2025-04-05-accounts - Oliver Ford Foundation

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Charity Registration No. 1026551

THE OLIVER FORD WILL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

5 APRIL 2025

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THE OLIVER FORD WILL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Settlor: Oliver Ford Governing Instrument: Will dated 20 February 1988 Deed of Amendment dated 9 May 2023 Trustees: Lady Alison Wakeham Martin Philip Levy Matthew Derek Pintus Charity Address: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Charity Registration Number: 1026551 Solicitors: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT (Partner: N JS Harries) Bankers: The Royal Bank of Scotland Plc 62 - 63 Threadneedle Street London EC2R 8LA Independent Examiner: Emily Smith FCA Humphrey & Co Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA

investment Advisers: Evelyn Partners 45 Gresham Street London EC2V 7BG

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THE OLIVER FORD WILL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED5 April 2025

The Trustees present their Report and Accounts for the year ended 5 April 2025.

The Accounts have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and " Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) ”.

Objectives and Activities for the Public Benefit

Originally the primary object of the Charity, for which the Trustees can apply both income and capital of the fund, was the furtherance of the education of the general public and the advancement of knowledge of the history and techniques of interior decoration, the design of fabrics and other decorative materials and landscape gardening, with particular reference to the work of Oliver Ford. Other organisations which the Trustees may support with fund income are the Anthroposophical Society in Great Britain, the Camphill Village Trust, the Ravenswood Foundation or any other Village or Home for the mentally handicapped which is not state subsidised.

By Order of the Charity Commissioners dated 9 September 2005, certain modifications were made to the primary object, which from that date replaced the wording "with particular reference to the work of Oliver Ford” with “including (without prejudice to the generality of the foregoing) with reference to the work of Oliver Ford”.

The Order also extended the range of organisations which the Trustees may support. From 9 September 2005 these cover "the charitable purposes of The Anthroposophical Society in Great Britain (registered Charity no. 220480), The Camphill Village Trust Limited (registered Charity no. 232402) and Norwood Ravenswood (registered Charity no. 1059050) or any other Charity providing housing, educational or training facilities for children, young persons or adults who have learning disabilities or learning difficulties". The Order also provides that support can come from capital as well as from income.

The Trust carries out these objects by the maintenance of investments to provide both income and capital growth which are in turn applied to the issue of grants within the following areas: Oliver Ford scholarships for students attending the Victoria and Albert Museum;

Assistance to students of the Royal Horticultural Society;

Assistance to students of the Furniture History Society;

Assistance to students of the Attingham Trust; and

Providing grants to projects undertaken by those charities providing housing, educational or training facilities for people with learning difficulties such that those charities may enhance and develop existing facilities or initiate new projects that fall within the objects of the Oliver Ford Will Trust.

The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the donations policy for the year.

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THE OLIVER FORD WILL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED5 April 2025

Achievements and Performance

The Trustees continued their policy of making donations to various registered charities involved with education of the general public and a total of £156,150 (£158,198 in 2024) was provided during the year.

Details of the donations are shown in Note 10 to the Accounts.

The level of donations issued by the Trustees during the year, when aggregated with donations of earlier years, means that the trustees have issued substantially the whole of their net income of the last nine year period to 5 April 2025 by way of charitable donations, in line with their target on a year on year basis.

Financial Review

At the year end the total Fund was valued at £2,710,101.12 against £2,705,254.35 in 2024.

The Trust's income consists of investment income which is distributed to various charitable organisations at the Trustees’ discretion.

The trustees made a decision on 30 November 2024 to wind down and close the Charity and distribute its assets to charities they have supported previously, as it is no longer possible for the Trustees to continue in their roles. Following the decision, the Charity's investments were sold and the proceeds were invested into cash-equivalent products so that the funds could be easily available for distributions in due course.

The Charity’s reserves are primarily held in cash and cash-equivalent investments which are available for payment of grants in accordance with the Charity's objectives. Free cash reserves total £2,710,101.12 at the year end and all reserves will be distributed to charitable organisations ahead of the winding up of the charity.

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Investment performance is monitored regularly by the trustees including via presentations by the investment managers to twice yearly trustee meetings.

The Trustees consider that the spread of risk within the investment portfolio is well placed to weather the current financial uncertainties.

Operational risk is considered to be the extent to which the grants to the Royal Horticultural Society and the Attingham Trust together with donations to charities providing facilities to those with learning difficulties advance the objects of the Trust. The Trustees manage this risk by detailed review of the applications for funding together with monitoring of the students and projects to which grants are awarded, aided by regular reports from the organisations concerned.

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THE OLIVER FORD WILL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED5 April 2025

The Trustees continued to distribute all available income after expenses to charitable organisations. As weil as offering one-off donations, the trustees intend to direct a proportion of their income specifically towards training of students sponsored by charitable organisations falling within the trust's objects. In addition, the trustees resolved at their meeting on 8 June 2015 to spend up to £50,000 each year from capital funds to supplement donations including student training costs.

At the trustees meeting on 29 May 2019, it was recognised that in order to make meaningful grants which made a material impact, it would be appropriate to increase the annual capital spend to £100,000 in total. Whilst the trustees would not be obliged to spend the full amount, it should be factored in to the summary of assets and available income.

Structure, Governance and Management

The Oliver Ford Trust was established under the terms of the Will dated 20 February 1988 of Oliver Ford, who died on 17 October 1992. Whilst commonly known as The Oliver Ford Will Trust, the Charity is also known as Oliver Ford Foundation, and it is under this name that it is registered with the Charity Commission under number 1026551. The terms of the Trust were amended by Deed of Amendment dated 9 May 2023.

