THE CAZENOVE CHARITABLE TRUST Registered Charity No. 1086899 Annual report and financial ststements Year ended 31 December 2025
THE CAZENOVE CHARITABLE TRusr ANNUAL REPORT AND FINANCIAL ATEmENTs J I DECEMBER 2025 Contents Tru5tee5' annual report Independent auditor's report to the Trustees of The Cazenove Charitable Trust Statement of financial attivlues Balance sheet Sratement of cash flows 10 Notes to the finAnclal stxtements
THE CAZENOVE CHARITA8LE TRUST Tru5tee5' annual report for the year ended 31 December 2025 The Tru5tee5 present thelr annual report and the aud flnancial Statements for the year ended 31 December 20. The financAI ttatements have be& wepared in accordance with the accounting policies set out in note I to the financial ststements and cornply with the Charity's Trus¢ t)eed, the Chariue5 Act 2011. the Statement of Recommended Practicv. Accounun8 aftd Reporting by Charitie¥ preparing their fina1 ststement5 in a¢<ordnce with the Flnanclal Reporting Stsnthrd applicable in the UK and Republic ol Ireland IFRS 1021 i55ued on 16 july 2014. UThi¢ed ngdom Accountyng Standards Iunited Kingdorn Generally Accepted Accountyng Pracucel including FR5 102"The nancial Reporring standard ¥plicable in the UK and Rwbllc of Ireland" The flficIal statements have been prepared to give a 'tyue and fa, view and have departed from the Charltles (Accounts and Reports) RezuLitlons 2008 onty to the extent required to provide a 'true and fair. view. deparwre has inyofved lollowing Accountin¥ and Reporting by Charityes preparint their financ1 statements in aVrance wth the Flnanclal Reporrin8 Standard appliable bn the LIK and Republic ol Ireland IFRS 102) ffjsued 16July 2014. Charitable Trust's office The Trus¥5 0ratry address and address reg1sred wlth the Charity Commisslon IJ at l London Wall Plac4 Lonihn EC2Y SAU. constituan The Deed of Sttdement contains the prov15ions for the purpose and administrarlon of the charly. Charity CommisJioTh registratlon number Is lQ86899. S¢ru¢tur•, governance and man4•ment Oigant59tion strncture The Cazer¢ove Charltable Trurt (thè'Trust'l 15 10 unkn<orporated r•wstered Charity. which WAS created by a Died of Se¢tJement In 1969. C<vernonce ond monoFment The Deed of Se¢tJerneDi pro¥ldes for tho exlsting Trustees to app)int new Trystee5 a5 thoy de•n apProPrte. The Trustees are responsible lor the runnin8 of the Trust wrth some admlnistratlve supporL princlpalNf Irom the Cazenove SoCtion I'cazenove Capital) (see no¢e I l}. No Trustev had any Interests In the TrusL Trustees The Trui¢ees who seNed throughout the wr ended 31 Decembpr 2025 and up to the dat¢ of thls report w•rw. mes Barker hn Mayne Lucinda Napier Ichilrperson) Michael R P Power Michael Wentworth-stanky Darniafi Roblnson Nichola5 Hall William Fom ia Malk Rdated parve5 The Trust Is ¢los•ly asso¢4ted wlth C4zenove Capital. which 15 a trading name of khrnder & Co. Umltsd The Tru$t maintains deposi¢5 and irwesu in lunds managed ty Cazenove Capital. The cost of insurantt for those assets owned by thE T¢t has been met by Cazeno¥¢ Capltsi. In¥e5trnent rnanwment lees are dexribed in note 10. Trv$tee5' tron50ction5 James Barker. Lucinda Napier. thrnn Robinson and Wllllam Fox (four of th¢ Trustees) are mOyeeS ol Cgzenove Capltal.
THE CAZENOVE CHARITABLE TRUST Trustees. annual report for the year ended 31 December 2025 (continued) Objec¢s and actie5 The objects of the TruSL as set out in the Trust Deed. are.for such excluswdy ¢harItse oblects and purpose5 a5 th¢ Trustees shall in their ab$olute dIscretn from ume to time deterrnine" The pollcy adopted is to provide trants to other registrred charltles and Charitse au5e& at the Trusrees, discretion. in at<ordan¢e wrth these objects. The mapr source of Income durinK th year comprised Inve5tmenL income of £86,81312014.. £80,314). Grnnts policy The Cazeno¥e Charltable Tt W5 set up by Cazenove a Co In 1969 with wide charirable alms. However. donations are only made to charitable oryanisltlons, all of whorn have charifable purposes is defined in the Charltlès Act 2011 a5 organisatlons whlch perform equivalent charitable activi¢ie5. or other organiutKJns to perlorm activities ol a ¢haritable nature. The Trustees continut w review the wap by which the Tru5¢ achieves Its wide ch2ritable aims. The Cazenove ChartsIe T$t encouraies members of the Ca2eno¥e Assoclatlon, and thdr clo¥e r•L4tions. to put forward proposals to the Tru51ee5 to support charitable activities which they themselves are supporting. Memb¢rship of the Cazen¢)ve AisociatioTh is open to anyone who. reyrdle5s 01 lenKth of $Èrvlce. worked for Cazenové & Co. or its o¥ers•as offic, arsy of the Cazqnove Group of Cornpanles. 