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2025-03-31-accounts

The Royal Collection Trust

( L i m i t e d b y g u a r a n t e e )

Trustees’ Report and Consolidated Financial Statements

3 1 M a r c h 2 0 2 5

C o m p a n y N u m b e r 2 7 1 3 5 3 6

Royal Collection Trust

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Contents

Trustees’ Report 1-24
Independent Auditor’s Report to the members of The Royal Collection Trust 25-28
Consolidated Statement of Financial Activities 29
Statement of Financial Activities 30
Consolidated and Trust Balance Sheet 31
Consolidated Statement of Cash Flows 32
Notes 33-61

Royal Collection Trust

TRUSTEES’ REPORT 2024/25

The Trustees present their annual report and the audited consolidated financial statements of The Royal Collection Trust (“The Trust”) and its trading subsidiary Royal Collection Enterprises Limited (together “Royal Collection Trust”, “RCT”, or “the Group”), for the year ended 31 March 2025.

Reference and Administrative Information

Charity Registration Number: 1016972
Scottish Charity Number: SC039772
Company Number: 2713536
Principal and Registered Office: York House,StJames's Palace,London SW1A 1BQ

Patron

His Majesty King Charles III

Trustees

Sir Nicholas Bacon, Bt.

The Hon. Sir James Leigh-Pemberton (resigned 31 March 2025) The Rt. Hon. Sir Clive Alderton

The Rt Hon. The Lord Benyon (appointed 1 November 2024) Mr Marc Bolland

Mr James Chalmers (appointed 1 January 2025)

Sir Brian Ivory Vice Admiral Sir Tony Johnstone-Burt Dr Anna Keay Dr Tonya Nelson

The Rt Hon. The Lord Parker of Minsmere (resigned 31 October 2024) Ms Monisha Shah

Sir Michael Stevens (resigned 31 December 2024)

Management Board

Mr Tim Knox Director of the Royal Collection Mr Keith Harrison Director of Finance (resigned 6 January 2025) Mr Neil Curtis Director of Finance and Corporate Services (appointed 6 January 2025) Mrs Michelle Lockhart Director of Commercial Operations and Engagement

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Auditor KPMG LLP 15 Canada Square, London E14 5GL Bankers Coutts & Co 440 Strand, London WC2R 0QS Solicitor Farrer & Co 66 Lincoln’s Inn Fields, London WC2A 3LH

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Structure, Governance and Management

Governing Document

The Trust is a company limited by guarantee, incorporated on 29 January 1993 and registered as a charity in England and Wales on 2 February 1993. The Office of the Scottish Charity Regulator approved The Trust’s application to be registered as a charity in Scotland on 5 August 2008.

The company was established under a Memorandum of Association which established the objects and powers of The Trust and is governed under its Articles of Association. There are currently four members of The Trust, each of whom is required to contribute an amount not exceeding £1 in the event of it winding up.

Appointment of Trustees

Trustees include the holders of Relevant Offices within the Royal Household. The Relevant Officers are The Lord Chamberlain, The Private Secretary to The Sovereign, The Keeper of the Privy Purse and The Master of the Household.

The appointment of a Trustee is approved by The Sovereign prior to appointment by the Board of Trustees. In appointing Trustees other than holders of the Relevant Offices, consideration is given to ensuring that the Board of Trustees has the requisite mix of skills and experience.

All Trustees give their time voluntarily and receive no remuneration for their services to The Trust. Details of any expenses reimbursed by The Trust are set out in note 8 to the financial statements. New Trustees receive an information pack which includes the current strategic plan, minutes of recent Trustee Board meetings and details of organisational structure. In addition, new Trustees undertake an induction programme comprising meetings with senior managers and visits to the official residences and workshops.

Organisational Structure

The Board of Trustees, which can have a minimum of five and up to a maximum of twelve Trustees, manages the Charity and meets at least three times a year. During the year, the Board of Trustees had two sub-committees.

The Audit and Risk Assurance Committee has four members: Sir Brian Ivory (Chairman), Sir Michael Stevens (until 31 December 2024), Mr James Chalmers (from 1 January 2025), and Ms Monisha Shah, who are Trustees, and Mr Steve Maslin. The Committee meets and reports formally to the Board at least three times a year. It has overall responsibility for monitoring the effectiveness of The Trust’s corporate governance and system of internal control. In undertaking

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its responsibilities, the Committee receives reports from the internal and external auditors and from management.

The Strategic Development Committee comprises five Trustees and members of the Management Board. This Committee met three times under the Chairmanship of Mr Marc Bolland. Its role is to monitor and oversee the Group’s financial position and commercial operations. This includes monitoring The Royal Collection Trust’s bank borrowing and cashflow.

The Board of Trustees has delegated the powers set out in The Trust’s governing document to the Director and members of the Management Board who manage the day-to-day operations of the Charity. The members of the Management Board are the Director of the Royal Collection, the Director of Finance and Corporate Services, and the Director of Commercial Operations and Engagement.

The Board of Trustees monitors the way in which its delegated powers are exercised by the Management Board through:

The Director of the Royal Collection is a Head of Department of the Royal Household and is appointed by The Sovereign.

The Management Board is responsible for preparation of strategic plans and annual budgets, and for overseeing the efficient and effective operation of Royal Collection Trust. Together with the Operations Board of senior managers, the Management Board is responsible for the day-to-day monitoring of performance, maintaining adequate systems for internal financial control and risk management, ensuring value for money and operational efficiency and providing organisationwide leadership and effective internal communications.

Subsidiary Undertaking

The Trust’s wholly-owned subsidiary, Royal Collection Enterprises Limited, has a paid up share capital of £2, and is incorporated in the UK. The principal activities of the company are the management of public access to the official residences of The King and the sale of retail merchandise. Taxable profits are donated in accordance with a deed of covenant to the parent company, The Royal Collection Trust.

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Related Parties

The activities of Royal Collection Trust require the co-operation and support of the other departments of the Royal Household. These departments are represented on the Board of Trustees through the holders of the Relevant Offices.

Details of material transactions during the year with other entities controlled by officials or Trustees on behalf of The Sovereign are set out in note 22 to the financial statements.

Objectives and Activities

The works of art that comprise the Royal Collection are held by The King as Sovereign for his successors and the nation. The Collection is exhibited primarily within areas of the official residences of The King, and in the unoccupied residences maintained by Historic Royal Palaces, which are open to the public. Where works of art are not on public view, these items are made available to the public through exhibitions at The King’s Galleries in London and Edinburgh, through loans to other museums and galleries both within the UK and overseas (including travelling exhibitions), and via publications and online access.

Charitable Objects and Public Benefit

The objects of The Trust are, for the benefit of the Nation:

The Trustees, having regard to the Charity Commission's public benefit guidance, seek to fulfil these objects by pursuing a series of charitable aims:

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The Trustees consider that public benefit is delivered as a result of pursuit of the following activities:

Providing access to the Royal Collection, and presenting and interpreting the Collection to the public

Royal Collection Trust aims to make the Collection accessible to those with specific requirements, for example:

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Pricing and access

Charges are made to visit the official residences of The King and exhibitions in The King’s Galleries. Various measures are in place to ensure that the charges do not unduly restrict access to the Royal Collection as follows:

Measuring public benefit

Royal Collection Trust aims to deepen understanding by sharing the collection with everyone, wherever they are. Audience development is central to this aim, helping us to understand our existing audiences and also to identify under-represented groups that we want to reach and welcome. Audience testing, online user testing and community consultation allow us to shape and develop products and programming designed to appeal to and reflect these audiences’ needs and interests. Via our award-winning learning programmes RCT plays an increasing role in widening participation engagement and the promotion of health, wellbeing and community engagement.

Access and public benefit are measured using feedback mechanisms including surveys, focus groups and consultations, direct visitor feedback, engagements on social media and analytical evaluation of website and Collection Online content. As well as through formal evaluations of learning, community and exhibition programming which allow a process of continuous improvement to deliver enriching experiences which involve and inspire people.

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Review of the Year

The financial statements set out on pages 29 to 61 cover the activities of The Royal Collection Trust (“The Trust”) and its trading subsidiary Royal Collection Enterprises Limited (together “Royal Collection Trust” or “the Group”). The Consolidated Statement of Financial Activities shows the gross income from all sources and the split of activity between restricted and unrestricted funds.

Public Access to the Collection

In 2024/25, Royal Collection Trust welcomed 2.9 million visitors to the official residences and The King’s Galleries.

Buckingham Palace Summer Opening, returning to opening seven days per week for in July and August for the first time since 2019, achieved its highest visitor numbers on record. The final week for the opening was again a dedicated Schools Week, providing the opportunity for primary, secondary and specialist learning schools to gain exclusive access to the State Rooms. Access to the Palace was further increased by adding more opportunities for guided tours, including of the first ever tours of the East Wing.

The King’s Gallery in London hosted two exhibitions during the year. The first of these was Royal Portraits: A Century of Photography , which brought together more than 150 photographic prints, proofs and documents from the Royal Collection and the Royal Archives. The second was Drawing the Italian Renaissance and featured around 160 works by artists such as Leonardo Da Vinci, Michelangelo, Raphael and Titian.

Windsor Castle continued to operate a five day per week operating model and experienced a small reduction in visitors. This was expected, following the increased demand driven by the Coronation the previous year. For a trial period from January to April 2025, £1 tickets were available for those in receipt of Universal Credit and other named UK Benefits, and over 18,000 visitors have visited the Castle as part of this scheme.

In Edinburgh, the Palace of Holyroodhouse was open for seven days per week during the summer, as it was in 2023/24. The Palace also offered £1 tickets for a trial period. The King’s Gallery in Edinburgh re-opened following a refurbishment during 2023/24, showing the exhibition Style & Society: Dressing the Georgians . This exhibition featured works from the Royal Collection providing an insight into the fashion of 18[th] -century Britain.

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Total visitor numbers:

Windsor Castle
Buckingham Palace
The King’s Gallery, Buckingham Palace
The Royal Mews
St James’s Palace
Palace of Holyroodhouse
The King’s Gallery, Palace of Holyroodhouse		 2024/25
000
1,367
683
174
165
1
440
45
2,875		 2023/24
000
1,402
530
194
182
1
443
1
2,753

Note: 49,000 learning and community group visitors are included in these numbers, and a further 1,000 people participated in digital learning activities (2023/24: 45,000).

Retail and trading activities

Retail and publishing income was significantly lower than in recent years at £22.0 million (2023/24: £27.0 million). As reported at the time, retail sales in those periods were boosted by the Jubilee range, the commemorative range celebrating the life of Queen Elizabeth II, and subsequently the Coronation range launched in 2023. The absence of commemorative events and a challenging retail environment overall saw a drop in sales both on and offsite. New merchandise ranges inspired by the Royal Collection and the official residences were introduced during the year. In addition to reviewing product ranges, the retail team have continued to focus on sustainable sourcing and consumption.