An Order of the Charity Commissioners dated 9 September 2005 also allows the Trustees to amend the trust, subject to certain conditions, from time to time, if they are satisfied that it is expedient in the interests of the Charity to do so.

The Trustees who served during the year were: Lady Alison Wakeham Martin Philip Levy Matthew Derek Pintus

Under the terms of the Trust Deed the power of appointing new Trustees is vested in the surviving or continuing Trustees. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the trust, and any personal knowledge of the existing trustees. Professional advice is available to new trustees from the trustees’ solicitors for training purposes regarding the duties of a trustee.

All Trustees give of their time freely and no trustee received any remuneration, benefits or expenses from the Charity during the year. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises.

Evelyn Partners are the Trust's investment adviser whose brief is to advise and manage an investment portfolio on a discretionary basis.

Investments held at 5 April 2025 were acquired in accordance with the powers of the Trustees.

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TRUSTEES' REPORT FOR THE YEAR ENDED5 April 2025

The investment strategy is set by the Trustees and in doing so the Trustees have regard to the income requirements, the risk profile and their investment manager's view of market prospects in the medium term.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountancy Practice).

The Law applicable to charities in England and Wales requires the Trustees to prepare Accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these Accounts, the Trustees are required to:-

select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the Accounts;
prepare the Accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees’ Report was approved by the Board of Trustees.

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THE OLIVER FORD WILL TRUST

Independent Examiner's Report to the Trustees of The Oliver Ford Will Trust

| report to the trustees on my examination of the accounts of The Oliver Ford Will Trust (the Trust) for the year ended 5 April 2025 which are set out on pages 7 to 15.

Responsibilities and basis of report

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

| report in respect of my examination of the Trustees’ accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

| have completed my examination. | 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 Trust as required by section 130 of the Act; or

2.) the accounts do not accord with those records; or

3.) the accounts 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.

| 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.

Emily Smith FCA

Humphrey & Co Chartered Accountants

7-9 The Avenue Eastbourne East Sussex BN21 3YA

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Date NB SION oo 208
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THE OLIVER FORD WILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT Year Ended 5 April 2025

	Note	2025	2024
		£	£
Income and Expenditure
Income from:
Investments	2	81,169.92	74,675.30
		81,169.92	74,675.30
Expenditure on:
Raising funds
Investment Management Fees		11,575.61	11,464.04
Legal Entity Identifier Registration Fee		174.00	60.00
Charitable activities
Donations	10	156,150.00	158,198.00
Other expenditure
Transaction Charges		155.26	-
Land Registry Fees		-	6.00
Legal Fees		18,000.00	18,000.00
independent Examination	3	2,580.00	3,060.00
Macfarlanes Accountancy Fees		3,000.00	3,000.00
Total resourcesexpended		191,634.87	193,788.04
Net gains (losses) on investments	6	£115,311.72	£142,265.05
Netmovement in funds		4,846.77	23,152.31
Fund balances at6 April2024		2,705,254.35	2,682,102.04
Fund balances at 5 April 2025		£2,710,101.12	£2,705,254.35
Allfundsareunrestricted

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THE OLIVER FORD WILL TRUST

BALANCE SHEET at 5 April 2025

		2025	2024
	Notes	£	£
Fixed Assets
Investments	7	2,678,934.17	2,553,188.44
		2,678,934.17	2,553,188.44
Current Assets
Cash atbank and in hand	9	36,864.46	167,017.48
		36,864.46	167,017.48
Current Liabilities
Creditors: amounts falling due withinoneyear	8	(5,697.51)	( 14,951.57)
Net currentassets		31,166.95	152,065.91
Total assets less current liabilities		£2,710,101.12	£2,705,254.35
Unrestrictedfunds		2,710,101.12	2,705,254.35
		£2,710,101.12	£2,705,254.35

7 January 2026 The accounts were approved by the Trust€@S ON ..........: eseceeeeeeeeeeret te resteenternercness Signed by: DocuSigned by: veveceees hueSAQSBBATAFDMERC: Cotter ereeeees vies Aceerpespomzsnsesagcncc Lady Alison Wakeham Martin Philip Levy Trustee Trustee

et. Matthew Derek Pintus Trustee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

1 Accounting Policies

Charity Information

1.1 Accounting Convention

These Accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102"), “Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The Charity is a Public Benefit Entity as defined by FRS 102.

To ensure that the accounts show a true and fair view, the trustees have not complied fully with the Charities (Accounts and Reports) Regulations 2008 as these refer specifically to the previous 2005 SORP and have not been updated to reflect the changes in legislation to the FRS102 SORP.

The Accounts are prepared in sterling, which is the functional currency of the Charity.

The accounts have been prepared on the historical cost convention modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going Concern

The financial statements have not been prepared on a going concern basis, because the trustees made a decision on 30 November 2024 to wind down and close the Charity and distribute its assets, as it is no longer possible for the Trustees to continue in their roles. At the time of approving the Accounts the trustees have a reasonable expectation that the Charity has adequate resources to pay all of its liabilities prior to the wind-up.

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 incoming Resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

The Charity is a registered Charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

1.5 Resources Expended

Expenditure is recognised on an accrual basis asa liability is incurred.

Costs of generating funds comprise the Investment Managers’ costs associated with the management of the investment portfolio in accordance with the strategy set by the Trustees.

Charitable expenditure in the form of donations payable is accounted for as and when approved by the Trustees and when due for payment.

Other costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and legal costs linked to strategic management of the Charity.

1.6 Fixed Asset Investments

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the year in which they arise.

