Charlty number: 1091660 THE ALBORADA TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ALBORADA TRUST CONTENTS Pag& R•f•r•nc• and Admlnl8trallv• O•tall8 of tho Trust, Its Trustee8 and Advl8•rs Trustoos. Raport Ind•pondont Audltorn, Report on tho Flnanclal Stalem•nt8 stat•rnent of Flnanclal Actlvltlos 10 Balance Sheel 11 Not•8 to tho Flnanclal Ststements 12-25
THE ALBORADA TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THEYEAR ENDED 31 DECEMBER 2024 Tru8t•08 E K E Rausing R Lemer Captaln J Nlchol8on RTAGoff L P1118rd Iretlred 18 September 2024) A E Traub J Clarke (appolnlad 18 September 2024) Charlty r•gl8larnd number 1091660 Prlnclpal offic• Lanwades Slud Moulton Road Kennett Newmarket CB8 8QS Dlr•ctor G Harrls Independent audltor• Potors Elworthy & Moore Chartered Accountants Statutory Audltors Sall8bury House Statlon Road Cambrklge CB12LA 8ank•rn Jullus Bar Bahnofstra888 26 Zurfch CH-8010 Inv••tm•nt manager Longbow Flnance SA Route De Lavaux 36 Lutry CH-1095 Swllzerland Page 1
THE ALBORADA TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 trustees present thelr report along with Ihe audlted financlal statemgnts of Ihe Trust for the year 8nd8d 31 December 2024. The financlal statem6ni$ havè bean prepared in accordance wlth the accKJunting policles set OLrt In th6 notes to the flnanclal statements and comply wlth the Charltyls Trust D8ed, the Charltles Acl 2011 and Accountlng and Reportlng by Charlties.. Statement of Recommended Practlce appllcabla to charltles preparlng thelr accounts In accordance wlth the Flnanclal Reporting Standard In the UK and R8publlc of Iraland (FRS 102) (effecuve 1 January 2019). 8tru¢turn. Gov•rnanG• and Manag•m•nt The Alborada Trust, a prfvate phllanthroplc Irust founded by Klrston Rauslng, Is an unlncorporat8d regl8t6red charlty, establlshed by a Deed of Trust datad 1 October 2001 and am8nd8d by a supplemental deed dated S March 2002. Und8r the terms of the Deod, the tnjstees shall hold the ¢8pltal and the Income of the Trust Fund upon trust to 8pply the Income, and as far as ne¢8ssary Iha capltal. for or toward8 such charltable purposes and to make grants to such charltable l)odles or Instllutlon8 at 8uch tlme or tlmes and In $uch manner as the trustees may In thelr absolute dlscr8tlon thlnk fit. Tru8tee8 8em an Indaflnltè tarm based on thelr relatlve 8XP8rl8nc8 and contrlbutlon to the Trust as a vthol8. The trustees keap the sklll requlfemenls of the Iru8tee body under revlew and In Ihe event that a trustee retlres or addltlonal new tru8te8s are requlred, tho ex18tlng truste88 collectlvely dlscuss Ihe change. Thore Is no formal Inductlon or tralnlng of new tru8t888. However, appolntment Is by nomlnatlon and the trustees revlew the 8klll8 of each nomlnated per80n to 8eled memb8rs wllh the relavant experfenca and 8klll8. Tha powor of appolntment of new truste931$ vested In and exerc18ablo by Iha contlnulng trustaes. At the trustea8' m8etlng8 hekl durlng the year th8 tru8tee8 agree the slrat8gy and area8 of actlvlty for Ihe Trust, Indudlng conslderatlon of grant maklng, Investment, reserves and rf8k management pollcles and performance. The trustees who served durlng tha 5fj8r and tha prlnclpal addre88 of the trust ar8 détalled on page 1. Rl•k Managomenl The trustees hav8 consld8red the major rlsks to whlch the Trust Is exposed and have revlewed th08• rlsks and e8tabllshe(18yStems and procedures to manage th03e rlsks. The trustee8 conslder markel prlce rlsk and credlt sk to be lh8 most slgnthcant Investmanl rl8ks. Market prlce rlsk Is managed by Investment Sn a dlverse portfollo managed by an Indapendent fund manager. CredSt rfsk18 managed by Investmenl In Investment grade securftl8S. ObJ•ctlv•s •nd ktlvltl•• The Trusfs alms are lh8 fundlng ol medlcal and vetarfnary cau88s, research and educatlon and for the rellef of povety and of human and anlmal sufferlng, slckne88 and111-health. The maln objectlves for the year are shaped by these strataglc alm8 wlth a vlew to contlnue fundlng chosen gener81 ¢harltabl8 cau888 In Ilne wlth the Trust Dead. Grant Maklng Poll¢y The trustees, funds are fully commltted and unsolldted applScatlons ara not requested. Tha trustees wlll donat8 the annual avallable Income to approved ¢harltles and prefer to support grants to charltles whose work they have researched and whlch Is In accordance wllh the alm8 and oblectlves of the Trust for the year. The trustees reqt regular updates from those charttles that they have 8UPPOrted to provid8 detalls of how the grants have been allocated and spent. Grants are only continued where the appllcanl provides sufflclent relevant Information to the trustoes and satisfies the Irustees that contlnuatlon of fundlng is In tho interests of the Trust and Its aims and objectlves. Page 2
