HONOURABLE ARTILLERY COMPANY (Charity Registered in England and Wales Number 208443) Report of the Court of Assistants and Finanelil Statements For the year ended 31 October 2025 CONTENTS Membership ofthe Court of Assistants....................... Annual Report of the Court of Assi$tanls.... Independent Auditols Report............ . 9-12 Consolidated Statement of Financial Activities .......... . . 13-14 Consolidated and Charity Balance Sheet5.. 15 Consolidated Statement of Cash Flows............ . 16 Notes to the Financial Statements... . . 17-36 The Membership of the Court of Assistants The Membership o( the Court OE Assistants of the company as at 31 October 2025 wa8: EX-OFFICIO MEMBERS Captain General is Majesty the Ki President Gener￿ Sir Koland Wilker KCB DSO ADC Gan Vi¢e-Pre5ident Malor I C S Morperh TD Treasurer eutenant Colonel S l R Halliday TD Re&mental Colonel Lieucenant Colonel A G E Bate Commanding Officer Lieutenant Colonel G R Cobb VR Senior Major Major M l Adridge Captain of the Company of Flkernen & Musketeers Officèr Commanding the knght Cavalry Colonel S C Garrett TD Lieutenant Colonel M D Kin8 VR HONORARY MEMBERS• HRH Prince Michael of Kent GCVO, Royal Honorary Colonel ￿Tr￿dIer General joe Milano AHAC The Lord Mayor, Sheriffs. Aldermen and Recorder of London for ¢ht dme bdng *Not Trustees of the Compony TWENTY-THREE MEMBERS Appointed by the Commondini Officer. Vacant Appointed by the Court of Asslstonts.. M I Cutteridge Esq Captain B M Symes Eleded dt the onnual General court on 20 Morth 2025.. Lieu¢enanr Colonel l R Lon8bottom MBE QVRM VR Major C V Marment VR Lance Corporal H Mundèll Colonel R S T Murphy QVRM TD Major J A Robinson V E A Seabrook E4 Mojor l F Sivyer VR Major F O Smiddy Major H D N M Voyantzis VR m4.or P D C Vyvyan-Robln￿n TD Malgr D Bri8den TD Major S C Briggs TD l G Brooke VR Stsff Sergeant E D&dzie-Yorke Major TL Daviès TD Dr S F E(fv4ards Lleu¢enant Colonel K L A Ezè Mi'or W H Grove VR Captain H R lee Major General S F N Lalor CB T8 PRINCIPAL EXECUTIVE OFFICERS OF THE COMPANY Chief Executive.. T M L Simson Esq Court & Membership Secretary= C A L¢xkhart LVO MBE DIr￿tOr of Finance.. S Hewett FCCA Director of Citèring & Events.. Ms S McQueen House Manager. H W Green Esq Honourable Artillery Company ANNUAL REPORT OF THE COURT OF ASSISTANTS I'THE COURT,) The Court submits its an￿Ual report and the audited financial statements of the Company for the year ended 31 October 2025. The Court ha5 adopted the provisions of Financial Reporting Standard 102 IFRS 1021, Accountin8 and Reporting by Charities.. Statelnent of Recommended Practice applicable to Charities preparin8 their accounts in accordance with FRS 102 and the Charities Act 2011 in preparing the annual report and finamcial State￿entS of the Company. REFERENCE AND ADMINISTRATIVE INFORMATION The Honourable Artdlery Company (the Company or Charity) is a company incorporated by Letters Patent and resistered with the Charity Conuni55ion for EnsLand and Wales under Charity number 208443. The Company is administered from its principal addre$5 at.. Amioury House, City Road, London ECIY 2BQ- Details of the Trustees and executive olficer5 are shown on pa8e 6. Particulars o the Charity's professional advisers are shown on pa8e 15. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing D¢Jcumenl Tlie goveming dwument of the Charity is the tÈtlers Patent granted by His Majesty kng Henry VtIi on 25 Au8USt 1537. GovÈrnin8 Body The Cornpany is govemed in its civil affairs and finances by a Court ol Assistants I'the Court'}, whose members are the Trustees of the Company, whose membership is set out on page l. The Court dele8ale5 authority lo committees appointed from amon8St its members, to some of which certain other persons are co-opted. Recruitment and Trainins of Trustees Thele arè nominally 31 Trustees on the Court. Eight ol these are Ex4)fficio appointments. Of these, two are the Vice-Prèsident and Treasurer who are CLVLI CLiief5, elected by the Court for two and three years respectively, helping lo provide continuity to the Court. Both these position5 Are elected by and from within the body of the Court. Up to three Trustees are appointed, one of which can be appointed by the Commanding Officer and two by the Court, Consideralion of the balance of skills, expertLse and experience of Trustees is an essential component in the selection of the Court appointees. Twonty Trustees are elected by the membership and the result of the ballot is declared al the Company's Annual General Court, whieh is held in March each year. As at the report date, one appointee Trustee post was unfilled. Training has been offered to Trustee5 throu8houl the year. In addition, each rnember is i55ued with a copy of the bookjet The Essenlial Trustee CC3, published by the Charity Commission, to provide a source of perrnanent reference. Trustee5 are also encouraged to attend external trainin8 cour5e5 where this is considered