THE ROYAL SIGNALS CHARITY Tn*t888' Raport and Flnancial Statement8 Yoar Ended 31 DeeÈmb•r 2024 Charfty No . 284923 Contents Refer and Administralive Infcrfmafion Repl of the Trustees Independent Auditorfs Rep ststement of Financial A¢Aivrt 10 Balance Sh St•t8ment of Cash Flows 12 Ncrte5 to the Fwian¢ial Statsmonts 13-21
THE ROYAL SIGNALS CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION Roglstered name: The Royal Signa15 Chaity Charfty roglstratlon numbgr. 284923 Prfncipal offlc•: Regimèntal Headquarters Roy81 Signals Griffjn Housè. Blandford Camp Blandford Forum. D($&1. DT11 8RH Trusts•8 CoTrorafe Trustee.. The Royal Signals Trustee Llmlled (RSTLI Acttng as Dwectors of RsfL. acting as ifTruslee$'. Major General D lDOwa11 CBE Brigadier EM Flint Biigadier TJP Watt8 OBE Brigadier EA Mortimore Colon81 NC 8ruce ADC Lieurtant Cdonel P Wright Captsin MC Fitton Waffant Offi¢w l D Roserie appointed.. Major General RJB Spenr Lteutenant Colonel PB Brogan from 28 March 2024 from 10 J8nLEary 2024 Major Genef81 TG Inshaw CB Colonel KJ Bw¢%-Smllh TD to 28 March 2024 10 10 Janvary 21Y24 Secretsry Colonel DA Crafi IndependentAu Moore (South) LLP 33 The Clarendon Centre, Saltsbury Business P8wk Datry Meadry Lane. Salisbwy, Wthhire. SPI 2TJ Bonk•rs Lloyds Bank ptc. Coxand Kings Brydnc PO Box 1000, BX11 LT CCLA Investment Management LFmiled 1 ANJ81 Lane. LondDn, EC4R 3AB Sollcltors Wilsons Soltcitors LLP Alexandrs House. St Johns Stre8t Salisbury, Wihshire. SP12SB Invé8lm•nt Advisern Aifi Tiedemann Global Level 5 Nova North. 11 Bwssenden Place, London SWIE 5BY prevhius namè: Alvarium Irwesttnent Advisors (UK) Llmlled 10 Old Burlington Street, London. W1 S 3AG Inv•stm•nt Manage Merldiern Invèstmènt Management Lifflited Riverside Housè. 2A Southwark Bridgo Road. London SE19HA Ttoy Asset Management Llmited 33 Davies StreeL Londoft. WIK 48P BkRock Invéstment Managernent (UK) Limited 12 Thfogmorton AnUe, London. EC2N 2DL Page 1
THE ROYAL SIGNALS CHARrtY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnjstees present their report and the finanrial statements of the Chatity forlhe yèar ènded 310ecenknr 2024. The finanrtal statements have been prepared in 8(thrdan with Ihe accounting po.GieS 6el out in note 1 to the finanoal statements 8nd mplY wth the Charitys Trust Deed. Ihe Charities Art 2011 and Accounting and Reporting by Charities". Statement of RecownmerKled Pia¢11 appll(%ble to charilies preparing their a¢ts in accordan with the Finonual Reporbng Standards appli¢2ble in the UK 8nd Rèpubltc of Ireland IFRS102). Govemancè Thè Royal Signals Charity (RSC) changed its n8mo from Th8 Royal Corps of SAgna18 Benevolont Fund {RSBF) on 16 January 2020. The Royal Signals Charity is a registered chaTity {numbor 284923). It was estabti$hed in 1982 and is now govemed by a Charity CommissiT)n SGheme dated 6 January 1997 as améndèd by resolutions dated 8 May 2012. 12 January 2016 and 16 January 2020. By thÈ May 2012 resolution The Royal Signal8 Trustee Limited {RSTL). 3 nowharitable mpany limited by shares. became the Corwr8te Trustee of the charity Teplacing 811 the prevtous Trustees oflhe charity. Thè Royal Signals Association {RSA) was a Separate unregislered charity. whose Obl•S and activitlas were cartie(l out by RSC. This arrangement wa5 fomialisèd during 2015 wrfh Ihe conslilution of RSA Ing adopted on 14 March 2015 and RSA was r89istèd with the Charity Cofftmissron with RSTL as hs Corporate Truslee. The Charity Commisslon Issued a Unlling Direction in N(JVèmr 2015 linking RSA lo RSC. The Dlrgd¢)rs of RSTL effeclivety act as rfthèy werè th8 Trustees oflhe ch*, and Ihgy grE refer to as Yhe Trustees" in this rert and th& accompanying financTal 3latemerts. They are appOted bythe Master of Signals {Chaii of the Corps Executive Boatd {CEB)}. The Tnjstees are familiar with Ihe work of the charity through their servicg in the Roy81 cOS Signals. AdditMJnaMy an inductton pack comprising the governing do¢uments. statement of ecry)unls and a copy of the Charity Commission's guidance Th• Essential Trust." What You Need to 1<nO and other such documents arè to new Trustees. and they are encouraged lo attend relevant seminws. Tht Truste•s alm tofollow tharity Sector bg¥t ptaclice and have familiarised themselves the updated version of the Charity Governan¢e Code lthe"Code'l. They thnaider that th8 eharitys govemance framework alignswllh much of the Code. Thè Tnjstèès h8ve been brie on the Confederation of Biibsh seICe$ and Ex-services Orgaiusalions ICobs¢o) de Memoire approath and thè eh8rity p8rticipated in inilial trials oflhpir 89Sf-teporling tool. The boaTd have adopt Ihls approach and they fully comply with it. Structuro and man8mnt Thè Royal SIgns Charity is the amalgamation ofthe Royal Signals Assooaiion Fund. the Royal Signals Officers Fund and the R¢)yal Sign81s Corps Fund which were separate Charitable Tfusts. Under the above mentioned Scheme they are managed a$ ono organisation. with financial dIffeti#ll0Th 85 restricted frJnd& The Trustees are served by 8 number ofeommittoes that ale govemed by temig of r6f6renc8 and are chty with diwètè objeciwes as follows.. The RSA Centr81 CommMEee considers branch and vetsfan matters. The Roy81 Signats Institution Council maintains stron9. professional and socAal links betsveen thg Royal Corps of Signals. professional b(Mlies and other relevant eaS of defence, in otder lo foster the professional wèll being of the co$ and to conthbute lo the development of the delivery of Infomation and Communtcations SorviGes arKI cyber and etectromagnelic oprations V&ithin Defen seJrity. The Royal Signals Sports Club pmmotes sporting and advenluTOU8 8(thiiti¢s. There are also management and finaTKe wfflmittees for the Coyps Officers. mas5. Warrant Officers and Serg83rts' Mew$. Corps Music and Corps Hetitagè. The Trustees agree the strategy for thÈ Charity ineludin9 9rant makng. investment, reserves. risk management and apprtsY81 of budgets. Grant making within the appToved budgèt is d•l8gated to the chairs of the MMIttee5. Th& Royal Signals Museum is an irKlop¢ndent charity which is related a$ 8 rèauh of eomplementary obieclives and aGIltIeS. The Trustees have agreed lo s1rt thÈ Mus8um finanrAally. see note 14 to the finanLryal statements. The Charity is 8 member of Cobseo and has close WOTking relationship¥ with other charities: the Am)y Benwolent Fund {ABFI, the SoJdier8, S8ik)rs, Airmen and Famllies Asswation - Forcu Help {SSAFA-FH) and The Royal Brili8h Legion (fRBL). SSAFA-FH and TRBL undertake w8Ware casework on behalof the Chaiity. PagÈ 2
