Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **Charity No: 1160012**
**THE BRITFORD BRIDGE TRUST TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT For the year ended 5 April 2024**
Brodies LLP Brodies House 31-33 Union Grove Aberdeen AB10 6SD Ref: MSTE/KPI/BRI.197
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
|**Contents**|**Page**|
|---|---|
|Reference and administrative details of the trust, its trustees and advisors|2|
|Trustees' annual report and financial statement|3-6|
|Independent auditor's report to the trustees|7-10|
|Statement of financial activities|11|
|Balance sheet|12|
|Statement of cash flows|13|
|Notes to the financial statement|14-21|
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Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISORS**
## **For the year ended 5 April 2024**
## **English Charity no:** 1160012
## **Trustees:**
Dr Margaret Jane MacDougall Adrian Charles Frost Brodies & Co. (Trustees) Limited (A list of the names of the directors of Brodies & Co. (Trustees) Limited may be inspected at Capital Square, 58 Morrison Street, Edinburgh EH3 8BP)
## **Registered office, solicitors, secretaries and treasurers:**
Brodies House 31-33 Union Grove Aberdeen AB10 6SD
## **Bankers:**
Royal Bank of Scotland St Andrew Square Edinburgh EH2 2YB
## **Investment Advisors:**
Progeny 18 Rutland Square Edinburgh EH1 2BB
## **Auditor:**
Azets Audit Services Chartered Accountants Titanium 1 King's Inch Place Renfrew PA4 8WF
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
The trustees present their report along with the financial statements for the year ended 5 April 2024.
## **Objectives and activities**
The deed of trust provides for wide-reaching charitable objects, affording the charity trustees the power and flexibility to apply the income and capital of the trust fund, by awarding grants, for the benefit of charitable objects and purposes, in any part of the world. Grants are awarded to charitable organisations in accordance with the objectives set out below.
Notwithstanding the wide reaching charitable objects, a primary focus is centred on:-
- The prevention or relief of poverty;
- The advancement of education;
- The advancement of health or the saving of lives; and
- The advancement of the arts, culture, heritage or science.
With a secondary focus on:-
- The advancement of citizenship or community development;
- The advancement of amateur sport;
- The advancement of environmental protection or improvement; and
- The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.
The trust’s main activity is the provision of financial support/grants to registered charities which further the trust’s wide reaching charitable objectives for the benefit of the general public throughout the United Kingdom, and also internationally. The founders of the charitable trust are active donors in the third sector, and in their personal capacity have gifted money towards various charities based in England and abroad. In setting up this charitable trust, the founders wish to continue and develop their support of charities operating in a variety of different sectors for the benefit of the local communities in which those charities operate.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives and in planning future activities.
The charity trustees consider applications every three months and will also meet at least annually to discuss and review applications to the trust. The trustees will use their own knowledge of the applicants in question, in addition to considering each application on its own merits, as to whether the funding/grant sought will further and advance the trust's charitable purposes and in turn provide public benefit.
If necessary the trustees will seek additional information from the applicants, such as details of specific project funding or annual accounts/financial statements. Applications will be reviewed on an ad hoc basis by the trustees or the charity's administrators, who will identify suitable appeals to further assist the trustees in their consideration of applications. The trustees use a tailored application form and during the previous years, as part of a wider strategic grant-giving review, considered the functionality and impact of the application form and overall grant giving processes. The form has proved beneficial in assisting trustee review of applications and also provides clear and transparent grant-giving parameters for applicants.
When considering which potential recipients to support, the charitable purpose being advanced will preferably be one of the primary charitable purpose descriptions, and, if not, it will be one of the secondary charitable purpose descriptions. It is anticipated that when considered in aggregate on an annual basis the majority of the donations made by the trust will have advanced one or more of the primary charitable purpose descriptions.
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **Objectives and activities (continued)**
During the 2019 financial year the trustees refined their grant making policy underlining the key strategy for the trust which is to apply its annual income (and where thought appropriate, its capital) from investments held by the trust to the potential recipients who will further the advancement of the trust's charitable purposes and in doing so provide benefit to communities throughout the United Kingdom and further afield. Through the development and introduction of the application form the trustees acknowledged the trust is fully committed to supporting the fields of medicine and related professions connected to the cause, diagnosis, treatment and care of cancer and other malignant disease and did not accept applications for funding in that regard during the period of the annual accounts. Grant funding priorities will be reviewed by the trustees on an ongoing basis.