1.7 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial Instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial instruments’ and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

1.9 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the year ended 5 April 2025 the Trustees consider that there were no critical accounting estimates or judgements arising that require disclosure.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

Incomefrom Investments	2025	2024
	£	£
Income received - U K Equities	31,491.43	36,716.76
Income received - Unit Trusts	11,319.29	15,651.64
Other UK Interest	460.00	-
Fixed Interest Securities	1,419.44	1,222.63
Incomefrom Overseas Securities	33,159.68	16,491.61
Property Income Distribution	-	2,055.60
Intereston Cash Deposits	3,320.08	2,537.06
	£81,169.92	£74,675.30
3 Independent Examiner's Remuneration
The analysis is as follows:
	2025	2024
	£	£
Independent Examination	2,580.00	3,060.00
	£2,580.00	£3,060.00
4Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the Charity during the year (2024:nil).

5 Employees

There were no employees during the year (2024:nil).

6 Net Gains/(Losses) on Investments

		2025	2024
		£	£
Revaluation	of Investments	10,773.54	164,227.38
Profit/(Loss)	on Sale of Investments	104,538.18	(21,962.33)
		£115,311.72	£142,265.05

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

7 Fixed Asset Investments

		2025	2024
		£	£
Listed	Investments	£2,678,934.17	£2,553,188.44

The historical cost of the fixed asset investments is £2,668,160.63 (2024 - £1,508,002.26).

Movements in Fixed Asset Investments

	2025	2024
	£	£
Cost or Valuation
At 5 April 2024	2,553,188.44	2,564,733.26
Additions	2,811,815.42	418,145.60
Valuation Changes	115,311.72	142,265.05
Disposals	(2,801381.41)	(571,955.47)
At 5 April 2025	£2,678,934.17	£2,553,188.44
Carrying
Amount
At 5 April 2025	£2,678,934.17	£2,553,188.44
At§April2024	£2,553,188.44	£2,564,733.26

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	NOTESTOTHEFINANCIALSTATEMENTS FORTHEYEARENDED5 April 2025	NOTESTOTHEFINANCIALSTATEMENTS FORTHEYEARENDED5 April 2025
8	Financial Instruments	2025	2024
		£	£
	Carrying Amount of Financial Assets
	Equity instruments measured at cost less impairment	£2,678,934.17	£2,553,188.44
	Carrying Amount of Financial Liabilities
	Financial liabilities measured at amortised cost	£5,697.51	£14,951.57
	Financial Liabilities : breakdown
	Amounts falling due within one year:
	Accounts preparation Independentexamination InvestmentManagement Fees Legal Fees Land RegistryFees	- 2,880.00 2,817.51 - -	3,000.00 3,060.00 2,885.57 6,000.00 6.00
		£5,697.51	___ £14,951.57
9	CurrentAssets	2025	2024
		£	£
	Cash at bank and in hand MacfarlanesLLP Evelyn Partners	29,681.59 7,182.87	30,565.04 136,452.44
		£36,864.46	£167,017.48

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 April 2025

10 Charitable Donations Made By The Trust

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Grants|to|Students:-| |Furniture|History|Society|:|4,062.00| |Royal|Horticultural|Society|15,000.00|15,000.00| |Assist|Trust|5,000.00|10,000.00| |Blyth|Star|Enterprises|Limited|-|1,000.00| |Chailey|Heritage|Foundation|10,000.00|5,000.00| |Dorset|Community|Action|-|7,500.00| |ECHO|-|Extra|Choices|in|Herefordshire|-|5,196.00| |Fitzroy|Support|-|10,000.00| |Garvald|Edinburgh|9,370.00|-| |Kingswood|Trust|2,180.00|-| |L'Arche|Preston|5,000.00|-| |Livability|4,000.00|-| |London|Historic|Parks|5,000.00|-| |Macintyre|10,000.00|7,500.00| |Martha|Trust|-|10,000.00| |Martineau|Gardens|10,000.00|-| |Norwood|Ravenswood|10,000.00|11,940.00| |Oakfield|Easton|Maudit|Limited|10,000.00|5,000.00| |Outward|Housing|10,000.00|-| |Rossendale|Trust|-|10,000.00| |Scotts|Project|Trust|11,000.00|-| |Speaking|Up Speaking|Out|-|5,000.00| |St Werburghs|City|Farm|10,000.00|-| |Stable|Family Home Trust|10,000.00|10,000.00| |Stanley|Grange|Community Association|-|10,000.00| |Stepping|Stones|-|-| |Stockdales|§,000.00|15,000.00| |The|Attingham|Trust|4,600.00|-| |The|Burton|Street|Foundation|5,000.00|-| |The|Crumbs|Project|-|5,000.00| |Thrive|-|5,000.00| |Toucan|Employment|5,000.00|-| |Where|Next Association|-|1,000.00| |Winchester|Go|LD|-|5,000.00| |£156,150.00|£158,198.00| |All|grants|detailed|above were|provided|to|institutions.|

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11 Related Party transactions

There were no disclosable related party transactions during the year (2024:none).

