REGlSfERED CHARITY NUMBER: 257040 ÈX ()/" &1. 1920 Report of the Trustees and Unaudited Financial Ststements for the Year Ended 31 March 2025 for Association of Wrens and Women of the Royal Naval Services Contents of the Flnanclal Slalements Page Reference and Administrative Details Rep)rt of the Trustees Independent Examiners Rewrt 10 Statement of FinatKial Activtties 11 Stalement of FinarKial Position 12 Notes to the Financial Statements 13 to 19 Reter¢nee Arml AdmlnlstratSve L)etsils lar th• Yur Ended 31 March 2025 TRUSTEES MIS C A Gthn IChainYw)I lappointed 20 July 20241 Miss S Houghlon Gh8iwmanl18wy"nt8d 20 July 20241 Miss A Cameron IHon Tre&surerl Mrs J Crisp Mrs A wri9￿y Mrs C Talbot {a￿c￿nted 14 (kt 20241 Mrs J Lancaster lapwnled 14 (kt 20241 Mrs L Ottley Ictrcpted 14 Oct 20241 Mrs J Vanson {cowled 14 Oct 20241 Mrs S Hdmes Ic¢xpte(114 (kn 20241 Mts L Gannon" Miss A Moffatt. Mrs C Snèll" Mrs J Whrtmarsh". Mrs N Smith"" Mrs A Cross""" ' Ccryleted seNte 14 Ckt(thf 2024 ' ReS￿ned Juty 2024 . Res•Jned Feb 2025 PRINCIPAL ADDRESS Lanyard House ilthng 1187 Scott Road HM Naval B Portsm¢xrth Hawpshire P013LU REGISTERED CHARrrf NUMBER 257040 INDEPENDENT EXAMINER Monahar Chartered Ac£wntants Lennox House 3 Ple¥rep￿1 Stwt BA1 1LB ort of the Trustees for the Year Ended 31 March 2025 The Trustees present their report with the financkql statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard appIl￿ble in the UK and RepU￿1C of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Associalion's object is to promote the eth"ciency of the women in the Royal Naval Services in the following ways= a. By celebrating past and current achievements, preserving the history and traditions. fostering esprit-de-corps and comradeship and encouraging personnel to benefit from the experience of lormer members of said Service and of their predecessors in the Women's Royal Naval Service (WRNS), in particular but not exclusively. by maintaining contact and binding together in practical friendship with each other. b. Where necessary refer former Se￿ing members of the WRNS and serving and retired women of the Royal Naval SeNices and their dependants to the appropriate Servi￿ charty or charities. The Association carries out activities in the fom of sale of Christrnas cards and small gifts which are sold through the magazine, w￿bsite and at functK)ns. Charty regulations restrict the amount of trading income that can be received to 25°/0 of total income and the Association ensures it trades at a level so as not to exceed this. The Asscciation is also careful to ensure that sl¢xk levels are kept at a manageable level to avoid the risk of losses arising through sl(Kk obsolescence. The Ass(Kiatton 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 throughoul the country. The thrice yearly Magazine. a Monthly Newsletter, the Websile and official Facebook page are vehicles Ihrough which this information is disseminated. The Association makes significant use of vdunteers for which it is extremely grateful. Volunteers who assist wlh the activities of the Association at events etc.. are unpaid and do not receive reimbursement of travel and associated costs. Trustees are reimbursed for travel and subsistence costs incurred for meetings only. Public benefit The Trustees have paid due regard to the Charity Commi8sion guidance on public beneftt. The focus of our activities remains the promotion of the SerV￿e of former members of the Women's Royal Naval Service. The benefits are provided predominantty. but not exclusively, to ￿Men in or connected to the Royal Navy. RISK MANAGEMENT The Truslees have assessed the major risks to which the Association is exposed and are satisfied that systems are in place to mitigate exwsure to the major risks. Review of the Risk Management Register is now a standing agenda item at Trustee Meetings and the UFdating of the Register is allocated to a nominated Trustee. The Association is also required to Gomply with HM Dockyard emergency planning regulations and has lodged the HM Naval Base Emergency Planning Officer a document entitled Business Continuity and Risk Management Policy. A Covid Risk Assessment Document is included in the Business Continuty Folder. ACHIEVEMENT AND PERFORMANCE The Association receives income each year in the fom of annual, and 5-year subscriptions from members. Incc*ne is also generated from investments aTrJ lo a lesser extenl savings.11 is the current aim of the Association to maintain expenditure wf(hin this income and not rely on legacies to fund ongoing daily costs due to the unpredictable nature of this income stream. The Association was able to carry out several activities for achieving tts objectives during the year. New Member recruitment opportunities and sales tables were able to be Lrtilised at all events that were attended. A very successful OLrt of Town meeting was held in Guildford hosted by the L￿al Branch at the