Charity registration number 1066520 {EnglarKI and Wales THE CARRIEJO CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 THE CARRIEJO CHARITABLE TRUST CONTENTS Page Legal and administrab-ve information Trustees, report ststement of trustees, responsibilities Independent examiner's report Statement of financial &tivities Statement of financial w)sition Statement of cash flO￿S 10 Notes to the accounts Investment schedule THE CARRIEJO CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Marchioness of Donegall Mrs Joanna Lascelles Secretary Rathbones Trust Company Limited Charity number 1066520 Principal office l address for appeals 30 Gresham Street London EC2V 7QN Independent examiner Kerry Roberts TEP FMAAT MCSI Clo Port of Liverpool Building Pier Head Liverpool L31NW Bankers and investment managers Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QN THE CARRIEJO CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 The trustees present their annual report and financial statements for the year ended 30 November 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to tIE accounts and comply with the charitys deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financpl Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Objectives and activities The trustees hold unrestricted fijnds from wh￿h they make donation5 for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the trustees may, in their absolute discretion, think fit, Other than the operation of the investment portfolio no other fund raising activity is undertaken to support the work of the charity The aims of the charity are to apply, at the discretion of the trustees: grants to organisations in fijrtherance of the charity's objectives. The charty is essentially investment based and the trustees consi(kr the funds held as defined as capital and income and hold those funds with a view to distributing the income generated from the investment portfolio and, as far as may be necessary, the capital for or towards the grants the trustees have decided to make. Public ￿nefit The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The trustees support a number of charitable organisations, as shown within note 21 to the financial statements. Charitable activities The trust is solely involved in grant making, and as suth, the atxivities it undertakes pertain to raising and maintaining fvnds for the applicab-on of its chosen grants. Grant making policy The trustees meet annually and individuals present details of any organisations that they wish to benefit for all the trustees to discuss and agree. During the year under review, the trustees resolved to support 42 individual charities. A detailaj schedule of donations is provided in note 21 to these accounts. All the grant payments were to charitable institutions. The trustees. current policy is to make regular payments to a number of nalional and local charities with which they have long established connections. The trustees also reSe￿e a proportion of their income resources to enable them to make ad hoc larger dC￿atIonS when approached for ￿ndIng from those charities with ￿lch they are more closely involved, Achievements and perfomiance During the year the trust generated sufficient income from the invesknents held and a grant from the Macdonald- Buchanan Charitable Trust to apply towards its chosen grants for the year, THE CARRIEJO CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Investment perfomiance The investment objective of the Charity is for a balance be￿een longer-term capitsl growth and income, in4ine with risk strategy 5, as defined by Rathbones Terms ot Business, As at 30 November 2024, the portfolio was valued at £61,622 wth an estimated gross annual income of £1,880 or a yield of 3.06 % . Over the year, the investment portfolio for the Charity returned 17.670/D in total retum terms and net of fees, compared to the ARC Steady Growth index, a peer comparator index, which rose 13.26010. (￿er the same ￿riod, UK gilt market rose 4.22 % and CPl+4 /0 was 6.72 /0. Over the 12 month period to 30 November 2024, global markets have defied the doom and gloom narrafjve, producing solid returns despite the many geo-political challenges over the year. Such events across the world have included the escalation of the war in Ukraine and the Middle East, the US election resulting wth Trump returning to the Vvhite House and closer to home, the UK election and in turn budget, as well as political upheaval across Europe. Whilst inflation has continued to remain at more normal levels and in turn interest rates have started to be cut. The US markets have continued to dominate returns, with a Trump seen to be posiknve for equty markets. However, market returns continue to remain very narrow, with the 'magnificent 7, stocks contributing to almost 60 % of returns of the S&P 500. Further, in the UK, what was expected to be a 'budget for gr￿th, was anything but which in turn has caused bond yields to steepen and returns for the gilt market to be negative once again. Also: burgeoning government borrowing both in the UK and US has added to concerns. Over the period, the investment