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Appendix 1) Income from Investments

	Holding	Date	Gross	Tax	Overseas Tax	Net
UK EQUITIES - DIVIDENDS
AstraZeneca Plc
Ord US$0.25
Shares	350	09/09/24	271.60	:	-	271.60
Aviva Pic Ord 32
17/19p Shares	7,600 7,600	23/05/24 17/10/24	1,694.80 904.40	: -	- -	1,694.80 904.40
Beazley Plc Ord 5p Shares	8,800	03/05/24	1,249.60	-	-	1,249.60
BP Pic Ord US$0.25Shares	7,000 7,000	28/06/24 20/09/24	397.78 423.49	- -	- -	397.78 423.49
Compass Group
Pile Ord 11.05p Shares	3,300	25/07/24	534.60	-	-	534.60
Diageo Pic Ord 28 101/108p Shares	1,700 1,700	17/04/24 17/10/24	544.85 802.91	- :	- -	544.85 802.91
GSK Plc Ord 31
1/4p GBP (XLON) Shares	2,400 2,400 2,400 2,400	41/04/24 11/07/24 10/10/24 09/01/25	384.00 360.00 360.00 360.00	- : - -	: - - -	384.00 360.00 360.00 360.00
Haleon PicOrd 1.25pShares	13,000 13,000	16/05/24 19/09/24	546.00 260.00	- -	- :	546.00 260.00
Intercontinental
Hotel Group Plc
Ord 20 340/399p Shares	909 909	14/05/24 03/10/24	762.65 370.87	- -	- -	762.65 370.87
Lega!&General
Group PleOrd 2.5p Shares	14,500 14,500	06/06/24 27/09/24	2,121.35 870.00	- -	- -	2,121.35 870.00

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	Holding	Date	Gross	Tax	Overseas	Net
					Tax
National Grid Ple
Ord 12 204/473p
Ord Shares	4,876	19/07/24	1,907.49	-	:	1,907.49
	6,298	14/01/25	997.60	-	-	997.60
Phoenix Group
Holdings Ple Ord
10p Shares	6,000	22/05/24	1,599.00	-	-	1,599.00
	6,000	31/10/24	1,599.00	-	-	1,599.00
Reckitt Benckiser
Pic Ord 10p
Shares	1,150	24/05/24	4,332.85	-	-	1,332.85
	1,150	13/09/24	924.60	-	-	924.60
Rio Tinto Pic Ord
10p Shares	1,220	18/04/24	2,485.99	-	-	2,485.99
	4,220	26/09/24	1,637.58	-	-	1,637.58
Sage Group Pic 1
4/77pShares	7,604	28/06/24	528.48	-	-	528.48
Sheli Plc Class B
Ord Euro 0.07
Shares	3,400	24/06/24	915.96	-	:	915.96
	2,400	23/09/24	889.10	-	-	889.10
	2,400	19/12/24	648.72	:	-	648.72
SSE Ple Ord 50p
Shares	2,600	19/09/24	1,040.00	-	-	1,040.00
Unilever Ple Ord 3
1/9p Shares	1,800	07/06/24	661.32	:	:	661.32
	1,800	06/09/24	665.28	-	-	665.28
	1,200	06/12/24	439.56	-	-	439.56
			£31,491.43 - - £31,491.43 mo EE

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

	Holding	Date	Gross	Tax	Overseas	Net
					Tax
UNITTRUSTS - DIVIDENDS
BlackRock
Continental
EuropeanIncome
Fund D	25,600	30/04/24	61.06	-	-	61.06
	25,600	31/07/24	1,243.95	-	-	1,243.95
	25,600	31/10/24	181.17	-	-	181.17
	25,600	31/01/25	176.78	-	-	176.78
First Sentier
Investments Asia
Pacific Leaders
Class B NAV Shares	14,000	30/09/24	940.49	-	-	940.49
Foreign &
Colonial
Investment Trust
Pic Ord 25p Shares	8,500 8,500 8,500	09/05/24 01/08/24 01/11/24	382.50 306.00 306.00	- - -	- - -	382.50 306.00 306.00
JPMorgan Asset
ManagementUK
Ltd US Equity
Income Fund
Income C NAV Shares	12,000 12,000 42,000 12,000	30/04/24 31/07/24 31/10/24 31/01/25	332.40 312.00 303.09 299.24	- - - -	- : - -	332.40 312.00 303.09 299.24
Morgan Stanley
Investment Funds
(UK) Global Brands	Dis	2,000	30/08/24	251.08	-	-
VH Global
Sustainable
EnergyOpps Pic Ord0.01p Shares	50,000 50,000 50,000	28/06/24 13/09/24 23/12/24	710.00 710.00 250.00	- - -	- - -	710.00 710.00 250.00
			£6,765.76	-	-	£6,765.76

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-481 1C823C4C9

THE OLIVER FORD WILL TRUST

	Holding	Date	Gross	Tax	Tax	Overseas	Net
						Tax
UNITTRUSTS INTEREST RECEIVED
Blackrock Fund
Managers Ltd
Corporate Bond S
Inc	45,000	30/04/24	470.44		-	-	470.44
	45,000	31/07/24	527.75		-	-	527.75
	45,000	31/10/24	485.15		-	-	485.15
	45,000	31/01/25	502.60		-	-	502.60
Ninety One Fund
Managers
Diversified
Income J 2
Income Shares	56,500	30/04/24	199.11		-	-	199.11
	56,500	31/05/24	206.45		-	-	206.45
	56,500	28/06/24	248.83		-	-	248.83
	56,500	31/07/24	230.63		-	-	230.63
	56,500	30/08/24	183.91		-	-	183.91
	56,500	30/09/24	247.30		-	-	247.30
	56,500	31/10/24	183.96		-	-	183.96
	56,500	29/11/24	195.32		-	-	195.32
	56,500	31/12/24	186.51		-	-	186.51
	56,500	31/01/25	204.93		-	-	204.93
	56,500	28/02/25	204.81		-	-	204.81
	56,500	31/03/25	275.83		-	-	275.83
			£4,553.53		-	-	£4,553.53
FIXED INTEREST
Treasury 0.125%
UK GILT 31/03/28	35,000	31/07/24	21.88		-	-	21.88
	75,000	31/01/25	46.88		-	-	46.88
Treasury 0.125%
Index-Linked
Stock 22/03/29	65,000	22/09/24	66.30		-	-	66.30
Treasury 0.625%
SNR BDS
07/06/2025	75,000	07/12/24	234.38	:		-	234.38
Treasury 2.75%
Gilt Snr Bds
7/9/24 GBP1000
Regs	50,000	07/09/24	687.50	:		-	687.50
Treasury Stock
0.25% 31.01.25	75,000	31/07/24	93.75	-		-	93.75
	75,000	31/01/25	93.75	-		:	93.75
Treasury Stock
1%22/04/24	35,000	22/04/24	175.00	-		-	175.00
			£1,419.44 ——=SS—————	-	- £1,419.44 SSS

