The Honourable Company was formed in 2007, based on the vision of the then Lord-Lieutenant of Gloucestershire, Sir Henry Elwes KCVO. He felt that a new partnership should be established to uphold the county’s traditions and history, and to ensure that its future achievements were encouraged and celebrated. It operates in a similar manner to livery companies established in the City of London. Membership is widely-based and embraces both rural and urban interests, the arts, science, education, Armed Forces, sport and business experience. In 2012 the Company set up a separate Charitable Trust as a tax-efficient way of reinforcing its objectives. The Trust benefits from members’ individual contributions, many of them far more generous than the recommended minimum annual contribution. In December 2015 HRH The Princess Royal graciously agreed to become The Honourable Company's first Patron.