manager increased equity exposure to 80 % as the budget in the UK and election of Trump abated some of the uncertainty. Expc6ure to fixed income remains unchanged at 11 %. Diversifiers were unchanged over the year being 8 % and cash is 1 %. Within the equity exposure, UK exposure was reduced to 180/0 in favour of international markets which represents 62 %. The Accumulated Income as at 30 November 2024 was £48,555.96, Looking ahead, the investment manager believes that a key factor for equity investors next year will be the health of the US economy. If groNth continues, stocks should do well and there may be opportunities in smaller companies. However, there are Goncerns over the Us's economic policies under President Trump, particularly around the potentially inflationary impact of tariffs and rethaints on immigration, as well as the ever-expanding budget deficit. This has in turn caused US Treasury yields to rise. In the UK, the Market's negative respor6e to the budget and other government initiatives has been measured by the steep rise in bond yields. Furthermore, there is no doubl geopolitical tensions wll continue, particularly with China and the Middle East. Despite the Ghalknges that 2025 may bring, the positive market returns over the last year have reinforced the importance of sticking to a disciplined investment approach, Financial review Total incoming resources were £48,086 (£27,160 in 2023), with £52,700 (£19,520 in 2023) being comrnitted to charitable activities of thich £1,200 (£420 in 2023) relates to support and governance costs. Costs of fvndraising amounted to £180 (£167 in 2023), There was an unrealised gain of £8,544 (gain of £711 in 2023) on investments and in addition a realised loss of £1,578 (loss of £1 in 2023) resulting in net inflow of funds of £2,172 (inflow of £8,183 in 2023) Reserves The trustees have a balanced investment pdicy and therefore distribute income on an annual basis and retain capital for the maintenance and growth of the Fund. The trustees have fvll and unrestricted wwers to distribute all or any part of the capitsl if they so desire. THE CARRIEJO CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Investment policy The investment objedwe for the Charity is for a balance belween capital growth and inccrfne over the long4erm, within a mediuTrrisk profile as defined by Rathbone's Terms of Business, As there are no specific restrictions of investment powers under the governing deed, the trust&s have fijll discretion over the investments held. The trustees have delegated their investment powers to Rathbones Investment Management Limited to have ￿11 discretionary day to day control of the investments. The t￿SteeS have reviewed current policies and do not feel any amendments are necessary. Risks The trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of greater retums over the longer term. The trustees are satisfied that systems are in place to mitigate exposure to major risks and continue to review the adequacy ofthe systems in place. Plans for futu re periods The trustees do not envisage any significant changes to their airns and objectives and they intend to continue supports-ng the various causes to a similar level. Structure, governance and management The trust was created by a charitable trust deed dated 11 June 1997. The trustees are to hold the capital and income of the trust fund upon trust to apply the income, and as far as may be necessary, the capital for and towards such charitable objects and purposes and to rnake donations to such charitable bodies or ir6titutions in the United Kingdom or any other part of the world at such times and in such manner as the trustees may in their absolute discretion think fft. The trustees served during the year were,. Marchioness of Donegall Mrs Joanna Lascelles Recruitment and appointment of new trustees The continuing trustees have the power to appoint new or additional trustees to actjointly with them as they see fit. Organisation and decision making structure The trustees meet annLTrlly to consider applications for funding, investment performance, income levels and the finanGial statements. In be￿een trustee meetings the applications are considered and a full presentation is made at the annual meets-ng. Induction and training of trustees Incoming trustees are to be made aware of their responsibilrties and the trust's objectives from the exists-ng tnjstees and their other professK)nal advisors at the date of their appointment. The trustees are also lo be kept up to date on relevant matters by their professional advisors. Trustees wll be selected based on their connection the current tnjstees in accordance wth their skills. The Accounts The trustees are satisffied wth the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations and the accounts comply with current statutory requirements. THE CARRIEJO CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 The trustees, report was approved by the Board of Trustees. Marchioness of Donegall TNstee 21 August 2025 THE CARRIEJO CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 30 NOVEMBER 2024 The trustees are responsible for preparing