4nd anyone who has worked for, or loins. Cizenove Cap?1. or I P Morgan Cizenove. In additlon. th• Truswi lL from tlme to tlmo. support other rtyl$t•rod Char, most partkulity wh•r• th•re hNtork or close Ilnk ¢0 calene. Th• Chart¢able Truit therelore wovides incentives to a hrge nurthr 01 people to enKage In charitable attl¥leS and ha5 also been able to addltlonal flThanclal support to these chai'itKs dui'lng ¢h¢ year. In thls way th• Charltable Trust has opernfed for the public b•nrfit. The Trust his supported charirable fundrai5in8 by lundinz 3 Matched GNin8 scheme whereby monty rdised for charlty is matched an equal donatlon from the Trust Iu5ually up w £1,000 per indl¥ldual endeavourl. This scheme encourap5 and wpports participatlon in char w'vin& The Trus¢ees ha had regard ¢0 Charity Comrnisslon guidance on publlc b¢nefit in section 4 of thE Charlties Act 2011 2Cth Reg 40121 Icl lilll 20C4 Reg 41 (21 lfj. All grants in 2025 have been Nde to re8i5tered charioes. The Trustee5 aim to ehcouraiè other5 to &Ye time and money to rew5tered chariti•5. These charleS work lor the publlc good and all irants are lor the public bonofiL Investmont powor5 The TNst (hed perrnlts the Tru4tq•5 to IAvost In any Invesent, 5erurits or woperty, u thry detm fit. Investment policy and p•rformance The Trustees have set the Invesrment oblKtNe for their inv•sim•nf manager, CIZen CapNI, to maximise total return5 over tho long term. PerfornCe is measured 38ainst a Composi beDEhrn8rk made up of a nurnber of markei Indicej and 15 reviewed regularty. The portfollo achieved a totsl return ol +13.3% durlng 20251202. +10.7%). ahead of the benchmark which rose + | 3.0%12024.. +12.9%) with lobal egUit5 continuing to rise. The year reflected a bieadtl) ol equity marke¢ drNerJ and rew'onil performttnce.
THE CAZENOVE CHAFiITABLE TRUST TruseS. annual report for the year ended 31 December 2025 (continued) Reserves policy and risk managemenc There Is no rninimurn level ofresekryes which the Tru$tee$ 5¢ek w maintain. However, the Trustees expert the charlty to spÈnd 2.3% per annum of the capital 2nd in¢omÈ combined duriy the year to manage reserves appropriatety and support the term stratew of the <harfy. Malor risks to which the Trust 15 exposed have been identified by the Trustee5. These mainty relate w market risk on investments, Ythich the Tru5tee5 seek to minimise. subject ¢C seekn'Thg a return on the Trust5 investments. mainty through derSIfiCatIOn. Further detall on Investment rfsk 65 Outllned in Ite 4 to the financial $¢atements. Going con¢vn In the abience of any slgnlficant IkbHitlq5 or ongoln4 cornmitmenty the Truitees have sashEd thornseS that there 15 a reasonable Èxpe¢¢avon that the Trust adequate resouryes tc+ roniinue In operaiti)nal existence for 12 monthl Irom Ehe date the anThual report and accounts is swed, For thi5 fEa50n, the Trustees continue to adopt the goin8 concern basil In preparin8 the financlal ststemenu. The Trust remained re5111ent zivw the economic backdrop of tithter rnonetsry poli¢y and hqhtr inflatyon. In addltion, recent 8eopolitical shffts on tho wodd economy may continue ¢0 uuse more yo¢11}ty itt financial Marke the Tru5C remains well pPaced ¢0 ther future challenge5. The Truseees hav• historically pald out grants from the Income lonerat but are not restricted frorn spendlnl ¢Wt hould ¢lrcunmnces dKtate. As a result, the fir¢111 staternents continue to be wyred on a con¢erTr basls. L advi5erJ Wlthers LLP 16 Old Bailey. London EC4M 7EG Independen¢ auditor Erns¢ & Youni LLP 15 Churchill Ilat•. London, E14 SEY Bankers C Hoare & Co. 37 Fl¢e¢ StreeL London EC4P 4DQ Financi review Th Trustees have continued to donJt* money in aceordan<e with the obiecthfes of the Trust and ire sasfied wth the condutt of the Trnst's actwities during the year. Incomin8 resources ind r¢wur¢es expeThd¢d during the year ir• set out on page 8. The Trustees award zrants to support rhari¢ies whirh have a close connection wr(h the Cazeno¥e group afid. mort irnportantty, to employees and past employees ol Cazen¢)ve sroup companles. The Trustees have actNety en£ouraKed 0P10 to come forward and apply for grants. A wide range of charities have beÈn the ben¢fi¢iariei ol ¥r4nts 8Nen by the Trust and Fant5 totallin8 £78,097 have been made In 2025 (2024.. U4.3331. The Tru51e45 haye no plans to change eithqr the charitable objectives or tho grant making policy in 2026.