The trustees will seek appropriate updates from the grant/donation recipients as to how their activities have progressed in light of receiving financial support from the charity. As part of the on-going review of the impact of grants, the trustees will require evidence of how the funds have been applied in furtherance of the trust's purposes, including details of how the funds have been spent by the recipients.
The trust’s main activity is the provision of grant funding and since its inception the trust has received significant capital contributions in the form of cash and listed shares from the founders which has enabled the trustees to agree donations of £1,046,402.00 (2023: £1,060,859.00) in this accounting year. The trust does not fundraise and seeks to continue the charitable work desired by the Settlor through the careful stewardship of the existing resources.
## **Achievements and performance**
The financial position of the trust and its activities during the year are stated in the attached documents. The trustees consider the financial position of the trust to be satisfactory.
The trust has agreed donations totalling £1,046,402.00 (2023: £1,060,859.00) as detailed in note 5 to the accounts in accordance with the deed of trust. £738,362.00 (2023: £820,274.00) was agreed in furtherance of the trust’s primary charitable objectives and £308,040.00 (2023: £240,585.00) in furtherance of the trust’s secondary charitable objectives, meaning the trustees achieved the grant giving strategy envisaged for the year.
## **Financial review**
As at 5 April 2024 the mid-price market value of the trust's portfolio was £27,341,032 (2023: £26,510,043) and the unrestricted reserves are £29,554,188.06 (2023: £28,202,991.67). The trust does not raise any income from the public.
## **Risk management**
The trustees have assessed the risks to which the trust is exposed, in particular those related to the operations and finances of the trust and are satisfied that systems are in place to mitigate exposure to major risks. The trustees consider variability of investment returns as one of the major risks, and therefore the trust uses the services of Progeny as investment advisers. The policy is to look for a balance of income and capital growth with a medium risk profile and medium priority for income generation.
## **Reserves policy**
It is the policy of the trust to maintain unrestricted reserves at a level sufficient to cover donations and running costs. The accumulated income and cash held by the trust provides for the planned distributions and running costs. The trust has unrestricted reserves of £29,554,188.06 at 5 April 2024 (2023: £28,202,991.67).
The trustees considered that there was no need for substantial contingency cash provision for unexpected costs as there were sufficient cash held and realisable assets to cover most situations.
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **Investment policy and objectives**
The portfolio is invested on the basis of a medium attitude to risk with the objective of a balanced return from both income and capital. The trustees are satisfied with the investment performance during the year.
## **Plans for future periods**
Although the trustees have power to make payments out of capital for charitable purposes, there are no plans to make such payments in the foreseeable future. The trustees confirm their intention to make charitable donations based on the type, volume and quality of applications and the available funds having regard to maintaining the longer term sustainability of the trust and its ability to further its purposes into the future.
## **Structure, governance and management**
The trust was established by deed of trust dated 9 October 2014. The trust was awarded charitable status by the Charity Commission on 19 January 2015, and it is also registered for tax relief with HM Revenue & Customs (EW26086).
The deed of trust sets out that new trustees may be appointed by the existing trustees at any time (either by way of replacement or addition). The total number of trustees shall at no time exceed seven. There has been no need to recruit new trustees during this year. Should a trustee vacancy arise or the trustees identify the need for additional trustees, the trustees will assess the relevant skill set required by the trust at that particular point in time ensuring that the new trustee(s) have the requisite experience, empathy and knowledge of the charity. New trustees may be sought by open advertisement or through the trustees’ own due diligence exercise. Respecting the ethos of the trust to continue the charitable work intended by the founders and their family will also be taken into account when assessing trustee appointment.
Due to the high volume of ad hoc applications received by the trust administrators, the trustees consider these applications every three months. Grants that further the trust’s charitable objectives and also provide clear public benefit are disbursed with accompanying receipts.
## **Reference and administrative details**
Details regarding the trustees, registered office, solicitors, secretary, treasurers, bankers, investment advisors and auditor are detailed on page 2 of these financial statements.
