Charlty number. 249882 Institution of Royal Englneer8 Tru8ts08' report and flnanclal 8tatamonts for th• year ended 31 Decembgr 2024 In8tltutlon of Royal Englneern Contents Pago Tru8taes' report Ref•ronce and adffllnl•trntl￿ d•tall• ollh• charlty, h8 tru8l•M and advliern Indep•fftd•nt audltoff• r•port 10-13 Statsrnont of Ilnanclal acllvltl 14 Balanc• •h•ot 15 8tat•m•nt of ca•h tlow• 16 Nots• to tho fln•n¢l•l •t•tem•nt• 17-29 Institutlon of Royal Englnee Trustees, Report Forthè year ended 31 D•c•mb•f 2024 The Trustees present the annual report and ts audiled financial statemerts ofthe Charity ts tho year endod 31 December 2024. The financlal slalements have been prepared in aGcord8nGe ￿th the arKounlin9 pollcle8 Set out al Note 1 to the accounts and compty with the Charity's Charter, lh• Chariti•$ Act 2011 and the CharfUes SORP FRS 102. Tru81ee8 con81der that In preparing these financial 5talemen15 they haveloken Into account all Infomiati¢M that could rea80nably be expected lo be available lin¢luding lèvels of rosefves held); thus, the going concem basi8 of accountsng is deemed appropriate and Ih•re are no materlal uncertaintlo8. OWECTIVES AND ACTivmES The OBJECT of the In8UluUon of Royal Enqlneerd, as ￿ out in It8 Royal Chartar and By&Law8 {Rev180d 2009), is to promote and advancg the science of Mllilary Englneerfng and to promote mllitary effidency, Pafts'cularly Ihg mllilary efficj'ency of the Corp8 of Royal Englne8rs. In furtheranGe of thi8 OBJECT the In8tilulion ha8 contlnued to: a. Pub118h a Joumai, and Supplemont lo the Joum81. to prfynote educallon ond to dl888mlnat• Infomi8tlon and advlc8,' b. Malntsin and dwelop a mu￿UM, Librory 8nd Ar¢hlv8', c. tho Mu8•um, Llbrary and Archlvè and all tha exhlblts. 8rtefa¢ts. medal•. ard book 0¢¢0881on8 lor th• bernfit of tho Museum, LIbr￿ and Arthlve.. d. Arrange lolnt profe181￿41 me8ting8 wlth other 1n8thut1￿$ and prole•*onal bodtes,. Admlnlster trust fiJnd8 In r￿nneCtIOn wllh award8 for a¢•daml¢ and mlllt8ry excellen￿ to offi¢ern and 8oldlor8', f. Rai80 funds by way of 8ub8crlptbn•, donatlon• ond othepwig0', g. Maintaln Napler House, the property of tho In•lltutl¢)n', h. Maintsln and develop profg85ional reglslralon wllh Engineerlng UK and the Englnogrtng Coundl al Engineering Tachnician, Incorpor81od Englneer, and Chartered Engineer level8'. l. Dovelop where posslble lolnt worklng practlce8 wlth the Royal Engln88r8 V¢xational Educalon Training TN8t IREVErri, (Charity Number 10887091, other In$tltullon8 and the R¢)yal School ol Mllllory Enginqgrlng Group. OBJECTIVES AND ACTIVITIE8 FOR THE PUBLIC BENEFIT The Tru8lee8 confimi that Ihoy hav8 had duo regard to the guld8n¢e wovidod by the Charlty CommlJ8ion for England and Wal•8 on public bgnefil 4*then roviwng the In8litution'$ alms and oblecllves, and In plannlng future actlvilies, and consider that they havo mel the requlrements In full measure. In partScular. The Royal Engineers Mu88um Library and Archlve 'Oeslgnated Collecilon,, which 18 trM)ed by the Instltulion, Is open lo the general public. In addition, the Royal Engineers Museum18 open to parbe8 of x*K)ol children, prov¢ding a doar wblb¢ bonéfft. b. The promotion of Its military 8fficIer￿ of the Royal Engineers is a matter of national importanco and publlc benefit. As 8 Licensed Member of the Englneering Council, the Institution lakes In the 8elf-regu18tion of the Engineering Profession, as aLthori¥ed by the Privy Council. and 80 tdbutes to that wlder publlc benefft. c. The education of Members of the Royal Engineèr8 Is also of publlc benefft, since the number of benefficiaries from the Regular Amiy. Reserve Army, and retired Members, represents an amply 8Lfflclent Pro￿rtIOn of the p¢Jpulace. Institullcn of Roy•l ETrJlnM Trustees, Report Icontlnued For the year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Aembership levds h*e remairwd bro8dty in fffle *tylh 2023 (t￿ 10.019 Members). *ilh the totsl number of Fell¢yws tHwng risen lo 196. Army Reserve memberthp has consolid8ted at 229. and th•r8 have been galns in the number of Retired Membws as mdNiduals have c¢¥npleted military Servtce arKI opbj to Contin￿ to be conneded lo the [r￿titutIon. Once again. mode& gains in Cr¥ill￿ memberstr￿p number5 have been observed, primarity due lo Senior Leaders reacfirKJ ¢xrt arvj recruitirvj Ukevmlnded Incltviduals illing to Sup1￿ the OBJECT of the Instilut¢ The business continwty processes. eStab￿.3hed in 2022 to M￿gate the impact of ary one Indmdual staff member being unable to perform thwr duties. tested arKI fouThd io be effective arKI remain ba¥ed on a staff pairirg ¥dvne. The B￿AnnUal Update remaingj popukr *ith Members arKI serves to remind indivldu81s htrAf ttsy aré ￿nked to the I￿￿tu￿On and of Royal Engineeis. whith have both been at the forefront of Military Eng'neering deveIown￿ts cwrturies. In tandem. the series of qLOrtwty social media posts have conlinued to PTo¥ide th8 a bmety reminder of the breath ofa¢Aivrty and membership benefits available. Key to Its enumgement strategy is pioxtiw commurricth"ons. namety to: a. Promote Mililary ENJirewNWJ thIW a(Jivth: i(wrt wokssi¢Jnal ft*etiNJ$. batuer*￿ Studie5, the provison of Mu￿rned￿9 matwwl and the hokling of debates. SuFWt Ihal has reminded b. Encourage individuals ( ¥Youps) to engage. Ixxtsibute ￿ cdlabLYale wilh Inststuts￿ to achieve rts 08JECT. *ith parttcular emphaw on h￿h qualrty thcjes in the Joumal., SF¥)nsor a broad range of events. eonftte￿. symFwa. and worksI￿p5 able to be delivered by the Corps of Royd Engineers. 4thiL%t erwring that key lessong from such meetinp are captured arKt made Wdilable to as Ylide ￿ a￿ller￿e as possible, arKJ st(Yed for fubjre sbjdy.. d. ContirKffj to be a ful￿ Indusi4t lewned b(* arxl d￿10￿$ c(Thidgr the requlrements ofdl Membw5, i￿lud[rWj min(ty goy. The Royal Engineers Museum, knlnry. and Arctii¥e Charity ('RE Museum')- a sq￿ra¢ety Registered Charity {Chaity Number 2951731 thoring some Tr￿ Board and GovemarKe dwuments as the Institut4?n- has again been Sup[*￿ arKI recwed annLHI grnnts totaling £64.5K. The RE Muse￿1 remains cffj track to be Co)Ve￿ into a Clk4rilabSe organisati￿ (CIO) Fourthtion. with a nv indeFendenl cons11t￿n and Trustee Bowd. The key CIO Foundation govemance d¢xuments wll comprise: cOnstKut￿ ofthg RE Museum CIO FoundalA)n. Collecti)n Loan Agreemert Relating to Ihe Loan of Ihe Coll8¢lw ofth8 lnStrfut￿ 0fRoy8lEngM￿￿. ￿ T￿￿Ag￿ement In￿p￿1Th. The Institution has continued to a￿sS candKlales ts all three thls of Professional Registration (Engineer Techniuan. Incorymvaled Engirw and Chartwed Ewrwr) under Licerse granted ty the Engineering Counul. Registrant levels have rw), tAith all Ihree categories meets.ng th￿r re5pectsve annual tary8ts. The Inslitubon continues to be proL•J lo be