THE SILLITOE CHARITABLE TRUST (Charity Registration Number.. 1178713) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Rothine5 Th45t Comp¢wyLvnilvd
THE SILLITOE CHARITABLE TRUST Annual Report and Flnancial Statements for the year ended 31 October 2026 Index Page 14 TTustees' Annual Report Independent Examiner's Report statement of Financial Aclvities Balance Sheet 8-14 Notes to the A¢¢ounts (including Accounting Policies)
THE SILLITOE CHARITABLE TRUST Annual Report and Financial Statements for the year ènded 31 October 2025 Trustees. Annual Report The Truslees have pleasure in submitting their Annual Report and Financial Slalements for the year ended 31 October 2025. Objectives and Activlties of the Charity In accordance with the Charivs goveming documenl, the Trust's objectives are to advance the education ol the public in general land Geology students in particularl in the science of economic geology by providing 5uilable funding for education, research publiealions, sludenl support and other suitable programrnes. To fulfil these objeclNes the Trustees wll make grants. primarily from Unrestricted Funds. The Charitls incoming resources are primarily from donations. Funds received are held as directed by the donor. Expendable Endowment is invested lo generate Unreslricled Fund5 of income. Fund raising activities are normally carried out, th investment management charges being the only costs of generating funds at present. The Trustees compty with the duty in S17 Charities Act 2011 to have due regard lo the guidance on Publi¢ Benefit issued by the Charity Comrnis5ion when exercising any relevant powers or carrying out duties. Achievements and Perforrnance The Trustees are delighted lo have donated funds to the Natural History Museum during the year. relating to an opportunity to provide substantial financial support lo endow a Research Leader in Economic Geology. A Deed of Gift been the Sillitoe Charitable Trust and the Trustees of the Natural History Museum was executed, setting out the terms of the funding, including the sum to be donated and for the primary obje¢lives the role of the Research Leader wll meet. Financial Review Income received from investments and interest totalled £53.012 (£40,371 in 2024}. Donations received in the form of shares are held as Expendable Endowment funds in the sum of £303,930 (£302,609 in 2024 together with unrestricted cash donations £3,292,114} were received. Costs of raising funds lotalled £21,4691£22,490 in 2024} in the form of investment management fees only. The ChariWs objective previousty was to build funds in order to enable larger donation to be made. During the year. £4,200,000 was donated lo the Natural History Museum from Designated Funds. Other amounts spent on the charitys aclivlties related lo governance costs in the sum of £6,8101£10,950 in 2024}. Gainslllossesl are realised on the sale and revaluation of investment assets and foreign exchange. During the year ended 31 October 2025 net gains arising totalled £145,1551£199,437 net gains in 20241- The Trustees held totsl funds of £1,522,285 al the financial year ended 31 October 2025 (£5,248,467 in 20241, of which £44,903 represented Unrestricted Income Funds and £1,477,382 Expendable Endowment. 1£4.200,000 Designated Funds and £1,048.467 Expendable Endowment in 2024}. Expendable Endowment continues to be primarily represented by investment assets.