Docusign Envelope iD: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

	Holding	Date	Gross	Tax	Overseas	Net
					Tax
OVERSEAS DIVIDENDS
Alphabet Inc
ClassA US$0.001
Capital Stock	400	17/06/24	62.45	-	9.37	53.08
	400	16/09/24	59.92	-	8.99	50.93
	400	16/12/24	62.34	-	9.35	52.99
Bank of America
Corporation USD0.01 Shares	1,700	28/06/24	319.74	-	47.96	271.78
	1,700	27/09/24	328.91	-	49.34	279.57
	1,700	27/12/24	348.24	-	52.24	296.00
BHP GROUP LTD
NPV	3,000	03/10/24	1,697.38	-	-	1,697.38
Commonwealth
Bank of Australia
OrdA$2	1,150	27/09/24	1,471.01	-	-	1,471.01
Goldman Sachs
Funds Institutional
Shares	415	30/12/24	272.16	-	40.82	231.34
Guinness Globai
Equity Income
Fund Z Income
Shares	2,500	31/07/24	892.00	-	-	892.00
	2,500	31/01/25	742.75	-	-	742.75
Heineken NV Eur1.60	500 500	07/05/24 08/08/24	443.00 292.66	- -	66.45 43.90	376.55 248.76
Microsoft
Corporation USD0.00000625	240 240	13/06/24 12/09/24	141.12 135.53	- -	21.17 20.33	119.95 4115.20
	160	12/12/24	103.81	-	15.57	88.24
SEI Global Master Fund Pic	3,700 3,700 3,700 3,700	12/04/24 12/07/24 11/10/24 14/01/25	542.95 528.49 515,43 480.01	- - - -	- - - -	542.95 528.49 515.43 480.01
Sequoia
Economic
infrastructure Income Fund LTD	50,000 50,000 50,000	23/05/24 23/08/24 22/11/24	859.38 859.38 859.38	- - -	- - -	859.38 859.38 859.38
Veolia
Environment Ord Euro 13.5	3,300	28/05/24	1,726.78	-	431.70	1,295.08
			—_—ee" £13,744.82 - £817.19 £12,927.63

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

	Holding	Date	Gross	Tax	Overseas	Overseas	Net
					Tax
OVERSEAS INTEREST
CG Portfolio Fund
Pie Capital
Gearing Portfolio	1	12/11/24	753.47	-		-	753.47
Goldman Sachs
Funds Plc Sterling
Liquid Reserves
Fund Institutional
Income Shares	540,000	01/03/25	1,235.80	-		-	1,235.80
	540,000	01/04/25	2,031.97	-		-	2,031.97
Institutional Cash
Series Plc
Blackrock ICS
Sterling Liquidity
Premier Fund
Distribution Units	50,000	01/09/24	213.92	-		-	213.92
	50,000	01/10/24	205.27	-		-	205.27
	50,000	01/11/24	210.72	-		-	210.72
	75,000	01/12/24	277.98	-		-	277.98
	1,075,000	01/01/25	3,056.58	-		-	3,056.58
	1,075,000	01/02/25	4,335.69	-		-	4,335.69
	1,075,000 1,075,000	01/03/25 01/04/25	3,784.68 4,125.97	- -		- -	3,784.68 4,125.97
			£20,232.05 - ———————————esSsSSS			- £20,232.05 SS
OtherUK Interest
VH Global
Sustainable
Energy Opps Plc
Ord 0.01pShares	50,000	23/12/24	460.00	-	-		460.00
			£460.00	-	-		£460.00

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-481 1C823C4C9

THE OLIVER FORD WILL TRUST

2)	Investments held	at 5 April2024		Investments held at 5 April	Investments held at 5 April	2025
							Cost or
	Holding	Cost	Market Value	Holding	Cost		2024 Adjusted	Market Value		Unrealised gain/(loss)
Allianz
Technology Trust
Plc Ord 25p
Shares	25,000.00	3,639.92	86,875.00	-	-		-		-		-
Alphabet Inc
ClassA
US$0.001 Capital
Stock	400.00	43,543.50	48,265.93	-	-		-		-		-
AstraZeneca Plc
Ord US$0.25
Shares	350.00	38,270.75	37,170.00	-	-		-		:		-
Aviva Ple Ord 32
17/19p Shares	7,600.00	29,407.88	37,270.40	-	-		-		-		-
bank otAmerica
Corporation
USD0.01 Shares	1,700.00	41,288.23	49,923.62	-	-		-		-		-
Beazley Pie Ord
5p Shares	8,800.00	44,792.90	57,904.00	:	-		-		-		:
BHP GROUP
LTDNPV	3,000.00	54,944.07	68,550.00	-	-		-		-		-
BlackRock
Continental
European Income
Fund D	25,600.00	39,729.23	48,994.38	-	-		-		-		-
Blackrock Fund
Managers Ltd
Corporate Bond S Inc	45,000.00	51,691.74	44,337.15	:		-	-		-		-
BP Plc Ord
US$0.25 Shares	7,000.00	42,348.52	35,427.00	-		-	-		-		-
CG Portfolio Fund
Ltd (Cym)
Portfolio Fund
NAV Shares	1.00	18,752.64	36,806.09	-		-	-		-		-
Commonwealth
Bank of Australia
OrdA$2	1,150.00	6,968.19	70,697.68	-		-	-		-		-
Compass Group
Plc Ord 11.05p Shares	3,300.00	19,487.08	73,293.00	-		-	-		-		-
Diageo Pie Ord
28 101/108p Shares	1,700.00	12,226.50	48,441.50		-	-	-		-		-

