## 

## 

||`Page`|
|---|---|
|`Legalandadministrativeinformation`|`1`|
|`Chairman’sReport`|`2`|
|`ReportoftheTrustees`|`3`|
|`Independentauditors’report`|`12`|
|`Statementoffinancialactivities`|`16`|
|`Balancesheet`|`17`|
|`Statementofcashflows`|`18`|
|`Notestothefinancialstatements`|`19`|





## 

|`BoardofTrustees`|`ProfessorN Jackson,Chairman`|
|---|---|
||`MsJ Baker`|
||`MrB Cussons`|
||`MrD Hobday`|
||`MrS Kollamthodi`|
||`MrP Maley`|
||`MrD Wiltshire`|
|`Director`|`MrS GoodingCB`|
|`Registeredoffice`|`RoyalAutomobileClubFoundationforMotoringLimited`|
||`89-91PallMall`|
||`London`|
||`SW1Y5HS`|
|`Companyregistrationnumber`|`2596548`|
|`Charitynumber`|`1002705`|
|`IndependentAuditors`|`SafferyLLP`|
||`71QueenVictoriaStreet`|
||`LondonEC4V4BE`|
|`Bankers`|`NationalWestminsterBankPlc`|
||`208Piccadilly`|
||`LondonW1A2DG`|
|`InvestmentAdvisors`|`BarnettWaddingham`|
||`CheapsideHouse`|
||`138Cheapside`|
||`LondonEC2V6BW`|
|`InvestmentManagers`|`CazenoveCapital`|
||`1LondonWallPlace`|
||`LondonEC2Y5AU`|
||`TwentyFourAssetManagement`|
||`8%FloorTheMonumentBuildilng`|
||`11MonumentStreet`|
||`LondonEC3R8AF`|
||`NorthernTrustAssetManagement`|
||`50BankStreet`|
||`LondonE145NT`|
||`PictetAssetManagement`|
||`MoorHouse`|
||`120LondonWall`|
||`LondonEC2Y5ET`|






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|||`Unrestricted`|`Restricted`|`Expendable`|`2025`|`2024`|
|---|---|---|---|---|---|---|
|||`Funds`|`Funds`|`Endowment`|`Total`|`Total`|
||`Note`|`£`|`£`|`£`|`£`|`£`|
|`Incomefrom`|||||||
|`Investments`|`2`|`751,343`|`-`|`-`|`751,343`|`742,000`|
|`Grants`||<br>`-`|<br>`21,069`|<br>`-`|<br>`21,069`|<br>`29,400`|
|`TotalIncome`||<br>`751,343`|<br>`21,069`|<br> <br>`-`|<br> <br>`773,412`|<br> <br>`771,400`|
|`Expenditure`||||<br>|<br>|<br>|
|`on:`|||||||
|`Raisingfunds`|||`-`|`93,351`|`93,351`|`86,329`|
|`Charitable`|||||||
|`activities`|`3`|`1,005,826`|`21,661`|`-`|`1,027,487`|`891,008`|
|`Total`|||||||
|`Expenditure`||`1,005,826`|`21,661`|`93,351`|`1,120,838`|`977,337`|
|`Netgain/(loss)`||||<br>|<br>|<br>|
|`oninvestments`|`8`|`-`|`-`|`3,678,635`|`3,678,635`|`2,387,502`|
|`Net`||||<br>|<br>|<br>|
|`(expenditure)/ `|||||||
|`incomeforthe`|||||||
|`year`||`(254,483)`|`(592)`|`3,585,284`|`3,330,209`|`2,181,565`|
|`Transfers`|||||||
|`betweenfunds`|`11`|`468,000`|`-`|`(468,000)`|`-`|`-`|
|`Netmovement`|||||||
|`infunds`||`213,517`|`(592)`|`3,117,284`|`3,330,209`|`2,181,565`|
|`Reconciliation`|||||||
|`offunds:`|||||||
|`Totalfunds`|||||||
|`broughtforward`||`4,772,340`|`592`|`31,818,803`|`36,591,735`|`34,410,170`|
|`Totalfunds`|||||||
|`carried`|||||||
|`forward`||`4,985,857`<br>|`-`<br>|`34,936,087`<br>|`39,921,944`<br>|`36,591,735`<br>|