THE CAZENOVE CHARITABLE TRUST Trustees, annual report for the year ended 31 December 2025 (continued) Statemen¢ of Tru5tees' responsibiliues in re5pett of thè annual report and financial statements The Trustees are responsible for preparing the Trustee5' annual report and the financial ststements in accordance wlth applicaNe and Vnited K¢ngdom Accounting Standard5 IUnid Kingdom GEneraltyf Accepted Accounting Practice) including FRS 102"The Financial Reponing standard applicable in the UK and R¢puNlc of Ireland, f'FRS 102,1. The law applicable ro charitles In England & Wale5 requires the Trustees to prepare financial ststements for each financial year whKh give a true and fair View of the State ol thirs ol the charity and of the incomir resources and application of resour(e5 of the <harity lor that period. In weparlng th859 financ1 statements. th• Trustees are requlred to: lett $ui(able accounting policie5 and then arpty them consistentty.. obserye the methods and princlples in the Chariue5 SORP,. make iud8emeThts and estirna that are reasonable and pnjden state whether ippli¢abl¢ accounting 5tandard5. cvrnprising FRS 102. have been folkjwed. sublert to any material departures dlsclosed and explain•d in the financlAI statements,. and prepre the flnancial staternent5 on the golng concern $15 unle55 It is irt¥)propriaLe to pruume that the tharity will conty"nu¢ in trJsine55. The Trnstees are responsible for keeping proper iccouniinz recordi thaf dls¢lose wlth reasonlble accurary at ary yme the finan¢lal posiuon ol the charity and enable them to ensure that the financial Statements Comply wrth the Charities Act 2011, Ihe Charity (Aecounts aTrd Report51 Regulatlons 2[*)8 and the provi$ions of the Trusc Deed. They are also re5pon5iWo for safeiuardin% the assets of the charity and h•Nc¢ for tsklnR reaSone step5 lor the we¥Mtlon and detection ol fraud and other Irregularities. Th• Truse$ are responsi1e for the malntenan¢e and Inwrlty ol the charlty ind financlal Informatloft Included on th• charity'i web5it•. Lw'51Th In the United Kingdom governing the pretiOn and dissemination of finan<hl itstements may drffer from legislatlon in other lurisdlttlons. Approved by th¢ Trustees on I I lune 2026 and 51gned on thelr behall by.. Luclnda Napl•r Tru5tte I I lune 2026
THE CAZENOVE CHARITABLE TRUST Charity registered in England & Wales INDEPENDENT AUDITOR'S REpoKfTOTHETRUSTEES OFTHE CAZENOVE CHARITABLETRUST Oplnion We ha¥0 audited the financial 5taternents ofThE Cazenove CharitableTrust lthe'Charr(y'l for the year ended 31 December 2025 which comprise the Ststement of FinancialAtti¥ities,the 81n<t Shee(the StatemÈnt of Cash Aow5 and the related notes I to I I, In<luding a5 summary ol significant lccountyng policie5.The financ1 reportin8 framework that has eTh applied in their preparation 15 applicab law and United KingdomAccounting Standard5 (United KinRdom GeneraItyAccepd A¢¢ounting Practice) including FRS 102"The Financial Reporting stsnthrd applicable In the UK and Republlc ol Irend. In our onIon the tknancial 5ratements'. "¥e a true and fair ¥iv4 of the state of th• Charirfs affair5 a5 at 31 December 2025 and of 1¢$ In¢oming resourtei and applKation of resources, for thE year then ended,. have been properly prepared In accordance with United Klngdoffl GeneraltyAcctptedAccountln8 Prnctyce,'and have teen preyred In accordance with the requlrements of the ChadtittAci 2011. Bsls for opinlon We conducted our audlt In accordance wlth InternadoTral Standarth onAudltlng IVKI IISAS IUKII and appllcablt law. Our re5poniibilitles under those standard5 are lurther described In the Auditor5 responsibilities for the audit of the financlal statemenu se¢Uon of our report below.we are Indeyndent of the Charty In accordance with the ethlcal requiremen¢5 that are relevant to our audit of the finantial statements in the UK. Includln8 the FRCI Ethlcal Srandar4 and we ha¥¢ fulfllled our oth•r ¢thlcal responslbllltles In accorthnce with these requirements. We that the audk evldenco we have obtsined 1$ iufficjont and approprlate w pro¥4de a basis for our oplnion. Concluslonj relatlng to 80Sn8 concern In audlung the fina1 statements, we have con(ded thai the Trustees, use of the zolni concern bash ol acCoUnnI In the weparation of the hnanclal sta¢emtnr5 is appropriate. 8a5ed on the work we haye perforrned, ha¥e not Identlfled iny material uncertalntie5 reLitlng to events or Condrtlons thaL individually or collecthety, may cast si1f1¢an1 th)ub¢ on the Charlty's ibility tl) Contin as a 8cirg concern for a perfod of12 Months from whqn the fiThancial 5¢atements are authodxd for issue. Our rosponslblllties and the rwponslbillues of theTrustees wlth reir*tt to goln# roncwn ar• described in the relevant settKsns of thls rEport. H¢)wvrfer. because not all future wnfs or ¢i)nditwJns can be preditted, ststernent Is not guarantee 4$ to the Char5 abillty to continue as a Tring concern. Other Informatlon The other information compr15es the Information included in the annual POr( Other than the financval statements and our iuditorl report thereon.Th¢Tru5tees are responsible for the C+th¢r information contain¢d In annu reporL Our opinion oTr the financial statements does not <¢)¥er the orhar inforrnatn and we do not expre55 arty forni of assuunce conclusion thereon. Our respon5iblllty is to read ihe other information and. In dolng so, consider whether the other information is materially incon515tent with the financial stltemenu or our knowledge obtained in the audit or otherwis¢ appear$ to be materlally mi$5tated. If we ideThtify such materval inconsistencie5 or apparent miterial misstatemEnt5, we are required to determine whether this gNes rise to a material misststement In the financial sratemenu thtm$el¥e5. If, based on the work we ¥¢ Perform we conclude that there is a miterial mi55taLem8nt of the other inforrnation, we are re9uired tg report that faci We have nothinK to report in this regard.