Guildford Masonic Centre, Weytoume House. This was both a successful and enjoyable event providing ihe optK)rtunty for Members to meet wtlh friends from other Branches. Following the fomal part of the day all those in attendance were treated lo an informative and memorable presentation by a Paul Iveson from the Commonwealth War Graves Commission ICWGC) talking about their role. Many spoke of this long after the event. The Association endeavours to hold an Out of Town meeting each year in a venue agreed by the Trustees. By varying the IC￿atiOn of this meeting across the UK it enables members to attend in an area convenient to their IcKalty and to enjoy wider fellowship and camaraderi8 with Association officers and memters. The economic tEnefits of zoom technol¢)Jy have continued to allow the Truslee team to hold interim and exlraordinary meetings when required. For irLStance. vthere disruption on the rail network would have made attendance at meetin￿ in London imF(Jssible these have been able lo go ahead as scheduled by virtue of the online facilities. Three editions of The Wren. magazine were published during the yaar. Thanks goes to members who continued to submit items and to Our printers. Snell Print, vtho continue to achieve not only the printing bLrt the distribLrtion. 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 this has resulted in addrf(ional costs this has proved effectNe so far. The Edilorial Team continue to oversee the content ol the magazine and welcome articles from members and the wider Naval family. Over the last year improvements have been made and these have been well received by the Members who continue to enjoy receiving the magazine. either as a hard copy or online. Where the opb.on to receive the magazine online has been made available and taken up this has proved successlul and tecoffling more p)pular. This has a positive economic effect lor the Charity's costs. The TALKING WREN Under the guidance ot Portsmouth Area Talkn'ng News (PATN). for many years The Wren, magazine has been produced as an audio publication whth is dovmloaded to USB sticks and sent, free of charge, to registered blind members. Janet Crabtree acts as the editor and the recordings are done by her, lan her husband, Felicity Leonard and Carol Peili)w. The recordings afe done in their own homes and the Technbcal Support al PATN links them all together to prc(Ju¢e the finished recording. Seeking further avenues to promote the Association parbcularfy influenced by official and unofficial Facebook groups, the Website, social media and Sales have proved extremely beneficial. The website has now been running since September 2021 and includes a dedicated members section, which continues to be developed as required. On-line membership applications and subscription renewals are increasingly being used to generate and sustain membership. The shop continues lo be developed on the website and being utilised by members. Other avenues of raising sales funds have been used enabling members to order direct from a supplier of specific ttems wth a percentage of the sales being paid to the ASs￿latIon as commission. One such example is the sale ol the official Wrens, Tartan Scarf supwlied by MacDonald Kiltmakers. Every opportunty has been taken to sell old stc¢k items to make rcom for a new range of merchandise. Decisions regarding the shelf life of any remaining dated stock continues to be made. Wtlh other stock which has proved slow to move, a concerted effort has been applied to sell these albeit at a reduced price. Some of these ttems are now sold out and more re￿ntlY have incurred a small financial loss to the Asscciation. A few miscellaneous oddments are eventually offered for sale at evenls lor a small voluntary donati¢M and often these (*)nations have been generous. The On-line shop and sales br(￿hUre 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 outstsnding once again with four new designs made available. The profits from these sales continued to be shared between the Association and WRNS BT. Throughout the year several new lines have been added to the range of items available and some of which have been al the request of members. Some of these items have proved popular and due to the demand have required the purchase of lurther supplies. At the beginning of 2024 more effort was directed lowards the recruitment of staff to return the HQ to its lull complement of 2 Administrators. We were sorry to say goodbye to Katharine Lovegrove whose 10 Year Service had been exemplary. In June 2024 we were very pleased to welcome Tina Hinchliffe taking up the position of Administrator (Finance) and in July 2024 Clare King followed in the tKJSition of Administrator (Marketing}. Both Tina and Clare quickly settled into their roles and with their combined wealth of experience have introduced many new ideas to the benefit of the Associalion and its operation. A very