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 req￿t 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 fo￿1vable. 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 r￿arVe8 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.
Inv￿tM0nt 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
cOnC￿M 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 8￿rdance 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 ￿nC￿M 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 r￿t In agre8m8nt wlth tha gccountlng records and r8tum8; or
we have not reC￿1Ved 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 t￿r•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 In￿m0 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 R￿arch 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 Front￿r•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
mU￿Y 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
FIna￿l41 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