## GD&R SCC 

## Trustees Report 2024/5 

The past 12 months have marked an extraordinary period of growth, consolidation, and achievement for Greenwich, Deptford & Rotherhithe Sea Cadets. As Chairman, and on behalf of the trustees, I am immensely proud of the dedication, energy, and leadership that have defined this unit’s journey. 

Our cadet numbers continue to rise across all age groups, reflecting the strength of our programme, the professionalism of our staff, and the growing reputation of the unit across London. The successful establishment of the new Royal Marine Cadet Detachment has added further depth and diversity, offering young people new pathways for challenge and adventure. Equally encouraging has been the steady increase in adult volunteers, each contributing vital skills and enthusiasm to ensure our cadets thrive. 

The partnership with our landlord, the Old Royal Naval College, remains a cornerstone of our success. This past year, we have proudly supported three Royal visits and hosted the biennial Corporate Trafalgar Night Dinner, prestigious events that showcase the excellence and capability of our cadets and staff to the wider community. Alongside this, our continued investment in the fabric of our facilities is paying dividend. 

Externally, our community impact has been recognised at the highest level. The unit’s nomination and shortlisting for the King’s Award for Voluntary Service (outcome due November) is testament to the tireless commitment of our adult volunteers and the visible difference our cadets make within the Royal Borough of Greenwich. The growing partnership between the unit and the borough is one of mutual pride and shared purpose. 

Greenwich continues to lead by example within both the district and London Area. Our Commanding Officer’s appointment as Deputy District Officer, and the involvement of staff in MAST and MACT delivery, including leadership roles at London Area Summer Camp, demonstrate the influence and standing of GDR as a flagship unit. 

Innovation remains central to our approach. We have expanded boating opportunities by Sea Cadet boating stations and private providers, ensuring every cadet has access to high quality on-water training. Looking ahead, we are already planning to utilise the Pioneer Trust and broader offshore opportunities from 2026 onwards, ensuring sustainability as we grow. 

Perhaps the most defining achievement of the past year was _Exercise Greenwich Rock_ the delivery of a 52-strong unit camp in Gibraltar. This was an outstanding demonstration of planning, teamwork, and leadership at every level. Witnessing our cadets and staff represent both the Corps and the Royal Borough with such professionalism and spirit was truly inspiring. 

In my time as Chairman, I have seen this unit evolve into something exceptional, a model of what community youth engagement and maritime training can achieve when vision and commitment align. This year has been the culmination of years of hard work, resilience, and belief. 



THE SEACADErs
ANNUAL STATEMENT OF ACCOUNP FOR THE UNIT
RECEIPTS & PAYMENTS ACCOUNT for y¢*r•nd•d 31 March 2025
rl￿ In Stoknd.. TNS SlOl•mrf8 fvrn andconl•rd ind hsTwYnyar•govwMd tyR•ou￿r￿￿- SSI 20CW2181
C¢pytot4 Upb#d￿ Cfkn W•strrhtstsr&nd Vokntser & BusJn8¥$ s￿￿ort M8naqwot ortk• to ￿ r*)Iflod by 1 Novebthr
Unh
Nam•".
Green￿th,DeP1ft￿￿ & Roth&rhlth8 Un
Fund4wmplpurpos• l¥rvJt hDkl lortht lthrf¥sw**wrpoBttI.'-
8¢¢ A3 fft&P)
Apr-19
c￿rffy No..
291286
This
LAST
N¢ts•
RE
ANNU￿ FUNDKIIRECT GFiANT . (r•strl¢led)
OTHER GRANTS - (uN•$trlcted)
SCAVA {S•• C*do1 AFlow4nc•)
CAD￿ CONTRIBUTIONS
OTHER DONATIONS I LEGACIES
.M•SCQJ*. trU•At1A
£5.180.00
£0.00
EO.OD
£0.00
£2.135.00
£3.825.00
£1928630
£2,7W.C
FUNDFi4ISING & SPECWL EVENTS PROCEEDS
£51.480.TI
£1,805.00
COMPETrrioN RECEPTS
COURSE FEES
SUNDRY SALES RECEIPTS
BANK DEPOSIT iTr¥fEREST
PROPERTY RENTS lkn¢k#l•$ any o¢c•8lonal
OTHER REVENUE RECEivrs
£o.(t*
£10.948.32
£0.00
£42823
£0.00
£0.
£5,631.86
t9￿ 1 SthyE1Ak
£72.47
£0.00
TOTAL REVEMUE RECEIPTS
£91,Id&62
t12J44.13
PROCEEDS FROM SALES OF OTHER FIXED
TOTAL NON41EVENUE REceipTS
£0.00
CAttath th*1 Fund's slmllfir Acwnt cl Recdpts as p•p• AC1A. •nd ￿ I￿)
TOTAL RECEIPTS • A+ B
£91,148.62
£12.344.13
Reconclllatlon.".
ET CHANGE FOR YEAR
CASHI8ANK BALANCE:.
. REVENUE ITEMS I- A- D from p•90 AC21
- NON4EVENUE ITEIAS {- B- E from page AC2)
. COMBINED (-G+H}
CASHIBANK BALANCE FROM LAST YEAR￿N0
CASHiaANK BALANCE AT THIS YEAR&ND
£19.397.24 49,332.06
-£5,937 90 413.515.41
£13A59.34 -£22.847.47
£10.841.91
£54￿.36
e2430125
£10.841.91
2025
v1J
AC1