able lo offer Mernbers tr* oppwiunty lo attain a nationally recognised qu&ffication, whth demonstrates WOfess￿)n#l1SM and ccvnFetency of Military Engineer5 trained at the Royal Schod of Mdi18ry Erolnewing Grw. The totd Regislrants hekl in Ejecember was 1586.. cAmprising Charte￿d Ewneers {541, I￿)rp￿ts￿ Engineus174) arKI Engineeiing Technicians114581. A vilKant range ofevents were by th8 Insbtsrti￿ ttMI $panr￿ the Nllitary EryT￿ring spectrLm. The latest Chr￿1¢81 of the c￿$, histw~ The Hi&ory oftts cO￿S of Royal Enginee￿ Volume Xlll- Thg Yews oflnteThentK)ntsm andlhe Retum to ConliThJency- was putlishwj. NumercMJs professional development aclivities were delivered. irKluding a p)int wofe&sYMal methg 7Mlh the Inststutson of Civil Engineers to debats CrtKal N8tional Infiathk#uTr. a second Ventu￿ with Nati(Thl HwJhways Ihis time. discussed Lessons fffjm Geno8- Man8W the UnitedKingth's sP￿￿$t Cabk sUp￿t Btys, aThJ an inaugural meeting h8ld with the SocAety of Arneri￿n PAilit¥y Engireers ar#1 Ir•austy (R￿￿￿11. Jacobs. Stanlec, Mott MacD¢mald. Tetra Tech, Centrica. Wllmott Dixon. AECOM ) lo ¢￿sIder tr* Technul Ch8llanges OfArf￿ld En￿￿9817n9. The Military Engineering and Inncp4atton Prtte prcKluced higtrwL￿lty artides for the Joum81. the Institution wntinued to award prizes in rerngnilion of Mditary Engineering exCell￿￿e. and Ihe Royal Engineers Hisloric¥l Souety Or￿ apn S￿nSOred a series of highty infomative arKJ ed￿tIonal webinars. lThslllutlon ol Royal Engln••rs TrustW8' Report (contlnued) For th• year ended 311)Kembw 2024 FINANCIAL REVIEW InvMknMI Hou•e & Polky I Institution 1ftvestm￿ts have bew, since 2002. managad by 8lathRock as part ofth& kny)•l Charities Grovth & Income FuTrJ {f￿rn￿ Armed Forces Crmnmon Investsnent FurKII. The Obiethe of the Fund18 urthanged arrfl seeks to prowde a return on In¥estm8nl (net of fees) over peric11 J8nuary to 31 D￿mb•r 2024, perfNmance ofthe distribulicrt units in lh8 +8.1%12023.' +4.3%) after fee8 arKI expen¥es. Since laLuth in September 2002. the fuThJ ha8 yodLtced a reium of +338.27% cumulalhe, +6.8% annu8112023.' +305.5% oJmLAatlve. +6.8% wffiugl). Tl* lun(f• benchmarf( InWKin hA8 retLThed +400.0% ¢umulative arHI +7.5% annual. R•Mrv•B Poll¢y The ReseThe8 Policy remalns urthanged.. to maintaln at hast 12 months operalty costs In reserve. The In8tliutknn'$ curr•nt unr•stri¢Aed reseryes arn £1,095,75212023'. £1,013,954) Trustee8 con8ider18 con8i8t•rrt th18 C￿r•nt restri￿ ¥y• £572,933 (2￿3. £572,933). Fund DMlgn*tlon The compon•nt lund8 of It* Inobtukn arn: Genernl Fund IUnre8trirt•d FurKIP. b. Memori* Fund (unrestr1￿ DthJnated Fund). e. Prale881onal Rw8trats'on (Ufft8tsKW Dwnated Fu￿. d. Royal Engineern Hlstorlcal S(K*ty {REHS) (Urn8trk*ed Deslgnaied Fmd). Memorfal Fund The Memorfal FuThd Is In¥ested ￿ a dttwated fuKI I￿Vn a 8rMII sum Is each yw. Direct ctrHrIts￿e expenditurn £12.188 (21Y23: £10.119). A¢¢ounts The Tru8tee8 co)fim thot the *ith the curY•rt requiroments with tho requirements of tr* Instltulion* Ctorter. Under thè By8-Lw•JS of the Inslitutson of Royal Ewinetrs. ts CourKil is reswyysible for ts preparatiw of finI￿al 8tatfjm•nts ofts Instilu￿ for each yw. Inslllutlon of Royal Englnwrn Trustee8' Report (contlnued) For the year ended 31 Dec•mber 2024 In preparing the financral statemenls the C(￿￿11 is rewked to.. been fdltyAed'. • Trea8urer Is rewffjiblo tr keeping a c(YTecl sttsnenl ofts o8•0ts oThY li*>ilitws ol every one of the fvnd8 POrt8ining to the Inslliutlon arKI ¥h811 keep w* records. wepare Such StateM￿ts of aCc￿unIS 88 are required annualty by the audllors wiodicalty by the Cojncil arm1 which enable the Trustees to meet thalr respOn￿￿'llty to prepare financial stslements ts ¢8¢* finanoal year. wtich glve a trt￿ and tsir VV4V of the Incoming re8(yJrces and appllcation of resour￿$ of th• Charity duriw If* year aThY of it¥ st*e of affair8 at tr end of the year. Th8 Tru8lee8 are also responsible ensuring that Ihe fin•nwl stat8monts cOm￿Y wllh the Charitiés Act 2011. The Trea8urw 8h811 make woper arrang8rMnts for ihe of, and di8burBgment made Irom. tho fvnds belonging lo the Instituilon. The Trustees are resporf8i￿Q for Safe￿rdIng the Charivs as8ets and hon￿ for ta￿l￿a reaftomtle Ity forlhe we¥•nkn and d*•ckn of arror. fraud. aThJ othor Irregularftb8. FINAMCIAL SUAWY G•n•rnl Net income before othor ro¢ffjnised and losses ¥A8 £39.183 (2023.. Net iKoffle £14,534). Net galn8 on Investment ww• £42.615 {2023.' N8t gain8 £2,910) Bal•ne• 8h••l The a¢cumuLqted lurKls Ir￿￿8ed by £81,798 to £1.668,88512023. In¢¥&g88d by £17,H4 to £1,586,88n. Nates to Statemert ol Fln•no81 Acuvltiu w#J 801onrn Short Sup￿7￿ary Infom1•Y￿ aplnst each fvnding a(tsty. PLANS FOR THE FUTURE mem￿1•hIP Membwthlp Pla￿ luture remgln It*e4fold. Communlcatlo (1) Further dvJitd processe8 that have enhan¢¢d m•mbernhlp engagement. by c(thling an annual Members, Survey. fw%ng t1￿ irwlace Bi-Annual Update. leveraging 12) ConbroJiTrJ lo exrAnd 7htb8ile omknt, impro¥SThJ u8w eypwHKe. and building up in order to cxeate a Kr￿￿1ge Cerkn Military Ensineering. 13) Expknrting wcia5 modta, iiiter olia. Linkedln. X. Face1X￿k. arkl YouTube. to keep Members infornied of omnt. and future. Military E￿*￿erIng advancements. {4} Publishing hwJPwlty n•))efy the Joumal, its Supplement and speoal p￿￿*81$. to 8lkM ￿ membership to keep atKeast of inn(Nation in Military Engineering. Institutk)n of Royal Englnoors Trustws. Report (Gontlnugdl For the year end8d 31 December 2024 Professlonal DevelopmenL (11 Emphasising the many beneffts of Profe88ional Registration to grow the number of qualified Enginèéring Tethnician, Incorporated Englneer and Chartered EngSneer registrants. (21 Champiming Engineering Coundl standards, enabled by the 8UStained work of the Profes5iLmal Rogistration Crynmittee. (31 Continuing to offer a blend of virtual and live ac*vities lo enable Members lo Strength￿ individual professional netsvorks and conne¢X to as wide a di8spora as possible. Support. Promoting fellowship- the h¢ghesl class of elected membership- whilst ensuring Indlvldu8ls have demonstrated exceptional commrtment to the Institution and Corps of Royal Engineers and to the advancement of the art and suèneè of Military Engineering. 12} Continuing to reach out into the Veteran, Army Res￿Ve and ovw5eas Land For¢e$ •rvJineer c¢Jmmunitse5 to prom¢)ie the many beneffts that the Inslitulion ts able to provlde. 