Charlty Number 266961 ROYAL WARRANT HOLDER8, CHARITY UNAUDITED FINANCIAL STATEMENTS 31 OECEMBER 2026 WARD MLLIAMS Chartered Accountsnt8 Belgrave Housg 3943 Monument Hill Woybridg• Surrey r13 8RN
ROYAL WARRANf HOLDERS. CHARITY FINANCIAL STATEMEiirs YEAR ENDED 31 DECEMBER 2026 CONTENTS PAGE Tru81868' Annu81 Report Independent examineVs reFort to the Iru8tees Stalornanl of financlal act11106 Balanc8 8hael Not68 to thè fln8nclel 6tatenwnt8 9-14
ROYAL WARRANT HOLDERS. CHARITY TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 202$ The Iruslees present thelr port and the financial slalemenls of the Charity for the year end8d 31 December 2025. REFERENCE AND ADMINISTRATIVE DETAILS Roglsterod charlty namo Royal Warrant Holder$, Charlty Chorfty rogl•tratlon numbor 255961 Prlnclpal offlco No 1 Buckin9ham Place London United Kingdom SW1E 6HR Th• truit8tr• The Iruslees who served thè Charity during the period were as follow8.. Pamela Harper IChairm8nl Nick F8rrow (Resigned 3 Jung 20251 Anne Hollamby IRe8igned 25 February 20251 Jo Newion Jenny Urquhart Dame Margaret 8arbour D3E DL IAppoinled 3 June 20251 lan Dagley (Appointed 3 June 20251 t)ougl88 Kinloch Anderson OBE IAppointed 3 June 20251 Prili Kotetha (Treasurer) (Apwinled 25 November 20251 Independont •x*mln•r Ward Wllioms Chartered Accounlanls Belgrave House 3943 Monumont Hill Weybridge Surrey KT13 8RN Invutment adv180r Cazenove Capital Management 12 Moorgale London EC2R 6DA Sollcltorn Bircham, Dy80n 8ell 50 Broadway London SW1H OBL
ROYAL WARRANT HOLDERS, CHARITY TRUSTEES. ANNUAL REPORT (conllnu6dJ YEAR ENDED 31 DECEMBER 2026 The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with ttte Financial Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 1021" li88ued in October 20191 OBJecTIVES AND ACTIVITIES Oblectivès and Alms Thè Objects of the Charity are for the trustees to apply income of the Charity for legal charitable purposes in accordance with the Charity's Trust Deed éal8d 6 April. 1968. as amended by a dead of variation doled 11 September 2014. The Iru5tees confirm that they have referred lo the guidance contained in the Charity Commission's g8neral guidance on public benefrt when reviewing the Charity's aim$ and objectives and in planning future objectives and setting the grant maklng pollcy for the year. Appolntrn•nt of truste08 Trustees may be appointed for a temi of three years Dr less by a r8solution of the Council of the Royal Warrant Holdgr$ Association {Ihe Council). The Iru8ts88 who are also members of the Council should not con3lilute a majority of the Iruslee5 al any onè lime unless il has b99n impossible lo fill the vacancy with a non-council membgr, in accordance with the Tru81 Deed. Grnnt maklng The Irusl8es make grants in furtherance of the Obl¢¢liv•$. R•8ètv•• poll¢y The Iruslee8 aim lo mainlaln freo f860Ne8 in unroslrKled funds in order to facilitate the m8lnlon8nce of the Charity's investment portfolio al a level that will ènable 51 to genarale income 8ufficSenl for It to onlinue to make grant8 al a ralo at least consistent with previou8 years. ACHIEVEMENTS AND PERFORMANCE Charltablo actlvltleB During the year the Charity 8UPPOrted variou8 go¢>J cau888 donallng £118,00012024'. £116,098). FINANCIAL REVIEW Invo•tment pollcy and obj•ctlv•8 The portfolio 1$ managed independently by Cazenove Capital Manag8menl. The are no restrictions on the Charty's power to invest. The overall strategy wlthln which the Fund Managers operate is ta maximlse total rèturn whilst meeting the income requirements agreed annually with the trustees. Capital appreciation 18 8xpecleL* lo be no less, and ideally 8ub8tanllally better, than inflation over the long-lerm. Asset allocation is agreed during regular meetings beeen the Finance Sub Committee and the Fund Manager. The str8tegy is reviewed annually wlth the Fund Manager. Durlng the year under rovigw, the income target was mel and the portfolio valuation was maintained. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Royal Warrant Holders, Charity (the Charity) was established in 1897 as part of the Royal Warrant Holders Association's Charterof Incorporation and an Annual Fund for Charitable Objects paper in 1902. Today the administration of the Charty is govemed by a Trust Dagd dated 6 April, 1968, as amendgd by a degd of variation dated 11 Sgptember 2014.