THE SILLITOE CHARITABLE TRUST Annual Report and FinanGial Ststgments for the year ènded 31 October 2025 Trustees, Annual Report Investments As there are no Specific restrictions of investment powers under the goveming deed, the Trustees have full discretion over the assets and have resolved to delegate their duties lo Ralhbones Investment Management, who have full discretionary day to day control of the inveslmenls. In accordance wth the Trustee A¢t 2000, as this duty has been delegated, the Trustees have agreed inveslmenl policies which have been agreed with Ralhbones Investment Management and fOaliSed by establishing a Policy Statemonl. Also in accordance with Ihe Trustee Act 2000, the Trustee8 have reviewed investment performance in line with the objectives and benchmarks 89 set out in the policies. The Trustees are satisfied wrth the performance during the year in question and are satisfied that no ¢hanges need to be made to the policios or investrnent managemertl at this time. The Trustees do not have any social investment objectives al this lime and have duly considered ethical investing and factors relating lo Environmental. Social and Govemance investing. No con81raint8 have been imposed on Ihe investment manager currently. ReseTves". The Charivs investments will provide a relativety secure and predictable strearn of income from which grants wll be made in future. The Trustees do not maintain a sel amount as reseNes. instead they consider income funds held to be free reserves. This will be regularly reviewed by the Trustees, lo ensure they have sufficient funds lo meet with commitments made. The Truslees consider Unrestricted Incorne funds lo be held a$ free reseTves. structure. governance and management The Sillitoe Charitable Trust is registered in England and Wales (reg no.. 1178713). Its governing body are the Trustees of a Settlement dated 31 October 2013. There musl be at least tsvo Trustees. New Trustees are selected in accordance with their expertise and experience, bringing knoedge to ensure the effeclNe administration of the Charity. Procedures have not been adopted for the induction and training of new Trustees but the Board ensures they continue lo operate within current guidelines by discussing all matters arising as guided by the Charity Commission and Rathbones Tru51 Company Limited during meetings. The Trustees are required to meet at least limes each year. one of which should be attended in person. All Trustees are expected to attend meetings and ptay an active role in the administration of the TN5t. Two Trustees form a quorum. Risks The Charity Trustees have given consideration lo the major risks to which the charity 15 exposed and are satisfied that systems or procedures have been established in order lo manage those risks. After considering the areas of governance, operalional, financial. environmental and compliance the Trustees have identified that major negalNe fluclualions in investment assets Could cause a material risk to the Charivs funds. In order lo mitigate this risk and in accordance with s15 Truslee Act 2000 the Trustees have agreed investment policies lo be adhered lo by the Investment Manager. A Policy Statement is being estsblished. which wll be reviewed regularty in line with investment perfomiance. Pag• 2
THE SILLITOE CHARITABLE TRUST Annual Report and Financial Statements for the year ended 31 October 2025 Tru5tees' Annual Report Reference and administrative details of the Charity, its Trustees and Advisors Registered No= 1178713 Principal Address-. Clo Port of Liverpool Building. Pier Head. LiveTpooI, L3 1 NW Trustees who seNed during the year.. Richard Henry Silliloe- Chairman Jean Mary 8illinglon Rathbones Trust Company Limited The individua15 who were directors of Rathbones Trust Company Limited were.. Linda Joyce CoLisins- Retired 31112124 Robert Paul Stockton- Resigned 06106125 James Stephen Hurrell - Resigned 06106125 BruGe Robert Newbigging - Retired 31112124 Anna Frost Suhajova- Appointed 01107125 Alexander Richmond - Retired 3110312026 Trevor Harris Kerry Roberts Accounts and Tax.. Rathbone5 Trust Co Ltd, Port of Liverpool Building, Pier Head. Liverpool, L3 1 NW Independent Examiner: Mark Healon FCCA FCIE DChA, KM Chartered Accountants. 1st Floor, Block C. The Wharf, Manchester Rd, Burnley, B811 1JG Inveslrnenl Managers and Bankets.. Ralhbones Investment Management Ltd, 30 Gresham Street, London. EC2V 7QN Plans for the future The truslee$ plan to make smaller donations to UK-based charities going fornvard and will ¢ontinue to research and assess potential beneficiaries during the next financial year. Pag• J
