RUTH SMART FOUNDATION
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HUNTERS
Hunters Law LLP
9 New Square Lincoln's Inn
London WC2A 3QN
KKS.WVM.35490-1

RUTH SMART FOUNDATION
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS
Page
Statement of the Trustees, Responsibilities
Trustees. Report
Independent Examinerfs Report
Statement of Financial Activities
Balance Sheet
10
Notes to the Accounts
11-15

RUTH SMART FOUNDATION
STATEMENT OF TRUSTEES. RESPONSIBLITIES IN RESPECT OF THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In accordance with the Charity Cornmission's Financial Reporting Stsndard applicable in the UK and
Republic of Ireland {FRS 102) (Charities SORP (FRS 102)), Accounting for Charities, The Foundation
trustees are responsible for preparing a trustees, annual report and financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice). The law applicable to charities in England and Wales requires the Foundation
trustees to prepare financial statements for each year which give a true and fair view of the state of affairs
of the Foundation and of the incoming resources and application of resources. of the charity for that
period. In preparing the financial staternents, the trustees are required to-
•,select suitsble accounting policies and apply them conslstently.,
obseNe the methods and principles in the applicable Charities SORP.,
make suitable judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standards and statements of recommended practice have been
followed subject to any material departures disclosed in the accounts., and
prepare the financial statemenls on the going concem basis unless it Is inappropriate to presume that
this basis applies.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and to enable them to ensure that the financial
statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports)
Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets
of the charity and tsking reasonable steps for the prevention and detection of fraud and other irregularities.
Th8 trustees are responsible for the maintenance and integrity of the charity and financial information in
accordan￿ with legislation in the United Kingdom goveming the preparatlon and dissemination of financial
ststements.

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Reference and Administrative Detalls
Charlty ragistration number
1080021
Principal addres8
9 New Square
Lincoln's Inn
London WC2A 3QN
Trustee8
Wilfrid Edward Vernor-miles
John Crosfield Vernor-miles
Indepond6nt Examlners
Burgess Hodgson Limited
Chartered Accountants
27 New Dover Road
Canterbury
Kent
CT1 3DN
Solicitors
Hunters Law LLP
9 New Square
Lincoln's Inn
London WC2A 3QN
Investment managers
Quilter Cheviot
Senator House
85 Queen Victoria Street
London EC4V 4AB
Pictet et Cie
Route des Acacias 60
1211 Geneva 73
Switzerland
Evelyn Partners Group Limited
45 Gresham Street
London EC2V 7BG

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Structure Governance and Mana
ement
Goveming document
The Trust (hereinafter called the "Foundation") was established by the Will dated 1 Ith October 1994 and
Codicil dated 13th October 1997 of Ruth Elizabeth Smart (herelnafter called the 'Testatrix ) who died on
16th March 1999 and whose said Will and Codicil were proved in the Principal Registry of the Family
Division of the High Court of Justice on 2nd June 1999. The trusts of the Foundation were amended by a
Charity Commission Scheme (hereinafter called "the Scheme") which came into effect on 11th August
2000.
Method of appolntment of new trustees
The power of appointing new trustees is vested in the trustees.
Organlsatlonal structure of the charity
The trustees manage the Foundation generally and meet at least four tlmes each year to take all decisions
necessary jointly with regard to the review of the Foundation's activities and achievement of objectives.
Certain day-to-day administrative tasks are delegated to the charity's legal and investment advisers and to
Wilfrid Vernor-miles who acts as Chairman of the Board of Trustees.
Volunteers
Aside from the trustees the Foundation receives no assistance from volunteers.
Wldar Network
The Foundation acts independently and is not part of a wider network.
Donation8
The Foundation is not involved in fundraising or publicity and rarely receives donatlons, other than from the
Kinnoull Foundation with which the Ruth Smart Foundation shares an interest in certain charitable
beneficiaries.
Related Parties
The Foundation has no subsidiaries and is not connected with any other Foundation.
Rlsk policy
The trustees have a duty to identify and review the risks to which the Foundation is exposed and to ensure
appropriate controls are in pla￿ to provide reasonable assuran￿ against fraud and error. At each trustees,
meeting any significant risks of the Foundation are discussed. Where appropriate, risks are reported on
and discussed in subsequent meetings. The trustees have reviewed the risks to which the Foundation is
exposed and consider that they have established sufficient Systems and procedures to mitigate those risks.