## 

## 

|||`2025`|`2024`|
|---|---|---|---|
||`Note`|`£`|`£`|
|`FixedAssets`||||
|`Tangiblefixedassets`|`7`|`2,993`|`3,690`|
|`Investments`|`8`|<br>`39,819,290`|<br>`36,456,389`|
|||`39,822,283`|`36,460,079`|
|`CurrentAssets`||||
|`Debtors`|`9`|`39,826`|`21,266`|
|`Cashatbankandinhand`||<br>`390,329`|<br>`383,933`|
|||`430,155`|`405,199`|
|`Creditors:Amountsfallingduewithinone`||||
|`year`|`10`|<br>`(330,494)`|<br>`(273,543)`|
|`Netcurrentassets`||`99,661`|`131,656`|
|`NetAssets`||<br> <br>`39,921,944`|<br> <br>`36,591,735`|
|`Funds`||||
|`Unrestrictedfunds`|`11`|`4,985,857`|`4,772,340`|
|`Restrictedfunds`|`12`|`-`|`592`|
|`Expendableendowmentfunds`|`13`|<br>`34,936,087`|<br>`31,818,803`|
|||`39,921,944`<br>|`36,591,735`<br>|





## 

## 

|||`2025`|`2024`|
|---|---|---|---|
||`Note`|`£`|`£`|
|`Netcashusedinoperatingactivities`|`17`|`(978,408)`|`(851,339)`|
|`Cashflowsfrominvestingactivities`||||
|`Purchasesofinvestments`||`(10,000,000)`|`(18,187,962)`|
|`Proceedsfromdisposalofinvestments`||`10,000,000`|`18,187,962`|
|`Purchaseoffixedassets`||`:`|`(3,881)`|
|`Investmentincomereceived`||`563,486`|`558,306`|
|`Withdrawalfromendowment`||`468,000`|`468,000`|
|`Netcashfrominvestingactivities`||<br> <br>`1,0231,486`|<br> <br>`1,022,425`|
|`Netincreaseincash& cashequivalents`||`53,078`|`171,086`|
|`Cashandcashequivalentsatthebeginningof`||||
|`theyear`||`542,974`|`371,888`|
|`Cashandcashequivalentsatendoftheyear`|`17,18`|<br>`596,052`<br>|<br>`542,974`<br>|





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|`Investmentincome`|||
|---|---|---|
||`2025`|`2024`|
||`£`|`£`|
|`Dividendsandinterestreceivableonfixedassetinvestments`|`747,795`|`738,717`|
|`Bankinterestreceivable`|`3,548`<br>|`3,283`<br>|
||`751,343`<br>|`742,000`<br>|
|`Charitableactivities`|||
||`2025`|`2024`|
||`£`|`£`|
|`StaffCosts`|`602,099`|`557,258`|
|`DirectCosts`|`179,905`|`65,158`|
|`SupportCosts`|`233,983`|`258,602`|
|`Governancecosts(note4)`|`11,500`<br>|`9,990`<br>|
||<br>`1,027,487`<br>|<br>`891,008`<br>|
|`Governancecosts`|||
||`2025`|`2024`|
||`£`|`£`|
|`Auditfees`|`11,500`<br> <br>|`9,990`<br> <br>|





