Michael Robertson
Scholarship Fund
Rogblratlon number: 1014388
Annual Report and Financial
Statem•nts
31 December 2025
dOdd&co

Mlcha•l Robertson Scholarnhip Fund
Contents
Referenc• and AdminislratNe Detsils
Twstee5' reF
Trustee6' responsibllrfles
Independent examinerfs rgport
Statement of finanaal activities
Balonce str*el
Note8 to the financial slalemenls

Mlchaol Robertson Scholarship Fund
R•ference and Adrnlnlstratlve Dotalls
Charity rwn•
Mrchael Robertson SthlaTship Fund
Charlty r•gSstration numbor
1014388
prtnclpal offi¢•
Rosebank
15A Scotby Village
CARLISLE
CM 8BS
Regist•w•d offic•
Rosebank
15A Scotby Willag&
CARLISLE
CM 8BS
Trust•es
J V Light
S Ellis
(Resigned 1 May 20251
N J Mawbn
J A C Whittle
Msward
C Baker
(Appointed 29 January 21r261
Bankern
Barclay$ Bank PIC
9 Highgalg
KENDAL
LA9 4DA
Accountant
Dodd & Co Limrted
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA12RW
Invg8tm•nt Advlsor
CCLA
Mansfield Tr8quair Centr•
15 Mansfield Place
EDINBURGH
EH36BB
Page 1

Mlchael Robertson ScholaTrhlp Fund
Trustoes. Report for th• Year Ended 31 De¢emb•r 2025
Approved by Trv¥l8e6 on 7 May 2026 and slgned on their behalf by..
The )In8neJal $lalements have been prepared in a¢cordance with th• a¢counting polirye8 set out in notes to tho
accounts and ¢omply ￿￿th Ihe charity's governing document, Ihe Charities Acl 2011 a3 amended by Ihe Charth"•s
Act 2022 and AeeWnl￿9 and Reporting by Charities- Statement ol Recommended Practice applicable to
charities prèparing their acLovnts in acc(*dan¢e with the Financial Reporting Standard$ applicable in the UK an
Republic of Irgland.
Structurn. Govemarno and Managem•nt
Governin QoGutT&
The Charivs 9￿ÈrnIng document is its seluemènl deed, which is dated 14 S&pt•mb*r 1992, as amended by
deed of varlalion dated 16 April 20Q3. The charrty 1$ an unincorporated trust.
oin
The TNslees. who meet fomally on a minimum of ctcasth¥ during the year, administer the aff¥lrs ol the
Ch8rTrty. Applications are consldered al these meetings. Newty appointed Trustees are gI￿n induGbon training
when first appointed and all Truste¢¥ are offered ongoing trainin9, 0$ appropriate.
The Twst8ès have assessed the malor rfsks to whl¢h the Charity is exposèd. in parbcular. those relating to th•
operations finances of the trust and arè s*isfigd Ih¥t systems are In place lo mitsgate our exposure to the
major risks.
Objectives and Aeti¥ili
Th? Trustees are ampo￿[8d lo p•y or apply the net income ofthe 1rn8t fvnd and ony part of the capital at Ihelr
absolute discretion in fvrth¢ran¢o of the objects ofthe Charty.
The main objeds of th* Charity are..
To furthèr the educatIc￿ linduding $oual and physical training) of the c*Sldren attending Sedbergh School.
Cumbria and with a view to fiJrtherin9 this objè¢t',
- To award 8cholarships. exhibitions, bur$8rie3 or Maintenan￿ all¢)wances lo persons under 25 years of a99 who
ar& attending or have for not less than three yearn attended Winder H¢JJSg al Sedbergh School and nÈèd
financial assistance-
- To provide fin8nc¥&l 8$si8tsnce. tools. instruments or books to such pefsons to enable thèm lo stijdy Italian
tyrehitecture or history.,
To award lo such persons grants or maintenanc¥ alowances to enable them to travel whether in the United
Kingdom or abroad in furtherance oftheir education;
- To oth8￿1$e further the educat￿￿ ofsuth pgtsori$.
Foi many years. the restridlc*) to Winder House pvpils has not been applied. Firsly. Sedbergh Sehool ¢anr￿1
emand Ihal pupils attend a spacific house. Seo)ndly, Wind•i Hous? is Cu￿enIty a boys•onty house.
The Charity met these objectNes during the yew by owarding schdarship grants to studènt¥ ¥ttending Sedbergh
School. The Trustees have been careful to encourage applie8titsns for scholarship grants Iiom those new pupils
from the maintained sedoi, in older to ensure that it continues to meel the reqU1￿ment that ils charitable
adivilies pass the public benafft tèsts.
Paye 2

