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2025-12-31-accounts

CHARITY REGISTRATION NUMBER: 298201

The Royal Fine Art Commission Trust Unaudited Financial Statements 31 December 2025

The Royal Fine Art Commission Trust

Financial Statements

Year ended 31 December 2025

Page
Trustees' annual report 1
Independent examiner's report to the trustees 6
Statement of financial activities 7
Statement of financial position 8
Statement of cash flows 9
Notes to the financial statements 10

The Royal Fine Art Commission Trust

Trustees' Annual Report

Year ended 31 December 2025

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2025.

Reference and administrative details

Registered charity name The Royal Fine Art Commission Trust
Charity registration number 298201
Principal office 63 Roseneath Road
London
SW11 6AG
Patron His Royal Highness The Duke of Gloucester KG GCVO
President Lord Foster of Thames Bank OM FRIBA FCSD RDI
Advisory Board His Grace The Duke of Richmond and Gordon
Lord Palumbo
Lord Rees of Ludlow OM FRS HonFREng FMedSci
Lady Nutting OBE
Sir Tristram Hunt
Stephen Barber
Theo Fennell
Professor Simon May (from 15 April 2025)
Trevor Osborne
Trustees Professor Stephen Bayley HonFRIBA (Chairman)
Paul Finch CBE HonFRIBA (Deputy Chairman)
Professor Simon May (until 14 April 2025)
Michael Stiff RIBA
Executive Director Robert Bargery
Investment Advisers Cazenove Capital Management
1 London Wall Place
London EC2Y 5AU
Independent examiner John Assie FCCA
Suite 7, Meridian House
62 Station Road
Chingford
London
E4 7BA
Bankers Coutts & Co
440 Strand
London
WC2 0RS

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2025

Reference and Administrative details

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

The Trustees

The Trustees who served the charity during the period were as follows:

Professor Stephen Bayley HonFRIBA (Chairman) Paul Finch CBE HonFRIBA (Deputy Chairman) Professor Simon May (until 14 April 2025) Michael Stiff RIBA

Structure, governance and management

The Trust is governed by a Trust Deed dated 24 November 1987 as amended by Deeds of Variation dated 24 August 1995 and 9 February 2016 and a Deed of Retirement and Appointment dated 3 August 2015. It is registered under the Charities Act 1960, charity registration number 298201. The Trust is administered on a day-to-day basis by the Executive Director under the direction of the Trustees.

The charity keeps membership of its trustee board under continuous review and identifies suitable candidates based on their ability to advance its charitable objectives and to make the commitment necessary to make a positive difference.

Michael Stiff RIBA was appointed as a trustee on 1 January 2025.

Professor Simon May retired as a trustee on the expiry of his term on 14 April 2025 and was appointed to the Advisory Board.

Public Benefit

The Trustees refer to the guidance contained in the Charity Commission’s General Guidance on Public Benefit when reviewing the Trust’s aims in establishing its activities and planning future activities. The Public Benefit is set out in the Objectives and Activities sections.

Objectives of the Trust

The Trust’s objects are to promote the education of the general public and, in particular, to increase their knowledge, understanding and appreciation of all matters of artistic, architectural, historic or aesthetic interest.

The Trust Deed authorises the Trustees to aim to achieve these objectives by:

The Trustees refer to the guidance contained in the Charity Commission’s General Guidance on Public Benefit when reviewing the Trust’s aims in establishing its activities and planning future activities

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2025

Review of activities and future plans

The fourth annual Royal Fine Art Commission Trust Building Beauty Awards were presented in November 2025 by Lord Rees of Ludlow OM in the presence of His Royal Highness the Duke of Gloucester, Patron of the Royal Fine Art Commission Trust, at a dinner at Quo Vadis, London W1. The judging panel comprised the Trust’s Chairman and Deputy Chairman, the journalist Emma Duncan and the architectural publisher David Jenkins. The overall prize and the trophy, specially commissioned from the jeweller Theo Fennell, were awarded to Stonewood Design for The Story of Emily in St Ive, Cornwall. The Building Award was won by the Centre of Excellence for Heritage Craft Skills at York Minster, by Tonkin Liu Architects; the Engineering Award by Rafter Walk, Canada Dock, London SE16 by Whitby Wood (Engineers) and Asif Khan Studio (Architects); and the Public Space Award by V&A East Storehouse, London E20 by Diller, Scofidio + Renfro with Austin-Smith:Lord.

The 2025 Royal Fine Art Commission Trust American Beauty Prize, awarded at the World Architecture Festival in Miami, was won by Isla Intersections Supportive Housing & Paseo in Los Angeles by Lorcan O’Herlihy Architects following presentations of shortlisted projects to a judging panel comprising Rob Goodwin, Mario Cucinella, Cazú Zegers and Jeremy Melvin.

