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← The Bulldog Trust Limited

2024-06-30-accounts

Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

REGISTERED COMPANY NUMBER: 06510777 (England and Wales) REGISTERED CHARITY NUMBER: 1123081

THE BULLDOG TRUST LIMITED

Report and Consolidated Audited Financial Statements for the Year Ended 30 June 2024

Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 360ldJewry London EC2R8DD

Docusign Envelope ID: 6FF6FE65-4D04-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Contents of the Financial Statements for the year ended 30 June 2024

Page
Reference and Administrative Details
Report of tile Trustees **2 to8 **
Report of the Independent Auditors 9to11
Consolidated Statement ofFlnancial Activities 12
Consolidated Balance Sheet 13
Company Balance Sheet 14
Consolidated Casll Flow Statement 15
Notes to the Consolidated Cash Flow Statement 16
Notes to the Financial Statements 17 to28

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED Reference and Administrative Details for the year ended 30 June 2024

TRUSTEES C MR Hoare
RHMcpherson
S Sacks
COMPANY SECRETARY Wilsons (Company Secretaries) Limited
REGISTERED OFFICE Alexandra House
St Johns Street
Salisbury
Wiltshire
SP12SB
REGISTERED COMPANY 06510777 (England and Wales)
NUMBER
REGISTERED CHARITY 1123081
NUMBER
AUDITORS Xeinadin Auditing
Chartered Accountants and Statutory Auditors
Becket House
36 Old Jewry
London
EC2R8DD
SOLICITORS Wilson Solicitors LLP
Alexandra House
St Johns Street
Salisbury
Wiltshire
SPI 2SB
BANKERS CHoare&Co
3 7 Fleet Street
London
EC4P4DQ
INVESTMENT MANAGERS Investec Wealth & Management
30 Gresham Street
London
EC2V7QN
PINCIPLE ADDRESS 2 Temple Place
London
WC2R3BD
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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

The Trustees, who are also directors of the Bulldog Trust Limited {"BT" or the "Trust") for the purposes of the Companies Act 2006 (the "Trustees"), present their report with the financial statements of the Trust for the year ended 30 June 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019).

STRATEGIC REPORT

The Bulldog Trust

Trust activities have until this year been split into two distinct areas: Two Temple Place ("2TP[11] ) operations which include the Cultural and Community Programme, commercial events, and maintenance and upkeep of2TP, and the Trust's support for the development of innovative charities and social enterprises through The Fore.

From Autumn 2023, the now fledged Fore became an independent entity with no formal relationship to BT. Charles Hoare, BT's chair, remained a Trustee of the Fore until April 2024. The Fore secured separate charitable status, and it is now a who11y new entity. This was testimony to the Trust's extended support in funding and developing this innovative and visionary programme, matched with other support, reaching hundreds of growing UK micro-charities, and with millions of pounds distributed over the last seven years. As part of ensuring that the Fore had every opportunity to succeed as an independent organisation, BT made a substantial donation on separation which is reflected in these accounts.

In light of these changes, in the first half of2024 the Trustees and the new Director set out a new strategy for BT and 2TP: to grow the social impact of BT using 2TP as a vital tool. 2TP's existing activities (including the annual exhibition) would continue but would be added to, to develop a greater year-round community programme, looking to offer opportunities to those who may lack them and unlock potential in the UK.

Objectives & Activities

The objects of the Trust are "to support or promote such charitable institutions or purposes in such a manner and such propositions as the trustees may in their absolute discretion determine". The Trustees have regard to Charity Commission Charles M R Hoare serves as Chainnan of guidance on public benefit in formulating the Trust's approach to its activities. Trustees. The Bulldog Trust is privileged to be the owner of a remarkable building, Two Temple Place, in central London.

The following Purpose was agreed by the Trustees during their 2024 strategy review:

"We believe that the UK is full of overlooked potential and underutilised talent. The Bulldog Trust's Purpose is the creation of opportunities for those who lack them. We do this by working with groups already engaged in similar efforts where we can enhance their impact. The Bulldog Trust helps to provide both first and second chances.

Our independence allows us to develop networks and partnerships freely, and to take risks. We seek out partner community, activist and cultural groups and educational institutions which we can work with in a complementary way towards mutually agreed aims, providing our financial and physical resources and creative expertise. We believe that creativity and culture can be powerful forces for making both stronger communities and positive social change and that Two Temple Place is a powerful tool to those ends.

Our impact can be opportunities for those needing to find a way out of social isolation and into wellbeing (as programme participant or volunteer), or looking for a chance at rehabilitation, or seeking a platform for creative expression. We also want to provide confidence and positive experiences to those still in education (whatever their age) to ensure that they grasp their future opportunities.

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Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

Objectives & Activities (continued)

The Trust makes these things possible with our partners by hosting, connecting, educating, advocating and exhibiting. We make the most of Two Temple Place and its capacity as a venue to make events f l special. Our cultural activity is part of our wider opportunity and education agenda and always has a clear connection to our goals. We continue, uniquely, to offer a showcase for the UK's regional collections and archives as part of our ongoing initiative to highlight the incredible potential outside London - potential that is all too often overlooked. The creation of opportunities for artists, curators, volunteers, participants, those on work placements, visitors and partner institutions is a vital part of our wider programme of unlocking potential."