Ml¢hael Robertson Scholarship Fund
Trustees. Report for the Year Ended 31 Decembor 2025
Achi•v•ments and P¢rfomiance
Durin9 the year. the Trustees aw8rded scholarships totalling £1C6,33712024- £168.8631 lo pupils of Sedbergh
School, enabling them to further their education. The Iru$lee$' intention is lo providè futher awards of £100,000
for the remainder of the 2025r26 8¢ad&mScyear.
The Trustees. investrnerrt objadive has been to rètum enough ¢apitsl to generate the income Tequired to meet
thè antiupated costs of the main objects of th¢ Charity. The oveiall value of the Charity'$ •ndowment fijnd has
de¢raased by 3.860h from Dfjcember 2024 lo Dec*nber 2025, wth an ￿ra11 d&c¥e8$e of 2.3°k exp$riènced
over the last two years.
Fin•nclal Revlew
Thè Twslees are sali8fied ¥thth the financial position of the Charity and conffirm that they have adequate assets
avwlable to fulfil thelr obligations. We approve the record of Ir8nsadions set out hereln. We have conliny8d to
make awards ￿0￿9 the lines laid down in our guidelines to applicants.
The Trustees have wde investment powers, namoly:
To invest in such securities or other inve61mèn18 or property whèther InvolviThJ liability or not and whether
producing income or not as thè Trustees 8hall in their absolute discrethon think fft. The Tru8tses may also llold
any a¥sets in nominee name$ providing that any land shall be as8ured to the Trustees upon irustfor sale.
The Trustees rotsin $ufficient capilal to generate the incoffl¥ required to meet tho anlicApated c031$ of the main
objects ofthe Ch¥rrty.
At the ygar end, the Charity had free reserves of £105,28212024- £69.7341.
Inveglment Polky and Perfomiance
On 12 April 2024 the trust's investm$nl portfolio was tran¥ferr•d from J M Finn over lo new Èxtemal fund
managers, CCLA. T￿rfy were no rèstriclions on the th8riIYs power to In￿$t and Ihe funds are invested in a
portfolio of inv•$lrnent funds.
It 15 thè obj'ective of the trustees to invest the Trust fund3 to produce a distiibulable amount that, ov•r time.
grows. 8t a mirimum. in line with infialion (as m&asured by CPI). To achieve this, thèy need to ensure that the
real value of the endowmènt fund is maintained over Ihe longer lem.
On 12 DgGember 2022 ths trvstses mad• a reSO￿tIOn under Sèction 104IAI of the Charllies Act 2011 88
amended by Ihe Charities Act 2022 to adopt a total ietum on imiestm8nt approach to the perman&nt endowmènt
fund. The b)ard id8nlified tha value of gifts of ￿rmanent endowmonl received since th? fund was established to
bg £3,643,557. This set tho base line value of the gift component of lh8 èndowment. The difference belwe•rt the
total of endovmienl funds as at 12 Decernber 2Q22 and the volu• of the gift compon¢nl represented the opening
balance of the unapplied total re￿rn. The power ￿ total re￿In pemiits the trustees to invest permanently
invested funds lo ma￿MIse lolal return and to appty an appropriate pOrt￿n of the un8pplitid total return to income
eaeh year. Until this power Is exercjsed, lh• unapFlied lot81 ralum remains invested as part of the parmanent
endowment.
The Iruslw, having taken adwiGè from the Invèstmènt Managtr, ￿11 detemine, from lim¢ to time, the amount of
the
retum that can be dkstributed vAthout ¢onpromisingthe investment objective.
JVL
Twstee
016
P•9• 3

