REGISTERED CHARITY NUMBER: 257040
Re
ort of the Trustees and
Audited Financial Sta
ments for the Year Ended 31 March 2024
for
Association of WRENS and Women of the
Ro
al Naval Services

Association of WRENS and Women of the
Ro
al Naval Services
Contents of the Financial Statements
for the Year Ended 31 March 2024
Page
Reference and Administrative Details
Report of the Trustees
Report of the Independent Auditors
9 to 12
Statement of Financ￿1 Activities
13
Statement of Financial Position
14
Notes to the Financial Statements
15 to 24

Association of WREN5 and Women of the
Ro
al Naval Services
Ref
rence and Administrative Details
for the Year Ended 31 March 2024
TRUSTEE5
Mi55 A Lagnje IChairTnanl lappointed 14.10.231
succeeding Mrs L Snowden"
Mrs K Eynon. Ivice Chairman) lappointed 14.10.231,
Iresigned 28.2.241
Miss A Cameron (Hon Treasurer)
Mrs K Elliot.
Mrs B McGregor
Mrs LGannon
MissA Moffatt
Mr5 J Whitmarsh
Mrs J Crisp
Mrs C Snell
Mrs N Smith
Mrs A Wrigley
Mi55 S Houghton (appointed 14.10.231
Mr5 A Cross lappointed 14.10.231
Completed service 14 October 2023
PRINapAL ADDRESS
Building 1187
Scott Road
HM Naval Base
Portsmouth
Hampshire
POI 3LU
REGisfERED CHARITY NUMBER 257040
AUDITORS
Moore
Chartered Accountants and Statutory Auditor
30 Gay Street
Bath
BAI 2PA

Association of WRENS and Women of the
Ro
al Naval Services
Re
ort of the Trustee5
r the Year Ended 31 March 2024
The Trustees present their report with the financial statements of the charity for the year ended 31 March
2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicèble in the UK and Republic of Ireland (FR5 1021 (effective 20191.
oBJE￿IVEs AND AcnvmES
Objectives and alms
The Association's object 15 to promote the efficiency of the women in the Royal Nawy in the following ways:
By celebrating past achievements, Preserving the history and traditions, fostering esprit-de-corps and
comradeship encouraging personnel to benefit from the experience of former members of said SeNice and
of their predecessors in the Women's Royal Naval Servite IWRNSI. in particular, but not exclusively. by
maintainin8 contact and bindin8 together in practical friendship with each other.
b. Where necessary refer former serving members of the WRNS and serving and retired RN women and
their dependants to the appropriate sèrvice charity or charities.
The Association carries out activities in thè form of sale of Christmas cards and srnal18ift5 which are sold
through the magazine, website and at fundions. Charity regulations restrict the amount of trading income
that can be received to 25% of total income and the A55ociation ensures it trades at a level $0 as notto exceed
this. The Association is also ¢areful to ensure that stock levels are kept at a manageable level to avoid the
risk of losses arising through stock obsolescence.
The Association organises opportunities for members to get together in the fomi of Reunions, the Annual
Fundraising Christmas Dinner and Carol Service and publicises meetings of smaller groups throughout the
country. The thrice yearly Magazine, the Website and official Facebook page are vehicles through which this
information is disseminated.
The Association makes significant use of volunteers for which it is extremely grateful. Volunteers who assist
with the actFvities of the Association at events etc.. are unpaid and do not receive reimbursement of travel
and associated costs. Trustees are reimbursed travel and subsistence costs for meetings only.
Public benefit
The Trustee5 have paid due regard to the Charity Commission 8uidance on public benefit. The focus of our
activities remains the promotion of the service of fom)er members of the Women's Royal Naval Service. The
benefits are provided predominantly. but not exclusively, to women in or connerted to the Royal Navy.
RISK MANAGEMENT
The Trustee5 have assessed the major risksto which the Association 15 exposed and are satisfied that Systems
are in place to mitl8ate exposure to the major risks. Review of the Risk Mana8ement Register is now
standing agenda item at Trustee Meetings and the updating of the Register is allocated to a nominated
Trustee. The Association is also required to comply with HM Dockyard emergency planning regulation5 and
has lodged with the HM Naval Base Emergency Planning Officer a document entitled Business Continuity and
Risk Management Policy. A Covid Risk Assessment Document has a150 been added to the Business Continuity
Folder.