## 

## 

|`5`|`Staffcostsandadvisorfees`|||
|---|---|---|---|
|||`2025`|`2024`|
|||`£`|`£`|
||`Wagesandsalaries`|`516,816`|`477,918`|
||`Socialsecuritycosts`|`57,387`|`52,010`|
||`RamilS pension`|`27,896`|`27,330`|
|||<br>`602,099`|<br>`557,258`|
||`Numberofemployees`|||
||`withtotalremuneration`|||
||`between:`|`2025`|`2024`|
|||`Number`|`Number`|
||`£60,001- £70,000`|`1`|`2`|
||`£70,001- £80,000`|`-`|`il`|
||`£80,001- £90,000`|`1`|`-`|
||`£200,001-£210,000`|`-`|`1`|
||`£220,001- £230,000`|`1`<br>|`-`<br>|



||`2025`|`2024`|
|---|---|---|
||`£`|`£`|
|`NevilleJackson`|`30,000`<br>|`30,000`<br>|



## 

||`2025`||`2024`|
|---|---|---|---|
||`Number`||`Number`|
|`Director`||`1`|`1`|
|`Campaignsand`<br>`research`||`6`|`5`|
||<br>|<br>`7`<br>|<br>`6`<br>|





## 

## 

|`6`|`Netmovementinfundsfortheyear`||||
|---|---|---|---|---|
|||`2025`|`2024`||
|||`£`|`£`||
||`Thisisstatedaftercharging:`||||
||`Depreciation`|`697`|`192`||
||`Auditors’remuneration- foraudit`|`11,500`|`9,990`||
||`Auditors’remuneration- forotherservices`|<br>`4,410`|<br>`4,270`|<br>|
|`7`|`Tangiblefixedassets`||||
||||`Office`||
||||`equipment`||
||||`£`||
||`Cost`||||
||`Broughtforward1 January2025`||`37,580`||
||`Additions`|||<br>`-`|
||`Carriedforward31December2025`||<br>`37,580`|<br>|
||`Depreciation`||||
||`Broughtforward1 January2025`||`33,890`||
||`Chargeforyear`||<br>`697`|<br>|
||`Carriedforward31December2025`||`34,587`||
||`Netbookvalue`||||
||`asat31December2025`||`2,993`<br>|<br>|
||`asat31December2024`||<br>`3,690`<br>|<br> <br>|






## 

|`Investments`|||
|---|---|---|
||`2025`|`2024`|
||`£`|`£`|
|`Managedandunitised`|||
|`funds`|||
|`Marketvalueat1 January`|`36,297,348`|`34,273,162`|
|`Additionsatcost`|`10,187,857`|`18,368,373`|
|`Disposals`|`(10,000,000)`|`(18,187,962)`|
|`Investmentgains`|`3,678,635`|`2,387,502`|
|`Withdrawalfrom`<br>`endowmentportfolio`|`(468,000)`|`(468,000)`|
|`Investmentmanagersfees`|`(82,273)`|`(75,727)`|
|`Marketvalueat31`<br>`December`|<br>`39,613,567`|<br>`36,297,348`|
|`Investmentcash`|`205,723`|`159,041`|
|`TotalInvestmentsasat31`<br>`December`|<br> <br>`39,819,290`|<br> <br> <br>`36,456,389`|
|`Historicalcost`|<br>`36,419,615`<br>|<br>`35,661,837`<br>|



||||`2025`||`2024`|
|---|---|---|---|---|---|
||||`Market`||`Market`|
|||`Cost`|`Value`|`Cost`|`Value`|
|||`£`|`£`|`£`|`£`|
|`Multi-asset`|`funds`|`27,502,690`|`29,749,874`|`17,314,834`|`18,249,890`|
|`Alternatives`||`8,711,201`|`9,863,692`|`18,187,962`|`18,047,458`|
|`Cash`||`205,724`|`205,724`|`159,041`|`159,041`|
|`Total`||<br>`36,419,615`<br>|<br>`39,819,290`<br>|<br>`35,661,837`<br>|<br>`36,456,389`<br>|





