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2025-12-31-accounts

REGISTERED COMPANY NUMBER: 00606887 (England and Wales) REGISTERED CHARITY NUMBER: 206787

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE WHITE ENSIGN ASSOCIATION LIMITED

Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

THE WHITE ENSIGN ASSOCIATION LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 30

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objects of the Association are to assist and promote the interests of those who are serving or have at any time served in the Royal Navy, the Royal Marines, the Royal Naval or Royal Marines Reserves, the former Women's Royal Naval Service, the Queen Alexandra's Royal Naval Nursing Service or the Royal Fleet Auxiliary. The charity's mission is to:

Deliver informed guidance to the Naval community on:

This guidance is delivered through one-to-one consultations, briefings, lectures and tailored services designed to help the naval community make informed decisions at critical points in their careers and beyond.

Summary of Policies

The Association's policies have been designed to achieve the mission by providing the infrastructure to enable all those in the Naval community and who seek assistance with civilian employment, resettlement, personal finance matters and general personal domestic matters to obtain appropriate information, guidance, contacts and opportunities. This is achieved through:

Public benefit

The Trustees have referred to the advice contained in the Charity Commissioner's general guidance on public benefit when reviewing the Association's aims and objectives and in planning future activities. The Association's charitable services, which are provided free, are available to the entire Naval community including all who serve or have served in the Royal Navy, the Royal Marines, the Royal Fleet Auxiliary, the Women's Royal Naval Service, the Queen Alexandra's Royal Naval Nursing Service or the Royal Naval or Royal Marine Reserve Forces from the time they join the Service until they die. The Association's services may also be accessed by close family members and the WEA will always endeavour to guide and assist people who approach the charity for help, but who may not have a Royal Navy or Royal Marines background.

Page 1

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Following a strategic review by the CEO in the autumn of 2022 and the resultant decision of the Council of Management to re-set the strategic direction of the charity in January 2023, 2025 has witnessed the continuing implementation of a bold 5-year strategy. This strategy has three key strands: maintaining the delivery of our pre-existing core offer (these outputs were validated by the strategic review); responding to six areas of need identified during the strategic review; and delivering future financial sustainability.

The first phase of this strategy, implemented in 2023 and 2024, was delivered in full and on time by the close of 2024. Among other things the new strategy led to the size of the executive staff more than doubling, from 5 in April 2022 to 11 at the end of 2025, thereby enabling the Association to deliver its core outputs with greater resilience whilst also enabling the Association to do more towards meeting the areas of need identified in the CEO's strategic review. The Council of Management uses a Strategic Assurance Framework, which is updated regularly, to oversee delivery of the strategy.

Among the more notable achievements in 2025 are:

Collaboration with partners in the naval charity sector continues to be an essential part of the WEA's business and is integral to the delivery of the new strategy, including the delivery of future financial sustainability through increased and diversified grant income.

The Royal Navy and Royal Marines Charity (RNRMC) has both generously provided a grant to support the work of our CASO and helped to fund the work of two of our regional managers in England and Wales in their delivery of financial awareness support to our beneficiaries.

Greenwich Hospital has also generously funded the work of our full-time regional manager for Scotland, Northern Ireland and Overseas, the Financial Wellbeing Manager and the second CASO post. In addition, the WEA works in a collegiate manner with colleagues from other naval charities and in particular the Royal Marines Association-The Royal Marines Charity in areas of mutual interest.

The Association is grateful to other charities who provide grants which enable us to deliver outputs on behalf of our beneficiaries; a particular acknowledgement is owed in this respect to our longstanding supporter, the Gosling Foundation . In addition, Trinity House has generously provided a grant to the Association for the second year running in support of the work of two of our regional managers and the Veterans' Foundation has kindly provided a grant to enable the development of our new Career Compass platform. The Association is also thankful to the Bernard Sunley Foundation and the C A Redfern Charitable Foundation for their continuing funding of our activities. The Association is also proud to work in close partnership with the Royal Navy, both at Headquarters and local level, in support of serving personnel.