THE SILLITOE CHARITABLE TRUST Annu•l Report and Financial Ststements for the year ended 31 October 2025 Trustees, Annual Report Statement of Tru$te•$' rn5pon5ibilities for tha annual accounts The Truslees are responsible for preparing the Trustees, Report and the 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 Trustees to prepare financial Statements for each financial year that give a true and fair wew of the stale of affairs of the charity and of the incoming resources and apiCatiOn of Tesources of the charty for that year. In preparing these financial ststemenls, the Trustees are required lo- select suitable accounting polices and then apply them con5iStently', observe the methods and principles set out in the Charities SORP {FRS 102). as updated: make judgements and estimates that are reasonable and prudent., - stale whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., and prepaie the financial statements on the going ¢on¢ern basis unless it is inappropriate to presume that the harity will continue in operation. The Trustees hav8 assessed the charity's abilty lo continue as a going nCern and considered any material uncertainlies thal may irnpacl this assessment. The Trustees are responsible for.. - keeping adequate accounting records that are sufficient lo show and explain the charivs transactions and disclose with reasonable accuracy at any lime the financial position of the charity.. - ensuring complIan with the Charities Act 2011, the ChaTty (Accounts and Reports) Regulations 2008, and the provisions of the Trust Deed- safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.. maintaining appropriate systems of intemal control and risk management.. and ensuring that digital records and electronic filings comply with stalulory requirements. Declaration The Trustees confirm that they have approved the Trustees, Report and the financial statements above and are satisfied that the charity has adequale assets available to fulfil its obligations and that the accounts comply with current slalutory requirements Agreed and signed on behalf of the Board of Trustees.. 20 Rathbones Trust Company Limited Date Pay4
THE SILLITOE CHARITABLE TRUST Annual Report and Financial Statements for the year ended 31 October 2025 Independent Examlnetrs Report Independent Examlner's report to the Trustees of the Sillitoè Charltable Trust I report on my examination of the accounts of the above named ¢hBrty I'lhe Trusf'i for the year ended 31 October 2025, which are set out on pages 6 10 14. Responsibilitie$ of the Trustees and Independent Examlnèr As the charitys trustees, you are responsible for the pparatiOn of the accounts in accordance wilh the iequirements of the Charities Act 2011 1"Ihe ACY'I. You consider that an audit is not required under $144 of the Act and that an indapandent eXaMinatn is needed. I report in respect of my examination of the charity's a¢¢ounts earried out under section 145 of Ihtr Act and in carrying out my examinalion. I have followed all the appli¢8bl$ Directions given by the Charity C¢rvmi55ion under section 14515llbl of the Ad. It is my responsibilty lo slate whether particular matters have come lo my attention. Basis of Indepèndent Examinerfs Report My examination was carried out in accordan¢e with th8 general Direction5 given by the Charity CommTssion. An examination includes a review of the accounting records kept by the charity and a comparison ol the accounts pSented with Ih05e records. It also includes consideration ol any unusu81 items or disclosures in the accounts and seeking explanation$ from the trustees concerning any such matters. The procedures undertaken do not prcivide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the aUnts re$ent a'lrue and faiT' view. The report is limrfced lo those matters Sel out in the statement below. I have completed my examination and ctsnfim that no matters have come lo my attention which gNe me ¢au$e lo believe that in any material respect.. . the 8¢counling records were not kept in a¢¢ordanee wth section 130 of the Charities Act, or the account$ did not accord with the accounting records, or . the accounts did not compty wlh applicable reqU1MentS concerning the form and content of accounts set out in the Charities IAccr>unls and Reportsl Regulations 2008 other than any requirement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlh the examination lo which attention s ould be drawn in this report in order for a proper understanding of the accounts lo be reaehed. Mark Hèaton FCCA FCIE DChA KM CharteredAccountants 1st Floor, Block C. The Wharf Manchester Rd Burnley BB If IJG Date Prf•5
THE SILUTOE CHARITA8LE TRUST Annual Report and Flnanelal Statèments for ¢he year ended 31 Oetobgr 2025 Statern•nt of Flnanclal Actlvltla$ Expendable Deslgnat•d Unrestricted Endomnent Funds Fund$ 2025 2026 2025 Total Funds 2025 Total Funds 2024 Noigs Income and endowm¢nts from: Donati5 and legac4es Investments Olher IncA)me 303,930 1,299 303,930 3.594. 723 29.097 32,965 23,915 27,798 23,915 305,229 51.713 356,942 3.635.094 Expendlture on.. Raising lunds Charitable xtivthes 21.469 21,469 6,810 4,2C6.810 22.490 10.950 4.200,0( Total 21.489 4.200,0(KI 6.810 4,228,279 33.440 Nel gainslllossesl inve5trnenl assets Nel gainsll10s5esl on foreign exchange 124.761 124,761 20,394 756.779 42.658 10 Net incomelexpenditure 428,915 14,200.0001 44.903 13,726.1821 18QI.091 Transfers beeen funds 15 Net movement in Fund? 428,915 14,200,000) 44.903 13.726,1821 3,801.091 Reconclllatton of Total Funds as at 1 Novèmbèr 2024 1,048,467 4.200,¢Jx) 5,248.487 7,447,376 Total Fund5 a5 at 31 October 2025 1.4TT,382 44903 1.522,285 5,248.467 The notes on pagès 8 to 14 form part ofthese accojnts.