I 9 April 2024

Two Temple Place

Two Temple Place ("2TP") is the operational heart of the Bulldog Trust, combining cultural and community programmes that open the building to the public for free with an active commercial hire function that generates vital income for the charity's work. Both serve to reimagine 2TP into a huge variety of guises for major exhibitions, participatory community residencies and special events. Alongside the annual flagship spring exhibition, a growing programme of community projects is working with groups specialising in support for a wide variety of areas of continuing social need where the Trust f ls that it can offer opportunities including mental health support; rehabilitation and mentoring; combating social isolation; cultural enrichment for the disadvantaged; and providing opportunities for socio-economically disadvantaged young people. All staff are employed by the Bulldog Trust, and form a small but strong, committed and highly effective team across all areas of its operation.

Measured by its annual f tprint in free events, visits and longer projects, the Trust reaches large numbers of people at 2TP, over 55,000 in 2023-24. As ever, the Trust is mindful of its responsibility to the building's long-term preservation. Commercial activity generates funds for public opening and the free programme, while also ensuring maintenance needs are welJ served. The conservation of2TP is part of the charity's activities, with a multi-year schedule of significant projects ahead to ensure that the Bulldog Trust acts as guardian of2TP for future generations. For example, during sununer 2024 (after the period covered by these accounts) the Trust funded the restoration of the floor of the Great Hall and the renewal of the lift in Two Temple Place.

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

Commercial Events

An investment in the commercial hire team this year with a fulUime third staff member has helped to deliver complex events, and the team's impressive standards of customer service continue to be consistently commented on by clients. Commercial hire income reached a record 70 days of events, to be ploughed back into the life of 2TP to support the charity's wider objectives.

Cultural & Community Programme

As we describe above, the latter part of2023-24 had a focus on reviewing BT's strategy after the Fare's departure. This investment will bear fruit in future years with a greater variety of community partners and a stronger year-round social impact.

In 2024 the Trust worked with freelance curator Antonia Harrison on The Glass Heart: Art, Industry & Collaboration, a major new reading of 170 years of glassmaking in the UK, bringing together rarely seen works from key regional public collections. Highlighting the unexploited potential in the regions remain one ofBT's core objectives after the strategic review. Beginning in the mid-19th century and plotting key moments through glassmaking history and creative achievement1 glass was presented as an experimental art form for today alongside work from those collections that have grown out of the heartlands of a historic industty. Works in the exhibition also shone a light on some of the now endangered traditions of working in glass1 leveraging wider sector impact for the art form. Advocacy opportunities were taken up by some of our partner institutions.

The exhibition and the whole surrounding Cultural and Community Programme was a great success. The numbers highlight how many people were impacted by The Glass Heart. We welcomed 47,621 visitors, including community groups and primary school children for free workshops. We had 716 primary school children plus 95 accompanying adults. 29 different classes from 18 different London state schools with higher-than-average deprivation from 10 different boroughs. We had 11 Family workshops, which were split across Half-Tenn and Easter. We also had 2 family trails throughout the exhibition. The accompanying events programme was consciously designed to further explore and engage visitors in the themes of the exhibition with 39 events in total. 64 groups visited The Glass Heart. 15 were community groups and 9 were student groups. There were 26 building tours organised for groups.

Over the duration of The Glass Heart there were l ll ,000 visitors to TwoTemplePlace.org the 2TP and BT website. This is the highest number of visitors across an exhibition period since Google Analytics began recording data in 2018. The Two Temple Place Instagram page followers increased significantly during the exhibition period. In December 2023 it had 8,475 followers aud by the end of April 2024 this number had increased to 9,942.

Outside the intensive exhibition period, we saw thousands of visitors over 60+ days of public opening, guided tours, workshops and special installations. Periodically, London arts festivals drive inquisitive new audiences to explore the building, with events such as Open House, Craft Week, London Design Festival, London Architecture Festival and other city-wide offerings bringing new visitors. We also provide free family open days, and the regular use of our binaural sound installation, which 'lives' site-specifically in the Great Hall. The Dragon Hall community project visited weekly over several months with facilitated creative workshops for older people. Other collaborations with community groups and specialist organisations included ongoing work with Westminster City Lions and Central & North West London NHS Trust. BT was also able to invest in new marketing assets for public opening with external posters, a house history leaflet, summer What's On and commercial events' marketing flyers, and revised house history posters for open days.

As ever, the building's Volunteers -who now number 200 - remain indispensable and are a vital ingredient of our public opening as well as being a key group of the Trust's beneficiaries. Volunteering is a great means of avoiding social isolation. Their infectious enthusiasm, warm welcome and generous knowledge is passed on yearly to visitors. We have also been delighted in recent years to introduce our longer serving returnees to new faces, in particular young and overseas recruits, as well as new neurodiverse members and those with additional needs.

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

Cultural & Community Programme (continued)

Environmental sustainability is a key strategic aim for the building's operations, working across commercial and cultural activity to reduce our carbon fo tprint and introduce better practice throughout all our outputs. In 2023-24, as well as robust policies of re-use/reduce/recycle across all our cultural and community work, we signed a zero to landfill waste contract. An environmental and sustainability action plan was put in place that went live in October 2024 and in September 2024, as planned, we signed a 2-year 100% renewables electricity contract.