131 Reminding Members ofthe status afftirded by His Majesty's Revenue arKI Customs as a recognised and accredited wofèsstonal body. Edu¢atlon Educational development inibatives corrtinue to cover a l￿de spectrum. i￿uding.. Tri-annualty publishing high quality Joumal articles to infom. highllght Innovation, share knovAedge. and promote debate. for the advarKement of art and 8ciwKe of Mllitary Engineering. FadlitabrvJ the production of the Corps Historian's Annual R8POrt lo the COAPS. set up to collate material. chronical the Corps, wntributions. and record the key role pk8yed supporting Defence and nati¢Mal security. in order to Support the woductson of the next volume of Corps Histw. CtrAmpioning the annual flagshiphilnt professional meeUrwJ bets¥een the Institutlon of CMI Englneers and the Inslitulion of Royal En91r￿rs. Finding furlher opportuniknes to work Gollaljoralivelywiih other wofes5ional bOd￿S and learned societies. Celebrating the attainment of in(thvidual academic and Military Engineering eX￿[e through the award of prizes that recognise personal succes5 arKI professional development. Promoting the use of the Pasley Research Centre and James Forf)es Exhibition Gallery thin the RE Muwjm. which conlinues to provide world-cla5s Archive and Library resources to support an8tysls and leamlng. Expanding Royal Englneer8 Historlcal Sots8ty m8mb8rship. Advertising the hi5toriG Military E￿ineerin9.DeSI9naIed Coilection,. recognised for its CArtstanding national unportance. 13ovornanc• On a requirements basis, work together with Ihe Engineering Coundl Privy Councll & Governance Panel arKI Privy Coun¢il Office to implement any thanges to the Charter and 8ye-Laws approved by Trl￿Iees. In8tltutlon of Royal Englneern Trust••*' Report Icontlnu•d} For the year ended 31 Docernber 2024 INDEPENDENT ALIDITORS Kre81on Reeves LLP were retained as the Corp8, auditors. STRUCTURE, GOVERNANCE AND MANAGEMEifr ORGANISATION The Councll ddegales spedfi¢ aspects of the Instliutton'8 a¢tlvltie8 lo five 8tsndlng commlttee8.' Flnonce And AB8uraru Committee IFACI. Profe881onal Régistralton Committee {PRC). Member ServtC•8 Commlttee IMSC). Royal Englneer8 mU￿￿m Committee IREMCI. Royal Engineorn Hl•torfcal Soaoty (REHSI Managomont Commlttee. The In•tllullon'8 Swetarlat comprf881 a Chief Exoculive, Trea8urer, four other full-tlme employ••8 and one part-tome employee. TRU8TEE8 Th• Trustaes who 8eThod durfr¥J tho y•ar arn delolled on page 8. Appolntm•nt of Tru•te•• New Tru8leeB are appolnled Ex-0ft7clo on a86umptlon of Specified appointrnenl or nomlnalod by Councll lor Membgr81 and elected at an Annual General Meeting IAGM) In 8¢¢ordance wllh the Chartw ¥nd ByfrLaw8. Councll M•mb•rnhlp Offlcv& The Pre8ldenl and IArA Pre4ldents are elected tr a perfod ol up lo flve year8. Elect•d M•mb•r•. Elected M•mb8r8 of Council may Mrve for up to flve years. Ex4)fflclo M•mbern. Ex-offlclo M•mberB are Councll Members ffru8tse8) by vlrtue of Sppolntmenl. Such Members a88ume T￿tee•hIP on appoinknenl and relinqul8h Ire8tgnl Some when leavlng the appointment. Tru8t•• Inductlon Trnlnlfig. A Trustee Tralning Programme 18 in pla¢e- thls has been augmented wlth Dnlln8 training. All Trustees of Royal Engineer Charitie8. and all Tru¥lees are encouraged to attend training provided by one ol Iwo ¢onsullanls. Provision is made for each Tru8tee lo recthe tralning witlin 6-monlh8 of 8ppolnlment and attend ￿freSher Irainlng after &yeor8' tenure. Indemnlty An order from the Charity Commission of England and Wales authorising the Trustees lo provid6 indemnity Insuranee for them8elve¥ out of the charity funds was issued on 15 September 2001 and this has been ¢ontlnued. In•tltutlon of Royal Englno•rJ Trustees, Report Iconllnued} For lh• year ended 31 L)K•mb•r 2024 MEMBERSHIP The Institution of Royal Englneers c(Jn8lsts of Feif(x5, Membw5, Apwerikn Techntsan Vembers. Honorary Felluws and Hon¢xary Members. ar￿ ary 01￿ e4tegLwy fv CouTril may *rysh to create. Fellows and Membw8 comprise officers. ￿rr8rrt offttr8 arKI ranks of the Regular and Reseple Army elomont of Ccwps ol Royal Englneets, servirwJ or retired. Membwship may also be offered lo those 8erving, orvtho have served. in Engineer Ami of the LarAI FoThs of the fonner Dominions, Colonie¥ or Dependencies as Counal shall detemin8. Simflarty, rnembwship may be ollered to ciwlians with appropri bad(grtyJnds ￿Jp￿rt the O&JECT oflts Ins1itub￿ a8 *Jetefm¥ied by Counc41. Honorary Member and Honorary Felltr* are offered as it appearn in the 8y&Laws. trknnwy Assouate M8rnbwsNp Is rK* long•r offered., existing Honorary A880ciate Members continue 88 a knjacy cgb3¢)ry. CONNECTED CHA￿￿E3 The RE Museum ha8 been wstered. with the aFproval oftt￿ Charity Commission of Engfand and Vhles, ai separate charity under the pm1S￿ oltr* thiiligs Act 1960. ByfrLww 25 of the Institution'$ Charter w88 accepted for registration PU￿￿80S *ithcMA ts r￿ed lo execute a separate Charter or Con8blution. The RE Museum (Charity Number 295173) remain8 a c(￿ne{led Chfjrity arKI share¥ th8 88ffl0 Charter and TNstees as the Inslitutian as a rd reported on tepwatety. RISK 8TATEMENT Th• Rl•k Ro918tor w48 r•vlth¥•d d￿n9 2tr24 by Chalr FAC ar#J c￿ne￿. TnJ8tw cantirAJe lo be t18fiod that adoqu810 wlemi ar• rn ￿ to riMbg*e al the r4sks klenufied. tr• rAkndpo1 ones rgm•lnlng.' Bu•ln•M pl•n nol d•llv•rnbl• or •bl• to d•llv•r on agrn•d prloTlll•& TnMtee• conunue 10 omeli¢)rale tho iisk IlThigh 8 ¢<*n￿.n8tth ol measurn8.' an er#lorsed prioiit18ed progr8mm• wilh regular revw polnl$. maintainlrmj sufficAent Unrestrlcled ReAerva fijnds of at lea81 one yearf5 ¢)p8rating costs, rthining the In5btub"on's memb8r8hip of th8 Amed Force8 Charifje• Growth & IrKomo FurKI, aThJ by rec•ivirw wof88wrAI. ir￿t investhenl managemfrt advlc•. th? •blllty to rfjglstor IAwnbern wlthln th• provhk*n of th• Uc•nu grant•d by th• englnwrfng Councll. lfyTril#t probabilty of an o&%rrence conllnues to be a88e88ed a8 Ir￿, TnAte08 have again del￿nated ts maMit￿3nce of the Lkense a hwjh prionty. Mltlg8tlon mga8ure• Ir￿Ude developing fvrttw wilwce wtlln the Volunteer Peer Group, conduth'ng training on a Iralning needs anatysis basis. and monit￿1n9 intemal and exlemal pwcepts'on, adapting a8 requlred. ¢Jrderto dell¥•r #￿tain•￿ G0￿MInG• struthr•s Inappropvl•te or f•lL p•rtlcul•rty rnlevant durlng th• mlgrnllon to the RE Mu¥•um ¢10 Foundath?n. Trustees have remair￿d fully Involved h the d¢cision-making processe$ to ensure ￿19ftma)I bet*Aen the InstitutK￿ and the new RE Museum CIO Foundati￿ g¢)vomancg arrwwents. dwecthd th81 the EngSneerlng Councll Priyy Counul & Govemance Panel be con¥ulted thmughoul tr* charoe pn)gramme, have been activdy engaged in the development of 8 new Constttut￿ ollhe RE Museum CIO Foundat￿. CoNedN)n Loan Agrnemenl Relating to th8 Loan ofth8 C￿￿6*On oflhe Instrfulw olRoy81 EngllW￿, aThJ Trnnsfer Agreement Upon Inco@M)rntrt￿ key kTr)¥em9n¢e d¢xumwts. aTrJ have ensured that the speaa1181 begal adwce has been soughL The mitigation measure has be￿ rntained wthin Risk Register to ensure sufficient relxesentation the new RE Museum CIO Foundation Govem•n¢e Board lo allay the risk ol