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

2)	Investments held at 5 April 2024	Investments held at 5 April 2024		Investments held at 5 April 2025	Investments held at 5 April 2025				~
						Costor
	Holding	Cost	Market Value	Holding	Cost	2024 Adjusted	Market Value	Unrealised gain/(lo s)
Findlay Park
Funds FP
American Smaller
Companies Fund
US$ Class
Shares	350.00	7,604.96	60,127.42	.	-	-	-		-
First Sentier
Investments Asia
Pacific Leaders
Class B NAV
Shares	14,000.00	38,713.24	142,675.40	-	-	-	-		-
Foreign &
Colonial
Investment Trust
Plc Ord 25p
Shares	8,500.00	11,767.26	84,490.00	-	-	-	:		-
Goldman Sachs
Funds Ple Sterling
Liquid Reserves
Fund Institutional
Income Shares	-	-	-	640,000.00	540,000.00	540,000.00	540,000.00		-
GSK Ple Ord 31
1/4p GBP (XLON)
Shares	2,400.00	17,270.60	39,108.00	-	-	-	-		.
Guinness Globat
Equity income
Fund Z income
Shares	2,500.00	47 624.54	73,679.50	-	-	-	-		-
Haleon Pic Ord
1.25p Shares	13,000.00	37,267.90	42,367.00	-	-	-	-		-
Heineken NV
Eur1.60	§00.00	40,351.44	37,351.76	-	-	-	-		-
Institutional Cash
Series Ple
Blackrock ICS
Sterling Liquidity
Premier Fund
Distribution Units	-	-	-	1,075,000.00	1,075,000.00 1,075,000.00	1,075,000.00	1,075,000.00		-
Intercontinental
Hotel Group Pic
Ord 20 340/399p
Shares	909.00	24,016.95	71,574.66	-	-	-	.		-
JPMorgan Asset
Management UK
Ltd US Equity
Income Fund
Income C NAV
Shares	12,000.00	17,803.37	54,948.00	-	-	-	-		-

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

2)	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor	lnvestments held at 5April2024_—___Investments heldat$April2025 Costor
		Holding	. Cost	Market Value	Holding	Cost	2024 Adjusted	Market Value	Unrealised gain/(loss)
KFW 1.125%
04/07/25		-	-	-	250,000.00	247,206.34	247,206.34	248,000.00	793.66
Legal &General
Group Ple Ord
2.5p Shares		14,500.00	40,356.11	36,409.50	-	-	-	-	:
Microsoft
Corporation
USD0.00000625		240.00	27 008.96	80,814.56	-	-	-	-	-
Morgan Stanley
Investment Funds
(UK) Global
Brands	Dis		2,000.00	21,129.92	80,905.80	-	-	-	-
National Grid Plc
Ord 12 204/473p
Ord Shares		4,876.00	36,722.95	50,369.08	-	-	-	-	-
Ninety One Fund
Managers
Diversified
Income J 2
Income Shares		56,500.00	49,832.70	51,109.90	-	-	-	-	-
Phoenix Group
Hoidings Plc Ord 10p Shares		6,000.00	37,904.97	32,850.00	-	-	-	-	:
Reckitt Benckiser
PleOrd 10p
Shares		1,150.00	7,469.30	49,162.50	-	-	-	-	-
Rio Tinto Pic Ord
10p Shares		1,220.00	11,632.19	60,688.90	-	-	-	-	-
Sage Group Plc 1 4/77p Shares		7,604.00	23,450.06	94,821.88	-	-	-	-	:
SEI Globat Master
Fund Ple		3,700.00	49,616.93	50,838.00	-	-	-	-	-
Sequoia
Economic
Infrastructure
Income Fund
Limited Class C
Shares		50,000.00	53,946.49	40,700.00	-	-	-	-	-
Shell Plc Class B
Ord Euro 0.07 Shares		3,400.00	33,004.26	94,520.00	-	~	-	.	-
Smith (D S) Pic Ord 10p Shares		8,272.00	27 360.12	33,915.20	-	-	-	-	-
SSEPlcOrd50p
Shares		2,600.00	38,319.54	41,327.00	-	-	-	-	.