Publishing

Two publications aimed at enhancing the experience of visitors to Royal Collection sites were produced during the year. Be inspired: How to Draw Like a Renaissance Master was published in October 2024, to coincide with the opening of the Drawing the Italian Renaissance exhibition at The King’s Gallery London. This was not a conventional exhibition catalogue but instead a sketchbook intended to help people learn about and practice the drawing techniques used by Renaissance artists, thus reinforcing the theme of the exhibition which encouraged visitors to sketch the works on display.

The second title to be published during the year was the latest in our series of architectural histories focusing on the official royal residences, Palace of Holyroodhouse: ‘A house of many memories . The first official and complete history of the Palace, the book features specially commissioned photographs of the interiors to complement the text and was launched in

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October 2024. It received widespread coverage, including favourable reviews in Scottish Field , Country Life and other magazines and news outlets.

Three best-selling titles were reprinted again during the year due to popular demand: for A Royal Cookbook and Royal Teas this represented their 11th and 7th printing respectively since they were first published (in 2014 and 2017). The third, Buckingham Palace: A Royal Garden , is now on its third printing while we also brought back into print two books about Windsor Castle. The definitive history of the Castle, Windsor Castle: A Thousand Year s, was reprinted for the second time along with the more general account, Windsor Castle: An Illustrated History, also reprinted for the second time. Finally, one of two bespoke children’s books, Kings & Queen’s: Real Stories! , was reprinted for the second time.

On the academic front, the two-year photographic programme undertaken for the European Sculpture catalogue raisonné had been completed by the end of the year, with publication of the catalogue (under the joint imprint of RCT and Modern Art Press) scheduled for October 2025.

Conservation, Curatorial, and Custodial Control

During 2024/25, 127 additional pictures were rehung in the East Wing of Buckingham Palace including the D-Day, Holocaust and Windrush portraits, together with Commonwealth decorative art gifts and over 400 British and European ceramics enabling access for private and official visits. Thirteen important paintings were hung in the Wolsey Rooms at Hampton Court Palace where they are available for public view.

An enhanced display of South-Asian arms and armour was reinstated in the Indian Room in Buckingham Palace, which was opened to the public for the first time. The Small Chinese Room was also opened to the public for the first time as part of the tours of the East Wing of Buckingham Palace, and was furnished with a new scheme of furniture, ceramics, clocks and lacquer, in these combined rooms over 500 items of decorative art have been made publicly accessible for the first time.

Arms and Armour displays in the State Entrance at Windsor Castle were enhanced with the addition of 75 weapons and the displays of gifts in the Grand Vestibule rotated to include 20 new works of art, mostly presented to HM The King.

During 2024-25, short-term loans have been sent to 30 different venues (33 different exhibitions), involving 144 objects.

Conservation projects undertaken during the year included work on the Pittenweem Pedestal Clock, Count Gleichen’s sculpture, Alfred the Great, and a selection of works on paper including portrait miniatures, large water colours and photographs. The latter projects were in support

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of the publication on European Sculpture and the exhibition Edwardians: Age of Elegance, which opened at The King’s Gallery London in May 2025.

Inventory checks were carried out at Windsor Castle, Buckingham Palace, The King's Galleries, Frogmore House, Highgrove House, Sandringham House, Bagshot Park, Dumfries House and the Castle of Mey.

Royal Archives Online launched in March 2025, following the successful transformation of Georgian Papers Online. The Royal Library and Royal Archives answered 1,365 enquiries from the public and hosted 277 research days for national and international scholars as well as 59 group visits, including 14 school teaching visits. The Royal Bindery conserved 383 volumes, including unique manuscripts, rare books, archival documents and photograph albums. Notable conservation work undertaken during the year included the treatment of iron-gall ink corrosion in an original music score penned by the ten-year-old Mozart. Newly catalogued material includes 11,587 books and 4,800 archival documents, the latter fully digitised and published online for free. In March 2025, Royal Archives Online was launched as a free digital resource offering unprecedented access to the archival collections at Windsor Castle.

Insurance receipt

During the year, an insurance settlement was received in respect of snuff boxes stolen whilst on loan to the Musée Cognacq-Jay. The settlement has been placed into a designated fund to be used for the enhancement of the Collection.

Loan facilities

As part of measures to withstand and recover from the financial impact of the pandemic, in 2021 The Trust obtained loan facilities with Coutts & Co totalling £52 million. This was a combination of a term loan and a revolving credit facility. Following several successful trading years with a focus on financial recovery and cash generation the facilities have been reduced.

The drawn borrowings at 1 April 2024 of £7.5 million were fully repaid during the year. The Charity has retained a £15 million revolving credit facility which can be drawn if required. This facility is in place until March 2028, although the Charity may cancel the facility early. The loan facility is subject to covenant and all covenant requirements have been met throughout the year and are expected to be met in the future. Details of the loan facility are given in note 18.

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Looking ahead

Royal Collection Trust has achieved exceptional financial performance in recent years, due to a combination of very tightly controlled costs and strong demand for public access and retail products due to historic royal events. As Royal Collection Trust moves into the next financial year, the outlook is mixed. The most notable change will be the reduced capacity at Buckingham Palace in 2025 and 2026 due to the reservicing work at the Palace. In the long term this project will be beneficial but it will lead to a reduction in revenue for the next two years.

The retail environment is likely to remain challenging in the short term, and there is pressure on costs and capital spend to ensure the continued care of the Royal Collection and maintenance of public access. However, the public appetite to visit Royal Collection sites remains strong, and Royal Collection Trust continues to seek new opportunities to increase access to the Collection. Overall, the budget set for 2025/26 anticipates an operating surplus, albeit lower than in recent years, and the longer-term financial projection shows that the organisation will continue to be able to meet required expenditure whilst rebuilding free reserves.

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Reserves and going concern

Prior to the pandemic, The Trust’s policy had been to target a free reserves level of £10 million. The significant loss incurred in 2020/21 resulted in reserves being fully expended. At 31 March 2024 free reserves showed a deficit position of £5.0 million. The strong trading performance in 2024/25 has improved this to a positive free reserves position of £8.1 million.

During 2024/25 the Trustees re-evaluated an appropriate target level for free reserves. This process considered the experience of the pandemic-related closure, the process and timeline for raising external finance, and the current operating model of the organisation. The exercise concluded that it would be reasonable to target a minimum free reserves level of £10m, equivalent to 2-3 months of unavoidable cash expenditure. In arriving at this level, Trustees also considered the £15m revolving credit facility, where cash can be drawn at short notice, and which is in place until 2028. The liquidity that the credit facility provides was a key consideration in determining the appropriate level of the free reserves policy. The policy will be monitored, with the decision regarding any ongoing credit facility in 2028 being a trigger for a policy review.

The Trustees have considered budgets and long term projections for most likely and reasonably plausible downside scenarios. Under the reasonably plausible downside scenario, including a reduction in income and accounting for required capital spend, the loan facility will provide liquidity needed to meet all debts as they fall due. Under the most likely scenario, it is not expected that the facility will need to be drawn, as all requirements can be met from operating cash flows.

On the basis of the projections prepared, The Trustees have concluded that the Group and Charity will be able to meet their liabilities as they fall due and therefore continue as a going concern for a period of at least 12 months from the approval of these financial statements.

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Funds and Reserves

The reserves held at 31 March 2025 were as follows:

2024/25 2023/24
£000 £000
Restricted funds
Unrestricted funds
General funds
Fixed Asset Reserve
Free Reserve
Collection Investment Fund
Pension Reserve
Total Unrestricted Funds		 483
43,283
8,084
3,020
3,800
58,187		 515
45,579
(5,048)
-
2,400
42,931
Total Charity Funds 58,670 43,446

Details of the movements in fund balances are set out in note 19 on page 50.

Restricted funds

These are funds subject to specific restrictions imposed by donors that are still within the wider objects of the Charity.

Unrestricted funds

These are funds that are expendable at the discretion of the Trustees in furtherance of the Charity’s objects.

The funded status of the pension reserve has increased by £1.4 million, resulting in a total asset of £3.8 million. This arises as a consequence of an updated actuarial report based on market changes and assumptions applicable as at 31 March 2025 . The Trustees do not treat the pension reserve as available funds to be utilised as it is subject to market fluctuations and not realised in liquid funds. Consequently, the pension reserve is excluded from free reserves.

The fixed asset reserve represents the net book value of the group’s tangible and intangible assets. It is excluded from free reserves, as the Charity could not dispose of all or the majority of these assets and continue its operations as a going concern.

The designated fund ‘ Collection Investment Fund’ was created in 2024/25 upon receipt of an insurance settlement in respect of Collection items stolen whilst on loan to a third party (as noted on page 11). There is no legal restriction on the use of the funds. The Trustees have

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created a designated fund to ensure that this money is used towards the enhancement of the Royal Collection. The aim is to reach target free reserves excluding this fund.

Section 172 statement

In accordance with section 172 of the Companies Act 2006, the Board considers in its decision making how to promote the success of Royal Collection Trust as a whole, with due consideration to the impact of decisions on other stakeholders. The Board considers the impact of its decisions on beneficiaries of the work of Royal Collection Trust, employees, suppliers, local communities and the environment.

The strategic focus on visitor experience and broadening access to the Collection ensures attention is given to the beneficiaries of Royal Collection Trust’s activities. Pages 6 and 7 give examples. Feedback is invited from visitors to inform The Trust’s understanding of their needs. Details of employee policies and practices, ensuring that the needs of employees are taken into account, are set out in the section below on Employment Policies.

The Board seeks to act responsibly with regards to the environment, and further information is provided in the Environmental Sustainability section of this report. Royal Collection Trust seeks to deal fairly with suppliers when agreeing contractual terms and settling accounts promptly, paying invoices within 30 days on average. Royal Collection Trust seeks to act responsibly towards its local communities, making special provision for local access, providing workshops for local community groups and using local suppliers where appropriate.

The Board is satisfied that the examples above and the information contained elsewhere in this report demonstrates its commitment to good governance under section 172.

Fundraising

The great majority of Royal Collection Trust’s income is raised from admissions income from visitors to our sites and from retail sales. However, Royal Collection Trust does raise a small amount of additional funds from the corporate sector, Trusts and Foundations and Philanthropic individuals. Royal Collection Trust does not conduct mail-outs or practice 'cold calling' and only solicits gifts from supporters with whom it has an existing relationship.

Royal Collection Trust adheres to the Code of Fundraising Practice operated by the Fundraising Regulator, which includes guidance on fundraising with vulnerable people, as well as HMRC best practice for donor benefits.

Royal Collection Trust has clear, established and robust systems including: due-diligence reporting for solicitations in excess of £5,000, a gift-acceptance policy and a GDPR-compliant statement in place for approaching both existing and new prospects and the way in which we

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store personal data. There have been no failures by Royal Collection Trust to comply with these fundraising standards and the Group has received no complaints about its fundraising activities.

