Donations & Legacies
Payroll Giving - Through generous donations from serving Naval Personnel, the Navy’s Payroll Giving scheme grew by over 7% to £1.04m, breaking the £1m barrier for the very first time since its inception in 2007.
Drumfork Appeal Campaign – Through a targeted campaign to Trusts we raised almost £1m for this Project, which is to refurbish a community centre building in Helensburgh, Scotland supporting Naval beneficiaries and their families from childcare facilities to veteran support groups.
Demand again outmatched income and we will continue to develop our income streams such as legacies, major donors and corporate relationships to meet this unmet need.
Total expenditure reduced in 2018 to £8.2m (2017 £9.5m). The main reason for this was that our biggest single grant for the Drumfork Centre was included within the 2017 figures. There were no grants of this size in 2018, although the numbers of applicants continue to rise as both the money received from the LIBOR fines fund ceased as well as Seafarers UK choosing to focus their support on Merchant sailors rather than the Naval service, meaning we have seen more charities approach us for assistance in continuing the funding for projects they run to support our beneficiaries.
The RNRMC remains committed to supporting its beneficiaries with £5.2m distributed through grant making (2017 £7m). This is an increase in grants given in 2017, if the exceptional £2.6m grant to refurbish the Drumfork Club is excluded to enable a like for like comparison.
Support through the Through Life and Fit for Life pathways in particular saw increases in 2018.
We do not currently fully fund all of the bids received by our Through Life Pathway and Quality of Life Pathway committees. Our drive to increase our fundraising to meet existing and future need underpins our strategy.
Cost of raising funds - Whilst we recognise the need to invest in raising our funds and developing our marketing and communications, we control this variable cost tightly. In 2018, the Group’s costs increased to £1.4m, due to investment in new events which brought additional income and engagement of donors who we hope will support us financially in future years.
Investment Fees - The requirement for transparency in investment fee reporting through MiFiD2 has caused a change in the reporting of investment fees in 2018 whereby fees had previously been incorporated into funds pricing. The overall level of fees charged has remained the same, it is the presentation in the Statement Of Financial Activity that is different.
For every pound we spent in 2019 13p went on fundraising, remaining well below our ceiling of 25p
How we raised funds in 2018
What we spent money on in 2018
Statutory accounts for the period ending 31st December have been audited by Kingston Smith LLP and are detailed as Note (3) in the RNRMC Group Annual Report and Accounts. Please email email@example.com to request a copy.