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Structur8 and Management Icontinued) The day-to-day management of the Charty is delegated lo Cokjnel DA Craft {Corps Secretary) who can b¢ contacied at Corp3 Haadquarters Royal Signals. Griffjn House. Blandford Camp, Blandford Forum. Dorset. OT118RH. He is assisted by the Senior Management Team: eUtenant Colonel S Lockwcmxl (Assistsnt Corps Secretary), Colonel J Cooper (RSI DiFectOFI and Mr W Fisher (C$ Accountsntl. Tha first ¥0 are Ministy of WenGe civil seNants and the last Nvo 8TQ ¢mpWs ofthe Charity. wholè remuneration is set by iefetence lo equr¥aEent cavil $eNice gfade$ and malket rates of pay. ObiÈctlvas and Actlvlile The obpctivès ofthe Charity set out in the goveming $chÈmè ara.. To promote and maintain the physi(al efficiency and mcrfal8 of The Royal Corps of &gnalg. To Felièvè èilher generally or individudly by way of donation. grant. orloan. the foYkn4ryng vh)0 ar8 in condilion5 of need. hatdship or distress: P8St and present Sign811gr8 and their famlies and dependanty and Ihè familias and dependants of deceased SNJnallers. The payment of donations, subscrtpt(ons or grants lo ch8rit8ble organisatlons ¢oncemed wrfh the emKAoYmf or welfarè of Signallers and their depdttnts. The aims ofth8 Chaiity are: To fund Ihe aclivities ol thè serving and ielired members of Royal Slgnal$. that attract no oi only pariial funding from the Ministry of Defence. in order to fostereffodiveness. mrate, teamwo. frtness. professional development, wmradeship and esprit dg CQtPS. To prowde gtanls for desetving welfare that are wilhin the objeds ofthe Charity. The tivit18S lorthe year result from demands within Ihesg aims to stjpport thÈ activittes of the 38rytng m¢mtws of the Corps, lo fostèr comradeship and to meet benevolence rÈ4uKèMents. Grant Making Pollcy Applications for welfarg grants are judged on thèir merits, wilh need being the most significant factor. There is no limtt sel on the amount spent on benevolen within any yew. Grants up to £1.750 are considered al8etronically US1r Cobseo's Case Management System. Grants in supptht of other aclivitses that [811 outside the deWl8d bydgets are stbbrnitted by th8 TelevlcoMltte¢ to tho Corps Secretary oi the Trustees for Ihelr Consideration. depending on a range of fadors which allow some delegats.on of authority. Mthe subtnission is p8tlieu18rly signifKanl or would involve a major eJ)artg8 in policy it wutd be referred to the C(wps ExecutNe Bo8rd. Buchjets are s•tfor811 expenditure otherthan welfare, they b• exceeded rfsuitable cases can be made. Achlevements and Pèrfomianc• Aclvities As menlioned belrnvlhèrè was a campaign to inoEase Ihe nrnr of subsuibers to Ihg-one Day's Par Payroll Giving Scheme. A SpecAal Proied (exercise Merrjjry Glaer Host) at the erKI of 2024 raised £42K whith is to be used in 2025 for Sport and GerLeral Purpose$. Th8re is a o)nlinuing Teqwrement lo fund advÈnttJrous training expedi1tS. sport. social reGreatlonal evenl8 an professiunal development. all ofwhich contribute lo the effiuency. effectNeness and morale of the Corps. It is equally ii)wtanl to #dse Ihe availabifity of finanual assistance fortho$e who are eltgiblè and grant mak¢ng to d¢serving fare cases. Adventute training. yacht dub and sports aclivities were rèstrieled by MOD budget constraints resulting in combined cosls of £254K compared to th8 combined Cost of£338K in 2023 £382K in 2022. 2022 wKiuded postwnèd Centenary trips overseas. The Royal Signats Institijtton (RSI) cijntiwed to promote professional d?vdoFwnent ofthe offi(Ms and soldiers of the ROY Corps of Signals. sevving and relired. A fijll progTamme of events Oeciures. workshops. etc) lor)k place: signfftarht cost savlngs arose wlh tho of low cost venuÈg. The RSI continued lo iecognise the acadèmic. prolessional, engineerin9 and operational ex18ce of the co5 by piesenlirtg a signifi(snt number of avrards in th Page 3
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Bgn8volence The lot81 cost ol benevolent welfare wa5 £387K (2023'.£477K & 2022."£336K) including ovethÈAd8 dir• attributable lo welfare. Within that figu £44K (2023.'£43K & 2022..É35K) w8s paid to other charities vrith sifflilar obiectFves. for thr support of signallers. Tho numbor of weare grants (excluding ChristEnaB grants) in 2024 was 404 (2023.433 & 2022..3531. Majot grants of £801 up to the maxirnum of£1.750 from the CharEty, assisted wth the prtivigion of el8ctiic scooters. level access showers. teptacement household items su¢h as carp8ts or white goods, Cary1 out urgent paIrS to houses. help with pttority débts such as rant utilities, mobility aids Buth a¥ tiser chairs. stair lifts. assi518n¢e wlh rè-trainlng and towards removals and rental bonds. TheTtustees are most gralefLI to the homrary Weare Officers in brarKhes of the ROYAI Signals Assoualton and the casewoyker3 of Soldiers. Sailors. Aimien and Families A8socialioFOrces Help (SSAFA-FH) and the Royal Brilish Legion IRBLI for the ellorrTtous contsbbulitin tha1tY make towards the welfar8 of¥eIng and retired &gnallets and Iheii dependants. Maleylal Imiestments- Poliey and P•rforniance Aifi GlobJ, rndewnd•nt investment advisers, (previously named Alvarium Investment Athl1 {UK) Limited) help d6velop the overall strategy of the potllolio and advise on individu81 transadions and CIrcmstances. The inve3tment icy wntinues to be lo maximtse retLrm 8t m8thum risk over the long te. During 2024 the plfOllO was reorganised to improve the potential lotal retum on investments. wthout LFndue exposure to rtsk. To this end. the whole 8lackRoc holding and part of the Troy Trojan holding were fe¥liseil and Snvésted In a Meridiem accufflulation fund. At end of2024. 73% ofthe yeste portfolio was held in the Meridiem Ptotea Fund (Verilas High Equity). 24% vrds held in fro1 'S' shares fund olTroy A88et Managomenl Limited 3% was held In I BlaCkRO Sterfing Liquidty Fund: both Meridietn and Troy are accumulation funds. Total investrnenl income arnoulrt to £212K {223.£306KI. £50K P023'.£20K) aiose from accumulation¥ and 80 was aLth)mgtieAlly re-investsd. Total ¥Nèslmenl galns of £825K (2023:£173K) arose ifi Ihe ye¥. Financial R•vlow Total in(Jmè 8mounted to £l.515K (2023£1.489K). Subsolpllon incom8 inwsed to £848K In 2024 from £773K In 2023: oflhe 11Yh in¢xease only 2.5% related to pay increases th8 TpmaifKI¢T came from increased Subscrir$. t)onalions amounted to £58K12023:£69K) and Legacies totalled £15K P023:£27K). Inv6s1ment InMe %was reduced due to th8 in emphasis ofthe portfolio a$ méntlon8d above. A specol projed raiswl £47K althe end of the year. The principal flmdiwry 5f)ur¢¢ to be the voluntsry sui>scriptions of 110% of a day8 paya year frijm the members of the serving cos. Offitr$ subscrib8 a further 80% of a days pay which is used specifically for officers. activrfiÈs. And waal officers senior non-commissioned officers subscribe a further30% of a darf8 pay which is used to fijnd improvements lo Sergeants. Me&8es and their activities. Totsl expenditwe amounted to £1.610K12023:£1.8W2K). (x)st of Welfare grants was £387K ¢tsmpared to £477K in 2023. The total rA)sl of Sporltng activities was £220K 12023:£233K). of which £102K12O23.'