## **Statement of the Trustees' Responsibilities**
The charity trustees are responsible for preparing the trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the FRS 102 Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in business.
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **Statement of the Trustees' Responsibilities (cont'd)**
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the trust's trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf on .
## **Adrian Charles Frost**
_Trustee_
29 January 2025 | 9:24 AM GMT
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES**
## **For the year ended 5 April 2024**
## **Opinion**
We have audited the financial statements of The Britford Bridge Trust for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the trust’s affairs as at 5 April 2024 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our 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 audit 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 charitable trust’s ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we 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. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES**
## **For the year ended 5 April 2024**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on pages 5 and 6, the trustees 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 financial 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 trust’s 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 trust or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 an auditor’s report 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the FRC’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the trust, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the trust that were contrary to applicable laws and regulations, including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non-compliance with laws and regulations, was as follows:
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES**
## **For the year ended 5 April 2024**
## **The extent to which the audit was considered capable of detecting irregularities including fraud (cont'd)**
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the trust through discussions with management, and from our knowledge and experience of the charity sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the trust, including the Charites Act 2011, taxation legislation and data protection and anti-bribery legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and the trust’s legal advisors.
We assessed the susceptibility of the trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual tranactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
## **Use of our report**
This report is made solely to the trust’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008.
Our audit work has been undertaken so that we might state to the trust’s trustees, as a body, those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trust, the trust’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
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. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES**
**For the year ended 5 April 2024**
Azets Audit Services Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Titanium 1 Kings Inch Place Renfrew PA4 8WF 29 January 2025 | 9:37 AM GMT **Date:**
Allison Gibson for Azets Audit Services
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. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **For the year ended 5 April 2024**
|**Note**
**Income and endowments**
**Investment income**
- Dividends & interest from investments
- Interest on cash deposits
**Total income and endowments**
**Expenditure**
**Cost of raising funds**
Investment management costs
**Charitable activities**
Grants
5
_Support costs_
Administration costs
5
Governance costs: audit
5
**Cost of grant making**
**Total expenditure**
**(Losses)/Gains on investments**
- realised
- unrealised
6
**Net income/(expenditure) and net movement in funds**
**Reconciliation of Funds**
11
**Fund balances brought forward**
**at 5 April 2023**
**Fund balances carried forward**
**at 5 April 2024**|**2024**
**2023**
**Total**
**Total**
£
£
776,079.14
729,799.74
62,944.84
16,807.16
839,023.98
746,606.90
119,583.06
120,318.92
1,046,402.00
1,060,859.00
27,362.39
27,481.19
11,010.00
11,730.00
1,084,774.39
1,100,070.19
1,204,357.45
1,220,389.11
16,115.02)
(
77,300.00)
(
1,732,644.88
1,573,518.10)
(
1,351,196.39
2,124,600.31)
(
28,202,991.67
30,327,591.98
29,554,188.06
28,202,991.67|
|---|---|
All activities of the trust relate to continuing operations.
The notes on pages 14 to 21 form part of these financial statements
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Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
||**THE BRITFORD BRIDGE TRUST**|**THE BRITFORD BRIDGE TRUST**|**THE BRITFORD BRIDGE TRUST**|||
|---|---|---|---|---|---|
|||**BALANCE SHEET**||||
|||**As at 5 April 2024**||||
|**Note**|||**2024**||**2023**|
|||£|£|£|£|
|**Fixed assets**||||||
|Investments|6||27,341,032.00||26,510,043.00|
|**Current assets**||||||
|Cash at bank|7|2,271,336.06||1,811,000.85||
|**Liabilities**||||||
|Creditors: amounts falling due||||||
|within one year|8|58,180.00||93,052.18||
|**Net current assets**|||2,213,156.06||1,717,948.67|
|**Total assets less current liabilities**|||29,554,188.06||28,227,991.67|
|Creditors: amounts falling due after||||||
|more than one year|9||-||25,000.00|
|**Net assets**|||29,554,188.06||28,202,991.67|
|**Funds of the Trust**||||||
|Unrestricted fund|11||29,554,188.06||28,202,991.67|
The financial statements were authorised for approval by the trustees on . . . . . . . . . . . . . . . . . . . . . . . . . . . . and are signed on their behalf by:
29 January 2025 | 9:24 AM GMT
**Adrian Charles Frost** _Trustee_
The notes on pages 14 to 21 form part of these financial statements
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. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST STATEMENT OF CASH FLOWS**
## **For the year ended 5 April 2024**
|Note
**Net cash (used in) operating activities**
13
**_Cash flows from investing activities:_**
Dividends & interest from investments
Interest on cash deposits
Purchase of investments
Proceeds from sale of investments
**Net cash provided by/(used in) investing activities**
**Increase/(decrease) in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**|**2024**
**2023**
£
£
1,264,229.63)
(
1,155,528.93)
(
776,079.14
729,799.74
62,944.84
16,807.16
1,187,398.12)
(
2,494,860.10)
(
2,072,938.98
1,500,000.00
1,724,564.84
248,253.20)
(
460,335.21
1,403,782.13)
(
1,811,000.85
3,214,782.98
2,271,336.06
1,811,000.85|
|---|---|
The notes on pages 14 to 21 form part of these financial statements
13
Brodies
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **1 General information**
These financial statements are presented in pounds sterling (GBP) as that is the currency in which the trust’s transactions are denominated.