appropriate. Organisational Mana8ement The Court meets ten times per year and is legally responsible Eor the overall management and Control of the civil aEfair5 OE the Company. Detailed work is undertaken by a number of committees. eompiisins the Executive Con7￿l1tee, Property Committee, Sutling Conunitlee, Membership Committee. Audit Cornmittee, Sports Committee, Treasures Committee, Permanent Endowment Comznittee and Benevolent Fund Committee. Committee meetin8s are scheduled according to the amoLLnt of work involved, with additional meetin85 being arranged if more activity is required. The Honourible Artiller ny committees, work is reported to the next following meeting of the Court and approval is sought Eor any decisions which are outside the terms of reEerence of the cornmittee. ID addTtion, there is a teaffl of specialist investrnent adviser5 who meet up to four tim￿ per year to review and offer advice on the performance OE the Company's investments and property portfolio as well as the Choi￿ of tnvestment Portfolio Manaser. Com Day-today operation of the Company is delegated to the Chief Executive and the Company Office. who have authority to operate within the constraints of the approved budget. Quarterly Management Accou￿t5 and updated current year Forecasts, are reviewed by the Court, and in addition monthly manasement accounts, including a balance theet and 12 month cash flow. are reviewed by the Executive CDmmiÉtee. The Compan￿5 long terni Business Flan is reviewed by the Executive CollLmittee and the Court Erom time to tlme. TLie authorisation of at least one Trustee is required for all payments above Ll0,(KK). Remuneration A Remuneration Committee wa5 formed in the 5prins 05 2016. The Committee met in 2025 to review submission reviewing the remuneration of the staff of the Company OEfice. Group Structure and Relationships The Charity ha5 four wholly-owned non-charilable 5ubsidiaries'. HAC Enterprises Limited and FL4C Flank Companies, Ball Limited, both of which carry out fundraising activities for the Charity,. 14 City Road Residential Lid. which was set up this financial year and Pencelli Limited, which was set up to hold the assets ol the We15h PencelLi E51ate situated in the Brecon Beacons. The activities and performance of the tradin8 companies arè discussed below. Risk Manasement In accordance with the Courvs Risk Management Policy paper 0120 October 2CQg, the Company maintain$ a formal risk re8lSter. This is reviewed re8ularly and systematically by the Court committees and the Company Office. Risks are identified at coniJnittee level or by the Company Office. They Jre assessed as to their likelthood and impact, and the measures taken lo mitigate the risks are listed and evaluated with iudgement made on whether the mitl8ation actions are acceptable or whether further action is required. There are two major risks to the Company.. The temporary loss of the use of Armoury House as a facility due to an unforeseen event. This risk has been mitl8ated by insurance cover lor business interruption up to four years, and adequate buildings insurance cover. However, il is noteworthy that while the impact o covtD-19 was clearly an unforeseen event and impacted the commercial activities of the Company, it was outside the scope of the busAness interruption insurance cover. The loss of income from the hire of the Artillery Garden for commercial events, should the main user lerrninate their contract or plannin8 consent for the temporary structure be withdrawn by the loeal authority. AIthou8h there would be a major loss of income to HAC Enterprises Ltd, the impact on the Company is not eonsldered sisnlficant enough to adveTsely impact the Compan￿5 ability to continue meetin8 Its current charitable oblisations. Honourable Art511ery Company OBJECTIVES, AcTIV￿lEs AND PUBLIC BENEFIT The main activities in the year to meet the Company's objectives, public benefit and the Trustees, duty under section 17 of the Charitie5 Act 2011 are set out below. Charitable Objectives The charitable objectives of the Cornpany are defined as,'for military exercise and training and for the better defen¢e of the realm. and. to this end, Ll usès Its freehold property at Arnioury House as a base for its Inilitary unit, a Regiment of the Anny Reserve. To meet the requirements of the Charities Act 2011, the Court agreed an updated articulation ol the Company'5 Objective5. These are.. support lo the HAC Regiment and the HAC'S City of London Special Constabulary Detachment; support lo the Company's cerernonial sub-units,. conservation of Company treasures,- maintenance and utilisation of the Company'5 estate,. support for the Benevolent Fund,. 