THE CAZENOVE CHARITABLE TRUST Matters on whlch we are required to report by exception We ha¥e nothin8 to repor¢ in respect of the folowin8 matters where the Charldes (Accounts and Reports) Regulation5 2fy)8 require u5 to report to you if, In our oplnlon.. the InformitK¢n wven in thÈTrustee5' Annual Report 15 incoThsisn¢ in ahy material respect with the financial $tstements,'or SuffnI accounting records have not been kepL' or the financlal ststements are not in ayeement with the accounting records and return5.or have not receivd all thè Inforntion and explanaln5 we require for our audiL ReJpon8lbilltle5 ofTrust••s As expiDed more fully In the Trustees, responsibilrEies 5tarement set oui on page 4, the Trustees are responsible for the preparatlon ol thÈ financlil statements and lor bEing satisfied that they give a true And lair vle, and for such internal control as the Trustees determine Is nece55ary to enable the preparauon of financ1 5Utements that are free frorn mater1 missta¢emenL wh¢ther due to fraud or error. In prÈparini the financial Jta¢erD¢nts. the Trustees are responslble for assessini the Charity'5 abllity to tontlTrue as Kolnx concern, disclosin& a5 Ippllcable, matters related to going concern and usln8 the 8oing concern bas1$ of accountyng unless mna8ement either iTh¢eDds to Ilquidate the Charity or w Eea5e operations, or has no realisik Ikernativ¢ but to do so. Audltorl reJponJlbllltS•1 for th• audit ol flnancial statem•ntS ha¥e been appointod as auditor under sectlon 144 01 the Charkie5Act 2011 and rnport In accordance wlth theAct and relevant rqulatyons rnade or having effecc thereund•r. Our obje<tiv•s are to obtain reasonable assurance about whether the nnan<iil sratements •$ 2 whole are free from material mi53tatemenL whether due to Iriud or error,and to 155ue an auditorfs report that Include5 our opinion. Reasonab 355uranee Is a high levol of assurance, bulls not a iu4ryantee that an audlt conducted In accordaDce with ISAS IUKI wlll aayS deteci i material Misstament when It e¥is¢5. Misststements can arise from friud or error and ire consldereo material il, individualty or In the agsregate,they could reasonabty be expected to Influence the econornlc decisions of users taken on the basls of thexe flnanclil itatement& Elonatlon ai to whot •x¢•nt th• audlt consld•r•d rapobl• of d•tectlng Irrezulorltlw, Includlfii fraud Irre8Jlarltye5. including fraud. are Instances ol fion-compliance wigh laws and regulation5.we desqn procedurns in line with our resp0n5ibilii5,0y1llrn¢d ab, to detect irrexularities, includlng fraud. The risk ol not dEtectlng a materlal mis$tstemont due to fraud is h¥her than the r15k ol not detecting one resulting Irom ermr, a5 fraud w involve dellberate concealment ty, for e¥arnple,for8ery or intentsonil misrepre5entstions, or through collusion.The extent to whlch our pro¢edures are capable of detecting IrreBuI3ritis. Includin% fraud 15 detaikd bElow. Howe¥er,the primary spon5ibili¢y for the pre¥entlon and d•tettion ol frnud wrth both those charged wtth go¥ernance ol th• enlity and m2n4ement. We obts1fi an understanding of the legal and r¢gukntory frameworks that are appllcable to the Chrlry and dvtei'iriiiigd i114L LI1¥ IiwsL sigi)ifKani ai thom thai r¢la¢e to the reportini frirntwgrk Iunlted Kingdom Generally Accepted k<oufiung Pratticel an¢J wr(h the requirements of the CharitiesAci 2011 and Charitle5 (Accounts and Reports) Regulations 2008. We understood howThe Cazenove CharkableTru5t 15 compiving Y¥ith thos¢ tramvK¥rk3 by making enquirie5 of Senior managemenLWe corroborated our understsnding throuKh our review olTrustee meeting minutes. We assessed the svscepobllity of the Charitls financial surements to matenal mi5staMenl, including how Iraud mryht occur ty meeting wrth rnanaKemeni to understand where they considered ¢here susceptibility to fraud. We considered the tontrols that the Charity has established to athjress risks identrfied. or that otherwise prevenL deter and d¢ie¢i friud',and how Senior mahagement Monitors these control5. ased on this understanding we designed ¢)ur audit proiedures to Identify noncompliancE with such I and ie¥uldLioi)s. Oui. pi'ocedures invofved reewg for unusual uccoyntiry cntries.. enquirics of senior managoment and focused testing. A furth•r description of our responSi.11ts for thp aiidtr nl thp. financial ststernents is loeAted on th? Financval Reportlng Council'5 Websi at htw$Jlwww.frc.org.uklauditorsresponsibility¢s. This descrlption lorms part Df our audr(or'$ reporL