£1(K) Wds fun(led by •xlrtaI Sponsorships and Gr8Jts. Advenlure Trathiing granls cost £34K12023:£105K). Messes, Heritage and History combined with Oth•rAssistan b) the serving Corps amounted to £271K (2023..£335K). In 2023 these induded £38K foi the wsl of a burial party beg tTown lo Fill and £10K for Coronation events. In 2024 Ihwe w88 a redudon of £17K in Sergeants. grants. The 2024 RSI DinnwlLecturè in London cost £103K wherea3 the co¥ts in 2023 were £147K (the 2022 $vent was postponed lo 2023. due lo a rall Strike). The cost of Raising Funds in 2024 induded Ihe rul1m8n1 of consultants. to boost fiAure fvnd* Before thè rèvalu8lion of invesknerts the defial fortho yearvras £94K12023:£374K). Aftèr thè inv•stment gains of £825K12023:£17319 total olthe fund balarw was £12.042K (2023'.£11.312K). At the end ofthe yearth8 unrestiicted Corps Funds amountsd to £4.(Y20K {2023:£3.7121Q and the total of Strteled funds wa8 £8,022K 12023:£7.6001Q. The Charlty bemfils from staff cosls and building wnnlng costs paid for by thg Mini8try of DnCe. as part oftheir ¢OnbIbuOn to esptil de ¢orps. The6e carlnol be meaningfulty quanlified orevaluated. Page 4
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FundraiBing All kndraising actIe$ for the charity ar6 carried out by volunte8TS Wth astance from charity Staff. The charity does not use professional furtdraisers or have any commerGF81 partiGipatot¥. The consuKants mentioned above will 8dv4se on potenlial strategies and assist with some administratic without gting dirédy itwofved with the finances of any efforts. The Royal Signals Charity t1¥ it8 respon8ibility towards supporters in vulnerable CiTgJMthns with the ukno8t importanc8 and ourJndraisers are prowded vith guldancg and support to help them respond approwiately lo any individual they consider thi5 mi9ht apply trj. No MplaInts rstating fo n(•ing advlties have been received by the charity durfng thSs finand81 perbj. However. the charhty has in predr&S thatwould be fo[1¢yd in the event of a complainl being receiv8d with the liitial rosponse being ihe responsibility of the Corps Sgmt8ry. Any u>nlinulng U•S VKYJtd Iherb be passed to the Trustee$ to dètemiiftè what furth8r action might be required. Publlc 8ertÈfit Twslees hav¢ pald due re9ard to the Charity CommlOne$ guidan¢è on public b8n8fit in d[dIng what activities Ihe Charity shoukl support or und8rtak6. The Charity provides public benefft by enhancing the morale 8nd èfficiÈncy of serving service personnel to mre effeGtively perfotm their role within Ihe Royal Corps of Signals, supporting (x)mr8deship within the wder COTPS family (regular. reseTves and reltred). and provlding beneVOler to individuals and their farnilies Whe thoro 1$ neod. Taking tho Chartty Commission's guidan into consideration. th8 Trustees are satisfied that the publc bpnofft requirements havè be8n met. Rlsk Managgment Th8 TnISt havè 8xamined the operational and busines5 risks Ynd confimi that systems have been e51abli5hed to manage these risks. A Itsk fflanagemenl plan has been established and i# miÈwÈd f•gulaty. The are measLTrres in pia( lo prevent fraud and theft, to Èn$urÈ thè physical security of data and bLMldings and to m8intsin business ntinulty. Thé management ol risk on investments in relatton to the Maet is [ried OErt by RSTL and [3 explained in rr•)re detail prewousty in IFy$ f The Tw8tee5 have identtfied stralegic iisks that could have a 8evere Impxt on both income andlor expendAJTe. 85 amalgamalion Of1 8etving Corps 1h another so that most of the Nieome Is lost. further reduction in the size ofthe Corps under fijlure Strategic Defence and thurTrty Reviews. reduction in support ofthe Charity by MoV81 ofthe personne5. premises and irrfrasttucturg piovlded tythe Ministry of tlefenc6. and. permanent reduction in investment value8 and in¢x)me eaming capacity. These risks mibgaled by maintaining suffiaenl Reserves to en8blè the Ch8rit¢s aciNities to continue {8ee Reserves PoltLy beloj. The Trustees do not leve tha1th i8 a signiknnl risk to the Chaiity as a GoiNJ Concam. Reserves Poliey At 202418vels of activity the Charty needs an iwwestment rely [1me plus gains) of about£360K {2023..£680K) to meet its CQsls. At an avotage tate of about 5% the imiestmenl portfolio 01 £11.37M would pmduce a retum of about £570K. £680K at 6% or £455K ai 4%. This suggests that inveslments of abwl £12M Should be suffidenl to allow for V8ri8tions in demand. As mentioned above. the Truslees have ident4fie(J sbategic risks Ihat can only be mitigated by holding resgwvg5. They have calculated fhat 8n #mo ofover £2M in addition to that fflentioned abovg would te needed lo coverthese risks enabling ongoing commitments to bg fulfilled. The Free ReseN85 (unle¥1 and und&signaied) Amounted to £4.020K12023..£3,610K). vthith would be sufficient to m88t th8 short lemi Tesums of Ihe identified risks. Desi9natsl Funds amounled to £102K in 2023 and all relat to Ihe Yatht Club: now that virtually all Ihe yachts have been sold. thè funds no lon9eT reqLtired. Restricled Funds totsllÈd £8.022K PO23.6(KI. See Notes 12 and 13. Thè ReseN8s Poly is therefore. to allow funds to contfnue to auMUlate. when surplus investment retum arises. In the event that any Strategic fi$ks ajise beforn suffiaent reseNes have been awmulatsd. il has been a• that the eharity would reduce the SUprt it gives lo Mry81e and Effidency (but not Welf8ro). P8u8 5
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for Futurè PÈriod8 The Twstees plan lo wntln¥Je to support the activities outlined above in the comtrng yèar# and look forw8r(I to bèing able to support fvtuie expenditure plans whlle ujntinuing to monitor dosely both the need for benevolen and th P8rformance of inv&stments. In 2022 The Trustees conducted a stralegio rewew ints) all asp8ds oflhe Charity. its activibes and procedures and have Èmplemèntèd lh• rocommendations in pursuil of greatef efficiency and ifflproved exposure of the Charity and ils potential granl giving. The T¥ustees will woth cjosety wSlh thè head ofthe serving Corps to mainlaln or Impp> the level of voluntary subscription income from officers and soldie. statement of Tru¥t8es' RÈspon8lbllltles The Trusletts are respons116 for preparing the Report ofthe Tru8lees and the financial statements in accordance with applicable law and United IngdTr Gener8llyAccepted Accounling Pradice (United Kkngdcn Accounung StsndartL81. The law applicable lo Charitie¥ in Erwland and Wales requires the TTUStees to prep8ro finanaal statements