5UStaining Company membership,. and maintaining the Company s lon8-lenn financial 5UStainability. It should be noted that the HAC'S City of London Special Constabulary Detachment was formally closed by the FtAC in 2025 following an earlier reorganisation by the City of London Police. Aim8 and Intended Impact To meet these objectives, the Company's aims are to further improve its facilities with a view lo preserving the Re8imenVs place in the British Army s Order of Battle by encouraging improved recruiting for and retention within all elements of the Company,. to run commercial actlVLty as necessary lo ensure the Company's long-lemi financial su5tsinab1￿ty,. and to conserve the Company's estate and the Company's Herita8e A5sel$ Itreasuresl for posterity. Objectives for the Year The main objectives for the year were supporting the HAC Regiment in its recruitiTLg and retention efforts and fulfilling the Company's wider charitable aims, both in the immediate term and by providin8 for the Company's lons-term sustainability, in parl throush continued commercial use of ils facilities. Public Benefit Durin8 the year the Court of A551Stants has, in exercising ils powers and duties, complied with the duty in Section 17 of the Charities Act 2011 to have due regard lo the guidance on public benefit published by the Charity Commission. In particular, it has provided public benefit in that the Company: Supported the Regiment with welfare for the individuals and famihes of those deployed in line with policy, provision of training space on the Artillery Garden, on the parade square and in Armoury House. In 2024/25 the Company made aJfftual grants totallin8 £447K of which £394k were cash grants and £53k were non-ca5h grants. Provided training and Einan£ihl support totallin8 £25k, lo the Combined Cadet Force at the City of London Academy, IsLin8ton. Provided trainin8 and facilities within Armoury House for the City of London Police Cadets. Provided accommodation within Armoury House for the Pikemen & Musketeers and the Lisht Cavalry. These sub-units provide displays lo the general public and ceremonial suards for State Occasions and City events. Sustained Company membership at around 25(K) members. Members made an annual conttibulion of £382k to the Charity during the year. Conserved the Company's estate at Arrnoury House and the Artillery Garden, making facilities available to the Reglment as required. The Pencelli Estate in the Brecon Beacons Honourable Artillery Company National Park is used for training purposes, not just by the HAC, but by a large and varied number of other military and cadet units. Throughout the summer the grounds have been made available weekly to a London Borough of Islington primary school Eor games and recreation. Contributed to the engagement of a Warden and volunteers on the Brecon Beacons National Park to help ensure this public facility is not damaged by illegal off-road bicycles and vehicles. Maintained the HAC Benevolent Fund for HAC members and other eli8ible beneficiaries and provided insurance cover for Regimental members mobilised on operational duty. The Outcome of the Charity's Work The HAC Regiment. 15 part of the Reserve Forces and is a bcdy of trained manpower rebdy at appropriate notice to deploy as individuals on short duration rrulitary operations or as a formed body for general war. The Charity's support for the Regiment enables it to be the best recruited Reserve Forces unit in the British Arrnyi Wlth a high level o( retention a5 a consequence of the financial and material support received that gupports its trainin recruiting. welfare and unit cohesion. The location of the 51te, coupled with the facilities that the Regiment can offer throush the Company, means that the Regiment's recruits lend to be of high cHlibre and ameDable to a higher level of trainllig in the short periods that they are in unrform. The Regitnent has also deployed across the UK on a ranse ol operations and Irainins events, in support OE the UK Defence and NATO partners. Ceremonial Sub-Uni18. As regular forces reduce, the demand on the Company of Pikemen & Musketeers and the Lisht Cavalry for ceremonial support in and beyond the City increases. The sub-units are able to meet thi5 added tempo thanks to the support tiial the Company gives them in ternis of grants for equipment and facilities for training, storage and control. Cadèts. The cadet contingents that the Company supports make a marked difference to the lives of those young people involved frorn the local community, from which the CCFS and Police Cadets are drawn. By promotin8 discipline, self-reliance and teamwork it is reported that performance of cadets e]5ewhere in the curriculum 15 improved. The Membership. One ol the roles of Members is to act as an advocacy nehvork lor Defenee and Security throushout the COUDlry. The Company's prosramme of lectures, and the facilities the Company provides for veteran and serving reserves to interact, keeps this network informed, active and relevant. The House and Artillery Garden. The House and Garden act a5 a backdrop to offices and homes in the Finsbury area. Il Is the largest open space in Islinston and L5 used by the Regiment for low-level trainin8. Thi5 means that