dr1erg￿ee from Cw>s arbj *wJer SaFV Famity aim¥. TrwJtees have al80 ensur&J that thwe C￿tinUeS lo be approwiats r•presentati￿ at Cwial and on all the five standing committees, rewtThwed all (xrtpjts ar￿ ac*¥itw to ¢￿SUre cper QVRM TD November 2023 r)1 S WA Eardley. June 2023 Major General R A M S M81vin CB OBE Major General C L V4Slkes CB CBE Lieutenant Colonel S F Scullion Captsin P W Brathr 2016 2024 2016 2024 Completion oltenure 2024 June 2024 Completion oftenure 2024 April 2024 Chlef Ex•cutlve Mr J D Ao)mley" Tr•asuwer 2019 P4lajor (Reliredl I Sidebottom" 2013 NB. indicate8 Members of FAC Charlty Rgglsteved Number 249882 Instltution of Royal Engln8ers Reference and administrative details of the Charity, its Trustees and Advisers Icontinuedl for the year ended 31 December 2024 Principal Office Regimental Headquarters Royal Engineers Bromplon Barracks Chatham Kent ME4 4UG Independent Auditor Kreston Reeves LLP 2nd Floor Maritime Place Quayside Chalharn Maritime Chatham Kent ME440Z Bankers Lloyds Bank plc Piccadilly Branch PO Box 1000 London BX1 1LT Solicitors Furley Page LLP 39 St Margaret's Street Canterbury Kent CT12TX Investment Manager 81ackRock Inveslmenl Managers Ltd 12 Throgmorton Avenue London EC2N 2DL Approved by the Trustees and signed on behalf ol the Trustees MrJD Chief co xecutive 3r(1 April 202S Institution of Royal Enylneers Independent audltoV8 rnport to th• Tr￿1••• of In8titutlon of Roy•l Engln••rn We hwe audlted the financKg181atemenls of Instilutlon of Rtyal Engineer8 (the'chartyl for the year ended 31 December 2024 whiGh Gomprise the Statement of financial adivilies, the Balance sheet. the Statement of cash flows and the related notes. induding a summary of signthcant accountsng policies. The finandal reportlng framewo￿ that has been applied in their preparation 18 appllcable law and United lQngdom Accounting Standards, including Finandal Reporting Standard 102 The Flnandal Reporting Standard applica￿￿ In the UK and Republic of Ireland, Iunlled lfjngdom Generally Accepted Accounting Practice). The llnanclal statements h8ve been prepored in accordance wtth AccoLmling and Reportlng by Charfll88 In preparing their accounts in accordance with the Financial Reporung Standards applicable in the UK and Republ￿ of Ireland {FRS 102) In preferenco to th8 Accounting and Reportlng by Ch8nties'. Statement of Recomm•n(led Practlce18$ued on l Aprll 2005 whlch is rgferred to In the extant regulatson8 but has been wllhdrawn. Thi8 has b•en done In order for 8r£ounl8 to provide a true and falr vlew In accordance ￿￿tti the Generally Accepted A¢￿untIng Practlce ¢ff¢ctlve for repotlng perlod8 baglnnSng on or after 1 January 2019. In our oplnton the finand81 statements.. give a trug and lalr view of the stsle of the group's and the parent charlty's aff8lr8 ai at 31 D8￿mber 2024 and of ils Income and application ol re80urces for the year then ended.. have beon properly prep8red in 8ccord8nce wllh Unlted Kingdom Goner41ty Accepted ACCOUn￿n9 Practice,. and havo been pr¢p8red in a¢¢ord8nrA wllh th• r•qulroment8 of th8 ChartJei Aci 2011. 8ail8 for oplnlon We conducted our audit In accordance wlth Intemalional St4nd8rds on Audrting (UK) IISAS UK)) and 8pplicable1ow. Our responsibilities under those standard8 are furthgr descrfbed In the Audltorf8 re8pon8lbllllles for the audit of the financial stslements section of our report. INe are independent of the charity In accordance Ihe ethlcal requlremen18 that are relevant to our audll of the ffinanclal statements In the United Klngdom, inclLMllng the Flnanclal Reportlng Councal'8 Ethlcal Standard, and we have fulfllled our DI￿r elhi¢al r•8pon8lbllllles In accordance with th888 réqulrements. We b8lleve that the audll etsldon¢e we have obtained18 sufflclent and approprlale to provlde a ba81s for our Opinion. ConGlu•lon• relatlng to golng concern In audillng the financl81 statements, we have conduded that the Tru8te88' U8• of tho going concem baJl8 of accountlng in the preparatlon of th• financial 8tstwnents IB appropriate. B88ed on Ihg work w? have perlomied, ￿ have not iden￿fied 8rry malerlal un¢ortalntl8$ rel8llng lo events or condillons that, Indlvldually or colloclively, may cast ¥rgnificanl doubt on the ability to continue 88 golng concem lor a p￿0d of at least Iwelve months from when the financial Statements are authorlsed lor 188ue. Our re8pon8ibilili08 and the rew8lbllille8 of th• Tnth• with respect lo golng concem are dg8GrilJed In the relovant 8edon$ of this roport. 10 Independont audltoes report to the Trust¢¢o of Institutlon of Royal Englneern Icontlnued) other Infornmtlon The other infomialton comprfses the Infom)atlon Included in the Ar￿U81 report. other th8n the finandal statements and our Auditorfs report there￿. Our opinion on the financial statements does not caver the other infonnation and we do nol expre88 any form of a88urance conclusion thereon. Our respon8ibillty18 to read the otPAr Informatton and, In dolng so, conslder wthether tha other infomiatlon Is materoally inconsistent with the financial 8tatemenl or our knowledge obtained in the audit ar othepwi8e appears lo b6 mat•rialty misstated. If identify such matèrial inuJn*'$t•ncie$ or appaT8nt material mi88ts18m&)ts, w8 are required lo detefmine whelher Ih¢ro is a material misslalement in the finandal 8tatements or a mal¢rlo1 ml¥sl8tsment of the other IrrfomaUon. 11. based on the work we have performed. v Conclude that there Is a matsrial misstalemonl of Ihl$ other Infomalton, wo aro required lo report the fact. ha¥a nothlng to report in this rngard. Mottern on whl¢h r•qulrnd to rnport ty oxceptlon Vrfe have nothlng lo r•port In respect ol the lollowing matter8 wher8 the Charltles {Account8 and Reports) Regul81ion8 2008 r•4ulres US to report to you If, in our oplnk)n'. the Inlomauon giv￿ in the TrusteeB' reportlo IrKon6181ont In ary matsrfal re8pgct ¥Ath thg financl•l statements,. or 8uffictenl a¢¢ounting records have not teen k•pt,' or Ihe fin8ncl81 $tslem8nls are not In agreement vAlh the accountlng record8 and retum8,' or we have not recelved all th• Infomiallon and explanatlonj we require for our audll. Re•p•cllvo r••pon•lbllltl•• of Tru•tse8 and audltor AS explaSned moro ftAty In tfvo Tru8tea•' r••ponslbllitie8 8tslemont, tho Tw¥teeJ are ros￿01b18 for Ihe preparation of financlal statement8 which give 8 true and falr vlaw. and for such intemal control as the Trustees delemilne18 n¢co$80ry10 on8ble the preparation of th• fin•nd•l stgtements that are free from malgrfal mlsstatemenl. whetsr due to fraud or error. In preparlng the fflnanclal 8t818monl•, th• Tru•t•88 •r• r•spon81ble for a8888dng th8 d￿rity's abilltyto conlinu• a8 a golng concem, d18closlng, as 8ppll¢able, matter8 rel8led to golng ¢on¢em and u8ing tha golng ￿nCeM