Statutory Obligations and Building Maintenance

The building is fully compliant with all legal requirements and statutory regulations. An ongoing plan of maintenance works is in place and included in the annual budget. Major works in the year included preparatory work towards the project to replace the Great Hall floor which successfully completed in August 2024. We also started the EICR review of all electrical systems and prepared for the lift replacement which also successfully completed in August 2024.

The Fore

The Fore (registered charity 1204122) will submit its own accounts. A brief summary is provided here as it was part of the Trust at the beginning of2023-24.

In 2012 the Golden Bottle Trust and the Bulldog Trust established a pilot programme to explore innovative new approaches to strategic grant making and provision of wraparound support. In 2017, following the success of the pilot, this was formalised as the Fore and formed an important strand of the Bulldog Trust's strategic grant making, offering a wraparound package of unrestricted, multi-year grant-funding, training, skilled volunteers, peer-to-peer networks and impact measurement tools. Targeting organisations working with people across the UK by funding innovative small charities at the heart ofour communities. Since 2017 the Fore has distributed £9 million in grants to exceptional young charities and social enterprises.

In September 2023, the Fore Trust became a separate entity with its own charitable status, testimony to the Bulldog Trust and the Golden Bottle Trust's foundational support for the Fare's revolutionary reimagining of strategic grant giving.

The Fore would also like to thank its otherpartoers who have enabled the Trust to support the charities. Alongside those who wish to remain anonymous, in the period reported these include BlackRock, Rothschild & Co, Aeonian Foundation and Henry Oldfield Charitable Trust. The latest information on the activities of The Fore can be found at https://thefore.org.

The Fore was registered with the Charty Commission as a standalone CIO on 27[ili ] July 2023. Finances and operations were transferred with effect from 1[st ] October with respective staff contracts transferred under TUPE on that date. Funds in The Fore bank accounts were transferred to the new entity and accruals, prepayments and grant commitments also moved across.

Finaneial Review

Total income for the year was £1,551,270 (2023: £2,909,909 and 2022: £2,057,648). Total expenditure for the year was £2,519,310 (2023: £2,733,277 and 2022: £2,277,332). The aggregate funds deficit for the group for the year was £804,012 (2023 surplus: £124,013 and 2022 deficit £405,279).

Of the income funds of the charity, unrestricted funds are received from income from the commercial activities (private hire of the house and retail) and investment income and may be used generally for the charity's objectives. Across all areas of activity, the Trustees remain satisfied that the charity's assets are available and adequate to fulfil the obligations of the charity.

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Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

Future Plans

Looking ahead, the Trust has revised and renewed its Purpose of social impact via the creation of opportunity, unlocking potential and nurturing talent. This has been facilitated by not leasing out the space previously used by The Fore. This means that we have a permanent space for community and educational activities at 2TP which can be used with much less tension with our commercial activities. This allows greater community work to be accomplished and planned ahead of time. We have invested in a more experienced community and educational coordinator. 2024-25 has begun with a concerted programme of outreach to fulfill the objectives of the new strategy.

Exhibition plans are also underway for spring 2025. The Trust will work with curator Samantha Manton to explore the overlooked richness and diversity of working-class life in post-war Britain in Lives Less Ordinary. This exhibition will present surprising and unknown works from key UK archives and public regional collections to offer a nuanced and authentic reflection on working-class experiences. Looking beyond the usual narratives of crisis and struggle, works will express complexity and humour, brought together within an architectural setting that both manifests and interrogates wealth and privilege.

Across a wide range of artfonns, Lives Less Ordinary will challenge the enduring misrepresentation of the working-classes on the walls of UK institutions, showcasing artists who define working-class culture and identities on their own terms. A vital advisory nehvork will provide external advice to interrogate the curatorial process. There will be many opportunities generated from the exhibition, in line with the Trust's Purpose, with a particular focus on the socio-economically disadvantaged. These include public participation projects, advocacy events, work experience and retail and performance opportunities.

Major building projects in the summer of2024 took 2TP out of use for periods of time. All were on time and on budget. The trustees were careful to factor the projects into risk assessments and future budgeting.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Trust is a limited company, limited by guarantee, as defined by the Companies Act 2006. It is governed by its Articles of Association that were last revised in September 2011.

Recruitment, appointment, and training of trustees

Trustees are recruited and appointed by consensus of the existing trustees of the Bulldog Trust Limited. The range of skills across the Trustees are a strong fit for the Bulldog Trust's strategy and operations, with finance, risk management, arts and charity sector experience all represented. Trustees meet separately with the Director to discuss specific areas of work to maintain a Board-level overview of the organisation's ongoing health. Phillipa Melhuishjoined as a Trustee in Autumn 2024, bringing valuable experience of long-term volunteering at a major national museum.

Organisational structure

There are currently four trustees (three during 2023-24), who are also members of the Board of Management. This Board meets four times a year and more frequently if required, which it did for the early 2024 strategy review process. The Director of Two Temple Place and The Bulldog Trust have delegated authority.

Related parties

The Bulldog Trust Limited owns the entire share capital of trading subsidiary Two Temple Place Limited. The Company was established for the provision of our commercial private and corporate entertaining activities.