THE SEA CADETS
Fr
ANNUAL STATEMENT OF ACCOUNf FOR THE UNIT
SCC A3 IR&PI
RECEIPTS & PAYMENT8 ACCOUNT for y•ar •nd•d 31 Mwh 2025
ruth InS¢oibnd.' TN¥ Slll1Bn￿& l#rm EuulhyW*9owm￿ byR•0￿_ $81200Bf2181
Cyto be uWo3dod WtBtmknstsr •nd VrAunt88r & B￿lnesS SwJt*)rt MarbBgerstArea Offiu to be rwtlfi•d by 1 N￿4Mber
Unlt
Charlty No:
291286
Fund•naM￿purpoI* orK4 W ftrth• Vnm'$ll￿U￿p￿F¢uBj.
This
Not•$
REVENUE PAYIAENYS-
ABLE ACTAfjTY COSTS:
FLNDRAISING & SPEC14L EVENTS COSTS
CoMPET￿loN COSTS
FUEL & TRAVEL COSTS
CATERING COSTS
TRAINING COURSES COSTS
£41,747.20
£2.793.50
£0.(
£7.180.32
£3.808.e6
£3.979.10
£6.488.16
£1.717.50
£11.039.50
ARTICLES PURcTr￿D FOR RESALE
(RMC r•tdr*attyt2.Jkwwrt)
£4.982.34
£1.250.71
FOR:
RE￿ I COUNCIL TAK
HEAT. LIGFrr & WATER
7ELEPHONE & BROADBAND
OFFICE SUPPLIES. POSTAGE & PRINTING
£0.00
£0.00
£224.95
£698.50
£o.fy)
£210.(L)
£478.54
MAINTENANCE COSTS FOIL"
BUILDNGS & ESTATE
BOATS
VÉHCLES
OTHER MISC EQUIPMENT
INSURANCE COSTS
BANK INTEREST & CHARGES
£1,083.80
£0.00
£636.88
£373.48
£806.00
£1,397.69
£1262.04
£809.90
£60.00
ERNANCE COS
FORACCOUNTSIAUDIT OR INDEPENDENT EXAMNATION
FOR OTHER PROFESSIONAL FEES
FOR LEGAL ADVICE {for c¢m$titutA)n or tr￿te￿)
OTHER REVENUE cosrs
T07AL REVENUE PAYMENTS
£0.00
£2S).00
£0.00
£0.00
£1￿.00
£0.00
£o.fyJ
£21 676.19
£71.751.38
ON
ASSETS
UE PAYME
£5.937.90
£13,515.41
P4th11c Benefft
TOTAL PAYMEIITS {ED*EI
£5.937.
£TI 68928
£13 515.41
£35 191.60
fAU8¢h thBI FI￿d,$ thIDTknwnidpaymonts iBp•y*W*Kl•oor*l
¥1.3