THE ALBORADA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Perfomianco lor Iho Y•ar The trustees lry to predlct th6 level of Income that th8y @xpecl to receive eath year so that they can plan the level of grants for 8ach financlal year. Investment retums comprlsed Investment Income of £146.448 (2023 £185,268) and galn on revaluatlon of £890,235 (2023 - £1.469,663). The trustees dlstrfbuted £5,454,246 (2023 - £5,875,036> by way of grants pald In tha ar. The Trust's Income for the year ended 31 December 2024 Induded glft ald fo1vable. dlvld8nd8 and interest amountlng to £146.448 {2022 - Incom8 of £310,268). Realls8d and unreallsed galns and108ses on Investmonls amounted to an overall galn of £890,235 (2023 - £1,469,663). The Trusts, net as80ts and total unrestrlcted r880rve8 as at 31 December 2024 amounted to £2,495,840 (2023 - net assets of £5,291,721). The trustees réport net axpendllure before other galn8 and losses for the year of £2,845,321 (2023 £8,218,647). Ra*•rrf•s The rarVe8 pollcy of the Trust Is to ensure that at all tlmes It has 8ufflcSont res8Ne8 to meet Its commltments for the next three months, The Trust Ilke many grant maklng charttles has vary low fixed ¢osts. The foundlng truBtee funds the Trust and m8ke$ donatlons from tlme to tlme to ensure that the Trusl can meet Its granl obllgatlons a8 they fall due. At iha and of tho year the Trust wa8 In a net asset posltlon, resultlng In thera belng sufflclent reserves avallable to meet th8 gr8nts awardad by the Board ol Trustee8 as they fall due. Thls Include 8ome multl-year grant8. InvtM0nt Poll¢y and P•rfornianc• The trustees hav8 a balanced Investment pollcy and alm to malntsln free re8ervo8 In unrestrlcted funds 818 lav81 whlch Is sufflclent to wlK)Ily dlstrlbute the Incom8 of the Trust fund whll8t retslnlng capltal for Ihe malntenance and growth of the Fund. The tru8tees' pollcy 18 to Invest the fund In 8e¢ure markats, endoavourfng to obtaln a reasonable Income, compatlble wlth prolectlon of the capltal value Involved and taklng inlo account Inflatlonary factors. Wlth thls In mSnd, the trustee8 have appolnled the seNlces of Inve8tm8nt managers to gulde and act for them on professlonal ba818. The trustees monltor the perfomance of th8 Inv88tm8nts In Ilne wlth thelr short and long term alms and objectlves. as well as undortaklng regular revlew8 wlth the Investment managers at the tru8te8s' me8tlngs throuohout the finanGlal year. Investment8 8r8 shown at market value rather than book cost In arxordance wlth the Statement of Recommended Practlce: Accountlng and Reportlng by Charltlas. The truste88 conflrm that the Trust's assets are sufflclent to fijlftl Its obllgatlons In respect of unrestrlcted funds and Ihal all Investments held by them ¢Jn behalf of the Trusi havè b88n acqulred In accord8nc8 wrth the powers avallable to them undar th8 Trust Dead. Plan• for Futur• Perfod8 Th8 tnjstees are mlndful of the Importance of anlmal weWare and related research togelher with projects deallng wlth the rellef of poverty, human suff6ring, slckness or111 health throughout the world. They would Ilke to contlnue their current Ilne of support by providing grants to S61ected organlsatlons. The Alborada Tru3t Is a lastlng tesllmony to the generoslty and phllanlhropic concerns of the Founder. Page 3
THE ALBORADA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEPR ENDED 31 DECEMBER 2024 Tru8V8 Publlc Ben•flt Th& trustees have referred to the guidance contslned In the Charlty Comm5sslon's general guidanc8 on publlc benefit when revlewlng th8lr alms and oblectlves and In plannlng fulure actlvltles. This Is evidenced by the contributions pald to reglslered charltles totalllng £5.454,246 (2023 - £5.875.036). Golng Concem Thè trusl88s hav8 revlewed the Trust'8 Investments and operatlons. Tho budget for charltabl8 actlvltles In 2025 18 bas8d on a Gommltment from the foundlng trusteo that there wlll be sufficl8nt cash resources avallable lo meet pre-exlstlng grant commltments and op8ratlonal (x>sts. The Trust holds reser¥a8 to supplament Income requlrements to m88t Its charflable objectlves as requlred. The trustees consldar that there are no mat8rfal uncertalntles over the Trust's ablllty to contSnu8 as a golng cOnCM for the foreseeable future, belng a perlod of ai least 12 months from the date of slgnlng the flnan¢lal statements. Statement of Tru8ts••' Re•pon•lblllll•8 The tru8taes are re8ponslble for preparfng the Report of the Trustses and the tlnanclal statements In accordanco wllh appllcablo law and regulallons. Charlty law raqulres the trustees to preparo finandal 8tatem8nts for aach financlal year In accordance wlth Untted Klngdom Generally Accepted Accountlng Practlce (Unlted Klngdom Accountlng Standards and appllcable law). Under charlty law the truslees must rK)t approve the flnanclal 8t8tements unle8S thay gra satlsfied that they give a true and f8lr vlew of the state of aff8lrs of the charfty and of the Incomlng rasources and appllcatlon of resourc88 Indudlng the Income and expendlture, of the ch8rlty for Ihat perlod. In preparlng these flnanclal 8tatsm8nts, the tru8t88S 8ra requlrad to: select sultable accountlng polldes and then apply them con81$ienlly, make Judgements and 88tlmatO8 that are reasonable and prudenl. ststa whethar appllcable UK Accountlng Standards have been followed, subject to 8ny materfal departure6 dlsclosed and explalned In Ihe flnanclal ststements; and prepare the financlal statements on the golng concem basls unless 11 Is Inapproprlata to pre8um8 that the charfty w511 contlnue In buslness. The trustoes are responslble for keeplng proper accountlng records whlch dlsclo88 wlth reason8bl8 accuracy at any Ilme Ihe financlal posltlon of the Trust arKI enable th8m to ensure that the fin8ncl81 statements comply wlth the Charflles Act 2011. the Charlty (Accounts and R8POrt8) Regulatlons and the provlslons of the Trust's trust deed. They ar8 a180 responslble for Safeguardlng Ihe assets of Ihe Trust and hence for t8klng reasonable steps for Ihe preventlon and detectlon of fraud and olher Irregularlttes. Page 4
