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Significant Activities and Changes Affecting the Fund during the period

During the reporting period, the Trustees drafted amendments to the 2010 dated Constitution to provide for an increase in the number of Trustees. The number of Trustees were increased from five to seven to assist with increasing governance and requirements associated with the conduct of the Fund, including management of the Navy Keeping Watch charity. The small increase also allowing for a level of redundancy associated with short notice operational deployments, sea service, and postings. Audit Committee appointments were also amended to allow for an increase of independent members from two to ‘no more than’ five, to allow for greater redundancy and stability on account of postings and to serve as a developmental opportunity for more junior officers. The Constitution was amended to reflect the current constitution of the Fund, allowing for an expanded Audit Committee and to provide for updated references to the Public Governance, Performance and Accountability Act 2013, and the Public Governance, Performance and Accountability Rule 2014.

The Trustees at the Fund’s board meeting on 19 September 2019 agreed the amendments with ministerial approval on 21 January 2020.

There have been no other significant activities or changes that have occurred during the reporting period that have significantly affected or may significantly affect the Fund and its operations.