Page 2

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Work summary

Work over the year comprised (in this section the corresponding figures for 2024 are in parenthesis):

Casework Support - Casework support was provided to 1580 (1070) individuals who registered for some form of assistan ce during the year.

Therefore, in overall terms, the number of beneficiaries with whom the charity has interacted over the past 12 months has increased to 8017 (7156). The 47% growth in the 1-2-1 casework support provided to beneficiaries is particularly welcome.

The establishment of multiple new posts following the implementation of the aforementioned new strategy has enabled the Association to deliver this welcome step change in the support that it is able to offer to the naval community. The doubling in size of the executive staff has driven a step change increase in engagement with beneficiaries through our outreach activities (i.e. collective briefings) and a significant rise in the amount of 1-2-1 support which has been provided to individuals. In the case of the latter, this is evidenced by the increases in both casework support and personal interview totals in 2025, as reported above.

In terms of performance, there have been other welcome achievements in 2025. Of particular note:

Events

The Annual General Meeting was held at the Old Royal Naval College Greenwich on 20 March 2025.

As part of the strategy to deliver future financial sustainability, there has been a focus on delivering high quality fundraising activities. Accordingly, the Association's major event of the year was a Trafalgar Night Dinner held on 23rd October 2025 at The Old Royal Naval College Greenwich. This was delivered in partnership with our sister charity, the RNRMC, and in the presence of their Patron, HRH The Princess Royal, raising £59,000 for the charity. In addition, the second Annual White Ensign Association Maritime Seminar was held at Trinity House on 21st January 2025. It, too, proved to be both a successful event and fundraising initiative. Among the speakers and panellists were the Maritime Minister, the First Sea Lord, the President of the UK Chamber of Shipping and the Chair of Maritime London.

Page 3

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Financial position

The Association has delivered another strong financial performance in 2025, maintaining a stable and sustainable financial position while continuing to invest in charitable delivery and strategic capability.

Total incoming resources for the year were £893,248 (2024: £696,536), representing an increase of approximately 28%. The increase reflects growth across multiple income streams, including donations and legacies, corporate partnerships, event income, grant funding and continued strength in investment income. The breadth of income sources reduces reliance on any single stream and enhances long-term resilience.

Investment Income and Funds

Investment income remained robust during the year and continued to exceed budget expectations. The Association's investment portfolio provides an important and sustainable contribution to annual income while supporting long-term capital preservation and growth in line with the Trustees' total-return approach.

Equally noteworthy, corporate partnership income has materially increased and grant income has diversified. Total funds at 31 December 2025 were £6,467,521 (2024: £6,225,447), reflecting the year's surplus and ongoing prudent financial stewardship. The strength of reserves ensures that the Association is well positioned to:

The Trustees continue to review the level of reserves against the approved reserves policy to ensure that funds remain both sufficient and appropriately applied.

Expenditure and Application of Resources

Total resources expended during the year reflect a deliberate balance between direct charitable activity and the support costs necessary to deliver those services effectively.

Employee costs remain the most significant area of expenditure. This is consistent with the Association's advisory and casework model, where beneficiary impact is primarily delivered through skilled professional staff.

During 2025 the Association invested significantly in digital transformation to enhance the delivery, capacity and reach of its services. Certain technology development costs have been capitalised where they relate to the creation of identifiable digital assets expected to deliver long-term benefit. In particular, development expenditure relating to the Career Compass platform has been capitalised as an intangible asset. Career Compass is an AI-enabled career transition tool designed to support service leavers and veterans through structured self-discovery, preparation and employment matching. The platform represents a strategic investment in the Association's Employment Services capability and, once fully developed, has the potential to operate as a stand-alone digital platform that could be licensed or shared more widely across the sector. Capitalisation therefore reflects the long-term value and service potential of the platform.