Michael Rob•rtson Scholarship Fund
Tn￿tee$. Re8ponslbllttles In rel•tlon to the Flnancial Slat•m•nts
The tru8tè*$ are responsibl& for pffjparirvJ the Truste￿. Report and the finanLial $tatsments in accordan¢e whh
applicablo law and United Kingdom Accwntng Standards.
Thè law applicable to ch81ill$$ in England and Walès requires the trust•¥& to prepare financlal $lat¥ments for
•ath financial year which give a true and fair view of the slate of affairs of the charity and of the ineomlng
resources and applicth.on of rèsources of thè ¢harity for that period. In preparing these finanual slatèmenls, the
Iruslees are requireil to..
select suitabla 8ceA)unling polides and then apply them consistenlly.
observe Ihe methods and principles in the Charities SORP.,
make judgements and e$timates that ar• rèasonable and Pfudent-
stste whÈthÈr applicabl& a¢￿UntIng slandards hav¢ followed. subject to ¥ny material departLres
disdosed and explained in the finan¢A81 ststements.. and
prepare the financAal statemènts on the g)ing eonc•rn basis unless it is inappyopriaie lo presume tho1 tho
¢harity will continue in busln¢8s.
Tho Iruslees ara responsit4e for keeping prO￿r accounting records that disclose with reasDn8ble accuracy at
any lime the financial po$ition ol the charity and enable them to ensur& 1hat thè financial statements comply with
the Charities Act 2011 as amended by th¥ Ch8ri1ies Act 2022, the Charity (Actounts and Reports) Regulatlons
and the provisions of th• trust deed. They are responsible for safeguarding the assets of Ihe ¢h¥rity and hence
fortsking reasonable stepsfor the prevenlitin and detection fraud and othèr irregularities.
Page 4

Independent Examlnefs Report to th? Tru8toos of
Michael Robgrtson Scholarship Fund
I rèport on the ac¢ounts of the charity for the year ended 31 D￿0mber 2025. which are s*t out on page$ 6 10 14.
Your atttsnl￿n is lo drawn to the fact thal the Charty has PTepaTed th¢ financial statemgnls in accordance ￿th
ArLounting and Reporting by Charities preparing their acit)unts in awrdance with thé Financial Repotting
Standard applicable in the UK and Republic of Ireland IFRS 102} in preference to the A¢counting and Reporting
by Chanties.. Stalement of Recommended Practice issued on 1 April 2005 which is referrèd to in thè extant
Tegulallons bLrt has sin￿ bgon withdrawn.
Wo undersland that thi¥ has been done in order for the accounts to piovide a tru8 and lair wew in accordance
with th8 G8neralty AccoPted Accounting Practi¢¢ effectwe for reporting periods beginnlng on or after 1 January
2019.
Re•pectlv¢ rv8pms1bll1￿Os of tr￿te¢S and •xamlwr
Th¥ Charitys Iruslee8 are responsible for the prgparabon of Ihg a¢¢ounts. The trustees ¢onsider that an audit is
not r￿UlTed for this year under section 144121 of the Charities A¢t 2011 as amended by th8 Charitiès Act 2022
Oh8 Acl) and that an Independent examin8tion ig needed.
It 1$ my responBibilrty to:
mine the 8¢tXJLmts under section 145 ofthe A
follow th$ procedures laid down in the Genetsl Diréclions given by the Charity Commi58ion under section
145151 {bl of the Act,. and
slate whÈther particular rnattors have come to my 8it$ntion.
Ba818 01 independentèxamln•rfs report
My examination was carrs8d out in 8￿trrd3nce with the G￿traI Direction6 gwen by tha Charity Commission. An
examination indudes a review of the ac¢ounling records kgpl by the charity 8nd a comparison of the acr￿unts
prasènted with those iecoTds. It also includes consideration of any unusual items or di$dosures in the accounts,
8nd seeking explanations from you as trustees wnceming any such matiers. The procedures undertaken do not
provide all thè evidence that would be required in an audit and consequenlty rto opinion is given as to whether
the accourrts pwsenl o ￿ue and tsir view, and the rep)rt 18 limited lo Ihosg matters set out in Ihè statement
bdow.
Indopendent ovmln•ts statoment
In connection wth my examination. no matter has comtr to my attention-
111 which gives mè reasonable cause lo believe that in any material respect tho r¢quSremenl8'.
to keep 8¢counting records in aeeordance with ssction 130 of the Charilie$ Acl 2011 •$
arnended by the Charrties Act 2022., and
to prepare accounts vknich accord wrfh the accounting records, comply Wbth th¢ a￿OU￿11n9
r8quirements of the Act
have nol been met., or
121 lo which, in my opinion. attention 8hould be drawn in order lo enable a PTop$r und8rstandir¥J of th•
a￿ount$tO be ￿Ched.
FIFTEEN Rtssthill
Montgomery Way
Rosèhill Estate
CARLISLE
CAI 2RW
nnè Thomlinson FCA
odd & Co Limited
Chart8r8d Accountants
7 May 2026
Page 5

