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||Page|
|---|---|
|ReferenceandadministrativedetailsoftheCharity,itsTrusteesandadvisers|1|
|Trustees’report|2-6|
|Independentexaminer'sreport|7|
|Statementoffinancialactivities|8|
|Balancesheet|9|
|Notestothefinancialstatements|10-20|





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|Trustees|TheDukeofNorfolk,GCVO,DL,Chairman|
|---|---|
||RichardFitzalanHowardLVO|
||EarlofArundel|
||MrsSusanWood|
||SirThomasWoodcock,KCVO,DL,FSA|
||DavidWhiteEsq,GarterPrincipalKingofArms|
||LadyCelestriaHales(appointed21November2024)|
|Charityregistered||
|number|211253|
|Principaloffice|CollegeofArms|
||130QueenVictoriaStreet|
||London|
||EC4V4BT|
|Secretary|J.V.S.Peill,Esq,BluemantlePursuivant|
|Accountants|KrestonReevesLLP|
||CharteredAccountants|
||2ndFloor|
||168ShoreditchHighStreet|
||London|
||E16RA|
|Bankers|CaterAllenPrivateBank|
||9NelsonStreet|
||Bradford|
||WestYorkshire|
||BD15AN|
|Investmentmanagers|CazenoveCapital|
||1LondonWallPlace|
||London|
||EC2Y5AU|
|AssistantSecretary|E.G.JonesEsq|
|IndependentExaminer|LucyHammondBScFCA|
||KrestonReevesLLP|
||CharteredAccountants|
||2ndFloor,168ShoreditchHighStreet|
||London|
||E16RA|





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20 November 2025 



**THE COLLEGE OF ARMS TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025** 

|**Note**<br>**Income and**<br>**endowments from:**<br>Donations and legacies<br>2<br>Investments<br>3<br>**Total income and**<br>**endowments**<br>**Expenditure on:**<br>Raising funds<br>4<br>Charitable activities<br>5<br>**Total expenditure**<br>**Net income/**<br>**(expenditure) before**<br>**net (losses)/gains**<br>**on investments**<br>Net (losses)/gains on<br>investments<br>**Net movement in**<br>**funds**<br>**Reconciliation of**<br>**funds:**<br>Total funds brought<br>forward<br>Net movement in funds<br>**Total funds carried**<br>**forward**|**Endowment**<br>**funds**<br>**2025**<br>**£**<br>**-**<br>**6,692**<br>**6,692**<br>**-**<br>**-**<br>**-**<br>**6,692**<br>**(6,896)**<br>**(204)**<br>**177,707**<br>**(204)**<br>**177,503**|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>**26,360**<br>**-**<br>**26,360**<br>**-**<br>**49,931**<br>**49,931**<br>**(23,571)**<br>**-**<br>**(23,571)**<br>**83,816**<br>**(23,571)**<br>**60,245**|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**100**<br>**58,745**<br>**58,845**<br>**10,290**<br>**6,323**<br>**16,613**<br>**42,232**<br>**(60,398)**<br>**(18,166)**<br>**1,477,972**<br>**(18,166)**<br>**1,459,806**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**26,460**<br>**65,437**<br>**91,897**<br>**10,290**<br>**56,254**<br>**66,544**<br>**25,353**<br>**(67,294)**<br>**(41,941)**<br>**1,739,495**<br>**(41,941)**<br>**1,697,554**|Total<br>funds<br>2024<br>£<br>38,750<br>63,769|
|---|---|---|---|---|---|
||||||102,519|
||||||11,226<br>78,122|
||||||89,348|
||||||13,171<br>93,670|
||||||106,841|
||||||1,632,654<br>106,841|
||||||1,739,495|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 10 to 20 form part of these financial statements. 