Governance costs remain proportionate and controlled, ensuring compliance with statutory and regulatory obligations while maintaining cost discipline.

Overall, the majority of expenditure continues to be directed toward frontline charitable activities, with support and governance costs maintained at an appropriate and responsible level.

Page 4

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Surplus and Financial Sustainability

Although operating activities before investment income show a deficit, this reflects the Association's long-standing funding model rather than a deterioration in financial performance. The charity maintains a substantial investment portfolio, the income from which is intended to support the delivery of charitable activities. In addition, certain costs recorded within expenditure, including portfolio management fees and restricted fund expenditure relating to Council of Management activity, do not directly relate to the underlying unrestricted operational position. When these factors are considered together, the Association remains financially sustainable. The generation of surpluses in consecutive years demonstrates that the current balance between operational activity and investment income continues to support the charity's long-term objectives.

Liquidity and Going Concern

Cash balances remained positive throughout the year and at year end and whilst liquidity is tight, it is not considered critical given the investment portfolio and strong investment income stream. Cash management will be closely monitored in 2026. Cashflow projections have been reviewed and the trustees are satisfied that the Association remains a going concern with adequate financial resources to meet its obligations as they fall due.

Conclusion

The financial results for 2025 demonstrate prudent management, diversified income generation, responsible cost control and continued investment in charitable delivery. The Association remains financially strong, with a robust balance sheet and sustainable operating model that supports both present impact and future development.

Reserves policy

The Association depends for its financial viability on donations and grants. Donation income, which by its nature is uncertain, supplements the returns from the Association's investments. Grant income received can be both unrestricted and restricted and is allocated to the Association's activities accordingly. The Association's policy on reserves is to maintain a value matching assessed operating costs for an extended period (recommended six months) to allow for continued support to existing clients in the event of a significant reduction in current anticipated income levels. The free reserves held at 31 December 2025 were £270,317. This is calculated as total unrestricted reserves (£6,410,646) less unrestricted intangible fixed assets (£41,990), tangible fixed assets (£5,135) and non cash investments (£6,093,204). The WEA's Reserves, combined with investments held at the year-end are considered to be adequate to fulfil their obligations and the future plans are to grow revenue streams. The WEA's policy on reserves is regularly reviewed, taking into account investment advice and market volatility.

Designated Fund

The White Ensign Association Designated Fund was set up following receipt of two major donations in September 1995. The purpose of the Fund is to help secure the long-term future of the Association and is invested appropriately.

Going concern

The trustees have reviewed and approved the budget for 2026. They are not aware of any material uncertainties which would affect the WEA's ability to continue as a going concern, for the foreseeable future. The trustees review this issue on a regular basis and more formally annually.

Page 5

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FUTURE PLANS

The charity is now delivering the second phase of its 5-year strategy. There are three key workstreams planned as part of its delivery over the next 2 years:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The White Ensign Association Limited (also referred to as 'WEA' or 'the Association') is a registered charity and a company limited by guarantee. It was incorporated on 24 June 1958 and is governed by its Memorandum and Articles of Association.

The Council of Management (also referred to as 'the Council') is the Governing Body of the Association and consists of the elected trustees, who are also the directors of the charitable company. It meets formally twice a year and additionally as required.

The Council has two sub-committees to which it delegates aspects of the charity's activity:

The Finance & General Purposes Committee (F&GPC)

The Council delegates day to day oversight of the Association's financial operations and risk register to the F&GPC. The F&GPC meets twice yearly and additionally as necessary.

The Nominations and Remuneration Committee (NRC)

The Council delegates the sourcing and nomination of new Council, F&GPC and NRC members to the NRC and to make annual recommendations to the Council on staff salary. The NRC meets twice yearly and additionally as necessary.

Recruitment and appointment of new trustees

The selection, induction, review and monitoring of trustees is overseen by the NRC as part of its remit from the Council and it is charged with the nomination of suitable candidates to maintain the necessary breadth of expertise on the Council. A training programme, including a comprehensive presentation and staff briefing, has been prepared for trustee induction.