THE CAZENOVE CHARITABLE TRUST Uso of our report This 15 made solety to theTrusteeku a body, in accordance with Part 4 ofthe Charities IAccoun¢s and Worts) Re8ulati0fi5 2008. Our audlt work has bEen urKlertaken $0 th4t we might state to the ChantysTruste¢s thwe fflatters we are required to state to them in an auditor5. report and for no other purpose.To the fvllest extent permittsd by v,we do not accept or assume re5ponsltx.ly to anyone other than the Ch¥rrty and the cha5 Trustees as a bod )r our audit worKlor this reporL or hjr the OnnS we have formod. £rN S YLLP G•orp ColllThs (StatutoryAudltar) London Dare I l June 2020 Ernst &YoLtry LLP 15 to act an audhor In MiS of iecuon 1112 of the Compani•5Att 2C•)6
THE CAZENOVE CHAWTABLE TRUST Statement of financial activitie5 Year to 31 December 2025 Yeir to JI Dew*er 2025 Yr ¢0 31 De£b 1014 ErWJ¢)%•Tnt5 fro lrtomiry rewjwus frtThM le8 fvK Denadon$ 5fPJ 813 80,314 TOTAL 87,313 eo,314 Exyuhdiwre cm.. Charithble Go¥erpW cos¢1 183,SlJl 15,2091 (88,n21 15,3811 (79.5221 TOTAL NET INCOME AND NET MOVEMENT IN FUNDS BEFORE GN$ AND LOSSES ON INVESTMENTS 7.791 18.408) N¢t invq51mt 31&78s 255,n6 NET EMEr IN FUNDS 324J76 247,328 TOTAL FUNDS BROVGHT FORWARD AT litWNUhAY J.484.687 3,237.359 TOTAL FUNDS CARRIEO FORWARD Af 311¢ DECEMBER 3M09,262 3.484.687 I fundi are unrestri¢t•d. There ar• no oth¢r ratolSed or1o1s•s ap3rt from those Jhown In the s¢aternent of flnancial a¢1$ abovè. All Incorne and expendlture den'ves from ¢ontlnulry aalvltiej. Ther• is no Nterknl difference bthyttn net incoming resources on ordinary attNitles Wore other recoed plns and losses for th¢ flnancial year stated abovt and their historical <osi equivalenty. Th• nofm on papl I I to 19 lomi prr of theje hngntial statemnts.
THE CAZENOVE CHARITABLE TRUST Balance sheet As at 31 December 2025 Rew5tsred Charity No. 1086899 31 2025 31 Dtt*mbtr 2024 FIXED ASSETS Herita assets Investmenu 21,615 3,711,054 22,625 3,426.212 Total A5S•ts 3.733h79 3,449M47 CURRENT ASSFrs sh Ind a#h tyulftlts eA113 49A67 Tot41 oJrnt 1SMtI 84113 49,067 CREDITORS.. Amounty hlllry thin oie y•r 110,5301 113,12n NET CURRENT ASSErs 75.583 35,840 TOTAL ASSFfs LESS CUARÉNT LN81LmES 3MOg,162 3,484,687 THE FUNDS OF THE CHARrrY Unreiwlctvd IrKome fund5 JM09262 3,484,687 Tothl Chthty funth JW,262 3,484.687 The notel on pues 1 I to 19 hrm PArt ofthese flnineLIl statemwu. The financlal statements on pap 8 to 19 wer• apwo¥ed by tho Trustms on 10 lufie 2026 and iryn¢d on thelr boh LKlndA Napler Trust¢e I l June 2026
THE CAZENOVE CHARABLE TRUST Statrment of cash flows Year to 31 December 2025 Ncts 31 DrKombw 2025 31 Dernber 2024 CASH USED IN OPERATING AcfMTES (01,710) (95119) CASH FLOWS FROM INVEsnNG ACTMTIE&. 86,813 (8NI4741 914.427 83,656 Iln28,7321 IM21,05Q PurcFAsec4 Invertment iue15 CASH GENERATEO FROM INVEsnNG ACTIVITrES 11(766 81,976 49,067 37,046 61910 In and clth v4y1¢ts In the) CASH AND CASH EQUNALENfs CARRIED FORWARD 113 49,Q67 10
THE GAZENOVE CHARITABLE TRUST No$ to the financial statements Year ended 31 December 2025 Accounting pollcles The financ1 statements are prepred in accordance with Unrted Kingdom Accountin8 5tsndards {Unid Kingdom Generally Attepted Accounting Praciicel including FRS 102"The Financ1 RePOrn1 Standard applicable in the VK ind Republic of Ireland" fFRS IOI"l and the Charitie5 Act 2011. The financyal statements lollow the guidnce gf the kcountyng and Reporting by Charit5.. Staternent of Recornrnended PractKe. The financthl statemth¢5 have been prwred to 8i¥e a'true and fair, vlew athd have departed frorn the Charities IAccounts and Report51 AulationS 2008 onty to the extent reqvired to provide a'true and