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RCC PILOTAGE FOUNDATION

Registered number: 05424369 Charity number: 1109561

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2025

RCC Pilotage Foundation

‘

(A company limited by guarantee)

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details|of the|charity,|its trustees|and|advisers|4| |Trustees’|report|2-3| |independent|examiner's|report|4-5| |Statement of financial|activities|incorporating|income and|expenditure|account|6| |Balance sheet|7| ||| |Cash|flow statement|8| |Notes|to the financial|statements|9-14|

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RCC Pilotage Foundation

;

{A company limited by guarantee)

Reference and administrative details of the Foundation, its trustees and advisers — for the year ended 30 September 2025 "Trustees , — ' PMABryans, Chairman - : , ; 4 - ; G W Aylward, Appointed 10 April 2025 "4 “te ., ACFR-Bickerstaff,Fawcett,Appointed,Treasurer,10°RetiredApril 202510% April 2025 . 1 : : G AHarrison-Hall, Retired 10" April 2025 JH Spinlove B S Vernon, Appointed 11" October 2024 . AE Wells, Appointed 10" Apri! 2025 N J Wollen DL, Resigned 10" April 2025 va . . 7, . ) , Secretary B S Vernon Treasurer - Ss an a | Dy ACF Fawcett Charity registered number an _. 1109561 .- 4 , Company registered number 05424369, | an _ DL } | < Registered office - aoe | 2, ‘ , ! c/o Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG Bankers "TSB Bank ple, 9 West Street, Bridport, Dorset, DT6 3QL se - Independent examiner ) . Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG , Investment managers a Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London EC4M 8BU .

Page 1

RCC Pilotage Foundation

‘

(A company limited by guarantee)

Trustees’ report

for the year ended 30 September 2025

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the RCC Pilotage Foundation (‘the Foundation’) for the year ended 30 September 2025. The Trustees confirm that the annual report and financial statements of the Foundation comply with the Charities Act 2011, the Companies Act 2006, the requirements ofthe Foundation’s governing document, andthe provisions of the Statement of Recommended Practice (SORP) (FRS 102) "Accounting and Reporting by Charities" effective 1 January 2019.

Structure, governance and management

The Foundation is registered as a charitable company limited by guarantee and was Set up by a Memorandum of Association on 30 September 2005 and is a registered charity number 1109561. The Trustees approved revised Articles of Association on 15 January 2020.

The management of the Foundation is the responsibility of the directors, who are also the Trustees and are appointed or approved by the Committee of the Royal Cruising Club.

Objectives and activities

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The principal object of the Foundation is to advance the education of the public in the science and practice of navigation.

The Foundation achieves its objectives through the publication of a range of pilotage books and periodic revisions thereof covering a wide range of cruising areas, including some of the more remote cruising areas of the world, and also by the provision of navigational information on the Foundation's website. Some of the books published are not commercially viable and would not otherwise be produced, while most of the information available on the website is provided free of charge. .

Public benefit

The Foundation operates for the public benefit under the charitable purpose as defined in the Charities Act 2011: "the advancement of education”. The Trustees confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Achievements and performance’

In the financial year to 30 September 2025, new editions of Imray titles Atlantic Spain & Portugal, The Baltic Sea and Approaches and Netherlands and Belgium were published reflecting further progress in the Foundation’s programme of continuing improvement and updating of their publications. A further seven titles are in research or production for publication in 2026 or subsequent years.

Income from royalties was 9% down on the previous year. The Foundation received a legacy of £50,000. Expenditure on project costs was £20,600 lower than the previous year, as fewer pilot books were commissioned. Support and governance costs were £8,900 more than the previous year.

Page 2

Trustees’ report

for the year ended 30 September 2025 (continued)

Reserves policy

. ;

tt is the policy of the Foundation to maintain a minimum reserve of £200,000, which is equivalent to approximately 2 years’ expenditure. .