for each finawal yearwhich give a true and f8ir VIÈW of thè stAta of affairs of the Charity and of the incoming resourcès And application of rosour¢es of the Charity for that period. In preparinu these fin8naal statements. the Trustees are required to: elecl suitable accounting wlicies ar then apply them consistenty. (JbsEethe melhods and prinuples in thè Charitiès SORP.. make jtKlgements and esiimates thal are reasonable and pnAdent: stale whetherapp1lGab accounling standards have been foltowed. sub5ed to any mat1a1 departures disdosed explained in thè fin8nci81 statements.. prepare the financtal statemeTts on the going concem basis unles5 it 18 Inapp6 lo presumo th Ihe Chatiiywfill eonllnue in business. The Tnjstees arB responsible for keeping adequats accrlng records that 8re suffictent to shcAV and explain th8 hafiws transactions. disclose wth rèasonabl8 8coJr8cy at any time the financAal p¢)sition ol thè Charity and enable them tr& énsLtr8 Ihal the financial statemerts compty wslh the Ch81ittes Act 2011. the ChaFibes (Accounts arKI R¢pots) Regulations 21M)8 8ftd Ihe provisions of the Charity's constitution. They ate also responsible for safeguarding thè assets oflhe Charity and hence for toagonable steps for the preventhm 8nd dètÈclion of fraud and other itregulaiittes. Appnwed by thè Trust9 on 26 March 2025 and gned on Iheii behalf by: MaJorG•neral RJB Spencer Chair ofThe Royal Signals Tru81ee Limited Date: 26 March 2025 Page 8
THE ROYAL SIGNALS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon We have a¥Jdited the finandal statements of The Royal Sign81s Chattty (the'tFUSt'I for the year ended 31 December 2024 whth comprise the statement offinanual activities. the batance sheet. thè ststemÈnt of e8sh flows and not8S to the finanryal ststèmènts. including signrfitsnt accounling poliues. The financial reporting framework that has been applied in their preparation is applicable law and Uniled lQngdom Accounling Standards, induding Financial Reporting Stsndard 102 The Financial Reportlng Standard 8pplicable in thg UK and Rgpublic of Irèl&nd (United lQngdom GeneraltyAttepled A¢(ntIng Pfa¢¢e}. In our opinion the finansiaj statements: give a true and fail view of the stale ofthe ch81iVs affavs as 8t 31 December 2024 and of its ir•>)mlrwJ re8(wr(s and appli110n of resources, forthe year then ended" have been prop&rly prepared in accordance wrfh United Kingdom Generally Apted A)untIV Practi. arvj hav8 been Prar in 8eLordatX8 VAth the requirements of the Charitses Act 2011. Basls for oplnlon We rLJnducted our audit accord with Intemationaj Slandards on Audiling (UK) {ISAs IUKI) and SPICable law. Our responbIlItieS under those stsndaTds #re furthèr dèscrib8d in the Auditorfs responsibjlilies lorthe 8udil offftg fin8ncialst8tèm8ntS S8elion of our report. We a independent of the trust in accordan wtth Ihe elhie81 requirements that arè retevant to our audit of the financial statements in thè UK. induding th• FRC'S Ethical Standard, and we have Iled ow othèr èthicl r8sponsibllbkn6s in acCOrdar vrith these requirements. Wg beli¢ that the audrt evldence we have obtsined is SLrfKient and approwwle lo Fwvide a basis for our opinion. Ctsneluskx rglatlng to golng concern In audititwj the financial siatements. we have conduded Ihat thè tmste•'s us8 of the going concem basK8 of aoxwn1in9 in the preparation of th8 financial statem&nts is appropriate. Based on Ihè wort wa have perfomied. we have not identified arry mal8rial unGortaiftlies relatig lo events or condrfions that. individualty vr collethely. may (xst signfficant doubt on Ihe Charitys abilty to tntInu• as a gIn9 COnM fora period of at least tsyelve monlhÈ from when thè financial statements are authorised for issue. Our responstbilities and the re8POn5ibilities of the Twslees with respect to going concem are desttiW In thè relwant bons of this reIt othgrinforniation The olherinformalion corrtprisgs the infomati(m induded in th8 annual report other than the finarKial slatsMlS and our auditofs report thereon. The Iruslee8 ale responsibl¢ fortho other infomiation contained V•ilhin the anU&l rert. Our opinion the ffinanaal statements does not cover the othèr informalitin and w8 do nol express any form of assuran(x condusion therÈon. Our r*SpobilIty is to read Ihe othw information 8nd. in doin9 50, GonsideT Mttether the other infOatiOn is materially InnSiStenI with the finantial statements or our knedge obtained in the eours8 of th alit. 01heThSe oppears to be materially misstatgj. If we identify suth matettal in¢onslsterKies or appaTent fflaterial rni5Statemerts. we are rgquired to dotgtmine whelher Ihis gives rfse to a material misstslemènt in thè finanaal Statem Ihem$efves. If. basèd on thè work we hav8 perfom)ed. we condude Ihatthere is a material mi5slatement of this other infomiation. we are required to report thal fact. Wè havè nolhing to report in this regard. mat on whieh w• arn r•qulr•d to r•port by exception We have nothing to in respect ofthe followtng matters in felation to whth thè Chariti8s {Accounts and Report81 Regulalions 2C¥)8 requirè us tts rèportto you if. in our opinion.. Ihe informaion given in the fjnanryal ststèmènts i# InconsSstenl In any material respect Wbth the ttUStees' r8PQrt', or 5vfficient accounting records have not been kepl: or the ffinanual slatements are not In agreementwth accouniing record8: or we have not received all the infomMt40n 8nd expknations we require for our audil. Page 7
THE ROYAL SIGNALS CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Responslbllftles of TYu8tees
As explai[ wnore fully in the ststernent of trustses, respon6ibilities. the truslees are responsible for the preparation of
the financial $tsiements and for beÈng satisfjed that they give a true and fail view. and for such intemal (x)ntfiJl as tho
trustees delemiine is ne¢ary to enable the preparation of financial statèmènts that 8r8 freè from matÈrial
misstatemenL whether due to fr8ud or error. In prepating the ffirTrancial statements. the Irustees are responsible for
as8e8sing the Irusl's alIty lo ojnlinue as a going concern. disdosing. as applrcabl8. matters related to going concem
and Ltsing the wng concem basis of acc(ntIng unless Ihe trustovs ¢ith8r intend lo ceasg OP9on6, or have no
f•81istie alt8mativ• Ixrtto do so.
Auditorfs rèsptsnssbilitiÈs for thè audit of thè financial ststements
We have been 8ppointed as auditor undei section 144 of the chareS Act 2011. and Teport in xcordance wilh the Act
and levan1 iegulations made or having effecl thereunder.
OwobAectives are to obtain reasonabl¢ a$$urance aboyl whelhor the finandal statements as a whole are free from
fflaterial missfemenL vthelh8r due to fraulf or erroF, and to issue an audilorfs report that indudes our opinlon.