THE SEA CADETS
Fth
I￿NuAL 87ATEMEKfoF A¢COUNf F¢)R ThE Umir
RECEIPT8 & PAYMEtrITS ACCOUPIT f•r >•ar•nd•d 31 Mar¢h 2•21
SCCA3(R&P)
.19
Un
N•m•:
Ch*lty No."
2912efj
LAST
In E&W: STATEMEPITOF ASSEY8 4
¢rfFuThd
CASHIBhNK BALANCEISI ATYEPR*ND p•pb AC1)
£24,30125 £10.841.91
£128OJS
£23.<￿02•
£0
0,141￿1
DEPOS￿$16f4rryj ntl •l)w•
LflANS RECOVEFiABLE
OTHER DEBTS (tytyl I•￿¥￿-•X￿L*l* *nY*V￿￿')
ctKS OF rrEMS FOR RE&4LE (kn1oft4
bWESTMENTS lo*to-t¢hW* *)• ft•￿thd Fw#J, tt
- LAND & BUILDINGS
. eoAT8
£11379.51
. COMPUTERS & OTtrER EQUIPMENT
£5￿37.90
£1.116
LOANS REPAY*BLE
OTHER CREDITORS Itd•l Pa￿bkn- •ny'wwh)
' CONTINGENT LIABILITIES l•stwMknd *>tal•Trwunti
IS¢trttlbh] ACCOUNT8 1107EV Wnptwmhhiknrwal R•wrti
For•ny Rec•lFls & PayFMnts Awunl ￿v￿¢d
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..Unll Treasurer
.. U￿1 Ch#lmt
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AC3

THE sEA¢￿)ET8
ANNUAL STATEIIENTOF ACCOUNf FOR7HE ￿￿T
RECEIPTS a PAYIIEXTS AttOUNT 1gr>•v•nW 31 IA•reh 202
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Unll
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¥1

THE SEA CADETS
Ftym
ANNUAL STATEMENT OF ACCOUNP FOR ThE UIIIT
RECEIPTS & PAYIIEKfs ACCOUIIT fory•Jr •nd•d 31 Mw¢h 2025
r￿ffj * ac40•￿.. TfAi Ststmrfsforn and contert go¥*n•Y by RtyLIth-SY 2o1>6r2181
Copyto be Lplooded onto We81nkn8tsrwxl Vc4unt•er& Busin*J• SuppN¢ M•n•qwatA￿ OffloD to kn nollfied by 1 Nov•N
Unft
Name:
18
GreenwTch.Deprford & Rotherhlthe Ut
Chorfty No:
291288
RMwv•J Polky
The trustses, FdiGy alrns to malntsln Unr0￿￿¢￿￿d re8•NOB at a level equ8tkng
r•Y•nuo payments In ordgr to uf•gt*rd the Unlvs 4XVdOtng actfvNi•¥ from wy un•>T*tsd fluGfftAtiM8 In Ine
Yearkn•nd reserve6 amwed to
rnonlhs, C￿ that ba8
the rtnarknlal yeArth• Unlt rec•Ned ¢Jgnated f8(¥Wleslt•￿￿c￿ [noL' Eryll8h, Wd•h or Nl Unithl...
as set oul hereunder. Special 8rran9wntrrte forth¢ Mfe pf th06e assets and thetr segrewicm It
Unifs LY•¥n a8sets ore as set wt tEWi•h, W•lsh & Nl ilth. Delets thls Ifnci athcat49: UnK8
Dats ¥lgnad as by the Urtt$ M8nagem•rt C<4M¥ttee:
Urlt Tr￿Urer
Imt Ch•lm)an

Inde￿ndent Examlnerfs Report
To the Trustees of Greenwich, Deptford and Rotherhlthe Unlt of the Sea Cadets Corpllhe Charltv).
I report to the Trustees on my examlnation of the accounts of the above tharfty for the year ended
31 March 202S.
R¢Spon￿bIlItIeS and basls of report
As the trustees of the Charltsble Incorporated Organlsatlon, you are re3ponslble for the preparatlon
of the acrounts in accordance wlth the requlrements of the Charities Act 2011 ('tht ACVI.
I report In respec< of my eYamfflat￿n of the Charlvs accounts carrled out under section 145 of the
2011 Art and In Car￿n8 out my exam5natlon I hove followed all the applleable Dlrertlons 8lven by
the Charlty Commlssk*n under sertlon 145{5l(bl of the Acl.
Indep•ndent Ex•mln•rfs statoment
I have compete<l my examln•tlon. I confirm thjt no m•terl•l matters h¥e come to ry attentlon In
connectlon wlth the &Yamlnatlon 8Mn8 me cause to t*lleve that In any ma¢erfal respect
l. Accoyntlng records wern not kept In respert of the ThJ5t as requlred by sertlgn 130 of the
Art: or
2. The accounts do not accord with those records. I no concerns and hwe come across no
other matters in connertion wlth the &xamlnatlon to whlch attentloTh should be drdwn In thls
report In ordff to eneble a proper understandln8 of the accounts to be re3c￿d.
/ g
R E Brnlthwaite FCA