Michael Rob•rtson Scholarship Fund
ststement of Financlal A¢tivities for tho Y•ar Endod 311)e￿mber 2025
Totsl
Fund8
2025
Total
Funds
2024
Unrestricted Endowment
Funds
Fund$
Not•
Incomo
Investments
41,550
41,572
147,280
Total income
22
41,550
41.572
147,280
Expenditure
Raising fund5
Charitable activities
Total expenditure
5,854
179,525
185,379
111,024
111,024
111,024
111,024
Gross transfers btheen funds
156.550
1156.550)
Gainslllossesl on investment assets
1116,695) 1116,6951
84.336
Nel incomellexpenditure)
45,548
{231,695) 1186,1471
46,237
Reconclllatlon of funds
Total funds brought ft)rward
Total bJnds carried forward
59,734
105,282
5,997,139 6.056,873 6,010,636
5,765.444 5.870,726 6.056,873
The notes on pages 8 k$ 14 form an inte9ral part of finandal state￿nts.
Pago 6

Michael R4Jb•rtson Scholarship Fund
Balance Shoot as at 31 DKember 2025
2025
2024
Fixed ￿•èts
Investments
5.765,444
5,997.139
Currnnt a$sets
D$btors
Cash al bank aThJ in hand
100.000
8,559
108,559
56,337
6,674
83,011
Credltorn: Amounts f#lllng due within
one ye•r
(3,277)
13.27n
Nèt current a8#èts
105.282
59.734
Net assets
5.870.726
6.056.873
Thè fund* of the charity:
Endowment fund8
5,765,444
5.997.139
UnT￿trICted fund*
Unreslricled income fvnds
105,282
59.734
Total charity funds
The financial stslernènts have been pr*par•d in accordance wlh the FinancAal Reportbng Standard applicable In
the UK and Republt of Ireland {FRS 1021.
5.870.726
6.056,873
Appro
by the Board on 7 May 2028 signed on Its behalfby:
JVLigh
Trustee
The notes on page$ 8 to 14 form an Integral part ollhese finanaal statements.
Page 7

Michael Robertson Scholar5hlp Fund
Notes to the Flnan¢ial Stalements for the Y•ar Ended 31 D8comber 2025
Accountlng polklè
Stat¢m•nt of cornpllance
The accounts {financial statements) have prepared undèr the historical co$1 wnvenlion with items
recognised at wst or transaction value otherwise stat£d in the relevant r*)telsl to these accounts.
The finanu81 stslements have been prep8red in accordance ￿th the second ¥di11gn of the Charilies
statement of Rgcommended Prath"ee issuèd in October 2019, the Finanaal Reportin9 St8ndard applicable
in the United Kingdom #nd Republic of Ir•land IFRS 1021 and th¥ Charities Act 2011 as wonded by the
Charities Act 2022.
The accounts Ifinanti81 stslementsl have beèn prèpared lo give a 'true and fairf view and h8v& departed
from the Charities IA¢wJnls and Reports) Regulations 2008 onty to the extent required to prowdè 8 'true
and tsir wevl. This dep8rture ha$ involved foll(>￿￿9 Accounting and Raporling by Charities preparing their
a¢counls in accordan¢è with the Financial Rèporting Stsndard applicable in the UK and Republic of Ireland
IFRS 1021 rather than the Accounting and Rèptyrling by Charities'.Stst¢m•nl of Recommendad Practi¢e
effecb"v¢ from 1 April 2005 which has Sin￿ been withdraw).
Bo$1$ of pr•paratlon
charity meets the defbltksn of a public benefft under FRS 102. As$ets and labilities are inlb"8lly
recogniud al historical cost or Iran$action value unlès8 Othermse Stated In the relev￿1 accounting poli¢y
notes.
Golng ¢on¢em
These financial statements ha￿ been prepared on a gdng concem bas1$.
Fund aeeounting pollcy
Unrestricted incom8 funds arg general funds thal are available for u8e at the tru8tees' disuetbn in
furtherance of the objectives of tho ¢harily.
Further details ofeach fund are thsdosed in notè 12.
In¢oTne arKI endowm•nts
Ineome from Govemmènt and olher grants, whether'capital, grants or'revenue. grants. is re¢ognised when
th¢ charity has entitlement lo the fvnds, any performance cOnd￿on5 attathÈd to the grants have b&en met,
it is prtsb8￿e that Ihe in￿rne will be receNed and the amount can be mea$ured rella￿Y and is not defèrred.
Inve61ment In¢omg 18 reccgnised on a r¢¢eN¥ble basis. Income recèived fr(¥n endowmènts 1$ Irealed as
UnreStr￿1ed.
Expenditur•
Liabilities a￿ r8cogni$ed as soon as there is a legal or constructive obligation commitbng the charity lo the
expenditure. Al expenditurè is aco)unted for on an accruals basis and has been dassified undw headings
that aggiegate all costs r¢laled to the category.
Costs of raisin9 fund8 We investment marbagemenl fees.
Charitable expenditure comprisès thtssÈ ￿$t9 inCUr￿d by the tharrty in the delNory of its actNitses and
services for its b¢nelciaries. It includ•$ both costs that can be allo¢8led directly to suth adivibes and thos
)sts of an indirèet nature nec•ssaryto support them.
Support costs
Support costs indude central fun¢*1￿¥ and have been allo¢ated lo actwty cost Categories on a basis
con8iStentwth the u8¢ of ￿$OUrCes.
Pag8 8