Association of WRENS and Women of the
Ro
al Naval Service5
Re
ort of the Trustees
for the Year Ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
The Association receives income each year in the form of annual, and 5 year, subscriptions from members.
Income is also generated from investments and to a lesser extent savings. It is the current aim of the
Association to maintain expenditvre within this income and not rely on legacies to fvnd ongoing daily cost5
due to the unpredictable nature of this income stream.
The Association was able to carry out several attivities for achieving its objective5 during the year.
Recruitment opportunities and sales tables were able to be utilised at all events that were attended.
A very successful Out of Town meeting was held in Lwerpool hosted by HMS Eaglet RNR Unit which provided
an excellent waterfront venue. Thi5 3150 coincided with the 80th Anniversary of the Battle of Atlantic
cornmemorations as well as the RNA Corblerence. A good number of local members as well as those from up
and down the country attended and were also ablè to take part in the Sunday service and Parade. The
National Standard was also paraded throughout the weekend. There were many artivities during the
weekend and the Assotiation was able to provide support with representation at all the events that the City
of Liverpool had arranged. The economic benefits of zoom technology have continued to allow the Trustee
team to hold interim and extraordinary meetings when required. For instance, where disruption on the rail
network would have made attendance at Meetings in London impossible these have been able to go ahead
as scheduled by virtue of the online facilitie5.
The Association endeavours to hold an Out of Town meeting each year in a venue agreed by the Trustees.. bv
varying the location of this meeting across the UK it enables members to attend in an area convenient to
their locality and to enjoy wider fellowship and camaraderie with A$S￿latIOn officers and members.
Three editions of The Wren magazine were published during the year. Thanks goes to members who
continued to submit items and to our printer5. Snell Print. who continue to achieve not only the printing but
the distribution. Snell Print Serves us well and have proved competitive when compared to other similar
suppliers. The production of the magazine is still being compiled by Genie Creative and although thi5 has
resulted in additional costs this has proved effertNe so far. The Editorial Team continue to oversee the
content of the magazine and welcome article5 from members and the wider Naval famity- C￿er the last year
improvements have been made and these have been wèll received by the Members who continue to enjov
receiving the magazine, either as a hard copy or online. Where the option to receive the magazine online has
been made available and taken up this ha5 proved successful and becoming more popular. This has had a
positive economic effect for the Charity's costs. The 'Talking Wren, is provided by a team of members and is
valuable and welcomed service for those members who are unable to read the magazine for themselves
due to vision impairment.
To seekfurther avenuesto promote the Association particularly influenced by official and unofficial Facebook
groups, the establishment of è team to manage the Website, social media and Sales have proved extremely
beneficial. The website has now been running since September 2021 with a dedicated member5 section and
thi5 will continue to be developed as ￿quIred. On-line membership applications and substription renewals
are increasingly being used to generate and svstain membership. The shop continues to be developed on the
website and is being utilised by members. Other avenues of raising sales funds have been used enabling
members to order direct from a supplier of 5pecrfic items with a percentage of the sales being paid to the
Association as commission. One such example is the sale of the official Wrens Tartan Scarf supplied by
MacDonald Kiltmakers.

Association of WRENS and Women of the
Ro
al Naval SeNi
es
Re
ort of the Trustees
for the Year Ended 31 Marth 2024
Every opportunity has been tsken to sell old stock items. Several Sales items including our range of 2020
commemorative items have continued to move 51owty and some items are now sold out. Decision will need
to be made regarding the shelf life of the remaining dated stock. Other stock had also been slow to move,
and a concerted effort has been applied to sell these albeit at a small reduction in price. Again, some of these
items are now sold out without any financial loss to the Association.
The On-line shop and sales brochure are available all year round rather than as a Christmas Catalogue. The
Christmas Cards and the Association Diary continue to be extremely popular. The sales of Christmas Cards
were outstanding once again with foLbr new designs made available. The profits from these sales continued
to be shared betwèen the Association and WRNS BT. Throughout the year several new linès have been added
to the range of item5 available and some of which have been atthe request of members. Some of these item5
have proved popular and due to the demand have required the purchase of further supplies.
Thanks must go especially to Katharine Lovegrove in the HQ who for the second year running continued to
support the Association single handedly. There has been no HQ responsibility left wanting and Katharine also
rose to the challenge of some additional duties with her usual professionalism and tenacity. During the latter
stages of the year more effort was directed to the recruitment of staff to return the HQto a full complement.
Thanks, is also due to all Tnjstees and members whose commitsnent to the Association is greatly appreciated
and valued.