l)a8i8 of accountlng unl888 the TN6t••B erthor inlond to Ilquidato tho ¢h8rity or to Coa80 operalionB. or have no reallstlc allemallve but to do 80. AudStof• r••pon*lbllltl•¥ forth• •udft of th• fln•ncl•l •t•t•m•nts We have been appolnted 88 8udltor under sectlon 144 01 the Charttl88 2011 ond report in accordance th the Act and relevant regulation8 made or having effect ihereunder. Our obj8ctive8 are to obtaln rea80n8blo 018ur8n¢8 about whether Ihe finanual 8tatoment8 8$ a whol• ore fre• from materfal mls8talement, whelher due to fraud or effor, and lo Issue on Audrtor's report that Includes our opinion. Rea8on8ble assur8nee 1$ a high lov￿ of assurnnce, bul18 not a guarantse that an audii onducted in accordance vllh ISA'S (UK) wll a￿y8 detect a malerfal misstslemenl vthen it 8xi$ts. Misstalgments can arise from fraud or error and are considered material If. indivldually ¢x in the aggregate. they eould rèasonably be expected to Influence economiG decision8 of users taken on Ihe basS8 of these financlal statements. Irregulariti￿, InclLsding fraud. are in8lanc88 of rK*n-c¢JmpllarKe with laws and regulaltons. l•le design procedures in line with our responsibilrties, outlined 8bove, to delect material misstatemgnts in respect of Irregularith?8, induding fraud. The extgnt lo which our prwedure$ a￿ ¢8pable of dete¢ling irregularities. Includlng fraud Is detailed bèlow.. 11 Indewndent audltoVs report to the Trusteeg of Institullon of Roy•l Englneers {contlnu•dl Cap8bilty of the 8udftln det8Cting iwlanii84 Induthng ftaud The objectives of our audit are to Klenlify and assess the rtsks ol Materi￿ mi$ststement of the finan081 stalemants due lo fraud or error,. to obtaln suffiaent appropriate audit evidence regarding the 88ses8ed ri%ks of material misstatement due to fraud or error. and to respond approprlatew to those risk5. Based on our understanding of the charity and aector. ar#J throu￿ dIS￿861r#I with the directors and other management {as required by aLKliling standards). we identified that the principal risks of non-compliance V￿th ws and regulations related to ttealth and safety, antpbribery and employment law. We considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations tIMt have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Slalement of Recommended Practice. Vle communicated identified laws and regulations throughout our téam and remained alert to ary indications of non-compliance throughout the audit. We evaluated management's inontives and opportunilles for fraudulent manipulation of the financial statements {in¢luding the risk of overrlde of conlrolsl. Audit wocedures perfomied by the audit engagement tsam incjuded.. Diswssion5 With management and assossmenl of krtown or suspected instances of non>JTse of business.. and Reading minutes of meetings of those ¢h8rged wth goveman¢e', and Physical inspection of tangible assets susceptible lo fraud or irregularity: and Review of significant and unusual transath'on$,' and Identfying and lesling journal entrie8. in particular any manual entries made al the year-end for financial statement prepwation. There are inherent limitab'ons in the audlt procedures described above and the fijrther removed non- compliance with laws and regulati¢Ms is from the events and transactions reflected in th¢ financial 818tem8nts, the less likely we would become aware of 6t. Also, the risk of not detecting a material misstatement due to fraud 15 higher than the risk of nol detecling one resulting from error. as fraud may involve deliberate concealment by, for example. f¢xgery or intentional misrepresentations. orthrough Ilusion. As part of an audÈt in aceA>rdance with ISAS (UK). we exerclse wofes8iDnal judgement and maintain professional scepticism throughcwl the audit. We also.. Identify and assess the risks of material misstatement of the ftnanciol statements. wthether due to fraud or error, design and perfomi audit procedures responsive lo those risks, and obtsln audlt evidence thal is sufficient and appropriate lo provide a basis for our opinion. The risk of not dete¢ting maledal misstatement re8ulling from fraud is higher than for one resulting from error. as fraud mty Involve collusion, forgery. Intentional omissi¢)n$, misrepre8entstion¥. or the overrlde of Intemal conlrd. Obtain ￿ und8rstsnding ol intèmal control8 relevant to the audit in order to design audit prO￿dureS that are appropriate in the circLffnstances. but not for Ihe purpose of expressing an opinion of the effectiveness of the tharity's intemal control. Ev8lu8le the approprialene85 of acGounling p)licies used and thg reasonabloness of a¢￿￿ntIl¥j 85timales and related disdosures made by the Trustees. 12 Ind¢p•ndont audltoV• r•port to th• Tntytoa of 1ns1ltu￿0n of Royal EnglnMrJ Icontlnued) Condude on the appropriateness of the Trustees, use of the going concwn basis of accounting and, based on the aucfrt ewden(* obkn'n&l. vthetrw a materi81 uncertainty e￿sts related to events or crmdltion5 that may cast ¥grMficant doubt on the Ch￿￿6 ability to continue as a going concern. If V•t condude that a material ￿l￿ertainty ￿$ts. ￿ pAe reryired to draw attents'on in my Auditorfs report to the related d*¢h￿re5 in ts f￿￿￿jaI slatements or, rf suth disdosures are inadequ*. to modrfy ojr opinion. Ow corKJusth we based ￿ Ihe obtwned up to the dole of my A￿ditO¢S report. HcrAWW. firture events ty coThditions may cause the d￿rity to cease to continue al a going corKem. Evaluate the overall presentation. Str￿1￿ and corrtent of the firnncial staiements. 1ndl￿Ing tho di8clo8ures, and whether the finandal stalemerrts repre8eitt ts undwtying transactions and evenl8 In We communicate wilh those charged 9ovemanc8 rngardirg. amoTrJ ots matters. the p1anr￿ scope arrfl ￿mIng ol the 8ud6t Ènd $ignifi¢anl wdit firKliffj$. Irdudlng ory defiriwdes In intemal Control that we Identlfy dudrKJ our of our report Th18 rnport is rnade to the Tnjthes, as 8 body, In acCtyd￿c• Part 4 ofthe Ch•rllle* {A¢¢ourts and Reports) Regulalions 2008. Our a￿￿1 wx)rk has be￿ undertaken so that ￿ might 8talg to h• charlty'$ Twslees those matters ￿ are required lo stslo to Ihem in an Audilorfs report and for no other purpose To the fv11oSt extent pwmitted by law. wa do not accept LY assume responsibilrty lo anyone oth8r th8n ¢h•rty and TfU•t•••, ￿ a bc¢y, for tyjr w(xk, for thii r•port, LY for the OF4nlon8 we hav• fomied. cfckp Samantha ROU￿ FCCA DChA for and on b¢half of Kreslon reeves LLP Chartered A¢ccwr)tants Statutw Auditor Chathom Mantim• 4 April 2025 Kreston R•e¥e8 LLP18 ellglble to act 88 on auditor In trn of 8ectlon 1212 of Ihe c￿pan* Act 2006. 13 Instltullon of Royal Englne¢rn Statement of flnanclal actlvitl8s for the year ènd￿ 31 December 2024 Total frjnds 2023 funds 2024 funds 2024 fvnds 2024 Income and end¢)￿nts from: Oonations arxf Legaues Other Trading Acti?