Risk Management

The Management Board and Operations Board of Royal Collection Trust, in conjunction with senior management in the Royal Household, is responsible for the oversight of the risk management process. Departmental Heads and senior managers are responsible for identifying, assessing and managing risk in their areas of responsibility and all staff are encouraged to identify operational risks in the performance of their duties. Risk management is designed to optimise performance and manage risk to a reasonable level, rather than to eliminate all risk of failure to achieve policies, aims and objectives.

Senior managers assess risks and opportunities in the preparation of longer-term operating plans. Specialist risk managers in the Royal Household include the Director of Digital Services, the Director of Property and the Director of Security Liaison. These specialists provide advice on the management of the risks falling within their areas of responsibility.

The Audit and Risk Assurance Committee is responsible for assessing the scope and effectiveness of the systems established by management to identify, assess, manage and monitor financial and non-financial risks and is supported in this role by the Internal Audit function. The Chairman of the Committee reports to the Board of Trustees at each meeting of the Trustees on the Committee’s activities and responsibilities.

The Committee meets three times annually and reviews the risk register twice a year. This follows a detailed review and discussion by the Operations Board. The Internal Audit function takes a risk-based approach to audits and operates to a plan of work agreed by the Audit and Risk Assurance Committee that is aligned to the risk register and the Group’s objectives. Evaluation of the Company’s exposure to risk includes consideration of governance, operational and information systems, the integrity of financial and operational information, the effectiveness and efficiency of operations, the safeguarding of assets and compliance with laws, regulations and contracts. The findings of all internal audit reviews are reported to the Committee.

The Committee monitors management’s progress with the implementation of agreed internal audit recommendations. Assurance on specialist areas such as data protection, property maintenance, health and safety and security is provided by suitably qualified senior managers in the Royal Household and where appropriate, external professionals. New activities and changes to existing processes are reviewed to ensure that appropriate controls are in place. Ongoing budgetary control is supported by the production of regular and timely financial management reports.

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Risks are currently categorised within 11 sections: Custody of the Collection, Conservation and Maintenance, Public Access to the Collection, Presentation and Interpretation, Audience Development, Generic, Operational, Staffing, Reputational, Compliance, and Environmental and Sustainability.

Key risks currently relate to physical and cyber security, staff recruitment and retention challenges, and Collection storage issues.

Royal Collection Trust manages key generic risks relating to physical and cyber security, potential failure of IT systems, the need to ensure appropriate and robust safeguarding measures for visitors and staff and the operational risks associated with managing large numbers of visitors. Led by the Royal Household’s Digital Services function, specific controls to address information risk are applied. Regular penetration testing of networks and systems is undertaken and staff training on cyber security and data protection is provided annually

The UK employment market continues to make recruitment a challenge, particularly given the large number of summer staff required to run visitor and retail operations. The condition and capacity of the Trust’s Collection stores also give rise to risk. This is a consequence of the challenges of storing material in historic buildings, the repairs and maintenance requirement at some storage facilities and an increase in overall volume of items requiring storage.

Management continues to monitor and manage ongoing risks relating to areas such as the achievement of charitable objectives, and the protection of the Group’s assets. Regular inventory checks ensure that the works of art within the Royal Collection are subject to proper custodial control. In addition, the checks confirm the condition of items in the Royal Collection and help to establish conservation priorities. Environmental monitoring of conditions throughout the official residences and at other locations where the Royal Collection is on display ensures that the deterioration of works of art is minimised.

The risk register is amended and reviewed regularly to reflect the changing risk profile outlined above.

Employment policies and employee engagement

As a department of the Royal Household, Royal Collection Trust follows the Royal Household’s employment policies and practices. These underpin organisational purpose and aim to create an engaged, diverse and adaptable workforce. The Royal Household benchmarks and seeks validation for its employment policies and practices.

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The Disclosure and Concern at Work policy clarifies the protection offered to ‘whistle-blowers’ under the Public Interest Disclosures Act, and an Employee Assistance Programme provides an additional, third-party route for staff to seek advice on these matters. Policies and procedures, including those relating to procurement, are kept under review to identify, prevent and mitigate any risks of modern slavery or human trafficking.

Royal Collection Trust is fully committed to proactively supporting the safeguarding of its employees, workers, visitors, and contractors, and has a clear Safeguarding Policy and set of procedures that are available both to staff and members of the public. This year employee safeguarding training has been reviewed to ensure staff knowledge is comprehensive and up to date.

Royal Collection Trust supports the professional development of our teams. It is committed to ensuring that all employees receive regular and good quality feedback and that they are supported to develop skills and experiences relevant to the requirements of their role and career ambitions.

Royal Collection Trust is already committed to building a more inclusive culture and this will continue to be a priority. Recognising the important role leaders play, the senior team has undertaken an inclusive leadership development programme designed to encourage them in being visible advocates for inclusion. In addition, resources will be expanded and learning opportunities made available to our employees and provide additional support for people managers to ensure all are aware of the role they play in building an inclusive culture. Listening via surveys and other forums, to ensure a culture that enables every employee to thrive is also in place.

Employees have been regularly informed of the organisation’s financial situation and strategic plans through Directors’ Briefings, both online and in person. Opportunities for employee voice is maximised via pulse surveys, listening sessions, ‘Investors in People’ accreditation activity and through the work of the Internal Communications Working Group. New opportunities for leaders to listen, engage and share continue to be welcomed.

As part of The Royal Household, Royal Collection Trust is supportive of employees who undertake volunteering and charitable activities, recognising the benefit to the individual involved and of forging links with the wider community. Employees can take up to five days paid volunteering leave a year for this purpose.

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Environmental Sustainability

The Royal Household recognises its role in reducing greenhouse gas emissions, restoring nature, supporting and collaborating with those doing the same and inspiring others to join the journey. As one of the Household’s five departments, Royal Collection Trust fully supports the Household objective of operating in a sustainable way and minimising its impact on the environment.

Over the last year the Royal Household sustainability programme has built strong foundations: developing the high-level pathway to Net Zero for direct emissions by 2040, enhancing internal and external communications, building staff engagement, knowledge and capability, establishing a governance framework and identifying appropriate external partnerships.

The Sustainability Team developed during the year to support across the Household brings together Nature expertise through a secondment from Natural England, a Sustainability Data Reporting Manager, an Energy and Environment Manager, and a placement role to provide an entry route into the profession.

In 2025-26 feasibility analyses for the largescale decarbonisation initiatives will be completed with the intention for this to enable on site work to begin 2026-27. An indirect (scope 3) emissions reduction pathway will be developed with a focus on working with suppliers.

As the programme matures the scope has widened from a carbon focus to reflect the interconnectivity of action for people, the climate and nature. With work now aligning under these three areas of action top level targets have been established for 2025-26 to measure progress.

These targets are underpinned by developing Departmental Action Plans that set clear goals and owners. The Royal Collection Trust Sustainability Action Plan was approved in July 2024. Achievements in the current financial year include:

Office lighting has been replaced with LED’s and where required, PIR lighting installed in corridors and communal areas of offices. Marlborough House Workshop has also had LED lighting upgrades.

Enhanced visitor recycling facilities and signage has driven a 5% decrease in staff and visitor waste to landfill at Windsor Castle. Work has also been underway to address some more challenging waste streams with combined recycling facilities now in place.

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A sustainability audit was conducted for the website, with areas for improvement identified and rolled out. Sustainability is prioritised when contracting with new suppliers and continues to be a focus in delivery.

There has been a focus on supply chain tracking with benchmarking data gathered on product country of origin. There has been continued focus on reducing excess packaging and providing reusable alternatives in place of single use items.

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Streamlined Energy and Carbon Reporting 2024/25

Royal Collection Trust is required to report on energy use and carbon emissions under the Streamlined Energy and Carbon Reporting regulations. The tables below provide the disclosure required in respect of The Royal Collection Trust and Royal Collection Enterprises Limited.

This SECR report covers:

Scope 1 – Natural Gas and Owned/leased vehicles.

Scope 2 – Electricity National Grid

Scope 3 – Travel in privately owned vehicles for business purposes

Greenhouse Gas Emissions

Greenhouse Gas Emissions
2025 (tCO2e) 2024 (tCO2e)
Location
 Market Location Market
based** based* based** based*
Emissions Scope 1 570 570
577		 577
Emissions Scope 2 578 41
522		 47
Total Scope 1 & 2 1,148 611
1,099		 624
Emissions Scope 3 13 13 14 14
Total GHG emissions
(1-3)		 1,161 624
1,113		 638

GHG emissions for reporting purposes are deemed to be Market-based.

* GHG emissions for grid electricity calculated according to the Market-based method supported by contractual arrangements with suppliers for the purchase of renewable electricity.

** GHG emissions for grid electricity calculated using UK grid-average (Location-based) emissions factor.

All emissions have been calculated using the relevant carbon conversion factors from DEFRA. Scope 1 emissions decreased in 2025 due to a decrease in consumption. Scope 2 consumption increased, due to an increase in consumption, for example due to increased activity and Buckingham Palace.

Energy Use

Energy Consumption 2025 2024
KWh(m) KWh(m)
Scope 1 3.10 3.14
Scope 2 2.79 2.52
Scope 3 0.05 0.06
Total kWh 5.94 5.72

21 Company Number 2713536

Royal Collection Trust

TRUSTEES’ REPORT 2024/25

Data has been sourced from accounting software using utility invoices, business mileage claims and fuel card invoices.

Royal Collection Trust has adopted Net Internal Area (NIA) as an intensity measure. The NIA of buildings during the 2024/25 financial year was 27,565 m[2] . Royal Collection Trust emitted 0.042 tonnes of CO2e per m2 of NIA when using grid average conversions. Royal Collection Trust emitted 0.024 tonnes of CO2e per m2 of NIA when allowing for Renewable Energy Guarantees of Origin (REGOs).

Energy consumption used to calculate emissions Natural gas consumption: 3,032,470 kWh
Company owned diesel vehicles: 60,291 kWh
Company owned petrol vehicles: 4,014 kWh
Electricity consumption: 2,792,223 kWh (of which
all except 199,815 kWh is REGO backed
renewably sourced electricity)
Non-company owned vehicles: 51,637 kWh
**Total: 5,940,636 kWh **
Emissionsfromcombustionofgas tCO2e (scope1) 554.6 tCO2e
Emissionsfrombusiness travel incompany ownedvehicles 15.3 tCO2e
Emissions from purchased electricity (scope 2, location 578.1 tCO2e (using grid average)
based) 41.4 tonnes (allowing for REGO backed renewable
generation)
Emissions from business travel in rental cars or employee 12.5 tCO2e
owned vehicles where company is responsible for
purchasing thefuel(scope 3)
1,160.5 tCO2e (using grid average)
Total gross CO2e based on the above 623.8 tCO2e (allowing for REGO back renewable
generation)

22 Company Number 2713536

Royal Collection Trust

TRUSTEES’ REPORT 2024/25

Statement of Trustees responsibilities in respect of the Trustees’ Annual Report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company and charity law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the group and parent charitable company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

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 group and parent charitable company and of the group’s income and expenditure for that period. In preparing each of the group and parent charitable company financial statements, the trustees are required to:

The trustees are responsible for keeping adequate and proper accounting records that are sufficient to show and explain the parent charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the

23 Company Number 2713536

Royal Collection Trust

TRUSTEES’ REPORT 2024/25

preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

The Trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the company’s auditor is unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Auditors

The Board has agreed that there will be a tender for the external auditor appointment which will take effect from the 2025/26 financial year.