In fulfilment of its educational remit, the Trust collaborated on a ninth edition of its residential Architectural Drawing Summer School, for students aged 15-18. The school, held at the Drawing Matter Trust’s new premises in Bermondsey, London, offered fifty fully-funded places, courtesy of sponsorship from the Architecture Foundation, the University of East London and around twenty architectural practices, including Alison Brooks Architects and Feilden Clegg Bradley. University partners (Cardiff, Dundee, Queen’s Belfast and Kingston/UEL) were secured from each of the home nations.

Throughout the year, the Trust contributed its expertise on a range of planning matters, often in response to requests from other organisations, and contributed to public debate on matters affecting the built environment. Particular assistance was offered in 2025 on the design and procurement of the memorial to Her Late Majesty Queen Elizabeth II, proposed for a site in St James’s Park in London. The Trust also made representations to central and local government, including on arrangements for the provision of independent design advice for major development proposals and on the use of planning mechanisms (such as breach of condition notices) to reduce street clutter.

In 2025, the Trust acquired two listed K2 telephone kiosks under British Telecom’s kiosk adoption scheme, under which ownership of redundant kiosks is transferred to charitable bodies for sympathetic conversion to new uses. Following restoration, the two kiosks –– at the northern end of the Albert Bridge SW3 and in Albert Bridge Road SW11 –– will be used for free digital displays of architectural photographs and drawings. The Trust has a proprietorial interest in the kiosks, the Royal Fine Art Commisson having organised the competition in 1924 that led to the K2 (designed by Sir Giles Gilbert Scott, who later served on the Commission).

In 2026, a fifth edition of the United Kingdom Building Beauty Awards will be held. A second edition of the special United States version will be organised as part of the World Architecture Festival in Fort Lauderdale, Florida in November 2026, with American buildings entered at the Festival eligible for consideration.

Preparatory work will continue on a planned architectural photography publication.

Restoration of the K2 telephone kiosk in Albert Bridge Road will be undertaken over summer 2026 by Hartwell Interiors, with Unicorn Restorations of Merstham, Surrey supplying materials and specialist advice on methodology. The Vinehill Trust has generously provided project funding. Restoration of the Albert Bridge kiosk will follow, on completion of structural repairs to the Bridge.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2025

A tenth edition of the Architectural Drawing Summer School will be held in London, with the Trust funding a special student prize to mark the occasion.

The charity’s activities provide opportunities for beneficiaries, especially young people, to receive free expert tuition and to participate free of charge in events that advance their understanding and enjoyment of architecture and the built environment.The charity’s advocacy of improvements to the build environment provides a general public benefit by enhancing the quality of buildings and spaces, both aesthetically and functionally.

Financial Position

The Trust reported a deficit (excess of expenses over income) of £31,274 (2024: £28,594 loss). Gains on investments were £5,280 (2024: £9,211). Gains on revaluation of investments were £130,043 (2024: £10,540). The Trustees are satisfied that the Trust has sufficient funds for them to continue to meet the objectives of the Trust. At the year end the Trust’s reserves were £1,173,283 (2024: £1,074,514).

Investment and Reserves Policies

It is the intention of the Trustees to maintain such a level of reserves as to generate sufficient income to fund the activities of the Trust. The majority of the funds held by the trust are invested by Cazenove in stock market, with up to 4% held in cash to provide funds in years where the fluctuations in equity market values means it is inappropriate to sell shareholdings.

Risk Assessment

The Trust, as a small charity, is not required to undertake a risk analysis. However, in line with the best practice the Trustees are in the process of carrying out a formal assessment of the major risks to which the Trust is exposed.

Trustees’ Responsibilities Statement

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2025

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 19 to the financial statements.

The trustees' annual report was approved on 30 June 2026 and signed on behalf of the board of trustees by:

Stephen Bayley Trustee (Chair)

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Independent Examiner's Report to the Trustees of The Royal Fine Art Commission Trust

Year ended 31 December 2025

I report to the trustees on my examination of the financial statements of The Royal Fine Art Commission Trust ('the charity') for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

John Assie FCCA Independent Examiner Jackson Nicholas Assie Limited

Chartered Certified Accountants Suite 7, Meridian House 62 Station Road Chingford London E4 7BA

