693.57 £ (22,864.62) £ (4,445.78) £ 311,383.17 £ Previous Year |
|---|---|---|
| (5,671.34) £ |
||
| 44,923.42 £ 10,396.52 £ |
||
| 34,526.90 £ |
||
2
RN TROPHY FUND
Notes to the Accounts dated 31 Mar 25
Note 1 - Accounting Policy
The accounts have been prepared on a receipts and payments basis
Charity Law requires the Trustees to prepare financial statements for each financial year which comply with the regulations set out in the Charities Acts. The Trustees have elected to take advantage of the provisions that apply to small charities and have arranged for Receipts and Payments accounts and Statements of Assets and Liabilities to be prepared
Note 2 - Investments
None Held
Note 3 - Misc Debtors
| Outstanding 2260 Payments Outstanding Hire Payments CCLA Interest Mar 25 Insurance Prepaid |
5,749.39 £ 311.26 £ 422.75 £ 4,006.00 £ |
|---|---|
| 10,489.40 £ |
Note 4 - Commissioning and Other Grants
Funds set aside for the next 12 months for trophies and oil paintings for following ships and establishments. Up to £10,000 for new ships.
| HMS Venturer HMS Active Special Projects Recognition of Operations State Funeral & New Colour Presentation Paintings |
10,000.00 £ 10,000.00 £ 5,000.00 £ 2,500.00 £ 16,800.00 £ |
|---|---|
| 44,300.00 £ |
Note 5 - Trophies
It has been established that the trophies held are the property of the Royal Navy Trophy Fund. The Trophy Centre has control of all trophies but the bulk of trophies are held at other sites, which are responsible for security and insurance. The items held in the Trophy Centre are insured for £8,767,500 with £50,000 cover for items in transit.
Note 6 - Recycling
The Trophy Centre held an amount of items which cannot be issued on loan, many of which were for smoking related items. A provisional list of such items was prepared and the Trustees gave approval to write off items with a book value of £123.7K. These items will be sold for recycling in due course.
3
Independent Examiner’s Report to the Trustees of the Royal Navy Trophy Fund. (Registered Charity 246917)
I report on the accounts of the Charity for the year ended 31 March 2025 which are set out on three pages.
Responsibilities and basis report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”) and that an independent examination is needed.
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
The accounts did not accord with the accounting records;
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed on Original
P A Nicholls MBE MAAT 5 Nursery Road Havant Hants PO9 3BG
9 May 2025
INDExCert