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 l￿DOwa11 CBE Brigadier EM Flint Biigadier TJP Watt8 OBE Brigadier EA Mortimore Colon81 NC 8ruce ADC Lieu￿rtant Cdonel P Wright Captsin MC Fitton Waffant Offi¢w l D Roserie appointed.. Major General RJB Spen￿r 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 B￿kRock Invéstment Managernent (UK) Limited 12 Thfogmorton A￿nUe, 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$hed in 1982 and is now govemed by a Charity CommissiT)n SGheme dated 6 January 1997 as améndèd by resolutions dated 8 May 2012. 12 January 2016 and 16 January 2020. By thÈ May 2012 resolution The Royal Signal8 Trustee Limited {RSTL). 3 nowharitable mpany limited by shares. became the Corwr8te Trustee of the charity Teplacing 811 the prevtous Trustees oflhe charity. Thè Royal Signals Association {RSA) was a Separate unregislered charity. whose Obl￿•S and activitlas were cartie(l out by RSC. This arrangement wa5 fomialisèd during 2015 wrfh Ihe conslilution of RSA ￿Ing adopted on 14 March 2015 and RSA was r89istè￿d with the Charity Cofftmissron with RSTL as hs Corporate Truslee. The Charity Commisslon Issued a Unlling Direction in N(JVèm￿r 2015 linking RSA lo RSC. The Dlrgd¢)rs of RSTL effeclivety act as rfthèy werè th8 Trustees oflhe ch*, and Ihgy grE refer￿ to as Yhe Trustees" in this re￿rt and th& accompanying financTal 3latemerts. They are appO￿ted bythe Master of Signals {Chaii of the Corps Executive Boatd {CEB)}. The Tnjstees are familiar with Ihe work of the charity through their servicg in the Roy81 cO￿S ￿ Signals. AdditMJnaMy an inductton pack comprising the governing do¢uments. statement of ecry)unls and a copy of the Charity Commission's guidance Th• Essential Trust￿." What You Need to 1scriptions of 110% of a day8 paya year frijm the members of the serving co￿s. Offit￿r$ subscrib8 a further 80% of a days pay which is used specifically for officers. activrfiÈs. And wa￿a￿l 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 •xl￿rtaI 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 be￿g 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 $vent was postponed lo 2023. due lo a rall Strike). The cost of Raising Funds in 2024 induded Ihe r￿ul1m8n1 of consultants. to boost fiAure fvnd* Before thè rèvalu8lion of invesknerts the defial fortho yearvras £94K12023:£374K). Aftèr thè inv•stment gains of £825K12023:£17319 ￿ total olthe fund balarw was £12.042K (2023'.£11.312K). At the end ofthe yearth8 unrestiicted Corps Funds amountsd to £4.(Y20K {2023:£3.7121Q and the total of ￿Strteled funds wa8 £8,022K 12023:£7.6001Q. The Charlty bemfils from staff cosls and building wnnlng costs paid for by thg Mini8try of D￿nCe. as part oftheir ¢OnbIbu￿On to esptil de ¢orps. The6e carlnol be meaningfulty quanlified orevaluated. Page 4 THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FundraiBing All kndraising actI￿￿e$ for the charity ar6 carried out by volunte8TS Wth a￿stance 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 g￿ting dirédy itwofved with the finances of any efforts. The Royal Signals Charity t￿1¥ it8 respon8ibility towards supporters in vulnerable CiTgJMthn￿s with the ukno8t importanc8 and our*Jndraisers 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 pr￿ed￿r&S thatwould be fo[1¢y￿d 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 Comm￿lOne￿$ 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$urÈ thè physical security of data and bLMldings and to m8intsin business ntinulty. Thé management ol risk on investments in relatton to the Ma￿et is ￿[ried OErt by RSTL and [3 explained in rr•)re detail prewousty in IFy$ f The Tw8tee5 have identtfied stralegic iisks that could have a 8evere Impxt on both income andlor expend*AJTe. 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 belo￿j. 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￿ [1￿me 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 a￿uMUlate. 