THE SILLoE CHARrrA8LE TRUST Annual Report and Finaneial Statements for the year endod 31 October 2025 Balane• Sheet as ot 31 October 2025 Expendablo De$lgnated Unrestrrcted Endowment Funds Funds 2025 202S 2025 Total Fund8 2025 Tolol Funds 2024 Notes Flxed Ass•ts Investments 1,466.094 7.466,094 1.668,016 Total Flxed Assets 1,466,094 1.466.094 1,668.016 Current A55ets Debtors Cash at bank and in hand 11 12 556 56.707 556 67,995 693 3,594,938 11,288 Total Current Assets 11,288 57.263 68,551 3.595.631 Llabllltles Credrttsrs.. amounts f8Ning due wlhin one year 13 12,360 12,360 15.180 Net Assets less current liabilities 11,288 44,903 56,191 3.580.451 Total Net Assots at 31 Octob¢r 2025 1.477,382 44,903 1,522,285 5,248,467 Represented by.. The Funds of the Charlty Tolal Charity Fund5 al 1 November 2024 1,048.467 4,21X),000 5,248,467 7.447,376 Movernent in Funds 428,915 14,200,000) 44.903 13,726.1821 3.801,091 Total Chartty Fund5 at 31 October 202$ 15 1,477,382 44,903 1,522,285 5.248.467 Agreed 8ndsigned on behalfofthe Board of Twstees.. /1. z< Rathbones Tffust ompany Llmlted Dat• The notes on pages 8 to 14 fo part of Ihèsè aecounts.
THE 51LLITOE CHARITABLE TRusr Annual Report and Financlal Ststem•nts for the year end•d 31 Oetobar 2025 Note8 to th? Accounts 1 Ae¢ountlng Pollclg8 Charity Infomiatlon The Silliloe Charitable Trust is regisleTed in England and Wales (reg no.. 11787131. Ils goveming body are the Trustees of Seiyemènt dated 31 Oclober 2013. Its princlpal office is cjo Rathbones Trust Company, Port of Liverpool Building, Pier Head Liverpool, L3 1 NW. Th8 charfty Is a Publlc Benefrt Enlty as defird by FRS 102. Ac¢ounting eonvention The financial slatewnents have been prepared In accordance with the charws goveming document. the Charftles Act 2011, FRS102 'The Flnancial Repofung Standard applicablè in the UK and Republic of Ireland" C'FRS102') and the Charities SORP 'AountIng and Reporting by Charilie5.' Slalement of Recommended Practice applicablè to charities Preparing their accoun15 in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (second edition- October 2019- effective 1 January 20191. Tho 8eeounls have been prepared to glva a 'tnfe and fairf view and so h8vè departed fomi the chal88 IAco)unts and Rèports) Regulations 2008 only to the extent required to prowide o 'true and lair Mew,. This departur8 consists of 8dw>ling the current verston ol thg SORP IFRS 1021. The aCUnIS are prepared in 5terfing. whith is Ihe functional currèncy of the charity. Moneiary amounts in these rinanrial ststements are rounded to thè nèarest £. The accounts havg been prePad on tha historical cost convention. modifisd lo include the revaluation of investrnent assets at fair value. The principal accounting poliutr8 adopted are set out below. The principal accounting policies adopted are sel out below. Going Concern The Trustees have a55e5sed whether the use of Going Conrn is approprf818 and have coneluded that the charity has adequate resources and reservès lo enable il to continue in operational existencè for the foreseeablè future and there are r0 material vncertainlies about the charity's ability lo continue a5 a going concern. Thus the Trustees continue lo adopt the 'going eoncem, basts of accounting in preparing Ihe financial Statements. Charllable Funds The charity holds Unrestricted Funds which arè available for use at the discrotion of the charity in furtherance of its charitable objectivès unless the funds have been dosignaled for other purposes. The charity holds Endowment Funds which are expendable and prim8rtly for income generation. The Expendable Endowrnenl Fund increases or decreasos in line with the investment valuation. Transfers from the endowment funds are made al the diserelitsn Of the trustees for the purpose of furthering the charitls purposes. Income Income is recognised when the charity is legal entitle¢J to it after any perfomiance condthons have been met. th$ 8mounl3 can be rneasud reliably and it is probable that income will be received. Cash dona1ions are recognised on recelpt. Other donations are recognised onc8 tho charty has been notified of the donation, unless pèrfofrnance conditions require defèrol of rhe amount. Income Tax recoverable in lation to donalions reiVed under GiftArd t)r deeds of covenant is recognlsed al the ts'me of the donation.