strong HQ Team who are very popular with all who encounter them, the Board of Trustees, Members. Officials and Slaff of other connected associations alike. Thanks. are also due to the Trusteas and members whose commitment to the Asscciation is greatty appreciated and valued. FINANCIAL REVIEW It is the F)olicy of the Charity Ihat unreslricled funds which have not been designated for a specrf use should be maintained at a level equivalenl to belween three- and six-months expenditure. The Trustees consider that reserves at this level bvill ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. Reserves are available to meet this F)olicy although caution continued to be applied due to the challenges in the financial markets and the impact this has had on the Association's investments. The 202412025 financial year has On￿ again rK)t 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 loss, before investment gains. of £13,U) (compared to the gain of £24.CM)3 last year). Some of this loss is partly due to the cost of Agency Staff required which extended into this FY between April and July 25. The uncertainties in the financial markets due to the geo-pditical situalion and other financial pressures continued to be felt with the gainsllosses within the investment portfolio showing a lower nei gain of £15,117 (compared to the gain in 2024 of £34,273). This movement may be indicative of continued global tensions and the initial impact of the new US administration. The Finance Commtttee invested a total of £50.000 into the F)Ortlolio in the previous year, the primary purpose being to increase the income in support of our operaling costs. As predicted the full effect of this investment has not yet been realised aThJ unlikely to be seen in the short lemi, but l am pleased to report that the Annual Portfolio Income did remain steady and was comparable with the previous year. This has helped towards baLancing the bcM)ks. As mentioned above income from legacies and other In Memoriam donations was significanlly lower for the third year running summing up to a total of £798. Donation income excluding gift aid amounted to £6,510, wrth gift aid added this summed up to £8.935 vthich exceeded the lower budget forecast set at £7,500. The generosty from members, branches and informal groups is acknowledged with gratitude considering the constant rises in cost of living and inflatK)nary pressures throughoul the year. Total donalions and legacies together wrth other suppc¥ting income amounted to £12,211 in the year to 31 st March 2025 compared to £41,831 in the comparative period last year. The Ass(Kiation's main expenditure arises fr{￿￿ costs in relation to its main obj'ectives. These comprise primarily of staff costs. costs assctiated with the production and distribution ol the magazine and to a lesser extent Iravel and meeling costs. Staff Cosls exceeded budget as expected due the need to hire an Agency Temp for a short period until 2 pemanent staff were recruited. Meeting cost and trustee exper￿eS was under budget., this was largely due to the reduced size of Ihe Trustee team and associated travel requiremenls. Our expenses budget will remain in place to allow for the Trustee Team returning to tull complement and the changes made to elements of the expenses policy. Similarly, the budgel covering Staff costs ¥MII also remain the same rf nol increase to cover staff costs going forward. The Association has delegated respjnsibility for the management of the investment tx)rtfolio to its investment managers RBC Brewin Dolphin who has managed the r()rtlolio throughout a turbulent year for the st(￿k market taking the necessary measures to protect the portfolio to minimise the continuing effects of world events on financial markets as far as reasonably possible. These measures Ir￿uded 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 Nel Book Value increased by £5,992 in the year to 31 March 2025 10 £944,956. This increase though lower than the previous year's £56,795 showed that it was still moving in the right direction. Whilst there is still some way to go to recover to pre-pandemic levels, on a positive note, Portfolio income of £34,675 was comparable with last year and continued lo exceed the budget forecast. Investments are held as a reserve to ensure that the activities of the Assctiation can conlinue in the longer-term. Investments are chosen to achieve a stable and lower risk retum. A Charities Savings account with United Trust Bank is held to supplement possible cash flow deficiencies during the financial year in preference to selling off inveslments. These cash reserves are monitored regularly by the Finance Committee. Due to the higher interest rates the retum on these savings amounted to £3,635 compared to the previous year's £2,811 and exceeded budget for the second year running. It is tx)ssible that interest rates shall start to fall during the next financial