The objective of the trust is to apply the income and capital of the trust fund for the benefit of charitable objectives and purposes, in any part of the world.
The Britford Bridge Trust is an unincorporated charity in the United Kingdom and is registered in England and Wales. The address of the trust's registered office is noted on page 2. It is recognised as a charity for tax purposes by HM Revenue and Customs and is registered with the Charity Commission for England and Wales under charity number 1160012.
The charity trustees resolved to change the name of the charitable trust to "The Britford Bridge Trust" by way of deed of alteration dated 6 September 2017.
## **2 Statement of compliance**
The financial statements are prepared in accordance with United Kingdom Accounting Standards including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS102), the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” and the Charities Act 2011.
## **3 Principal accounting policies**
The principal accounting policies adopted, judgements and key sources of estimated uncertainty applied in the preparation of these financial statements are noted below.
## _Basis of Accounting_
The financial statements have been prepared under the historical cost convention, with the exception that investments are included at market value in accordance with applicable Accounting Standards in the United Kingdom.
The trust meets the definition of a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## _Going Concern_
The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern. With respect to the next two reporting periods, 2024-25 and 2025-26, the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the investment policy and performance risk management sections of the trustees' annual report for more information).
## _Incoming recognition_
Donations are included in full in the Statement of Financial Activities when the trust becomes entitled to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from investments and deposits are credited to the Statement of Financial Activities in the period in which they are receivable.
## _Expenditure recognition_
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the trust to the expenditure. All expenditure is accounted for on an accruals basis.
Cost of raising funds consists of investment management costs.
Charitable expenditure comprises those costs incurred by the trust in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature, necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the trust.
14
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **3 Principal accounting policies (continued)**
_Funds_
Unrestricted funds comprise income which the trustees are free to use for any purpose in furtherance of the charitable purposes.
## _Investments_
Investments are quoted on UK Stock Exchanges and stated at market value. Investments in unlisted company shares are individually measured at their fair value, where there is a reliable measure. When there is no reliable measure of fair value, then the investment is valued at cost less impairment. Investments are reviewed at least yearly by investment advisors and changes in the portfolio are made on their recommendation. Gains and losses are recognised in the period in which they arise.
## _Financial Instruments_
The trust only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets are derecognised when contractual rights to the cash flows from the assets expire, or when the trust has transferred substantially all the risks and rewards of ownership.
Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.
## _Cash and cash equivalents_
Cash held includes cash and short term highly liquid deposits with a short maturity of twelve months or less from the date of opening of the deposit or similar account.
## _Debtors and Creditors_
Short term debtors and creditors are measured at transaction price.
## _VAT_
The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.
## _Taxation_
The trust is a charity and is recognised as such by H M Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
## **4 Employee benefits**
The trust does not have any employees (2023: nil); therefore there were no employees who received employee benefits over £60,000 in the current or prior period.
No trustees were paid any remuneration or expenses from the trust (2023: £nil).