Reasonable assuran is a high level of assurance but is not a guarantÈe that an audit
THE ROYAL SIGNALS CHARITY INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 To addre8S the rtsk of fraud trrough m8n8gement ovorride we.. ptomed analytical pro¢xdures to Jet)tify any unusua1 or uneypected relationships" tested journal entries to idonlify any vnusual transactions," 8ss¢sssd whetherjudgements aThJ assumpb"on8 tnadg in deteimiThng the accounts.ng èstsmated Vre IndatIve of potential bias.. tested a 88rnple of transactions that could bè inltuenced by actions ol management.. review the nature of Ihg disd¢)sures wthin the financial gtstern8nts to ensure ihey meet the requlrm9nts ol awounling Standards and re18V8nt lagislation. In respons& to thè risk of irr8gulartWwth regards to completen¢s$ OfInMe we.. Reviewed the xcounting polities adopted for consi5tsncy of application and compli8nc8 wrfh aptsble accounting pr8cti(". • ¢omt4eted analytica worf¢ to avalu8ta Inc(81St8nueS and significant vadan¢os In in¢ome streams,. • tevrewed third partydocumentaii)n lo confimi thal relovanl entries wer& fl¢cle in the accounfjng fgcords., rekniewed a sample ol income Sr¢$ t¢ #nsure the incom8 is accountad ts in thg correct perfod wSth consldgr#tion to Ihe charity's entsuement rowowad b¢)ard mule and Corresponden for any ovldgn¢¥ ofany further unrecorded incc¥ne. • wewed transactions before and aftèr the year end to fjnsu they had been albcd lo the coThect period To 8ddre88 the risk of material misstatement on cE8ssifi¢ats"on of transactions in fund8 we.. Agreed 3 sample of income receipls from source doeumèntation into the accountiThJ records to ènsure any re8trictions lo the income w&ra corrécuy identified in revenue.. Agieed a 8amp18 of expenses irK#Jrred to ensLts thtry had been all¢xated to thè cortectfund., and Reviewed the analysis of fijnds lor any misallo¢atk)ns of illcawne or expgnditssre. There are inheient limit8thon3 in our audit procedurès dribad above. The more removed that laws and regulatiorts are from financial transaclions. Ihe105¥ lik9 il is that we would become aware of non-wmpliance. Auditing standards also limitlh8 audit procedures required to id8ntify non-compliance wth laws and regulations to gnquiry of the d1ctOrS and other management and tho inspection ol Ulatory and legal eorreyndence. il any. Material misststamarttg that aTise due to fraud can be hardei to than those Ihal arise from arror a8 they may invoEve deliberate con•1ment oi<x)Ilusion. U80 of our rèport This report is made solaty to the charitys 1ntr5tee$. as a borfy, in accordance with part4 of the Chariiias (Aectsunts and Reports) R lions 8. Our audrf£ wotk has be8n undertaken so that we might stsl¢ to the charitys trustees those mattars èqui to stats tct them In an audito¢s r9PQrt and for no other pu0$. To thè fiJll8Stext9nt peTmilted by law. ac t or assutne responsibility lo anyone other th&n thè charity and the charity's trustees a5 a bLKly. for our is report, or forthe oplnlons wg havo fomied. do Robert MacDonald For and on b&half ol Moore (Southl LLP. $tstutory auditor Charter8d Accountants 33 The Clarendon Centre Salisbury Businèss P2rk Dairy Mg8d¢)w Lane Salisbury "ltshire SP12TJ 2020 Page 9
- (y) z zz
THE ROYAL SIGNALS CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 FIXED ASSETS Tangible Fixed Assets Listed Inveslmgnts 732.924 11.372.952 729,931 10,812,843 12.105.876 11.542,774 CURRENT ASSETS 234.995 145.493 116.419 44,603 Cash at Bartk xnd in Hand 380.488 161,022 CRELrfTORS: amounts falllng dug within one year 10 (315.091) 1282.618} NET CURRENT ASSErs 65.397 1121.596) CREDITORS due after more th8n ong year 1129.043) (109251) NET ET5 12.042.230 11.371.927 FUNDS Degnated Funds General Funds 102,226 3.609.697 4.1Y20.420 13 12 4,IY20.420 8.021,810 3.711,3 7.600.( Restrlcted Funds 11(M2.230 11,311.927 The finanual statements vore approwl and aUlhod for issue by Ihe Boar(l 0fTruSt8 on 26 March 2025 and signed on its behalf by.. and Genernl RJB Spencèr Chak of The Royal Signa13 T•J8tee Lknlled Colonel DA Craft Sec¥etary of The Royal Stgnals Truslee LinNled t>ate.' 26 Marth 2025 t)ale: 26 March 2025 The Dotes on pages 13 to 21 fonys part ofthese ffinaThial statements. P8ga11
THE ROYAL SIGNALS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2024 2023 Operntlng actlvltlos Net income l (defioll for the reponlng porfod Adjustments for Depreaation chwges (Gain) l Loss on dispos81 of fjxed agsetg Dividends afKI intèFesl froTh inv8stfflents {Gainsl l Losses on investments Dwasè bn stock of goods for $# DeKrease I Ilncrease) in debtors Increase I (Decrease) in Cfeditors and provisKons 730.302 (200,414) 6.024 114.804) (213.529) 1824.8661 6.822 13Cfj,957) (173.348) 1118.5781 52.265 37.002 {58.660} Net cash used In opeTatlng actIlIeS {382.984 695,555 Cash flows from Inv•stlng actmtlos Irrterest and dividends A(xurnulaling dwidends Cash ftom investment incorne PLEreJ)ase offixed assets Proceeds of disposal of fiKed assets Purchase 01 inv6Stm8nts Proceeds from sale of investfflents 213.529 150.198) 163.331 111.712) 17,5(K) (8,[10.()j ,314.755 306.957 119.565} 287,392 (10.445) (SS0.OOD} Net ¢ash provld•d by Invosdng oCtlvlll•s 483.874 426.632 Changè in ca*h and eash •quivatènts in thè 1.890 1288.W23) Cash cash ewNalents broughtfoThMrd Cagh and cash Bquivalènts [r[8d forward 313.526 145.493 44,603 The notes on pages 13 to 21 fomi part ofthese financial ststements. Pag8 12
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fECEMBER 2024 4. ACCOUNTING POLICIES . Basls of Prgparntlon Tho finanal ststements have been prepared in accordance vthh Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prewdring Ih8ir accounts In 8ccordanrE with the FinanrAal Reporting Stsndard applicable in th8 UK ar Republic of Ireland IFRS 102). Ihe Finala1 Reporting Standard applicable in Ihg UK ar RepubliG of Ire18nd IFRS 1021. and Charihes Act 2011. Th6y hava b88n pr8p8red under Ihe hisknical cost corwention wth the exception of investments whlch are induded at tnarkgt V81ue. The Royal Signals Charity meets the definitlon ofa benefit enty under FRS 102. The Charity has adequate resou$ to continue in operational exislence for the foreseeable future. The Trustees continue to believe the going concem basis of accounting is appropriate in preparing the annual financia statements (see Risk Managem8nl in th8 Trust88s' Raport. pagè 61. b. Tanglble Flxed As8ets and Depmciatlon H¢adquarters OfficÈrÈ MÈSS assèts were revalued at 1 January 2015.. thls was deemed to be histortr on transition and therefo assumed not revaILd golng forward. All other asset8 eosting ffl0 than £500 are pitalI9ed at cosL As explaud In not8 7. historic assets thyfted prtor to 1 January 1994 have not been rapltallsed. Depreciatlon 1$ appfied ¢)n a slralght1Sne bask cal181ed toynite off each asset over its estimated useknl lif¢ and potential impairments kept under review. The annual rates of deprodatw)n are as folbw8: Headquarters Officers Mass Mosl of th&s8 8ssèts am of high qua and ¢ould last foT 100 years or more 15% 33% 15% Bands R1MÈnIS7 Hèadquarters fixtures and frtbngs Y8dtt Club- small boats and dinghtes 