year but by how much and how quickly remains unknosyn. As previously reported the siting of the Centenary Stone in the Nalional Memorial Arboretum resulted in a review of the maintenance costs lor the WRNS Garden and an In Perpeturty cost of £37,927 was lett by the Trustees to represent the best value as opposed to an annual payment subject to VAT and inflation. In line with applicable accounting standarts, this one-off paymenl is presented as an intangible asset on the balance lo be amortised over 10 years. Having now run for 4.5 years, £1,896 was included in Ihe first year's accounts with £3,793 being applied in this financial year as in last year's accounts. There is now 5.5 years to run. Various Branches and Infomal Groups have responded by making donations for the maintenance of WRNS Garden. APPRECIATION Donations Donations are gratefully received from a signifi¢2nt number of our members and where possible have generated an additional amount via Gift Aid. Thanks, is also gratefully acknovAedged for donations received this year fr(Jn the following Branches and Informal Groups: Cardigan IG Chettenham Cleveland Dorset EdintrAJrgh & District East Anglia IG Fareham IG Guildlord Oxford & District Portsmouth South Dorset Yeovil Legacies and In Memoriam Donations We have received legacies or kind donations in memory of the following members and non-members who passed away during the year: Patricia Haselden Daphne Jones Dorothy Moore Christina Shakespeare Ailsa Stewart Joan Temple Maureen Williams FUTURE DEvELOPmE￿rS The establishment of a new Strategy Grwp c(xnprising participants frcyn the Trustee team along with a Vice President as part of the group is in its early days. The intention is to increase tts scope, the aim of which is to enhance the delivery of the objectives. The Constitution shall be under review during %125 to te ready for approval at the AGM on 2f September 2025. Our SAGE Accounting System is due for renevRI. A decision was taken to review the atternatives resutting in a switch from SAGE to XERO. The basis for change includes functionalty, a system that is more closely aligned with our needs, as a cost saving opportunity, and the ability lo move towards a paperless office environment. It is intended that XERO shall be in place and ready to go active by the new FY2025126. A Walking Rugby Challenge has been arranged between RNRUIW) and the Aow on 9th April 2025 and is as much a fun event as il is liaison with Ihe serving ladies to foster esprit-de-corps and comradeship. If successful, the intention is to hold this as an annual evenl. 11 is hoped by reaching out to these younger ladies that we may increase the awareness and inlerest in our Association and even encourage new members. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its governing (kxument, a deed of trust, and constitutes an unincorporated charity. The Association was formed in 1￿20 and is wvemed by its Constitution as revised in 1991, 2()J1, 2012. 2015, 2018, 2cr22 and 2025 (under review & updale). Following Miss Annie Lagnje's departure in July 2024 she was succeeded by Mrs Carol Gibbon as Acting Chairman who subsequently was appointed as Chairman in October 2024. Miss Sheila Houghton was appointed as Acting Vice Chainnan in July 2024 and then Vice Chairman in October 2024. Mrs Lyn Gannon and Miss Alison Moffatt retired from the Trustee Committee following the 2024 AGM having completed two 3-year tenures. Mrs Jane Lancaster and Mrs Clare Talkx)t were elected as new Trustees along with Mrs Sarah Holmes. Mrs Jan Vanson and Mrs Lucy Ottley who were co-opted as Trustees onto the Committee al the 2024 AGM. Nominations for appoinlment as a Trustee are re￿iVed from members or branches, as vacancies were available tor all applicants no ballot was held and apwintments were duly made at the Annual General Meeting, following which the Trustees elect the Officers and Finance Committee members. The AssociatK)n provides all new Trustees wtlh an induction pack which irKludes CC3: The Essential Trustee and CC11.' Payment of Charity Trustees. All new Trustees are required to sign an acknowledgement confirning they have read and understwd these documents. The Induction Pack provides a breadth of infomialion and documents to infonn and suptK)rt Trustees in their role. The Association operates a two-tier structure lor the making of decisions. On matters of Finance the Finance Committee is appointed to manage the decisions which are reported to the Trustees al each of Iheir meetings. Non-financial matters are the responsibility of the Trustees. Trustees are required to disclose all relevant interests and register them with the Auditors. Trustees will be required to declare conflicl of interest al meetings of the Tnjstees and withdraw from the meeting. The day to day running of the charity has been carried out by two Administrators, Mrs fina Hinchliffe and Mrs Clare King recruited on