Financial performance

The net operating gain for the year was £32,286 (2024 — loss £25,357) before an unrealised investment gain of | £25,517 (2024 — £67,654). The reserves of the Foundation increased at the end of the year by £58,200 (2024 — ! £42,297). °

| Trustees’ responsibilities statement | The Trustees, who are also directors of the Foundation for the purposes of company law, are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom | Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing these financial statements, the Trustees are required to: 7

e select suitable accounting policies and then apply them consistently;
° observe the methods and principles in the Charities SORP;
° make judgments and accounting estimates that are reasonable and prudent;
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees.on 8th January 2026 and signed on their behalf by:

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P M A Bryans, Chairman
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RCC Pilotage Foundation

(A company limited by guarantee)

Independent examiner's report for the year ended 30 September 2025

Independent examiner's report to the Trustees of the RCC Pilotage Foundation (‘the Foundation’)

| report on the financial statements of the Foundation for the year ended 30 September 2025 which are set out on pages6 to 14.

This report is made solely to the charity’s Trustees, asa body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the charity’s Trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work or for this report.

Responsibilitiesand basis of report

As the charity trustees of the foundation and also its directors for the purposes of company law you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). .

Having satisfied myself that the accounts of the foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your foundation’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the directions given. Act. by the Charity Commission. under section 145(5)(b) of the 2011

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1) the accountirig records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2) the accounts do not accord with those records; or
3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts givea ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable-to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Page 4

13.01.2026

RCC Pilotage Foundation

(A company limited by guarantee)

Statement of financial activities incorporating income and expenditure account for the year ended 30 September 2025

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|||||||| |---|---|---|---|---|---|---| |.|-_| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |Note|£|£| |Income|from:| |Charitable|activities:| |Imray|royalties|33,797|38,036| |Bloomsbury|royalties|3,792|3,298| |Investments|15,372|'|45,902| |Legacy|50,000|-| |Direct sales and|other income|1,076|610| |Total|income|103,977|57,846| |Expenditure|on:| |Raising|funds:|.| |Investment|management fees|4,161|3,999| |Charitable|activities:| |Project costs|2|22,942|43,543| |Authors’|supplement|payment|2,100|2,100| |Support and|governance|costs|3|42,488|33,561| |Total|expenditure|71,691|83,203| |Net gain/(loss)|before|investment gains|32,286|(25,357)| |Realised|gain|on|disposal|of investments|397|-| |Unrealised|gains on|revaluation|of investments|25,517|67,654| |Net movement of funds after investment|gains|58,200|42,297| |Reconciliation|of funds:| |Total|funds|brought forward|§86.334|544,037| |Total funds|carried|forward|ow944,534 586,334|

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All activities relate to continuing operations.

The notes on pages 9 to 14 form part of these financial statements.

Page 6

RCC Pilotage Foundation

(A company limited by guarantee)

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Balance sheet
at 30 September 2025
Companies House number: 05424369
2025 2024
Note £ £ £ £
Fixed assets
Investments 6 633,141 580,934
Current assets
Prepayments 7112 -
Cash at bank and in hand 19,275 14,911
26,387 14,911
Creditors: amounts falling due within one
year T (14,994) (9,511)
Net current assets 11,393 5,400
Net assets ——644,534 — 586,334
Charity Funds
Unrestricted funds 8 644,534 586,334
Total funds __ 644,534 586,334
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The company’s financial statements have been prepared in accordance with the provisions applicable to Companies subject to the small companies’ regime.

The Trustees consider that the Foundation is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Foundation to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on 8th January 2026 and signed on their behalf, by:

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| MA
P MA Bryans, Chairman ACF Fawcett FCA, Treasurer
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The notes on pages 9 to 14 form part of these financial statements.

Page 7

RCC Pilotage Foundation

(A company limited by guarantee)

Cash flow statement for the year ended 30 September 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Net movement|of funds|as|reported|in|the Statement| |of Financial|Activities|58,200|42,297| |Adjustments|for:| |Realised|gains|on|investments|(397)|-| |Unrealised|(gains)/loss|on|investments|(25,517)|(67,654)| |(Increase)/decrease|in|debtors and|prepayments|(7,112)|960| |Increase/(decrease)|in|creditors|5,483|(451)| |Net cash|(used)/generated|in|operating| |activities|30,657|.|»|(24,848)| |Cashflows|from|investing|activities:| |Additions|to|investments|(60,000)|-| |Realisation|of investments|29,603|-| |Transfer from|investments|to|cash|-|15,000| |Investment management fees|4,104|3,901| |Cash|generated/(used)|during|the period|4,364|~|(5,947)| |Cash|at|1|October 2024|14,911|20,858| |Cash|at 30 September 2025|19,275|14,911| |Increase/(decrease)|in cash during the|period|4,364|(5,947)|

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% > RCC Pilotage Foundation

‘

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

1. Accounting policies

1.1 Basis of preparation of financial. statements

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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), the Statement of Recommended Practice (SORP) (FRS102) (effective 1 January 2019) and the Companies Act 2006. ne ' ;

. RCC Pilotage Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. : '

The financial statements are presented in sterling and rounded to the nearest £1.