THE SILLITOE CHARtTABLE TRUST Annual Report #nd Financlal Slatements forthe year end8d 31 October 202S Notes to the Accounts Lega¢ies are recognised on receipt or otherwise if the charity has been notified of an irnpendin9 distribution, the am¢xJnt is known and receipt is e¥pe¢t¢d. 11 the amount is not known. the legacy is tated as a contingent ¥$$at. Expenditurè Expendiluye is recognised when there is a legal or constructive obligation for which it is more likely than ntsl that a transfer of econornic benefit will be required in Settlement and the amount can r¢llably measured as al tha reporting date. conslNctive obligation exis15 where the charity has ommunTcated the Commitment to prode part4cular goods. $8rvices or funding to the recipient by the reporting dale and Ihere are no conditions attached lo ils payment falling due after the Teporling date. Cash gran15 rnadg are recognised when paid. Piowsions lor liabilities must be recognised when either the tirning or Ihe arnoun¢ ol future expenditure required to settle the obligalion is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources 1$ no longer required, provisions are reversed and charged to Ihe SOFA. Cash and cash equlval•nts Cash at bank and in hand is held to meet short-term cash commitments as they fall duè rather than for inve5trnent purposes. Cash and cash equivalents include cash in hand. deposits hèld at call with banks. olher short-terrn bank5, other short-tem) liquid investrnents with orfginal malurities of thre& months or less and bank overdrafts. Bank overdrafts are shown wtlhin borrowing5 in current liabilrties. Flnancial In¥trum•ftts The ¢harily has elected to apply the provisions ol Sèctlon 11 'Basi¢ Finanaal Instruments, and Section 12 '0ther Flnancial Instrumenls185ues' of FRS 102 to all of its financial in51rumenls. Frnancial instruments are recognised in the charitls balance sheèt when the charity becomes p8rty to the contractual pfovisions of the instrument. Flnancial assets and liabilthès are offset, with the net arnounts prèsented in the financial staternents, when there is a leyally enforceable right lo set off the recognised arnounls and Ihere 1$ an intention to settle on a net basis or to rèallsè the asset and sèttle the liability simultaneously. Ba$lc finantlal assets Basic financlal assets, which include debtors and cash and bank balonces, ara initialty measured al tran$athon pricè including tran5aets.tsn costs and are Subsequently earried at amomised c05t Using the effective interest method unless the arrangement con51itutes a financing lr8n5aclion, where the transaction 15 rne85ured al the Psent value of the future ceipts dtscounled at a rnarket rato 01 interest. Financial assets dassffied as receivable within one yaar arè not arnortised. 8asic finaneial Ilabillties Basic financial liabilities. including creditors and bank loans are initially recijgnised at transadion price unless the arrangement conslitutes a financing transaction, Whe Ihe debt in5trurnent is measured al the PTe5ènl value of the futur8 recelpts discounted al a market rale of interest. Financial liabilitiès classified as payable within onE year are not amortised. Debt Instrurnenls are sub5equènlly carried al amortised Eosl, using thé 8ffeclive interest rate method. Trada credttors are obligations to pay for goods or 5ervi¢e that ha been acquired in the ordinary coursè of operations from suppliers. Amounts p8y8ble are classified as current liabilities if payment is due wthin one year or less. 11 not, th8y Pao•9