THE ALBORADA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Audltor A resolutlon conc8ffl1ng th8 appolntment of Peter8 Elworthy & Moore as audltor to the company, wlll be proposed at th8 Annual General Meetlng. Appro by order of th8 m8mb8rs of the board of Truste and slgned on thelr behalf ty. u•lng Tru8168 Dale: Paga S
THE ALBORADA TRUST INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST OPINION We have audlted the finand81 statements of The Alborada Trust {Ihe Tru81') for thè yaar ended 31 Dec8mb8r 2024 whlch comprlse the Statement of Flnanclal Acllvllles, the BalaneA Sheet 8nd the r8lat8d notes, Sncludlna summary of slgnfficant accountlng pollcl8s. The financlal r8POrtlng framework that has been applled In tholr preparatlon18 appllcable law and United Klngdom Accountlng Standards, Includlng Flnanclal R8portlng Standard 102 Th8 Financlal Reportlng Standard applScable In the UK armj R8publlc of Ireland, (Unlt8d Klngdom General Accepted Ac¢ountlng Practlce). The financlal ststements have been preparad In accordance wlth Accountlng and Reportlng by Charltles preparlng thelr accounts In accordance wlth the Flnancl81 Reportlng Standards appllcable In Ihe UK and Rapubllc of Ireland (FRS 102) In preference to the Accountlng and Reportlng by Charltlas.. Statement of R8comm8nded Practlce188ued on 1 Aprll 21X)5 whlch Is referred to In tho extant r8gulatlon8 but ha8 been wlthdrawn. Thls has been done In order for the accounts to provlde a true and falr vlew Sn 8rdance wlth the Goneralty Accepted A¢untIng Practlco effectlve for reportlng perlods beglnnlng on or after 1 January 2015. In our oplnlon Iho flnandal statoments.. 91vg a true and falr vlow of the stale of the charltys 8ffalr8 88 at 31 December 2024 and of Its Sncomlng resources and appllcatlon of resources for the year Ihon onded; have baen properly prepared In accordance wlth Unlted Klngdom Generally Accapted Accountlng Practlce; and have been prepared In accordance wlth the requlrements of tho Charltle8 Act 2011. BA818 FOR OPINION We conducted our audlt In accordance wlth Intem8tlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbllltle8 under thoso Standards are further descrtbed In the Audltors, responslbllltles for the audlt of the flnanclal statements sedlon of our report. We 8re Ind8p8nd8nt of the ch8rlty In accordance wlth Ihe elhic41 requlrements that are r818vant to our audlt of the flnanclal 8tatements In the Unlted Klngdom. Includlng tha Flnandal Reportlng Councif8 Ethlcal Standard, and we have fulfllled our othar 8thkal re8ponsltAiitles In accordance wlth these requlremonts. Wa b8118ve that the audlt evld8nce we have obtalned Is sufficlent and 8pproprfate lo pfovld8 a b8sls for our oplnlon. CONCLUSIONS RELATING TO GOING CONCERN In audltlng the financlal statements, have concluded that th8 Trust888' use of the golng concem ba8Ss of accounting In the prepafallon of th8 financlal 8tatem6nts Is appropdate. Based on the work we have p8rfom)ad, wa have nol Identllled any materlal uncertalntles relallng to events or corKlitlons that, Indlvldualty or collect5vely, may c8St sjgnlficanl doubt on the chartvs ablllty to continue 88 a golng concern for a perfod of at least twelve months from when Iha finanGlal slatements are 8Uthorlsed for Issue, Our responslbllltles and the re3pon8Sbllltles of the Trustees wlth respect to golng nCM 8r8 de8crfbed In the relevant sectlons of thls report. Page 6
THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUEDI OTHER INFORMATION The other Informatlon ¢omprlses Ihe Informatlon Sncluded In the Annual Raport other than the financlal statements and our Audltors, Report thereon. The Trust88s are r8spon8ible for the olher informatlon contslned wlthln the Annual R8POrt. Our oplnEon on the flnanclal statements does nol cover the other Infomatlon and. except to the extent otherwise explldtly stated In our report, we do not expr888 any form of assurance concluslon thereon. Our responslblllty Is to read tha other Informatlon and, In dolng so, con61der whether tho other Informatk)n18 mat8rlally Inconslst8nt wlth the flnanclal statements or our knowledge obtalned In th8 course of the audlt, or oth6Thvlse appears to be materially mls$tated. If Identty such malerlal 5nconslstenc188 or apparent maierl81 mlsstatemenls, we are requlred to d8termlne whether thls glv8s rls8 to a m8terfal mlsstatement In the flnanclal stat8m8nts themselves. If, based on the work we have performed, we conclud8 thal there Is a materfal ml8Statement of thls other Infomiatlon, we are requlred to report that fact. We have nothlng to report In thls regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION W8 have nolhlng to report In respect of the followlng matters where tho Charltlag (Accounts and Raports) Regulatlons 2008 requlres us to report to you If, In our oplnlon: the Snfonnatlon glven In tho Trustees, Raport 18 In¢on$lstènt In any materfal respect wlth the flnanclal 8tatement8', or sufflclanl accountlng r8¢ords have not baan kept; or the flnanclal statements are rt In agre8m8nt wlth tha gccountlng records and r8tum8; or we have not reC1Ved all th• Informatlon and explanatlon8 we requlre for our audSt. RESPONSIBILITIE8 OF TRUSTEES As explalnéd moro fully In tha Trustees, Respon8lbllltl88 Statement, the Trustee6 arn responslble for th8 prepar8tlon of th8 flnanclal statements whlch glve a true and falr vlew, and for such Inlemal control as the Trustees determlne Is n6cess8ry to enable the preparation of flnanclal stat8meTrts th8t ar8 fr88 from materlal mlsstatement. whether du8 to fraud or error. In preparlng the fin8nclal stataments, the Trustees are r6sponslbla for assesslng the charfvs ablllty to contlnue as a golng conc8m. dlscloslng, as appllc4ble, matters related to golng concem and uslng the golng concem basls of accountlng unless the Trustees elther Intend to Ilquldate the charlty or to c8ase op8r8tlons, or have no reallstlc altematlve but to do 80. Page 7
THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE AL80RAOA TRUST (CONTINUED) AUDITORS. RE8PONSIBILrriES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appolnted as audltor under sectlon 145 of the Charltles Act 2011 and report In accordance wlth the Act and relevant regulatkns made or havlng effect tr•Under. Our obJectlv8s are to obtaln reasonable as8uran¢e aboLrt whether the financlal statements 88 a whole are frne from materfal mlsstatament, whelher due to fraud or error. and to Issue an Audltors, Report that Includes our oplnlon. Reasonable a8suranc8 18 a hlgh level of assurance, but 1$ not a guarantee Ihat an audlt conduGled In accordance wlth ISAS (UK) wlll always detect a materfal mlsstatement when It exl8ts. Mlsstatements can arls8 from fraud or error and are considered materfal If, Indhvldually or In the aggregate, Ihey could reasonably be expectad to Inftuence the economlc declslons of users tsken on the ba$ls of these financlal slatements. Irregularltles, Includlng fraud. ara In8t8nces of non•compllanc8 wlth18ws and regulatlons. We deslgn proceduros In Iln8 wlth our responslbllltles, outllned above, to detect mater181 mlsstatements In rèsp8Ct of Irr8gu18rltl8S, Indudlng fraud. The extenl to whlch our procedures are Gapable of det8Ctlng Irregularlt18s, Includlng fraud 18 detalled balow. Our approad) to klentlfybng and 8888$8lng tha rl8k8 of materlal mlsstatement In respect of IrregularftSes, Includlng fraud and non4ompllance wlth laws and r8gulatlon$, was as follows: wa obtslned an understandlng of the legal and regulalory framework appllcable to th8 Trust and how the entlty 58 complylng wlth thal framework: w8 obtalned an under8tandlng of the Tru8V8 polldes and procedur88 on compllance wlth laws and regulatlons. Irbcludlng documentstlon of any Instance8 of non-compllance; wo focused on speclfic laws and regulatlons whlch we consld8r8d may have a dlrect materfal effect on the financ181 stat8ments or the operatlon8 of the Trust, Includlng the Ch8rltles Act 2011; In addltlon. we consld8red provlslons of other laws and regulatlons whlch do not hava a dlrect eff6ct on tho flnanclal Statements but Mmpllance wlth whlch mlght be fundamental to the Trust's ablllty lo operate or to avold materfal penaltles; an ass&ssed the extont of compllance vllth th8 law8 and regulaltons Identlfied abov8 through maklng enqulrles of management and revlewing the mlnutes of tru8tees' me8tlngs. We 88S8ssed the susceptlblllty of the Trust's finandal Statements to malerlal mls8tatement, Indudlng obtalnlng an understandlng ol how fraud mlghl occur, by maklng anquirles of management 8S to where Ihoy consldered there was susceptiblllty to fraud. th8lr knowledge of actual, suspected and alleged fraud. To address the rlsk of fraud through management bla8 and overrlde of contro18, We; assessed the susceptlblllty of the TN$fs financlgl statements lo m8terlal mlsstslement, Includlng how fraud mlght occur, ovaluated the 888umptlons and Judgements US8d by management wlthln slgnlficant accountlng estlmates and assessed whelher these Indlcated evidence of management bla8; and tested slgnifScant tran8actlons, In partlcu18r the evaluation of the buslness ratlonale for any whlch appoared unusual or outsida the TfU8t's normal course of busin858. Page 8
THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED) In response to the rlsk of Irregularltles and non-complSanc8 wlth law8 arHI regulatlon8. we deslgned procedures whlch Included, but Were not Ilmited to: agreeSng financlal stat8m8nt dlsclosures to undedy1ng supportlng documentsllon: readlng the mlnutes of meetlngs of those charg8d wlth governance: enqulrlng of management as lo actual and potentlal Iltlgatlon and clalm8: arKI r8v18wlng any correspond8nce where avallable wlth relevant regulators such as the Charfty Commlsslon. There ara Inherent Ilmltatlons In our audlt procadur88 descrlbed above. Th8 mor8 romoved Ihat laws and r8gulatlons ar8 from flnanclal transactlons, the less Ilkely It Is that we would become aware of non-compllance. Audltlng standards also Ilmlt the audSt pro¢8dufeS requlrad to Identlfy non-complOanc8 wlth laws and regulatlons to enqulry of Iha dlractor8 and other management and Ihe Insp8don of regulatory and legal ¢orre$pondence, If any. Materfal mlsslatements that art88 due to fraud b8 harder to detect than th¢)se that arlso from error as thay may Involve dellberate ¢oncealment or ¢ollu910n. A further descrlptlon of our re$pon$lbllltl&s for the audlt of Ihe tlnancl81 statements Is located on the Flnanclal Reportlng Councll's webslta at: WbthV.frc.o Th18 descrfptk)n fomis part of our Audltors, Report. USE OF OUR REPORT Thls raport Is mada $018ly to tha charws tfustees, as a body, In accordance wlth Part 4 of th8 CharftS0s (Accounts and Reports) Regulatlons 2008. Our audlt work has been undertaken 80 that we mlght st8te to the charltys trustees tho88 matters we are requlrad to state to them In an Audltors, Report and for no other purpose. To the fullest exlent permltt8d by law, we do not accept or assume re8pon8lblllty to anyone olher than tho chadty and Its trustees, as a body, for our audll work, for th1$ raport, or for the oplnlons we havè fomied. Poknjs eLLOQ Paters Elworthy & Moor• Ch8rter8d Accountsnts Statutory Audltors Sa118bury House Statlon Road Cambrldg8 CB12LA Date: JLLru Peters Elworthy a Moore are ellglble lo act as audltors In tenns of sedlon 1212 of the Companles Act 2006. Page 9