By order of the Trustees

Sir Nicholas Bacon, Bt Trustee

Sir Brian Ivory Trustee

York House

St James’s Palace London SW1A 1BQ 2 July 2025

24 Company Number 2713536

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF THE ROYAL COLLECTION TRUST

Opinion

We have audited the financial statements of The Royal Collection Trust (“the charitable company”) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, The Royal Collection Trust Statement of Financial Activities, Consolidated and Trust Balance Sheet, Consolidated Statement of Cash Flows and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the group or the charitable company or to cease their operations, and as they have concluded that the group and the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the group’s business model and analysed how those risks might affect the group and charitable company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they

25

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROYAL COLLECTION TRUST

were made, the above conclusions are not a guarantee that the group or the charitable company will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

As required by auditing standards, and taking into account our overall knowledge of the control environment we perform procedures to address the risk of management override of controls, in particular the risk that Group management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Group’s revenue primarily arises from non-complex, individually low value transactions.

We did not identify any additional fraud risks.

We performed procedures including:

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies and charities legislation),

26

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROYAL COLLECTION TRUST

distributable profits legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety and employment law recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

Other information

The trustees are responsible for the other information, which comprises the Trustees' Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

Matters on which we are required to report by exception

Under the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:

27

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROYAL COLLECTION TRUST

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page 23, 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; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the group’s and 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 they either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

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, and to the charitable company's trustees, as a body, in accordance with section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the charitable company's trustees those matters we are required to state to them in an auditor's 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, its members, as a body and its trustees, as a body, for our audit work, for this report or for the opinions we have formed.

Lynton Richmond (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 15 Canada Square London E14 5GL

03 July 2025

28

Royal Collection Trust

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the consolidated income and expenditure account)

For the year ended 31 March 2025

Note
Income
Donations and legacies
4,19
Charitable Activities
Access
Presentation and interpretation
Other Trading Activities
Retail, catering, photographic services
Licences, commissions and fees
2
Investments
Investment income
6
Other income
Insurance receipt
19
Total income
Expenditure
Raising Funds
Fundraising
7
Retail, catering, photographic services
7
Charitable Activities
Access
7
Presentation and interpretation
719
Exhibitions and displays
7,19
Conservation
7,19
Custodial control
7
Other
Donations payable
5
Interest payable
6
Total expenditure
Net income/(deficit)
Other recognised gains/(losses)
Actuarial gain/(loss) on pension
scheme
22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Income
Unrestricted
£000
30
63,794
332
21,681
305
607
106
3,020
89,875
42
20,876
20,918
39,255
6,398
2,130
3,608
2,466
53,857
797
347
75,919
13,956
1,300
15,256
42,931
58,187		 Funds
Restricted
£000
59
-
-
-
-
-
-
-
59
-
-
-
-
40
13
38
-
91
-
-
91
(32)
-
(32)
515
483		 2025
Total
£000

89
63,794
332
21,681
305
607
106
3,020
89,934
42
20,876
20,918
39,255
6,438
2,143
3,646
2,466
53,948
797
347
76,010
13,924
1,300
15,224
43,446
58,670		 Income Funds
Unrestricted
Restricted
£000
£000
31
98
56,486
-
372
-
26,665
-
183
-
333
-
175
-
-
-
84,245
98
79
-
23,187
-
23,266
-
33,808
-
5,666
132
2,189
13
3,107
-
2,192
-
46,962
145
773
-
1,012
-
72,013
145
12,232
(47 )
(400 )
-
11,832
(47 )
31,099
562
42,931
515		 2024
Total
£000
129
56,486
372
26,665
183
333
175
-
84,343
79
23,187
23,266
33,808
5,798
2,202
3,107
2,192
47,107
773
1,012
72,158
12,185
(400 )
11,785
31,661
43,446

The results shown above relate to continuing activities. There are no recognised gains or losses other than those included above. The incoming resources and resources expended for the year are measured under the historical cost convention. The notes on pages 33 to 61 form part of these financial statements.

29

Company Number 2713536

Royal Collection Trust

THE ROYAL COLLECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2025

Note
Income
Donations and legacies
Received from subsidiary
24
Other donations
4,1
9
Charitable Activities
Access
Presentation and interpretation
Investments
Investment income
6
Other
Insurance receipt
19
Total
Expenditure
Raising Funds
Charitable Activities
Access
Presentation and interpretation
19
Exhibitions and displays
19
Conservation
19
Custodial control
Other expenditure
Interest payable
6
Total expenditure
Net income/(deficit)
Other recognised gains/(losses)
Actuarial gain/(loss) on pension
scheme
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Income Funds
Unrestricted
Restricted
£000
£000
7,123
-
30
59
63,815
-
211
-
204
-
882
-
3,020
-
75,285
59
42
-
42
-
49,914
-
3,709
40
986
13
3,608
38
2,466
-
60,683
91
165
-
347
-
61,237
91
14,048
(32 )
1,300
-
15,348
(32 )
42,452
515
57,800
483		 2025
Total
£000
7,123
89

63,815
211

204
882
3,020
75,344


42
42

49,914
3,749
999
3,646
2,466
60,774
165
347
61,328

14,016
1,300
15,316


42,967
58,283		 Income Funds
Unrestricted
Restricted
£000
£000
12,373
-
31
98
56,486
-
216
-
329
-
657
-
-
-
70,092
98

89
-
89
-
46,975
-
3,477
132
799
13
3,107
-
2,192
-
56,550
145
188
-
1,012
-
57,839
145
12,253
(47 )
(400 )
-
11,853
(47 )
30,599
562
42,452
515		 2024
Total
£000

12,373
129

56,486
216

329
657
-
70,190


89
89

46,975
3,609
812
3,107
2,192
56,695
188
1,012
57,984
12,206

(400 )
11,806


31,161
42,967

The notes on pages 33 to 61 form part of these financial statements.

30 Company Number 2713536

Royal Collection Trust

CONSOLIDATED AND TRUST BALANCE SHEET

As at 31 March 2025

As at 31 March 2025
2025 2025 2024 2024
Group Trust Group Trust
Note £000 £000 £000 £000
Non-current assets
Intangible assets 11 3,557 3,537 3,765 3,734
Tangible assets 12 39,977 39,551 42,078 41,527
Total non-current assets 43,534 43,088 45,843 45,261
Current assets
Stock and work in progress 14 6,565 - 4,936 -
Debtors 15 2,081 13,047 2,742 13,506
Bank deposits 10,861 545 2,736 588
Cash at bank and in hand 789 10 960 15
Total current assets 20,296 13,602 11,374 14,109
Liabilities
Creditors: amounts due within one year 17 (8,960) (2,207) (8,671 ) (11,303)
Net current assets 11,336 11,395 2,703 2,806
Creditors: amounts due in more than one year 18 - - (7,500 ) (7,500 )
Net assets excluding pension asset 54,870 54,483 41,046 40,567
Defined benefit pension scheme asset 21 3,800 3,800 2,400 2,400
Total net assets 58,670 58,283 43,446 42,967
Funds 19
Restricted funds
Fixed assets 251 251 264 264
Cash & Debtors 232 232 251 251
Total restricted funds 483 483 515 515
Unrestricted funds
General funds:
Fixed assets 43,283 42,837 45,579 44,997
Designated funds 19 3,020 3,020 - -
Free reserve 8,084 8,143 (5,048 ) (4,945))
Pension reserve 21 3,800 3,800 2,400 2,400
Total unrestricted funds 58,187 57,800 42,931 42,452
Total funds 58,670 58,283 43,446 42,967

The notes on pages 33 to 61 form part of these financial statements. These financial statements were approved by the Trustees on 2 July 2025 and were signed on their behalf by:

Sir Nicholas Bacon, Bt Trustee

Sir Brian Ivory Trustee

31

Company Number 2713536

Royal Collection Trust

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 March 2025

Reconciliation of net income to net cash generated by operating activities
2025
£000
Net income for the year
15,224
Adjustments for:
Actuarial (gain)/loss on defined benefit pension scheme
(1,300)
Amortisation
208
Depreciation
3,140
Loss on disposal of fixed assets
100
Increase in stock
(1,629)
Decrease/(increase) in debtors
609
Increase in creditors
467
Interest receivable
(607)
Interest payable
347
Net cash generated by operating activities
16,559
Statement of cash flows
Net cash generated by operating activities
16,559
Cash flows from investing activities:
Interest income
507
Purchase of intangible assets
-
Purchase of tangible fixed assets
(1,287)
Net cash used in investing activities
(780)
Cash flows from financing activities
Repayment of loan
(7,500)
Payment of loan interest
(325)
Net cash used in financing activities
(7,825)
Change in cash and cash equivalents in the year
7,954
Cash and cash equivalents at the beginning of the year
3,696
Cash and cash equivalents at the end of the year
11,650
Analysis of cash and cash equivalents
Cash at bank and in hand
10,861
Bank deposits
789
Total cash and cash equivalents
11,650		 2024
£000
11,785
400
248
3,242
433
(599)
(251)
1,172
(333)
1,012
18,307
18,307
233
(34)
(1,316)
(1,117)
(15,000)
(1,040)
(16,040)
(1,150)
2,546
3,696
960
2,736
3,696

Net income for the year
Adjustments for:
Actuarial (gain)/loss on defined benefit pension scheme
Amortisation
Depreciation
Loss on disposal of fixed assets
Increase in stock
Decrease/(increase) in debtors
Increase in creditors
Interest receivable
Interest payable
Net cash generated by operating activities
Statement of cash flows
Net cash generated by operating activities
Cash flows from investing activities:
Interest income
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayment of loan
Payment of loan interest
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Bank deposits
Total cash and cash equivalents

The notes on pages 33 to 61 form part of these financial statements.

32 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the group’s financial statements.

Status of company

The Royal Collection Trust (“The Trust”) is a company limited by guarantee, incorporated on 29 January 1993 and registered as a charity in England and Wales on 2 February 1993. The Charity is a public benefit entity. The Office of the Scottish Charity Regulator approved The Trust’s application to be registered as a charity in Scotland on 5 August 2008. The company was established under a Memorandum of Association which established the objects and powers of The Trust and is governed under its Articles of Association.

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP 2019 (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The company is exempt from the requirement to disclose the details of related party transactions with its subsidiary undertaking.

The subsidiary’s principal activities include: management of the admission of visitors to the official residences of The King to view the Royal Collection, the publication of books on the Royal Collection, the granting of rights for the use of images from the Royal Collection in books and other media and the sale of merchandise.