Page 6

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Principal risks and uncertainties

During the year, the Council (through the F&GPC) has reviewed the full range of operational risks to which the Association could be exposed and the necessary management action to mitigate them. The Association has an Operational Risk Register, which integrates the ongoing assessment of risks into the day-to-day management processes of the WEA. A summary of the main risks associated with the WEA's activities are contained in the table below:

Risk Description Risk Mitigation Activities
>10% shortfall in forecast of Corporate Utilise digital transformation
to improve offer to corporate
Partnership Scheme income partners. Develop maritime engagement programme to deliver
new relevant partners. Maximise existing partner renewals.
CEO to monitor the scheme monthly.
Comms and Outreach
Lead to provide comms support.
Failure to meet the needs of our Seek regular customer feedback through case management
customers system and testimonials.
Continually improve, update and
augment guidance available through improved comms. Exploit
digital transformation to provide quality products for customers.
Engage with relevant stakeholders and military charity sector
research to understand and respond to needs of beneficiaries,
including RAND research into "Meeting The Needs of the RN
Community out to 2040."
Insufficient staff capacity, capability or Meticulous
staff
selection,
tailored
induction
programme,
under performance rolling staff training and feedback.
Regular interaction with
RN, MOD and other stakeholders to ensure staff remain up to
date with legislative and policy developments. Establish full
capability of new members of staff.
Loss of grant income Maintain high quality of impact reporting to grant-making
charities to justify continuation of funding. Secure multi-year
grant
arrangements
where
possible
and
continuation
thereafter. Diversify sources of grant income and increase
amounts from existing funders. Grow WEA investments to
provide alternative source of income to fund activity over time.
Business continuity: staff absence and Business Continuity Plan to be reviewed regularly. Regular
turnover review of staff availability to ensure maintenance of national
coverage
at
reasonable
levels.
Establishment
of,
and
recruitment
into, new posts alongside the need for staff
retention to build resilience into our service provision.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

00606887 (England and Wales)

Registered Charity number

206787

Registered office

HMS Belfast Tooley Street London SE1 2JH

Page 7

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

Captain L Batchelor RNR Chairman Admiral Sir Philip Jones GCB DL Vice Chairman Mr E Byers (resigned 20 March 2025) Ms R Cairnie Lieutenant General E Davis CB CBE Mrs H Deeble CBE (resigned 20 March 2025) Commodore R Dorey RFA Captain A Gosling RNR Ms C Haughey OBE KC Commodore I Kennedy CBE QHNS Mr J Saunders-Watson DL Mr H Theochari OBE Admiral Sir George Zambellas GCB DSC DL Mr T Ellison Mr Robert Constant (appointed 20 March 2025) Admiral Sir Timothy Fraser* (appointed 20 March 2025) Ms Lindsey Gilchrist (appointed 20 March 2025)

President

Admiral Sir Jock Slater GCB LVO DL

Vice Presidents

Admiral Sir Jonathan Band GCB DL Lord Carlile of Berriew CBE KC Sir Michael Bett CBE MA Mr C J Cazalet MA FCA Vice Admiral Sir Adrian Johns KCB CBE DL Admiral Sir Michael Layard KCB CBE Sir John Parker GBE Admiral Sir Mark Stanhope GCB OBE DL Mr R J Taylor

Royal Patron

His Majesty The King

Company Secretary

Mr A Marchant-Wincott

The Chief Executive and Staff

Commodore S H Wright Royal Navy was appointed as the Chief Executive by the Council with effect from 22 April 2022 and remains in post. He is supported by nine other members of staff: a Director of Employment, Communications and Finance, who also serves as the Company Secretary; the Regional Manager East; the Regional Manager West and London; the Regional Manager Scotland, Northern Ireland and Overseas; the Compensation Advocacy and Support Officer; the Employment Consultant; the Corporate Partnerships Manager; the Financial Wellbeing Manager and the Administration and Support Manager (relinquished post 15 October 2024).