THE ALBORADA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•strfct•d fund8 2024 Totsl funds 2024 Total funds 2023 Noto INCOME FROM: Donatlons Investments 125,000 185,268 146.448 146.448 TOTAL INCOME 146,448 146,448 310,268 EXPENDITURE ON: Ralslng funds Charltable actlvltles 31,336 3,850,668 31,336 3,850,668 52,920 9,945,658 TOTAL EXPENDITURE 3,882,004 3,882,004 9,998,578 NET EXPENDITURE BEFORE GAINSI(LOSSES Net galns on Investsnents 13,735,556) (3,735,556) {9,888,310) 890,235 890,235 1,469.863 12 NET EXPENDITURE {2,845,321) (2,845,321) (8,218,647) OTHER RECOGNISED GAINS: Galns on forolgn exchange 49,440 29,704 NET MOVEMENT IN FUNDS (2,795,881) {2.795,881) (8,188,943) RECONCILIATION OF FUNDS: Total funds brought forward Net movement In funds 5,291,721 5,291,721 13,480,664 (2,795,881) <2.795,881) (8,188,943) TOTAL FUNDS CARRIED FORWARD 2,495,840 2,495,840 5,291,721 Tha Statement ol Flnan¢lal Activltles Includes all 98lns and losses rewnlsed In the year. The notes on pages 12 to 25 form part of these financlal statements. Page 10
THE ALBORADA TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSET8 Invastments 12 11,401,661 15.865.429 11.401,661 15,865,429 CURRENT ASSETS Dabtors Cash at bank and In hand 13 18.641 171.B63 42,420 213,129 190.504 255,549 Cre¢Jltor8: 8mount8 lalllng due wlthln one year 14 14.474.$58) (3.950.758) NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES {4,284,054) (3,695,209) 7,117.607 12,170,220 Credltor8: amoun18 falllng due after more th8n one ar 15 {4,621,767) (8,878,499) TOTAL NET ASSETS 2,495,840 5,291,721 CHARITY FUNDS Unrestdcted funds 17 2,495,840 5.291.721 TOTAL FUNDS 2,495,840 5,291,721 The flnanclal statements were approved and authorlsed for Issue by the Trustees and slgned on thelr bohalf by: E K E Rau8lng Tru$t•• Date: Ill f aD2 Th8 not88 on pages 12 to 25 fofm part of these financlal Statements. Page 11
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The Alborada Trust Is an unlncorporated Trust reglst8red In EnglarHI. The Trust's reglstsred offlce 18 Lanwades Stud, Moulton Road, Kennett, Newmarkel, C88 8QS. The Charft518 functlonal and presentatlonal currency18 GBP. ACCOUNTING POLICIES 2.1 BA818 OF PREPARATION OF FINANCIAL STATEMENTS The finandg18tat8m8nts have b88n prepared In accordance wlth the Charftle8 SORP (FRS 102) - Ac(x)unllng and R8portSng by Charltles: Slatement of Recommended Practlce appllcable lo charltles preparfng thalr 8¢couni$ In accordance wllh tha Flnanclal Reportlng Standard appllcable In the UK and Republlc of Iraland (FRS 102) (effectlve 1 January 2019), the Flnandal R8POrtlng Standard 8ppIIc8ble In the UK and Republlc of Ireland (FRS 102) and the Charltles Acl 2011. The financlal statements have been prepared to glve 8 'lrue and falf vl8w and have d8parted from the Chafltle8 {Account8 and Reports) Regulatlons 2008 only to the extent requlrad to provlde a 'true and faltr vlew. Thls departure has Involved followlng the Chafltlas SORP (FRS 102) publlshed In October 2019 rather Ihan the Accountlng and Reportlng by Charltles: Statement of Recommended Pr8dlce effectlve from 1 Aprll 2005 whlch has slnce been wlihdrawn. The Alborada Trust meet$ the d8flnltlon of a publlc benellt entty under FRS 102. A&sets and Ilabllllles ara Inltlally roco9nlsad At hlsiortcal cost or transactlon value unless olherwlse stated In the relevant accountlng pollcy. 2.2 GOING CONCERN The tru8teas have revl8wed tho Tru8t'8 Investments and operatlons. The budget for charltable actlvltles In 2025 Is based on a commllment from the foundlng trustee thal there wlll be sufficlent cash re$our¢8s avallable to meet pre4xlstlng grant commltments and operatlonal costs. The Trust holds reserva8 to supplement Income requlfement8 to meet118 charltable obJectfve8 as requlred. The Irustees conslder that there are no materfal uncertalntles over the Trust's ablllty to conllnue as a golng concem for the foreseeable future, belng a perlod of at least 12 months from tha date of slgnlng the financlal 8t8tsment8. 2.3 INCOME All Income Is recognlsed once the Trust has entltlement to the Income, It Is probable Ihat the Income wlll be r8calved and th8 amount of Inm0 recelvable can bo measured rellabty. Income tax recoverable In relatlon lo donatlons recelved under Glft Akl or deed8 of covenant Is r8cognl88d at th8 Ilme It becomes recelvablo. Income tax recoverable In relatlon lo Investment Income Is recognlsed at the Ilme the Investment Income Is r8ceivable. Page 12
