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 fina￿￿1 ststement5 in a¢<ord*nce 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 fl￿ficIal 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 financ￿1 statements in a￿Vr￿ance 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 0￿rat￿ry address and address reg1s￿red wlth the Charity Commisslon IJ at l London Wall Plac4 Lonihn
EC2Y SAU.
constitu￿an
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 apProPr￿te. The
Trustees are responsible lor the runnin8 of the Trust wrth some admlnistratlve supporL princlpalNf Irom the Cazenove
SoC￿tion 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. thrn￿n Robinson and Wllllam Fox (four of th¢ Trustees) are *m￿OyeeS ol Cgzenove
Capltal.

THE CAZENOVE CHARITABLE TRUST
Trustees. annual report for the year ended 31 December 2025 (continued)
Objec¢s and acti￿￿e5
The objects of the TruSL as set out in the Trust Deed. are.for such excluswdy ¢harIts￿e oblects and purpose5 a5 th¢
Trustees shall in their ab$olute dIscret￿n from ume to time deterrnine"
The pollcy adopted is to provide trants to other registrred charltles and Charits￿e au5e& at the Trusrees, discretion.
in at<ordan¢e wrth these objects.
The mapr source of Income durinK th* year comprised Inve5tmenL income of £86,81312014.. £80,314).
Grnnts policy
The Cazeno¥e Charltable T￿￿t W*5 set up by Cazenove a Co In 1969 with wide charirable alms. However. donations
are only made to charitable oryanisltlons, all of whorn have charifable purposes is defined in the Charltlès Act 2011 a5
organisatlons whlch perform equivalent charitable activi¢ie5. or other organiutKJns to perlorm activities ol a ¢haritable
nature. The Trustees continut w review the wap by which the Tru5¢ achieves Its wide ch2ritable aims.
The Cazenove ChartsI￿e T￿$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 calen￿e.
Th• Chart¢able Truit therelore wovides incentives to a hrge nurthr 01 people to enKage In charitable attl¥l￿eS 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 char￿leS 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 Inves￿ent, 5erurit*s 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. Perfor￿nCe 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 egUit*5 continuing to rise. The year reflected a
bieadtl) ol equity marke¢ drNerJ and rew'onil performttnce.

THE CAZENOVE CHAFiITABLE TRUST
Trus￿eS. 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 d￿erSIfiCatIOn. Further detall on Investment rfsk 65 Outllned in I￿te 4 to the financial $¢atements.
Going con¢vn
In the abience of any slgnlficant IkbHitlq5 or ongoln4 cornmitmenty the Truitees have sa￿shEd thornse￿*S 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 sa￿sfied 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 IUni*d 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 financ￿1 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
prep*re the flnancial staternent5 on the golng concern ￿$15 unle55 It is irt¥)propriaLe to pruume that the
tharity will conty"nu¢ in tr*Jsine55.
The Trnstees are responsible for keeping proper iccouniinz recordi thaf dls¢lose wlth reasonlble accurary at ary yme
the finan¢lal posiuon ol the charity and enable them to ensure that the financial Statements Comply wrth the Charities
Act 2011, Ihe Charity (Aecounts aTrd Report51 Regulatlons 2[*)8 and the provi$ions of the Trusc Deed. They are also
re5pon5iWo for safeiuardin% the assets of the charity and h•Nc¢ for tsklnR reaSon￿e step5 lor the we¥Mtlon and
detection ol fraud and other Irregularities.
Th• Trus￿e$ are responsi1￿e for the malntenan¢e and Inwrlty ol the charlty ind financlal Informatloft Included on th•
charity'i web5it•. Lw'5￿1￿Th In the United Kingdom governing the pre￿￿tiOn 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 81￿n<t Shee(the StatemÈnt of Cash Aow5
and the related notes I to I I, In<luding a5 summary ol significant lccountyng policie5.The financ￿1 reportin8 framework
that has ￿eTh applied in their preparation 15 applicab￿ law and United KingdomAccounting Standard5 (United KinRdom
GeneraItyAccep￿d A¢¢ounting Practice) including FRS 102"The Financial Reporting stsnthrd applicable In the UK and
Republlc ol Ire￿nd.