The staff conduct a programme of visits to ships, submarines, naval shore establishments, naval air squadrons, Royal Marines units and relevant joint units to fulfil various briefing programmes and undertake personal interviews and casework.

Remuneration Policy Setting

Staff remuneration is considered on an annual basis by the Nominations and Remuneration Committee (NRC). It considers the CEO's remuneration of its own motion and also the recommendations made by the Chief Executive in respect of the remainder of the executive staff. The NRC's recommendations are then considered by the Council of Management which makes a final determination on the awards to be made.

Page 8

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The Advisers

A Panel of Professional Advisers (PPA) has been formed to provide professional services advice to the WEA's beneficiaries in appropriate cases. The names and details of the PPA partners are published in the charity's Annual Review and are listed on the WEA's website.

Auditors

Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

Solicitors

Ashurst LLP Broadwalk House 5 Appold Street London EC2A 2HA

Bankers

Royal Bank of Scotland plc Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The White Ensign Association Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 9

THE WHITE ENSIGN ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

The auditors, Gibson Whitter Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 19 March 2026 and signed on its behalf by:

Captain L H L Batchelor - Trustee

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION LIMITED

Opinion

We have audited the financial statements of The White Ensign Association Limited (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION LIMITED

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and sector, we identified that the principal risks of non-compliance with laws and regulations related to breaches of employment law, data protection and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities acts, Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to overstate profit and management bias in accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WHITE ENSIGN ASSOCIATION LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Whitter (Senior Statutory Auditor) for and on behalf of Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

19 March 2026

Page 14

THE WHITE ENSIGN ASSOCIATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Naval service personnel advice and
assistance
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Naval service personnel advice and
assistance
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
66,446
407,635
163,202
205,663
302
843,248
126,114
829,303
955,417
317,368
205,199
6,205,447
6,410,646		 Restricted
fund
£
-
50,000
-
-
-
50,000
-
13,125
13,125
-
36,875
20,000
56,875		 31.12.25
Total
funds
£
66,446
457,635
163,202
205,663
302
893,248
126,114
842,428
968,542
317,368
242,074
6,225,447
6,467,521		 31.12.24
Total
funds
as restated
£
37,371
365,248
83,046
210,308
563
696,536
95,110
658,864
753,974
530,941
473,503
5,751,944
6,225,447

The notes form part of these financial statements

Page 15

THE WHITE ENSIGN ASSOCIATION LIMITED

BALANCE SHEET 31 DECEMBER 2025

Notes
FIXED ASSETS
Intangible assets
15
Tangible assets
16
Investments
17
CURRENT ASSETS
Debtors
18
Cash at bank
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.12.25
£
98,865
5,135
6,401,318
6,505,318
117,322
73,015
190,337
(228,134)
(37,797)
6,467,521
6,467,521
6,410,646
56,875
6,467,521		 31.12.24
as restated
£
48,300
7,804
6,125,203
6,181,307
57,605
159,486
217,091
(172,951)
44,140
6,225,447
6,225,447
6,205,447
20,000
6,225,447

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 19 March 2026 and were signed on its behalf by:

Captain L H L Batchelor - Trustee

Adm Sir P A Jones - Trustee

The notes form part of these financial statements

Page 16

THE WHITE ENSIGN ASSOCIATION LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.12.25
£
(199,292)
(199,292)
(73,380)
(839)
187,040
112,821
(86,471)
159,486
73,015		 31.12.24
as
restated
£
(101,415)
(101,415)
(48,300)
(2,838)
195,746
144,608
43,193
116,293
159,486