￿be8 Irwestmer Charitablg Aclivitss 543,619 12.215 41.656 8.007 543,619 12.215 41,656 8,007 511,518 2.573 39.298 7.288 15116 Totsl Income 606 497 560 87T Expondlture on: Raising Furvjs Charitable Acthtties l710 S￿601 2,710 663,604 20.189 525,954 Totsl expendl¢ure 314 Ngt expondlknve ljefore Malu•Uons 39.183 39,183 14.534 Nel gains I Ilossesl ffi revaluatK)ns of investrnent as¥ets 41615 4161S 2.910 Not mov•ment in fund$ for thg year 81.798 81,798 17,444 Total fun(ts al 1 Jar￿ry 2024 1.013.954 572.933 1.586.887 1.569.443 Total funds at 31 O•c•mb•r 2024 933 1668686 1686887 The Statemttrt offinanaal acb¥itses Ir￿Ude$ al g41r￿ •KI losses in the >ear. l *tivities relate lo Co￿lnuing opwa￿n5. The nL*e8 on pages 17 10 29 fomi of tt*se frncial #atemwts. 14 In•tllullon ol Royal Enqlno•rn Balance $lwet a$ at 31 Oecember 2024 Charlty Numhr. 249082 2024 2023 Flx•d asset¥ 21 588.418 Investments 1.037.1129 994,414 1,624lJ66 1.582.832 Current •#s•ts Debtors 527 Cash at bank 29.619 25.127 71146 Credltorn: amounts fallwy wittmn one year 24 q27M27J 154,380) 44619 Charfty Funth Restrictèj I￿1$ $72J33 572.933 Unrestrided furMIs IA194752 1.013.954 Tol•l lund8 1,668.685 1.586087 The finanoal state￿nIS were apprO￿d the Twslges on 3 Apr25 and $MJnwl on Iheir behalf, ty. Brigadier Colonel R B MBE ADC, Trwl•• The on paggs 17 to 29 ftym ofIt￿ f#w•ial slalernents. 15 Ins¢ltsJtlon of Royal Englnwrn 8tatsment of Cash Fl For the y￿r ended 31 D•cémtb•r 2024 Not• 2024 2023 N•t c•¥h In op•ratlng actlvStl•8 29 47.828 Ca¥h IIM from Inv•stlng acllvlil Intere81 ond d6vl(lervJs Purch888 of langitAe flxed a886t# 39,298 Ca•h pmvld•d by Inv￿n9 •ctMII Cuh u••d In flnanclng •cthIltl•¥ Incre88e {decrea8e) in cath and (*th equivalents In tho year 739 Cash ￿ cAsh aqubvdents at the tffj'nnir#J of the 2&127 32.888 Totsl ¢uh and cuh •qulval•nts at th• •fid of th• y••r 29,819 25,127 Ana￿ts of changm In n•t d•bt At1Jan 2024 C••hilow• At 31 D•c 2024 ¢a•h and CA•h •qulval•nts 25,127 4,492 29.619 In¥lltsrtlon of Roy•l Englng•rn Notss to the flnanGlJl statgm For the year Ond￿ 31 Oecember 2024 Genernl admlnlstratlve InfornHllon Insttiutlon of Royal EngirwA is an Urrirthr￿rated (*arity in ENJL8ThJ & Wths the registralon number 249882. The 8ddress of ts registerwj office ks Headquarters Royal Engineers. Bromplon Barracks. CtrAtham. KenL ME4 4UG. The Chantys princApal o*'edives D)ntinued to be.. To promote and advarKe the sCie￿e of military ervJineeriTrJ aTrJ to promote military effioency, particularty the military effiaerq ofthe Corps of Roydl Engffws 2 Accountlng pollGI•• 2.1 Baslg of prep•rallon of financlal statm The finanaal statements have been wepared In accord￿ ¥&ith the Chthes SORP IFRS 1021 Accounting and ReF#)rting by Charit*s: St*menl of Recommended Prnctice applicable to charil weparing their ac£ounts (n accA)rtsts ￿1th the Finarml Reporting Slandard applicable in the UK and Rwic of Ireland (FRS 102) (effeclive 1 January 20191 and the Chariknes Act 2011. InStitUt￿n of Royal Engir*er5 melts the defin￿¢)rt of a publi¢ benefft entity urKler FRS 102. Assets (la￿1[b¢S are inthlly recogrdsed at histLy1￿ cosl or tranSac1t￿ value ott)eri￿ ststed in th& reievant accounting psicy rM)tels). The fin8nd81 stalements ¥8 in UK knlrwJ, T*hM* is ts Charitys funcliLThl currency, and rourKle(I to th8 nearest powKI. 12 P￿￿Allon of th• accounts on a gokng concern basls The Trustees assess ￿lether Ihe use of going corKem is appropriate. i.e.. *thetherthere are any material uncertainties related to events or condthts thai may cast ￿￿Tr￿n1 doLtt on thè ability of the Charity to continue as a gryrvJ c(¥Kem. Trustees make this assessment in respect of a period of at least one from the dale of auttrKrfisakn for issue ofthe finan¢ial statements and have cO￿u￿¢d that the Clwity has a*uate resour￿ to continue Ni operationd ex¢stence forthe foreseeable future and there a￿ no material uncertainlies about ts Chsrtys abtlty to e<>nbnue Ss going concem, thu$ they C￿tinUe to adoptthe gowwj concem basis ofa(ayJnling in preparing the 2.3 Fund accountlng General unrestrthd funds represent unrestrded assets ￿thIch are expendaue at the discretion of the Trustees in the furtherarte oftr* otr4e¢ts of the c*•. funds may be held in order to finance b¢)th thing al￿ mo%*m&tt Designated funds are amourts have been W aside (Art ol ￿￿estriCIed furKls at the di8cretlon ofthe Tmtees. for speufic purp08es. Inve5tmerrt irtome aThl losses we al(ra￿l to Ihe aFvropriale fuTrJ. 17 Inslitutlon of Royal Englneers Notes to tho ftnanclal statoments For the year ended 31 Decemb8r 2024 2.4 Income Al income is recognthd once Ihe clwity has eniillemwrt to the I￿OMe, it 15 probth that the income wiu b¢ reuived *xl the ams>Jnt of ￿￿)me receivaNe be measured reliabty. 2A Expendltsrn Liabilibes are r8cognised as e>¥Enthlure as SO￿ as there is an thrigatm￿ to commitbng ts charfty Grants payable *e payments made to thwd parties in ts lurtheTrrKe of tharitable L*)jective8 of costs of rdising fu￿ car￿1$t ol•westinent marAgan•rt and ceriain legal fees. Cost of chwitable athibes irmgudes ￿ made and appyborffient of supF¥xt shown in allO￿ted on a percentage Ixsis of tNne. space *KI cost against 2.6 Herllagg as8ets [r￿￿tub{￿ a large n￿ts￿ of historic mlitaryartef•Xs Ihat S￿ di5plaJ*d in ts R￿1 Engineers Museum arKI Library. Thege indwle medals. dr*wing5. manusuipts. >dinenwanal artefacts and Pu￿Lst￿￿ ths thal are up to 300 >pars old. These a$￿ts are n(rt caixtalisèj to the signifiwl costs invdved in Y￿u1r￿j them. The Insbbjthon *ill cty acquwe huitage agsets Ihat a￿ felevart to tr* Musethn colecti(M, *th118t disposals are restri¢Xed to gifts to ￿milar military museums. 17 Tanglble flxed ass•ts and d•prnci*i A¥sets cosling more than £1.000 a￿ aTrJ ar• val￿d al hi8lori¢ ¢osL Depreciation is charged on assets usirwJ a straigM- Ine basis overtheir estwnated lrfe (Y¢ Ihe folkmlng l)a5iS.' Compulers 21YA line 10% ¥tswht fne Z8 Invostsnents Inve¥IMe￿ hdd as fixed assets a￿ w)dLKled in at Wdlu81irm based their tmd price al the balance sheet date. statement of fin￿lat acl1v1ts￿ indudès the net gains and los¥e$ ￿m￿nI prewd. 18 In•titullon of Royal Englneern Nots• to the flnanclal statemeftts For the year end•d 31 D•cemb•r 2024 2.10 Cash at bank and In ￿rtd Cash at bank arKI in har#J indudes cash and sh(xt term highty liquid investments wrth a short maturity of three monlhs ￿ kss from the date of ac4utsitM)n or openThJ of the de￿11 or similar accounL 2.11 Ll•b115tl•8 and provl8lon• Lwb1l￿es are recogni8ed when Ihere is an at ts BaL?