a permanent Job share basis and joined 10 June 2024 and 15 July 2024 respectively. EVENTS OF THE YEAR The Association of Wrens has had another tmjsy year and s(yne of the highlights were as follows: On 9° May we were honoured to welcome our Patron HRH Ihe Princess Royal to the HQ off ices when she officially named the building, Lanyard House. The main events ot the summer focussed on the commemorations of the 80° anniversary of D-Day and several veterans of the WRNS who served during INWII were front and centre of evewhing. Some of our members attended events across the country and our National StaThJard Bearer represented the Assixiation at the D-Day Commemorative events in Normandy. St Mary le Strand celebrated the 3CQ° anniversary of its consecration which occurred on 1" January 1724. A service to mark the 3tX)th anniversary took place on Sunday 8th September, which was also the church's Patronal Festival. The service was conducted by the Bishop of London, and we were joined by the choir of St Clement Danes. Atout 20 members of the AOW supported the servi and we were delighted to welcome six unilormed personnel fr¢Jn HMS PRESIDENT. Later in September a few members were invited to join the Association of Dunkirk Little Ships on their annual Velerans Cruise along the Thames. This was a very interesting and informative day which truly exceeded expectations. It was an honour to represent those brave heroes of Dunkirk. The year ended as usual WFth the Carol Service at Sl Mary Le Strand which was well attended and marked 40 years since the church was dedicated as the church of the Women's Royal Naval Service. We were delighted that the Chaplain of the Fleet. Venerable Andrew Hillier KHC RN was able to attend and preach. To mark the 40th anniversary, candles in blue and gold were carried to the altar escorting ihe WRNS Book of Remembrance. The book was carried by Commandant Anthea Larken who was Deputy Director WRNS in 1984 and attended the original service. The candles represented the move from blue to gold badges and were carried by members of the AOW and cadets from the University Royal Naval Unit. London who represented the ongoing remembrance of the ladies named in the book. The Carol Service was followed by the Aow & WRNS BT Fundraising Dinner held at HMS Presidenl for the second year running rounding olf 2024 in great style. Once again on Friday evening a few lucky Aow Members were treated to a privale tour of the Tower of London and the opportunity to wrtness the historic Ceremony of the Keys. Other regular events included ticketed allocations for Wimbledon. courtesy of the Lest We Forget Association and tid(ets to Buckingham Palace Garden parties thanks to The Not Forgotten Association. The opening of the Field of Remembrance at Weslminster Abbey and the annual Service of Remembrance at the Cenotaph were well attended as usual. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance wilh 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 Chartties Act 2011 (as amended by the Charities Act 20221, Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year ￿lch give a true and fair view of the slate of affairs of the charty and of the incoming resources and application of resources, including the income and expendtlure. of the charity for that peri()J. In preparing those financial ststements, the trustees are required to: select suitable accounting policies and then aFply them consistently; observe the methcrfjs and principles in the Chanty Statement of Recommended Practice (SORP)., make judgements and estimates that are reasonable and prudent; prepare the financial stalements on the going concern basks unless it is inappropriate to presume that the chaiity will conts'nue in business. The trustees are responsible for keeping pr(wer accounting records which d¢sclose with reasonable accuracy al any lime the financial position of the charty and to enable them to ensure that the financial statements comply wtth the Charities Act 2011 las amended by the Charities Act 2022), the Charity (Accounts and Reports) Regulations 2008 and Ihe provisions of the trust deed. They are also responsible for safeguarding the assets of the chanty and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of Ihe tK)ard of trustees ￿ .2.Y*..fr.L4.4/ /.oxS and signed on its behalf by: Mrs C Gibb airman Independenl Examlner's Report to the Trustees of Association of Wrens and Women of the Royal Naval Services Independenl examiner's report to the trustee8 Ot Associallon of Wrens and Women of the Royal Naval Services I report to the charity trustees on my examination of the accounts of Association of Wrens and Women ot the Royal Naval Services (the Trust) lor the year ended 31 March 2025. Responslbllllies and basis of report As the charity trustees of the Trust you are reS￿nsIble for the preparation of the accounts in accordance with Ihe requirements of the Charities Act 2011 (Yhe Act,). I report in respecl of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all apFJicable Directions given by the Charity Commission under Section 14515)(b> of the Act. Independent examlner's statement I have completed my examination. I confirm that Th) material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect. accounting records y￿re not kept in respect of the Trust as rg]uired by Seclion 130 of the Act; or the accounts do not accord with those records. or the accounls do not comFJy with the applicable requirements conceming the form and content of accounts set oul in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examinab'on. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to te reached. Simon Cunningham Monahans Chartered Accountants Lennox House 3 Pierrepont Street Bath Somerset BA1 1LB Dale.. io As%Klatlon ol Wrens and ol th• Royal Naval Servlces ft*rth¢ Y8#r End8d 31 March 2025 2025 Tot funds 2024 Total funds Unrest￿ted fund Flestricled funds Notes INCOME AND ENIM)WMENTS FROIA Oonations and Iwies 912 12,211 41,831 Charftsblt •¢tlvrtlos Men*)eiship c0-ordinat￿)n 29.117 29,117 27,655 Olher trading actiwtias Investment incom? Other income 7,875 7,875 9,508 37.450 4.471 4,471 Total 91. 912 123,884 EXPENDITUAE ON Raising fund5 5,748 chrlia1￿• acilvltleg WRNS benevolent trust The Wrèn publication Twstee me8ting and events Arborotum rét)ovatic Support costs Membership co-ordinatKJn 462 1S.403 7.653 4.629 14.138 51.848 16.239 4.862 3,793 12.804 61.21 16,239 4.862 3,793 12,804 61,￿6 Totsl 105,994 105,994 99,881 Net gains on investyn￿t$ 15.117 15,117 34,273 NET INCOME 21S 912 58,276 RECONCIUATION OF FUNDS Total ILtnds brought forwa 1.185.451 1,189,755 1,131.479 TOTAL FUNDS CARRIED FORWARD 1.185,666 5,216 1.1KI,882 1,189.755 li Roygl Naval Swvlees 31 March a)25 2025 Total ftjnds 2024 Unrestitt fund ReStr￿ted funds funds Notes FIXED ASSETS Intangiblè assats Tangible assets Investments 20.859 318 20,859 318 944,956 24.652 424 938,964 10 966.133 966.133 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 4.273 4.119 245.508 4.119 250,724 5.216 251,579 254,613 5.216 259,829 263,258 CREDITOAS Amounts falling due within one year 14 {15.6891 {15.6891 117.41Y21 NETCURRENT ASSETS 238,¥24 5.216 244,140 245.856 TOTAL ASSETS LESS CURRENT LIABIUTIES 1,205.057 5,216 1.210.273 1.209.896 CREDITORS Amounts falling due after mre than year 15 119.3911 {19,3911 120.141} NET ASSETS 1.185,666 5,216 1,190,882 1,189,755 FUNDS Unrestrictèd lunds Restr¢ied funds 17 1,185,666 5,216 1.185,451 4.31M TOTAL FUNDS 1,1￿.882 1,189.755 Th8 Ilnancial statements were apprcN•d bythè Board olTnJst8es and au￿￿1$e￿ lor issuo Lyt i.fA%..f .￿￿.4￿.￿O35 and wore s￿ned on its behaw by.. Mrs C Gibbts 12 AssocSatlon 0¢ W￿$ •nd W¢)mon of th• Royal Naval Services Notes lo the Firnnciwl StAt•M￿t8 tor th• Yo•r Ended 31 March 2025 GENERAL INFOAklATION The charrty is ffjgisléréd charity in England and Wales a￿1 is uninc¢Nporat8d. The address of the principal olfice is Building 1rt187, &ott RrAd. H.M. Navd Base. PortsnThyJth. HarTpshirÈ. P01 3LU. ACCOUNTING POUCIES Basls ot preparfng th¢ fknanelal slAt•m•nls Tho financ￿1 staterrents ol the charty, wh￿h i% a public trRnelit Ènty under FRS 102. have been prepared in occordatKe vthh the charit￿$ SORP IFRS ICQ) 'Accountiru and R8pth"ng by Charities.. Staiernent of Récommended Practice applicablè to chanlies preparing th￿r accounts in a￿o[lIa￿e with the Fina￿la1 Reporting Standard applicable in th8 UK anfl Republ￿ cl Ireland IFRS 1021 lèffeckn.ve 1 January 20191,. Financial Reporting Standard 102 The Fin￿181 Reporting Standard applicable in thè UK and R$putd￿ of Ireland, and the charits.ès Act 2011. Tha financial slaterrent5 have tr￿n prepared under the historical cost convention, with the eX%￿pIlo￿ of invèstmènts wh￿h are induded al market val￿. as mc*Jified by fv rev&uation of earta*) assets. The financial statomènts have been prepared to give a Irue and fair v7ew' and havè departed f￿rn the Charilies (Accounts and RetK)rtsl ReguL1tK￿S 2(th onty to tha axlent required to p[￿ldè a 'tsua and lar wew.. This departure I￿S involvad Idbwing the Chaiities SORP IFAS1021 published in Octc4)eY 2019 Rther than th& Accounting and Rèp*)rtiThJ by Chaiities.. Staterlwtt ol A8ccfflmended Prthg efféctive from 1 April 2CK)5 which has since been withdrawn. The linancial statements are prepared in stertiNJ. whKh is ihe fu￿1￿￿4 currew cl the entity. Going eonc•rn There arè no material uncerta￿tieS alx*rt the charity's abity io ¢ontiThJg. Finanelal Y•porting stand•rd 1(V2- roduced disclosurt ex•fflNlon8 The Charity has taken a(fvantage of thè Ic41¢MiThJ disclosure èxèmptiM in p￿paring these financial slatements. as permittèd by FRS 102'The Financial Reporting Standard aw¥Cab￿ in the UK arml Rèpubl￿ ol Ireland.: thé rowirèmgnts of Sectim 7 Statomant of Cash Fk)ws. Incorne Donatsc￿$ and gifts arè i￿l￿ded in irwming r•Sw￿0S when the chairty is