Page 8 



||||2025||2024|
|---|---|---|---|---|---|
||Note||£||£|
|Fixedassets||||||
|Tangibleassets|8||10,310||10,310|
|Investments|9||1,561,333||1,628,627|
||||1,571,643||1,638,937|
|Currentassets||||||
|Cashatbankandinhand||127,691||102,238||
|Currentliabilities||||||
|Creditors:amountsfallingduewithinone<br>year|10|(1,780)||(1,680)||
|Netcurrentassets|||125,911||100,558|
|Totalnetassets|||1,697,554||1,739,495|
|Charityfunds||||||
|Endowmentfunds|11||177,503||177,707|
|Restrictedfunds|11||60,245||83,816|
|Unrestrictedfunds|11||1,459,806||1,477,972|
|Totalfunds|||1,697,554||1,739,495|



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|3.|Investmentincome|||||
|---|---|---|---|---|---|
|||Endowment|Unrestricted|Total|Total|
|||funds|funds|funds|funds|
|||2025|2025|2025|2024|
|||£|£|£|£|
||Incomefromlistedinvestments|6,692|58,745|65,437|63,769|
||Total2024|6,536|57,233|63,769||



## 

||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2025|2025|2024|
||£|£|£|
|Printing,PostageandStationery|59|59|40|
|Travel|20|20|60|
|Functions|601|601|1,118|
|Staffcosts|9,610|9.610|10,008|
||10,290|10,290|11,226|
|Total2024|11,226|11,226||





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||Activities||||
|---|---|---|---|---|
||undertaken|Support|Total|Total|
||directly|costs|funds|funds|
||2025|2025|2025|2024|
||£|£|£|£|
|Charitableactivities|49,931|6,323|56,254|78,122|
|Total2024|75,492|2,630|78,122||
|Analysisofdirectcosts|||||
||||Total|Total|
|||Activities|funds|funds|
|||2025|2025|2024|
|||£|£|£|
|BookConservation||49,931|49,931|17,099|
|ResearchAssistant/Probationer||-|=|46,840|
|RecordRoom,CollegeofArms||~|°|4,000|
|Historictabards||-|-|7,553|
|||49,931|49,931|75,492|
|Total2024||15,492|75,492||
|Directcostsincluded£49,931(2024:£24,652)ofrestrictedcosts.|||||





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|||Total|Total|
|---|---|---|---|
||Activities<br>2025|funds<br>2025|funds<br>2024|
||£|£|£|
|Accommodation|350|350|330|
|Insurance|-|-|20|
|Sundries|487|487|600|
|Professionalfees|3,/06|3,/06|-|
|Governancecosts(IndependentExaminer'sfee)|1,780|1,780|1,680|
||6,323|6,323|2,630|
|Total2024|2,630|2,630||
|Allsupportcostsin2025and2024wereunrestricted.||||
|Staffcosts||||
|||2025|2024|
|||£|é|
|Wagesandsalaries||9,610|10,008|
|||9,610|10,008|
|TheaveragenumberofpersonsemployedbytheCharityduringtheyearwasasfollows:||||
|||2025|2024|
|||No.|No.|
|Averagenumberofemployees||2|2|





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|8.|Tangiblefixedassets||||
|---|---|---|---|---|
|||Fixturesand|Otherfixed||
|||fittings|assets|Total|
|||£|£|£|
||Costorvaluation||||
||At1April2024|64,684|10,309|74,993|
||At31March2025|64,684|10,309|74,993|
||Depreciation||||
||At1April2024|64,683|-|64,683|
||At31March2025|64,683|:|64,683|
||Netbookvalue||||
||At31March2025|1|10,309|10,310|
||At31March2024|1|10,309|10,310|
|9.|Fixedassetinvestments||||
|||Listed|Unlisted||
|||investments|investments|Total|
|||£|£|£|
||Costorvaluation||||
||At1April2024|164,737|1,463,890|1,628,627|
||Revaluations|(6,896)|(60,398)|(67,294)|
||At31March2025|157,841|1,403,492|1,561,333|
||Netbookvalue||||
||At31March2025|157,841|1,403,492|1,561,333|
||At31March2024|164,737|1,463,890|1,628,627|