In our o￿nIon the tknancial 5ratements'.
"¥e a true and fair ¥iv*4 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.
B*sls 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 fina￿￿1 statements, we have con(￿ded thai the Trustees, use of the zolni concern bash ol acCoUn￿nI
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 si￿1f1¢an1 th)ub¢ on the Charlty's ibility tl) Contin￿ as a 8c*ir*g
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 Char￿5 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 inforrnat￿n 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 incoThsis*n¢ in ahy material respect with the financial
$tstements,'or
Suff￿￿nI accounting records have not been kepL' or
the financlal ststements are not in ayeement with the accounting records and return5.or
have not receivd all thè Inforn￿tion and explanal￿n5 we require for our audiL
ReJpon8lbilltle5 ofTrust••s
As exp￿iDed more fully In the Trustees, responsibilrEies 5tarement set oui on page 4, the Trustees are responsible for
the preparatlon ol thÈ financlil statements and lor bEing satisfied that they give a true And lair vle*, and for such
internal control as the Trustees determine Is nece55ary to enable the preparauon of financ￿1 5Utements that are free
frorn mater￿1 missta¢emenL wh¢ther due to fraud or error.
In prÈparini the financial Jta¢erD¢nts. the Trustees are responslble for assessini the Charity'5 abllity to tontlTrue as
Kolnx concern, disclosin& a5 Ippllcable, matters related to going concern and usln8 the 8oing concern bas1$ of
accountyng unless m*na8ement 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 a￿ayS deteci i material Missta￿ment 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&
E*lonatlon 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 resp0n5ibilii￿5,0y1llrn¢d ab￿, to detect irrexularities, includlng fraud. The risk ol not dEtectlng a materlal
mis$tstemont due to fraud is h¥her than the r15k ol not detecting one resulting Irom ermr, a5 fraud w involve
dellberate concealment ty, for e¥arnple,for8ery or intentsonil misrepre5entstions, or through collusion.The extent to
whlch our pro¢edures are capable of detecting IrreBuI3riti￿s. Includin% fraud 15 detaikd bElow. Howe¥er,the primary
spon5ibili¢y for the pre¥entlon and d•tettion ol frnud wrth both those charged wtth go¥ernance ol th• enlity
and m2n4ement.
We obts1fi￿ an understanding of the legal and r¢gukntory frameworks that are appllcable to the Ch*rlry and
dvtei'iriiiigd i114L LI1¥ IiwsL sigi)ifKani ai* thom thai r¢la¢e to the reportini frirntwgrk Iunlted Kingdom Generally
Accepted k<oufiung Pratticel an¢J wr(h the requirements of the CharitiesAci 2011 and Charitle5 (Accounts and
Reports) Regulations 2008.
We understood howThe Cazenove CharkableTru5t 15 compiving Y¥ith thos¢ tramv*K¥rk3 by making enquirie5 of
Senior managemenLWe corroborated our understsnding throuKh our review olTrustee meeting minutes.
We assessed the svscepobllity of the Charitls financial surements to matenal mi5sta￿Menl, including how Iraud
mryht occur ty meeting wrth rnanaKemeni to understand where they considered ¢here susceptibility to fraud.
We considered the tontrols that the Charity has established to athjress risks identrfied. or that otherwise prevenL
deter and d¢ie¢i friud',and how Senior mahagement Monitors these control5.
ased on this understanding we designed ¢)ur audit proiedures to Identify noncompliancE with such I￿ and
ie¥uldLioi)s. Oui. pi'ocedures invofved re￿ew￿g for unusual uccoyntiry cntries.. enquirics of senior managoment
and focused testing.
A furth•r description of our responSi￿.11t*￿s for thp aiidtr nl thp. financial ststernents is loeAted on th?