The notes form part of these financial statements

Page 17

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.12.25 31.12.24
as
restated
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 242,074 473,503
Adjustments for:
Depreciation charges 26,323 3,434
Gain on investments (317,368) (530,941)
Investment management fees 58,671 66,365
Dividends received (205,663) (210,308)
(Increase)/decrease in debtors (58,512) 59,779
Increase in creditors 55,183 36,753
Net cash used in operations (199,292) (101,415)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25 Cash flow At 31.12.25
£ £ £
Net cash
Cash at bank 159,486 (86,471) 73,015
159,486 (86,471) 73,015
Total 159,486 (86,471) 73,015

The notes form part of these financial statements

Page 18

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charitable company's balance sheet at the year end shows net current liabilities. This position is due to deferred income of £92,619 which will be released to the statement of financial activities during the next 12 months. The trustee directors have prepared forecasts for the next 24 months which indicate that the charitable company will continue to generate a surplus. The trustee directors therefore believe the charitable company will meet its liabilities as they fall due and have prepared the financial statements on the going concern basis.

Income

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, receipt is probably and the amount can be measured with sufficient reliability. Such income is only deferred when:

Investment income is recognised on a receivable basis.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific conditions is recognised as earned (as the related goods and services are provided). Grant income included in this category provides funding to support activities and is recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Volunteers and donated services

The value of services provided by volunteers is not incorporated into these financial statements.

Where goods or services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods or services are supplied.

Page 19

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Investments

The investment portfolio has been valued at market value at the balance sheet date. The SOFA includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

31.12.25 31.12.24
as
restated
£ £
Donations 40,960 15,657
Donated services and facilities 25,486 21,714
66,446 37,371

Page 20

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

3. OTHER TRADING ACTIVITIES

Fundraising events
Subscription income
Event income
Advertising income
4.
INVESTMENT INCOME
Investment income
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Financial awareness
Naval service personnel advice and
learning
assistance
Naval service personnel advice and
Grants
assistance
Grants received, included in the above, are as follows:
Other grants
The Gosling Foundation
RNRMC
Greenwich Hospital
Bernard Sunley Foundation
Trinity House
Veterans Foundation		 31.12.25
£
119,195
36,817
6,500
690
163,202
31.12.25
£
205,663
31.12.25
£
23,506
434,129
457,635
31.12.25
£
1,000
100,000
105,000
158,329
20,000
19,800
30,000
434,129		 31.12.24
as
restated
£
50,650
15,066
15,500
1,830
83,046
31.12.24
as
restated
£
210,308
31.12.24
as
restated
£
24,752
340,496
365,248
31.12.24
as
restated
£
-
100,000
105,005
103,434
17,917
14,140
-
340,496

Page 21

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

6. RAISING FUNDS

Other trading activities
Fundraising event costs
Investment management costs
Portfolio management fees
Aggregate amounts
7.
CHARITABLE ACTIVITIES COSTS
Naval service personnel advice and
assistance
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Event costs
Travel and subsistence
Other staff costs
Contract management charges		 Direct
Costs (see
note 8)
£
631,898		 31.12.25
£
67,443
31.12.25
£
58,671
126,114
Support
costs (see
note 9)
£
210,530
31.12.25
£
550,909
38,225
40,239
2,290
235
631,898		 31.12.24
as
restated
£
28,484
31.12.24
as
restated
£
66,626
95,110		 31.12.24
as
restated
£
28,484
31.12.24
as
restated
£
66,626
95,110
95,110
Totals
£
842,428
31.12.24
as
restated
£
482,168
40,340
35,653
4,953
247
563,361

Page 22

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9. SUPPORT COSTS

Governance
Management
costs
£
£
Naval service personnel advice and
assistance
203,822
6,708
Support costs, included in the above, are as follows:
31.12.25
Naval
service
personnel
advice
and
assistance
£
Rent and rates
16,123
Insurance
2,067
Telephone
4,862
Postage and stationery
584
Advertising
43,337
Sundries
2,222
Computer costs
75,581
Accountancy fees
9,035
Subscriptions
1,172
Legal and professional fees
-
Accountancy and bookkeeping
22,516
Amortisation of intangible fixed assets
22,815
Depreciation of tangible assets
3,508
Auditors' remuneration
6,708
210,530
10.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.12.25
£
Depreciation - owned assets
3,508
Computer software amortisation
22,815		 Totals
£
210,530
31.12.24
as
restated
Total
activities
£
16,016
2,966
2,997
921
9,831
4,790
26,187
1,097
1,580
2,700
16,714
-
3,434
6,270
95,503
31.12.24
as
restated
£
3,433
-