## 

||`9`|`Debtors`||||||
|---|---|---|---|---|---|---|---|
|||||||`2025`|`2024`|
|||||||`£`|`£`|
|||`Accruedincome`||||`17,680`|`:`|
|||`Prepayments`||||<br>`22,146`|<br>`21,266`|
||||||<br>|<br> <br>`39,826`|<br> <br>`21,266`|
||`10`|`Creditors`||||||
|||||||`2025`|`2024`|
|||||||`£`|`£`|
|||`Accrualsand`|`othercreditors`|||`330,494`|`273,543`|
||||||<br>|<br> <br>`330,494`|<br> <br>`273,543`|
|`11`|`UnrestrictedFunds`|||||||
||||`2025`|`2025`|`2025`|`2025`|`2025`|
||||`Opening`|`Income`|`Expenditure`|`Transfer`|`Closing`|
||||`£`|`£`|`£`|`£`|`£`|
||<br>`Uniestsicted`<br>`Funds`||<br>`4,772,340`|<br>`751,343`|<br>`(1,005,826)`|<br>`468,000`|<br>`4,985,857`|
||||`2024`|`2024`|`2024`|`2024`|`2024`|
||||`Opening`|`Income`|`Expenditure`|`Transfer`|`Closing`|
||||`£`|`£`|`£`|`£`|`£`|
||`parestricted`<br>||`4,424,540`<br>|`746,400`<br>|`(866,600)`<br>|`468,000`<br>|`4,772,340`<br>|





## 

||`2025`|`2025`|`2025`|`2025`|`2025`|
|---|---|---|---|---|---|
||`Opening`|`Income`|`Expenditure`|`Transfer`|`Closing`|
||`£`|`£`|`£`|`£`|`£`|
|`RoadSafety`||||||
|`TrustCompany`|`592`|`21,069`|`(21,661)`|`=`|`-`|
||<br> <br>`-`|<br> <br>`21,069`|<br> <br>`(21,661)`|<br> <br>`-`|<br> <br>`=`|
||`2024`|`2024`|`2024`|`2024`|`2024`|
||`Opening`|`Income`|`Expenditure`|`Transfer`|`Closing`|
||`£`|`£`|`£`|`£`|`£`|
|`RoadSafety`<br>`TrustCompany`|`-`|`25,000`|`(24,408)`|`-`|`592`|
||<br>`-`<br>|<br>`25,000`<br>|<br>`(24,408)`<br>|<br>`-`<br>|<br>`592`<br>|



|`2025`|`2025`|`2025`|`2025`|`2025`|
|---|---|---|---|---|
|`Opening`|`Expenditure`|`Gains`|`Transfer`|`Closing`|
|`£`|`£`|`£`|`£`|`£`|
|<br>`31,818,803`|<br>`(93,551)`|<br>`3,678,635`|<br>`(468,000)`|<br>`34,936,087`|
|`2024`|`2024`|`2024`|`2024`|`2024`|
|`Opening`|`Expenditure`|`Gains`|`Transfer`|`Closing`|
|`£`|`£`|`£`|`£`|`£`|
|`29,985,630`<br>|`(86,329)`<br>|`2,387,502`<br>|`(468,000)`<br>|`31,818,803`<br>|





## 

## 

||`Unrestricted`||`Restricted`|`Endowment`|`Total`|
|---|---|---|---|---|---|
||`Funds`||`Funds`|`Funds`|`2025`|
||`£`||`£`|`£`|`£`|
|`Tangiblefixed`<br>`assets`|`2,993`||`-`|`-`|`2,993`|
|`Investments`||`-`|`-`|`39,819,290`|`39,819,290`|
|`Current`<br>`assets`|`5,295,678`||`17,680`|`(4,888,203)`|`430,155`|
|`Liabilities`|`(312,814)`||`(17,680)`|`-`|`(330,494)`|
|`Balanceat31`||||||
|`December`|`4,985,857`||`-`|`34,936,087`|`39,921,944`|
|`2025`||||||
|`Analysisofnet`|`assetsbetween`|`funds`||||
||`Unrestricted`||`Restricted`|`Endowment`|`Total`|
||`Funds`||`Funds`|`Funds`|`2024`|
||`£`||`£`|`£`|`£`|
|`Tangiblefixed`<br>`assets`|`3,690`||`-`|`-`|`3,690`|
|`Investments`||`-`|`-`|`36,456,389`|`36,456,389`|
|`Current`<br>`assets`|`5,042,193`||`592`|`(4,637,586)`|`405,199`|
|`Liabilities`|`(273,543)`||`-`|`-`|`(273,543)`|
|`Balanceat31`||||||
|`December`|`4,772,340`||`592`|`31,818,803`|`36,591,735`|
|`2024`||||||