Association of WRENS and Women of the
Ro
al Naval Services
Re
ort of the Trustees
for the Year Ended 31 March 2024
FINANCIAL REVIEW
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should
be maintained at a level equivalent to between three• and SiXTrmonths expenditure. The Trustees consider
that rese￿e$ at this level will ensure that, in the event of a Significant drop in fundin& they will be able to
continue the Charity's current activities while consideration is given to way5 in which additional fund5 mav
be raised. Reserves are available to meet this policy although caution continued to be applied due to the
challenges in the financial markets and the impact this has had on the Association'5 investments.
The 202312024 financial year has not seen the receipts from legacies as has been seen previously which
highlights the unpredictability of this funding stream. The accounts show an in-year net gain, before
investmerht gain5, of £24,003 (compared to the small gain of £2,418 last yearl. Despite the uncertainties in
the financial markets due to the ge￿polItIcal sttuation and other financial pressures the gainsllosses within
the investment portfolio showed a gain of £34.273 Icompared to 2023.. showing a loss of £87,431). This
movement may be indicative of recovery in some sectors. The Finance Committee invested a total of £SO,000
into the portfolio, the primary purpose being to In¢￿aSe the income in support of our operating costs. The
full effect of this invesiment may not be realised in the short term, but l am pleased to report that the Annual
Portfolio Income has increased and does help toward5 balancing the books.
As mentioned above income from legacies and other In MemoTiarn donations was significantly lower for the
second year running summing up to a total of £25,231. A large part of this was due to the receipt of £21,404
which was the remaining sum owing from a previous legacy received in 2021. Other In Memoriam donation5
received during 2023/24 amounted to £3,827 which was short of a budget of £12.500. Donation income
excluding Bift aid amounted to £9,939, with gift aid added this would be approx. £12.000 against a budget
forecast of £14.000. Despite this the generosty from members, branches and informal groups 15
acknowledged with gratitude considerTrng the constant rises in cost of livin8 and inflationary pressures
throughout the year. Total donations and legacies together with other supporting income amounted to
£41,831 in the year to 31st March 2024 compared to £28,294 in the comparative period last year.
The A55ociation's main èxpenditure arises from costs in relation to its main objectives. These comprise
primarily of staff costs. travel and meeting costs and costs associated with the production and distribution of
the magazine. Staff Costs were below budget as expected due to under staffing in the Office. Meeting cost
and trustee expenses was also under budget. this was largely due to the reduced size of the Trustee team
and associated travel requirements. Our expenses budget will remain in place to allow for the Trustee Team
returning to full complèment and the changes made to elements of the expenses policy. Similarly, the budEet
coverin8 Staff costs will also remain the same if not increase to cover staff costs going forward.
The Association has delegated responsibiltty for the management of the investment portfolio to its
investment managers RBC Brewin Dolphin who has managed the portfolio throughout a turbulent year for
the stock market taking the necessary measures to protect the portfolio to minimise the continuing efferts
of world events on financial markets as far as reasonably possible. These mea5ure5 included the adjustment
to the fund allocation to asset classes which are favoured by the higher interest rate environment such as
Government Securities and Fixed Interest Securities. The Portfolio's book value increased by £56,795 in the
vear to 31 March 2024 to £938,964. Whilst there is still some way to go to recover to pre-pandemic levels,
on a positive note, Portfolio income of £34.639 does represent a significant increase overthe same time and
exceeded the budget forecast.

Association of WRENS and Women of the
Ro
al Naval
rvices
Re
ort of the Trustees
for the Year Ended 31 March 2024
Investments are held as a reserve to ensure that the activitie5 of the Association can continue in the longer-
term. Investments are chosen to achieve a stable and lower risk return. A Charities Savings account with
United Trust Bank is held to supplement possible cash flow deficiencies durinE the financial year in preference
to selling off investments. These Cash reserves are monitored regularly by the Finance Committee. Due to
the higher interest rates the return on these savings amounted to £2,811 compared to the previou5 year's
£987 and ex￿eded budget. It is possible that interest rates shall start to fall during the next financial year
but by how much and how quickly remains unknown.
As previously reported the siting of the Centenary Stone in the National Memorial Arboretum resulted in a
review of the maintenance costs for the WRNS Garden and an In Perpetuity cost of £37,927 was felt by the
Trustees to represent the best value as opposed to an annual payment subjett to VAT and inflation. In line
with applicable accounting standards. this one-off payment is presented a5 an intsn8ible asset on the balance
to be amortised over 10 years. Having now run lor 3.5 years, £1,896 was included in the first year's accounts
with £3.793 being applied in thisfinancial year as in last year's ac¢oLbnts. There is now 6.$ years to run. Various
Branches and Informal Groups have responded by making donations for the maintenance of the WRNS
Garden.
APPRECIATION
Donation5
Donations arè gratefully received from a significant number of our members and where possible have
generated an addition313mount via Gift Aid.
Thanks, is also gratefulty acknowledged for donations re￿IVed this year from the following Branches and
Infornial Group5:
Bournemouth
Cardigan
Chester
Croesoswallt & District
Edinburgh
Fareham
Fife
Nottingham
Pembroke5hire
Portsmouth
South t)orset
Swindon & District
West Cornwall
Yeovil & District
York
Legacies and In Memoriarn Donations
WÈ have received legacies or kind (lonations in memory of the following members and non-members who
passed away during the year:
Elizabeth 8eeton
Hermione Burns
Mary Fraser
Geraldine Hawley
Kathleen Hartland
Patricia Miller
Kathleen Newman
Eileen Parker
Marjorie Roberts
janet Vockins
Dorothy Woods
Penny Wright
FUTURE DEVELOPMENTS
A recruitment campaign to restore the staffing of the Association HQ back to full complement.
The establishment of a new Strategy Group comprising participants from the Trustee team along with a Vice
President as part of the group. The aim is to enhance the delivery of the objective5.
The Constitution is next scheduled for review in 2025.