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES ICONTINUEDI 2.4 EXPENDITURE Expendlture Is recognls8d onc8 thero Is a legal or constructlve obllgatlon to transfer economlc benefit to a thlrd party, It Is probable Ihat a transfer ol economlc beneflts wlll be requlred In settlement and the amount of tho obllgatlon can ba m8asur8d r8118bly. Exp8ndltur8 Is cl8881fied by actlvlty. The costs of each actlvlty are made up of the total of dlrect costs and shared costs. Dlrect costs attrlbutable to a 8Sngl6 a¢tlvSty are allocated dlrectly to thal actlvlty. Shared costs whlch ¢ontrfbule to more than one actlvlty are apportloned betwe8n those actlvltles on a basls conslst8nt wlth the U88 of resources. Exp8ndtture on ralslng funds Includas all expendlture Incurred by th8 Trust lo ralsè funds for Its charilable purposes. Expendlture on charlt8ble 8¢dvSt1è91$ Incurrad on dlrectly und8rt8klng the actlvltles whlch further the Trust's obJectlve8. Grants payable are charged In the y8ar when the off8r18 made excépt In th088 cases where the offer Is condltlonal. such grants belng recognlsed as expendtture when the condltlons attachlng 8r8 fuffillad. Grants offered subject to Gondltlons whlch h8V8 not baan met at tha year end are noled as a commltment, but not accruod 88 8xp8ndllure. 2.5 INTEREST RECEIVABLE Intere8t on lunds held on deposlt Is Included whan recalvablo and the amount can ba measured rell8bly by thé Trust,. thls Is normally upon notfficatlon of the Interesl pald or payable by the Instllutlon wlth whom the funds are deposlted. 2.6 TAXATION The Trust Is a regl8t8red charlty and as such Is 8ntitl8d lo tax emptlon8 on Income and galns proporly applled for charltable purposes. 2.7 INVESTMENT8 Fixed asset Investrnanls are a form of flnanclal In8lrumenl and are Inlllally r8)gnISed 81 thelr transactlon cost and subsequ8ntly measured at falr value at the 881ance Sheet date, unless the value cannot be measured rellabty In whlch case It Is measured at cosl less Impaimient. Investment galns and 10s$88, wheiher reallsed or unr•alls8d, are comblned and presented as 'Galnsl(Losses) on Investrnents, In th8 Statement of Flnanclal ActEvltl88. Investments held 88 fixed 8&8ets 8re shown at cost less provlslon for Impalrment. Forward for•lgn exchange contracls Forward forei9n exchange contracts to buy and sell currencles at futura dates are marked to market and reallsed and unrealised galns are Included In the Statement of Flnandal Acllvltles. 2.8 DEBTORS Debtors are recognised inilially at fair valu8. Subsequent to Inltlal recognltion they are measuffjd al arnortlsed cost uslng the effectlve Interest method, less any ImpaSmient losses. Page 13
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) 2.9 CASH AT BAI4K ANO IN HAND Cash at bank and In hand Indudes cash and short-term hlghty Ilquld Investrnents wlth a short maturity of three months or less from the date of acqulsltlon or openlng of the deposlt or Blmllar 8co)unt. 2.10 LIABILITIES AND PROVISIONS Llabllftles are recognlsed when Ih8re18 an obllgatlon at the 8alance Sheet date a8 a resutt of a past event, It Is probable that a transfer of economlc b6nefft wlll be requlred In 88ttlemerbt, and tha amount of th& satuament can be estlmated rellably. LlabllStles are recognlsad at the amount that the Trust 8ntlclpatas It wlll pay to setue the debt or the amount It has recelvad as advanced payments for the good8 or 8ervlc8s It must provlde. Provi$lons ara maasurad at tha best e8tlmale of the amounts requlred to 88tt10 th• obllgatlon. Where the effact of the tlm8 value of money18 materlal, Ihe provl8lon Is based on the present valua of those amounts, dlscounted at the pre-tax dlscounl rate Ihat rellecls the rfsks sp8clflc to th8 1Sablllty. The unwlndlng of tha dlscaunt Is racognlsed In the Statement of Flnanclal ActlvStles as a finance cost. 2.11 FINANCIAL INSTRUMENTS The Trust has financlal a888ts and financlal Ilabllltle8 In the form of both ba81c and non-b8$lc flnanclal Instruments. Ba81c flnanclal In8trum8nt8 are Inltlally recognlsed at transactlon value and subsequently m8asur8d at thelr settlement value wSth the exceptlon of bank loans whlch are 8ub3equanty measured at amortlsed cost uslng the effectfve Interest method. Darfvallve financlal In8trumenl8 exlst In the form of forward for8lgn exchange contracts 8s d8t8118d above. 2.12 FUNDACCOUNTING General funds ar8 unrestrlcted funds whlch are avallablo for u80 at tha dlscratlon of the Tru8tees In furtherance of Ihe gen6r81 obJectlv89 of tha Trust and whlch have not been deslgnated for other purposes. Investment Income. 9alns and losses are allocated to the approprfats fund. Page 14
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING ESTIMATE8 AND AREAS OF JUDGMENT E8tSrnale8 and judgments ar8 continually evaluated and are based on hlstorlcal experience and other factors, Indudlng expectalSon8 Of future events Ihal are bellev8d to be reasonable under the circumstances. crftlcal acc¢untlng estlmale8 and assumptl¢ns: The Twst m8k88 estlmat8s and assumptlons concernlng tho future. The resultlng accountlng estlmat88 and assumptlons wlll, by definltlon, Seldom equal the r8lat8d actual results. The estimates and assumpllons that have a slgnlficant rlsk of causlng a materlal adlustment to the carrying amounts of assets and Ilabllltles wlthln the next finan¢lal year are d18cussed bel¢)W. Crfllcal area8 of judgment: V81u8tlon of Investments Investment$ 8re Induded In the Balance Shaat at falr value determln8d by th8 Investment Advlsor8. Invastment galns and 10&8es, whether reallsed or unreallsed are c¢mblned and pre88nt6d as 'Galnsl(Losses) on Investmenls, In the Statement of Flnanclal Actlvllle$. ValuatK)n of fonv8rd contr8Cts Investments are included In the Balance Sheet at falr value det•rmlned by the Investmenl Advlsors. Investment galns and Ios8es, %*th8ther reallsed or unreallsed, are comblned and pr&s8ntad a8 'Galnsl(Losses) on Investments, In the Statement of Flnanclal Act5vltles. INCOME FROM DONATION8 Unre•lrlcted funds 2024 Total fund8 2024 Total fvnds 2023 Glft ald 125,000 Total 2023 125,000 125,000 Page 15