THE SILUTOE cHARABLE TRUST Annual R•port and Financial Statements forthe year end•d 31 Oetobor 2025 Not•s to th8 Accounts are presented #i non-oJrrenl liabililTes. Trad& ¢redilors are rewgni58d initially at transaction price and subsequonuy MeasUd at arnortised cost Using the effectiv8 Intèrèst mglhod. canlIa110n of flnanelal IlabllitleB Financial liabilities are d8rè¢ogn4sed wthen the charity's contractual obligations èxpire or are dischargad or cancelled. 2 Crltlral aecourtting e¥timatss and ludg•mènts In the application of the Charis accountiny policies, Ihe Trustee5 are required to make judgements, estimates and assumptions about the carying arnount of assets and Ilabiliti0s that are not rgadity apparent from other sources. The estimates and assti¢ialed assumptions ara based on historical experience and other factors that are considered to b¥ relevanl. Aclual results may drfTerfrom these estlmala$. The e81imales and undertw.ng as5urnplions are rewewgd on an ongoing ba515. Remsions to a¢counling estimates are recognised in the period in which the estimaie 15 revised where the revision affects only that period, or in the period of the rewsion and future periods vtherè the revision affects both current and future periods. 3 DonationB 2025 2024 Cash Investmènts at value 3,292,114 302,609 303,930 303,930 3,594 723 Related paty transaction, as datailad in note 17 4 Income from inv•Jtments 2025 2024 UK Equities Unil Trust Interest Unit Tmsl Incorne REIT Fixed Interest Overseas Income Overseas Interesl Non-reclaimable lax paid at sourctr Excéss Reportable Income 8,631 3.588 4,178 107 4.436 5.506 1,635 12831 1,299 14,769 3.953 3,993 497 3, 703 4.031 2,099 (285) 205 29 097 32,965 S Other Income 2025 2024 Bank Inière$l 23,915 7,406 23,915 7.406 Pwlo
THE SILLITOE CHARITABLE TRUST Annual Report and Flnanclal Statements for thg y•ar ènded 31 October 2025 Notes to the Ateounts 6 Raising lunds 2025 2024 Investment management costs 21,469 22,4go 21,469 22.490 7 Charitable activitie5 Grant making.. Donation to Natural Hislory Museum Govemance costs (note 81 2025 2024 4,200,000 6,810 10,950 4,206,810 8 Govemance Costs 2025 2024 A¢¢ountancy fee Advisory and Adrninislralion fep Tax and Compliance fee Independent Examiner fee Audrt feg 3,900 990 6(K) 1,320 3,600 1.950 600 4,800 6,810 70,950 Related party transaction as detailed in note 17 Investmènt ass•ts Valu8 at oin7r2024 Purchases at cost Sales Reali5èd proceeds G8insllL05sesl Unrealised Value al GainsllLossesl 31110r2025 Oversea5 Bonds and Fixed Incorne UK Equities and Inv Co REIT and PropeTty Funds 816,327 156,700 887.677 7,312 210,079 102,150 77.819 1287.1631 110.759) 1412,0791 16.7301 18,3711 18801 (7,4531 15821 97,082 10,719 34,246 627,954 257.930 580,210 1.668 016 390.049 716.731 17,286 142,047 1,466,094 10 Net gain¥ Ilossesl on forelgn exchange 2025 2024 Unreali5ed gain Ilossl Gain on foreign currency exchange 40.259 2.399 20.394 20.394 42,658 11 Debtor 2025 2024 Investment Income receivable 693 693 P49A 11
THE SILLITOE CHARITABLE TRUST Annual Report and Flnanelal Stst•m¢nts for the year•nd•d 31 Octobor 2025 Nots$ to the Accounts 12 Co¥h at a•nk and in hand 2025 2024 Cash al Bank 67.995 3.594,938 67,995 3.594,938 13 Curr•nt IlabilEtlos: amounts falling dug wlthln on• y•ar 2025 2024 Rathbones Trust Company Ralhbones Trust Company- prior yr K M Business Solulions Ltd 4.890 6.150 1,320 6, 150 4,230 4,800 12,360 15, 180 14 Financlal Instrumènts Expendabl• Endowmènt 2025 Dè8lgnated Unrestricted Funds Funds 2025 2025 Total Fund¥ 2025 Total Funfts 2024 Carryin9 amount of financial assets Debt instrurnents receivable within one year DebtDrs Cash 556 56.707 