Association of WRENS and Women of the
Ro al Naval Services
ort of the Trustees
for the Year Ended 31 March 2024
STRucfuRE. GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated
charity.
The Association was formed in 1920 and is governed by its Constitution as revised in 1991, 2￿1, 2012, 2015,
2018 and 2022.
Mrs Lisa Snowden completed her tenure as Acting Chairman and was succeeded by Miss Annie Lagrue who
was appointed as Chairman in October 2023. Mrs Sara Moseley completed her short tenure as Vice Chairman
handing over to Mrs Karen Eynon in October 2023 (m￿ Eynon resigned in February 20241. Mrs Karen Elliott
and Mrs Barbara McGregor retired from the Trustee Committee following the 2023 AGM having completed
two 3-year tenures. Miss Sheila Houghton and Mrs Andrea Cross were elerted as new Trustees and Mrs
lanette Crisp was elected to serve a 2nd 3-ye3r tem) as a Trustee.
Nomination5 for appointmènt as a Trustee are received from members or branches, as vacancies were
available for all applicants no ballot was held and appointments were duly made at the Annual General
Meeting, following which the Trustees elert the Officers and Finance Committee members.
The Association provides all new Trustees With an induction pack which includes CC3: The Essential Trustee
and CCII: Payment of Charity Trustees. All new Trustees are required to sign an acknowledgement
confirming they have read and understood these documents. The Induction Pack provides a breadth of
information and documents to inform and support Trustees in their role.
The Association operates a two-tier structure for the making of decisions. On matters of Finance the Finance
Committee is appointed to manage the decisions which a￿ reported to the Trustees at each of their
meetings. Non-financial matters are the responsibilify of the Trustees.
Trustees are required to disclose all relevant interests and register them with the Auditors. Trustees will be
required to declare conflict of interest at meetings of the Trustees and may need to withdraw from the
meeting if the conflict is relevant to the discussion.
The day to day running of the ¢harty ha5 been carried out by one Administrator for whole of this financial
year. It is intended that a second member of staff shall be recruited.
EVENTS OF THE YEAR
The Association of w￿fi5 has had a busy year particularly throughout June- the main events were=
The 30th Anniversary of Women's Integration into the Royal Nawy was celebrated. The second Association
Day took place and was well supported by branches and informal groups around the country. The Battle of
the Atlantic 80th Anniversary Weekend was held in Liverpool and as many members of the WRNS were
involved at the time it seemed only frtting to hold the 2023 Out of Town Meeting at HMS Eaglet, Liverpool.
The weekend also marked the opening of the Wrens, exhibition. based in the former WRNS Quarters within
the Western Approaches HQ Building which many were also able to visit during the weekend. The National
Armed Forces Day event took place in Falmouth, Cornwall with a great turnoLbt of WRNS. The second
weekender was arranged due to the success of last year's event and took place in Leamirbgton Spa. Once
again this was enjoyed by all those who attended with an excursion to the National Memorial Arboretum on
Saturday followed by a fundraising Gala Dinner in the evening.

Association of WRENS and Women ofthe
Ro
al Naval Services
Re
ort of the Trustees
for the Year Ended 31 M rch 2024
The ye3r ended as usual with the Carol Service at St Mary Le Strand followed by the Aow & WRNS BT
Fundralslng Dinner held at HMS President for the first time. The guests were treated to a very special eveninE
due to the fabulous staff at HMS President and the catering team. This rounded off 2023 in great style. Fridav
evening prior to the dinner 50 lucky Aow Members were treated to a private tour of the Tower of London
and the opportunity to witness the historic Ceremony of the Keys. The final event of 2023124 wa5 the
Memorial Service held at St Mary Le Strand on 12th February 2024 to mark the 80th Anniversary of the
sinking of SS Khedive Ismail. The tragedy took the lives of over 1.2tMJ people including 17 Wrens. The sinking
was the single worst Ios5 of female service personnel in the history of the Commonwealth of Nations.
Other regular events included ticketed allocations for Wimbledon, courtesy of the Lest We Forget Association
and tickets to Buckingham Palace Garden parties thanks to The Not Forgotten Association. The opening of
the Field of Remembrance at Westminster Abbey and the annual Service of Remembrance at the Cenotaph
were well attended as usual.
STATEMEPU OF TRUSTEES, RESPONSIBIUTIES
The trustees are responsible for preparing the Rew)rt of the Trustee5 and the financial statement5 in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice) including Financial Reporting Standard 102'The Financial Reporting Standard
applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011. Charity (Accounts and Reports)
Regulations 2008 and the provisions of the trust dee(I requires the trustees to prepare financi31 statements
for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources, including the income and expenditure. of the charity for that period.
In preparing those financial statements. the trustees are requiretl to
select Suitable accounting policies and then apply them consistèntlv.
observe the methods and principles in the Charity SORP..
make Itjdgements and estimate5 that are reasonable and prudent,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accura
at any time the financial position of the charity and to enable them to ensure that the financial statements
comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2CK)8 and the provisions
of the trust deed. They are also responsible for safeguarding the a55ets ot the charity and hence for taking
reasonable steps for the prevention and detertion of fraud and other irre8ularities.
Approved by order of the board of tnjstees on..-....
and signed on its behalf by..
Mrs C Gibbon-
ce President

