Charlty Numb•T 255961 ROYAL WARRA1￿ HOLDERS ASSOCIATION CHARITh FUND UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2024 WARD WILLIAMS Charterecs Accountants Belgrave Plouse 3943 Monumènt Hlll Wgybrfdge Surrey KT13 8RN ROYAL WARRANT HOLDERS ASSOCIATION CHARifi FUND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Trustees. Annual Report Indgpendenl axamlnorf8 report to the Iru3tees statement of financlal actlvlllos Balanca sh681 Notes to th& ffinancial statomont8 10 ROYAL WARRANT HOLDERS A880CIATION CHARITY FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The Iruslees present Ihglr rgport and tha financlal statemants of tha Charlty for the yoar ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DETAILS R•glst•r•d charlty nam• Royal Warrant Hold8r8 A88cLlallon Cha￿ty Fund Charlty reglstrntlon numb•r 255961 Prlnclpal offic• No 1 BucklnghBffl Plac8 London Unllèd Klngdom SW1E 6HR The trustees The Iruslees who 8eNed the Charfty durfng th• P•Elod w•r• 88 follows: Pam#la Harper (Chalm18n} Nlck Farfow Phllip Coward (Resigned 11 December 2024) Ann& Hollamby Jo Ngwion Jenny Urquhart IAppolnt•d 13 February 20241 Ind•pond•nt •xamlnèr Ward Wlllam8 Chartered Accountants Belgrave Hou88 3943 Monum8nl Hlll Weybrldg Surr8y KTf3BRN Invo$tm•nt advl8•r Cazenove Capltal Management 12 Moorgate London EC2R 6DA Sollcltors Bircham, CJy8on Bèll 50 Broadway London SW1 H OBL ROYAL WARRANT HOLDERS ASSOCIATION CHARITY FUND TRUSTEES, ANNUAL REPORT fconUmi•d) YEAR ENDED 31 DECEMBER 2024 The account8 have beon pr8par8d in accorda￿• wlh trbe accountlng pollclas sat out In noto 1 of the accounts and ￿mplY with the Charfty'g TnJ8t Deed, the Charille$ Act 2011 and "Ac¢ounting and Reportlng by Charities.. Slal8m8nt of R&commended Practlco appll¢8bl6 lo charit18s preparlng Ihdr accounts In accordance wllh tho Flnanclal Reporting Standgrd 8ppll¢able in the UK and R8publlc of jigland IFRS 1021" {Issuod In October 20191. OBJECTJVES AND ACTIVITIES Objèctivas and Alms The Obl8cts of the Chority arè lor the Iru3le&s to apply Incomg of the Chartty for leg81 ¢harilablo purposes In accordanca wlth the Charlty's Trust Dged dated 6 Aprll, 1968. Bs am8nd8d by a deed of V8rlation dated 11 S8pl$mber 2014. The trustses conllmi that Ihey hav8 rafarred lo the guldanc8 ntalned In thg Charity CommiB8ion's g8n&ral guhdance on publlc b&nafitwhen reviewing th8 Charitys aims and oblgdves and In plannlng ftrture oblecllves and $8ttlng the grant rnaklng policy for thg yoex. Appolntm•nt ol trust••6 Trusts$$ may be appolntad for a term of thr88 yoars or less by a resolutlon of thè Coundl of the Royol Warrant Holder8 As8oclallon (the Counclll- Tho tru8tee8 who are also m¥mber3 of the Councll shoukl not constituie o malority ol the trusteas at any one tlme unl&$$ It ha$ beon Imp038ible to fill thè va¢ancy with a non-council member, in accordance Wbth the Trust Doed. Grant maklng Thg Iru8teos maka grant8 In ftjrtherancg oftho ObJective8. Ro4oms poII¢y The truslg9$ aim to maintaln fraa rg8&rve8 In unrestrfctgd funds In order lo facilitate thg maintenance of the Charlty's Invèslmenl portfollo al a level that wlll onable 11 lo gen8ra¢g Incom& sufflclenl fot It to conllnuo