Page 23

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

11. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
31.12.25 31.12.24
as
restated
£ £
Fees payable to the charity's auditors for the audit of the charity's
financial statements 6,708 6,270

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

During the year no (31.12.24: one) trustee director was reimbursed expenses by the charitable company totalling £Nil (31.12.24: £53) for travel costs.

13. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Direct charitable activities		 31.12.25
£
467,615
46,161
37,133
550,909
31.12.25
10		 31.12.24
as
restated
£
413,962
38,432
29,774
482,168
31.12.24
as
restated
10

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.12.25 31.12.24
as
restated
£60,001 - £70,000 1 1
£80,001 - £90,000 - 1
£90,001 - £100,000 1 -
2 2

The average monthly number of full time equivalent employees during the year was as follows:

31.12.25 31.12.24
Direct charitable activities 9 8

Page 24

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

14. PRIOR YEAR ADJUSTMENT

Bookkeeping and accounting services provided by The Royal Navy & Royal Marines Charity (RNRMC) have been restated in the previous year due to a change in reporting of these services. These costs have now been grossed up under donated services and facilities and accountancy and bookkeeping.

The prior year adjustment has had no impact on the fund position at 1 January 2025 or 1 January 2024.

15. INTANGIBLE FIXED ASSETS

15. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 January 2025 48,300
Additions 73,380
At 31 December 2025 121,680
AMORTISATION
Charge for year 22,815
NET BOOK VALUE
At 31 December 2025 98,865
At 31 December 2024 48,300
16. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2025 54,445
Additions 839
At 31 December 2025 55,284
DEPRECIATION
At 1 January 2025 46,641
Charge for year 3,508
At 31 December 2025 50,149
NET BOOK VALUE
At 31 December 2025 5,135
At 31 December 2024 7,804

Page 25

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

17. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2025
Additions
Disposals
Revaluations
Management fees
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Listed
investments
£
6,125,203
3,004,849
(3,006,235)
317,368
(39,867)
6,401,318
6,401,318
6,125,203

Investments are held in a portfolios managed by Cazenove Capital and Sarasin & Partners. The market value of investments by geographical area is as follows:

31.12.25 31.12.24
£
1,567,999
4,557,204
6,125,203
£
Held within UK 1,763,294
Held outside UK 4,638,024
6,401,318
All investments are listed on recognised stock exchanges.
Material Investments
Holding Market
Value
Charity Multi-Asset Fund Units-S- GBP Distribution 4,797,443 £3,111,622
Sarasin Core Endowments Fund Class Z Acc 749,706 £2,981,582
The historical cost of the above investments is £6,031,930 (31.12.24: £5,783,571).

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Accrued income
Prepayments		 31.12.25
£
88,333
19,765
9,224
117,322		 31.12.24
as
restated
£
32,062
18,380
7,163
57,605

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continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Deferred income
Accrued expenses		 31.12.25
£
93,523
16,543
2,561
92,619
22,888
228,134		 31.12.24
as
restated
£
7,898
15,232
-
137,352
12,469
172,951

Deferred income

Deferred income comprises £21,242 (31.12.24: £12,650) for subscription income, £Nil (31.12.24: £3,500) for event income and £71,377 (31.12.24: £121,202) for grant income received in the year which will be released to income in future financial periods.