THE AL8ORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMEMT INCOME Vnr••trlct•d fvnds 2024 Total fund8 2024 rotal funds 2023 Dlvldends and dlstrlbullons Interest recelved from HMRC Dep08it Interést Incoma 123,617 123,617 121,2e6 839 e3,163 22,831 22,831 146,448 146,448 185,268 Totsl 2023 185,268 185,268 EXPENDITURE ON RAISING FUNDS Unr•8trlcted fund• 2024 Total funda 2024 Total fvnds 2023 Commlsslon and other charges Investment management fees 19,321 12,015 19,321 12,015 38,271 14,649 31,336 31.336 52,920 Totsl 2023 52,920 52,920 Page 18
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES Grant fundlng of actlvltles 2024 Support C08ts 2024 Total funds 2024 Tot81 funds 2023 Grants 3,662,229 188,439 3,850,668 9,945,658 Total 2023 9,757,431 188,227 9,945,658 ANALYSIS OF SUPPORT COSTS Total fund• 2024 Tol81 fvnd8 2023 Stsff cost8 Audlt and accountancy fe68 Consurtlng fees Trust admlnlslratlon axpen888 94637 32.469 37.000 24,333 115,601 31,633 29,687 11,326 188.439 188,227 Page 17
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF GRANTS Amount Balanco award•dladJ ount blfwd 1 u8tod In th• pald In the January year yoar 2024 2024 2024 Balanc• clhvd 31 D•Mmbor 2024 Addenbrook8's Charltable Trust Alzh8lmerf8 R88earch UK Actlon Ald Somalla Actlon Akl Zlmbabwe and Mozamblque Adlon Ald Rohlngya Actlon Agalnst Hunger South Sudan Actlon Agaln8t Hungar Uganda & Haltl Anne Rob8on Trust Cancer fund for chlldren Cancer Rarch UK Davld Shepherd Wlldllfe Foundatlon Dekl Habltat for Humanlty Horatlo's Garden Klng'8 Global Health PartnershlpslKlng's College Lund Unlverslty Llttlellfts Médeclns sans Frontlère$ - Rohlngya In Balukhall, Bangladash MédKlns sans Frontlères - Mothar and Chlld Hospltal Talz Houban. Yemen Médecln3 8an9 Frontr•S - Bentlu Second8ry Heatthcare, Halti Mercy Shlps Murray Edwards College Newmarket Charltabl8 Foundatlon Rkllng A Dream Academy Riding for the Dlsabled Assodatlon Royal Natlonal Orthopaedlc Hospllal RVC Veterlnary R88earch Dr Debble Guesl Royal Vetsrinary College The Brooke Hospital for Animals The Fortune Centra of Riding Therapy The Raclng Centre The Soulsby Foundatlon 78,612 4.000,000 239.496 150,504 249,881 {39,306) 39,308 (1.000.000) 3,000,000 (109,466> {130,030) (150,504) (124,940) (124,941) 110,000 (110.000) 110,000 (110,000) (50,000) {20,7331 {55.000) (200,000) (75,000) (50,000) (30,000) 20,733 165,000 600,000 75,000 50,000 90,000 110,000 400.000 60,000 25,000 200,000 100,000 (25,000) (100,000) (50.000) 100,000 50,000 333,332 (166,668) 166,666 333,332 (166,668) 166,666 333.332 105.000 105,000 (166.866) (35,000) (35,000) (50.000) 166,666 70,000 70,000 50,000 88.522 88,522 10.000 (10,000) (28.410) (93,085) (92.4511 (451.383) (25.000) (25,000) (25,000) 28,410 157,717 184,903 874,005 64,632 92A52 422,622 25,OCK) 75,000 125,000 50,000 125,000 25,000 P8ge 18
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Vlrtual Doctors UK Unlverslty of Cambrldge - Afrlca Project {CAPREx) Unlverslty of Cambddga - Th8 Alborada Professorshlp. Unlv8rslty of Cambrfdge Veterlnary School Trust Unlverslty of Cambrfdga - Cancer Research (Prof. Green) Unlverslty of Surrey Yhe Alborada Trust Wo11 Foal Stu¢J Wavertree Trust Woltson College Cambrfdg8 80,000 (80,000) 1,100,000 {soo,000) 600,000 1,367,000 (322,000) 1,045,000 160,180 (80.080) 80,080 1,440.000 (480,000) 960,000 393.975 (10.000) 860,000 {131.325) (10.000) (180.000) 262,650 30,000 800.IXIO 50,000 300,000 Tolal 2024 10,812,278 3,662,230 (5.454.246) 9,020,262 Pag8 19
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF GRANTS - PRIOR YEAR Amount Balance awardodladj Amount bllwd 1 u8t•d In the pald In th• January year year 2023 2023 2023 Balan¢• ¢lfwd 31 D•cemb•r 2023 Addenbrookè's Chawltabl8 Trust Alzhelm6rs Research UK Actlon Ald Somalla Actlon Ald Zlmbabwe and Mozomblque Actlon Ald Rohlngya Anne Robson Trust Davld Shepherd Wlldllfe Foundatlon DEKI Ethloplakl Horatlo's Garden Hope for the Young Internallonal Research Commlttee UK Klng's Global Health Partn8rshlpslKlng'8 College Lund Unlverslty Llttla11ft8 Marfs Meals Medalr Medoclns Sans Frontleres Kule and Tlarkldl Rofugee Camp, Ethlopla M8declns Sans Frontleres Maban Doro Refuge6 Camp, South Sudan Medeclns San8 DrontSere$ Mother and Chlld H08pltal, Talz Houban, Yamen Medeclns 8an8 Frontlere3 Frontieres - Rohlngya In Balukhall. Bangladesh Medleclns sans Fronti8r88 - Benlle Secondary Heallhcare, South Sudan Mercy Shlps UK mUY Edwards College N8wmark8t Charltable Foundallon Parklnson UK Prlscllla Bacon Norfolk Hosplce Care Riding for th8 Disabled Assoclatbn Royal Nattonal Orthopaedic Hospltal RVC Veterlnary R8S88rch Dr Debbie Guost 26,190 91,728 (39,306) 78,612 5,000,000 (1,000,000) 4,000,000 (130,097) 239.496 (149,496) 150,$04 (124,941) 249,881 (S0,OCK>) 50.000 (250,000) (25,000) {25,000) (25,000) (30,000) 1200,000) 369.593 300,IY)O 374,822 100,000 250,000 25,000 20,000 5,000 25,000 30,OCKJ 200,000 25,000 2S,000 200.000 100.000 300,000 (100,000) (50,000) (72,252) (150,000) 150,000 72,252 150,000 100,000 (100.000) 100,000 (100,000) 100.000 (100,000) 100,000 {100.000) 100,000 35,000 35,000 100,000 {100,000) (35.000) (35.000) (50.000) (25,000) (11)O.OIKI) {10,000) {40,000) (91,099) 50,000 25,000 100,000 20,000 10.000 40,000 248,816 157,717 Page 20