THE SEACADErs
ANNUAL STATEMENT OF ACCOUNP FOR THE UNIT
RECEIPTS & PAYMENTS ACCOUNT for y¢*r•nd•d 31 March 2025
rl￿ In Stoknd.. TNS SlOl•mrf8 fvrn andconl•rd ind hsTwYnyar•govwMd tyR•ou￿r￿￿- SSI 20CW2181
C¢pytot4 Upb#d￿ Cfkn W•strrhtstsr&nd Vokntser & BusJn8¥$ s￿￿ort M8naqwot ortk• to ￿ r*)Iflod by 1 Novebthr
Unh
Nam•".
Green￿th,DeP1ft￿￿ & Roth&rhlth8 Un
Fund4wmplpurpos• l¥rvJt hDkl lortht lthrf¥sw**wrpoBttI.'-
8¢¢ A3 fft&P)
Apr-19
c￿rffy No..
291286
This
LAST
N¢ts•
RE
ANNU￿ FUNDKIIRECT GFiANT . (r•strl¢led)
OTHER GRANTS - (uN•$trlcted)
SCAVA {S•• C*do1 AFlow4nc•)
CAD￿ CONTRIBUTIONS
OTHER DONATIONS I LEGACIES
.M•SCQJ*. trU•At1A
£5.180.00
£0.00
EO.OD
£0.00
£2.135.00
£3.825.00
£1928630
£2,7W.C
FUNDFi4ISING & SPECWL EVENTS PROCEEDS
£51.480.TI
£1,805.00
COMPETrrioN RECEPTS
COURSE FEES
SUNDRY SALES RECEIPTS
BANK DEPOSIT iTr¥fEREST
PROPERTY RENTS lkn¢k#l•$ any o¢c•8lonal
OTHER REVENUE RECEivrs
£o.(t*
£10.948.32
£0.00
£42823
£0.00
£0.
£5,631.86
t9￿ 1 SthyE1Ak
£72.47
£0.00
TOTAL REVEMUE RECEIPTS
£91,Id&62
t12J44.13
PROCEEDS FROM SALES OF OTHER FIXED
TOTAL NON41EVENUE REceipTS
£0.00
CAttath th*1 Fund's slmllfir Acwnt cl Recdpts as p•p• AC1A. •nd ￿ I￿)
TOTAL RECEIPTS • A+ B
£91,148.62
£12.344.13
Reconclllatlon.".
ET CHANGE FOR YEAR
CASHI8ANK BALANCE:.
. REVENUE ITEMS I- A- D from p•90 AC21
- NON4EVENUE ITEIAS {- B- E from page AC2)
. COMBINED (-G+H}
CASHIBANK BALANCE FROM LAST YEAR￿N0
CASHiaANK BALANCE AT THIS YEAR&ND
£19.397.24 49,332.06
-£5,937 90 413.515.41
£13A59.34 -£22.847.47
£10.841.91
£54￿.36
e2430125
£10.841.91
2025
v1J
AC1

