REPORT OF THE INDEPENDENT AUDITORS

RMT helpline 0800 376 3706 :: nov/dec 2025 :: RMTnews 20 OPINION We have audited the financial statements of the National Union of Rail, Maritime & Transport Workers [“The Union”] for the year ended 31 December 2024 which comprise the Income and Expenditure account - Combined Funds, Income and Expenditure Account - General Funds, Income and Expenditure account - Orphan Fund, Income and Expenditure Account - Political Fund, the Balance Sheet, Cashflow Statement, Statement of Movement in funds and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - Give a true and fair view of the state of the Union's affairs as at 31 December 2024 and of its income and expenditure for the year then ended; and - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Union 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 National Executive Committee’s 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 Union'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 National Executive Committee with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our auditors report thereon. The National Executive Committee is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Trade Union and Labour Relations (Consolidation) Act 1992 (Amended) requires us to report to you if, in our opinion: - A satisfactory system of control over transactions has not been maintained; or - The Union has not kept proper accounting records; or - The financial statements are not in agreement with the books of account; or - We have not received all the information and explanations we need for our audit. RESPONSIBILITIES OF THE NATIONAL EXECUTIVE COMMITTEE As explained more fully in the Statement of Responsibilities of the National Executive Committee, the National Executive Committee is responsible for the preparation of financial statements REPORT OF THE INDEPENDENT AUDITORS Set out below is the report of the independent auditors to the members as contained in the accounts of the Union for the year ended 31 December 2024: SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FULL ACCOUNTS Summary income and expenditure accounts for the year ended 31 December 2024: General Fund and Orphan Fund 2024 2023 £'000 £'000 Subscription income 18,763 18,080 Operating expenditure (17,303) (18,977) Operating result 1,460 (897) Other income/(expenditure) 794 4,573 Result for the year 2.254 3,676 Other comprehensive income 2,056 (747) Comprehensive result for the year 198 2,929 Political Fund 2024 2023 £'000 £'000 Subscription income 219 222 Operating expenditure (433) (435) Operating result (214) (213) Other income 0 0 Result and comprehensive result for the year (214) (213) SUMMARY OF SALARIES AND BENEFITS PROVIDED Name Position Details Amount M Lynch General Salary £96,999 Secretary Pension contributions £31,741 Other benefits £0 E Dempsey Senior Assistant General Salary £88,395 Secretary Pension contributions £28,948 Other benefits £0 J Leach Assistant General Salary £85,711 Secretary Pension contributions £36,712 Other benefits £0 Alex Gordon President Attendance, lodging allowance and £58,151 reimbursed expenses The members of the National Executive Committee do not receive any benefits but do receive attendance and lodging allowances, which are set out below. The General Secretary, the Assistant General Secretaries, the President and the members of the National Executive Committee are reimbursed for any expenditure incurred by them in the performance of their duties on behalf of the Union. Summary of attendance and lodging allowances and reimbursed expenses paid to the National Executive Committee Name Amount Oluwarotimi Ajayi £66,093 C Barros £60,444 J Breyal £61,080 Andy Budds £66,452 S Conway £61,337 D Douglas £68.441 D Gibbons £59,743 David Goard £44,971 Alex Gordon £58,151 D Giwatkin £63,104 G Jameson £686 P Jeanton £57,848 M Keal £686 David King £67,730 O Longden £68,531 G Pollock £23,109 C Price £60,501 J Rancliffe £686 L Rundle £705 F Scott £60,814 W Strang £18,471 P Thomas £686 G Welch £686