ROYAL WARRANT HOLDERS, CHARITY TRUSTEES, ANNUAL REPORT fwitlntmdj YEAR ENDED 31 DECEMBER 2026 Rl8k managomont The Iruslee5 have a (Suty lo identify and Teview the risks to which the Charity is exp95ed and lo ensu 8pproprwle ¢onlrols are in place lo provid8 reasonable as8uranc8 again81 fraud ond error. None of the Iruslges have a beneficial interest in the Charity. The Trustee8 are not aware of any related parties connected lo th8 Charity, other than Royal Warrant Holders Association, 8 company. The Charity opèrates from premises rented by that company free of charge. and Royal Warrant Holders Association also from tirne to time incurred and recharged costs relating to the ChaTIty. STATEMENT OF TRUSTEES, RESPONS181LITIES The Iruslees are responsible for preparing the Trustees. Annual Report and the fi'nanci81 slal8ments in accordance with applicable law and Un(t8d Klngdom A¢¢ounling Stsndards Iunilad Kingdom G6neralty Accepted Accounllng Proclicel. The law applicable lo charilles in England & Wale8 requires the trustees lo prepare financial slalemenl8 for gach financial year which give 8 true and f8ir view of th8 Stste of affairs of the Charity and ol the Incoming resources and 8pplicalion of resources ol Iha Chaty for Ihot period. In preparing Ihe8e finan¢i¥l Statements, the trustses are required to.. Select Buitable accounting policies and then apply them consi81enlly'. observe the methods and principles in the Charitie8 SORP 2019 IFRS 102)., makg judgement8 and estimate8 that are r888onable 8nd prudent., 8tsle whether applic8ble accounting $18ndard8 have been followed, subj?ct lo any mal8rial departures di8c1088d and explalned in the financial slalemenls., prepare the financial 8taternenl8 on the golng concem ba8is unless It 18 InapproprKot• lo pre8ume that the Charity wlll continue In operatlon. The trustees are responsible for keeping proper accounting records Ih8t disclose with reasonable curacy at any lime the financial position of the Charity 8nd enable thèm lo ensure that the financial st8tement8 comply wllh the Charities Act 2011, the Chariligs (Accounts and Reports) Regulations 2008 ond the provi8ion8 of the trust deed. They ar8 al$0 resp¢n$iblo for sgf8gu8rding tho 88391$ of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER Ward Wlliam¥ has bgetn re-8ppoinled as Independent examlner for the ensuing year. Slgned on behalf of the trustees P•rnfrla Harp•r Trustee Dale, 10.3.26
ROYAL WARRANT HOLDERS. CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL WARRANT HOLDERS, CHARITY YEAR ENDED 31 DECEMBER 2025 I report to the trustees on my examination ofthe aecounts of Royal Warr8nt Holders, Chafity for the year ended 31 December 2025 which are sel out on pages 7 to 14. RESPONSIBILITES AND BASIS OF REPORT AS the Charity's trustees you 8re responsibl8 for the preparation of the account¥ In aceordanee with the r¢3quirements of the Charities Act 20111'lhe ACVI. I report in resp8ct of my examin8tlon of the Charity's accounts carried out under section 145 of the Act and in carrying Dut rny examination I have followed all the 8ppliGgblo DIreCtn8 given by th8 Charity Commission (tnder section 14515}Ibl of th8 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no matters havg come to my attention In connectlon with the examination giving me cause to bellave that in any m8lerial r&8pect', Accounting records were not kept In respect of the Charity a8 required by section 130 of the A¢l', or thg accounts do not accord with those record8', or the 8ccount8 do not comply with the 8pplicable requlr8ment8 concèrning the form and content of accounts set out in the Charities (Accounts end Reports) Regulations 2008 other than any requ1Ment that the accounts glve a 'lrue and fair view, which 18 not a matter considered a8 part of an Independent examination. I have no ¢XJn¢orn$ and h8va come ocross no othor matt8r8 in connection with th8 examination to whlch attention Should be drawn In this report in order to gnable a proper understanding of the 8Gcounl¥ to be r6ach8d. /J4 Colln H•mllton ACCA Ward Williams Chartered A¢Gountanls Belgrave House 3943 Monument Hill Weybridgo Surrey KT13 8RN Dale. zskk M--k Th• nots$ on pages 9 to 14 fom part of thege fln8ncl•l ¥tat•ments.