lo make giants at 8 rats al lea81 conslstent Mlh previous years. ACHIEVEMENTS AND PERFORMANCE Charltabl• a¢thitles Durfng the year the Charfly $uppotsd various good ¢au8e8 donallng £116.09812023- £105,576). Bonh4m* Auctlon The maln fundralser for 2024, wa8 ¥ ch8rfty auction held 81 Bonham8, Mayfalr. In October hosted by Wlndsor, Eton gnd Di8trfct Royal Warrant Holders Assoclatton, whlch rolsed £99.802 Including Grft Ald for the RWHA Challty Fund. Thg maiorfty of wgre donated by Roy¥l Wafranl-holdlng comp8nlè8. ROYAL wARRAP￿ HOLDERS ASSOCIATION CHARITY FUND TRUSTEES, ANNUAL REPORT {¢onllnu•d) YEAR ENDED 31 DECEMBER 2024 FINANCIAL R&fjEW Invg¥tm•nt pollcy and oblKtIvgB The portfollo 18 manag•d Indapendenity by C8zenovo CapltAI MonagemenL Thara are no restdctlons on th9 Ch8rfVs pow8r lo inve81. Thg 0￿ra11 strategy wlhin whl¢h th• Fund M8n8g8rs operate is lo maximlse tot81 retum whll81 rneètlng the Income requlrernents agre8d 8nnu811y with the tru316es. Capllal appTeclatlon is èxpaclad to be no18ss, and ideally substantially better, Ih8n Inflallon over the long-lami. Asset allocallon Is agr8èd during regular meollngs b8ttvaon the Flnanc Sub ComTnitlo8 and the Fund Manager. The Strategy Is rgvlgwed annually wmh the Fund Manager. During tho y8Br under revrew, th8 Income target was mot and thè portfolk* vahjallon w&8 malntaln8d. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov8mlng document The Royal Warrant HoldeTB As8o¢laUon (rho Ass0¢iallonl Chortty Fund (The Chatlty) was 8Stabllshed In 1898 as part of the A850cialten'8 Chartèr of Incorporailon and an Annual Fund for Charliable Obleots paper In 1902. Today Bdministr8llon of lh& Charlty18 gov8med ty a Trusl 0g$d dated 6 Aprfl, 1968, 8$ amended by a deed ofvartBtlon dated 11 Septamber 2014. Rlsk management Thg Iruslegs have a duty to Idanllfy and review tha rtsks lo whlch the Charfty Is axposed and to 8n8ure appropriata contmls are in pla¢8 to provide reasonable a$$ur8nce agalnst fraud and arror. None of the tru$tggs have a beneficial Intaresl In the Chadty. The Trustees are not aW8r8 of any related par￿9$ connected lo the ¢h8dty, othw than Royal W8ff8nl Holders A8$tsciallon, a cornpany. The Charity operates from prernises rented by that ¢ompBny free of ¢hargo, and Royal Warrant Hold8rs Assoclatton also from Ilm& lo tlm9 Inwrred and rocharygd costs relatlng lo the Charfty. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iru3teèy arg responsible for prgparSng the Tru8tsè8' Annual Report and the flnandgl $tatsments In accordance wllh 8ppll¢abla law and Unttgd Klngdom Accountlng Standards (United Klngdom Generalty Acceptsd Accountlng Pradlc81. The law 8ppllcable to charillos In England &Wale$ r&qulres ihe Iru8lees to propare flnanclal Statements for each ffin8n¢lal year which glvè a true and falr vlew of the slate of aff8lrs of tha Charfty and of tho Incoming re3ource8 Bnd appll¢allon of rosources of the Chgrlty for that pertod. In praparing these fknandal slalem8nls, Iho trustees are requlrad to: sole¢t sullable a¢counllng policles and then gppty Ihern conslstsnlty. observe the methods and prfndpl8s In the ChaTilie$ SORP 2019 {FRS 102)., make judgemènts and estlmat¥s