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate.

The Trustees have reviewed income, expenditure and cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements based on a ‘most likely’ scenario. In addition, sensitivity analysis has been prepared to reflect a reasonably plausible downside scenario. This analysis takes account of the requirements to service and repay borrowing facilities.

The Trust has a revolving credit facility that permits borrowing up to £15 million, which can be retained until March 2028. No security was required for the facility. The Trust has complied with the associated covenants since the facility was granted and expects to remain compliant for the full term of the loan. The Trust has not had need to draw on the facility since July 2024. In the ‘most likely’ scenario, there is no planned utilisation of the facility. In the reasonably plausible downside there is some utilisation of the facility, well within its terms.

Forecasts show that the Group and Charity will be able to continue in operation for a period of at least 12 months from the approval of the financial statements and will have sufficient funds to meet their liabilities as they fall due and will comply with loan covenants and the requirements to service and repay the loan.

On this basis, the Trustees have concluded that it is appropriate to prepare the financial statements on a going concern basis.

33 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies (continued)

Basis of consolidation

The group (collectively referred to as Royal Collection Trust or “the Group”) accounts consolidate The Royal Collection Trust and its subsidiary undertaking, Royal Collection Enterprises Limited on a line-by-line basis. These accounts are made up to 31 March 2025.

Income

Income represents:

In general, income is accounted for on a receivable basis, but is deferred when it is received in respect of events or transactions occurring after the year end. Entitlement to a donation arises immediately on receipt, pledges and promises of donations are only recognised as income when the receipt is probable and the amount of the promised gift can be measured reliably.

Resources expended

All outgoing resources are included in the Statement of Financial Activities inclusive of any irrecoverable VAT.

Donations are included in the Statement of Financial Activities when payable. Other charitable expenditure is recognised on an accruals basis, with liabilities valued at their settlement amount.

Expenditure incurred within The Trust is allocated between that incurred directly on admitting the public to the official residences, the conservation and maintenance of items in the Royal Collection, and that incurred on the management and administration of The Trust, details of which are disclosed in note 7. The allocation of management and administration costs between The Trust and its trading subsidiary and the subsequent apportionment to individual activities is based on an estimated proportion of time spent on those activities. The calculations underpinning such apportionments have been reviewed and updated during 2024/25. This exercise has not significantly altered the overall cost allocation across the reported activities.

Governance costs

These costs include the costs of governance arrangements which relate to the general running of The Trust as opposed to the direct management functions inherent in day-to-day operations. This includes such items as internal and external audit, legal advice for Trustees and costs associated with regulatory and statutory requirements.

Support costs

Support costs represent the staffing and associated costs of marketing, finance, human resources, IT and general administration in supporting the operational programmes for which The Trust is responsible.

34 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies (continued)

Exhibition costs

The costs of mounting exhibitions are written off as incurred.

Publishing

The cost of producing each book is carried forward as work in progress until publication. Where, however, it is envisaged that a book will make a loss (e.g. academic or specialist publications), the loss is recognised immediately. Publication titles are included in stock at the lower of cost or net realisable value. Publishing royalties are recognised when earned.

Fixed assets and depreciation

The buildings comprising Windsor Castle, Buckingham Palace (including The King’s Gallery and the Royal Mews) and the Palace of Holyroodhouse (including The King’s Gallery) are owned by The King as Sovereign and maintained by the Royal Household Property Section and Historic Environment Scotland. However, where improvements or major redevelopments are made to these buildings by Royal Collection Trust, in order to increase revenues or to fulfil The Trust’s charitable objects, the expenditure (including irrecoverable VAT) is capitalised and depreciation is charged over the estimated useful lives of the assets.

The Royal Collection consists of works of art of all kinds which are held by The King in right of the Crown and are held in trust for his Successors and the Nation. These are assets of historical and artistic importance that are held to advance the preservation, conservation and educational objectives of The Trust. Assets held in right of the Crown are not recognised as Heritage Assets by Royal Collection Trust, as they do not meet the recognition criteria of an asset under FRS 102 and are therefore not capitalised in these financial statements. Royal Collection Trust cannot control the benefits that arise from these assets as its role with respect to the Royal Collection as defined by its charitable objects is to administer, conserve, renovate, repair, maintain, improve and advise on the Royal Collection, the Royal Archives and the Photograph Collection which pass in right of the Crown.

All fixed assets are included in the financial statements at historical cost. No depreciation or amortisation is charged on assets in the course of construction until the assets have been successfully commissioned and are available for use. Finance costs incurred in connection with the construction of tangible assets are not capitalised and are charged to the income and expenditure account as incurred.

Depreciation and amortisation is provided by Royal Collection Trust to write off the cost or valuation less estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives which are determined on an individual asset basis as follows:

Building redevelopments - 40 years
Property improvements - 5 to 20 years
Plant and machinery - 5 to 20 years
Furniture, fittings and equipment - 2 to 10 years
Software development - 3 to 10 years

Individual assets costing less than £5,000 are not capitalised.

35 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies (continued)

If an asset is available for use but the cost cannot be reliably measured by the year end date (e.g. for construction projects where the final valuation of works is yet to be certified), the estimated cost of the asset is included in Assets in the Course of Construction and an accrual for estimated depreciation is charged against income and held in accruals until the final valuation is known and recorded in the fixed asset register. Where a project is complete and the asset is in use, but a retention is outstanding, the retention and associated depreciation are also accrued.

Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate of exchange ruling at the balance sheet date and the gains and losses on translation are included in the income and expenditure account.

Stock and work in progress

Stock and work in progress is stated at the lower of cost and net realisable value. Work in progress relates to the component cost of publishing stock and china products. Stock is valued using the first in first out method (FIFO).

Estimates and judgements

Provision is made against stock and work in progress where there are specific risks identified against the recoverability of carrying value. Further detail is given in note 14.

The pension costs and obligations of the Royal Households Group Pension Scheme are calculated on the basis of a range of assumptions, including the discount rate, inflation rate, salary growth and mortality. Differences arising as a result of actual experience differing from the assumptions, or future changes in the assumptions will be reflected in subsequent periods. A small change in assumptions can have a significant impact on the valuation of the liabilities. More details on the assumptions used, including sensitivity analysis, are given in Note 21. It should also be noted that the apportionment of assets between participating employers is subject to judgement, and the approach used has been applied consistently with the funding valuation and over time.

Financial instruments

The Charity holds basic financial instruments. These are initially measured at the amount receivable or payable and subsequently at the amount expected to be received or paid. The financial instruments that the Charity commonly holds are

No financial instruments are held at fair value through profit or loss. Financial instruments are held at amortised cost if the effect of discounting is material to the financial statements.

36 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies (continued)

Pensions

Royal Collection Trust participates in two pension schemes providing benefits based on final pensionable pay, The Royal Household Pension Scheme and The Royal Households Group Pension Scheme, and also a defined contribution scheme. The assets of the schemes are held separately from those of Royal Collection Trust. Contributions to the schemes are charged to the Statement of Financial Activities to reflect the cost of benefits accruing to members so as to spread pension costs over employees’ working lives with Royal Collection Trust.

One of these pension schemes, The Royal Household Pension Scheme, is managed by the Government and the benefits of the scheme are broadly analogous to the benefits of the Principal Civil Service Scheme (PCSPS). It is an unfunded scheme and the Consolidated Fund pays as a Standing Service the pension benefits of those Royal Collection Trust employees who entered employment before 1 April 2001.

The liabilities for this scheme are included within the resource accounts of the Consolidated Fund Account. Royal Collection Trust is unable to identify the share of the underlying assets and liabilities of the scheme attributable to its employees on a consistent and reasonable basis and therefore as permitted by FRS 102 this scheme is treated as a defined contribution scheme by Royal Collection Trust and the full cost of contributions made in the year is reflected in the Statement of Financial Activities.

The other scheme, The Royal Households Group Pension Scheme, is accounted for in accordance with FRS102 with current service cost and net interest cost recognised in net income and remeasurement of the net defined benefit asset or liability recognised in other comprehensive income. This scheme was closed to future service accrual from 1 April 2021 (although active members will maintain the link to future salary increases). From this date, members are enrolled in the defined contribution scheme, unless they choose to opt-out.

The assets of the defined contribution scheme are held separately from those of the company in an independently administered fund. The amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. Further details of the pension schemes are provided in note 21.

Taxation

The Royal Collection Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. In addition because the subsidiary is bound by deed of covenant to transfer all its taxable profit to The Trust, it incurs no liability to tax. Consequently Royal Collection Trust has no liability to tax and no deferred tax.

Restricted Funds

Restricted Funds include those receipts which are subject to specific restrictions, including donations towards specific projects for conservation and publishing.

37 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

1 Accounting policies (continued)

Unrestricted Funds

Unrestricted Funds include donations and other income received without restriction, including the profits of the subsidiary, which are expendable at the discretion of the Trustees.

Operating Leases

Operating lease rentals (net of any lease incentive) are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

Donated Goods, Facilities and Services

Donated goods, facilities and services are recognised when it has been established that The Trust has an entitlement to them, their receipt is probable and that their value can be measured reliably. Donated goods are measured at their fair value, while donated facilities and services are measured on the basis of their value to The Trust.

2 Licences, commissions and fees

Licences & royalties
Fees		 2025
£000
166
139
305		 2024
£000
117
66
183

38 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

3 Net income is stated after charging:
Auditor's remuneration:
Audit of these financial statements
Audit of subsidiary undertakings
Depreciation, amortisation and impairment
Owned assets
Operating lease charges
4 Donations and legacies received
Donations		 2025
£000
61
40
3,348
515
2025
£000
89		 2024
£000
56
36
3,490
366
2024
£000
129

39 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

5 Donations payable

Donations payable in the year were as follows:

Group Group Trust Trust
2025 2024 2025 2024
£000 £000 £000 £000
Privy Purse Charitable Trust 797 773 - -

6 Investment income and interest payable

Investment income on cash deposits
Interest received on loan to subsidiary
Net interest income on defined benefit pension assets/
interest charge on liabilities
Interest and charges payable on bank loans		 Group
2025
£000
507
-
100		 Group
2024
£000
233
-
100		 Trust

2025

£000

104

-

100		 Trust
2024
£000
54
175
100
607 333
204		 329
Group
2025
£000
347		 Group
2024
£000
1,012		 Trust

2025

£000

347		 Trust
2024
£000
1,012
347 1,012
347		 1,012

For further detail on the defined benefit pension scheme, please refer to note 21.

Interest and charges payable represent interest charged on the term loan and revolving credit facility and amortisation of arrangement fees which are spread over the life of the respective facilities. Further details of the borrowing facilities are given in note 18.