08prncialion is not tharg•d in thè yèxr of atquisilb)n. DepreLial*)n is not charggj on hisloric assets as th8 residu81 value 18 GOndered to be higher Ihan the carying value and Ihey hav6 a virtuany indÈfinlte lrfè. Assèts are tinuously reVIev for potential impairment. c. Investsnonts. Investrnont Incom• and Galns Investments are valu8d 8t Ihe bid piicè prevailing al the Balar Sheet date. Investment historfc cost Is the average cost unit putchased Dr the mathet value when donated or transferred. DIdendS, other inveslment inCMe and income from cash d&$11$ 8re wxwnted forwhen the Charity is thIed to them. Any gain or los3 on ievaluation is takon to the StalemeTrt of Financial Activitte& d. Taxation enlty Is 8 registered Chty arHI. as such. daims tax exemptions from 811 ils United Ktng(k)wn income and gains. properfy applied for its char[tae pUOSe$. tsx recoverable represents tax whlch is recoveTable in respect of tax credits from dividends r6{&bI8 during thè yèar and trom gift aid subsrAiplions on %thich lax ha5 p8id by the subwber during th8 year. •. Funds Re$trtded funds are 8mounls lch have been earmarked by the donors for specj.fic purKX)8es. Unrestricted funds are expendable at the discfetion of the Trustees. Designatgd funds are unre8trtded fijnds aside by the Trustees for sp8ufic purpos6s. but thèy rÈmatn at fhèirdi8Ctelion {se8 Tr)tes 12 and 131. f. Income In¢ome L% recognlsÈd ¥A)èn thè h8È Èntltlement lo the fwids, ary perf0mnCe (x)ndiliony 8tt8ctrd lo the ttemls) of in¢xtrmo have been met. it is probable that the Incoma will be rec•iv•d and the amount can be measured reliabty. Those frJnd5 provided for a speafic purpose are taken lo a restricted tund. InLx>mg 1$ recognised when Ihe tharity has entltlement to the funds. any perfomwice ¢ditson8 attached to the item{s) of income have been meL11 is probable that thg Incm 111 b8 received and the amount can b8 measured reliabty. For legades. entltFemant Is tsk•n as thè of thè date Ithich either the chatlty aware thAt proith has bEen granted. the estate has been finalised and notfficalion has been made by •xectstor{sl to thè chartty th81 a distributton wll be made. or when a distribution is réceiv8d from estatè. REpt ofa legacy. in whole or in part. is onty consldwed probab]e whon thg aFrU[rt can be measured rejiabty and the charity has been notifi8d of th8 8xacJJtorfs intention to makè a (fistribution. Where legactes have been notified to the thaity. orthg charity is aware of the gr8nt4ng of ptobalg, and the criteria for income recognition have nol been mel. then the lega¢y is a treated as a Contgent asset and disdosed rfmaterial. Subscrtptions represenl voluntsry contribullons re¢eived monthty from seNiThJ memb&rs armu&lly from retwl officth3 of the cP8 and are aca)Junted for when they are re¢dvable. Pag8 13
THE ROYAL SIGNALS CHARITY NOTES TO THE FJNANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEAIBER 2024 1. ACCOUNTING POLICIES Icontinugd) g. Grnnts Payable and Dlrect Charltable Expendlture Grants patd and direct expendtiure are accounted foi when paKd 01 when liabifity is established the third party. Théy arè alloc8t8d kn thè partictsl8r actniity wh8m thè cost rèlatès dirèctly to th8t atttwity al in 8%Y1)rdanWTrth the objecbves ofthe Charity. h. Support and Shar•d Cosls Support and ShaTed Costs comprise expenditwe incurred directty in support of charitable objectives and are attribut8bl• to the Charitys activities. Governance costs represani prof8ssional and statLrtory fa8s and other costs incurred in Tunning th8 Chatity. They are allo(2t8d to ad1$ in proportron to IheiF utilisatK)n. l. Debtors Lega(ies receiv* subsen"plions. lohns and olh¥ debtors are rgnised at the settlemenl amount prepayments a valued al the amount prep81d. J. Creditors CreditoT8 and provi6KJn8 are re(wfMsed Ythere the Charity a present obligalion re&uliing from a past event that 11 probably resLFIt in the transfer of funds to a third party and th8 amount due to settle the oNigation can be vneasured or estwnated lgliably. Provisions alp not dI)tdIQ n9t pro5¢rt V¢ as tho (ff019Ce would be immaterial to the financial statements. Fln•n¢lal Instrumonts The Charity onty has finanrial assgts an(1 fin8n(ial li8billlies of a kind that qualify as basic financtal Inslmmenls. Ba81¢ rinancial inslwments are iniltally fecognised at transaction Value and subsequenlly measured at their setllement Va8. Inv8stments ar6 included at fair value. l. Critical accountlng judgements and key Bource? of e8tlmatE?n uncertalnty Preparabon of the financial slalen7enls requires management to o)nsider making any Signifnt judgements and eslimates where necessary. Apart from depreciatlon (note 1.b alle). the are no ttems in the finanoal slal¢mgnts Ttse signifirAnt jLKlgÈmèntÈ and Èstimatitsns have bÈÈn made. 2. INCOME FROM DONATIONS AND LEGACIES 2024 2023 ve$llted Funds t)on8tions subscriptiCs- One Days Pay Legacies 2g.085 360.122 5.430 394.637 34.725 326,070 4.911 365,706 Restricted Funds Donalions Subscriptions- One Days Pay Subscriptions- Retsred Officers LegaeAèS 29.084 483.517 4.785 9.138 526.524 34,721 441,998 4,958 21,818 503,495 Total Funds Donaltons Subs¢riptions- One Dals Pay Subs¢riptiLM)s- Retlrad Officers Legae4es 58.169 843.639 4.785 14,568 26,729 921,161 869,201 Sul)wiptions from seNing mem15 ofthe Corps ale wllethd urKJerthe"One Oaws Par Paytoll Gwin9 Schesne. These are donated enlirely volunlarity by the serying members of the Corps. Under King's Regulations IKR 5.613) the first 50% must be applied lo Wetfare purposes. Soldiers. subscriplions afe 11Wo. Warrant Officers and Senior Non-Commissw)ned Officers (SNCOS) subscfibe at 140% of a days basic pay per annum of whith 30% is used specifically for Sergeants. Messes. Officers. subscriptiorbs are 1% of a days pay per annum ofythith 8/ts is USEd SpecIfilIY in support of Officets. 8clivtties. RÈtlr•d Offiears, subsexipttons ar8 voluntary and wrrnntly 8t a mininum of £10 8 year. Legaaes are aGcrued foT if they were notified as being recewablB b8foTe the eThJ of the year, either at the value aclualty received or estimated from the details of the eslale provided by the executors. 69.446 768,8 Page 14
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMEpifs FOR THE YEAR ENDED 31 DECEAqBER 2024 ?. INCOME FROM INVESTMENTS 2024 2023 Unrestricted Funds Gross Dividends Interest on Deposit Accounts 76.979 663 106,504 428 Restiicted Funds Gross Dividends Interest on Deposit Accounts 134.727 1.160 1g9.272 753 Tot81 Funds Gross DivKlends Interest on Dèposit Accounls 211,706 1,823 213 529 305,776 1,181 4. INCOME FROM CHARITABLE ACTMTIES 2024 2023 Url¢ted Funds RSI Events and Advertl8ements Speual Project RSYC Profit on Dbsposals 11,150 47.268 17.500 8.950 ResttKled Grants from Other Organisations Dtspos81 of Redundant Corps Silverware RSI Evenl8 and Advèrtl88mènts Wire Magaine subscriptions 105,356 4.800 185,316 7.871 303.343 379,261 110,299 551 183,022 8,263 302.135 311.085 Total Funds EXPENDITURE ON CHARITABLE ACTMTIES 2024 2023 Unrestricted Funds Gts Payable and ExFenditu Sporng AdvenlureTTainiThJ M8ss8s, Herita and History Othèr As81s18nce to s•Nng Corps B8ndg Events and Adivitie$ Corps Property maintenance and cmtrtsl RSI evenls. awards and bshIng WI Magazine Suppctrt arKI Shared costs co8 Athvrtie¥ Govemance 118,858 34,108 135,151 37,903 12,073 126,8g9 104,699 131.000 33,283 15,533 16.807 33,373 56.T17 17.540 41.053 56,599 70,487 17.082 68,199 16.344 532.619 811,129 Page 15