15
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **5 Charitable expenditure**
|**Charitable expenditure**
**Grants:**
**_Primary_**
The prevention or relief of poverty
The advancement of education
The advancement of health or the saving of lives
The advancement of the arts, culture, heritage or science
**_Secondary_**
The advancement of citizenship or community development
The advancement of amateur sport
The advancement of environmental protection or improvement
**Support costs**
Administration costs
Governance costs - audit fee
**Total cost of grant making**
The relief of those in need, by reason of youth, age, ill-health, disability, financial
hardship or other disadvantage|**2024**
**2023**
£
£
-
68,648.00
75,000.00
-
379,745.00
524,126.00
283,617.00
227,500.00
72,000.00
35,560.00
55,000.00
25,000.00
69,500.00
60,525.00
111,540.00
119,500.00
1,046,402.00
1,060,859.00
27,362.39
27,481.19
11,010.00
11,730.00
1,084,774.39
1,100,070.19|
|---|---|
|**Grants to institutions :**
**Payment Date**
**_Donations agreed_**
Armónico Consort Ltd
16/5/23
The Martin Moran Foundation
16/5/23
Bendrigg Trust
16/5/23
National Literacy Trust
18/5/23
**Donations agreed 2 August 2023**
Brass for Africa
3/8/23
Brass for Africa
creditor
Botanical Society of Britain and Ireland
1/9/23
Ballet Lorent Limited
1/9/23
British Exploring Society
1/9/23
Hope at Home
1/9/23
Greenseas Trust
1/9/23
DrugFAM/ The Nicholas Mills Foundation
1/9/23
Smart Works Charity
1/9/23
Switch180/Stop.Breathe.Think
1/9/23
Together Now
1/9/23
Walking With The Wounded
1/9/23
Cambridge Film Trust
1/9/23
Cambridge Cyrenians Ltd
4/9/23
Boat Building Academy
4/9/23
Body & Soul
4/9/23
Medical Detection Dogs
4/9/23
UK Antarctic Heritage Trust
1/9/23|**2024**
**2023**
£
£
£
15,000.00
27,000.00
30,000.00
15,000.00
15,000.00
15,000.00
10,000.00
19,617.00
10,000.00
10,000.00
10,000.00
15,000.00
15,000.00
10,000.00
5,000.00
10,000.00
5,000.00
20,620.00
25,000.00
20,000.00
15,000.00
10,000.00
240,237.00|
|---|---|
16
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
|**Payment Date**
**Donations agreed 6 November 2023**
Butterfly Conservation
17/11/23
The Benedetti Foundation
17/11/23
Shannon Trust
17/11/23
Rowan Humberstone Ltd
17/11/23
Let Us Play Wolverhampton
17/11/23
Launch It Trust
17/11/23
Grassroots Suicide Prevention
17/11/23
Dementia Adventure
17/11/23
The Careline Appeal
20/11/23
Cambridge Aid
20/11/23
The Uphill Ski Club of Great Britain
21/11/23
Arthur Rank Hospice Charity
21/11/23
Stretham Youth Club
21/11/23
We Are Donors
21/11/23
Young Minds Trust
23/11/23
**Donations agreed 6 November 2023**
The Association for Rehabilitation of
Communication and Oral Skills (ACROS)
19/1/24
Edinburgh Science Foundation
19/1/24
Health Bus
19/1/24
Leuchie Donations
19/1/24
PAPYRUS Prevention of Young Suicide
19/1/24
The Rainforest Foundation UK
19/1/24
Re-Cycle
19/1/24
The Organisation for New Music and Sound
19/1/24
The CRUMBS Project
19/1/24
Youth Theatre Arts Scotland
19/1/24
Hypo Hounds
19/1/24
Money Advice and Community Support
25/1/24
Junction CDC Limited
25/1/24
Crew 2000 (Scotland)
25/1/24
**Donations agreed January 2024**
Addenbrooke's Charitable Trust
25/1/24
Egmont Trust
25/1/24
London Handel Society
25/1/24
Orchestra of the Age of Enlightenment
25/1/24
Winter Comfort for the Homeless
7/3/24
Less agreed 13/12/22 for 2024
Children's Trust
7/3/24
Less agreed 5/1/22 for 2023 & 2024
National Theatre of Scotland