30 June 2026

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Activities

Year ended 31 December 2025

2025 2024
Unrestricted
fundsTotal funds Total funds
Note £ £ £
Income and endowments
Investment income 4 54,625 54,625 58,019
──────── ──────── ────────
Total income 54,625 54,625 58,019
════════ ════════ ════════
Expenditure
Expenditure on charitable activities 5,6 (91,179) (91,179) (95,824)
──────── ──────── ────────
Total expenditure 91,179 91,179 95,824
════════ ════════ ════════
Net gains on investments 8 5,280 5,280 9,211
──────── ──────── ────────
Net expenditure (31,274) (31,274) (28,594)
════════ ════════ ════════
Other recognised gains and losses
Gains/(losses) on revaluation of investments 130,043 130,043 10,540
───────── ───────── ────────
Net movement in funds 98,769 98,769 (18,054)
Reconciliation of funds
Total funds brought forward 1,074,514 1,074,514 1,092,568
──────────── ──────────── ────────────
Total funds carried forward 1,173,283 1,173,283 1,074,514
════════════ ════════════ ════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Position

31 December 2025

2025 2024
Note £ £ £
Fixed assets
Investments 13 1,126,813 1,059,655
Current assets
Debtors 14 1,548 1,873
Cash at bank and in hand 72,558 42,334
──────── ────────
74,106 44,207
Creditors: amounts falling due within one year 15 (27,636) (29,348)
──────── ────────
Net current assets 46,470 14,859
──────────── ────────────
Total assets less current liabilities 1,173,283 1,074,514
──────────── ────────────
Net assets 1,173,283 1,074,514
════════════ ════════════
Funds of the charity
Unrestricted funds 1,173,283 1,074,514
──────────── ────────────
Total charity funds 16 1,173,283 1,074,514
════════════ ════════════

These financial statements were approved by the board of trustees and authorised for issue on 30 June 2026, and are signed on behalf of the board by:

Stephen Bayley Trustee

Paul Finch Trustee

The notes on pages 10 to 19 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Cash Flows

Year ended 31 December 2025

2025 2024
£ £
Cash flows from operating activities
Net expenditure (31,274) (28,594)
Adjustments for:
Net gains on investments (5,280) (9,211)
Other interest receivable and similar income (54,625) (58,019)
Accrued expenses/(income) 652 (1,581)
Changes in:
Trade and other creditors (2,039) 708
──────── ────────
Cash generated from operations (92,566) (96,697)
Interest received 54,625 58,019
──────── ────────
Net cash used in operating activities (37,941) (38,678)
════════ ════════
Cash flows from investing activities
Other investing cash flow adjustment 68,165 9,425
──────── ────────
Net cash from investing activities 68,165 9,425
════════ ════════
Net increase/(decrease) in cash and cash equivalents 30,224 (29,253)
Cash and cash equivalents at beginning of year 42,334 71,587
──────── ────────
Cash and cash equivalents at end of year 72,558 42,334
════════ ════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The organisation, is a public benefit entity, a registered charity in England and Wales, and an unincorporated Trust. The address of the principal office is 63 Roseneath Road, London, SW11 6AG.

2. Statement of compliance

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011, and UK Generally Accepted Practice as it applies from January 2019.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There have not been any judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £2,000 are not capitalised.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

Investments

Fixed asset investments are stated as fair value using the quoted market price. Deposits held for investments purposes are included within investments.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Bank interest receivable 178 178 486 486
Dividend income and Unit Trust
Distributions 54,447 54,447 57,533 57,533
──────── ──────── ──────── ────────
54,625 54,625 58,019 58,019
════════ ════════ ════════ ════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

5. Expenditure on charitable activities by fund type

Unrestricted
Total Funds		 Unrestricted Total Funds
Funds
2025		 Funds 2024
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 78,445
78,445		 83,966 83,966
Support costs 12,734
12,734		 11,858 11,858
────────
────────		 ──────── ────────
91,179
91,179		 95,824 95,824
════════
════════		 ════════ ════════
6. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2025 2024
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 78,445
9,323		 87,768 92,818
Governance costs –
3,411		 3,411 3,006
────────
────────		 ──────── ────────
78,445
12,734		 91,179 95,824
════════
════════		 ════════ ════════
7. Analysis of support costs
Promotion of
all matters
Governance
relating to art
costs		 Total 2025 Total 2024
£ £ £ £
Bank charges 488
–		 488 488
Trustees Meeting costs –
1,293		 1,293 888
Independent Examiners Fees –
2,118		 2,118 2,118
Investment underlying charges 8,835
–		 8,835 8,364
───────
───────		 ──────── ────────
9,323
3,411		 12,734 11,858
═══════
═══════		 ════════ ════════
8. Net gains on investments
Unrestricted
Total Funds		 Unrestricted Total Funds
Funds
2025		 Funds 2024
£ £ £ £
Gains/(losses) on disposal of
investments 5,280
5,280		 9,211 9,211
═══════
═══════		 ═══════ ═══════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

9. Independent examination fees

2025 2024
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,118 2,118
═══════ ═══════

10. Staff costs

The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £52,500 (2024: £50,000).