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Ob"ectlves and Activlties for thè Publlc Benefit
Objects and signlflcant activities
The Foundation maintains an investment portfolio and operates as a grant making Foundation. The
Foundation is not involved in fundraising. The Foundation's governing documents provide that the trustee5
shall apply "the income and all or such part or parts of the capital for ar towards such charitable purposes
for the relief of the suffering of animals of any species who are in need of carp. and attention and towards
the maintenance of refuges, rescue homes, animal hospitals, sanctuaries and other facilitie5 for the
reception and care of unwanted animals and the treatment of sick or ill-treated animals and to make
donations to such charitable institution or institutions whose purposes include any of the foregoing at such
time or times and in such manner as my Trustees may in their absolute discretion think fit provided that my
Trustees may in their absolute discretion for the period of twenty one years from the date of my death
instead of applying the income of the Trust Fund in the year accumulate all or any part of such income at
compound interest by investing the same and the resulting income In any authorised investment and hold
the same as an 8ccretion to and as part of the capital of the Trust Fund without preJudlce to thelr right to
apply the whole or any part of such accumulated income in any subsequent year as If the same were
income of the Trust Fund arising In the then current yearf,.
The Foundation's governing documents state that "Monies liable to be invested under the trusts hereof may
be applied or invested in the purchase of or at interest upon the security of such share5, Stock, funds,
securities, land, buildings, chattels or other investments or property of whatsoever nature or wheresoever
(including the purchase of and making improvements, alterations, repairs and decorations to premises for
use in connection with the charitable purposes of these trusts) wlieLher producing income or not and
whether involving liabilitl8s or not or upon such personal credit with or without securlty as my Trustees shall
in their absolute discretion think fit to the intent that my Trustees shall have the same powers in all respects
as rf they were absolute owners beneficially entitled"
The Testatrix was an American lady who married an Englishman. The Foundation's governing documents
record that, without fettering the trustees, absolute discretion, the Teststrix and her late husband were
primarily interested in those animals accustomed to the companionshlp of, and dependent for their welfare
upon, human beings.
The trustees, policy is therefore to CLJncentrate upon charitable organisations which directly benefit
domeslic animals in the United Kingdom and the United States of America. However, the trustees do not
limit support to these two countries or to domestic animals but are also interested in domestic animal,
conservation and wildlife organisations throughout the world.
It is the policy of the trustees to respond to every appeal received. However, the trustees support a number
of charities on a regular basis and in practice find that their income is fully committed and there is little, if
any, surplus income available for distribution in response to unsolicited appeals. As well as the
geographical location and the charitable objectives of an applicant, when considering applications for
funding the trustees concentrate on the following factors:
(a)At existing levels of expenditure, how many years. reserves the applicant's balance sheet shows.
(b) The long term prospects of success of the applicant's proposals.