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

2)	Investments	held at 5 April 2024		Investments held at 5 April 2025	Investments held at 5 April 2025
						Cost or
	Holding	Cost	Market Value	Holding	Cost	2024 Adjusted	Market Value	Unreallsed gaini(loss)
Treasury0.125%
UK Gilt 31/08/28	-	-	.	75,000.00	65,949.33	65,949.33	67,966.14	2,016.81
	reasuryU.629%
SNR DBS
07/06/25	-	-	-	250,000.00	245,789.92	245,789.92	248,588.03	2,798.11
Treasury 1%
Index Linked
Stock 22/04/2024
GBP 1000	35,000.00	33,989.26	34,949.25	-	-	-	-	-
Treasury 0.125%
Index-Linked
Stock 22/03/29	65,000.00	92,900.46	103,533.75	-	-	-	-	-
Treasury2.75%
Gilt Snr Bds
7/9/24 GBP1000
Regs	50,000.00	49,398.55	49,587.45	-	-	.	-	:
Treasury Stock
0.25% 31.01.25	75,000.00	70,098.76	72,397.50	-	-	-	-	-
Unilever Ple Ord
3 1/9p Shares	1,800.00	23,637.66	69,066.00	-	-	-	-	.
United Kingdom T-
Bills 0%
14apr2025	-	-	-	§00,000.00	494,215.04	494,215.04	499,380.00	5,164.96
Veolia
Environment Ord
Euro 13.5	3,300.00	40,014.30	41,344.68	-	-	-	-	-
VH Global
Sustainable
Energy Opps Pic
Ord 0.01p Shares	50,000.00	50,697.36	33,600.00	-	-	-	:	-
		ET,508,002.26 £2,555,168,44 —_—SSSS=——SS			E2Z,666,100.60 £2,606,160.65 £2,076,004.17 £10,773.54 ———SSeee

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

THE OLIVER FORD WILL TRUST

Acquisitions
	Holding	Date	Cost	Event
First Sentier
Investments
Asia Pacific
Leaders Class B
NAV Shares	9,000	30/09/24	940.49	Accumulation
Goldman Sachs
Funds
Institutional
Shares	115	17/09/24	42,953.10	Purchase
Goldman Sachs
Funds Plc
Sterling Liquid
Reserves Fund
Institutional
Income Shares	275,000	03/02/25	275,000.00	Purchase
	265,000	18/02/25	265,000.00	Purchase
Institutional
Cash Series Plc
Blackrock ICS
Sterling Liquidity
Premier Fund
Distribution
Units	50,000 25,000	01/08/24 07/11/24	50,000.00 25,000.00	Purchase Purchase
	4,000,000	11/12/24	1,000,000.00	Purchase
KFW 1.125%
04/07/25	250,000	07/01/25	247,206.34	Purchase
National Grid
Ple Ord 12
204/473p Ord Shares	1,422	10/06/24	9,171.90	Rights Issue
Novo-Nordisk
A/S 'B' DKK1	375	16/09/24	39,728.96	Purchase
Schroder Unit
TrustAsian Inc
L	65,000	01/08/24	50,860.34	Purchase
Treasury 0.125
UK GILT
31.01.28	35,000	03/05/24	30,120.41	Purchase
	40,000	16/09/24	35,828.92	Purchase
Treasury
0.625% snr bds 07/06/2025	40,000 35,000 175,000	16/09/24 06/11/24 07/01/25	39,077.27 34,322.00 172,390.65	Purchase Purchase Purchase
United Kingdom
T-Bills 0% 14Apr2025	500,000	10/01/25	494,215.04	Purchase
			£2,811,815.42

Docusign Envelope ID: E869E01F-99D4-4A89-AED3-4811C823C4C9

Disposals	Holding	Date	Market	Proceeds	Realised
			Value		Profit/ {Loss}
Allianz
Technology
Trust Ple Ord
25p Shares	25,000	12/12/24	86,875.00	103,313.00	16,438.00 Sale
Alphabet Inc
Class A
US$0.001
Capital Stock	400	09/12/24	48,265.93	54,341.90	6,075.97 Sale
AstraZeneca Pic
Ord US$0.25
Shares	350	10/12/24	37,170.00	37,163.12	(6.88) Sale
Aviva Ple Ord
32 17/19p
Shares	7,600	06/12/24	37,270.40	37,006.29	(264.11) Sale
Bank of America
Corporation
USD0.01
Shares	1,700	09/12/24	49,923.62	60,812.29	10,888.67 Sale
Beazley Pic Ord
5p Shares	8,800	10/12/24	57,904.00	72,005.49	14,101.49 Sale
BHP GROUP
LTD NPV	3,000	06/12/24	68,550.00	60,963.58	(7,586.42) Sale
BlackRock
Continental
European
{Income Fund D	25,600	03/01/25	48,994.38	47,139.89	(1,854.49) Sale
Blackrock Fund
Managers Ltd
Corporate Bond
S Inc	45,000	06/12/24	44,337.15	43,688.11	(649.04) Sale
BP Pic Ord
US$0.25 Shares	7,000	01/11/24	35,427.00	26,604.87	(8,822.13) Sale
CG Portfolio
Fund Icav
Capital Gearing
Portfolio P GBP	1	05/02/25	36,806.09	37,029.67	223.58 Sale
Commonwealth
Bank of
Australia Ord
A$2	1,150	13/12/24	70,697.68	89,985.86	19,288.18 Sale
Compass Group
Ple Ord 11.05p
Shares	825	16/09/24	18,323.25	20,116.31	1,793.06 Sale
	2,475	10/12/24	54,969.75	66,166.71	11,196.96Sale