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 DECEMBER 2024 S. EXPENDITURE ON CHARITABLE ACTIVITIES Icontlnuod) 2024 2023 Restricled FuThJs Gcanls Payable and ExpeThJiture WeEfare Sporting Messe8, Heritage 8nd Hist other Assistanco lo the sewving Cotps Events and Aclivtties cOS Property maintenance and contro] RSI w&nts. awards and publishing Offieèrs, Dinner8 Soclal Wire Mag82ino ReLFnion5 and other ¢osts Support and Shared cost8 WeWare Veterans OfficerA¢b05 GoveTnance 367.489 101,516 74,940 22.582 476,712 106,299 98.254 72,151 27.359 177,404 15.353 7,871 11&039 20.067 220.061 17,187 8,263 104.330 25.838 25,115 33.486 41.858 24,514 43,060 25,621 1.056.518 1.248.297 Total Funds Grants Payable and Expendliure Welfare Sporting Advenlure Tiaining Messes. Hars1a 8nd History Other ASSIS¢ to thé sèNtng Corps Bands Events and Aclmties Corps Properly maintenance and Contr RSI Events. awards and publishing Office, Dinrr & Social WI Magazine Reunions arKI ¢)ltrw wsts Support and Shared co815 Wdfare Veterans Corps 8nd Offer Admties Governance 387.489 220.374 34.108 210.091 60,485 12,073 476.712 233.198 104.699 229.254 105.414 15.533 44.166 210.777 15.353 37,607 261,114 17,187 113.039 104,330 25,836 34.448 113.547 42.703 25.115 33.486 110.057 40.858 1.589.137 1,859.426 All wèlfarè grants ar8 trj third party rJrganiSatS and made forthg ben¢fft of both serving retired members of the Corps (Regulars and R&sewves} 8nd Iheir families. Tho Roy81 Si9nals Institulion (RSI) fosters profession81 development 8mtMwst th• saNiTh3 Corps. the retired Cotps and their ¢108e colleagues in Def6nce and Industry. Weffare Grants indud88 paymgnts lo othercharities for the furtherance ofthe Charitys objectives: Amiy Benolent Fund v*ious nurstng homos ¥wth ex Royal Siwais residents 2024 2023 35,000 7,750 Page 16
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6. EXPENDITURE DISCLOSURES 2024 2023 Shared Support Go¥ts UnTe8lricted Funds ounts & Management Salaries Shared IT SLEPPOrt and Equipment Costs Poslag6 B8nk Ch8ro8s Dépreciation Tolal Shared SLVPOrt Costs Direct Corps Administralton 59.427 8.216 440 813 55.641 6,353 835 362 63.823 1.226 68.896 1.591 Restricted Funds Accounts & Management S81aries Shared tr Support 8nd Equipment Costs Postage Bank Charg08 Depreciation 89.141 12.325 659 1.220 90.783 10.366 1.363 Total Funds AcrAJunts & Management Salartes Shared IT Suppori and Equipment Costs Poatagè Bank Charges Deprèciation Tolal Shared SLWrt Cosls Dir&ci cOS Adminislralion 148,588 20.541 1.099 2.033 146,424 16.719 1,138 2.198 952 172.241 1.591 173832 167.431 1.226 168 657 Attributed to: Unrestitted Funtts Cows Fund 70,487 64.849 offi[$ Furwj Wèlfare Veterans 51.672 10.334 41.339 173832 50,229 10.045 43.534 188 657 Total Expendlture induded tho following costs Unrestricted Funds Stsff Costs Wages and Salars SocAal Security Costs Pension Scheme Costs 93.254 10.836 2.862 92.598 10.829 3.111 106538 2,651 Dèprèciation Charges for the Year Restiicted Fund8 Staff Costs 2.424 Wage8 and Salarie8 Social Seojrity Costs Pension Scheme Costs 245.292 23.808 6.290 275 390 3.600 243.977 23.850 7.553 275 381 4,171 Depre¢iatton Charg8s for the Year Totsl Funds Staff Costs Wage5 and Salarie8 Sowl Security Costs Pension Scheme Costs 338.548 336.576 34.679 10.664 9.152 Deprèciatitin Chargès frlrthe Year Pension S¢hern8- Efflployees of th8 ¢*arity are entitled lojoin a defjned ntribution Cmoney wr¢ha.> scheme. The charity cOntriblon is restricted to 4% of the gross salary. 6.024 6.822 Pago 17
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8. EXPENDITURE DISCLOSURES {contlnugdl One employee eamed £60.000- £70.00012023.' one employee). The average number of employees in the year wa8 5 full tirne {2023: 5} and 3 part lime= 2 fvlptime equivalenl8 12023.. 3- 2 full-lim8 equivalents). The Charity benefits trom staff c4)sts. administration and buikling running costs paid foi by the Mini8tty of Defenco, contrtbuting lo esprit de corps. It is not practical to quantify such costs wilh any rtainty. 2024 2023 G¢)vemance Costs Iuded Ihe followrng UnTestr(cted Fund8 Audit Legal Fees Invesknént Advice Trust8È ExpSe5 Tm#teè Meètings TFUStee LIablty Inxuran 6,557 454 8.054 1,164 227 626 7,158 7,684 715 195 594 R8stricte(l Funds Audit Legal Fees Investment Advice Trustee Expenses Tmstee Meetings Tw¥teo Lioblty Ingurarv 9.835 10.734 12.081 1.747 11.525 1.072 293 938 Total Funds Audit Legal Fees lJweslrnent A(fvice Trustee Expere5 Trustee Meeting8 Tnjstee Liabrlity In8uraiic 16,392 1.134 20.135 2.91 t 567 17.890 19.209 1.787 488 1.484 5 Trustees12023". 31 Teceived the ab reimlyJrMents of expen8e8 {travel. SLEbsistsnc8 and acryjrywnodatton) t20r ol w*ich were paid to third parties. Key Personnel No TNslee12023.. None) received any fftmuner4tlon or bgn¢fit from the Fund 01 any Ral Parties. The Corps Sectelary the Assistsnt Corps S¢rygtsry ai¢ employees of Ihe Ministry of Defence and norariUM5 were paid to them at a total costto the Charity of £21,18512023'. £22,323). Thè Corps Accountanl and RSI DireotOT are employees of the Charity at a totsl cost of £147.488 (2023: £148,140>. 7. TANGIBLE FIXEO ASSETS HQ Officers Mess Historic Regwnental Assets HQ Yacht CJb Bands T¢)tal 2024 Cost l Deemed cost At l January 2024 Addiiions Cost of DispDs8Is At 31 December 2024 Ac¢xmulated Deprectalion At t January 2024 Charge for Yèar Eliminatèd ttn Dispos81s At 31 DÉcÈmbér 2024 Net Book Values At 31 December 2024 At 31 December 2023 360,000 3,300 12,994) 360.306 389.1 7.718 35.267 24.342 8,412 816,888 11.712 134.8981 793.702 (31.904) 3.363 389.S61 7.718 32,754 31.516 3.600 {299) 34,817 7.718 35.287 12.456 2.424 86.957 8.IY24 {32,2031 60.778 131.904) 3.363 7.718 14,860 325,489 328,484 389.561 389,561 17,874 11.886 732.924 729.931 Page 18
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. TANGIBLE FIXED ASSETS Icontlnued} HQ Officers Mess Hi¥14Jtic Regimental Assets HQ Yacht Club Bands Totsl 2023 Cost l Drned cost Al 1 January 2tr23 AdrfilH)n8 Cost of Disposals 381.111 8.450 7,718 35.267 22.347 806,443 10,445 At 31 December 2023 ArMlated DeFallOn Al 1 January 2023 Charge for Year Eliminated on Disposals 389.561 7.718 35.267 24,342 816,888 27.916 3,600 6.766 9S2 35.267 10,186 2,270 80.135 6.822 Al 31 De¢emlw 2023 Net Book Values Al 31 DecemLw 2023 31,516 7.718 35.267 12,456 86,957 328.484 389.561 11,886 729.931 888els above relate threctly to tharitsble purposes. The assets are kept (x)ntinuously under ieview for potential impairment. Headquarters Officers Mevd A professional valuation in 2014 clthe fijrniture In th8 Headquarters Oflkgrs Mess tolalled £360.