Risk management

The Trustees have considered the major risks to which the Trust is exposed, regularly review those risks, and ensure robust systems and procedures to manage them. An organisation-wide Risk Register is in place and was reviewed again in 2024. In 2024 the Director and staff have embarked on a complete review and overhaul of all policies. This is planned to complete at the end of2024.All policies will then be reviewed annually.

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

The key risks the Trust is exposed to are the variability of investment returns and volatility in the global stock market, dependency on commercial income, and the impact of global climate depredation on the building. Substantial management effort is devoted to maintaining and increasing income to help manage these risks.

Financial Management

The charity has completed migration from a number of disparate systems and processes to an integrated multi-system setup using cloud-based finance services, giving the organisation increased financial rigour and improved controls, with an ability to audit internally when required.

The charity has engaged with an external firm of accountants who look after payroll and book-keeping. The charity has produced a series of Standing Financial Instructions policies including: delegation of financial authority; fraud; expenses; compliance; and budget controls.

RESERVES POLICY, INVESTMENTS AND PROPERTY

Reserves Policy

This policy sets out the strategy for the Trust's free reserves, which are defined as unrestricted funds. These free reserves include short-term investment balances, cash, and other working capital balances.

Reserves ensure that the Trust is protected against future contingencies and sudden unforeseen reductions in funds across any area of its vision and mission, while ensuring that income is not retained for longer than required. The level of reserves is that which the Trustees believe is appropriate at the time in order to enable the charity to withstand fluctuations in income and to meet its charitable objectives. The level is reviewed annually as part of the Trust's ongoing risk assessment, and in setting the level the Trustees review a broad range of evidence to confirm the going concern of the organisation.

The Trust holds a fixed asset reserve of £5m, which is not a liquid asset. The Trustees have designated appropriate reserves for the organisation to cover at least:

The annual cash expenditure of the exhibition held to underwrite cultural programme expenditure.

A permanent endowment fund to enhance the long-term security of the Trust and diversify the Trust's income.

Investments & Property

Rathbones trading as Investec Wealth and Management manage the Trust's funds and the Trustees thank them for their work during a difficult and turbulent year in which investment performance was disappointing. Looking further ahead, it is evident that even with adjustments to the portfolio the global geopolitical framework is continuing to create uncertainty. The Trustees continue to take a cautious approach, with portfolios prudently positioned and risk spread across short- and longer-term investments and industry sectors.

Other external income streams included rent from the Lower Ground floor of Two Temple Place to independent tenants. Wessex House, the Trust's property in Newbury, was put on the market with commercial estate agents and was sold in February of 2024. A significant portion of the proceeds was reinvested in the restoration of the Two Temple Place floor, lift and electricals projects which took place in sununer 2024, and for the final donations to the Fore.

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Docusign Envelope ID: 6FF6FE65-4DD4-4A26·A6BE·138139F7794F

THE BUL DOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2024

Financial Processes

Financial processes are reviewed by the Trustees and refreshed on an ongoing basis.

The Trustees have established and interrogated procedures and policies to minimise the impact of risks. Management accounts are prepared monthly by the Finance Director with support from the General Manager and are reviewed by the Director. Budget holders f d directly into monthly accounts and work with the Finance Director and Director to pre-empt and manage budget overspends and underspends. An external finn of accountants supports and maintains an overview of monthly management accounts. We plan to keep the latter arrangement for the time being as an additional support to our internal risk management.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Bulldog Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application ofresourcesi including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, inCOIJJOrating a strategic report, approved by order of the board of trustees, as the company directors, on .......16/2/2025................. and signed on the board's behalf by:

C MR Hoare - Trustee

,., ..•......•.•....•.•.•.....•••.• , ••••••••

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Opinion

We have audited the financial statements of The Bulldog Trust Limited (the parent 'charitable company') and its subsidiary (the 'group') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the fmancial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements. we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the group financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the group fmancial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the group fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infommtion. we are required to report that fact. \Ve have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the parent company and group financial statements; and

the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its enviromuent obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of group fmancial statements that are free from material misstatement, whether due to fraud or error,

In preparing the financial statements, the trustees are responsible for assessing the charitable company and charitable groups ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: 6FF6FE65-4DD4-4A26·A6BE-138139F7794F

Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fonns part of our Report of the Independent Auditors,

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fonned.

Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor) for and on behalf ofXeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2RSDD

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Consolidated Statement of Financial Activities (Incorporating an Income & Expenditure Account) for the year ended 30 June 2024

2024 2023
Unrestricted
fund		 Unrestricted
Restricted
fund		 Total
funds		 Total
funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 58,598 490,866 549,464 1,717,997
Charitable Activities
Other trading activities 3 73,061 2,225 75,286 27,483
Other activities for generating funds 4 811,510 811,510 1,041,466
Investment income 5 111 815 3 195 115 010 122,963
Total 1 054,984
ee		 1 054,984 496 286
~~————~~		 1,551,270
ninemsn		 a 2,909,909
EXPENDITURE ON
Raising funds 6 15,057 15,057 17,621
Commercial trading activities 792,010 792,010 636,477
Charitable activities 7
Exhibition expenses
Grants for charitable putposes		 259,109
369,269
1,083,865
259,109
1 453 134
~~ee~~
CERRY		 145,772
1,933,407
ee
Total 1,435,445 1,083,865 2,519,310 2,733,277
Net gains/(losses) on investments 164,028 164,028 (52,619)
NET INCOME/(EXPENDITURE)
Transfers between funds		 20 (216,433) (587,579) (804,012) 124,013
Net movement in funds (216,433) (587,579) (804,012) 124,013
RECONCILIATION OF FUNDS
Total funds brought forward		 8,674,713 587,579 9,262,292 9,138,279
TOTAL FUNDS CARRIED FORWARD 8,458,280 8,458,280 9,262,292