the Trustees, Report and the accounts in accordance wilh applicable law and United Kingdom Accounting Standards (United lQngdom GenerallyAccepted Accounting Practice). The law applicable to tharities 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 in￿ming resources and application of resources of the charity for that year, The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the incoming resources and applications of reSoUr￿s, including the income and expenditure, ofthe charity for the period, In preparing these accounts, the trustees are required to,, select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP, make Judgements and estimates that are reasonable and prudent., and state whether appIl￿ble UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the accounts on the going concem basis unless it is inappropriate to presume that the Charity wll continue in operation, The trustees are respor6ible for keeping sufficient accounting records that disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts CoM￿Y with he Charities A 2011, the Charity (Aco)unts 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 law applicable to charities in England and Vvales requires the trustees to prepare finanaal statements 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 ofthe charty for that year. In preparing these financial statements, the trustees are required to,, select suitable accounting policies and then apply them consistently,. obseNe 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 material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to wesunE that the charity will continue in operation. The trustees are respor6ible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial poswbon of the charity and enable them to ensure that the financial statements 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 CARRIEJO CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARRIEJO CHARITABLE TRUST Independent examiner's report to the Trustees of the Carriejo Charitable Trust - charity no: 1066520 I report on my examination of the above charity ("The Trust") for the year ended 30 November 2024, which are set out on pages 7 to 17. Responsibilities of the TNstees and Independent Examinert As the charity's trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'lhe Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed. I report in respect of my examination of the Trust's financial statements carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Diredions given by the Charity Q)mmission under section 145(5)(b) of theAct. It is my responsibility to state whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with general Directions given by the Charity Commission. examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wth those records. It also includes consideration of any unusual items or disdosures in the financial statements and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is gnien as to whether the finanGial slatements present a 'lrue and fair view" The report is limited to those matters set out in the statement below. Independent Examinefs statement l am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 ssued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided accountsncy services in ac￿rdanCe th the terms of engagement signed by the Trustees and I do not report to the accountant in any respect. I give due consideration to the FRC'S Revised Ethical Standard 2019 at all times. I have completed my examination. I confirm that no matters have corne to my attention which cause me to believe that in any material respect,, accounting records were not kept in respect ofthe charity as required by section 130 ofthe Act; or the financial statements did not accord with the accounting records,. or the financial statements did 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 nol a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Kerry Roberts TEP FMAAT MCSI Clo Port of Liveipool Building Pier Head Liverpool L31NW Dated.. 3 September 2025 THE CARRIEJO CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2024 Unrestricted Unrestricted 2024 2023 Notes Income Donations and legacies Investments 45,000 3,086 25,000 2,160 Total income 48,086 27,160 Expenditure Raising funds 180 167 Charitable activities 52,700 19,520 Total resources expended 52,880 19,687 Net (expenditure) l income before investment gains 14,794) 7,473 Net gains on investments 12 6,966 710 Net movement in funds 2,172 8,183 Fund balances at 1 De￿mber 2023 83,168 74,985 Fund balances at 30 November 2024 85,340 83,168 The statement of financial activities includes all gains and losses reccgnised in the year. All income and expenditure derive from continuing activities. THE CARRIEJO CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT30 NOVEMBER 2024 2024 2023 Notes Fixed assets Investments 13 61,622 55,954 Current assets Debtors Cash at bank and in hand 14 62 48,556 10,000 19,614 48,618 29,614 Creditors: amounts falling due within one year 15 (24,900) (2,400) Net current assets 23,718 27,214 Total assets less current liabilities 85,340 83,168 Income funds Unrestricted fijnds 85,340 