ROYAL WARRANT HOLDERS. CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2025 Totsl Funds Total Funds 2026 2024 INCOME Donations and legacies Other fundraising aclNiti8s Invgslment income 90,300 10,622 14,597 1115,019 2,837 108,907 14,289 TOTAL INCOME 128.033 EXPENDITURE Investment management Costs Charitable activities Govemance costs 1791) 17761 {120,3381 1119,603) {4,779} 11.8781 {126.908) 1122,2571 TOTAL EXPENDITURE NET IOUTGOSNG) 1 INCOMING RESOURCES BEFORE GAINS AND LOSSES ON INVESTMENTS (10.3891 3,776 Galns on investtment 88S¢t8 11 22.498 12,109 12,708 NET MOVEMENT IN FUNDS 16.482 RECONCILIATION OF FUNDS Total funds brought forw8rd TOTAL FUNDS CARRieD FORWARD 14 411,934 £424,043 395,4S2 £411,934 The Statemant of Financlal Acl1vi168 includ88 all g8ln8 and108ses in the year and Ihereftire a $lalemenl of compffjh8n8iv¢ in¢ome has not b¢en prepared. All of the above amoun18 felate lo continulng actlvi118$. The note8 on page8 9 ts 14 fom part of these flnan¢lal •tatsm•nts.
ROYAL WARFL4NT HOLDERS. CHARITY BALANCE SHEEr YEAR ENDED 31 DECEMBER 2025 2026 2024 FIXED ASSETS Investments 11 347.208 325,710 CURRENT ASSETS Debtors Cash at b8nk 12 91S 96,791 689 101,913 97,708 (20,871) 102.602 116,3781 CREDITORS: Amount• falllng du• wlthln on• year 13 NET CURRENT ASSETS 78,835 86.224 TOTAL ASSETS LESS CURRENT LIABILITIES £424,043 £411.934 FUNDS Unrestricted income fund8 14 424.043 411,934 TOTAL FUNDS £424.043 £411,934 Thase financlal 8tatemenl8 were approved by the Iru6186s and authori8ed for188ue on th8 Tuesday 10th March 2026, and are BSgned on their behalf by. Pamela Harper Tw81ee Jonny Urquh8rt Tru6tee Thè note• on page• 9 to 14 fomi part ofthÈ¥• financial Itatsments.
ROYAL WARRANT HOLDERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2026 ACCOUNTING POLICIES Chartty Intormatlon Royal Warrant Holders, Charity is a registered charity in Eng18nd and Wales. The registered office is 1 Buckingham Place, London, SW1 E 6HR. 1.1 Ba819 of acc¢untlng and a$8988m6nt of golng ¢oncgrn The accounts have been prepared in accordance with the Charity's Trust Deed, the Charili8s Act 2011 and 'Accounling and Reporting by Charities.. Sialemenl of Recommended Practice applIcab to charities preparing their account8 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (issued In October 20191. The Charity 1$ a Public 8enefit Entity as defined by FRS 102. The Charlly ha$ taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slat8menl of Cash Flows. The accounts are prepared in sl6rting, which is the functional currency of the Charity. Monetary amounts in these financial s18lemenl$ gre rounded lo the no8r951 £. The accoun18 have been prepared under the hi8lorfGal co¥1 convenllon. The princip81 accounting policies adopted are sal out b•low, 1.2 Golng Con¢•m The financial slalemenls have been pr6par8d on 8 going concern basis as the Iruslees believ8 that no material uncertainties exist. Tha trustees have considered tho level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial Jtalemenls. The budgeted income and expondllure 1$ 8uffi¢ionl with the level of re8erve8 for the Charity lo be able lo continue as a going concern. 1.3 CharSt•bl• Fund8 Unrestricted funds are available for use al the di8crellon of the truste88 in furtherance of thelr ¢haritable c*Jjeclives unless the funds have bgen d88ignated for other purpo308. 1.4 Income Income is aCu19d for when the Charfly h88 enllllement to the income, it 18 probable that the income will be received and the amount of income recolved can be measured rellably. Donation¥ are reGognised when the Charity has been notified in wrillng of both the amount and the settlement dats. Interest on funds held on deposit 1$ inGlud¢d when f¢¢¢ivdble and tho amount can be measurèd reliably by the Charity. Other inve8lm8nl income 18 recognised when received and notified by the manager of the Chartty's Inve$lm&nl p¢)rtfolio. 1.5 Expenditure Investment management costs comprlse th088 costs direct attribul8bl8 to managing the investment portfolio and raising investment income. Charitable expenditur8 from unreslricled funds represents the donations made to charities at the discretjn of the Tru81ees. 1.6 Cash and c48h oqulvalents Cash and cash 8quivalenls include cash in hand, deposits hold at call with banks, Other short- term liquid investments with C•riginal maturities of three months or188s, and bank overdrafts. Bank overdrafts arg shown within borrowings in current liabilits'es.