Financval Reportlng Council'5 Websi￿ at htw$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 cha￿￿5 Trustees as a bod
)r our audit worKlor this reporL or hjr the O￿n￿nS we have formod.
£rN* S Y*LLP
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
Y￿r ¢0
31 De£￿b￿ 1014
ErWJ¢)%•Tn￿t5 fro
lrtomiry rewjwus frtThM le￿￿￿8￿ 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
G￿N$ AND LOSSES ON INVESTMENTS
7.791
18.408)
N¢t invq51mt
31&78s
255,n6
NET ￿￿EME￿r 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 rato￿lSed 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 reco￿￿ed 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 CHAR￿ABLE TRUST
Statrment of cash flows
Year to 31 December 2025
Ncts 31 DrKombw 2025
31 D￿ernber 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 financ￿1 statements are prepred in accordance with Unrted Kingdom Accountin8 5tsndards
{Uni*d Kingdom Generally Attepted Accounting Praciicel including FRS 102"The Financ￿1 RePOr￿n1
Standard applicable in the VK ind Republic of Ireland" fFRS IOI"l and the Charitie5 Act 2011. The
financyal statements lollow the guid*nce gf the kcountyng and Reporting by Charit￿5.. 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 A￿ulationS 2008 onty to the extent reqvired to provide a'true and
lair, view. This departure has inVo￿ed 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 I￿ni￿an1
lia￿.1￿￿e5 or onKoin£ commitments, the Trusto¢s have sausf*d theffjselve5 that there is a rea50nab
exP￿￿tIOn that the Trust has adequate resources to COn￿nUe 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 i￿￿5￿￿ents
Gains and 1os¥e5 on inv¢strnents rèpruent mo¥ements quoted prl¢es and ar• charyed w the
Statemeni of financ￿1 actlvltie5.
Incom• recoyldon
In¢om• lincludinz interest income) is recognised oncé tho chariw has eNty￿emeNt 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
M￿sured with rel￿￿e 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 (tt*ntinuedl
Taxation
The Trust qualthes a5 a charitable trust wthin the definition of Section 519 Income Tax Att 2fy)7 by the
InL*nd Revenue. Surplu5 income generated for the loundatyon 15 exempt from t1¥a￿on.
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)
B￿k ind k¢5
540
36
T¢xal acdvl￿e
83,513
G0￿mInCe c05ts.' Auth't I
5,381
5,381
520
Other resources ￿pend0th ￿￿p￿lI
ofherft4e ailqu
TO￿ re￿UrceS ￿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 brea￿TrI down cate10￿5 ol acdvty li r￿t considered
meanin
Grant Canceled relate to 2025 chequtJ not deposKed by reCIp￿￿ty whl¢h were unpresent•d at the
beginnini 2026.
The Trustw have not been reimbuThed by the Truit ft+r s￿1¢•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 Char￿1$ 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 Sta￿ments
Year ended 31 De￿rnber 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$12024.. 821. Grants £l,U)O and o¥er in the yvdr
ar¢118t¢d below.