Ml¢hao1 Robertson S¢holarshlp Fund
Not￿ to th• Flnancial Statements for th• Year Ended 31 Decomber 2025
cthttnued
Cash and Cash Equlvalents
Cash and (ssh equNalenls comprise ¢Bsh on hand and call deposits, and other short-tenn highty liquid
investmènts that are readity convotbble to a known amounl of cash and arè subj8Ct to an insignificant risk of
change in value.
Investments
Fixed asset invastments are includèd 81 market valuts al the balance sheet dal¢.
Realised galn$ and losses on invèstm•nts afe cal¢ul8ted as the difference betsveen sales proce¥ds and
their market value at the 81art of the year, or theii Subsaqugnl cost. and tharged or credit8d to the
statement of the financ4al activities in the period of disposal.
Unre8118ed gains and h)sse8 repr9$ent the mov?menl in mafkot value¥ during the year and are ¢redited or
¢hargsd to th8 Statement of finanual adivities based on the marf(el valu8 at Ihè year end.
Inv•8lmenl Income
Unrestrlcted Endowm•nl Total Fund$ Total Fund•
Funds
Funds
2025
2024
Dividend incomè
Gross bond interest
Gross bank interest
41,550
41.550
144,706
2,550
24
22
22
41.550
41,572
147,280
Of the inve$lment income in 2024. £24 relaled to un￿sIn¢t8￿ funds and £147,2S6 related lo ertdowment
funds.
Page 9

Mlchaol Robertson Scholarshlp Fund
Noto$ to the Flnancial Stat•m•nts for the Year Ended 31 D•¢•mber 2025
. contt'nued
Exp•ndvtur
Furtheranc•
of education
Total
202S
Totsl
2024
DlrKt ¢osts
Scholarships
Administrat￿ of invesfments
1thS.337
106.337
168.663
5,854
174,517
106,337
106.337
Support ¢o*ts
Insurance
Trustees. expenses
ALwuntancy f8èS
Ind*pÈndÈnt ex8mineffs fee
Legol and pwfessional fees
6S7
334
3,196
500
657
334
3.196
622
711
3,029
500
6.000
10,862
4,687
4.667
111,024
111,024
185,379
Of th¢ expendilure in 2024. £5,854 related to pemianenl endowment fvnds and £179,525 related lo
unreslrjcted funds.
GOVern•n￿ ¢osts
2025
2024
Legol and professional fees
Accountancy fee$
Indepèndènt examinerfs fee
6,000
3.029
500
9,529
3,198
3,896
Tru#tè¢g' remuneration and gxperffjes
During Ihe year expense$ paid lo h¥0 of the truste8s for out of pocket expenses in¢urred in their
seNl¢e as a trustee Ilour trustèès rèceNed an expens8s reimbursement in 20241. A lolal of £334 12024-
£7111 was paid to or on behalf of thè trustees.
No tru$te• or any person conneded to a Tfustee received r•mun•ration in respecl of th•ii service6 as
tru$t•tr during the year.
Pago 10