Re
ort of the Inde
ndent Auditors to the Trustees of
AsSOCl3tion of WRENS and Women of the
Ro
al Naval Services
Oplnlon
We have audited the financial statements of Association of WRENS and Women of the Royal Nav31 Services
Ithe 'charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the
Statement of Financial P051tion and note5 to the financial statements, includin8 a summary of significant
accounting policies. The financial reporting frameworkthat has been applied in their preparation is applicable
law and United Kingdom A¢countin8 Standards (United Kingdom Generally Accepted Accounting Practicel.
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland..
In our opinion the financial statements=
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and applitation of re50Ltrces. for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Prattice,
includin8 Financial Reporting Stsndard 102 The Financial Reportkn8 Standard applicable in the UK and
Republit of Ireland,. and
have been prepared in actordance with the requirements of thè Charities Act 2011.
Basis for oplnion
We conducted our audit in accordan￿ with International Standards on Auditing IUK} IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditors,
responsibilities for the audit of the fbnancial statements sertion of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical 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 relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to events
or conditions that, individually or collectNely, may cast significant doubt on the charity's ability to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised
for issue.
Our responsibilities and the responsibilities of thetrustees wrth respect to going concern are described in the
relevant sections of this report.

ort of the Inde
ndent Auditors to the Trustees
Association of WRENS and Women of the
Ro
al Naval Services
Other Snforrnatlon
The trustees are responsible for the other information. The other infomiation comprises the information
included in the Annual Report. other than the financial statements and our Report of the Independent
Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitty stated in our report. we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and. in doing so. consider whether the other information is materially inconsistent with the financial
Statements or our knowledge obtained irb the audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material mi55tatements. we are required to determine
whether this gives rlse to a material misstatement in the financial statements themselves. If, based on the
work we have performed. we conclude that there is a material misstatement of this other information, we
are required to report that fa¢t. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Actounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion:
the information given in the Report of theTrustees is inconsistent in any material re5pectwith the financial
statemènts- or
sufficient accounting records have not been kept- or
the financial statements are not in agreement with the accounting records and returns- or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustee5
As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the
preparation of the financial statements which give a true and fair view. and for such internal tontrol as the
trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement. whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to
ontinue as a 89inB concern, disclosin& as applicable. matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations,
or have no realistit alternative but to do so.
io

Re
ort of the Inde
endent Auditor5 to the Trustees of
Association of WRENS and Women of the
al Naval Services
Our responsibilltles for the audit of the financial st•ternents
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance
with the Art and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent
Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAS IUKI will always detect a material misstatemènt when it
exists. Misstatements can arise from fraud or error and are considered material if. individually or in the
ag8regate, they could ￿asonablY be expected to influence the economic decisions of users taken on the basis
of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Explanation as to what extent the audit was consldered capable of detertlng irregularities. influding fraud
The objectives of our audit in respert of fraud. are.. to identify and assess the risks of material misstatement
of the financial 5tatÈments due to fraud,. to obtain sufficient appropriate audit evidence regarding the
assessed risks of material misstatement due to fraud. through designing and implementing appropriate
responses to those assessed risks: and to respond appropri3tèly to instances of fraud or suspected fraud
identified during the audwt. However. the primary responsibility for the prevention and detection of fraud
rests with both management and those charged with governance of the company.
Our approach was a5 follow5..
We obtained an understandinB of the legal and regulatory requirements applicable to the company and
considered that the most significant are the Charities Act 2011, UK Financial Reportin8 St3nd3rds and UK
taxation legislation.
We obtained an understanding of how the company complies wtth these requirements by discussions with
management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur. by holding discussion5 With management and those
charged with govemance.
We inquired of management and those charged with governance as to any known instances of non-
compliance or suspected non-compliance with laws and regulations.
Based on this under5tandin& we designed specific appropriate aydit procedures to identify instances of non-
compliance with laws and regulations. This included making enquiries of management and those charge
with governance and obtaining additional corroboratNe evidence as required.
Afurther description of our responsibilitiesforthe audtt of thefinancial statement5 is located on the Financial
Reporting Council's website at wv•w.frC_org.uklauditorsres￿nSIb1IItIe5. This description forms part of our
Report of the Independent Auditors.
li

ort of the Inde
endent Auditor5 to the Trustees of
Association of WRENS and Women of the
al Naval se￿i[e5
Use of our report
This report is made 501ety to the charity's trustees, as a body. in actordance wf(h Part 4 of the Charitie5
(Accounts and Reports) Regulations 2￿8. Our audit work has beèn undertaken so that wè might State to the
charity's trustees those matters we are required to state to them in an auditOfS' report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the charity and the charity's trustees as a body. for our audit work, for thi5 report, or for the opinions
we have formed.
Moore
Chartered Accountants and Statutory Auditor
30 Gay Street
Bath
BAI 2PA
Date: .....
12