1.2 Fund accounting

0 ,

General.funds are unrestricted funds which are.available for use at the discretion of the Trustees in furtherance of the genera! objectives.of the Foundation. . ;

1.3 Income

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All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to.a third party, it-is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified under headings that aggregate all costs related toacategory. ._. '

‘Charitable activities and Governance costs are costs incurred on the Foundation's educational operations, including support costs and costs relating to the governance of the Foundation apportioned to charitable activities. . .

All resources expended are inclusive of irrecoverable VAT.

1.5 Pension

_

| io . ‘

The company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 9

: RCC Pilotage Foundation (A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at market value at the balance sheet date. Fair value in this case is the market rate recognised on the stock exchange. Investment gains and losses, whether realised or unrealised, are shown on the Statement of financial activities incorporating income and expenditure account.

1.7 Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments areinitially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.8 General information

RCC Pilotage Foundation is a charitable company limited by guarantee incorporated in England and Wales, registration number 05424369, and is a registered charity number 1109561. The registered Office is c/o Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex RH12 2RG.

2 Project costs

			2025	2024
			£	£
Atlantic Spain and Portugal			4,666	-
Baltic Sea and itsApproaches			4,055	4,039
Mediterranean Spain			4,029	7,334
Channel Islands, Cherbourg Peninsula and North Brittany			3,334	-
Netherlands and Belgium			3,207	6,166
South PacificAnchorages			2,600	2,000
Uruguay			1,000	-
Isles ofScilly	,	.	51	3,332
Pacific Crossing Guide			-	6,666
Corsica and North Sardinia			-	6,041
Atlantic Crossing Guide			-	3,000
Ocean Sailing			-	2,500
Cape Horn and AntarcticWaters			-	2,000
South Biscay			-	163
North Africa			-	151
Norway			-	41
Balearic Islands			~	29
Others			-	81
Total			22,942	43,543

Page 10

x RCC Pilotage Foundation

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

Support and governance costs

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|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Salary|costs|22,950|22,075| |Pension|costs|689|656| |Travel|and|subsistence|4,526|3,804| |Office|expenses|8,140|—|2,545| |Marketing|costs|879|424| |IT costs|3,264|2,017| |Governance ~ independent examiner fees|2,040|2,040| |42,488|33,561|

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4. Trustees’ remuneration and expenses

During the year, no (2024 — none) Trustee received remuneration. Six (2024 - five) Trustees received reimbursement of expenses for travel and subsistence, amounting to £1,521 in the current year (2024 - £1,513).

5. Staff costs

Staff costs were as follows:

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Salaries|and|pensions|23,639|22,731| |2025|2024| |The|average|number of persons employed|by|the|Foundation|during| |the year:|1|1|

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Page 11

RCC Pilotage Foundation

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

Fixed asset investments

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||||||| |---|---|---|---|---|---| |Listed|Cash| |securities|deposits|Total| |£|£|£| |Market value| |At|1|October 2024|560,934|20,000|580,934| |‘Investment management fees paid|(4,104)|-|(4,104)| |Disposal|at book value|(29,603)|-|(29,603)| |Transfer from|current account|-|20,000|20,000| |Additions|40,000|-|40,000| |Realised|gain|397|-|397| |At 30 September 2025|——|993,141|40,000|633,141| |The|historical|cost of the|listed|securities was £463,965.|;| |Investments|at market value|comprise:| |UK|Overseas|2025| |£|£|£| |Listed|investments|144,133|449,008|593,141| |Cash|deposits|40,000|-|40,000| |Total|market value|—|[184,133][ _449,008]|[633,141]| |Listed|Cash| |Prior year|securities|deposits|Total| |£|£|£| |Market|value|.| |At|1|October 2023|497,181|35,000|§32,181| |Investment management fees|paid|(3,901)|-|(3,901)| |Transfer to|current account|(15,000)|(15,000)| |Unrealised|gains|67,654|-|67,654| |At 30|September 2024|—__560,934 __20,000 ___580,934| |The|historica!|cost of the|listed|securities was £447,586| |Investments|at|market value|comprise:| |UK|Overseas|2024| |£|£|£| |Listed|investments|123,966|436,968|560,934| |Cash|deposits|20,000|-— 20,000| |Total|market value|—__ 143,966| 436,968|_—«#580,934|