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Royal Veterlnary College Safehands Stroke a88ocl8tlon Suffolk Horse Soclety Th8 Brooke Hospttal for Anlmals Ltd The Fortune Centre of Rldlng Therapy Th8 Prlnc8'8 Trust The Soulsby Foundatk Unlv8r81ty of Cambrldge - Afrlca Project (CAPREX) Unlver81ty of Cambrldge - Dapt. Of Surgery Unlverslty of Cambrfdge The Alborada Profes8lon3hlp" The Unlver81ty ol Cambrklga - Daclpharlng Pr818uka8mOa (Prof.Green) The Unlverslty of Cambrldge Veterlnary School Trust The Unlverslty of Cambrldgo - Cancer Research (Prof.Graen) Unlverslty ol Surrey"Alborad8 Trust Wall Foal Stud5 Wavertrea Tru61 We Are Hope Church Wolfson College Cambrtdge 277,354 30,860 57,632 25,000 410,646 25,000 145,000 50,000 (42,110) (50.341) (30,860) (57,632) 184,903 (25,000) 874,005 (25,000) (410.646) 874.005 (145,000) (25,000) 25.000 1,600,000 189,292 (500,000) 1,100,000 1189.292> 1,877,000 (310,000) 1,367,000 120,000 (120,000) 240,240 (80,080) 180,110 1,920,000 (480,000) 1,440,000 {11,006) 10,000 (17,500) (20,000) (160,000) 11,006 (20,000) eo,000 17,500 480,000 50,000 300.000 Total 2023 6,929,883 9,757,431 (5,875,036) 10.812.278 10. AUDITORS. REMUNERATION 2024 2029 Fees payable to Ihe Trust's audltor for the audlt of the Tru8t's annual accoun18 13,925 13,250 Fees payable to the Trusys 8udltrK In raspect of: Accountancy and oth8r 88rrflce8 2,875 2,750 Pag8 21
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. STAFF COSTS 2024 2023 Wages and salarlas Sod81 securlty costs Contrlbutlon to othér penslon $ch6m 76,232 8,405 10,000 95.000 10,601 10,000 94,637 115,601 The averago number of per80ns employed by the Twsl durfng the yTar was as follows., 2024 No. 2023 No. Employe06 Tha number of employees whose employee benefits (excludlng employer penslon costs) exceeded £60,000 was: 2024 No. 2023 No. In tha band £60,001- £70.000 Trustees are consldered lo be key management p8r80nnel and no trustee recalved remuneratk)n In the currant or prfor year. Durfng th8 year, tha trustee8 were relmbur8od £8.185 (2023 - £NII) of f808 for travel c08ts. No amounts were outstandlng at th8 year end In Ihe current or prfor year. 12. FIXED ASSET INVESTMENT8 Ll$tod Cash held at Invostments brok•r8 Total VALUATION Al 1 January 2024 Addltions DIspo8als (proceeds £4,869.186) Revaluallons Cash movement 12.914705 2,178,217 (4,589,4061 610,455 2.950,724 15,865A29 2.178.217 (4589.406) 610,455 (2,663,034) (2,663,034) AT 31 DECEMBER2024 11,113,971 287.690 11.401,661 Page 22
THEAL8ORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 13. DE8TORS 2024 2023 Prepayment and accfued Incom8 Flnanclal Instruments 18,641 16.953 25.467 18,641 42,420 1& CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2Q23 Grants Payable Accruals Flnanclal In8trument8 4,398,495 18,187 57,876 3,933,779 16,979 4,474,558 3.950,758 15. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Grants Payable 4,621,767 6,878,499 16. FINANCIAL INSTRUMENTS 2024 2023 Flnanclal a88•ts Flnanclal assets maasurad at falr value through Income and 8xpendlture 11.113,971 12,940.172 2024 2023 FInal41 Ilabllltlos Derfvallve finandal Instruments measured at falr valu& through Income and aXP8ndlture {57.876> Flnanclal assets measured at falr value through Income and expenditure comprises th8 market value of Investments of £11.113,971 {2023 - £12.914.705) and derivative financlal Instruments measured at falr Value of £NII (2023 - asset of £25,467). Page 23
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balanc• at 31 Galn•l D•cemb•r (Lo88e8) 2024 Balanc• at 1 January 2024 In¢om• Exyndltur• Unreslrlct•d funds 5,291,721 939.675 2,495.840 Ganeral Funds 146.448 (3,882,004) STATEMENT OF FUNDS. PRIOR YEAR Balance 81 31 December 2023 Balance at 1 January 2023 Galnsl (Losses) Income Expendlture Unr•8trlctsd fund$ General Fund8 13,480,664 310,268 <9.998,578) 1,499,367 5,291,721 18. ANALYSIS OF NET ASSETS BEfwEEN FUNI)S ANALYSIS OF NET ASSETS BEfwEEN FUNDS- CURRENT PERIOD Unr•8trlct•d funds 2024 Tolal funds 2024 Inve8tm8nt8 Current assets Cfedltorn due wlthln one year Credltor3 du6 In more than one year 11,401,661 11,401,661 190,504 190,504 (4,474,558) 14,474,558) (4,621,767) (4.621.7671 Total 2,495,840 2.495,840 Page 24
THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Gontlnued) ANALYSIS OF NET ASSET8 BETWEEN FUNO8- PRIOR PERIOD Unresb7Cted funds 2023 Tot81 funds 2023 Flx8d asset Inve8tmenl8 Cuffanl assets CredltorJ du8 wlthln on8 year Cradltors duo In more than on8 year 15,865,429 15,865,429 255.549 255,549 {3,950,758) (3.950.758) (6,878,499) (6,878.499) Total 5,291,721 5.291.721 19. RELATED PARTY TRANSACTIONS The Charfty has not onterad Into any related party tran8actlon durlng the current or prlor year, nor arn Ihere any outslandlng balances owlng between related partles and the Charlty al 310ecember 2024 (2022 - £NII). Page 25