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||2025|2024|
|---|---|---|
||£|£|
|Kirby-Brooke-LittleFund|80,646|84,178|
|Arthur&ElisabethAdamsFund|77,195|80,559|
|SirPeterGwynn-JonesFund|1,098,588|1,146,978|
|General|273,404|285,412|
|InterestinQuarryBungalow|31,500|31,500|
||1,561,333|1,628,627|



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||2025|2024|
|---|---|---|
||£|£|
|Accrualsanddeferredincome(IndependentExaminer'sfee)|1,780|1,680|





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||||||||Balanceat|
|---|---|---|---|---|---|---|---|
||Balanceat|1|||Gains/||31March|
||April2024||Income|Expenditure|(Losses)||2025|
|||£|£|£|£||£|
|Unrestrictedfunds||||||||
|Designatedfunds||||||||
|SirPeterGwynn-JonesFund|1,197,237||47,086|(3,706)|(48,390)||1,192,227|
|Generalfunds||||||||
|GeneralFunds|280,735||11,759|(12,907)|(12,008)|||267,579|
|;<br>TotalUnrestrictedfunds|1,477,972||58,845|(16,613)|(60,398)||1,459,806|
|Endowmentfunds||||||||
|Kirby-Brooke-LittleFund|90,939||3,428|:|(3,532)||90,835|
|Arthur&ElisabethAdamsFund|86,768||3,264|:|(3,364)||86,668|
||177,707||6,692|=|(6,896)||177,503|
|Restrictedfunds||||||||
|BookConservationAppeal|83,816||26,360|(49,931)|-||60,245|
|Totaloffunds|1,739,495||91,897|(66,544)|(67,294)||1,697,554|





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||||||Balanceat|
|---|---|---|---|---|---|
||Balanceat|||Gains/|31March|
||1April2023|Income|Expenditure|(Losses)|2024|
||£|£|£|a|£|
|Unrestrictedfunds||||||
|Designatedfunds||||||
|SirPeterGwynn-JonesFund|1,127,125|45,880|(46,840)|67,376|1,193,541|
|CatalogueofManuscriptsFund|3,696|-|-|-|3,696|
||1,130,821|45,880|(46,840)|67,376|1,197,237|
|Generalfunds||||||
|GeneralFunds|266,133|11,753|(13,856)|16,705|280,735|
|;<br>TotalUnrestrictedfunds|1,396,954|57,633|(60,696)|84,081|1,477,972|
|Endowmentfunds||||||
|Kirby-Brooke-LittleFund|84,684|3,343|(2,000)|4,912|90,939|
|Arthur&ElisabethAdamsFund|80,898|3,193|(2,000)|4677|86,768|
||165,582|6,536|(4,000)|9,589|177,707|
|Restrictedfunds||||||
|BookConservationAppeal|62,565|38,350|(17,099)|-|83,816|
|DrapersFund|7,000|-|(7,553)|-|-|
||70,118|38,350|(24,652)|~|83,816|
|Totaloffunds|1,632,654|102,519|(89,348)|93,670|1,739,495|





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||Endowment’|Restricted|Unrestricted||Total|
|---|---|---|---|---|---|
||funds|funds|funds||funds|
||2025|2025|2025||2025|
||£|£|£||£|
|Tangiblefixedassets|-|-|10,310||10,310|
|Fixedassetinvestments|157,841|-|1,403,492||1,561,333|
|Currentassets|19,662|60,245|47,784||127,691|
|Creditorsduewithinoneyear|~|~|(1,780)||(1,780)|
|Total|177,503|60,245|1,459,806||1,697,554|
|Analysisofnetassetsbetweenfunds|-prioryear|||||
||Endowment|Restricted|Unrestricted||Total|
||funds|funds|funds||funds|
||2024|2024|2024||2024|
||£|£|£||ad|
|Tangiblefixedassets|~|~|10,310||10,310|
|Fixedassetinvestments|164,737|-|1,463,890||1,628,627|
|Currentassets|12,970|83,816|9,452|©|102,238|
|Creditorsduewithinoneyear|-|-|(1,680)||(1,680)|
|Total|177,707|83,816|1,477,972||1,739,495|



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