THE SEA CADETS
Fr
ANNUAL STATEMENT OF ACCOUNf FOR THE UNIT
SCC A3 IR&PI
RECEIPTS & PAYMENT8 ACCOUNT for y•ar •nd•d 31 Mwh 2025
ruth InS¢oibnd.' TN¥ Slll1Bn￿& l#rm EuulhyW*9owm￿ byR•0￿_ $81200Bf2181
Cyto be uWo3dod WtBtmknstsr •nd VrAunt88r & B￿lnesS SwJt*)rt MarbBgerstArea Offiu to be rwtlfi•d by 1 N￿4Mber
Unlt
Charlty No:
291286
Fund•naM￿purpoI* orK4 W ftrth• Vnm'$ll￿U￿p￿F¢uBj.
This
Not•$
REVENUE PAYIAENYS-
ABLE ACTAfjTY COSTS:
FLNDRAISING & SPEC14L EVENTS COSTS
CoMPET￿loN COSTS
FUEL & TRAVEL COSTS
CATERING COSTS
TRAINING COURSES COSTS
£41,747.20
£2.793.50
£0.(
£7.180.32
£3.808.e6
£3.979.10
£6.488.16
£1.717.50
£11.039.50
ARTICLES PURcTr￿D FOR RESALE
(RMC r•tdr*attyt2.Jkwwrt)
£4.982.34
£1.250.71
FOR:
RE￿ I COUNCIL TAK
HEAT. LIGFrr & WATER
7ELEPHONE & BROADBAND
OFFICE SUPPLIES. POSTAGE & PRINTING
£0.00
£0.00
£224.95
£698.50
£o.fy)
£210.(L)
£478.54
MAINTENANCE COSTS FOIL"
BUILDNGS & ESTATE
BOATS
VÉHCLES
OTHER MISC EQUIPMENT
INSURANCE COSTS
BANK INTEREST & CHARGES
£1,083.80
£0.00
£636.88
£373.48
£806.00
£1,397.69
£1262.04
£809.90
£60.00
ERNANCE COS
FORACCOUNTSIAUDIT OR INDEPENDENT EXAMNATION
FOR OTHER PROFESSIONAL FEES
FOR LEGAL ADVICE {for c¢m$titutA)n or tr￿te￿)
OTHER REVENUE cosrs
T07AL REVENUE PAYMENTS
£0.00
£2S).00
£0.00
£0.00
£1￿.00
£0.00
£o.fyJ
£21 676.19
£71.751.38
ON
ASSETS
UE PAYME
£5.937.90
£13,515.41
P4th11c Benefft
TOTAL PAYMEIITS {ED*EI
£5.937.
£TI 68928
£13 515.41
£35 191.60
fAU8¢h thBI FI￿d,$ thIDTknwnidpaymonts iBp•y*W*Kl•oor*l
¥1.3

THE SEA CADETS
Fth
I￿NuAL 87ATEMEKfoF A¢COUNf F¢)R ThE Umir
RECEIPT8 & PAYMEtrITS ACCOUPIT f•r >•ar•nd•d 31 Mar¢h 2•21
SCCA3(R&P)
.19
Un
N•m•:
Ch*lty No."
2912efj
LAST
In E&W: STATEMEPITOF ASSEY8 4
¢rfFuThd
CASHIBhNK BALANCEISI ATYEPR*ND p•pb AC1)
£24,30125 £10.841.91
£128OJS
£23.<￿02•
£0
0,141￿1
DEPOS￿$16f4rryj ntl •l)w•
LflANS RECOVEFiABLE
OTHER DEBTS (tytyl I•￿¥￿-•X￿L*l* *nY*V￿￿')
ctKS OF rrEMS FOR RE&4LE (kn1oft4
bWESTMENTS lo*to-t¢hW* *)• ft•￿thd Fw#J, tt
- LAND & BUILDINGS
. eoAT8
£11379.51
. COMPUTERS & OTtrER EQUIPMENT
£5￿37.90
£1.116
LOANS REPAY*BLE
OTHER CREDITORS Itd•l Pa￿bkn- •ny'wwh)
' CONTINGENT LIABILITIES l•stwMknd *>tal•Trwunti
IS¢trttlbh] ACCOUNT8 1107EV Wnptwmhhiknrwal R•wrti
For•ny Rec•lFls & PayFMnts Awunl ￿v￿¢d
in Sl*iom8nl olA¢w￿L. the PU￿08• of
••ch Fund •¢¢oynithJlor and ￿10￿1 r•th¢thn8 cfi Is
Tol•l •nd •M>Lmiof•ny PBKI to111
P•rtl¢ulaT•
ol t￿tt$ wrwn8r•lon Ilno kn eMr*tst•d
per•on$} pttKI •nd the bBgal •uthority IOT It
￿kn￿￿•￿ •rKI for
many tr&￿ts¢$
fjnduthng t•MngcW pencrs. slatmg thè r•l•1Th5Np)
tcylhw wilh •wry imounlowfflg al thg yw4nd {sayK
Awluther trrforrnatlon Ih•t Inay¥￿(M8bly•S1thr •
IW•tylfTr
S5gned #y 8uthoTiBed
th? Unlvs Managgment C(xnmlttog. DA
..Unll Treasurer
.. U￿1 Ch#lmt
VIJ
AC3