Docusign Envelope iD: E869E01F-99D4-4A89-AED3-481 1C823C4C9

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||||||||| |---|---|---|---|---|---|---|---| |Disposals|Holding|Date|Market|Proceeds|Realised|Event| |Value|Profit/|(Loss)| |Diageo|Pie Ord| |28|101/108p| |Shares|1,700|06/12/24|48,441.50|41,378.25|(7,063.25)|Sale| |Findlay|Park| |Funds|FP| |American| |Smaller| |Companies| |Fund|US$|Class| |Shares|350|03/01/25|60,127.42|62,004.71|1,877.29|Sale| |First|Sentier| |Investments| |Asia|Pacific| |Leaders|Class|B| |NAV|Shares|5,000|01/08/24|50,955.50|54,579.05|3,623.55|Sale| |9,000|03/01/25|92,660.39|97,269.86|4,609.47|Sale| |Foreign|&| |Colonial| |Investment| |Trust|Plc|Ord| |25p|Shares|8,500|12/12/24|84,490.00|95,506.00|11,016.00|Sale| |Goldman|Sachs| |Funds| |Institutional| |Shares|115|09/12/24|42,953.10|53,312.45|10,359.35|Sale| |GSK|Plc|Ord|31| |1/4p|GBP| |(XLON) Shares|2,400|06/12/24|39,108.00|32,114.94|(6,993.06)|Sale| |Guinness| |Global|Equity| |Income|Fund|Z| |Income|Shares|2,500|03/01/25|73,679.50|79,031.70|5,352.20|Sale| |Haleon|Ple|Ord| |4.25p Shares|13,000|06/12/24|42,367.00|48,656.34|6,289.34|Sale| |Heineken|NV| |Eur1.60|500|06/12/24|37,351.76|28,517.23|(8,834.53)|Sale| |Intercontinental| |Hotel|Group|Ple| |Ord|20| |340/399p| |Shares|309|01/11/24|24,330.66|26,342.95|2,012.29|Sale| |600|10/12/24|47,244.00|58,493.77|11,249.77|Sale| |JPMorgan|Asset| |Management| |UK|Ltd|US| |Equity|Income| |Fund|income|C| |NAV Shares|42,000|03/01/25|54,948.00|58,602.26|3,654.26|Sale|

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Docusign Envelope ID: E869E01F-99D4-4A89-AED3-481 1C823C4C9

Disposals	Holding	Date	Market	Proceeds	Realised
			Value		Profit/ (Loss)
Legal & General
Group Pic Ord
2.5p Shares	14,500	01/11/24	36,409.50	31,715.70	(4,693.80) Sale
Microsoft
Corporation
USD0.00000625	80	01/11/24	26,938.19	24,997.66	(1,940.53) Sale
	160	09/12/24	53,876.37	§5,459.74	1,583.37 Sale
Morgan Stanley
Investment
Funds (UK)
Global Brands
Dis	2,000	06/12/24	80,905.80	87,462.86	6,557.06 Sale
National Grid
Ple Ord 12
204/473p Ord
Shares	6,298	10/12/24	59,540.98	59,921.89	380.91 Sale
Ninety One
Fund Managers
Diversified
Income J 2
Income Shares	56,500	03/02/25	51,109.90	50,814.47	(295.43) Sale
Novo-Nordisk
A/S 'B' DKK1	375	06/12/24	39,728.96	32,029.89	(7,699.07) Sale
Phoenix Group
Holdings Plc
Ord 10p Shares	6,000	10/12/24	32,850.00	30,835.66	(2,014.34) Sale
Reckitt
Benckiser Plc
Ord 10p Shares	1,150	10/12/24	49,162.50	54,004.61	4,842.11 Sale
Rio Tinto Plc
Ord 10p Shares	1,220	06/12/24	60,688.90	60,257.18	(431.72) Sale
Sage Group Pic
1 4/77p Shares	1,754	16/09/24	21,872.38	17,882.27	(3,990.11) Saie
	5,850	06/12/24	72,949.50	75,912.45	2,962.95 Sale
Schroder Unit
Trust Asian inc
L	65,000	03/01/25	50,860.34	51,255.11	394.77 Sale
SEI Global
MasterFund Pic	3,700	03/02/25	50,838.00	50,863.97	25.97 Sale
Sequoia
Economic
Infrastructure
Income Fund
Limited	50,000	06/12/24	40,700.00	40,016.89	(683.11)Sale

Docusign Envelope iD: E869E01F-99D4-4A89-AED3-4811C823C4C9

Disposals	Holding	Date	Market	Proceeds	Realised
			Value		Profit/ (Loss)
Shell Ple Class
B Ord Euro 0.07
Shares	1,000	16/09/24	27,800.00	25,337.07	(2,462.93) Sale
	2,400	10/12/24	66,720.00	60,237.55	(6,482.45) Sale
Smith (D S$) Plc
Ord 10p Shares	8,272	01/07/24	33,915.20	34,584.22	669.02 Sale
SSE Plc Ord
50p Shares	2,600	06/12/24	41,327.00	44,287.09	2,960.09 Sale
Treasury
0.125% Index-
Linked Stock
22/03/29	65,000	04/02/25	103,533.75	106,171.94	2,638.19 Sale
Treasury 2.75%
Gilt Snr Bds
719/24
GBP1000 Regs	50,000	09/09/24	49,587.45	50,000.00	412.55 Sale
Treasury Stock 0.25% 31.01.25	75,000	31/01/25	72,397.50	75,000.00	2,602.50 Sale
Treasury Stock 1% 22/04/24	35,000	22/04/24	34,949.25	35,000.00	50.75 Sale
Unilever Pic Ord
3 1/9p Shares	600 4,200	16/09/24 10/12/24	23,022.00 46,044.00	29,551.42 54,915.56	6,529.42 Sale 8,871.56 Sale
Veolia
Environment
Ord Euro 13.5	3,300	06/12/24	41,344.68	38,217.31	(3,127.37) Sale
VH Global
Sustainable
Energy Opps
Ple Ord 0.01p Shares	50,000	06/12/24	33,600.00	32,502.30	(1,097.70) Sale
			ee £2,696,843.23 £2,801,381.41 £104,538.18