(1]O. all of which are assets foT whith the risks and teWaS belong to the Charity. This was deem8d to bè hsstorie (x)st on transiti and therefore assumed not revaluwl going forward. Historle Asset8 Reliable CQBI InfoOn is not a¥ail4ble historic assets aUired prior lo 1 January 19941) havè not been capitalised. Recent valuations for insuraft purposes lrtot markét valuès) of silverware and paintings in the Hèadquxrtèrs Officors Mèss totalled ovei £1.25 million and olher locations were as8es8e<l in the year. Slnce 1 January 1994 historic assets have be acquirod forlhe Bla)dford Ganison Church £22.365, the Nalional ATb(*etum Memorial £22.185 and Sifv81 and Ath40rks £345,011 (2023.. £345.011). Depredation i¥ not tha on historic assets as their residual u9 is con$tdErEd to b¢ higher Ihelr cang value. . INVESThIENTS . LISTED 2024 2023 Market Vaue at 1 January Additions Disposol Proceeds (Losses) l Gains in year Market Value at 31 Dewnber 10.812.843 8.050.198 (8.314.755) 824.866 72.952 10.769.615 569.565 <699.685) 173.348 10,812.843 11. Hisknic Cost 10.190.456 9.413.426 Held in:_ Mwidlem Pfotea Fund- Verltas Hlgh Equity BlackRock. Am)ed For¢tr$ Ch81ili8s Growlh & Income Fund Troy Asset Management, Tfoian's. sh8 Amulation Units BlackRock SierlirwJ Liq¥Jidity Fund sh8res 8.333.464 7.(r22.550 2.689.488 350,000 .3T2, 52 3.340.293 450,000 10.812.843 9. DEBTORS 2024 2023 Subscriptions Other Debtors Prepayments T2.296 95,398 67,301 234.995 64,589 15.239 36,591 116,419 Dèbtws do nol Ind10 any OUnts due in more than one year. P898 19
THE ROYAL SIGNALS CHARirY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. CREDITORS falling due within on? year 2024 2023 BalatKe 1h Related Entities Sory81 Security arld Olher Taxes Balances held 8s Ag¢nl {see tte 151 other Creditoys AccrLtaI5 Dèférred Income and Provisions Bmught foTr¥ard from piior year UsÈd or r8paMd in year Arising in thè y63f CaThied loThYard 82,790 11,059 79,210 34.254 107,805 9,377 88.701 42.489 22.478 31.768 {31,7681 72,778 72.778 315.09 115.107 (115.107) 31.768 31.768 282.618 Deferred Income arises when receipts rslate to aclivities planned for the future. 11. CREtITORS due aft•r mor• than one year 2024 2023 Employee Grabjibes 109.251 Liabilty for the amwnts ejue to empk)yees upon Ing. In ac[118nCè wtth théir employrnent otraC( vduod as at the end of th$ year. Any discounting of this li8bilty woutd b8 offset by wage intlats'on. 129.043 12. RESTRICTED FUNDS 1 January InM Expenditure Investwn8nt 31 December Gains £ Welfare & Veletans Fund Officers. Aclivities FuThl Sgrg¢ants' Messes Fund Di¥banded Units- PRI Fund DISb8n(I Units- Officers Messes Fund Disbandgd Units- kneants Messes Fund Olher CotP5 ActNity Income received xnd expended in yearlor speafic purposes 4,954.181 2,205.612 ICKJ.351 228.953 81,369 29.536 429,247 363,627 56,782 4,521 1.607 583 1568.393> {298,65n 156.134) {38.184) 377,842 113,392 7,653 17,4162 5,194,878 2.383.974 108,652 212.752 8g.182 32.3n 2.253 109.387 {109.387) 7.600,(M12 5,754 (1.068.755 524,808 8.021.810 2023 Wewarn & Veterans Fund Offi(x8' Activities Fund SergÈ8nts' Messes Fund Disbandèd Unils- PRI Fund Disbanded Unils- Officws Mosses Fund Disbanded lJnits- Sèrgèants Messes Fund Olher Corps Activity Intomè I1Ved and expemled in year for specafi¢ purpo 5.048,781 466.290 2.157.847 360.089 118,622 53,135 299.417 8.986 78,383 1.908 28,464 (642.1481 (335.577) 173,3151 <84.5251 81,258 23,253 4.954.181 2,205.612 100.351 228,953 81.369 29,536 5.075 1.078 387 114.562 1114.562) 7.731,514 1.005.655 1.250.12 112.960 7.600,002 Reslrthd Funds arise from income received for spe<ed purposes and aTe held separatsly until expended. Welfafe & Veterans Fund- This Restricted Fund 8erve8 memiws of the Corps. fostering comrad•ship and prowding welfwg SUPPOrt to those in negd. It reiivès don8tions. legacies. and other volur71ary frncome that havè beèn canvassed for w•llare purposes. . Welfare grants at costs are initialty funded by"One Da$ Par Subscrbplion8 as described in Not8 2. OfflceTr' A¢tivlll86 Fund- This Fund receives part of Subs(yipthJns. descllbed in nots 2, kn OffirS, pu0$85, th as dinners. Officers. Messes and ¢)Iher costs specifically for the benÈfft of Officers. Ser9gants' Pjlesses Fund- This Fund feeèiV8S Part of Subsuiptions. described in note 2. for Sergeants. m8$ improvements and olher sts speafically for ihe bÈnÈfil ofW8N8nt Officers and SNCOS. Dl8banded Unit8 Fund¥- Funds arise from disb8nded unrts 8nd are held to a68iSt with the fijmMt of new units and for mor818 and effictency similarto the rnain objects olthe Ctt8rity. They may not h9Ver be used lorwelFaTe. Pag• 20
THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. UNRESTRICTED FUNDS 1 January Transfers T[arA)nS 31 December 202 Designated Funds Yacht Club, vessel replacements and expeditions cO- Yacht CIL¢ Offshore Account Total Deslgnated Funds CpS- Genetal Fund 101.597 29 {101,5971 1629) {102,2261 102.226 102.Z26 3.609,697 3.711,923 308,497 308,497 4,IY20,420 4.020,420 2023 DÈsignalÈd Funds Yacht clb. v•ssd replaments and expeditions Corps- Yatht Club Offshore Account Total Designat8d Funds Corps- General Fund 101.597 629 101.597 629 102.228 3,678,599 3.780.825 102.226 3,609.697 3.711,923 (68.9)2) (68.902 Deslgnated Funds are Unreslrtthd Fundg that have been set aside al the discretioTr ofthe Ttustees. Followlno the merger ofthe Yacht Club into thè Sports 8dministfation and the di5PO8al of its vewl$, its have been retumed to the CoYps- G8n8ral Fund. The transactions of Ihe"Corps- General Fund" aTe as Sh(Y on p8g& 10. Statement of FirtanrAal Activiligs, Uniestri¢led Funds. 14. RELATED PARTY TRANSACTIOKS The Charity 18 related lo The Royal &gnals muSen (an Incorpth ¢harlty) and Ils subwdiary Th9 Royal &"gn8ls Museum Trading Company Llmited due to theii ated objectives and 8ctivitith They also report and answer lo the Corps Eubve B(Mrd and Ihe Trustees are 8ppoinlÈd by th• Master of Signals. like the Chaity. In the year grants wer6 mado to The Roy81 Signals Museum of £131.000 for Fts general PLW)ses and £4,151 lor redundaftt unlfonn shop stock (2023.. £131.000 totsll. At thè eThJ ofthe year the debts Tl Ri)yal Sig*)s Museum and its sthsidiary mPanY amounted to £82.790 payable (2023.. £107.804 payable). 15. AGENCY TRANSACTIONS The Charrty acts as agent for aclivknes lated to lis Morale and Efficiency Obith$" the L4rgwfunds b8ing:_ The Royal Signals Offlcer8 tkxne¥ttc Fund purchases wines, etc foi the HQ Offlc¥rs' Mess and malntains the wine cellar. ils incoffle 8rises from Ihe consumption of Wil 81 $p&eial evenl$. It also operates a sewnd hand unrfomi sales and rental fac41ity. At 31 December 2024 the balan held amounted lo £46,627 {2023'. £3S.906). Thè Royal Slgnals Rugby Club used to sell li¢kets fw natiortal fu matches and h8s axLMnulated funds lo boost rugby aclivilies. At 31 t)ecemiw2024 the balance held aMjnted to £77,353 (2023.. £63,912). of which £47,(4)4 was heid in a speafic bank account. 16. ALLOCATION OF NET ASSETS UnresliidBd Restricted Total 2024 T8nglble Flxed Assets InvestTngnl CuThent Assets I$ Cutsenl Llabilibe6 and ProvÈsion8 62.424 4.021.642 (63.646) 4.020.420 670,5 732,924 7.351.310 11.372,952 183.646) 8,021.810 12.042,230 2023 T9)te Fixed Assets IwNestrnents Cuffenl Assets les5 Current Liabilities and Provisions 673.495 729.931 6.926.509 10.812.843 P30.8471 7.6W,004 11,311.927 3.88e.334 (230.8471 3.711.923 Page 21