The notes form part of these financial statements

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Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A68E-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Consolidated Balance Sheet 30 June 2024

Unrestricted
fund		 Unrestricted Restricted
fund		 2024
Total
funds		 2023
Total
funds
FIXED ASSETS Notes Notes
£		 £ £ £
Tangible assets 14 5,104,737 5,104,737 5,119,579
Investments
Investments 15 3,133,674 3,133,674 2,477,155
Investment property 16 850,000
8,238,411 8,238,411 8,446,734
CURRENT ASSETS
Stocks 17 17,515 17,515 29,738
Debtors 18 158,996 158,996 226,737
Cash at bank and in hand 307 042
a
Te!		 —_— 307 042
‘pmusannihiaiisinssteeeemeddl amendsia		 1,283,270
~~ee~~
483,553 483,553 1,539,745
CREDITORS
Amounts falling due within one year 19 (263,684) (263,684) (724,187)
NET CURRENT ASSETS 219,869 219,869 815,558
TOTAL ASSETS LESS CURRENT
LIABILITIES 8,458,280 8,458,280 9,262,292
NET ASSETS 8,458,280 8,458,280 9,262,292
FUNDS
Unrestricted funds
Restricted funds		 20 8,458,280 8,674,713
587,579
TOTAL FUNDS 8,458,280 9,262,292

16/2/2025

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................ . and were signed on its behalf by:

S!gnedby:

027J'oef-2s30040P.:.-··············· C M R Hoare - Trustee

The notes form part of these financial statements

Page 13

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Company Balance Sheet 30 June 2024

2024 2023
Unrestricted
fund		 Restricted
fund		 Total
funds		 Total
funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 13 5,061,768 5,061,768 5,061,000
Investments
Investments
Investment property		 14
15		 3,958,676 3,958,676 3,302,157
850 000
9,020,444 9,020,444 9,213,157
CURRENT ASSETS
Debtors 16 363,645 363,645 511,257
Cash at bank 238,286 238,286 947,295
601,931 601,931 1,458,552
CREDITORS
Amounts falling due within one year 17 (129,258) (129,258) (438,259)
NET CURRENT ASSETS 472 673 472,673 1,020,293
TOTAL ASSETS LESS CURRENT
LIABILITIES 9,493,117 9,493,117 10,233,450
NET ASSETS 9,493,117 9,493,117 10,233,450
FUNDS 18
Unrestricted funds
Restricted funds		 9,493,117 9,645,871
587,579
TOTAL FUNDS 9,493,117 10,233,450

16/2/2025

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................ . and were signed on its behalf by:

Slgnedby:

027•7-80FOOWE)4!)!.,., ••••••••••••••• C M R Hoare • Trustee

The notes form part of these financial statements

Page 14

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A68E-138139F7794F

THE BULLDOG TRUST LIMITED THE BULLDOG TRUST LIMITED
Consolidated Cash Flow Statement
for the year ended 30 June 2024
2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations		 I (1,490,537) 100,163
Net cash provided by/(used in) operating activities Net cash provided by/(used in) operating activities (1,490,537) 100,163
Cash flows from investing activities
Purchase of fixed asset investments
Purchase of tangible fixed assets
Sale of ftxed asset investments
Sale of investment property
Interest received		 (2,463,450)
(6,394)
1,981,688
800,000
4,104		 (537,470)
(3,360)
482,015
2,519
Dividends received 86,974 84,476
Rentals received 111,387 110,001
Net cash provided by investing activities 514 309
_—— ar		 138,181
i
Change in cash and cash equivalents In the
reporting period		 (976,228) 238,344
Cash and cash equivalents at the beginning
of the reporting period 1,283,270 1,044,926
Cash and cash equivalents at the end of the
reporting period 307,042 1,283,270

The notes form part of these financial statements

Page 15

Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Cash Flow Statement for the year ended 30 June 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES		 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
2024 2023
£ £
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:		 (804,012) 124,013
Depreciation 21,237 29,493
Losses on investments (174,756) 80,030
Interest received (4,104) (2,519)
Dividends received (86,974) (84,476)
Investments 50,000
Rentals received (111,387) (110,001)
Decrease/(increase) in stock 12,223 1,822
(Increase)/decrease in debtors 67,741 (70,367)
Decrease in creditors (460,505) 132,168
Net cash provided by/(used in) operations (1,490,537)
—==——		 100,163
——__——

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 1,283,270 (976,228) 307,042
1,283,270 (976,228) 307,042
Total 1,283,270 (976,228) 307,042

The notes form part of these financial statements

Page 16

Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements for the year ended 30 June 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard I 02 'The Financial Reporting Standard applicable in the UK and Republic oflreland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of inveshnents which are included at market value, as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements consolidate the results of the charity and its wholly owned subsidiary Two Temple Place Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a cornrnihnent but not accrued as expenditure.