11. Trustee remuneration and expenses

12. Tangible fixed assets

Equipment Total
£ £
Cost
At 1 January 2025 and 31 December 2025 2,201 2,201
═══════ ═══════
Depreciation
At 1 January 2025 and 31 December 2025 2,201 2,201
═══════ ═══════
Carrying amount
At 31 December 2025 – –
═══════ ═══════
At 31 December 2024 – –
═══════ ═══════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

13. Investments

Cash or cash Other
equivalents investments Total
£ £ £
Cost or valuation
At 1 January 2025 19,450 1,040,205 1,059,655
Additions (134,034) 134,034 –
Disposals 196,470 (191,190) 5,280
Fair value movements – 130,043 130,043
Other movements (68,165) – (68,165)
───────── ──────────── ────────────
At 31 December 2025 13,721 1,113,092 1,126,813
═════════ ════════════ ════════════
Impairment
At 1 January 2025 and 31 December 2025 – –
════════════ ════════════
Carrying amount
At 31 December 2025 13,721 1,113,092 1,126,813
═════════ ════════════ ════════════
At 31 December 2024 19,450 1,040,205 1,059,655
═════════ ════════════ ════════════

All investments shown above are held at market value.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

13. Investments (continued)

Analysis of investments at 31 December 2025 between funds

2025 2024
£ £
Schroders (total of all fund balances) 404,004 392,914
Cazenove Charity Equity 177,036 –
Man GLG Income 167,232 138,632
Charity Property Fund 105,351 103,991
Fidelity Global Dividend Fund 81,223 72,464
Property Inc Trust for Charities 46,983 46,039
Vontobel Fund 30,217 29,715
Morgan Stanley 27,439 26,488
Atlas Infrastructure 21,225 17,599
M&G Market Bond Fund 17,270 16,042
4.25 UK Treasury Stock 15,070 14,979
iShares GI Hi Yield 10,695 –
HSBC Government Bond 9,347 18,614
Charity Equity Income Fund – 144,612
Fisher Investments US Small 18,115
UK Cash held as part of portfolio 13,721 19,452
──────────── ────────────
1,126,813 1,059,656
════════════ ════════════
The Schroder fund is made up of the following:
2025 2024
£ £
Asian Income Maximiser 52,810 43,794
Diversified Alternative 47,517 44,135
Listed Equity Income 266,042 272,000
GI Eq Inc-L 37,635 32,985
───────── ─────────
404,004 392,914
═════════ ═════════
14. Debtors
2025 2024
£ £
Prepayments and accrued income 1,548 1,873
═══════ ═══════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

15. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 25,209 27,248
Accruals and deferred income 2,427 2,100
──────── ────────
27,636 29,348
════════ ════════

16. Analysis of charitable funds

Unrestricted funds

At
At Gains and
31 December
1 January 2025 Income Expenditure losses
2025
£ £ £ £ £
General funds 1,074,514 54,625 (91,179) 135,323
1,173,283
════════════ ════════ ════════ ═════════
════════════
At
At Gains and
31 December
1 January 2024 Income Expenditure losses
2024
£ £ £ £ £
General funds 1,092,568 58,019 (95,824) 19,751
1,074,514
════════════ ════════ ════════ ════════
════════════

17. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2025
£ £
Investments 1,126,813 1,126,813
Current assets 74,106 74,106
Creditors less than 1 year (27,636)
(27,636)
──────────── ────────────
Net assets 1,173,283 1,173,283
════════════ ════════════
Unrestricted Total Funds
Funds 2024
£ £
Investments 1,059,655 1,059,655
Current assets 44,207 44,207
Creditors less than 1 year (29,348)
(29,348)
──────────── ────────────
Net assets 1,074,514 1,074,514
════════════ ════════════

18. Analysis of changes in net debt

At
At 1 Jan 2025 Cash flows 31 Dec 2025
£ £ £
Cash at bank and in hand 42,334 30,224 72,558
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Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2025

19. Post balance sheet events

The trustees have considered the likelihood of any significant post balance sheet events and have concluded that there are none which impact the financial statements.

20. Related parties

During the year Bayley Ink, of whom S. Bayley (trustee) is a director, was reimbursed £1,498 (2024: £1,648), for expenses (printing, meeting, travel, meeting room), incurred on behalf of the charity.

During the year, the charity also paid Emap Publishers, £6,000, for the Building Beauty Prize, at the Architectural Festival. Paul Finch (trustee), is an employee of Emap, although, he did not participate in the vote to engage the supplier.

Jackson Nicholas Assie Limited Chartered Certified Accountants