lair, view. This departure has inVoed followin8 Accountin8 and Reporting by Chariues preparing thebr financlal ststements in accordance with the Financial Keportini Standard appli¢able in the UK and RepuNic of Ireland IFRS 1021. The charity constitutes a puE4k benefit entity as defined by FRS 101 In the absence of any Inian1 lia.1e5 or onKoin£ commitments, the Trusto¢s have sausf*d theffjselve5 that there is a rea50nab exPtIOn that the Trust has adequate resources to COnnUe in operational existence for 12 months from the date the annual report and accounts is signed. For this reason, the Trust¢e5 contirNJe to idopt the Koing concern bas in yepariry the financlal sutemenu. Accountin% convonOon The financial 5¢atements are pryred under the hlstorlcal cost Conventyon as modthed by the revaluation of investments to market ¥alue. As ststed In thÈ Truste, annual reporL the fininc+al stseements are ePared on a 80in¥ concern buis. The functional ind presentational currenty tsf the Trust is Pound St•rlin& because that15 the currency of the primary e<onomic envlronrneni in which the Trust operate5. Valuation ol investmtnts Quoted investments, whlch ar• those lor whkh an estab115hed markrt eXi5ty are 5tsted at rnld.markrf lue. In¥èJtment¥ In fund onlrs ¥• stated at mld-market pricu. erilo¥e 0s5ets Heritw a55ets iré 155essed rezuknrly for any indkators of Impalrmenl On a perlodlc basis or K in impairment 15 indicated, these assrfs will be rev41ued or impaired (under the revaluauon rnodell based upon an independent ¥aluer'$ report. Curr•nt ¥aluavoni r¢present falr vJluÈ Gthns dnd losses tyj i5ents Gains and 1os¥e5 on inv¢strnents rèpruent mo¥ements quoted prl¢es and ar• charyed w the Statemeni of financ1 actlvltie5. Incom• recoyldon In¢om• lincludinz interest income) is recognised oncé tho chariw has eNtyemeNt to the re50ur(•5. It li certain that the resources will be r¢celv•d Ind th¢ mothetary value of incornlnx re%ource5 cin be Msured with rele certainty. All dlstributions Irom accvnwlation holdlny are as In¢om. Equallsatyon on disEribution5 re¢•v•d is rrtat¢d a5 capital. Governance cos Gover[nce costs are recognlsed on an af¢ruab bas15. Grants payable Grants mide are accounted lor when a constructive obli8ation exi5t5. Audii fee5 The audrt fee disclosed in these accounts are ststed inclusNe of VAT. Thi5 approach re4uifEd a5 the C4zeno¥e Chariuble Trust is not part of the khroders VAT Group.
THE CAZENOVE CHARITA8LE TRUST Notes to the financial 5taternents Year ended 31 December 2025 counting policies (ttntinuedl Taxation The Trust qualthes a5 a charitable trust wthin the definition of Section 519 Income Tax Att 2fy)7 by the InLnd Revenue. Surplu5 income generated for the loundatyon 15 exempt from t1¥aon. Reserve5 There Tho miniryvjm level of reseNes whKh the Trustee5 Seek to malntaln. Thls policy IJ reviewed by the Trustees Irorn tyrne w lime. Funds The Trust h15 a B2llErnI ufireswitted incorne fund which is available to the Trustees w ipply for the general purp05e5 of th• chariLy u set out the Trust Deed. Resources expended Gr•rt¥ rnad• pport costÉ Ythr wded 31 Year ended 31 Dwbw 1025 D•cthnb•r 2¢24 Charttablq KUVlt4es 78.097 n.097 84,333, Grahu tsncdled 14,4961 11,180) Bk ind k¢5 540 36 T¢xal acdvle 83,513 G0mInCe c05ts.' Auth't I 5,381 5,381 520 Other resources pend0th plI ofherft4e ailqu TO reUrceS pendEd 74.141 5J81 79,512 Grnnts hive been made kn ac¢or&nce the TruJt'¥ p)Ilcy offijndlng matched Ivlnz as in the Trustee5' annual r•porL A¢cordlngty breaTrI down cate105 ol acdvty li rt considered meanin Grant Canceled relate to 2025 chequtJ not deposKed by reCIpty whl¢h were unpresent•d at the beginnini 2026. The Trustw have not been reimbuThed by the Truit ft+r s1¢•9 and expenR5 provld¢d to th• Trn*s¢ 12024. £nlD. The Trusi has no ¢OYeeS and therefore incur5 110 5raff <osts12024: £nlll. Cazenove Capital insures the Char1$ is <onslderatyon tor use. 1 2025 Charitable actiVlUe51£78,097) lalls under yants made 2 2025 Bank charFs1£5401 and fees falls under grants m3de 2025 Go¥¢rrHn¢e c05ts.' di¢ fee51£5.381) (alls under support Costs 12