which will be released to income in future financial periods.
31.12.25 31.12.24
as
restated
£ £
Balance brought forward 137,352 70,525
Amount release to incoming resources (137,352) (70,525)
Amount deferred in the year 92,619 137,352
Balance carried forward 92,619 137,352

20. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Fixed assets
47,125
Investments
6,401,318
Current assets
190,337
Current liabilities
(228,134)
6,410,646		 Restricted
fund
£
56,875
-
-
-
56,875		 31.12.25
£
3,924
31.12.25
Total
funds
£
104,000
6,401,318
190,337
(228,134)
6,467,521		 31.12.24
as
restated
£
3,924
31.12.24
as
restated
Total
funds
£
56,104
6,125,203
217,091
(172,951)
6,225,447

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Page 27

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

22. MOVEMENT IN FUNDS

At 1.1.25
£
Unrestricted funds
General fund
5,425,447
Designated fund
780,000
6,205,447
Restricted funds
Digital Transformation
20,000
TOTAL FUNDS
6,225,447
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
843,248
(955,417)
Restricted funds
Digital Transformation
50,000
(13,125)
TOTAL FUNDS
893,248
(968,542)
Comparatives for movement in funds
At 1.1.24
£
Unrestricted funds
General fund
4,971,944
Designated fund
780,000
5,751,944
Restricted funds
Digital Transformation
-
TOTAL FUNDS
5,751,944		 Net
movement
in funds
£
205,199
-
205,199
36,875
242,074
Gains and
losses
£
317,368
-
317,368
Net
movement
in funds
£
453,503
-
453,503
20,000
473,503		 At
31.12.25
£
5,630,646
780,000
6,410,646
56,875
6,467,521
Movement
in funds
£
205,199
36,875
242,074
At
31.12.24
£
5,425,447
780,000
6,205,447
20,000
6,225,447

Page 28

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Digital Transformation
TOTAL FUNDS		 Incoming
resources
£
676,536
20,000
696,536		 Resources
expended
£
(753,974)
-
(753,974)		 Gains and
Movement
losses
in funds
£
£
530,941
453,503
-
20,000
530,941
473,503

Designated Fund - The White Ensign Association Fund was set up following receipt of two major donations in September 1995. The purpose of the Fund is to help secure the long-term future of the Association and is invested appropriately.

Digital Transformation - Enhancement of our digital and communications capability has been identified as a critical enabler to the delivery of the Association's strategy. Accordingly, following the signing of a contract with dt-Squad in December 2024 to work alongside the Association in delivering a digital transformation, development activity is underway for a new website, intelligent job board and innovative new careers platform called the Career Compass. This has been funded by a £20,000 grant from The Gosling Foundation in 2024, a £20,000 grant from The Gosling Foundation in 2025 and a £30,000 grant from Veterans Foundation in 2025, all which has been spent on intangible fixed assets which will be amortised o ver the next 4 years and expended against this fund.

23. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company operates a defined contribution pension scheme for all salaried employees. The pension charge for the period was £37,133 (31.12.24: £29,774). At the balance sheet date the contributions outstanding were £Nil (31.12.24: £Nil).

24. RELATED PARTY DISCLOSURES

Certain trustee directors were associated with organisations which undertook transactions with the charitable company. All such transactions were undertaken in accordance with the charitable company's normal agreements with suppliers. None of the relevant trustee directors were in a position of material influence within the organisations concerned such that transactions between the charitable company and the organisations require disclosure in the financial statements other than noted below.

During the year The Gosling Foundation, a charitable foundation of which Captain A Gosling RNR is a trustee director provided grant income totalling £100,000 (31.12.24: £100,000).

During the year Norton Rose Fulbright, a limited liability partnership of which Mr Theocharis Theochari OBE is a senior consultant solicitor provided donated services totalling £Nil (31.12.24: £5,000).

Key management

The total remuneration paid to those considered key management during the year was £195,410 (31.12.24: £187.393).

Page 29

continued...

THE WHITE ENSIGN ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

25. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

Page 30