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
(c) The dependence of the appllcant upon any single source (induding the Foundation) of future funding.
(d) The proportionate costs of administration and fundraising of the applicant.
(e) The degree of relevant information disclosed in appeals and accounts material.
(n The degree to which the trustees have been informed of progress made since, and the use of
Foundation funds from, previous grants.
Public Benefit Statement
The trustees consider that the Foundation's activities, as set out in its Objectives and Activities detailed
above, are for the public benefit, The trustees conflrm that they have complied wlth their duty under s17(5)
of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission for
England and Wales.
Achievem¢nts and Performance
Charltable actlvitles
During the year to 31st December 2024 the Foundation recelved Income from its investments of
£110,888.81 (£102,742.99 in 2023) and a donation of £60,217.41 (£56,306.31 in 2023).The trustees made
charitable donations totalling £170,922.11 (£159,546.98 in 2023). The largest donation was £20,333.15 and
the smallest was £2,000.
Investment ParformanGo
The Foundation has professlonal investment advisers and brokers who generally manage the charity's
investments during the year, subject to the review of the trustees. After accounting for all investments sold
and purchased during the year, the value of the Foundation increased during the year by £389.718.16 (it
increased by £332,180.54 in 2023). Therefore, having spent £107,992.51 (£114,418.40 in 2023) more than
the lotsl income received during the year, the charity increased in value during the year by +60/9 (it
increased by +5.399/0 in 2023) to £6,887,066.47 (£6,497,348.31 in 2023).
Without accounting for total expenditure (including donations). the total return on the Foundation's
investments during the year (including income and realised and unrealised gains and losses) was a credit
of £608,683.48 (increase of £549.341.93 in 2023). This equates to an overall increase in the value of the
Foundation of +9.370/9 (increase of +8.91OA in 2023) which is less favourable compared to the first of the
following relevant indices (being the one most relevant to the Foundation's portfolio structure):
1.1.2024 to 31.12.2024
MSCI PIMFA Private Investor Growth
MSCI UK Large companies
MSCI UK Large and Medium companies
+13.7Yo
+9.50
+9.1yo
Calculation of Realised gains and Losses
The average cost method has been used to calculate realised gains or losses on investment sales.

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial Review
Reserv•s pollcy
The trustees consider it prudent that unrestricted reserves should be retained to produce an overall return
(including income and long-term capital appreciation) sufficient to maintain the current level of expenditure,
including donations and all expenses. The trustees are currently holding a reserve of £6,887,066.47.
Principal fundlng sources
The Foundation's income is derived mainly from its investment portfolios. All investment income is
accounted for when received. All income is re￿iVed gross.
Investment policy and objectives
The Foundation's governing document places no restrictions on the discretion of the trustees in investing
the Foundation's assets.
11 is the policy of the trustees to invest its fund5 in a mixture of bonds (Government-issued or corporate) and
worldwide equilies (including collective investments) to achieve a balanced return in the long term be￿een
accumulaled income and capital appreciation.
Aside from cash on deposit, the Foundation's financial investments are held by the Foundation's investment
advisers. The trustees take advi￿ from their investment advisers on their investment strategy and on all
investment declsions. The trustees must exercise care and skill when making investment decisions and
select investments that are right for the Foundation, induding the need to diversSfy the Foundation's
investments. The investments are reviewed by Corresponden￿ at least four times a year and at each
trustees, meeting. Each review of the Foundation's investments includes a review of the investment
advisorfs advice. how the Foundation's investments are performing and of the service provided by the
Foundation's investrnent advisors.
The Foundation does not follow an ethical investment policy.
Future develo
ments
The Trustees expect to be able to continue at approximately the same level of activity in 2025 as in
previous years. The Foundation will continue to operate solely as a grant-making charity.

RUTH SMART FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
We dedare that in our capacity as the charlvs trustees,
that we have approved the report above.
frid E
Vernor-miles
fie
d Vernor-miles

Independent Examiners Report to the Trustees of Ruth Smart Foundation
I report on the accounts of the Trust for the year ended 31 December 2024
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's
trustees considerthat an audit is not required for this year under section 144(2) of the Charities
Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Act.,
to follow the procedures laid down in the General Directions given by the Charity
Commissioner under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of independent examineffs report
My examination was carried out in accordance with the General Directions given by the
Charity Commissioner. An examination includes a review of the accounting records kept by
the charity and a comparison of the accounts presented with those records. It also includes
consideration of any unusual items or disclosures in the accounts, and the seeking of
explanations from you as 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 given as to whether the accounts present a Irue and fair view, and the report is limited to
those matters set out in the statement below.
Independent examinerfs statement
In connection with my examination, no matter has come to my attention:
which gives me reasonable cause to believe that, in any material respect, the
requirements:
(a)
(b)
to keep accounting records in accordance with section 130 of the 2011 Act. and
to prepare accounts which accord wrth the accounting records and to comply with
the accounting requirements of the 2011 Act have not been met", or
to which, in my opinion, attention should be dravm in order to enable a proper
understanding of the accounts to be reached.
Colin Reid FCA
Burgess Hodgson Limited
Chartered Accountants
27 New Dover Road
Canterbury
Kent
CT13DN
September 2025