## 



## 

## 

|`17`|`Reconciliationofnetmovement`|`Reconciliationofnetmovement`|`infundsto`|`netcashflow`|`fromoperatingactivities`|`fromoperatingactivities`|
|---|---|---|---|---|---|---|
||||||`2025`|`2024`|
||||||`£`|`£`|
||`Netmovementinfunds`|||`3,330,209`||`2,181,565`|
||`Addbackdepreciationcharge`||||`697`|`192`|
||`Addbackinvestmentmanagerfee`||||`82,273`|`75,727`|
||`Deductinvestmentincome`|||`(751,343)`||`(738,717)`|
||`Gainoninvestments`|||`(3,678,635)`||`(2,387,502)`|
||`(Increase)/decreaseindebtors`|||`(18,560)`||`2,066`|
||`Increaseincreditors`||||`56,951`|`15,330`|
||`Netcashusedinoperating`|||<br>`(978,408)`||<br>`(851,339)`|
||`activities`||||||
|`18`|`Analysisofcashandcash`|`equivalents`|||||
||||||`2025`|`2024`|
||||||`£`|`£`|
||`Cashatbankandinhand`|||`390,329`||`383,933`|
||`Cashwithinvestmentmanager`|||`205,723`||`159,041`|
|||||<br> <br>`596,052`||<br> <br> <br> <br>`542,974`|
|`19`|`Analysisofchangesinnet`|`debt`|||||
|||`At1 `|`January`|||`At31December`|
||||`2025`|`Cashflows`||`2025`|
||||`£`|`£`||`£`|
||`Cashatbank`||||||
||`andinhand`||`383,933`|`6,396`||`390,329`|
||`Cashwith`||||||
||`investment`||||||
||`manager`||`159,041`|`46,682`||`205,723`|
||<br>|<br>|<br>`542,974`<br>|<br>`53,078`<br>|<br> <br>|<br>`596,052`<br>|





## 

|`20`|`Comparativestatementoffinancialactivities`|`Comparativestatementoffinancialactivities`||||
|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Expendable`||`2024`|
||`Funds`|`Funds`|`Endowment`||`Total`|
||`£`|`£`|`£`||`£`|
|`Incomefrom`||||||
|`Investments`|`742,000`|`-`||`-`|`742,000`|
|`Grants`|<br>`4,400`|<br>`25,000`||<br>`-`|<br>`29,400`|
|`TotalIncome`|<br> <br>`746,400`|<br> <br>`25,000`|<br>|<br> <br>`:`|<br> <br>`771,400`|
|`Expenditure`||||||
|`on:`||||||
|`Raisingfunds`||`-`|`86,329`||`86,329`|
|`Charitable`||||||
|`activities`|`866,600`|`24,408`||`-`|`891,008`|
|`Total`||||||
|`Expenditure`|<br>`866,600`|<br>`24,408`|<br>`86,329`|<br>|<br>`977,337`|
|`Netgainson`||||||
|`investments`|<br>`-`|<br>`-`|<br>`2,387,502`|<br>|<br>`2,387,502`|
|`Net`||||||
|`(loss)/income`||||||
|`fortheyear`|`(120,200)`|`592`|`2,301,173`||`2,181,565`|
|`Transfers`||||||
|`betweenfunds`|<br>`468,000`|<br>`S`|<br>`(468,000)`|<br>|<br>`‘`|
|`Net`||||||
|`movementin`||||||
|`funds`|`347,800`<br>|`592`<br>|`1,833,173`<br>|<br>|`2,181,565`<br>|