Michael Robertson Schol•r&hlp Fund
Note8 to the Financial Statements for the Y•ar End￿ 31 December 2025
.. conlinued
Taxation
The rggistered charity is exèmpt from taxation on in¢ome and gain8.
Invwtments held as fix￿ a•8ets
Li¥tsd
investments
Marketv•l
As al 1 January 2025
Revaluation
Additions
Disposals
As al 31 D￿ember 2025
S.997,139
(116,695)
S,899,971
16,014,971)
5,765.444
Net book valu•
A8 at 31 December 2025
AS 8t 31 December2024
5.765,444
5,997,139
Inveslmgnl assets can ￿ fvrth8r anatysed as follows:
UK
Ov•rn•as
Listed investrnenls
2,140.133
2.140,133
3,625,311
3,625.311
Debtorn
2023
2024
Prepaymènts and accrued in¢oTne
100.OOD
56,337
Crndltors.. Amount• falllng du• within year
2025
2024
Accruals and deferred income
3.277
3,277
P89e11

Mlcha•l Rob•rtson Scholarshlp Fund
Note$ to Ihe Financlal Statemen18 for the Year Ended 31 December 2025
. confynued
10 Oth•r financial commitments
At the start of the year the Charity had pledged £246,935 to scholars.
At the year ènd the Charity had pledged the folowing awards Its be made lo scholars aft¢r the year end..
2025r26 academic year- £100,000
11 Related partles
Controlllng entSty
The charity is C￿ntrollod by th& trustee8.
12 Anal￿1¥ of fvnds
At1
January
202S
r•eognls•d
gain¥ I
los$e$
At31
D•c•mbèr
2025
In¢omlng ResoU￿e$
r•soure•s expended Tr4n$f•rs
G•neral Funds
Unro8tricted income
fund
59,734
22
(111.0241
156,550
105,282
Pèrnianent
Endowrngnt
Permanent
endowment
5,997,139
41.550
1156,550) 1116,695} 5,765,444
6,056.873
41,572
1111,0241
1116.6951
5.870,726
Genoral FurKJ8- the general funds receNe inv¢$lmenl income and are used to pay out stholarships.
Permanent Endowment- the permanent endowment$ arg used lo generate the fvnds ne•d*d to perf￿M the
charitys obpctives and are revalu8d arnually.
P￿fj 12

Ml¢hael Robertson Scholarship Fund
Notes to the Flnanclal Slatem¢nt8 for the Year Ended 31 Decembor 2025
Prlor period
January
2024
lrteomlng
sour¢o9
Resourc
•xpendod
At31
Dèc•mb•r
2024
Transfer¥
r¢¢ognls•d
galns I
General
Funds
Unreslricled
In￿me fund
59.734
59.17S
24
(179,525)
180.céo
R•stricted
Funds
Peimanent
endowment
5,997,139
6,056,873
5,951.461
6.010.836
147,256
147.280
{5.854)
1185,3791
1180,0601
84,336
84,336
13 Trnnsfern
Investsnent wi¢omo recglved for the ye•r of £41.550. along wth c8pital of £115,000 w¥$ transferred from
p&rmanenl endovAnÉnt to unr8slricted inwm•.
14 Total r•turn on invtstm•nts
Tvustfor
Inve8tm•nt
Un•pplled total
r•tum
Totsl ondowmollt
At 1 January 2024
Movements in rewling period..
I￿estment inGom•
Investment retum.. realsed and unre81is@d
gainsAoss¢s
Lg$$'. investment manag•ment costs
Total
Unap￿￿ total r•lum alloc81ed to In￿Me
in the reporting wriod
Net movements In the reporting period
As at 31 December 2024
3,643.557
2.353,582
5.997,139
41.550
{116.695)
41.550
1116,6951
175.145)
(156,550)
1231,895)
2,121.887
175,145>
(156,550)
(231,695)
5.765,444
3,643,557
Page13

Michael Robartson Scholar8hlp Fund
Notes lo the Flnan¢ial Statements for the Year Ended 31 Decemb•r 2025
CLvknnued
15 Not 8880ts by fund
Unr•strictsd
Fund8
Endowm•nt
Fund•
Totsl Funds
2025
TotAI Fund8
2024
Inveslmenls
Current 8$$gtS
Creditors.. Amounts falling Oje
wrthin one year
Net ass•ts
S,765,444
5,765,444
108,559
5.997,139
63,011
106,559
{3.27n
105.282
(3,277)
5.870,726
13,277)
6,056,873
5.765,444
Prior p•riod
Unr•strfct•d
Fund$
Endowm•nt
Funds
Totsl Fund¥
2024
Tot&1 Funds
2023
Invèstments
Current a$sels
Creditors.. Amounts falling due ￿thIn
one year
Net •s¥et8
5.997.139
5,997,139
63,011
(3,27n
6,056,873
5,901,400
112,512
(3,276)
8.010.636
63.011
{3.2771
59.734
5,997.139
Page 14