that ar8 reasonablg and prudent.. $tal8 whether appllcable accounting stsndards have bean followed. subiad to any matgrf81 d&partUTe5 disclosed and explalned In thè flnanclal Btslemgnts. prepar8 the financlal 318t8ments on tho golng Concem basls unles$ It 1$ Inapprowlate to presume that Ihe Charity wlll conllnue In optrratlon. ROYAL WARRANT HOLDERS ASSOCIATION CHARITY FUND TRU8TEE8' ANNUAL REPORT fGonllMI• YEAR ENDED 31 DECEMBER 2024 The tNsteeJ are r•sponBiblo for kgoplng proper 8ccountlng record$ that dlsclosa ￿th rgasonabla accjjracy at any tlme the financial poslh'on of the Charity and enable them lo ensure th81 tho financlal statèmgnts comply with the chart￿￿8 Act 2011. the Charities {Accounl3 and Reports} Regulations 2008 hnd the provlsions of the trust de￿. They aro ofso responsSbla for88feguardlng th& assets ofthe Ch8rlly and henc8 for taking r8asonable 8tep8 for tho prevention and dgtection of fro(td and olher Irr6gularlfje8. INDEPENDENT EXAMINER Ward Wllllarns has bggn fv•appolnlgd 88 Independ&nl 8xamlner fortho 8n8uing year. Slgned on e8 Pam•la Hafp•r Trust99 Data.. 3 Apr,K ZOIS ROYAL WARRA￿ HOLDERS ASSOCIATION CHARITY FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL WARRANT HOLDERS ASSOCIATION CHARITY FUND YEAR ENDED 31 DECEMBER 2024 I roport lo the tfU8leg8 on my ex8mlnatlon of tha ac¢oun19 of Royal Warrant Hold8rs Assoclatkjn Charlty Fund forthe year ended 31 Do¢èmb&r 2024 whlch arè sét out on pag8s 8 to 15. RESPONSIBILITES AND BASIS OF REPORT As the Chaflty's Iruslees you are respon81ble for thè preparallon ofthe accounts In a¢cc*d8n¢g ￿th tha rèqulramants ofth6 Charrties Act 20111lhe Acfl. I report In respect of my examinallon of tho Charltys accounts carilad out under section 145 ofthe Act and In catyng out my examination I have ft)Ilowod all the applcabl8 Dlr8don$ 9￿On by the Charfty Commlsslon Und￿ sedon 145{Sllbl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have complaled my examination. l ¢onflmi th81 no mattgrs hava ¢om& to my attentlon In connectlon wlih th6 examln8tlon gfvlng me cause to bèllovè that In any matsrf81 respect: Accounting record8 wor¥ nol kapt In respect of th8 Charfty as required ty section 130 of the Act.. or Ihg aocounls do not accord wlth those r0cor(18', or accounts do not compty wlh the appllcable requlrtrments concemlng t￿ form and contenl of accounts set out In the Charftles (Accounts and Reports) Reguladons 2008 other than any raquiremenl that the accounts a 'tru8 and falr vlew which is not a matter con3ideTed as part of an Independent examlnatlon. I have no ci)ncomg and hav8 come across no other mattèrs in ¢onnootlon wlth tha &xomlnath)n to which attenllon should bo drawn In thls report In order to enable a proper understandlng of the accounts to be r6ached, Colln Hamllion ACCA Ward WIIIIAMS Chartared Accountants Belgrgva Hous0 3943 Monument Hlll Weybridge Surrey KT13 8RN Date: L A ,-,1 Zoz ThD not•• On Pa￿ 10 to 15 form p*rt of thme Iln8n¢l•l •tstemants. ROYAL WARRANT HOLDERS ASSOCIATION CHARITY FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Total Fund* Total Funds 2024 2023 Not• INCOME Donation3 and1ogaci88 Olher fvndralslng activiti68 Inveslmenl In