Association of WRENS and Women of the
Ro
al Naval Services
statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24
Total
funds
31.3.23
Total
funds
Unrestricted Restricted
fund
funds
Notes
INCOME AND ENDOWME￿[5 FROM
Donations and legacies
41,516
315
41.831
28.294
Charitable acti¥ities
Membership co-ordination
27,655
27.655
31,262
Other trading activities
Investment income
Other in¢ome
9.508
37,450
7,440
9,508
37.450
7.440
5,914
32,629
5.711
Total
123.569
31S
123.884
103.810
EXPENDITURE ON
Raising funds
5,748
5.748
3,652
Charitable actlvlties
WRNS benevolent trust
The Wren publication
Trustee meeting and events
Arboretum renovation
Support tosts
Membership Co￿T￿InatIon
462
15,403
7,653
3,793
14,138
51,848
462
15,403
7,653
4.629
14.138
51,848
603
21,213
9,158
3,793
14,761
48.212
836
Totsl
99.045
836
99,881
101,392
Net gainslllossesl on investments
34.273
34.273
187,4311
NET INCOMVIEXPENDITURE}
58.797
15211
58,276
185,013}
RECONCILIATION OF FUNDS
Total funds brought forward
1.126,654
4.825
1,131.479
1,216,492
TOTAL FUNDS CARRIED FORWARD
1,185.451
4.304
1,189,755
1,131,479
13

Association ofWRENS and Women ofthe
Ro al Naval Services
Statement of Financial Posltion
31 March 2024
31.3.24
Total
funds
31.3.23
Total
funds
Unrestricted Restrirted
fund
funds
Notes
FIXED ASSETS
Intangible assets
Tangible assets
Investments
io
li
12
24.652
424
938.964
24,652
424
938,964
28,445
530
882,169
964,040
964,040
911,144
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
13
14
4,273
7.406
247,275
4,273
7.406
251,579
4,328
5,967
251,328
4,304
258,954
4.304
263,258
261,623
CREDITORS
Amounts fallin8 due within one year
15
117,402)
117.4021
{18,3251
NET CURRENT ASSETS
241.552
4,304
245,856
243,298
TOTAL ASSEf5 LESS CURRENT LIABIUTIES
1.205.592
4.304
1,209,896
1,154,442
CREDITORS
Amounts falling due after more than one
year
16
120.1411
120,1411
122.9631
N￿ASsETs
1,185.451
4.304
1,189.755
1,131,479
FUNDS
Unrestricted funds
Restricted fund5
18
1,185,451
4,304
1,126,654
4.825
TOTAL FUNDS
1,189,755
1,131,479
The financ
.statements were approved by the Board of Trustees and authorised for issue on
..Z￿.￿......... and were signed on its behalf by..
Mrs C Gibb
ce President
14

A550ciation of WRENS and Women of the
Ro al Naval Services
Notes to the Financial Statements
for th@ Year Endèd 31 M rch 2024
GENERAL INFORMATION
The charity is registered charity in England and Wales and 15 unincorporated. The address of the
principal office is Building 11087. Scott Road. H.M. Naval Base. Portsmouth, Hampshire, POI 3LU.
ACCOUIrnNG POLICIES
Basis Ot prnparir￿ the financial statements
The financial statements of the charity. which is a public benefht entity under FR5 102, have been
prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities:
Statement of Recommended Prartice applicable to charities preparing their accounts in accordance
with the Financial Rew)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe
l January 20191., Financial Reporting Standard 102'The Financial Reporting Standard applicable in the
UK and Republic of Ireland, and the Chèflties Act 2011. The financial statements have been prepared
under the historical cost convention, with the exception of investments which are included at market
value, as modified by the revaluation of certain assets.
The financial statements have been prepared to gwe a "true and fair view" and have departed from
the Charitie5 Ikcounts and Report51 Regulations 2(M)8 only to the extent required to provide a "true
and fair view". This departure has involved following Accounting and Reporting by Charities preparing
their accounts in accordance with the Financial Reportirbg Standard applicable in the UK and Republic
of Ireland IFRS 1021 issued on 16 July 2014 las updated by the second edition, issued October 20191
rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective
from l April 2005 which has since been withdrawn.
The financial statements are prepared in sterfin& which is the functional currency of the entity.
Golng concern
There are no material uncertainties about the charity's ability to continue.
Financial reporting standard 102- reduced d￿ClOs￿** exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial
statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland.:
the requirements of Section 7 Statement of Cash Flows.
Incorne
Donations and gffts are included in incoming resources when the charity is probable of ￿ceIpt and the
amount can be quantified with reasonable accuracv.
Legacies are recognised when receNed and on notifications before the balance sheet date where it is
probable that the legacy will be received and the value of the incoming resources can be measured
with sufficient reliability.
Annual subscriptions are accounted for in the period to which they relate. Ten year subscriptions are
accounted for on an accruals basis and the element in relation to future years membership is deferred.
15

