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 act￿11106
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 be￿een 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 Cha￿ty 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 DIreCt￿n8 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
requ1￿Ment 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 Acl1vi1￿68 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 aC￿u￿19d 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
discret￿jn 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
ACt￿n 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 Ne￿orkI
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 rernunerat￿n
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
Acquisit￿n8 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-