7/3/24
Less agreed 13/12/22 for 2024|**2024**
**2023**
£
£
£
10,000.00
10,000.00
15,000.00
10,000.00
5,000.00
15,000.00
15,000.00
15,000.00
10,000.00
5,000.00
20,000.00
20,000.00
10,000.00
5,000.00
10,000.00
175,000.00
4,745.00
10,000.00
15,000.00
15,000.00
10,000.00
4,500.00
5,000.00
10,000.00
10,000.00
5,000.00
15,000.00
15,000.00
17,000.00
10,000.00
146,245.00
75,000.00
62,500.00
50,000.00
50,000.00
20,000.00
(20,000.00)
-
20,000.00
(20,000.00)
-
25,000.00
(25,000.00)
-|
|---|---|
17
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
|**Payment Date**
**Donations agreed 12 March 2024**
Cetacean Research & Rescue Unit (CRRU)
27/3/24
Faithworks Wessex
27/3/24
Royal National Theatre
27/3/24
North Dorset BKA
27/3/24
Social Bite
27/3/24
Talk the Talk
27/3/24
The British Horse Society
27/3/24
The Albert Kennedy Trust
27/3/24
Climbing Out
28/3/24
Sal's Shoes
28/3/24
Scrum Theatre
28/3/24
StreetGames UK
2/4/24
Amser I Siarid Ltd
2/4/24
Professional Squash Association Foundation
4/4/24
**Donation agreed 28 March 2024**
Trellis Scotland
2/4/24
**_Donations agreed 4/4/2022_**
Whizz-Kidz
11/5/22
Independent Age
11/5/22
Children 1st
11/5/22
Cambridge Past, Present & Future
11/5/22
BEEP Doctors (BASICS Cumbria) Ltd
11/5/22
Paintings in Hospitals
12/5/22
Young Women's Trust
12/5/22
Sick Children's Trust
12/5/22
Breaking Barriers
5/9/22
Cambridge Curiosity and Imagination
5/9/22
Crisis UK
5/9/22
East Anglian Air Ambulance
5/9/22
Access Right to Care
5/9/22
Ethiopiaid
5/9/22
Euan's Guide
5/9/22
Prince & Princess Wales Hospice
5/9/22
Tall Ships Youth Trust
5/9/22
UNICEF
5/9/22
Jubilee Sailing Trust
5/9/22
Migrant & Asylum Seeker Solidarity and Action
12/9/22
Less agreed 14/7/21 for 2023
**_Donation Minute 13/12/22_**
My Black Dog
12/1/23
Wintercomfort for the Homeless
12/1/23
Wintercomfort for the Homeless - Dec2023
creditor
National Theatre of Scotland
12/1/23
National Theatre of Scotland - Dec2023
creditor
National Theatre of Scotland - Dec2024
creditor
Brogdale Collections
12/1/23
Galapagos Conservation Trust
12/1/23
Girls Friendly Society in England and Wales
2/2/23|**2024**
**2023**
£
£
£
5,000.00
10,920.00
20,000.00
15,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
15,000.00
10,000.00
7,500.00
10,000.00
153,420.00
7,000.00
5,000.00
15,000.00
29,993.00
24,750.00
36,633.00
15,000.00
20,000.00
20,000.00
24,500.00
27,560.00
10,000.00
30,000.00
20,000.00
18,648.00
10,000.00
10,000.00
15,000.00
25,000.00
10,000.00
22,500.00
(22,500.00)
10,000.00
20,000.00
20,000.00
25,000.00
25,000.00
25,000.00
25,000.00
10,775.00
8,000.00|
|---|---|
18
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
|**Payment Date**
**_Donation Minute 24/1/23_**
Addenbrooke's Charitable Trust
13/2/23
London Handel Society
13/2/23
Orchestra of the Age of Enlightenment
13/2/23
The Egmont Trust
13/2/23
**_Donation agreed 20/3/23_**
The Evelyn Trust
30/3/23
**_Donation agreed 7/4/22_**
Orchestra of the Age of Enlightenment
13/4/22
**6**
**Listed investments**
Opening market value
Add: Acquisitions at cost
Less: Disposals
Net gain/(loss) on revaluation
Closing market value at 5 April
Historic Cost
Private Equity
UK Equity
Overseas Equity
Multi Asset
Fixed Interest
Bonds
Specialist
The distribution of investments is:|%
1.66%
44.92%
26.45%
15.32%
0.00%
4.26%
7.39%
100.00%|**2024**
**2023**
£
£
75,000.00
50,000.00
50,000.00
62,500.00
-
250,000.00
-
37,500.00
1,046,402.00
1,060,859.00