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 SUp￿rt 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 respons￿116 for preparing the Report ofthe Tru8lees and the financial statements in accordance with applicable law and United I￿ngd￿Tr Gener8llyAccepted Accounling Pradice (United Kkngdc*n 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. (JbsE￿ethe 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 mat￿1a1 departures disdosed explained in thè fin8nci81 statements.. prepare the financtal statemeTts on the going concem basis unles5 it 18 Inapp￿6￿ lo presumo th* Ihe Chatiiywfill eonllnue in business. The Tnjstees arB responsible for keeping adequats acc￿r￿lng 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 Trust￿9 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 appli￿110n of resources, forthe year then ended" have been prop&rly prepared in accordance wrfh United Kingdom Generally A￿pted A￿)untI￿V￿ Practi￿. arvj hav8 been Pr￿ar￿ 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 SP￿ICable law. Our respon￿bIlItieS 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 èthic*l 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 relat*ig lo events or condrfions that. individualty vr collethely. may (xst signfficant doubt on Ihe Charitys abilty to t￿ntInu• as a gI￿n9 COn￿M 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 re￿It othgrinforniation The olherinformalion corrtprisgs the infomati(m induded in th8 annual report other than the finarKial slatsM￿lS and our auditofs report thereon. The Iruslee8 ale responsibl¢ fortho other infomiation contained V•ilhin the an￿U&l re￿rt. 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*Spo￿bilIty is to read Ihe othw information 8nd. in doin9 50, GonsideT Mttether the other infO￿atiOn is materially In￿nSiStenI with the finantial statements or our kn￿edge obtained in the eours8 of th a￿lit. ￿01heTh￿Se 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 a￿lIty 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 OP9￿￿on6, 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 char￿eS 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 missf*emenL 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 ndueted in ac¢ordaThx ￿1th ISAS {UK} will always (Seted a mate(ial misslalemBntwhen il exists. Misstatsments can ar¢se from fraud or error and are con#idèrÈd matÈri81 rf, indivtdu#ltyor in the aggregate. they could reasonably be expected to influence the economic dec￿￿on$ of users laken on the basis ofthese finanaal slat&m&nts. Afurther d￿ripl10n of responsibilities is available on the Fsnan¢i81 Reporting Counryl'8 website ot.. https.'IAw.ft¢.org.uklaudQorsrewnsibililles. This des¢riplioft fcfftts part ofour audilorfs report. Explanation as to what extent the audit consideTed capable of datecting Irrogulaiitles. includlng fraud The objectives of our audit in respect of fraud, aio: to idvnlify arHI assess Ihe risks ol material misstatement of the acwints duè to hud. to obtsin strficrent approprtale audit e￿￿er￿ regarding the assessed risks of material misstalement due to fraud. through designing and implementing apptopriats responsès tr) thoso assess￿ rÉsks,' 8nd to raspDnd 8pproprf8tdy to inst8ncès of fraud or 8ii$perted fraud identified during the audit. However. the primary responsibility for the prevention and detecaion of fraud rests with both management aThJ thos& chargad with govemance of the charty. Our approach was as follows: The engagement partner selethd slaff for the audtt led by pgr80n8 who il was deemed had sufficient expwien and who had tho requlrwl ¢ompetence and sklll8 to be able to identify OT recognise nortrcompliance wth taws Tegulations. We thined an understaTrJirwJ ofthe kgal and regul*ory r¢qulremonts applkable to th8 dmrity we consideTed the most signfficant to b& th• Charibès Acl 2011. thè Charity SORP and UK finan¢ial r8prytVlg Btandards as issued by the Financial Rep(xling CounrAI. with laws and regulation8. We obtained an unde¥standlng of how Ihe thatity is complytng with Ihese frameworks by making enquiii8s oflhosè chargeLI govem8nce. We enquired ofmanagement and those Charged govem8ttr 88 to any knob Snstsn¢es of non-Gompllan¢e or suspect•d non-￿mplI8nce laws and regulations. We assessed the $useepb"bilty of the ch8tiVs financial slatsrnents lo material misstatemenl. indudtng how fraud might occur. and the inherent (liff1¢7Jlty in detecting iThegularities by holding discLMlons with management and thosé charged wth responsibillly for ensurtng legal and wulatory compliance is 8dhered to and considered Ihe intemal controls in place to M￿gaI8 identifièd fisks. As a résult, a fraLKI rtsk was identiffied relating to managemenl ovefflde. In 8ddition to th8 kM)ssibilty tsf managemenl overTtde of ojnlrols. areas considered higher llsk relating to the presentation of infomialion in the financial statements included the recognition of r8v8nue and th8 8llocslion