pl•r
Yar ￿deAl JI Dtt•nbtr Year ended 31 De£wthr
2025
2024
IntoUni¥u51
MND Imotcf Nwjrone Dlithstl
ncer Rewrfh UK
10,c
1,500
3,341
3,475
zhdmtr8 Soci
5,riJo
1.539
RNLI
1000
iooo
1,920
1.242
1.000
Th? Aknndrn Sakx Truit
2.TrJO
l.l￿0
I,tr)o
8111erkay Food Bink
mKmil￿n CirKv Support
Parfsh o15unnln4hlll & StyJ¢h knctx
u¥￿0¢1 Fwd 84ok
Awrn Childrwi Hul￿ce Tru5¢
lor Cure
I,fy)o
PCC ofst Mvy Wood>rfdz•
Shd
St&Jhn and St How￿1
The ￿th￿Id1￿, Ff*Jndition
0￿rtIn Canw Acu
I,rpJO
I,tsJo
I,th)o
I,tyJo
PHA8
Klth a Klds
Herts CrxMmff*Jnlty FL¥Jndaiion
Braln Tumcr knsqarth
Frlends of the Roylll m¥￿•n
ChllrKe to 5hlr
￿￿or￿16raIn App*1
&JryivLYS 0f8ereaveTh￿L by Suidd•
BurrrA Sur M￿￿rIal
i.￿0
Cure Pth¢In5￿$ Ttyir
The Nesvmin Hdiday Trurt
R¢llJeu DtrAopmÉnt
stthrytheW￿
Cure
St Nlthdai Church
1.0
Hivens Hosp*4
Epllep5y
Only a PaYern￿ Awar
Chain of
I,OLh)
05car Iixly
Convoy for u￿￿e
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 Fo￿￿￿on
pinst Brèait
Streetckild
Sebuttan HLllter m•nor1￿ Tru
Cancer Trust
2.TrJO
?.r¥Jo
Sijaffles Sthod
Tu￿brid￿ 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
C￿n￿lI 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 H￿n￿lTrU11
Wallicu Truit
Hayeifield &'rfs st￿01
Royal Brompton & Hirefidd H￿Ph￿l*
Co¢Jth Hlll fvnior khool A31cciatyt
and Chlhlren ToFthw
Muluple St1￿$11 Socl•ty
rKhester Cath￿ri1 FuThl
1.000
I,(#Jo
1,000
Les Bcojrys H￿PiCe
Brnntvffjod CathDllc Childr*ts Soc
ly-Rose 8wy
An¢reaJc C•n(er UK
Worshipful CLYnpllny of Gltym olLorthn ch￿rtable
The c￿n￿On Schod PA
1.000
1.000
i.ofyj
1.0
St Nith0115 CdE Sthod
Th¢ Cas￿e Hfw$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¢TP￿￿h 5uFPYt
ND K￿¥, CPRE. A￿83 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 De￿Th6￿ 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
G￿n I IL0511 In the y•ar
it JI Dqcqff&v
3,426.221
Disposa15 Includ• Ca￿￿1 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) khr*JderWM Globl Swr*nib
228,460 SUTL cal￿0veC￿3rlIY Equity V￿ue
10,898 T,R￿ Global Tech Equity Fund
51,000 HSBC FTSE All.Wwld IndÈx Fwd
I,S(N) st￿0der Dwsifled ￿ternatIve
900 VangL4rd Em¥Or¢ Maths Index
1,304 Vontobel TW￿tyFovr 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 Enhan￿d c￿MI)ll￿oS ETF
600 ￿nd10Y P•rkAmthcan ￿n￿
704 Man GLG Pacthc
109.742
101,690
10&128
104h76
92,3 IQ
84,160
80.W s￿￿0d¥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 s￿lass US Growth Fund
350 Vanyjard FfsE UK All SFrtre Indox
11)Xl StanleyGlobal ABS ￿n4
2)8 ca￿￿1 Gearing Portfdlo Fund
4.5M HSBC Global G¢)vernmwr
4th) 1Pm￿1n GW Gov•mmts
9.953 Trojin Fund
6,5LKI I￿are5 Glohl Hlth Y￿Id Ctrp Bond
3Q,000 4.15% Unlr*d Kingd¢J* arGr￿t 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 Glc*al Mlning UCIT5 EfF
WB US 5mill.mld Cap Groth Fund
Red*theel G￿>￿1 Emffory
Emwwng Fund
0.125X Unlr•A KI￿a¢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 d￿er$ffied
acr035 a55Et classes. rewon5 and managEr.
The Portfol￿ 15 managed to maxlmlse capital growth and Incorne. As a Consequence. a doKr4e ol
volatilrty is anticipated and t0hra￿d. The portfollo contribut¢$ 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
(DedUtt￿nI 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 d￿torS
It>*¢rtastl in tr￿torS
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 In￿￿1n￿ 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