40 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

7 Resources expended

Raising funds:
Fundraising
Retail, catering, photographic
Charitable activities:
Access
Presentation & interpretation
Exhibition & displays
Conservation
Custodial control
TOTAL
Raising funds:
Fundraising
Retail, catering, photographic
Charitable activities:
Access
Presentation & interpretation
Exhibition & displays
Conservation
Custodial control
TOTAL		 Direct
costs
£000
42
18,868
37,128
4,804
1,667
3,527
2,228
68,264
Direct
costs
£000
79
21,380
31,916
4,474
1,833
3,015
2,008
64,705		 Central
& HR
£000
-
1,379
1,417
1,224
368
91
185
4,664
Central
& HR
£000
-
1,329
1,355
1,016
289
72
144
4,205		 IT
£000
-
344
382
204
51
13
25
1,019
IT
£000
-
219
242
130
32
8
16
647		 Finance
£000
-
207
230
123
31
8
15
614
Finance
£000
-
181
201
107
27
7
13
536		 Govern-
ance
£000
-
78
98
83
26
7
13
305
Govern-
ance
£000
-
78
94
71
21
5
11
280		 2025
Total
£000
42
20,876
39,255
6,438
2,143
3,646
2,466
74,866
2024
Total
£000
79
23,187
33,808
5,798
2,202
3,107
2,192
70,373

Non-direct costs are allocated on the basis of estimated usage. For detail on governance costs, see note 9.

8 Key management personnel, staff numbers and staff costs

The key management personnel of the group comprise the Trustees and the Management Board.

Trustees

None of the Trustees received any remuneration during the year in connection with their role as a Trustee of The Royal Collection Trust. The Trust paid liability insurance in respect of each Trustee at a cost of £322 per Trustee (2023/24: £290). None of the Trustees received reimbursed expenses (2023/24: nil).

41 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

8 Key management personnel, staff numbers and staff costs (continued)

Management Board

Key Management Personnel of the Group are the Trustees and Management Board. The Members of the Management Board are the Director of the Royal Collection, the Director of Finance and Corporate Services and the Director of Commercial Operations and Engagement.

The total payments to the Management Board during these periods were as follows:

2025 2025 2024 2024
Total Pension Total Pension
benefits contribution benefits contribution
(included in total (included in total
_benefits) _ benefits)
£000 £000 £000 £000
Management Board 531 67 500 61

Members of Management Board do not receive an expense allowance (but may be reimbursed for out-of-pocket expenses). The total remuneration of the Director of the Royal Collection was as follows:

Total remuneration Salary Pension Pension
2025
2024		 2025 2024 2025 2024
£000
£000		 £000 £000 £000 £000
Tim Knox 181 171 157 149 24 22

Pay and remuneration for key management personnel is determined on the same basis as that applied in relation to all roles, that is, a system of job evaluation and market intelligence relating to comparable external roles.

42 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

8 Key management personnel, staff numbers and staff costs (continued)

The average monthly head count was 1,064 staff (2024: 923 staff). The average number of fulltime equivalent (FTE) staff employed by the group or on permanent secondment from the Royal Household, analysed by category, was as set out below:

Care of the Royal Collection
Visitor experience
Central retail, publishing & communications
Management & support services
Royal Household shared services
aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security costs
Other pension costs		 Number of FTE
employees
2025
2024
89
78
438
387
66
60
19
21
77
69
689
615
2024/25
2023/24
£000
£000
22,993
19,713
2,080
1,853
3,049
2,766
28,122
24,332		 Number of FTE
employees
2025
2024
89
78
438
387
66
60
19
21
77
69
689
615
2024/25
2023/24
£000
£000
22,993
19,713
2,080
1,853
3,049
2,766
28,122
24,332		 Number of FTE
employees
2025
2024
89
78
438
387
66
60
19
21
77
69
689
615
2024/25
2023/24
£000
£000
22,993
19,713
2,080
1,853
3,049
2,766
28,122
24,332
24,332

The aggregate payroll costs of these persons were as follows:

Included within wages and salaries is £nil of redundancy and severance payments (2024: £72,000).

43 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

8 Key management personnel, staff numbers and staff costs (continued)

The Charities SORP requires that the number of employees whose total employee benefits exceed £60,000 is disclosed in bands of £10,000.

The following table shows the number of employees whose benefits (excluding contributions made to a pension scheme) were in excess of £60,000. These include staff employed by the Group or directly funded by the Group (including the directors of Royal Collection Enterprises Limited).

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£120,001 - £130,000
£130,001 - £140,000
£140,001 - £150,000
£150,001 - £160,000		 2024/25
All staff
Management
Board
6
-
6
-
5
-
2
-
1
1
-
-
1
1
1
1
22
3		 2023/24
All staff
Management
Board
2
-
9
-
5
-
-
-
-
-
-
-
3
3
-
-
19
3

No contributions to defined benefit pension schemes were made in respect of any members of staff (2023/24: nil).

44 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

9 Governance costs

External audit
Internal audit
Allocated internal costs
Trustee expenses (see note 8)		 Group
2025
£000
101
86
112
6		 Group
2024
£000
92
90
94
4
280		 Trust
2025
£000
60
21
44
6		 Trust
2024
£000
55
23
26
4
305 131 108

Trustee expenses are costs of Indemnity Insurance and Companies House fees.

10 Deferred Income

Income is deferred where it is received in respect of events or transactions occurring in the future, including advance admission-ticket sales.

At 1 April
Income brought forward released during year
Income deferred during year
At 31 March		 2025
2024
£000
£000
3,245
2,479
(3,245)
(2,479)
3,356
3,245
3,356
3,245

45 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

11 Intangible assets

Group
Cost
At 1 April 2024
Additions
Disposals /write-off
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Trust
Cost
At 1 April 2024
Additions
Disposals /write-off
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
Disposals /write-off
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Software
development
£000


955
-
-
955
924
11
935
20
31
702
-
-
702
702
-
-
702
-
-
Pug Yard Access

£000

4,903

-

-

4,903

1,169

197

1,366

3,537

3,734

4,903

-

-

4,903

1,169

197

-

1,366

3,537

3,734		 Total
£000
5,858
-
-
5,858
2,093
208
2,301
3,557
3,765
5,605
-
-
5,605
1,871
197
-
2,068
3,537
3,734

The intangible assets balance includes £3.5 million (2024: £3.7 million) in respect of a licence to use Pug Yard at Windsor Castle to construct a Learning Centre. The licence was granted to The Trust in return for funding the construction of Frogmore Workshops and was initially valued at the cost of construction. The licence is being amortised over the life of the new Learning Centre as the best estimate of the useful life of the licence, and at 31 March 2025 it has 18 years of amortisation remaining.

46 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

12 Tangible fixed assets

Building
developments
£000
Group
Cost
At 1 April 2024
45,765
Additions
-
Transfers
-
Disposals /write-off
-
At 31 March 2025
45,765
Depreciation
At 1 April 2024
11,938
Charge for the year
1,144
Disposals /write-off
-
At 31 March 2025
13,082
Net book value
At 31 March 2025
32,683
At 31 March 2024
33,827
Trust
Cost
At 1 April 2024
45,765
Additions
-
Transfers
-
Disposals /write-off
-
At 31 March 2025
45,765
Depreciation
At 1 April 2024
11,938
Charge for the year
1,144
Disposals /write-off
-
At 31 March 2025
13,082
Net book value
At 31 March 2025
32,683
At 31 March 2024
33,827		 Property
improvement
£000
11,436
291
45
(131 )
11,641
5,731
934
(123 )
6,542
5,099
5,705
10,911
291
45
(6 )
11,241
5,420
900
(6 )
6,314
4,927
5,491		 Plant and
machinery
£000
7,507
72
-
(103)
7,476
6,283
267
(103)
6,447
1,029
1,224
7,078
56
-
-
7,134
5,984
247
-
6,231
903
1,094		 Furniture,
fittings and
equipment
£000
7,699
640
11

(140)
8,210
6,524
795

(140)
7,179
1,031
1,175
6,459
635
-
(29)
7,065
5,478
714
(29)
6,163
902
981		 Assets in
course of
construction
£000
147
136
(56)

(92)
135
-
-

-
-
135
147
134
136
(45)

(89)
136
-
-

-
-
136
134		 Total
£000
72,554
1,139

-

(466)
73,227
30,476
3,140
(366)
33,250
39,977
42,078
70,347
1,118

-

(124)
71,341
28,820
3,005
(35)
31,790
39,551
41,527

Assets in the course of construction relates to capital expenditure that has not yet met the criteria for recognition on the fixed asset register. These are assets that are not yet ready for use.

The net book value of intangible and tangible assets held at 31 March 2025 amounted to £43.5 million, of which £40.0 million was held for charitable activities and £3.6 million was held for trading activities.

47 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

13 Fixed asset investments

On 31 March 1993 The Trust acquired all of the issued shares of Royal Collection Enterprises Limited for no consideration; the investment is shown in the balance sheet at market value, which in the opinion of the Trustees is nil as the undertakings of Royal Collection Enterprises Limited cannot be transferred to third parties. Furthermore, in the event of Royal Collection Enterprises Limited ceasing to trade, the Trustees estimate that the realisable value of that company’s net assets would be nil.

Details of subsidiary undertaking:

Country of
registration or
incorporation		 Principal activity Class and
percentage
of shares
held
Royal Collection Enterprises Limited
York House
St James’s Palace
London SW1A 1BQ		 England and
Wales		 Management of
public access to the
Official Residences
of the Sovereign		 Ordinary
shares 100%

14 Stock and work in progress

Finished goods
Work in progress		 Group
2025
£000
5,491
1,074
6,565		 Group
2024
£000
3,975
961
4,936		 Trust
2025
£000
-
-
-		 Trust
2024
£000
-
-
-

The increase in stock is primarily due to rebalancing inventory levels to ensure availability across the product range. Stock is stated net of a provision of £555,000 (2024: £627,000). The provision reflects the risk of not recovering the carrying value of specific stock items. Stock is valued using the FIFO method (first in, first out).

15 Debtors

Trade debtors
Amounts due from subsidiary
Other debtors
Prepayments and accrued income		 Group
2025
£000
822
-
623
636
2,081		 Group
2024
£000
984
-
568
1,190
2,742		 Trust
2025
£000
624
12,034
-
389
13,047		 Trust
2024
£000
565
12,353
-
588
13,506

48

Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

16 Movement in cash and net debt

Cash at bank & in
hand
Bank loans > 1 year
Net debt		 31 March
2024
£000
3,696

(7,500 )
(3,804 )		 Cash from
operating &
investing
activities
£000
15,779
-
15,779		 Loan
interest paid
£000
(325 )
-
(325 )		 Net loan
drawdown/
(repayment)
£000
(7,500 )
7,500
-		 31 March
2025
£000
11,650
-
11,650

17 Creditors: amounts falling due within one year

Trade creditors
Amounts due to subsidiary
Other creditors including taxation
Accruals and deferred income		 Group
2025
£000
2,715
-
23
6,222
8,960		 Group
2024
£000
2,340
-
28
6,303
8,671		 Trust
2025
£000
939
793
-
475
2,207		 Trust
2024
£000
1,279
9,352
-
672
11,303

18 Creditors due in more than one year

Loan
Undrawn facility		 Group
2025
£000
-
15,000		 Group
2024
£000
7,500
7,500		 Trust
2025
£000
-
15,000		 Trust
2024
£000
7,500
7,500

The loan facility is a revolving credit facility (RCF). Amounts drawn under the agreement are charged at an annual rate of 2.8% plus the bank base rate. Undrawn amounts incur a 1.4% per annum non-utilisation fee. The remaining facility can be drawn at any time by request from The Trust. Drawn funds can be returned to the bank without reducing the facility. The facility will end in March 2028, unless The Charity chooses to cancel part or all of the facility early.