83,168 85,340 83,168 The financial statements were approved by the board of Trustees and authorised for issue on 21 AugLBt 2025 and are signed on its behalf by.. Marchioness of Donegall Trustee Dated: 21 August 2025 THE CARRIEJO CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated froml{absorbed by) operations 19 24,558 (6,157) Investing activities Purchase of intangible assets Proceeds on disposal of intangibles Dividends and interest received from investments (47) 1,555 3,086 (6,466) 6,386 2,217 Net cash generated from investing activities 4,594 2,137 Net increasel(decrease) in cash and cash equivalents 29,152 (4,020) Cash and cash equivalents at beginning ofyear 20,179 24,199 Cash and cash equivalents at end of year 20 49,331 20,179 10- THE CARRIEJO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies The charty was created by deed on 11 June 1997 and is an unincorp￿ated charity. Charity infomiation The Carriejo Charitable Trust is a registered charity. Charity number 1066520. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acC￿ntS in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 1.2 Going concern The trustees consider there are no material uncertainties about the charity's ability to contnue as a going onGern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concem for the foreseeable future. 1.3 Charitable funds Unrestricted fijnds are available for use at the discretion of the trustees in fijrtherance of their charitable objectives. 1.4 Incoming resources Investment income is &counted for on an accruals basis in the period to which it relates. Donations received by the trust include the related gift aid credit where applicable. Donations are accounted for ￿en any conditions for receipt have been met and there is reasonable assurance of receipt. 1.5 Debtors Debtors are receivable at their expected settlement amount. 1.6 Cash and cash equivalents Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less fr(Kn the date of acquisition or opening of the dew)sit or similar account. 1.7 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of ftjnds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after aiowing for any discounts due. 1.8 Resources expended Management and administration costs comprise those costs incurred in running the charity- They have been apportioned on the basis of time spent belween charitable activities, cost of raising fvnds and governance costs. Grants are included in the financial statements when approved by the trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to condtions that have not been met at the year end are noted as a commitment but not accrued as expenditure. Governance costs consist ofthose costs assoaated with the overall running ofthe charity and meeting statutory and regulatory requirements, 11 THE CARRIEJO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies (Continued) 1.9 Financial instrurnents Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transacti￿ price including transaction costs and are SLJbsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value ofthe future receipts dIs￿unted at a market rate of interest. Other financial assets, including investments in equity instruments thich are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price, Such assets are subsequently carried at fair value and the Ghanges in fair value are recognised in net incornel 20 Cash and cash equivalents 2024 2023 Cash at bank and in hand Rathbones capital account 48,556 775 19,614 565 49,331 20,179 16- THE CARRIEJO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 21 Donations made during the year 2024 2023 Addington Fund Age UK Alzheimer's Research UK Border's Children's Charity Bowel Research (UK) BREAK Breakthrough T1 D Breast Cancer Now Cambridge Women's Ad Changing Faces Country Food Trust Cure Parkinson's Trust Dogs for Good EastAnglian AirAmbulance EastAnglia's Children's Hospices Erskine Veterans Charity Fareshare Fight for Sight Great North AirAmbulance Service Headway- The Brain InjuryAssociation Home-start ICVI - The Institute for Cancer Vaccines and Immunotherapy Jamie's Farm Jo's local Church Juvenile Diabetes Research Foundation Lyme Disease Action Macmillan Cancer Support Marie Curie Cancer Care MIND Mobility Trust Motor Neurone DiseaseAssociation MS Society (Borders Branch) National Osteoporosis Society Riding for the Disabled Association (Borders) Riding for the Disabled Association (Essex) RNIB (Talking Books) Royal British Legion Roy Castle Lung Cancer Foundation Royal Marsden Cancer Charity Royal Osteoporosis Scciety Royal Trinity St Clare Hospice The Lavender Trusl The Respite Association The Margaret Kerr Unit The Respite Association Versus Arthritis (Previously Arthritis Care) Woodland Trust 1,000 1,000 1,000 2,500 1,000 1,000 1,000 500 500 500 500 500 500 500 500 1,000 1,000 2,500 1,000 2,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,500 5,000 500 500 500 500 500 500 500 500 500 1,000 500 500 500 500 500 400 500 500 500 400 400 400 1,000 1,000 1,000 1,000 500 1,000 1,000 500 500 500 1,000 1,000 1,000 1,000 500 1,000 500 500 1,000 1,000 1,000 500 500 500 1,000 2,500 51,500 19,100 17-