ROYAL WARFL4NT HOLDERS, CHARITY NOTes TO THE FINANCIAL STATEMENTS (contlnu YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES 1.7 Investments Investments are a fomi ol basic financial instrument and are initially recorded al their transaction value and are subsequently measured al their fair value atthe balance sheet date using the closing quoted market price. The statement of financial acllvilies includes the net gains and losses arising on revaluations 8nd disposals throughout the year. The Charity does not acquire pul options. derivatives or olhar complex financial instrument8. The main fomi of fin8nci81 risk faced by the Charity is Ihal of volatility in equity markets and inve¥lmgnl mark91s due to widar economic condilions and investmgnl sentiments concerning equities in cèrtain sectors. 1.8 Taxation The Charity 1$ exempl from tax on 11$ Gharll8ble aclivrties. Value added tax 18 not recoverable by the Charity and as such is included In the relevant c081s in the Statement of Flnancial A¢tSvilie¥. DONATIONS AND LEGACIES Unr•8trlctod Total Fund8 Total Fund5 Fund• 2025 2024 DonalKJns received 90,300 90,300 2,837 OTHER FUNDRAISING ACTtVlTIES Unrg•trlet•d Totsl Fund8 Totsl Fund8 Funds 2025 2024 Event income Bonham's Aucllon 10,622 10,622 9,105 99,802 £10,622 £10,622 £108,907 INVESTMENT INCOME Unr•strict•d Tot•l Fund8 Total Funds Funds 2025 2024 Income from managed investment portfolio 14.697 14,597 14.289 INVESTMENT MANAGEMENT COSTS Unr88trlcted Total Fund6 Totsl Funds Funds 2026 2024 Investment management fee5 791 791 776 10.
ROYAL WARRANT HOLDERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (conllnuodj YEAR ENDED 31 DECEMBER 2025 COSTS OF CHARITABLE ACTIVITIES 8Y FUND TYPE Unrestricted Total Funds Total Funds Fund8 2025 2024 Grants Inole 71 Event expenditure 118.000 2,338 118.000 2.338 116,098 3,505 £120,338 £120,338 £119,603 COSTS OF CHARITA8LE ACTIVITIES BY ACTIVITY TYPE The total of grants paid lo institutions durfng th8 yoar was 88 follow8.. 2025 2024 4810 Kensington Scout Group Aberlour Community Association ACtn for Chil¢Jren London Indep8ntJenl Vi8itor3 Service Ar Ambulance Kent Surrey Su38ex IKSS} Arl Journeys Attend Bexley Snap 8irmingham Children'8 Hospitsl Charity Bromley Foodbank ITrusBell Trust NeorkI Concgr Research UK Centre for Movement Di8orders INICEI Cheltgnham and Gloucester H08Pital'8 Charity City Hafvesl Clockwork Cornw811 Air Ambulance Demelza Ho$pice Care for Children Dementia Support Dynamlc Earth ENO Breathe First Story Fornighty Hall Greenwich & Bexley Community Ho8pic? Hampshire & l¥le of Wight Air Ambulance H8rtford8hire Young Hom&lo$$ Hospitsl Rooms John Klng Brain Tumour Foundation KIDS Leuchie House Medin Centre glropolitan Public Gardens A8sociatlon- Elms4London Milnatbort & Kinross Alotment A8sociation Music for ChLirches My Name'5 Doddie Foundation Newham All Stsr Sports Academy {NASSA) 3,000 3.000 3,000 3,000 3,000 3,000 3,000 3,000 1,000 500 3,000 3,000 3,000 3,000 3,000 2,850 3,000 3,lJOO 3.000 2,SOO 2,000 3,000 3,000 3,000 1,000 3,000 3,000 3.000 3,000 3,000 3,000 3,000 3,000 5,000 3.000 11