prcbable of T￿lp1 the anwnt can ba qUant￿tt with reasonobl8 accjjracy. Legacies arè r8c¢)Jnised when receN8d aTrJ on Th)b￿ationS before the bala￿8 sheet date whero it is probable that thg 1￿cY will be TeceNe is defewed. Inv•stment assets ond Income Dividends aThJ Inte￿St from w)vestrnonts are rréthted to I￿rIne reC￿p1. All investments arn shown inlhe Balarte Sheet althèirmid-markel pricè as quoted on Ihe London St(tk Exch8ngè. Gains and losses on tho Tevthathx and realisatk)n L4 investments aretaken orcharged to it￿0M9 in the Statemont ol Financial Activrties. Exp¢ndltwe Liatx'litiès are recognised asèxpendrture as s￿1 as there is a I￿ orconstnKtNe d)ligation comrnitting the chatity to that expenditu￿, it is probab￿ thal a transferd eccffiorn￿ ￿nefItS will be required in seitlement and the amount of the <)bligation can be N*asured reliabty. Expendthjre is accounted for on an accruals basis and has been classified under ￿ading5 that aggregate dl c￿t ralated lo the catwry. Where costs cannot be diT￿tty atttiblrted to particular hèa¢thngs Ihey have been alkKated to activities a basis consistent wilh the use ol r950urc&s. Support arKI gcw8maThx ¢(M￿rise the costs lor the running ol Ihe charity. Charitable expenditure relates SP6rfftJly to", donaticns to benèvdent funds. costs ol prcoJu¢ing thg Wren. ThKtyazln8 and meetings atNJ event costs. 13 Assod•tloTr cl Wrens aThl Women ol the Roy81 Naval Savileos ot•s to th• Flnanclal Statements. ¢(￿lI￿*d for tho Yo•r Enthd 31 March 2025 ACCOUNTING POUCIES- contlnwd Flnancial instn•ments Expendlture Bastc financial instTuments are inrtialty recc*Jnised at the amwnt T￿e1Vab￿ or payab￿ inc￿ding any related transact¢on costs. unless the arrangement ¢￿stitUteS a finarting transaction. where it is recognised ai thè prèsent vahje ol the luiufe payments (Iscwnled at a Ma￿et ratè of interest lor a simiLar debt i￿truMent. Current assels and ctjrrent liabililigs are stha(￿nIty m￿ured at the cash or other u)nsderatbm ¢xpgctad to paid or recetved and not discwnled. Alloe8tlon and apportknment of COBts Support costs wh￿h are ncl directty attributable to ￿e of ¢hariti"8s activities are allocated based on the eslirnate(I split of tim8 wh￿￿ tha chaiity's stair and Twstees spend on ea¢h area Int8nglbl• flxed assets The charty pwd a lump-sum amount lor the upkeep of the Assttialion¥ mèrn)Yial stcme at the national arbDTetum in per￿tUlfy. In accordance with FRS 102. the uselul ecI)rK)m￿ lrfè ol intangible asset has been fixed at 10 years and is amortised over that peri¢)d. Tanglble fixed assets Dep￿ciatIon is provided at the annual Trtes in ordgr to write off each assel over its estimatsd useful lrfe. Fixtu￿$ and ltrttirrfJs 20% on straKJhl line bags Expenditure ￿ fixed assets is caiitals&J wlEre material. Where wrtalised. assets a￿ stated at cost k subsequent depr￿la￿On unless otherwise stated. Stc*ks Stocks are valued at the knwer ol cost reak5able valuè. aftèr makth)g due allowance I￿ obsolete arbd slow moving Ttèms. Taxation Thg charity is exempt from tax on th8rifth activiti"as. Fund accounting Unrestricted funds are avai18t4e lor ttse at the d*retion d the tntstees in the lurtheran¢e ol the genaral activthas ol thè charty. Unrestricted lunds incorporats unr8alissd gains arising (ffi the revaluation ol investmènt assèts to mathet values at the Balance sheet d*e. R&strict8d funds a￿ those monEs g￿en to thè Ass￿lat￿)n lor w￿)3e5 and can onty bs uwj lor tfr*)se purposes. Operating le•8•8 Rentals applicab￿ to operatiw 1è8sès where gjbstantialty dl ol the berths and ￿kS ol ownèrship remain with th8 ￿$Sor are Cha￿ed aga￿51 profts ￿ a straKJht linè basis over the [wi￿j of the lease. Pen$lon eosts and Ot￿r post.rotlrement beneflts The charty op8ratès a delir*d Contrit￿$￿ pens￿ thmè. Contrtskn payab￿ to the chaiity's pensic schwne a￿ ¢hary8d to the Statement crf FinarK4al th8 to which they relate. 14 A8*oelatlon ol Wrens and Women of lh• Roy•l N•vAI SoNlees Note• to th• Flr*nclal statem￿ts. ¢￿tIn￿od tor Ihe Yo•r Ended 31 Ma￿h 2025 DONATIONS AND LEGACIES 31.3.25 31.3.24 Donaticfis received Lèyacies received and receNablg (Xher supporting i￿ome Grft aid cLaims 8,973 25.231 6.661 12,211 41,831 OTHER TRADING ACTivmES 31.3.25 31.3.24 Fun¢Jralsing events 7.875 INVESTMENT INCOME 31.3.25 31.3.24 From UK listed invgstmants D8posit account inlerast 34.695 34,639 2.811 37,450 TRUSTEES, REMUNERAMON AND BENEFrrs Thgre ware no twstees. remufigratlc￿ or other beneffts for the year ended 31 March 2025 nor lor thg yèar 8nd8d 31 March 2024. Trustees. expens88 During Ihe year the As$￿at￿)n pa•1 e¥perw$ totaHiThJ £4.862 {W24 . £7.&54I to 12 tr￿teas(2024. 12 tru*èèsI travelling and olher irt¥Jental ¢osls. STAFF COSTS 31.3.25 31.324 and salaries Social securrty Ix)sts Othèr pension costs 22.555 733 1,698 16.174 2,151 1,168 24,986 19,493 Kay management petsonnd are r￿s¥Jer￿j to be lh& Tntstees arKI Ihèrefore no rernunerdtiLm was paid in thè yaar (2024.. £nill. The average rNx)thty nuthr ol 8nWoyeos thg yearwas as fdlows: 31.3.25 31.3.24 Olfice staff No gmployees re¢èived emolwnents ￿ excess of £f4J,(hY). 