**2024**
**2023**
£
£
26,510,043.00
27,166,001.00
1,187,398.12
2,494,860.10
2,089,054.00)
(
1,577,300.00)
(
1,732,644.88
1,573,518.10)
(
27,341,032.00
26,510,043.00
22,701,746.80
23,499,631.09
£
£
452,940
905,880
12,282,416
11,352,815
7,231,341
9,650,388
4,188,784
1,980,295
-
1,082,307
1,164,001
-
2,021,551
1,538,360
27,341,032
26,510,043|
|---|---|---|
|**Cash at bank**
Progeny WP1449729 - portfolio cash
Brodies LLP - Royal Bank of Scotland - CMS13820|**2024**
**2023**
£
£
2,244,292.32
1,808,351.21
27,043.74
2,649.64
2,271,336.06
1,811,000.85|
|---|---|
## **7 Cash at bank**
19
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
|**8**
**Creditors - amounts falling due within one year**
Creditors
Donation instalments agreed for next year:-
- The Children's Trust agreed 5/1/22 for 2023
- The Children's Trust agreed 5/1/22 for 2024
- National Theatre of Scotland agreed 13/12/22 for 2024
- Wintercomfort for the Homeless agreed 13/12/22 for 2024
- National Theatre of Scotland agreed 13/12/22 for 2025
- Brass for Africa agreed 2/8/23 for 2025
Accruals
- Brodies LLP, management & disbursements
- Azets, audit
- Progeny, investment manager charges
**9**
**Creditors - amounts falling due after more than one year**
Guarantees and commitments:|**2024**
**2023**
£
£
-
10,000.00
-
10,000.00
-
25,000.00
-
20,000.00
25,000.00
-
15,000.00
-
7,170.00
7,050.00
11,010.00
11,010.00
-
9,992.18
58,180.00
93,052.18|
|---|---|
The trustees agreed at their meeting on 13 December 2022 to donate £25,000 to National Theatre of Scotland annually for 3 years. The first and second payments have been made, the final payment is due and included in note 8)
|Timing
Amount
Jan-25
£25,000 (see note 8)
**10 Financial instruments**
Financial assets measured at fair value through profit or loss|**2024**
**2023**
£
£
25,000.00
-
25,000.00
**2024**
**2023**
£
£
27,341,032.00
26,510,043.00|
|---|---|
Financial assets measured at fair value through profit or loss comprise of investments.
20
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
Docusign Envelope ID: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401
## **THE BRITFORD BRIDGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENT**
## **For the year ended 5 April 2024**
## **11 Funds**
**----- Start of picture text -----**
At 5 April Income and Loss on
2022 endowments Expenditure Investments Transfer At 5 April 2023
£ £ £ £ £ £
Unrestricted
fund 30,327,591.98 746,606.90 ( 1,220,389.11) ( 1,650,818.10) - 28,202,991.67
Total funds 30,327,591.98 746,606.90 ( 1,220,389.11) ( 1,650,818.10) - 28,202,991.67
At 5 April Income and Gain on
2023 endowments Expenditure Investments Transfer At 5 April 2024
£ £ £ £ £ £
Unrestricted
fund 28,202,991.67 839,023.98 ( 1,204,357.45) 1,716,529.86 - 29,554,188.06
Total funds 28,202,991.67 839,023.98 ( 1,204,357.45) 1,716,529.86 - 29,554,188.06
**----- End of picture text -----**
The unrestricted funds are available to be spent for any of the purposes of the charity.
## **12 Related parties**
Brodies & Co. (Trustees) Limited, a trustee, is associated with the firm Brodies LLP. Brodies LLP are secretaries and treasurers to the trust. During the year Brodies LLP charged the trust £27,000.00 (2023: £27,120.00) in respect of these services. At the balance sheet date, the trust owed Brodies LLP £7,170.00 (2023: £7,050.00). The amount outstanding is unsecured for cash settlement in accordance with usual terms.