RUTH SMART FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
InGoming resourcos
Incomlng rosources from
generated funds
Investment Income
110,888.81
102,742.99
Donatlons Recelved
60,217.41
56,306.3q
Total Incomlng resources
171.106.22
159,049.30
Resources Expended
Investment Management cost
47,172.59
44,829.07
Charltable actlvities
Governance costs
Other resources expended
170,922.11
59,257.78
1.830.25
159,546.98
67,801.40
1,290.25
Total resources expended
279,182.73
273,467.70
Net incomlngl(outgolng)
resource5 before other
recognlsed gainsl(losses)
(108,076.51) (114,418.40)
Realised and Unrealised Gains
Currency Exchange Gainsl(Losses)
509,776.76
(11,982,09)
441,205.51
5,393.43
Net movement In funds
389,718.16
332, 180.54
Total funds brought forward
6,497,348.31
6,165,167.77
Total funds carried fonNard
6,887,066.47 6,497,348.31
Please note that there are no Restricted or Endowment Funds

RUTH SMART FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Flxed assets
Quoted stocks and shares
6,716,306.62
6,175, 765. 78
Total flxfrd assets
6,716,306.62
6, 175, 765. 78
Current assets
Cash at bank
Debtors and prepayments
195,070.65
355,475.33
72.00
Total current assets
195,070.65
355,547.33
Creditors: amounts falllng due within one year
(24,310.80)
(33,964.80)
Net current assetsl (liabllltles)
170,759.85
321,582.53
Net assets
Unrestricted Funds
(Page 9)
6,887,066.47
7,348.31
-10-

RUTH SMART FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Goneral Information
The charity is a public benefll entity and ￿gIStered Charity in England and Wales and is
unincorporated. The add￿sS ofthe principal office is g New Square, Lincoln's Inn, London, WC2A
3QN.
Basis of Preparatlon
Basls of Accounll
The accounts lflnancial statements) have been prepared under the historic81 cost convention with
items recognised at cost or transaction value unless otherwise stated In the relevant nole(s) to
these accoLJnts. The financi81 statements have been prepared in accordance with the Statement
of Recommended Practice.. Accounting and Reporting by Charitles preparing their accounts In
accordance with the Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland
{FRS 1021 issued on 16 July 2014 and the Financial Reportlng Standard appllcable In the United
Kingdom and Republic of Irelend (FRS 102) and the Charlties Act 2011.
The flnancial slaternents ar8 prepared in sterllng. vthich is the functional currency of the entity.
e in Ba8lS
f Accoun
There has been no change to the accounting pollcles (valuation rules and methods of accounting)
since last year.
Chan
revious A
nts
No Changes have been made lo accounts for previous years.
Accountlng Pollcleg
Incoming resources are include(J in the Statement of Financial ActivitSes (SOFA) when..
- the charity becomes entitled lo the resources-
the truste&s are virtually certain they VAII receive the resources., and
the monetary value can be measured ￿th 5ufficSent rellabilily.
Whore IncoTning resources have related 8xpendllure, the Incoming ￿$oUrCeS and related
expenditure ar8 reported gross In the SOFA.
Grants and donations are only included Sn the SOFA wthen the charity has unconditional
entiuemenl to the resources.
Incoming r&sources from tax reclaims are included in the SOFA 8t the Same time as Ihe income to
which they ￿late.
Investment income 15 included in the accounts when receivable.
Investment gains andlosses Include any gain or loss on the Sale of investments and any gain or
loss resulting from revaluing the investments to market value at the end of the year.
Liabilities are recognised as soon as there is a legal or constructive obligation ￿mmIttIng the
charity io pay out resources.
Govemance costs include Ihe c05t of the preparation and examlnation of statutory accounts, the
cost of trustee meetings and cost of any legal advi￿ to the trustees on govemance or
(x)n$b'lutional matters.