693 67.995 3,594,938 11,288 11.288 57.2e3 88.551 3,595.631 Carrying amount of financial Ilabllitl•s Payable within on8 year Creditors 12,360 12.360 15, 180 12.380 12,360 Instruments measured at falr valu• InvestTngnts al value 1.466.094 1.466.094 1,668.016 15 Movemonts belw•8n funds B4tsnce at oin1124 Galns I Transfer Balanc• at ILoss¢31 bets¥een funds 31110125 Income exp•nditur• Expendablè Endowmènts Inveslrnents 1.048.467 305,229 121,469) 14S,155 1,477.382 Deslgnated funds: Research Leader 4,200,000 14,200,000> Unrèstricted fund¥: General funds S1.713 16.8101 44,903 Totsl tsnd5 5 248 467 356.942 4.228.279 145,155 1.522.285 Pa9è 12
THE SILUTOE CHARITABLE TRUST Annual Report and Financral Statements ft>r the year ended 31 Octobor 2025 Note$ to th¢ A¢¢ounts 18 Addltlonal Infomiation No amounts were paid lo the TTUSlees in respect of rernuneTaon. benèflis or out-tyf-pocket expenses duTing the year ended 31 October 2025 or 31 October 2024. The trust had no volunteers or èmployèes duiing the year Inil in 20241. The Trustees are also Ihe Senior rnaTFagement personnel of the charity. 17 Related Party Tr¥nsactson¥ The trustees have consldered personal or oth8r interests in which as a result of a de¢ish)n made where an indNidual may benefit financially or otherwise. either directly or incjirectly. In order to eomply with their duties. the trustee5 conlimi the person affÈctÈd doès not take part in any discussions relating lo the issue concerned other than lo clarify fact5. Apart from a donation made by Dr Sillitoe as detailed in note 3, which had no conditions attached lo it, no amount5 we received by the charty from related partie5 during the year ended 31 October 2025 (nil in 20241. Apart from payments toialling £5,490 (£6,150 in 20241 made to Rathbones Trust Company IRTCI. a trustee, for professional services rendered. as pemitted by clause 2912llbl of the charity's governing document, no amounts wer& paid to any related parties during the year ended 31 October 2025. Rathbone5 Inv8Strnent Management IRIMI and RTC are bolh wholly owned subsidiarias of Rathbones Group PLC. The investment management is undertaken by RIM at their standard terms a5 offered to other charili8s. RTC are not oblige to engage or retain RIM as investment managers but do so Dn the basis that the tems and perforrnance have been salislactory when compared lo alternativè providers of investrnenl management. The matter is kept under review lo ensure that the charity Ceive$ appropiiate and cost effective investment managernent Servi5. Nts other transactions require disdosure in respect ol the year ended 31 October 2025 or 31 October 2024. Page 13
THE SILLITOE CHARITABLE TRUST Annual Report ond Financial Stat•m#nts lorth• y•ar •nded 31 October 2025 Notss to th¢ A¢¢ounts 18 Comparative Statement of financlal activitles Expend•tsle Endowment 2024 Dejignated Fund¥ 2024 Unrestricted Fund* 2024 Total Funds 2024 Incom• and endowments from: Donations and legaoe5 Investments Olher Income 302.809 204 3.2¥2,114 3,$94.723 32,761 32.965 7,406 7.406 Total 302.813 3.332.281 3.635 094 Expèndlture on: Raising funils Charitable actitIeS 22,490 22.490 10,950 10,950 Net gainslllossesl on investment assets Net gains1{Iosses1 on foreign exchango 156,779 42.658 156,779 42,658 Ngt In¢omolèxpendltur• 479,760 3,321,331 3.801.091 Transfers btheen funds 1802.1081 4.200,000 13,397,892) N•t movement in Funds 1322.3481 4,200.000 176.5611 3.801,091 Re¢on¢iliation of funds Totsl Funds as at 1 November 2023 1,370,815 76,561 1,447.376 Total Funds as at 31 October 2024 1,048,467 4,200,000 5,248,467 P40 14