of income and expendFlure into the relevant fund. We aw$sed the contiol environm￿ dOcum&ill￿ the sy8lem$. control8 and P[0￿$￿3 adopted and UWKlert(xJk an assessment of risk identifi&d in dèstgning our audit apptoath which incorporates a combinalion of controls testtng, where approptiat&, ar￿lYt1¢81 r8viow and substantive proceduies involving tests of transaC￿onS and balancgs. Any iffegulaffties noted were discussed with management and thos8 ch8rgod with gOv8M8ne￿ and wè obtained 8ddilional corroboratNe eviden¢¢ a8 rgquir¢d. Page 8 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.. p*tomed 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 V￿re Ind￿atIve 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 requlr*m9nts ol awounling Standards and re18V8nt lagislation. In respons& to thè risk of irr8gulartWwth regards to completen¢s$ OfIn￿Me we.. Reviewed the xcounting polities adopted for consi5tsncy of application and compli8nc8 wrfh a￿ptsble 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 S￿r¢￿$ t¢ #nsure the incom8 is accountad ts in thg correct perfod wSth consldgr#tion to Ihe charity's entsuement rowowad b¢)ard m￿ule￿ and Corresponden￿ for any ovldgn¢¥ ofany further unrecorded incc¥ne. • wewed transactions before and aftèr the year end to fjnsu￿ they had been albc*d 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 d￿ribad 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 d1￿ctOrS 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 oiate.' 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 ￿$# DeKrease I Ilncrease) in debtors Increase I (Decrease) in Cfeditors and provisKons 730.302 (200,414) 6.024 114.804) (213.529) 1824.8661 6.822 13Cfj,957) (173.348) 1118.5781 52.265 37.002 {58.660} Net cash used In opeTatlng actI￿lIeS {382.984 695,555 Cash flows from Inv•stlng actmtlos Irrterest and dividends A(xurnulaling dwidends Cash ftom investment incorne PLEreJ)ase offixed assets Proceeds of disposal of fiKed assets Purchase 01 inv6Stm8nts Proceeds from sale of investfflents 213.529 150.198) 163.331 111.712) 17,5(K) (8,[￿10.(￿￿)j ,314.755 306.957 119.565} 287,392 (10.445) (SS0.OOD} Net ¢ash provld•d by Invosdng oCtlvlll•s 483.874 426.632 Changè in ca*h and eash •quivatènts in thè 1￿.890 1288.W23) Cash cash ewNalents broughtfoThMrd Cagh and cash Bquivalènts ￿[r[8d forward 313.526 145.493 44,603 The notes on pages 13 to 21 fomi part ofthese financial ststements. Pag8 12 THE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fECEMBER 2024 4. ACCOUNTING POLICIES . Basls of Prgparntlon Tho finan￿al ststements have been prepared in accordance vthh Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prewdring Ih8ir accounts In 8ccordanrE with the FinanrAal Reporting Stsndard applicable in th8 UK ar￿ Republic of Ireland IFRS 102). Ihe Fina￿la1 Reporting Standard applicable in Ihg UK ar￿ RepubliG of Ire18nd IFRS 1021. and Charihes Act 2011. Th6y hava b88n pr8p8red under Ihe hisknical cost corwention wth the exception of investments whlch are induded at tnarkgt V81ue. The Royal Signals Charity meets the definitlon ofa benefit enty under FRS 102. The Charity has adequate resou￿$ 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 revaIL￿d golng forward. All other asset8 eosting ffl0￿ than £500 are ￿pitalI9ed at cosL As explau￿d In not8 7. historic assets thyfted prtor to 1 January 1994 have not been rapltallsed. Depreciatlon 1$ appfied ¢)n a slralght1Sne bask cal￿181ed 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 R￿1MÈnIS7 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 GOn￿dered 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. DI￿dendS, other inveslment inC￿Me 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 Ch￿ty arHI. as such. daims tax exemptions from 811 ils United Ktng(k)wn income and gains. properfy applied for its char[ta￿e pU￿OSe$. tsx recoverable represents tax whlch is recoveTable in respect of tax credits from dividends r6{￿&bI8 during thè yèar and trom gift aid subsrAiplions on %thich lax ha5 p8id by the subwber during th8 year. •. Funds Re$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 perf0m￿nCe (x)ndiliony 8tt8ctr￿d 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. R￿Ept ofa legacy. in whole or in part. is onty consldwed probab]e whon thg aFr￿U[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 Cont￿gent asset and disdosed rfmaterial. Subscrtptions represenl voluntsry contribullons re¢eived monthty from seNiThJ memb&rs armu&lly from retwl officth3 of the c￿P8 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)rdan￿WTrth 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 r￿gnised 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￿)￿￿t￿dIQ n9t pro5¢rt V￿￿¢ as tho (￿ff019￿Ce 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 Va￿8. 