RUTH SMART FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Grants payable are payments made to third parties in the furtherance of the charitable objectives
of the trust. The grants are accounted for where either the trustees have agreed to pay the grant
without condition and the recipient has a reasonable expectation that they wlll receive the grant, or
any condition attaching to the granl is outside the control of the tnjst.
3.10
Investments quoted on a recognised stock exchange are valued at market value at the year end.
3.11
The preparation of Ihe financial Ststements requires management to make judgements. estimates
and assumptions that affect the amount reported. Accounting estimates and assumptions are
made conceming the future and. by their nature. wll rarely equal the related actual oulcome.
These estimates and judgements are continually reviewed and are based on experience and
other faGtors. including expectations of future 8vents that are believed lo be reasonable undor the
CIr￿mStanceS.
3.12
Financial IlabS1Sties and equlty instruments are classlfied accordSng to the substance of th8
Contractual arrangement ent8r8d Into.
Debtors and eredltors with no slated interest rate and receivable or payable Wlthln one year are
recorded at Iransactlon price. Any losses arising from Impairment are recognised in the profrt and
loss account in othor administrative expenses.
Loans and borrowngs are Inltially recognised 8t transactlon price including transaction costs.
Subsequenlty, they are measured at amrtised cost using the effective interest rate method. less
Impairmenl. If an arrangement constitutes a finance transactlon it18 measured at present value.
Invutm8nt Asset
2024
2023
Quoted Invogtments
Market value brought fornvard
Addltlons
Disposals
Nel realisedlunrealised Investment gainsl (losses)
6.175,765.78
982,769.56
{952,005.48)
509,776.76
5,913,457.05
538,602.30
(717,499.08)
441,205.51
Invostments Ll•tod on a rècognlsed stock oxchango
6,716,306.62
6, 175, T65.78
Inve8tments at MaTk•t Valu•
Comprlsed:.
2024
2023
Equities
Fixed Interest securities
5,948,829.61
767.477.01
5.333,845.04
841.920.74
6.716.306.62
6, 175,765. 78
All Investments are carried al their fair value. Investment in equities and fixed Interest securities
are all traded in quoted public mafkels, primarily the London Stock Exchange. Holdings in
common investment funds. unit trusts and open-ended investment companies are at the bid price.
The basis of fair value for quoted investments is equivalent lo the market value. using the bid
price. Asset sales and purchases are recognised at the date of trade al cosl (that is Iheir
transaction value).
-12-

RUTH SMART FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash account balances
2024
2023
Pictet Euro account
Pictd US Dollar account
Pi¢tet GBP account
Pictet CHF account
Evelyn account
Quilter Cheviot Capital accounl
Hunters client account
1.813.13
68.771.89
2,755.70
7,158.67
7,485.45
76.341.97
30,743.84
195.070.65
20,616.05
11,365.50
1,309.77
177,747.67
65.376.45
76.376. 77
2 683.12
355,475.33
D•btors and Pr•paym•nt8
2024
2023
LSE - LEI Renewal fe8 (2024)
Dividend5 Receivable
72.00
72.00
Cr•dltor8: Amounts Falllng Due Wlthln On• Yoar
2024
2023
Legal, Secretarl81 and Administration Fees
Independent Examination Fees
23,140.80
1.170.00
32,974.80
990.00
Tran8acllon8 Wlth Trustees
No Trustee is or has been entltled to 8ny fee or salary (2023 - NIL).
No Trustees incurred or I￿re relmbursad for travel expenses (2023 - NIL).
Wilfrfd Vemor-miles was reimbursed expenses of £325.18 (2023 - £148) for a Tru8t8es' rneetlng
held during the year .
There were no transactlons vèith Trustees or ￿nnected persons (2023- NIL).
WlffrSd Vernor-miles Is a Tru$t8e of the Foundatlon and also a profit sharlng Member of Huntérs
Law LLP. Provislon is Included in the accounts for Hunters to r8c8lve fees of £48,055.50 plus VAT
(2023 - £55,457 plus VAT) for legal. secretarial and administration servlces.
-1&