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Page 12

, Pilotage Foundation

(A company limited by guarantee)

Notes to the financial statements

. , .

for the year ended 30 September 2025

									,
7.	Creditors: Amountsfalling			fallingduewithin oneyear
—					)	;		2025		2024
	,	:						£		£
	Taxationand	and social	security			—		1,319		1,278
	Othercreditors							4,629		4,515
	Accruals			;	:	7	.,	ot	8,206
	Deferred	income						840		633
								———_14,994_____	_____9511	9511

’ Deferred income represents income received in advance for royalties receivable on the sale of books in future periods.

8. Statement of funds — Current year

					Brought forward	Income	Expenditure			Gains	Carried forward
				.	. £	£	£		;	£	£
	Unrestricted funds				.			.
	General funds				586,334	103,977	(71,691)			25,914	644,534
	Summary offunds
	,					: )
					Brought Forward	Income	Expenditure			Gains	Carried Forwar
.	+s	.			£	£ !	£			£	£
	General funds		=		586,334	= 103,977	(71,691)			25,914 ____644,534

"Page 13

RCC Pilotage Foundation

(A company limited by guarantee)

, } | | |

Notes to the financial statements for the year ended 30 September 2025

Loo. oe

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||||||| |---|---|---|---|---|---| |8.|Statement of funds — Prior year| |Brought|Income|Expenditure|Gains|Carried| |forward|forward| |£|£|£|£|£| |Unrestricted|funds| |General funds|544,037|57,846|(83,203)|67,654|586,334| |544,037|57,846|(83,203)|67,654|586,334| |Summary|of funds| |Brought|Carried| |Forward|Income|Expenditure|Gains|Forward| |'|£|£|£|£|£| |General funds|—544,037 57,846|(83,203) __67,654||[586,334]|

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;

Related party transactions

During the year no fees were paid to any Trustee (2024 - none).

10. Financial instruments

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Financial|assets|measured|at amortised|cost|12| |Financial|liabilities measured|at amortised|cost|5,948 85,793,| |Financial|assets|measured|at amortised|cost comprise|prepayments.|

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Financial liabilities measured at amortised cost comprise other creditors and other taxation and social security as detailed in note 7.

Page 14

2025-09-30-accounts

RCC PILOTAGE FOUNDATION

(A company limited by guarantee)

Contents

{A company limited by guarantee)

(A company limited by guarantee)

Trustees’ report

for the year ended 30 September 2025

Structure, governance and management

Objectives and activities

Lo

Public benefit

Achievements and performance’

Trustees’ report

for the year ended 30 September 2025 (continued)

Reserves policy

Financial performance

Independent examiner's report to the Trustees of the RCC Pilotage Foundation (‘the Foundation’)

Responsibilitiesand basis of report

Independent examiner's statement

13.01.2026

(A company limited by guarantee)

Statement of financial activities incorporating income and expenditure account for the year ended 30 September 2025

(A company limited by guarantee)

Cash flow statement for the year ended 30 September 2025

(A company limited by guarantee)

1. Accounting policies

1.1 Basis of preparation of financial. statements

1.2 Fund accounting

1.3 Income

yo,

1.4 Expenditure

1.5 Pension

_

1.7 Financial instruments

1.8 General information

2 Project costs

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

4. Trustees’ remuneration and expenses

5. Staff costs

(A company limited by guarantee)

Notes to the financial statements for the year ended 30 September 2025

(A company limited by guarantee)

Notes to the financial statements

8. Statement of funds — Current year

Notes to the financial statements for the year ended 30 September 2025

Loo. oe

10. Financial instruments