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 Signif￿nt judgements and eslimates where necessary. Apart from depreciatlon (note 1.b al￿le). 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 v￿e$ll￿ted Funds t)on8tions subscriptiC￿s- 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 mem1￿5 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 SpecIfi￿lIY 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 Ur￿l￿¢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 G￿ts Payable and ExFenditu Spor￿ng AdvenlureTTainiThJ M8ss8s, Herita￿ and History Othèr As81s18nce to s•Nng Corps B8ndg Events and Adivitie$ Corps Property maintenance and cmtrtsl RSI evenls. awards and ￿b￿shIng WI￿ Magazine Suppctrt arKI Shared costs co￿8 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 cO￿S 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¢b￿￿05 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￿, Dinr￿r & Social WI￿ Magazine Reunions arKI ¢)ltrw wsts Support and Shared co815 Wdfare Veterans Corps 8nd Off￿er 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 rJrganiSat￿S 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 Ben￿olent 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 cO￿S 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 Salar￿s 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 cOntrib￿lon 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 I￿uded Ihe followrng UnTestr(cted Fund8 Audit Legal Fees Invesknént Advice Trust8È Exp￿Se5 Tm#teè Meètings TFUStee LIab￿lty 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 Exper￿e5 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￿ reimlyJr￿Ments 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 R￿al￿ 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 C￿Jb 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 D￿rned 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 Ar￿M￿lated DeF￿￿allOn 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 teWa￿S 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 Info￿￿￿On is not a¥ail4ble ￿ historic assets a￿Uired prior lo 1 January 1994￿￿1￿) 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 {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 I￿￿1Ved 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 rei*ivès 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 Offi￿rS, pu￿0$85, ￿th as dinners. Officers. Messes and ¢)Iher costs specifically for the benÈfft of Officers. Ser9gants' Pjlesses Fund- This Fund feeèiV8S Part of Subsuiptions. described in note 2. for Sergeants. m￿8$ 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 h￿￿9Ver 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[ar￿A)nS 31 December 202 Designated Funds Yacht Club, vessel replacements and expeditions cO￿- Yacht CIL*¢ Offshore Account Total Deslgnated Funds C￿pS- 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 cl￿b. v•ssd repla￿ments 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$, its have been retumed to the CoYps- G8n8ral Fund. The transactions of Ihe"Corps- General Fund" aTe as Sh(Y￿ on p8g& 10. Statement of FirtanrAal Activiligs, Uniestri¢led Funds. 14. RELATED PARTY TRANSACTIOKS The Charity 18 related lo The Royal &gnals muSe￿n (an Incorp￿th￿ ¢harlty) and Ils subwdiary Th9 Royal &"gn8ls Museum Trading Company Llmited due to theii ￿ated objectives and 8ctivitith They also report and answer lo the Corps E￿ubve B(Mrd and Ihe Trustees are 8ppoinlÈd by th• Master of Signals. like the Chaity. In the year grants wer6 mado to The Roy81 Signals Museum of £131.000 for Fts general PLW)ses and £4,151 lor redundaftt unlfonn shop stock (2023.. £131.000 totsll. At thè eThJ ofthe year the debts Tl* Ri)yal Sig*)￿s Museum and its sthsidiary ￿mPanY amounted to £82.790 payable (2023.. £107.804 payable). 15. AGENCY TRANSACTIONS The Charrty acts as agent for aclivknes ￿lated to lis Morale and Efficiency Obith$" 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 aM￿jnted 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 T￿9￿)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