ROYAL WARRANT HOLDERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2025 COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE f¢oniinu•d) 2026 2024 Norfolk Accident & Re8cue Service INARS Norfolk and Waveney Mind Palhmakers Norfolk Peak Parish Council, St James's Church, Sutton Penny Brohn Plunkett Foundallon Priscilla Bacon Norfolk Hospice Charity Prostale Cymru QEH King's Lynn Charfty Roald Dahl's Marvellou8 Childran's Charity Room al the Inn Roy81 Trinity Hospice Social Bile Sl Calherlne'8 Ho¥pice, Crowley Star Thfower8 CIO Still's Gallery Swan Youth Project The Chapel Royal IOrg8n Scholarl Th$ Chlldr8n'$ Surgery Foundation The Cirdan Sailing Tru81 The Creatlv8 Dimension Trust The Fathom Trust The Fel Proj¢¢t Th8 Gallantry M8dalli8t8 League The Kings Community Foundation The Purfleol Trust The Queen'8 Reading Room The Royal Countryside Fund The Wiltshire Bobby Van Trust The Worfd Land Trust True Heroes Racing Tru88ell Trust Velindre Cancer Hospital We are 8e8m5 Weslminsler Chapel Foodbank Wsbech Baptist Church Woolwich Service User Project IWSUPI Young Mind8 Matter {YMM} 3,000 2,000 3,000 3,500 10,000 3,000 2,748 3,000 3,000 3.000 soo 10,000 1,000 600 3,000 3,000 3,000 3.000 500 3.000 3.000 3,000 3,000 3.000 3,000 3,000 3,000 10,000 3,000 6,000 10,000 500 3.000 3.000 3,000 3,000 3,000 3,000 3,000 500 £118,000 £116,098 Grant fundlng actlvltles Total Funds Total Funds 2026 2024 Grant 118.000 118,000 116,098 12-
ROYAL WARRANT HOLDERS, CHARI NOTES TO THE FINANCIAL STATEMENTS fcontlnu8dJ YEAR ENDED 31 DECEMBER 2025 GOVERNANCE COSTS Unrestrlctod Total Funds Total Funds Fund# 2025 2024 Independent examinerf8 fees Other financial costs 660 4,119 £4,779 660 4,119 £4.779 660 1,218 £1,878 TOTAL EXPENDITURE Th1$ 1$ slatéd 8ft&r Gharging.. 2025 2024 Independent 8xaminerf8 rernuneratn 660 660 10. TRUSTEES. REMUNERATION AND BENEFITS There were no employee8 during the year. No Trustee recelved gny remuneration or other benefits for the yeai ended 31 December 202S nor for the year ended 31 December 2024. No Tru¥lee received any expenses for the ye8r ended 31 Docembef 2025 or for the year ended 31 December 2024. 11. INVE8TMENT8 Movom•nt In m•rk•t valu• 2026 2024 Market value al 1 Jonu8ry 2025 Acquisitn8 al cost Disposals Nel gains on inve8tment valuallons Market value at 31 December 2025 325.710 313,782 {1.000) 22,498 £347,208 17581 12,706 £325,710 Histo(81 cost at 31 December 2025 303,408 304,421 Analy818 of Inv•8tm•ntA at 31 Dec•mb•r 2028 Total Fund• Total Fund8 2028 2024 Schroder Charity Mulb'A55et Fund 347,208 325,710 12. DEBTORS 2025 2024 Other debtors 915 689 13-
ROYAL WARRANT HOLDERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS {coniinuedJ YEAR ENDED 31 DECEMBER 2025 13. CREDITORS: Amounts falllng due wfthln one yoar 2025 2024 Other creditors and ac¢rual8 20,871 18,378 14. UNRESTRICTED INCOME FUNDS Balanco at Outgoing 31 December r•oouTce• 2025 8alanc• at 1 JAnuary 2026 Ineomlng our¢o• General Funds 411,924 138,017 (125,908) 424,043 16. RELATED PARTY DISCLOSURES During the year und•r review, 80me of the trustee8 were al80 membgr8 of the Councll of th• Royal Warrant Holders Association I'lhe Association"). For this reason, the Association 18 considered to be a related party. Durlng the year, donations totalling £10,000 weie reG¢ived from th$ SociatIon 12024.. £Nill Donatlon8 totslllng £SS,000 {2024,. £NIII were received from The Barbour Foundatbn, 8 ¢h8rlty in which Dame Margaret Barbour DBE DL is a Iruslee. 18. POST BALANCE SHEET EVENTS There have been no evenl8 8ub8equenl lo 31 De¢embgr 2025 which would require di8closure in or adju8lm8nl lo Ih¢s$ a¢¢ounl$ {2024.. None). 17. GUARANTEES, FINANCIAL COMMITMENT8 AND CONTINGENT LIABILITIES There were no guaranlae8 or contlng6nl liabillli88 raquiring disclosure al either 31 Dec8mber 2025 or 31 December 2024. -14-