Association of WRENS and Women of the
al Naval Services
Notes to the Financial Statements continued
for th Year Ended 31 March 2024
ACCOUNTING pouaES- continued
Income
Investmont assets and income
Dividends and interest from investments are credited to income on receipt.
All investments are shown in the Balance Sheet at their mid-market price as quoted on the London
Stock Exchange. Gains and losses on the revaluètion and realisation of investments are taken or
charged to income in the Statement of Financial Artrvities.
Expenditure
Liabilities are re¢o8nised as expenditure as soon as there is a legal or constructive obligation
committing the charity to that expenditure. it is probable that a transfer of economic benefits will be
required in settlement and the amount of the obligation c8n be measured reliably. Expenditure 15
accounted for on an accrua15 basis and has been classified under headings that 38gregate all cost
related to the category. Where costs cannot be directly attributed to particular headings they have
been all(Kated to activities on a basis consistent wrth the use of resources.
Support and governance comprise the costs for the running of the charity. Charitable expenditure
relates specifically to,. donations to benevo￿nt funds, costs of producing the 'Wren' magazine and
meetings and event costs.
Financlal instruments
Basic financial instruments are inityally recognised at the amount receivable or payable including any
related transartion costs, unless the arrangement constitutes a financing transaction, where it is
recognised at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration
expected to be paid or re¢eived and not discounted.
Allocation and apportionment of costs
Support costs which are not dirertly attributable to one of the charities actNities are allocated based
on the estimated split of time which the charity's staff and Trustees spend on each area.
Intanglble fixed assets
The charity paid a lump-sum amoLbnt for the upkeep of the Association's memorial stone at the
national arboretum in perpetuity. In acwrdance with FRS 102, the useful economic life of the
intangible asset has been fixed at 10 years and is amortised over that period.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.
Fixtures and fittings
20% on cost
Expenditure on lixed assets is capitalised where material. Where capitalised. assets are stated at cost
les5 subsequent depreciation unless otherwise stated.
16

Association of WRENS and Women of the
Ro
al Naval SeTVi¢
Notes to the Financial Statements-
for the Year Ended 31 March 2024
ntinued
ACCOUNTING POLICIES- continued
Stocks
Stocks are valued at the lower of cost and net realisablevalue. after making due allowance for obsolete
and slow moving items.
Taxation
Thè charity is exempt from tax on its charitable artNities.
Fund attounting
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the
general activitie5 of the charity. Unrestricted funds incorporate unrealised gains arising on the
revaluation of investment assets to market values at the Balance sheet date.
Restricted funds are those monies given to the A550ciation for specific purposes and can only be used
for those purposes.
Operatlng lea5e5
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership
remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Penslon costs and other post-retirement benefrts
The charity operates a defined contribution pension scheme. ContributiOfLS payable to the charity's
pen510ri Scheme are charged to the Statement of Financial Actrvitbe5 in the period to which they relate.
DONATIONS AND LEGACIES
31.3.24
31.3.23
Donations received
Legacies received and receivable
Other supporting income
9,939
25,231
6,661
15,323
11,727
1,244
41.831
28.294
17

Association of WRENS and Women of the
Ro
al Naval Services
Notes to the Financial St3temènts- continued
for the Year Ended 31 March 2024
OTHER TRADING ACTIVITIES
31.3 24
31.3.23
Fundraising events
9.508
5,914
INVESTMENT INCOME
31.3.24
31.3.23
From UK listed investments
Deposit account interest
34,639
2,811
31,642
987
37,450
32.629
AuD￿ORs. REMUNERATION
31.3.24
31.3.23
Fees payable to the charity's auditors for the audit of the charity's
financial statements
6.660
6.600
TRUSTEES, REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefrts for the year ended 31 March 2024 nor for the
year ended 31 March 2023.
Trustees, expenses
During the year the Association paid expenses totalling £7,65412023.. £9,158) to 12 trustees12023: 12
trusteesl for travellirsg and other incidental costs.
STAFF COSTS
31.3.24
31.3.23
Wages and salaries
Social security costs
Other pension costs
16.174
2,151
1,168
16.833
2,283
1.127
19,493
20,243
Key management personnel are considered to be the Trustees and therefore no remuneration was
paid in the year12023: nill-
18

Association of WRENS and Women of the
Ro
al Naval Services
Notes to the Finantial Statement5- continued
forth Y
ar Ended 31 March 2024
STAFF COSTS- continued
The average monthly number of employees during the year was as follows..
31.3.24
31.3.23
Office staff
No employees r￿e1ved emoluments in excess of £60,OLYJ.
COMPARATIVES FOR THE STATEMENT OF FINANCIALAcnvmES
Unrestricted Restricted
fund
funds
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
27.712
582
28.294
Charitable artwities
Membership ctrordination
31,262
31,262
Other trading activitie5
Investment income
Other income
5,914
32.629
5,711
5,914
32.629
5,711
Total
103.228
582
103,810
EXPENDITURE ON
Raising funds
3,652
3,652
Charitable arti¥ities
WRNS benevolent trust
The Wren publication
Trustee meeting and events
Arboretum renovation
Support costs
Membership co-ordination
603
21,213
9.158
3.793
14.761
47.244
603
21,213
9.158
3,793
14,761
48.212
Total
I￿,424
101,392
Net gainslllossesl on invesrments
187.4311
187,4311
INCOMEIIEXPENDrruREI
184,6271
13861
185,0131
RECONCILIATION OF FUNDS
Total funds brought forward
1.211,281
5,211
1,216.492
19