￿O Sh8et date a8 a result of a post event. It Is probatA8 that a transfor of banefft ￿11 bè requirod in 8OtM•ment, and the amount ol the settlement con be eslimaled relwbty. Lialilities are rec¢gnised al the amount that the charity ankn"o• it pay to settle the dèbt or the amount rt h88 re￿IVed a¥ advanced payThent• for the goods or ￿rvICeS it must prov¥Je. Prw'¥ions are measured al the be81 estimate of the mounts required to aetde the 0trAIgat￿. Where the effect of the tr'me vath of money Is matsdal. the pmtsision 18 ba￿1 on the pre¥wl valu¢ ol tho8e #m￿nts. drdcounted at the w&tax disccwnt ratè that refiects the risk8 8pecifK to fv I'atilty. The un*￿r￿inG of the dtscount 1$ rgcognlsed Interest pay* ond Ifimilar th•Tge*. 2.12 Flnancl•l In•trum•nts The dwnty thy has assets and fin•ndal118blllUes of a kind that qualify 88 1)wc finandol Instruments. Basic finaw81 instruments are rwni88d 81 tran8acYon value arKI 8ub8equentty measured at ￿lf settlement value. 2.13 Donat•d Mrvl¢M and l•dllll•• tkjnated 8orvices, are hcluded in income at a Valuab(￿ *thtch Is an e81imale of the finanaal cost bome by the donor V*tsre $u¢h a cost K8 qu￿ and mea8urnble. This amount is matched ty donoled oxp8ndrtin. 2.14 P•n•lon• amounts payable by the ch8nty lo ￿ fimd in resp￿1 ol the sw. 115 T•nd•r polky TrLMlees intrOd￿d a tonder wAicy Ihal ¢tr•ers eXr￿K￿lu1e. a. Betr*Ben £2,500 ar#J £5.OCKI b. BetW*W £5,000 and £10,¢XX) c. O¥w£10,( 116 T￿llIon Insdtulon of ENJin8efS bs a regNtered thAr6ty arKI acc4xd*oty no provlslon h cornldered 117 Crlllcal accounllng estbTWt# and arms ol Judgem•nt Estimates and ju*menls are c(Y1ir￿lfy eval￿ aTrJ are b￿ed ￿ lisknical ex￿8￿Ce and other lactors. including expectation5 of fuiure e￿15 Ifot are believed to be reasonable under the c1rcjjmst￿￿. The Charity dLw rKrt currth f*e significarrt XCCAmbffj estimate8 or area8 ofjudgeme 19 In¥titutlon of Roy•l Enolnetrn Not•8 to the flnanclal 8tatsmeb)ts For tho y￿r ended 31 December 2024 Total nds 2024 Totsl fvnd8 2023 3 Oonatlon• and L•9￿1 Subscriw'ons Grants Regi6tralon f808 Donation8 Donated Donated 8ervice8 and laciliti08 INot& 41 (Note 51 YJ3,137 3,600 77,919 1,273 363,839 3,500 80,018 830 (Nota 8} 17,790 63,533 511 $18 Incomo from dongttons and legad•8 W88 all unr•8trfthd In 2024 and 2023. 4 Sub#¢rlpllon• Regular offlc8r8 Other m8mber8 S8rving soldler8 Membor8 ol the Re80rv• T￿ refurKI Fdlov+Bhip Eng Tech IEn9 CEng 140.489 99.108 60,505 11,193 24,921 9.800 33,045 6.943 2,333 132,8e6 91.159 65,983 12,909 16,911 8,903 31,092 2,484 1,552 8upport CoBts Audlt In$uranc• Admlnlgtralion Depreciation PoBt and teleph￿ Donated 8eNiCe8 8UPPOrt cfJ$t• Staff COBts 1.341 203 3,900 781 1,9•0 10,117 7,008 1,226 1,708 174 1,904 9.543 85.484 6 Grnnta OfficAr Cadet prfze I￿)d 20 In8titutlon of Royal Englneern Not•8 to the flnanclal statements For thè y•ar 8ndod 31 Dgcomber 2024 Total funds 2024 Total funds 2023 6 Donatod SeTvlcM and facllltl•• Ga8 Ele¢trioty Water and 88wage Community charge Admini8tralive utiirtlos AdmlnlstroU¥o 8glar188 1,870 2.189 888 5.916 1,523 65,408 1.845 2,103 5,686 1.505 51,545 7 Tr•dlng A¢tlvttl Incom• publ￿tIon Sales Expendltur• Corps Hlslory 20,189 I In¢om¢ arKI expendlturn on Iradlng actfviti88 was unre8trkted In 2024 and 2023. B Inv•8tm•nt In¢om• Dlvldends Divldond8- Memorfal FurKI Bank intereat 40,121 1.243 292 38,115 1,181 l inve#tmenl Income In 2024 and 2023 w88 unre8tr1cted. 21 Invtitytlon ol Royal EngIn￿ls Nots• to th• finan¢lo18t•lements Forth• yeir endgd 31 Dqcembvr2024 • An*Wl• of expndliurw by •¢llvltl•• Dlr•ct ¢o•ts Support co•ts Yotsl fund• Total lund 2014 2024 2023 2024 Sub8cription• Publica￿0￿8 Maintain M•moir¥ Piofe681onal Eff•thone GrAnl makir¥J Digitislltion Napier Hou RE Hi•tOfiCAI Sodoty Aw¥rd• Profou￿9￿01 Req1•tr￿lOn (Not• 41 (Not• 101 (Note 111 (Nolo 121 INol8 131 IN0¢• 141 INoie 151 (Noto 161 (Nolo ln INole 181 85.34) 71N50 12.168 10.922 21.651 48,766 7300 1.137 86.343 127,750 12.168 2S.627 108.576 49,080 7.972 6.999 20,866 80,298 112,743 10,119 19,237 106.204 46,598 7,019 7,198 12.629 123.911 56,300 14,70S 86.924 3,324 772 862 20.685 37 All ewndltuf• M (th•ri￿b￿ In 2024 ind 2023 w•• unr••tricted. 10 Publk•tlonB DI1•￿¢0¥kn DiJlribut￿Q PUbli￿￿OnI 21,)71 21,754 25,571 Support ¢o•ts Audll Admlnl•traloft Insurnn Po8t and tskiphon• Comput•r supporttyJ•t• Staff ¢MI Derta￿d BoThk• •upport co8t• Owreci•bon 1.341 3,296 203 749 3.928 02.886 1,225 1,088 280 714 4,100 49.468 7.948 81S loo 127700 112743 11 Mernorf•l• DlrKt co•ts Rolund From Pr•vlou• Y••rAcl1￿1 8upporteo•l• Audit Adminiatrab'on Post and tel¥phong Insur8n Staff co•ts Donated 8OryiC• 8UPPOrtcostB 2Jf 402 36 48 278 4,345 217 4,494 6,714 22 Institutlon of Royal Englneers Nots# to th• financlal 8tatgments For the year ended 31 Decembor 2024 Total nds 2024 Total funds 2023 12 Profe￿10n•1 Éff•Gtlven8 Dlr•ct co8ts RUSI I Inst Conference JPM8 Fellow Event Focusses Symposlum Spon8oréd Symp0818 Other In Year Opportunllle8 8,185 4,966 7,155 781 1,186 400 500 Support Co•t• In8urance Poul and tslephone Wolf8 Sodety Subscrlptlon Staff ¢08t¥ Donated seNlce support costs 111 48 4.088 4,187 13 Grnnt Maklng Dlr•ct co•ts RE Museum fund Comms Hub Grant RE Award8 Dinner 64,624 20,000 83,257 20.000 Support co•t• Insuranca Post and telephon• Stsff costs Donated 89Th1ce 8UPPOrt C08t8 174 100 8.619 222 143 8,243 108 671 108204 14 Dlgltlmtlon DSrnGt ¢08ts rr C￿18 Support Costs Audit Insuranc• Post arKI telephone Staff costs Donated serylce 8UPPOrt costs 231 211 111 48 35.837 6.269 50 38,674 46.598 23 In•tltutlon of Royal Englneern Notes to tho financlal •tatoments For the year endod 31 00￿mb$r 2024 Total fund& 2024 Total fundi 2023 16 Naplor Hou•• Incom¢ Irom ¢harftsbl• *ctlvltle• Rental Incom Dlr•¢¢ ¢o•t• Maln¢•nance 831 Support co•t• Aud Admlnlslrallon In¥urance Po81 and telepho Don8tgd $eNI¢¢ 8UPPOrt ￿•t5 St•ff co818 D&preclollon 231 211 36 278 48 5,870 145 218 6.095 144 16 RE HIBtorlul So¢l•ty In¢om• from ¢h•rfl•bl• •¢tlvlll Mombor8hlp Dlr•ci Ca•1• Pubuca￿a support c￿t* Audlt Admlnlslralion Insurance PoBt and tel•phon• Slaff costs Donated oupport ￿610 139 127 22 160 4,184 619 143 4,287 599 17 Award• Meda18 Priz Refvnd from Prevk•us Yearn 11.162 9.723 11,445 24 In•tltutk4n of R¢)yal Engtneern P4ot•• iotho Itnanclal slatqTrwnlJ Forth• ygvond•d 31 De¢embgr2024 Tol•l Funds 2023 Fund• Z024 18 ProfoB•lonal Raglltratlon DlTrwt¢o•ts Regithbon & Mark•tkng 37 Support￿110 1.110 3,221 217 1.747 1,014 Admlnlstrallon InsurArt(* Poot 8nd 18k•pho Don4¢od wThlc• •upport Staff ¢yJJts 1,688 9,027 123911 11 N•t InMn*l•xp•ndltur• Th￿ l• *t•d aft•rehargth0'. D•pr*￿￿On ol tanglbkg hxod 88WtJ'. . thvnqd tyth• i*•rty Audrtof• r•rnun•r1￿on 2,170 17891 Ik• ya•r. no Tru* r•c•lved •ny rqfflungrntton12023.. £NILI. Durfn9 lh• y•8r, no Truthm f•E*lvod any bonefits In klnd12023.. £NILI. Durfng th? yeAr, no Tru•¢ee• rK¢l¥ed any rnlmburBemenl olgxpenw•12023.' £NILI. 20 8t•ff Staff rA•ts•r• M lollm.. 