TANGIBLE FIXED ASSETS

The freehold property is stated at the trustees' valuation. The paintings are included at costs and are not depreciated as the residual value is considered to be higher than the carrying value. Assets with an initial cost of £1,000 or more are capitalised.

Depreciation is not charged on the freehold property because the length of the useful life is such that depreciation would not be material. An annual impairment review is carried out.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property 15% on cost Plant and machinery - 15% on cost

INVESTMENT PROPERTY

The investment property is included in the financial statements at its open market value. The property has been valued by the trustees.

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued ...

Page 17

Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

DOG TRUST LIMITED THE BUL

Notes to the Financial Statements for the year ended 30 June 2024

1. ACCOUNTING POLICIES continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES Group only

Group only 2024 2023
£ £
Donations received
Gift Aid		 24,898
33,700		 9,979
Grants 490,866 1,708,018
549,464 1,717,997
Grants received, included in the above, are as follows:
2024 2023
£ £
The Moody Foundation 108,302
Rothschild 35,486
Henry Oldfield Trust 30,000
UBS 170,000
Bridget Barton 73,000
Steve & Heather Tudge 67,500
Suzie Mumme 48,000
Aeonian Foundation 70,500 70,500
BlackRock 250,000 250,000
Bulldog Trust 103,800 56,300
Four Acre 150,000
hnagine Foundation 36,000
Netherby Trust 60,000
The Golden Bottle Trust
The Hadley Trust		 335,000
110,000
The Lyon Family Charitable Trust 100,000
Tye Foundation 72,000
Other donations 1,080 1,416
490,866 1,708,018

The grant income above was generated by 'The Fore' which became and independent Charity in September 2023, please refer to page 5 of the Trustees report for more details.

3. OTHER TRADING ACTMTIES
Group Only Group Only 2024 2023
Fundraising events £
15,286		 £
27,483
~~__~~
4. OTHER ACTIVITIES FROM GENERATING FUNDS
Group Only Group Only 2024 2023
£ £
Events 776,006 638,884
Grant income 19,999 334,020
Museum Tax Relief 15,505 68,562
811,510 1,041,466

continued ...

Page 18

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

5, INVESTMENT INCOME Group Only

5, INVESTMENT INCOME
Group Only Group Only 2024 2023
£ £
Rents received 21,387 35,001
UK Listed investments 86,973 84,476
Deposit account interest 6 650
peerereY Seen		 3,486
—aaes
115,010
Sosanthmtnyoo		 122,963
So
6, RAISING FUNDS
Group Only Group Only
INVESTMENT MANAGEMENT COSTS 2024 2023
£ £
Portfolio management
Exchange difference		 15,057 14,570
639
Support costs 2,412
15,057
~~—~~		 .!Lill

7. CHARITABLE ACTIVITIES COSTS Group Only

Group Only
Grant
funding of
activities Support
Direct (see note costs (see
Costs 8) note 9) Totals
£ £ £ £
Grants for charitable purposes 50,154 1,174,778 228,202 1,453,134
GRANTS PAYABLE
Group Only 2024 2023
£ £
Grants for charitable purposes 1,174,778 1,190,502

8. GRANTS PAYABLE Group Only

Of the above grants £1,083,865 (2023 £1,613,093) related to 'The Fore' which became and independent Charity in September 2023, please refer to page 5 of the Trustees report for more details.

9. SUPPORT COSTS
Group Only Group Only Management Governance
costs costs Totals
£ £ £
Grants for charitable purposes 220,245 7 957 228,202

continued ...

Page 19

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG 1RUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

10. NET INCOME/(EXPENDITURE) Group Only

Net income/(expenditure) is stated after charging/(crediting):

NET INCOME/(EXPENDITURE)
Group Only
Net income/(expenditure) is stated after charging/(crediting):		 Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Auditors' remuneration 6,910 5,000
Depreciation
Deficit on disposal of fixed assets		 21,237
50,000
~~——~~		 29,494
ipenraemsom

11. TRUSTEES' REMUNERATION AND BENEFITS Group Only

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.

12. STAFF COSTS
Group Only Group Only 2024 2023
£ £
Wages and salaries 505,938 699,178
Social security costs 45,114 96,999
Other pension costs 14,456 32,719
565,508 828,896
The average monthly number of employees during the year was as follows:
2024 2023
Charitable & Support 15 19
=
The number of employees, whose employee benefits (excluding employer pension costs) exceeded £60,000 was: The number of employees, whose employee benefits (excluding employer pension costs) exceeded £60,000 was: The number of employees, whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
Employees earnings £60,000 - £100,000 2024
I		 2023
I

Page 20

continued ...