RUTH SMART FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Anatysis of Incoming Resources
2024
2023
Investrnent Income
- Interest on Bonds, Gilts & Loan Notes
Dividends on UK Equities
Forelgn Savings Interest
Dividends on European Equities
Dividends on US Equities
Interest on Bank Deposits
7,895.41
52,356.24
1,095.42
30,698.41
16.303.51
2,539.82
8,571.19
50.496.78
1,085.21
25,377. 74
15,193.49
2,018.58
110 888.81
102 742.99
2024
2023
Donatlon• Rac•lv•d
Kinnoull Foundation
60 217.41
56 306.31
Analy818 of R•sourceB Expond•d
2024
2023
Investment Managemgnt fee8
Pictet
Qullter Cheviot
Evelyn
14,988.79
17,955.78
14,228.02
14,254.89
16,666.68
13,907.50
47.172.59
44,829.07
Charltablo Actlvttlés
2024
2023
Anlmals Asla Foundatlon
Belize Zoo
Blue Marine Foundatlon
Brooke Hospltal for Animals
Clearwaler Marine Aquarium
David Shepherd Wildlrfe
Durrell Wildlife ConseThation
Endangered Speeieg Protection Agency
Fauna & Flora Inlemalional
Free the Bears UK
Friends of Community Animal Service5
Hugs Foundalion
International Animal Rescue
4.000.00
4,000.00
1,608.75
4,000.00
2,000.00
4,021.88
5.000.00
5,(M)O.00
2.000.00
4,692.27
5,000.00
2,000.00
5,000.00
8,000.00
2.000.00
4,000.00
10,000.00
3,217.50
2,000.00
2,000.00
2,000.00
-14-

RUTH SMART FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Marine Conservation Society
Mauritian Wildlife Foundation
Middlebury Institute of Intemallonal Studies
Monterey County SPCA
Mutfville
Peace of Mind Dog Rescue
Pine Ridge Dog Sanctuary
Royal Veterinary College
San Francisco Zoo
Spay Neuter Imperative Project
The Shanti Proiecl
Ventana Wildlife Society
Wildfowl & Wetlands Trust
Wildlife Conservation Soclety
Worfdwide V8t8rfnary Service
2.(MJ).00
14,000.00
10,948.62
19,551.11
5.474.31
8,602.49
2,000.00
q2.000.00
9.652.51
20. 109.40
4.021.88
7,239.38
2,000.00
4,000.00
16.087.52
2.413.13
6,435.01
18,500.64
3,000.00
7,239.38
3,000.00
159,546.98
6,IXKI.00
17,204.97
3,910.22
7,820.44
20,333.15
3,000.00
9.384.53
3,0(K).00
170,922.11
Governan￿ Co•ts
2024
2023
Independent Examination Fees
Legal, Secretarial and Adminislratlon Fees
Trustae Meeting Expenses
1.266.00
57.666.60
325.18
59.257.78
1,105.00
66.548.40
148.00
67 801.40
The Independent Examination Fees Mnsist of the fee charged for the year of £975 plus VAT
{2023- £905 plus VAT) along vlth an adjustment of £98 in relation to the under provision for the
prevlous year.
Other R•8our¢o• Expondod
2024
2023
Bank Charges
Foreign Custody Charges
235.13
1.595.12
1,830.25
292.11
998.14
1,290.25
The Trust employed no staff during the year ended 31 December 2024 (2023- none).
-15-