Association of WRENS and Women of the
Ro
al Naval Services
Notes to the Financial Statements continued
for the Year Ended 31 March 2024
COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnvmES- contlnued
Unrestricted Re5trirted
fund
funds
Total
funds
TOTAL FUNDS CARRIED FORWARD
1.126,654
4.825
1.131,479
10. I￿￿ANGIBLE FIXED ASSErs
Arboretum
upkeep
COST
At l April 2023 and 31 March 2024
37,927
AMORTISATION
At l April 2023
Charge for year
9,482
3,793
At 31 March 2024
13,275
NET BOOK VALVE
At 31 March 2024
24,652
At 31 March 2023
28.445
ii.
TANGIBLE FIXED ASSEts
Fixtures
and
fittings
cosr
At l April 2023 and 31 March 2024
9,019
DEPRECIATION
At l April 2023
Charge for year
8,489
106
At 31 March 2024
8,595
NET BOOK VALUE
At 31 March 2024
424
At 31 March 2023
530
All fixed assets are initially recorded at C05t.
20

Association of WRENS and Women of the
Ro
al Naval Services
Notes to the Financial Statement5- continued
for th Year Ended 31 March
24
12. FIXED ASSET INVESTMENTS
Cash held
within
portfolio
Listed
investments
Tota15
MARK￿ VALUE
At l April 2023
Additions
Disposals
Revaluations
Impaiments
845,487
65,819
{10.3771
34.273
36,682
40,377
164.6551
882.169
106,196
175,0321
34.273
18,6421
18.6421
At 31 March 2024
935,202
3,762
938,964
BOOK VALUE
At 31 March 2024
935.202
3.762
938.964
At 31 March 2023
845.487
36.682
882,169
There were no investment assets outside the UK.
The investment portfolio is managed by Brewin Dolphin and held at market value. As at 31 Mareh
2024. the book cost of listed investments amounted to £9￿,929l2o23. £836,990).
13. STOCKS
31.3.24
31.3.23
Stocks
4,273
4.328
14. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR
31.3.24
31.3.23
Other debtors
Prepayments and a¢¢rued Income
3.140
4,266
763
5,204
5,967
21

Association of WRENS and Women of the
Ro
al Naval Service5
Notes to the Financial Statements- continued
for the Year Ended 31 March 2024
15. CREDITORS: AMOUNT5 FALLING DUE wrrHIN ONE YEAR
31.3.24
31.3.23
Other creditors
Accrua15 and deferred income
1.200
17,125
17,402
17,402
18,325
All financial instrument5 are carried at amortised cost.
16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
31.3.24
31.3.23
Accruals and deferred income
20,141
22,963
17. LEASING AGREEMEpirs
Minimum lease payments under non-cancellable operating leases fall due as follows-
31.3.24
31.3.23
Within one year
Between one and fNeyears
7.115
7.310
8.280
14,425
14,425
22,705
18. MOVEMENT IN FUNDS
Nèt
movement
in funds
At
31.3.24
At 1.4.23
Unrestrlcted fvnds
General fund
1.126,654
58,797
1.185,451
Restrirted funds
Arboretum project
WRNSIOO
1.405
3.420
15211
884
3.420
4.825
15211
4.304
TOTAL FUNDS
1.131,479
58,276
1,189,755
22

Association of WRENS and Women of the
I Services
Notes to the Financial Statements- continued
for the Year Ended 31 March 2024
18.
MOVEMENT IN FUNDS-continutd
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestrirted funds
General fund
123,569
199,0451
34,273
58,797
Restricted funds
Arboretum project
315
18361
15211
TOTAL FUNDS
123,884
199.8811
34.273
58,276
Comparatlves for movernent In funds
Net
movement
in funds
At
31.3.23
At 1.4.22
UThre5tr1cted fvnds
General fund
1.211,281
184.6271
1,126,654
Restricted (unds
Arboretum project
WRNSIOO
1,543
3.668
1138
12481
1,405
3,420
5.211
13861
4,825
TOTAI FUNDS
1.216,492
185,0131
1.131.479
23

Association of WRENS and Women of the
Ro
al Naval Services
Notes to the Financial Statements- continued
for the Year Ended 31 March 2024
18. MOVEMENT IN FUNDS- continued
Comparative net movement in funds. intluded in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestricted funds
General fund
103,228
I1￿,424}
187.4311
184,6271
Restricted funds
Arboretum project
WRNSIOO
582
17201
12481
11381
12481
582
19681
13861
TOTAL FUNDS
103.810
1101.3921
187.4311
185,0131
WRNSIIJO Fund
This fund was closed in April 2018 leaving a reserve of £3,(KM) to maintain the memorial stone in
Portsmouth Cathedral grounds.
Arl>oretum Fund
This fund's purpose is to..
maintain and upkeep the WRNS Garden in the National Memorial Art)oretum.
AOW2020 Fund
This fund's purpose is to..
- celebrate the centenary of the formation of the Association of Wrens.
As part of the Tnjstees. ongoing ¢onsideration of reserves. a review has been undertaken during the
year to assess the presentation of funds previously listed a5 restricted and in particular the AOW2020
Fund following the ¢ompletion of all centenary celebrations. Transfers between the funds in the
previous year include the necessary adjustments.
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
24