Orchestra of the Age of Enlightenment is a related party as Adrian Frost is a trustee for both charities. The trust made a donation of £50,000 (2023: £87,500) to Orchestra in the Age of Enlightenment during the year. The Evelyn Trust is also a related party as Adrian Frost is a trustee for both charities. The trust made a donation of £nil (2023: £250,000) to The Evelyn Trust during the year.
## **13 Notes to the statement of cash flows**
## 1) _Reconciliation of net movements in funds to net cash flow from operating activities_
|Net movement in funds
Dividends and interest from investments
Interest on cash deposits
(Gains)/losses on investments
(Decrease)/increase in creditors|**Year to 5 April**
**Year to 5 April**
**2024**
**2023**
£
£
1,351,196.39
2,124,600.31)
(
776,079.14)
(
729,799.74)
(
62,944.84)
(
16,807.16)
(
1,716,529.86)
(
1,650,818.10
59,872.18)
(
64,860.18
1,264,229.63)
(
1,155,528.93)
(|
|---|---|
## 2) _Analysis of net debt_
|**Cash and cash equivalents**
Cash
**Borrowings**
Debt due within one year
Total net debt|**Other non-cash**
**At 6 April 2023**
**Cash flows**
**changes**
**At 5 April 2024**
£
£
£
£
1,811,000.85
460,335.21
-
2,271,336.06
-
-
-
-
1,811,000.85
460,335.21
-
2,271,336.06|
|---|---|
21
. Acc 2024 Bri_197 5Apr2024 audited(72575039.1)
Brodies
## **Certificate Of Completion**
Envelope Id: FD9DB767-2C68-44D5-B1DF-67FE5AAC7401 Subject: Complete with Docusign: Acc 2024 BRI_197 5Apr2024 Statutory(74997433.1).pdf Source Envelope: Document Pages: 22 Signatures: 3 Certificate Pages: 2 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London
Status: Completed
Envelope Originator: Michelle Lindsay 58 Morrison Street Edinburgh, - EH3 8BP michelle.stevenson@brodies.com IP Address: 82.37.119.8
## **Record Tracking**
Status: Original 29-01-25 | 09:18
Holder: Michelle Lindsay michelle.stevenson@brodies.com
Location: DocuSign
## **Signer Events**
Adrian Frost adrian.frost@artemisfunds.com Security Level: Email, Account Authentication (None)
## **Signature**
## **Timestamp**
Sent: 29-01-25 | 09:20 Viewed: 29-01-25 | 09:23 Signed: 29-01-25 | 09:24
Signature Adoption: Pre-selected Style Using IP Address: 213.86.131.34 Signed using mobile
**Electronic Record and Signature Disclosure:** Not Offered via Docusign Allison Gibson for Azets Audit Services Allison.Gibson@azets.co.uk Security Level: Email, Account Authentication (None)
Sent: 29-01-25 | 09:24 Viewed: 29-01-25 | 09:36 Signed: 29-01-25 | 09:37
Signature Adoption: Pre-selected Style Using IP Address: 208.56.29.115
## **Electronic Record and Signature Disclosure:**
Not Offered via Docusign
|**In Person Signer Events**|**Signature**|**Timestamp**|
|---|---|---|
|**Editor Delivery Events**|**Status**|**Timestamp**|
|**Agent Delivery Events**|**Status**|**Timestamp**|
|**Intermediary Delivery Events**|**Status**|**Timestamp**|
|**Certified Delivery Events**|**Status**|**Timestamp**|
|**Carbon Copy Events**|**Status**|**Timestamp**|
|**Witness Events**|**Signature**|**Timestamp**|
|**Notary Events**|**Signature**|**Timestamp**|
|**Envelope Summary Events**|**Status**|**Timestamps**|
|Envelope Sent|Hashed/Encrypted|29-01-25 | 09:20|
|Certified Delivered|Security Checked|29-01-25 | 09:36|
|Signing Complete|Security Checked|29-01-25 | 09:37|
|**Envelope Summary Events**|**Status**|**Timestamps**|
|---|---|---|
|Completed|Security Checked|29-01-25 | 09:37|
|**Payment Events**|**Status**|**Timestamps**|