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

12. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund		 Restricted
fund		 Total
funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 9,979 1,708,018 1,717,997
Charitable Activities
Exhibitions
Other activities for generating funds		 14,352
1,041,466		 13,131 27,483
1,041,466
Investment income 122 127
~~ee~~ a		 836 122,963
ed
Total 1,187,924 1,721,985 2,909,909
EXPENDITURE ON
Raising funds		 17,621 17,621
Commercial trading activities 636,477 636,477
Charitable activities
Exhibition expenses
Grants for charitable purposes		 145,772
320 314		 1,613,093 145,772
1,933,407
Total 1,120,184 1,613,093 2,733,277
Net gains/(losses) on investments (52,619) (52,619)
NET INCOME
Transfers between funds		 15,121
27 000		 108,892
(27,000)		 124,013
Net movement in funds 42,121 81,892 124,013
RECONCILIATION OF FUNDS
Total funds brought forward		 8,632,592 505,687 9,138,279
TOTAL FUNDS CARRIED FORWARD 8,674,713 587,579 9,262,292

Page 21

continued ...

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements N continued for the year ended 30 June 2024

14. TANGIBLE FIXED ASSETS
Group Plant and Freehold
machinery property Paintings Totals
£ £ £ £
COST OR VALUATION
At I July 2023 1,181,555 5,000,000 61,000 6,242,555
Additions 6,394 6,394
At 30 June 2024 1,187,949 s,000,000 61,000 6,248,949
DEPRECIATION
At I July 2023 1,122,976 1,122,976
Charge for year 21,237 21,237
At 31 June 2024 1,144,213 1,144,213
NET BOOK VALUE
At 30 June 2024 43,736
Cnet cecteee		 5,000,000
ETE So		 61,000
SSS		 5,104,736
——
————
At 30 June 2023 58,579
Ss		 5,000,000
~~ee~~		 61,000
—~~———~~		 5,119,579
~~=———__=~~
Parent Parent Freehold
property Paintings Totals
£ £ £
COST OR VALUATION
At I July 2023 and 30 June 2024 s,000,000
~~es~~		 61,000
een		 5,061,000
————ee
NET BOOK VALUE
At 30 June 2024 s,000,000 61,000 5,061,000
At 30 June 2023 5,000,000 61 000 5,061,000

Page 22

continued ...

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements M continued for the year ended 30 June 2024

15. FIXED ASSET INVESTMENTS

Group Cash and Cash and Cash and
Listed settlements
investments investments
pending		 pending Totals
MARKET VALUE £ £ £
At 1 July 2023 2,317,853 159,302 159,302 2,477,155
Additions 1,252,221 1,211,230 1,211,230 2,463,451
Disposals (667,864) (667,864) (1,303,096) (1,303,096)
(1,970,960)
Revaluations 164,028 164,028
At 30 June 2024 3,066,238 67,436 67,436 3,133,674
NET BOOK VALUE
At 30 June 2024 3,066,238
<~~_< ssa~~		 67,436
————		 3,133,674
‘capuesicinaaiicaeitiieees
At 30 June 2023 2,317,853
a		 159,302
—————————		 2,477,155
——_
Parent
Cash and
Listed Unlisted settlements
investments investments pending Totals
MARKET VALUE £ £ £ £
At I July 2023 2,317,853 825,002 159,302 3,302,157
Additions 1,252,221 1,211,230 2,463,451
Disposals (667,864) (1,303,096) (1,970,960)
Revaluations 164,028 164,028
-
=
i
i
At 30 June 2024 3,066,238 825,002 67,436 3,958,676
NET BOOK VALUE ¢
At 30 June 2024 3,066,238
es		 825,002
~~a~~		 67,436
a		 3,958,676
SEES		 i:
At 30 June 2023 2,317,853 825,002 159,302 3,302,157

Parent

The unlisted investment represents the charity's 100% interest in Two Temple Place Limited.

Of the £3,063,112 listed investments held at 30th June 2024, £1,270,868 are held in the UK and £1,795,370 are held in vehicles with overseas holdings. All other investment assets are held in the UK.

Investments that are material to the investment portfolio are detailed as follows:

Investments that are material to the investment portfolio are detailed as follows: Investments that are material to the investment portfolio are detailed as follows:
2024 2023
£ £
Guinness Asset Management Global Equity Income Fund 152,845 203,917
Brown Advisory Fds BA Beutel Goodman Us
Blackrock Rm Ltd European Dynamic Fd Inc		 144,500
108,018		 128,200
Blackrock World Mining 0.05 119,900
405,363
Se		 452,017
~~—~~

All investments are held to generate an investment return for use in the activities of the charity. The historical cost of investments held as at 30th June 2024 was £2,707,657 (2023: £1,945,937)

Page 23

continued ...

Docuslgn Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

15. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 June 2024 is represented by:

==> picture [425 x 52] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Cash and| |Listed|settlements| |investments|pending|Totals| |£|£|£| |Valuation in 2024|3,066,238|67,436|3,133,674|

----- End of picture text -----

The company's investments at the balance sheet date in the share capital of companies include the following:

Two Temple Place Limited Registered office: 2 Temple Place, London, WC2R 3BD Nature of business: to hire out for events

==> picture [463 x 403] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |%| |Class of share:|holding| |ordinary|100| |2024|2023| |£|£| |Aggregate capital and reserves|(1,037,442)|(902,597)| |Profit/ (Loss) for the year|——|(66,284)|—|h-—,|68 561| |16.|INVESTMENT PROPERTY| |Group and parent| |£| |FAIR VALUE| |At 1 July 2023|850,000| |Disposals|(850,000)| |At 30 June 2024| |NET BOOK VALUE| |At 30 June 2024| |At 30 June 2023|JliMQQ| |17.|STOCK| |Group|2024|2023| |£|£| |Stock|17,515|29,738| |29 738|oo| |lLlli| |18.|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR| |Group|2024|2023| |£|£| |Trade debtors|46,303|157,690| |Other debtors|112,693|69,047| |226 737|

----- End of picture text -----

continued ...