211.140 15.720 202,453 17,494 18,594 NztknnBI InBur¥nc Th• a¥erag9 numbor ofp•rnon• •mpkn>•l by ¢h• durtng the Jw•rwa• 41 fol￿. No. PublICa￿9n0 Manawnont and athnknl*r•Uon olth• ¢harSty 13 13 1S Th8 Hwragg the•d￿Unte¥pr9U?a M full.urro eqU￿10n￿waJ'. Publicatio Manawnont and admth1￿M￿0fv ollhg ¢h•rSty The S8c¥etary occuplM N•pior Hou•• •• p•rt of his condmons ofernplobThgnt. Thg ￿n¥t*n c4•t represents •MwJunts payAb* to the Corp•of R￿1 Englngern Pgn$th Furrtl, a 11gflr￿d The totsl ¢mpbyment benefits iAdudln9 employer p•nI￿n canbtsutlon8 of the key fflanBg8m8nt P8rsonn81 v £75,576 (2023.. £73,052). Thg number ol ￿P10Ye•S whDJe benefits lexduding eryt0￿r penslon cgjstsl gXC88dad £60,000 w.. 2024 2023 No Inthe b•nd £70.IX11 . £80.000 In8titutlon of Royal Engln•ern Nots8 to the ftn•nclal statements For the ended 31 DKember 2024 21 Tanglblfr flxed a88et8 Genernl. IT R•$trlctod and Office equlwi•nt Art6fa¢ts Totsl Ai 1 January 2024 Irestaledl 18,700 672,933 S91,633 At 31 December 2024 572 933 D•prociaOon At 1 January 2024 Irestaledl Charge for the year (3,215) (1.381) 13.215) 11.381) At 31 December 2024 Net I￿￿￿ value At 31 December 2024 104 572 933 At 31 December 2023 572 933 588418 22 Fixed asB•t Inv¢stmont8 Gèneral Momorl•ls Fund Fund T¢)tsl MaTkgt value At 1 January 2024 Revaluations 964,531 41,334 29,883 1,281 994,414 42,613 At 31 December 2024 1005 865 31164 1037 029 Hlstorfcal cost 452 161 Invesknents at marknt valuo comprtso: 2024 2023 Listed investments 1037 029 All the fixed asset investments a￿ held in the UK. Matgrlal Inve•tments All invested funds ￿re held in the Arn￿d Forces Charities Growth & Income Fund, managed by Black Rock Invesknenl Manag8rs Limited. 26 Institutk)n ol Royal Englneern Not95 to ￿ financlal 8tat8m•nts For thg ￿ar ended 31 Doc•mbor 2024 23 Debtor• 2024 2023 JPA Subscriptlon8 BlackRoGk other Debtor8 17,743 10,341 16,954 9,584 24 Credltorn: Amounts falllng due wlthln one year 2014 2023 other credilors 20,5110 7,027 50.156 4224 A¢¢ruab and deferred income 25 Statement of funds Current Year Brought Forward Income Exp•nditurn Trnnsfèrs inlout Gain ILossg8) Carried Forward Do$lgnatsd funds Memoria15 Fund Profe55ional Registratton RE Historical SoGiety (81,243) 185,963 (24,041) 112,168) 137,447) 15.999) (90,887) 268.756 (25.633) 120,240 4.407 15 236 General fund General fund 933,275 479.607 1510.700 41J34 943,516 Total Unrestricted funds 1013954 1095 752 Rostricted funds Institution Artefacts 572,933 672,933 Total of fvnds 1 $86 887 605 497 1668 685 Prior Year Brought Fop•Mrd Income Expenditure Trnnsferg inlout Galnsl (Losses) Carrted F¢Jr•Mr(I Designated funds Memorials Fund Professional Registratron RE Hislortcal Society (72,392) 115,332 120,5311 1.181 115.124 3,688 110.119) (44.493) (1,198) 87 {81.243) 185,963 {24.041) 22,409 119993 61,810 87 General frJnds General fund 974,101 440,684 1484,333) 2.823 933,275 Total Unrestricted funds 580 677 1013954 Restii¢Xed funds Institution Artefacls $72,933 572,933 Total of funds 560 677 1 586 887 27 of Rwl EngIn￿rn Notes to th?flrwKlql statemonts Forth•yawrand¢d 31 O*gfflbwr 2024 26 Anatygls of not as••ts botween fvnd8 Currnnlygar Totsl funds 2024 nds 2024 funds 2034 Tar#JIb￿ 055ets Fixed assd investn￿Tr￿ Cuwent 888ets CredMu8 due on8 ￿ar 14.104 1.037.029 71146 127,5271 SU,933 $67,037 1,037,029 72,146 127,5271 PrforY¢•r Unrestricted Resiricted lund$ 2023 Tow fvnd5 2023 2023 TOngtr)￿ fixed assets Fixed as881 Invesln*nls Cuwent assets ¢￿itl¥S due*illkn or*yew 15,485 994.414 58.435 154.380) 572.933 588.418 994.414 58.435 154.3801 1013954 sn933 887 27 p*￿10￿ ¢ommltments Tl* (*arity operates a defm8d c￿but￿On$ peniKffj sc*emè. The auets ofthe scheme are held separ*ty from ofthe thonty in an independenty adminiSte￿d fund. The penslon tyJ$t tharge repre8ent8 ¢4)nIrfb￿￿ payabk by thetharftyto the fvnd and afflounted 10 £19,981 <2023.. £18,594). 28 Relatad Mrty trnnBactton• Brigad￿rj1Me$Webster, Colonel Ril￿a￿ Boule H￿In8 MBE AOC. Colorpl A*8iairJ•tw CooperQVRM TD, &i98d￿r Simon JOI￿ Car¥d arhl Major Ger*ral David W Sothall C8E, Trustees of the In￿lUb0ft ¢1 Royal Englneers are a150 Tru8lee$ ol¢hè Royal Engineers Central Charitab￿ Tnffjl IRECCTI lor*thich trars8r*on$ ￿Ve la*en plocé during Ihe year. Durir#J the year RECCT collethd $ub5CriPt¥Jn inwme on behawof the ln81llub￿ of Royal Engineers toiallirg £443,079, and gift aid 01£16,983 tyanslenBd d￿rrfa treyear. A further£276 ofoiherdonalions $undry tha¢yes**￿ also tra[￿l&￿ed. Asof31 Oec*nber2024 no balarts ftom RECCT (2023.. £nlll. During Ihe yeof the Ins¢ibJtion of Royal Engl￿eTr a￿0 reimbursed £80.107 to RE¢CT ￿tha￿e5 reLqling to salarès and pen8Niris, postage, 8rMI OV￿radmIn co*s. A$ 013108c4mber 2024 8 balan￿ ofE23 lo RECCT12023.. £nill. Tl* Royal Engineers Mtjseum 15 a r￿nn£￿e¢ ¢harity to Ihe 1n5tl1ul￿ of Royal EryJineers and 5haTBS Iht game tharter and Tnjstees. OurfNJ the yearthe Inststulion of Royal ErMJineers paid The Royal Engl￿r8 Museum gran￿ lololling £71.894. as W a$ wndry otharye5 01£83. As 0131 [jec￿ter2024 nD bBlan( VAS o¥%ed to The Royal Ergine¢rs Mwum12023.. £[￿1. The Rwal ErvJlrE¥s romburn8d £477.262 to the InsVlution ol Royal Engineers relating lo $alar*$ and pe￿on5Charge8. As of 31 Dec*mber2024 no bal8nr*v•P8 by The Royal Engl￿r$ Pluswm (2023.. £n￿). Brigadier Jante$ Webster #nd Colmet Richa￿ Bouke Hakn*sns MBE ADC. Trustses olthe InslllulSon of Royal Engin8er8 8fE also Trn8te88 of tre R¢)yal Engineers He¥dqu8rter Me58 IRE Mess) lortAI)ich trar￿ctIOnS hBve duriw Ihe year. Th In8lKutSon olRoyal Engl￿er$¢I)llea8d 5Ut*crfplknn inc•rr¢ on b8haJr of the RE Ha Mess lot811iffj £25 Ythlch vrf$ tr•￿￿rred during th¢ year. As of 31 D8￿mber2024 r#J balance VAS to RQ HQ Mem. Bn"garfier JawsWeb8terand Corps ￿ Spenwwilliam Arnold Eanlley. Tnmtees ollhe Irolilulhin of Royal Engineern are atho TnJ$tees oflhe Royal ETrJiwers AS8Oua￿oTh IRW fortAthKth tran￿¢t￿)n5 have taken pla￿ during IhB￿ar. Thg In81ilubon of Royal Englneers poid Osyrdonabons of £28010 Ihe REA vknch were I[B￿f￿R￿ d￿r￿j thg >*ar. A$ 0131 DeC*n￿r2O24 rn balanc8 a￿1 to tts REA. Thè ReAw$ atso rthrged eyn5e5 p&d lorby the Ir￿ti￿AlOn ofRoyal Ervaine8rs of£175. wa5 transler￿j thJMg lh8 year. A¥ of31 D8c4fflber 2024 no bll1a￿ ¥A$ by the RE Institutlon of Royal englno•rn Noteg lo the flnanclal #tstsments Forthe year ended 31 December 2024 29 Reconclllatlon of net movem•nt In funds to net cash flow from operatlng aGtlvttlg5 Total funds 2D24 Total lunds 2023 Net movement in funds Add back depreciation charge Deduct Inte￿$t inrK>me sh¢)wn in invgsting activil Deduct gains l add back losses on Investments Ilncrease) I decrease in debtors (D￿reaSe) l increase in (xeditors 81,798 17.444 141,6561 139,298} 142.615) 12.9101 (9,219) 17,4281 126.863) 115.6341 Net cash used In operntlng actlvttles 29