The facility is subject to a covenant that tests liquidity at specified points. There have been no breaches of covenant during the year or subsequently, and the Charity expects to comply with the covenant for the full term of the loan facility.

49 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

19 Income Funds

Group
At 1 April 2024
Incoming resources
Resources expended
Actuarial gain
At 31 March 2025
Group
At 1 April 2023
Incoming resources
Resources expended
Actuarial loss
At 31 March 2024
Trust
At 1 April 2024
Incoming resources
Resources expended
Actuarial gain
At 31 March 2025
Trust
At 1 April 2023
Incoming resources
Resources expended
Actuarial loss
At 31 March 2024		 Restricted
funds
£000
515
59
(91)
-
483
Restricted
funds
£000
562
98
(145 )
-
515
Restricted
funds
£000
515
59
(91 )
-
483
Restricted
funds
£000
562
98
(145)
-
515		 Designated
fund
£000
-
3,020

-
-
3,020
Designated
fund
£000
-
-
-
-
-
Designated
fund
£000
-
3,020
-
-
3,020
Designated
fund
£000
-
-
-
-
-		 Pension
reserve
£000
2,400
100
-
1,300
3,800
Pension
reserve
£000
2,700
100
-
(400)
2,400
Pension
reserve
£000
2,400
100
-
1,300
3,800
Pension
reserve
£000
2,700
100
-
(400)
2,400		 General
funds
£000
40,531
86,755
(75,919)
-
51,367
General
funds
£000
28,399
84,145
(72,013)
-
40,531
General
funds
£000
40,052
72,165
(61,237)
-
50,980
General
funds
£000
27,899
69,992
(57,839)

-
40,052		 Total
£000
43,446
89,934

(76,010)
1,300
58,670
Total
£000
31,661
84,343
(72,158)
(400)
43,446
Total

£000
42,967
75,344

(61,328)
1,300
58,233
Total
£000
31,161
70,190

(57,984)
(400)
42,967

The Designated fund consists of a £3.0 million insurance receipt. The receipt was recognised in unrestricted income in 2024/25. The settlement was in respect of snuff boxes while on loan to a third party. The funds have been designated for use to enhance the Royal Collection.

50 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

19 Income Funds(continued)
Restricted funds:
Presentation and interpretation:
Publishing Supporters Fund
Learning Supporters Fund
Other restricted funds
Conservation:
Painting restoration, interns
Exhibitions:
The King's Gallery, London
The King's Gallery, Edinburgh
Total restricted funds		 Opening
Funds
£000
171
27
20
218
33
195
69
264
515		 Income
£000
-
39
-
39
20
-
-
-
59		 Expenditure

£000
(28)
(12)
-
(40)
(38)
(9 )
(4 )
(13)
(91)		 Closing
Funds
£000
143
54
20
217
15

186

65
251
483

Presentation and Interpretation

The Publishing Supporters Fund includes support for specific titles and funding for general publishing spend. The expenditure during the year has been incurred towards the publication on European Sculpture in the Royal Collection.

The Learning Supporters Fund represents donations in support of learning projects, both for specified purchases and general funding of learning programmes, and funding for subsidised travel for school trips to Royal Collection Trust sites.

The Conservation fund income during the year is a donation towards an internship in the Works of Art team. Expenditure during the year relates partly to this donation and the remainder was utilisation of the opening balance on this fund for the conservation of a painting by Giulio Romano.

Other restricted funds include funding towards digitisation of images and records of specific items within the Royal Collection.

Exhibitions

These restricted funds were given to support capital works to the Galleries and are amortised over the economic life of capital assets at The King’s Gallery in London and The King’s Gallery, Edinburgh.

51 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

19 Income Funds (continued)

Assets representing funds:

Group
Restricted
funds
£000
Intangible fixed assets
-
Tangible fixed assets
251
Current assets
232
Creditors due in < 1 year
-
Creditors due in > 1 year
-
Pension asset
-
At 31 March 2025
483
Group
Restricted
funds
£000
Intangible fixed assets
-
Tangible fixed assets
264
Current assets
251
Creditors due in < 1 year
-
Creditors due in > 1 year
-
Pension asset
-
At 31 March 2024
515
Trust
Restricted
funds
£000
Intangible fixed assets
-
Tangible fixed assets
251
Current assets
232
Creditors due in < 1 year
-
Creditors due in > 1 year
-
Pension asset
-
At 31 March 2025
483
Trust
Restricted
funds
£000
Intangible fixed assets
-
Tangible fixed assets
264
Current assets, incl. loan to subsidia
251
Creditors due in < 1 year
-
Creditors due in > 1 year
-
Pension asset
-
At 31 March 2024
515		 Designated
funds
£000
-
-
3,020
-
-
-
3,020
Designated
funds
£000
-
-
-
-
-
-
-
Designated
funds
£000
-
-
3,020
-
-
-
3,020
Designated
funds
£000
-
-
-
-
-
-
-		 Pension
reserve
£000
-
-
-
-
-
3,800
3,800
Pension
reserve
£000
-
-
-
-
-
2,400
2,400
Pension
reserve
£000
-
-
-
-
-
3,800
3,800
Pension
reserve
£000
-
-
-
-
-
2,400
2,400		 General funds
£000
3,557
39,726
17,044
(8,960)
-
-
51,367
General funds
£000
3,765
41,814
11,123
(8,671)
(7,500)
-
40,531
General funds
£000
3,537
39,300
10,350
(2,207 )
-
-
50,980
General funds
£000
3,734
41,263
13,858
(11,303 )
(7,500 )
-
40,052		 Total
2025
£000
3,557
39,977
20,296

(8,960)
-
3,800
58,670
Total
2024
£000
3,765
42,078
11,374

(8,671)

(7,500)
2,400
43,446
Total
2025
£000
3,537
39,551
13,602

(2,207)
-
3,800
58,283
Total
2024
£000
3,734
41,527
14,109
(11,303)
(7,500)
2,400
42,967

52 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

20 Commitments

Capital commitments at 31 March 2025 for which no provision has been made were as follows:

Contracted
Authorised but not contracted		 Group
2025
£000
-
2,600		 Group
2024
£000
84
202
286		 Trust
2025
£000
-
2,600
2,600		 Trust
2024
£000
-
102
2,600 102

Capital works approved not yet contracted include repairs to the roof at the main Collection store, upgrades to the security systems at London sites and internal refurbishment to the Kings Gallery, London.

Operating Lease Commitments

Total of future minimum lease payments at the end of the reporting period, for each of the following periods:

- within one year
- in the second to fifth year
- later than five years		 Group
2025
£000
648
1,576
1,319		 Group
2024
£000
604
1,718
1,661
3,983		 Trust
2025
£000
98
7
-
105		 Trust
2024
£000
94
2
-
3,543 96

During 2023/24 Royal Collection Enterprises Limited entered into a lease for a new retail warehouse. The lease is for a minimum 10 year period ending in 2034 and this commitment in reflected in the note above. The lease has been assessed as an operating lease and rentals are charged to income and expenditure on a straight line based over the life of the lease.

21 Pension schemes

The group participates in three pension schemes as follows:

Scheme 1 The Royal Households Group Pension Scheme Scheme 2 The Royal Household Pension Scheme Scheme 3 The Royal Household Worksave (Mastertrust) Pension Scheme

Schemes 1 and 2 are closed to new members. Employees are entitled to be members of the Royal Household Worksave (Mastertrust) Pension Scheme. Details of the schemes are set out below.

Scheme 1 provides benefits based on final pensionable pay and is non-contributory for employees. The contributions for this scheme are determined by a qualified actuary, on the basis of triennial valuations. The most recent approved valuation of the scheme was carried out as at 31 December 2023.

53 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

21 Pension schemes (continued)

It is the stated policy of the Trustees that the Charity’s share of the assets and liabilities of Scheme 1 are to be recognised in the financial statements of The Royal Collection Trust.

Scheme 2 is managed by the Government and has terms by-analogy to the Principal Civil Service Pension Scheme. Eligible employees are those who were previously paid from the Civil List and are now paid by The Royal Collection Trust and who joined the Royal Household prior to 1 April 2001.

The scheme is an unfunded multi-employer defined benefit scheme in which Royal Collection Trust is unable to identify the share of the underlying assets and liabilities attributable to its employees and as permitted by FRS 102 this scheme will continue to be accounted for as if it were a defined contribution scheme.

The scheme actuary (Government Actuary’s Department) valued the scheme as at 31 March 2019 and updates that valuation for International Accounting Standard 19: Employee Benefits (IAS19) annually. The total liabilities of the scheme at 31 March 2024 were £77.6 million (2023: £83.6 million). The liabilities at 31 March 2025 are not yet available but will be disclosed in the Consolidated Fund Account when it is published. Royal Collection Trust funds all or part of the employment costs of 7 of the 23 active members of the scheme as at 31 March 2025 (2024: 6 of 27 active members).

Pension contributions are paid directly to the Consolidated Fund and, in turn, pension benefits are paid directly from the Consolidated Fund as a Standing Service on a defined benefit basis. The contribution rate during the year was 21.1% of pensionable pay, reflecting a valuation by the Government Actuary’s Department. The contribution rates reflect the cost of pension benefits as they are earned by employees.

Scheme 3 is administered by Legal and General and is non-contributory for employees. Benefits are based on contribution levels linked to investment returns over the period to retirement. A stakeholder plan was provided until July 2020, when it was replaced with the Royal Household Worksave (Mastertrust) Scheme. Employees can make additional contributions up to the HM Revenue & Customs’ limits.

The total pension charge for the year was £3,049,000 (2023/24: £2,766,000).

Royal Collection Trust accounts for pension costs in accordance with FRS 102 which requires the following disclosures in respect of Royal Collection Trust’s pension schemes:

54 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

21 Pension schemes (continued)

Scheme 1 – further details

Royal Collection Trust participates in a funded defined benefit pension plan, the Royal Households Group Pension Scheme – Royal Collection ('the Scheme').