Page 24

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR continued

Parent Parent 2024 2023
£ £
Trade debtors 9,412
Amounts owed by group undertakings 326,409 488,786
Other debtors
Prepayments and accrued income		 27,824 22,471
363,645 511,257
19. CREDITORS: AiVIOUNTS FALLING DUE WITHIN ONE YEAR
Group 2024 2023
£ £
Trade creditors 16,038 31,383
Social security and other taxes 18,646 65,540
Other creditors
Accruals and deferred income		 107,376
121,624		 394,753
232,511
263,684 724,187
Parent 2024 2023
£ £
Trade creditors 1,269
Social security and other taxes 9,549 24,515
Other creditors
Accruals and deferred income		 107,374
12,335		 394,754
17,721
129,258
===		 438,259
—S
20. MOVEMENT IN FUNDS
Group Group Net
movement At
At 1.7.23 At 1.7.23 in funds 30.6.24
£ £ £ £
Unrestricted funds
General fund 8,674,713 (216,433) 8,458,280
Restricted funds
The Fore 587,579 (587,579) -
TOTAL FUNDS 9,262,292
SSS~~pre~~
~~a~~		 (804,012)
8,458,280
a
SSS
a

continued ...

Page 25

Docusign Envelope ID: 6FF6FE65-4D04-4A26-A68E-138139F7794F

THE BULLDOG TRUST LIMITED

for the year ended 30 June 2024

Net movement in funds, included in the above are as follows:

Incoming
resources
£		 Resources
expended
£		 Gains and
losses
£		 Movement
in funds
£
Unrestricted funds
General fund		 1,054,984 (1,435,445) 164,028 (216,433)
Restricted funds
The Fore 496,286 (1,083,865) (587,579)
TOTAL FUNDS 1,551,271
SSSsee		 (2,519,310)
——		 164,028
EEC		 (804,012)
—$—a
ee
Parent Net
movement At
At 1.7.23 in funds 30.6.24
Unrestricted funds
General fund		 £
9,645,871		 £
(152,754)		 £
9,493,117
Restricted funds
The Fore 587,579 (587,579)
TOTAL FUNDS 10,233,450 (740,333) 9,493,117
Net movement in fundsi included in the above are as follows:
Incoming
resources		 Resources
expended		 Gains and
losses		 Movement
in funds
£ £ £ £
Unrestricted funds
General fund		 257,870 (574,652) 164,028 (152,754)
Restricted funds
The Fore 496,288 (1,083,867) (587,579)
TOTAL FUNDS 754,158 (1,658,519) 164,028 (740,333)

Page 26

continued ...

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Comparatives for movement in funds
Comparatives for movement in funds Net Transfers
Group Group At 1.7-22 movement
in funds		 between
funds		 At
30.6.23
£ £ £ £
Unrestricted funds
General fund 8,632,592 15,121 27,000 8,674,713
Restricted funds
The Fore 505,687 108,892 (27,000) 587,579
TOTAL FUNDS 9,138,279
SSa		 124 013
eae		 $$——— 9,262,292

Comparative net movement in funds. included in the above are as follows:

Incoming
resources		 Resources
expended		 Gains and
losses		 Gains and Movement
in funds
£ £ £ £
Unrestricted funds
General fund		 1,187,924 (1,120,184) (52,619) 15,121
Restricted funds
The Fore 1,721,985 (1,613,093) 108,892
TOTAL FUNDS 2,909,909
fo		 (2,733,277)
mee		 i (52,619)
wm		 124,013
EE
Parent Parent At 1.7.22 Net
movement
in funds		 Transfers
between
funds		 At
30.6.23
£ £ £ £
Unrestricted funds
General fund		 9,603,750 15,121 27,000 9,645,871
Restricted funds
The Fore 505,687 108,892 (27,000) 587,579
TOTAL FUNDS 10,109,437
124,013
———————ee		 oar 10,223,450
st
==——

This page does not form part of the statutory financial statements

Page 27

Docusign Envelope ID: 6FF6FE65-4DD4-4A26-A6BE-138139F7794F

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2024

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming
resources
dE		 Resources
expended
£		 Gains and
losses
£		 Movement
in funds
£
Unrestricted funds
General fund 496,030 (428,290) (52,619) 15,121
Restricted funds
The Fore 1,721,985 (1,613,093) 108,892
TOTAL FUNDS 2,218,015 (2,041,383) (52,619) 124,013

21. RELATED PARTY DISCLOSURES

The Trust has taken exemption from disclosing related party transactions with Two Temple Place Limited on the basis that it is a 100% owned subsidiary and consolidated financial statements are prepared.

This page does not form part of the statutory financial statements

Page 28