15 A3￿CIall0n ot Wrens and otth• ROY￿ N8val SoNlces Nots8 to the Flrmclal Stslements. c(xrtlnwd forlho Yw End¢d 31 IAarch 2025 COMPARATIVES FOR THE STATEMENT OF HNANCIAL ACTMTIES Unrèstitt8d fund Restricted funds Total funds INCOME AND ENOOWMENTS FROM D￿atiOnS and ￿gatI*$ 41.516 315 41,831 Chafiiable activiiies Membership co-ordinat 27,6&5 27.655 Other trading actNities Investrnent inc(xne Othor irKome 9,508 37.450 37,450 Total 123.569 315 123,&84 EXPENDtTURE ON Raising funds 5.748 5.748 Charitsble aetlvltl•* WRNS benevO￿nt tnjst The Wren publicati¢Jn Trustee meeting anil evsnts Alboretum renovalion Support costs Mambership co-ordinatK 462 15.403 7,853 4,629 14,138 51,848 15,4LY3 14.1 51,848 Total 836 99.881 Nèt gains on investments 34.273 34,273 NET INCOMEI(EXPENDITURE) 58.797 15211 58,276 RECONCILIATION OF FUNDS Total funds brought lorwa 1.126,654 4,825 1.131,479 TOTAL FUNDS CARRIED FOAWARD 1,185.451 1,189.755 INTANGIBLE AXED ASSETS Athretum upkeep COST At 1 April 2024 and 31 March 2￿6 37,927 AMORTISATION At 1 April 2024 Charge lor year 13,275 3,793 At 31 Marth 2025 17,068 NET BOOK VALUE At 31 March 2025 20,859 At 31 March 2024 24,652 16 Royal Naval Swvices for th• Y•or Ended 31 Mar¢h 2025 10. TANGIBLE FIXED ASSETS Fixtures and littiNJs COST At 1 April 2￿4 and 31 Marth 2025 9,019 DEPRECIATION At 1 April 2024 Charge lor year 8.595 At 31 Mar¢h 202S 8,701 NET BOOK VALUE At 31 M8r¢h 2025 318 At 31 March 2024 424 Al IrAed assats are iThtialty rewrded at cctst. 11. FIXED ASSET INVESTMENTS Cash held within porttdio sted vestments Totals MARKET VALUE At 1 April 2024 Additions Disposals Rèvaluations Impairments 935.202 58.7 {88.9911 15.117 3.762 88,XJ7 158,1151 938, 147.105 1147.1061 15,117 9.1241 9,1241 At 31 Ma￿h 2025 920,126 24.89) 944,956 NET BOOK VALUE At 31 March 2025 920.126 24.830 944,956 Al 31 Mard) 2024 935,202 3,762 938.964 There were no inveSt￿nt assèts othsNJe the UK. The investrnènt portfdio is Managed by Brewin Dolrthin and held at market V￿Ve. As at 31 March 2025. the book cost of listed investmènts amounted to £869.52312024.. £￿,9291. 12. STOCKS 31.3.25 31.3.24 Stocks 4,986 4,273 17 As8QCi•tion ol Wr•ns and Women of the Royal Naval SeTh6ceB lor th• Yoar Ermled 31 Mw¢h 2025 13. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 31.3.25 31.3.24 Other dètAors Prepayments and accrued 1￿C￿n& 3.140 4,266 4.119 4.119 14. CAEorroRS.' AMOUNTS FAWNG DUE wmiiN ONE YEAR 31.3.25 31.3.24 ACen￿lS and deferred irKome 15.689 17,402 All li)ancial instrumgnts arn caFTiod at aMori￿d cost. 15. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 31.3.25 31.3.24 Accruals and deferred irrnme 19,391 20,141 16. LEASING AGREEMENTS Minimum leastr payments uNJ9r n¢))￿￿e13bl8 ￿lati￿J ￿aSeS fal kn as fdlows.. 31.3.25 31.3.24 Within one year Between one and INe years 6.206 1.104 7,115 7,310 7,310 14.425 17. IAOVEMENT IN FUNDS movement in funds Al 31.3.25 Al 1.4.24 Unrestrl¢t¢d lund$ General fijnd 1,185.451 215 1.185.666 Aostrlct•d fvrmls Athrètum project WRNS100 912 1.796 3,420 3.420 912 5,216 TOTAL FUNDS 1,189,755 1,127 1,190,882 Nel rTwm¢nt in lurKls. incluthd in tha abov8 are as Ic4k>ws.' IncomiThJ Resoureès Gains and losses Movement in funds Unr•strlct•d funds General lund 91,0¥ 1105,9941 15.117 215 Rostrlcied funds Art)tsrètum project 912 912 TOTAL FUNDS 15,117 1.127 18 Assoelallon of Wrens and Women of the Royal N8v•l s￿le•s Notès to Hmnelal Slat•ments. c(rtinwl tor the Y￿r Ended 31 M•reh %)25 17. MOVEMENT IN FUNDS- Contin￿d C¢xnparntiv•s far movem•nt In fvnd¥ movement in funds At 31.3.24 At 1.4.23 Unr•striet8d funds General lund 1.126,654 $8,797 1,185.451 Restricted fund8 Arboretum project WRNS100 15211 3,420 3,420 4,825 4,S)4 TOTAL FUNDS 1.131.479 58.276 1.189.755 Comparatwe net movement in luThJ5. ￿￿de(l in Ihs abo48 are as folltsws: Resources Gains and losses Movernnt in funds Unrestricted fund$ Gèneral fund 123,569 {99.0451 34.273 58.797 Restrict￿ lunds Arboreturn proJ8Ct 315 {8361 15211 TOTAL FUNDS 123,884 99.8811 34,273 58.276 WRNS100 Fund This fund was cIos8d in April 2018 ￿aVIng a reseNs of £3.CW to mantain the n*morial in Portsmoulh Cathedfal grounds. Arbor¢turn Fund This fund's putpose is to= . maintain and upkeep the WRNS Ga￿n n the Nat￿al me￿￿)[181 Arboretum. AOW2020 Fund This fund's puwjse is to.. - celebrat6 centenary of tr* lormation ol Ihè Assco￿l￿ L4 Wrerts. As part ofthe TrLtstees' (￿g¢*n9 eonshjeration d r8s8r¥es. a rewew has bew undèrtaken duringthe yaarto assess the presentation ol fund5 pravic*Jsly lisled as ￿St110ted and in parbcular the AOW2020 Fund following thé completion ot all centenary Ce￿rat￿S. TratK8lèrs btheen Ihe fuThJs in the pra￿0￿$ year inclLKle the necessary adjustments. 18. RELATED PARTY DISCLOSURES There wère no related paty tranSa￿lonS lorthe year 8nd8d 31 March 21Y25. 19