The level of benefits provided by the Scheme depends on a member’s length of service and their salary at their date of leaving the Scheme. Under the plan, employees are entitled to annual pensions on retirement at age 60 of 1/60 of final pensionable salary for each year of service up to 31 March 2007, then 1/70 for service up to 31 March 2019, then 1/90 for service from 1 April 2019. The scheme closed to future accrual with effect from 1 April 2021, however former active members still retain their link to salary increases. From 1 April 2021 members are enrolled in the Royal Household Defined Contribution Worksave (Mastertrust) Pension Scheme, unless they choose to opt out.

The last funding valuation of the Scheme was carried out by a qualified actuary as at 31 December 2023 and no regular contributions are due to be paid by Royal Collection Trust to the Scheme during the year to 31 March 2025 (year to 31 March 2024: £nil), other than administration expenses.

The results of the latest funding valuation at 31 December 2023 have been adjusted to the balance sheet date taking account of experience over the period since that date, changes in market conditions and differences in the financial and demographic assumptions and an allowance has been made for additional benefits due to GMP equalisation. The present value of the defined benefit obligation was measured using the Projected Unit Credit Method.

The principal assumptions used to calculate the liabilities under FRS 102 are as follows:

Financial assumptions

31 March 2025 31 March 2024
% per annum % per annum
RPI inflation 3.05 3.10
CPI inflation 2.45 2.50
Rate of general long term increase in salaries 3.95 4.00
Pension increase (LRP15) 2.90 2.90
Discount rate for scheme liabilities 5.75 4.80
Demographic assumptions
31 March 2025
31 March 2024
Years
Years
Life expectancy for male currently aged 65 21.3
22.0
Life expectancy for a female currently aged 65 23.4
24.4
Life expectancy at 65 for male currently aged 45 22.6
23.3
Life expectancy at 65 for a female currently aged 45 24.9
25.8
Cash commutation Members assumed to take their cash lump
sum at retirement

The mortality assumptions are based on the results of the most recent Scheme funding valuation and allow for expected future improvements in mortality rates.

55 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

21 Pension schemes (continued)

Scheme assets

Equities
Fixed interest gilts
Index-linked gilts
Property
Cash		 31 March 2025
£m
%
7.9
36
3.7
17
6.7
31
1.2
5
2.4
11
21.9
100		 31 March 2024
£m
%
8.7
38
4.1
18
7.4
32
2.4
10
0.4
2
23.0
100

None of the Scheme assets are invested in the Trust's financial instruments or in property occupied by, or other assets used by, the Group. The assets of the Scheme are not segregated by employer and hence the split of the assets is determined in an approximate basis, by an independent actuary. In order to determine this approximate split, each quarter’s asset split is rolled-forward allowing for those contributions and benefit payments linked to Royal Collection Trust.

Reconciliation of funded status to balance sheet

Fair value of assets
Present value of funded defined benefit obligations
Funded status
Unrecognised asset
Asset recognised on the balance sheet		 31 March 2025
£m
21.9
(18.1)
3.8
-
3.8		 31 March 2024
£m
23.0
(20.6)
2.4
-
2.4

When determining the asset recognised on the balance sheet, it has been assumed that The Royal Collection Trust would be able to recover the surplus through a refund from the Scheme in the future. This reflects the provisions of the Scheme's documentation.

Amounts recognised in net income

Interest income on net defined benefit assets
Interest charge on defined benefit liabilities
Net credit included in ‘investment income’
Administration costs recognised in net income
Net charge to net income		 31 March 2025
£m
1.1
(1.0)
0.1
0.1
0.0		 31 March 2024
£m
1.1
(1.0)
0.1
0.1
0.0

56 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

Other recognised gains and losses

Losses on scheme assets during the year
Gains on scheme liabilities during the year
Total other recognised gain/(loss)		 31 March
2025
£m
(1.5)
2.8
1.3		 31 March
2024
£m
(0.9 )
0.5
(0.4 )

Changes to the valuation of the defined benefit obligation during the year

Obligation at the start of the year
Interest cost on defined benefit obligations
Actuarial gains on scheme liabilities
Administration expense
Net benefits paid out
Obligation at the end of the year		 31 March
2025
£m
20.6
1.0
(2.8 )
0.1
(0.8)
18.1		 31 March
2024
£m
20.8
1.0
(0.5)
0.1
(0.8)
20.6

The Trustees of the Royal Households Group Pension scheme are assessing the consequences of Virgin Media Ltd vs NTL Pension Trustees court case. No adjustment has been made to the defined benefit obligation in response to this case as at 31 March 2025. This approach will be kept under review .

Changes to the fair value of scheme assets during the year

Fair value at the start of the year
Interest income on scheme assets
Losses on scheme assets
Contributions by the employer
Net benefits paid out
Fair value at the end of the year		 31 March 2025
£m
23.0
1.1
(1.5 )
0.1
(0.8 )
21.9		 31 March 2024
£m
23.5
1.1
(0.9)
0.1
(0.8)
23.0

57 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

Estimated charge to net income for the next year

Using the assumption for the discount rate set out above, we estimate that the charge to the profit and loss account for the next financial year will be:

£m
Administration cost (0.1)
Net interest income 0.2
Net credit to net income 0.1

The actual amount to be charged to the profit and loss account for the next financial year might be different to that estimated above.

Sensitivity of the results to the key assumptions

The key assumptions used for FRS 102 are: discount rate, inflation and mortality. If different assumptions were used, this could have a material effect on the results disclosed. The sensitivity of the results to these assumptions is as follows.

Plan assets Obligation Surplus/(deficit)
Following a 0.5% decrease in Change 0.0 1.1 (1.1)
the discount rate
New value 21.9 19.2 2.7
Following a 0.5% increase in Change 0.0 0.7 (0.7)
the inflation assumption
(excluding salary increases) New value 21.9 18.8 3.1
Following a 1-year increase in Change 0.0 0.7 (0.7)
life expectancies
New value 21.9 18.8 3.1

The sensitivities to changes in assumptions have been expressed based on the expected impact that changes to assumptions would have on the defined benefit obligation based on the profile of the liabilities as at the last triennial valuation (31 December 2023) and are not sensitive to the Defined Benefit Obligation (DBO) quoted in the accounting results to changes in assumptions used to value the DBO as at 31 March 2025.

Scheme 2 – further details

Scheme 2 is a multi-employer scheme. Royal Collection Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and as permitted by FRS 102 the scheme has been accounted for by Royal Collection Trust as if the scheme was a defined contribution scheme.

58 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

22 Related Party Transactions

Set out below are details of transactions during the year with related parties and with other entities which, whilst not related parties, it is deemed appropriate to disclose. The figures in italics represent the amounts due (to) or from related parties at the balance sheet date.

Related Party 2025 2024
Details of Transaction
£000 £000
Royal Household 17,739 16,602
Charges to Royal Collection Trust (RCT) for various services
(1,878) (1,900)
including personnel, payroll, pensions administration, internal
audit, records management, property maintenance services and IT
services.
Royal Household 71 95
Recovery from the Royal Household of costs incurred on behalf
- 9
of the Royal Household.
Privy Purse 797 773
Donation to the PPCT in lieu of its right to charge for admission
Charitable - (4) to Queen Mary’s Dolls’ House, (Windsor Castle) & contribution
Trust (PPCT) for publications relating to the Doll’s House
St George’s 2,135 2,057
Payment to St George’s Chapel in respect of admissions to St
Chapel 11 (5)
George’s Chapel, Windsor Castle collected by Royal Collection
Enterprises Limited (RCEL).
Privy Purse 4 26
Sale of goods for resale to the Privy Purse; recharge of costs
- -
incurred by RCEL on behalf of the Privy Purse.
Privy Purse - 10
Payment to Privy Purse in respect of costs incurred on behalf of
- (9)
RCEL, and royalties payable by RCEL for use of Royal Farms milk
andcontributions to shared funds.
Historic Royal Palaces (HRP) 49 66
Recovery of costs from HRP for maintenance, services and goods
- (20)
for resale purchased from RCEL.
Balmoral Estate 11 8
Purchase by Balmoral Estate of RCEL goods for resale. recharge
- - ofcostsincurredbyRCTonbehalfof Balmoral
Sandringham Estate 12 45
Purchase by Sandringham Estate of RCEL goods for resale,
1 -
recharge ofcostsincurredbyRCTonbehalfofSandringham
Sandringham Estate 15 15
Payment by RCT to Sandringham for use of storage space
- -
Royal Household Staff 18 19
Contribution to the Fund for the benefit of employees of The
Wellbeing Fund (9) (9) Royal Household including Royal Collection Trust.
Royal Households Group 126 108
Administration costs for the defined benefit pension scheme.
Pension Scheme (26) (-)

Transactions are settled in cash. Transactions with key management personnel are disclosed in Note 8. None of the Trustees, directors or other related parties except as referred to above or as otherwise disclosed in the financial statements has undertaken any transactions with The Royal Collection Trust or Royal Collection Enterprises Limited during the year. The Company is exempt from the requirement to disclose the details of related party transactions with its subsidiary undertaking.

59 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

23 Royal Collection Enterprises Limited

The Trust’s wholly-owned subsidiary, Royal Collection Enterprises Limited (company number 2778486), has a paid up share capital of £2, and is incorporated in the UK. Audited accounts are filed with the Registrar of Companies and a summary of its trading results is shown below.

Principal activities

The principal activities of the company are the management of public access to the official residences of The King and the sale of merchandise. Taxable profits are Gift Aided in full under deed of covenant to the holding company, The Royal Collection Trust, a company limited by guarantee and registered as a charity.

Business review

The purpose of the company is to generate income for The Royal Collection Trust for the presentation, maintenance and conservation of the Royal Collection.

Income is raised from fees for the management of public access and shop sales at the official residences of The King.

In addition to the above, income is raised through off-site retail activities, catering operations at the Palace of Holyroodhouse, Windsor Castle and Buckingham Palace Summer Opening, and fees for reproducing images of items in the Royal Collection.

The Royal Collection Trust has responsibility for admitting visitors to the official residences of The King and the company acts as an agent of The Trust in managing the admission of visitors to the official residences.

60 Company Number 2713536

Royal Collection Trust

NOTES (forming part of the Financial Statements)

23 Royal Collection Enterprises Limited (continued)

Profit and Loss Account

for the year ended 31 March 2025

Turnover
Direct costs, including cost of sales
Gross profit
Administrative expenses
Donations payable
Other operating income
Operating profit
Interest payable
Interest receivable
Profit for the financial year
Balance Sheet
as at 31 March 2025
Fixed and current assets
Current and non-current liabilities
Net assets and shareholder’s funds
Reserves
At the beginning of the year
Profit for the year
Deed of covenant due to The Royal Collection Trust
Retained loss for the year
At the end of the financial year		 2025
£000
68,822
(57,826)
10,996
(3,710)
(797)
139
6,628
-
403
7,031
2025
£000
19,966
(19,579)
387
479
7,031
(7,123)
(92)
387		 2024
£000
70,861
(54,280)
16,581
(3,526)
(773)
66
12,348
(175)
179
12,352
2024
£000
19,547
(19,068)
479
500
12,352
(12,373)
(21)
479

61 Company Number 2713536