THE sEA¢￿)ET8
ANNUAL STATEIIENTOF ACCOUNf FOR7HE ￿￿T
RECEIPTS a PAYIIEXTS AttOUNT 1gr>•v•nW 31 IA•reh 202
Aw19
Unll
cmrfty
291286
Unk *(keB8 lryaddrw for ¢orMs￿￿¢*￿.
2 ¢￿ty S8r*
a rx Eslat•:
Post Code..
SEIO 9LW
urft
fAwan Blg¢k•K
Name¥s d•n ¢lh8r
N•n• Of￿ Itrw•. In kn firwndal >wrl• trthe rJb•iW. l.e.. orkn
ssgssth ol 8ss*&$ b¢lonwryJ to t￿ IM (l￿111deS f￿[r￿e$ &¢) I￿.. $G¢￿._
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lo r•g•r4 10th8 pjblc bythE Un*kn fo tsd*rit•t4E olM*S
k¢ptknw kn ord•rts•nswo tot•k• pwt •t*vft*• olthtr Frnydg
¥1

THE SEA CADETS
Ftym
ANNUAL STATEMENT OF ACCOUNP FOR ThE UIIIT
RECEIPTS & PAYIIEKfs ACCOUIIT fory•Jr •nd•d 31 Mw¢h 2025
r￿ffj * ac40•￿.. TfAi Ststmrfsforn and contert go¥*n•Y by RtyLIth-SY 2o1>6r2181
Copyto be Lplooded onto We81nkn8tsrwxl Vc4unt•er& Busin*J• SuppN¢ M•n•qwatA￿ OffloD to kn nollfied by 1 Nov•N
Unft
Name:
18
GreenwTch.Deprford & Rotherhlthe Ut
Chorfty No:
291288
RMwv•J Polky
The trustses, FdiGy alrns to malntsln Unr0￿￿¢￿￿d re8•NOB at a level equ8tkng
r•Y•nuo payments In ordgr to uf•gt*rd the Unlvs 4XVdOtng actfvNi•¥ from wy un•>T*tsd fluGfftAtiM8 In Ine
Yearkn•nd reserve6 amwed to
rnonlhs, C￿ that ba8
the rtnarknlal yeArth• Unlt rec•Ned ¢Jgnated f8(¥Wleslt•￿￿c￿ [noL' Eryll8h, Wd•h or Nl Unithl...
as set oul hereunder. Special 8rran9wntrrte forth¢ Mfe pf th06e assets and thetr segrewicm It
Unifs LY•¥n a8sets ore as set wt tEWi•h, W•lsh & Nl ilth. Delets thls Ifnci athcat49: UnK8
Dats ¥lgnad as by the Urtt$ M8nagem•rt C<4M¥ttee:
Urlt Tr￿Urer
Imt Ch•lm)an

Inde￿ndent Examlnerfs Report
To the Trustees of Greenwich, Deptford and Rotherhlthe Unlt of the Sea Cadets Corpllhe Charltv).
I report to the Trustees on my examlnation of the accounts of the above tharfty for the year ended
31 March 202S.
R¢Spon￿bIlItIeS and basls of report
As the trustees of the Charltsble Incorporated Organlsatlon, you are re3ponslble for the preparatlon
of the acrounts in accordance wlth the requlrements of the Charities Act 2011 ('tht ACVI.
I report In respec< of my eYamfflat￿n of the Charlvs accounts carrled out under section 145 of the
2011 Art and In Car￿n8 out my exam5natlon I hove followed all the applleable Dlrertlons 8lven by
the Charlty Commlssk*n under sertlon 145{5l(bl of the Acl.
Indep•ndent Ex•mln•rfs statoment
I have compete<l my examln•tlon. I confirm thjt no m•terl•l matters h¥e come to ry attentlon In
connectlon wlth the &Yamlnatlon 8Mn8 me cause to t*lleve that In any ma¢erfal respect
l. Accoyntlng records wern not kept In respert of the ThJ5t as requlred by sertlgn 130 of the
Art: or
2. The accounts do not accord with those records. I no concerns and hwe come across no
other matters in connertion wlth the &xamlnatlon to whlch attentloTh should be drdwn In thls
report In ordff to eneble a proper understandln8 of the accounts to be re3c￿d.
/ g
R E Brnlthwaite FCA