THE CAZENOVE CHARITABLE TRuFr Notes to the financial Staments Year ended 31 Dernber 2025 Resources expttnded Iwnvnuedl Grants are recoinised when payment ha$ been agreed by the Trustee5 and a constructive habillty created. Ourinz 2025, zrants were made to 66 chan¢te$12024.. 821. Grants £l,U)O and o¥er in the yvdr ar¢118t¢d below. pl•r Yar deAl JI Dtt•nbtr Year ended 31 De£wthr 2025 2024 IntoUni¥u51 MND Imotcf Nwjrone Dlithstl ncer Rewrfh UK 10,c 1,500 3,341 3,475 zhdmtr8 Soci 5,riJo 1.539 RNLI 1000 iooo 1,920 1.242 1.000 Th? Aknndrn Sakx Truit 2.TrJO l.l0 I,tr)o 8111erkay Food Bink mKmiln CirKv Support Parfsh o15unnln4hlll & StyJ¢h knctx u¥0¢1 Fwd 84ok Awrn Childrwi Hulce Tru5¢ lor Cure I,fy)o PCC ofst Mvy Wood>rfdz• Shd St&Jhn and St How1 The thId1, FfJndition 0rtIn Canw Acu I,rpJO I,tsJo I,th)o I,tyJo PHA8 Klth a Klds Herts CrxMmffJnlty FL¥Jndaiion Braln Tumcr knsqarth Frlends of the Roylll m¥•n ChllrKe to 5hlr or16raIn App1 &JryivLYS 0f8ereaveThL by Suidd• BurrrA Sur MrIal i.0 Cure Pth¢In5$ Ttyir The Nesvmin Hdiday Trurt R¢llJeu DtrAopmÉnt stthrytheW Cure St Nlthdai Church 1.0 Hivens Hosp4 Epllep5y Only a PaYern Awar Chain of I,OLh) 05car Iixly Convoy for ue 13
THE CAZENOVE CHARITABLE TRUST Note5 to the financial statements Year ended 31 December 2025 8rarnptyi tryan Parfsh 11 St ClarE H05Plte St MJrwet'& LtithbLry St Luke'5 H05Pi 5tthryhtChildreM Foon pinst Brèait Streetckild Sebuttan HLllter m•nor1 Tru Cancer Trust 2.TrJO ?.r¥Jo Sijaffles Sthod Tubrid Wdls GramTh4r 5thool for 8oys PTA k Mith•el and hjl Anzds Churth South Llwpool FfKxI &nk The One Love I,oTr) I,c¥)O Emer5cffj ParkAcad•)v PTA tch l&1 i.och) I,0( WAY WidO%d and Youni W4lklni wlth th• Woundqd I,oD) I.QC#) I,oth) NICE FarW8h phe Asplr? Mu5culir tytrephy RSPCA SW knnth Anthony Ndin Truit UNICEF CnlI Alr Ambulince TrwL 1,0 I,ocrf) 1,0 Gdd G••3• Lambrocth Sth¢4 Tru¥1 Ltd Utdtvilla I.tKO i.wo The Communlty HnlTrU11 Wallicu Truit Hayeifield &'rfs st01 Royal Brompton & Hirefidd HPhl Co¢Jth Hlll fvnior khool A31cciatyt and Chlhlren ToFthw Muluple St1$11 Socl•ty rKhester Cathri1 FuThl 1.000 I,(#Jo 1,000 Les Bcojrys HPiCe Brnntvffjod CathDllc Childr*ts Soc ly-Rose 8wy An¢reaJc C•n(er UK Worshipful CLYnpllny of Gltym olLorthn chrtable The cnOn Schod PA 1.000 1.000 i.ofyj 1.0 St Nith0115 CdE Sthod Th¢ Case Hfw$e TnJs¢ CatyEer Suw(rt Suffolk 14
THE CAZENOVE CHARITABLE TRUST Note5 to the financial statements Year ended 31 t)ecember 2025 lrfo & Wdl O•rqfiJnd Iwth & Cdtheitor In khwl& SUpW¢TPh 5uFPYt ND K¥, CPRE. A83 W15h i.oc 10.370 04,3JJ TO¢ of ots Oess £IMI ¢Khl 9,119 71097 Is
THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2025 Heritage assets 2025 2024 lance as it I laNiry 31 De(ber 21625 22.625 The heritage xssets cornwse tanw'bk luablE¥ assoclated with Cazenove & Co. and 11$ SU¢¢¢550r cornpanies and Cazenove Capitsl. The a53et5 whKh include artwork and stock exchange memorabilia were grfted w the Trust by the fornier partners ofCazeno¥e & Co. IA lune 2021, the Tru51ees obtained an independent lormal insurance ¥aluaty"on of the herftage asse carried out by 8onham5. During 2015 no assets were rewrrted to former partner5 of Cazenove & Co. wlth the residual indicative insuran¢È valuation lor the remainbng asse¢s being 160,7th)12024.. 160.700). A5 at 31 De£ember 2025. the a55ets are shown it the market value a$ stated In the latest valuation (arried oui by Bonhams in lune 2021. No depreciation is charged on the a$stts. There are no re5trlctions on ihe Trustees, use of these assets. Managemenl are satisfied that the Valuation of the heritsge assets n December 2025 are based on the valuatlon provid•d in lune 2021 as there have been no $6gnifkafit rnovements in the sperlfic art ind hlstork assets market. Investment5 31 Oettffh¥ 2025 31 DeTh6 2024 hs at I lllnullry AddItIL 3.426,222 BB2,4Y4 1914.4271 316,785 3.168.804 1,028,732 11,017.0501 155,736 Gn I IL0511 In the y•ar it JI Dqcqff&v 3,426.221 Disposa15 Includ• Ca1 redemptlon5. Investhitnts ar• held at market value and comprise the followlnr. Shar•holdlni 31 DaC•r 2025 31 D¢¢embw 2014 S,IIXI Vaw•rd S+P 51JO EfF 51X) SPDR S&P 500 Uctrs ETF 494M53 5S,720 213.460 475.006 236.395 121.777 M+G Japan F)d 1.81K) khrJderWM Globl Swrnib 228,460 SUTL cal0veC3rlIY Equity Vue 10,898 T,R Global Tech Equity Fund 51,000 HSBC FTSE All.Wwld IndÈx Fwd I,S(N) st0der Dwsifled ternatIve 900 VangL4rd Em¥Or¢ Maths Index 1,304 Vontobel TWtyFovr Absdute 77.000 M IG Globil Dmdehd Fund 38.4B5 Blidrock European 9M1¢ knd 5.3fK) Wisdrm Gdd Erc 950 Fishw In¥esfftnt5 U5 Small Nd C 210,006 Z06.849 252,434 74,250 169,453 153.607 143,221 140.256 133.275 130.767 129,8B3 126,356 63,423 59,516 78.494 117,063 II&ICM) 16
THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2025 10,W2 L+G Enhand cMI)lloS ETF 600 nd10Y P•rkAmthcan n 704 Man GLG Pacthc 109.742 101,690 10&128 104h76 92,3 IQ 84,160 80.W s0d¥Al1an Income FL¥)d S2.c¥JO Schrod¥Astsn Apha Aus Fwvj 97521 Properyy Inc( Tru$r br Chrit 600 A8 SICAV l.Intemidon 69,792 61244 n302 TJ,704 66.750 6S.ThI 55.961 54.167 54.457 Ctsr4tW Pr¢p¢rty Fwvj 120.OCQ 1,5% UThted 64.94) 2,7(Kl slass US Growth Fund 350 Vanyjard FfsE UK All SFrtre Indox 11)Xl StanleyGlobal ABS n4 2)8 ca1 Gearing Portfdlo Fund 4.5M HSBC Global G¢)vernmwr 4th) 1Pm1n GW Gov•mmts 9.953 Trojin Fund 6,5LKI Iare5 Glohl Hlth YId Ctrp Bond 3Q,000 4.15% Unlrd Kingd¢J arGrt 8rfialn ind Northwn Irdand 51.192 46,8 41796 90,278 43,652 42,Q62 35,747 30.883 30,646 3J,125 92,126 knbECO 8PGlobai Pr•rn¥Jm EquSty Charlty Equity Income Fund TwentyFour Absolu¢e R•¢wn Cr•dlt Wdllnw Gthl Healrh C¥e Athi Global InfrnstrucDJre Fund 134,400 109,198 90,144 6&324 65.627 54.884 53.061 TM Tdlworth UK Smilh- Ccmpanl•E VinEck S&P Glcal Mlning UCIT5 EfF WB US 5mill.mld Cap Groth Fund Redtheel G>1 Emffory Emwwng Fund 0.125X Unlr•A KIa¢M of Gmt 42,9$5 35,699 35,1 3.711.054 3,426,222 17
THE CAZENOVE CHARrrABLE TRUST No$ tn the financial scatements Year ended 31 December 2025 Investments (continued) The Trustee5 annualty revw the risk5 laced ty the Ehari¢y and have established an In¥e5tment poly ¢0 identify and m•Thitor the financl21 risk5 the investment portfolio. Consideration 15 given to prorect the real value of asseu agalnst the Inroads of inllauon over time, currency fluctua¢i0115. volatiliry and liquidity and d15cfEtlonary in¥e5tment manager5 have been appointed. The investrnenu art der$ffied acr035 a55Et classes. rewon5 and managEr. The Portfol 15 managed to maxlmlse capital growth and Incorne. As a Consequence. a doKr4e ol volatilrty is anticipated and t0hrad. The portfollo contribut¢$ the slgnificant rnaioriry of the charlty's as¥ets and in(om& In£ome Is paid to the charity when rewested. Investment income 31 2015 JI Dqc•TrlJtr 2024 In¥ewrt Income 84.971 1042 Int¢rtst income 1.7t4 86013 80,314 Current assets.. cash and cash equ5valents 31 D•c•rnber 2025 31 Oec•Tr*w 2024 Cash 30.447 55.666 28,395 20,6n D•po4ts 49,067 Thi$ amount rth to cash held at bank totsllini £30.447 (2024.. £27.215} and deposks held withln C4zenov• Cwital toulliry L55.66612024.. £20,672}. 18
THE CAZENOVE CHAAITA8LE TRUST Notes to the financial statements Year ended 31 December 2025 Creditors.. arnounts falling due within one yèar 31 Deceffibu 2025 31 2024 GM 3.17S 10.OS2 Audit f 10.530 10530 13,227 Reconclliation of net movement in funds to net a$h fl¢)w from operauni actywties 31 Decembw 1015 31 2024 Not movwnent In funds (DedUttnI l idd k)5¢ Inwtmkn Dedurt InvestTrw Snccme 324.576 131&78SI IPAJ13 247.328 1255,7361 180.314) 13,3441 13,7531 IO¢(ruiel In dtorS It>¢rtastl in trtorS N•t<•sh in 195,819) Subsequent events There were fio iubs•4u•nt •vents. Related party transactions A5 at 31 December 2025, the Trust hdd d8posks ol LSS.6661202+. É20.6ni and In1n of £3,711,05412024.. £3,426,222) managed by Cazenovo CIWI. Cazenove Capital Is remuTh¢rated by of a portfolio fflanalemert fee ol 0.4% per annym plus VAT, 202S lee5 totalllng £16,6741202+. £15,7S81, thlJ Is included withln Net gain on InYe5rmMts on the Statement of ffinan¢kal iclivii. Administratlve support io the Trust 15 provlded by the Cazeno $0¢4tlon. Ultlmat¢ parent undertaking The Trusthes ar• the Truse5 ultirnate con¢rolllnK party. 19