the Re8iment is able to run its own Phase I (basic) tiainins weekends and trainin8 nishts which enable it to set particular store by its standards and develops Regimental eth05 and cohesi¢)n from the start. The Stralegy for A¢hievins tho8e Outcome8 In order to achieve our goals, the Charity must simultaneously maintain its estate, both in London and in Wales, such that it is available for trainin8 and ceremonial purposes, whilst at the same time using Lt to raise funds that can then be granted to the beneficiarie5 to support their work. Particularly in London. where space is at a premium, this involves judgement and constant, detailed attention to the application of a broad strategy that 5ee5 the needs of the Resiment come first, with v￿used space then made available for conunercial use. Grant Makins Policy The Company makes annual grant5 to the Resiment for expenses, such a5 adventurous training and recruiting. These srants are fixed on an ar￿Ual basis followin8 discussions with the Commandin8 Officer. IE the Commanding Officer makes additional applications for grants during the year, then Honourable Artilltr Company these are considered by the Court on an od hoc basi5 and will nonnally be met, provided that Einancial circumstances allow. In sO￿e circumslance5, grants are made to individuals to allow 5peeiEic training to be undertaken or to support other military purposes. The Benevolent Fund, which is disclosed a5 a 'restricted' fund of the Company, makes grants to individuals connected with the Company, in accordance with the Benevolent Fund Trust Deed. Volunteers The Court is grateful to those members of the Cotnpany who give freely OE their time in support of the Company. In view of the wide sphere of activities in which members support the Cornpanyi evaluation of this activity has proved impracticable. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational Perforniance of the Company The Company has provided Armoury House, the Artillery Garden and the Pencelli Estate for the use of its Military Unit and its ceremonial sub-units throu8hout the year. It has also provided financial support to all these elements of the Company. Its commercial activities OTh the Artillery Garden and in the House, have resulted in a positive contribution by commercial activities to the Company's result for the year. Investment Perfornianee a8ainst Obje 11,119) 4.452 Caoh and ¢•¥h equAv<ttts a• it31 O¢tobtr2025 3,JJ3 2025 2024 Rerondllattoo of net Incomt tontt c•sh ljow (rnm opei*tln8 actSvltieg Net Income forthe teportin8 period Nole 918 1205 AdjustmeNi¥ for DepT¢ciAtlon ChArsÉ*.' Depreciation. amOrt￿ll0n & iTnptrmerti, Ios6 on dL5posals Li¥ht Cavalry and Pikemen & MusketeeT5 depreciation in un Listed Inve¥tment8 Loss on Investmvnl ProFrly Revaluation Ila/lld Ilb 12 Ilc 159 167 13 11,5541 778 51 Invv4tment property Income Listed investment5 Interest on cash deposits Incrcabe in stocks Ilntreagel/Decrcaye in debtors IDecreasellTn¢rea5e in crediti 11*821 12191 11.7201 12281 13801 1571 16271 187 Nel ¢agh u8¢d in operatlng •ctlvltl*a 110491 Analy$lo ol cah and cash equlvilenla Cash ift hond Noti￿ deposlts liess than 3 ￿onths) 365 1,9tp) 627 2501 2294 3.118 205 Ca•h held wlth inve8bllertl ETkana8et8 Total cash and ¢abh equivalents 3J35 Reconciliation o( nel debtr. Ati November 2024 At31 October 2025 ÉoTr) Cash flows EL￿0 Cash and cash equjvalents 17 Honourable Artillery Company NOTES TO THE FINANCIAL STATEMENTS Year ended 31 October 2025 l. Constitution and subsidiaries The Honourable ArtilLery Company was incorporated by Letters Patent on 25 August 1537 and is registered as a Charity (registration number 208443)- The subsidiary group companies are- -HAC EThterprises Liniited (Company registration no. 0167741X)I -HAC Flank Companies, Ball LAmited Icompany registration no. 02266408} -Pencelli Liniiled (company Trgistration no. 037242271 -14 City Road Residential Limited (company re8lStration no. 163619601 2. Accountin8 PolicAes A¢roHntixg conventio The Charity is a public benefit entity for the purpose5 of The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and therefo￿ the financial statements have been prepared in accordance with Accountins and ReportÉns by Charities.. Statement of Recommended Proctiee appLicable to charities preparing their financial statements in accordance with 102 (Charities SORP FR51021, the Charities Act 2011 and FRS 102. The financial statements have been prepared to give a'true and Eaif view ond have departed from the Charities (Financial statements and Reports) Re8ulations 2008 ODJY to the exlenl required lo provide a'true and fair view,. This departure has involved following the Charities SORF FRS 102 rather than the earlier version wkn¢h it replaced. Consolidation The financial statement5 of the Company include those aetivilies of the Company which have a material effect on ilfj financial position or results. Ceilain funds, in particular those ol the Old Comrades, A5S