THE CAERLOW TRUST {Reglstered Charlty No. 1202408 and Company No. 146151791 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 CONTENTS Page Annual Report of the Trustees Independent Examiner's Report Statemenl of Financial Activities (including Income and Expendrture Account) Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements 11- 15 Page12
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCPI 2025 The Trustees present their report and independently examined financial statements of The Caerlow Trust {'the Trusl°}, for the period from 1 February 2024 to 31 March 2025. In January 2025 the Trustees agreed to extend the accounting period for the Trust to 31 March 2025. These have b*n prepared in accordance with the accounting policie$ set out on pages 11 to 13 and compty with applicable charity law. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORP) °Accounling and Reporting by Charities" in preparing the Trustees Report and Financial Statements. REFERENCE AND ADMINISTRATIVE DETAILS The TTUSt is based and administered in the Unrted Kingdom. Registered Charlty number: 1202408 Company number: 14615179 Registered address: 5 New Streel Square, London. EC4A 3TW. Trustees: Lucy Rausing Constantin KimaTaY10r Hans Rausing {appointed 25 January 2023 and resigned 1 April 2024) Charles Kirwan-Taylor Laura Burke (appointed 1 April 2024) The Trustees of the Trust are also the DiTedors for the purpose of Company Law. The Trustees did not hold any beneficial interest in the Trust at 31 March 2025 or at any time during or since the period end. Charity Director.. Hannah Bodek (appointed 7 May 2024) Bankers: C Hoare & Co.. 37 Fleel Street, London. EC49 4DQ Solicitors: Withers LLP, 20 Old Bailey, London EC4M 7AN Accountants: Rawlinson & Hunter LLP, Eighth Floor. 6 New Street Square, New Fetter Lane, London. EC4A 3AQ Independent Exarniner: Michael Fosler FCCA, Eighth Floor, 6 New Street Square, New Fetter Lane, London. EC4A 3AQ Webslte.. www.thecaerlowtrust.org Pagel I
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 202S STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust is a charitable company limited by guarantee governed by its Articles of Association dated 25 January 2023 and is registered as a d)arty with the Charity Commission for England and Wales and Companies House. The Trustees have responsibility for setting the Trust's goals and strategy and meet to consider grants for exclusively charitable purposes for the public benefrt in line with the Trust's Grant Making Policy. The number ofTrustees shall be a minimum of0 al any onetime and newTrustees shall be appointed by ordinary resolution by the existing Truslees. The range of skills represented on the Trustee Board will be kept under review as the Trust develops over time. Induction and Trainlng As part of their training, Trustees are given an information pack which includes the Trust's Memorandum and Articles of Association and the Charity Commission guidance on Trustees, Responsibilities. All Trustees are aware of iheir legal duties and obligations in respect of the management of the Trust, including in relation lo the protection of its assets. Statement of Trustees, Responsibilities The Trustees (who are also Directors of The Caerlow Trust for the purposes of company lawl are responsible for preparing the Annual Report of the Trustees and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢lice}. Company law requires the Trustees lo prepare financial slalements for each financial period. Under company law the Trustees must not approve the financial stalements unless they are satisfied thal they give a true and fairview of the stale of affairs of the Trust and of the incoming resources and application of resources, including ihe income and expendilure, of the Tru51 for the period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenUy- observe the methods and principles in the Charities SORP {FRS 102)., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Slandards have beer) followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the Trust and enable them to ensure that the financial stalemenls comply with the Companies Acl 2006. 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. Pa8e12
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued} Internal Controls The Trustees h8ve overall responsibility for ensuring Ihat the Trust has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them lo ensure that the financial slalements follow best pradice and all applicable law regulation and guidance. The Trustees are also responsible for the Tfust safeguarding its assets an4J for taking reasonable steps for the prever)tion and d8te¢tion of fraud and other irregularities. The system of inteinal controls is designed lo provide reasonable, but nol absolute, assurance against material misstatement or loss. Risk Managomont & Corporate Governance A risk assessment has been undertaken which comprises.. An annual review of the risks the Trust may face. The establishmenl of systems and procedures to millgate those risks.. and The implementation of procedures designed to minimise any potential impact on the Trust should those risks materialise. This continuing process will identify risk areas to which the Trust is vulnerable and highlight any necessary safeguards that will need lo be put in place. No major risks were identified at the date of these accounts. The Trustees have signed ftt and proper declarations in line wth HMRC guidance. In additlDn, the Trustees have taken due consideration of Good Governance- A Code for the Voluntary and Community Sector, ensuring that the seven main principles ofthe Code are adhered to. These are.- Understanding the Trustees. role- Doing what the organisation was set up to do- Working effectively., Control., Behaving wÉth integrity., Equality. diversity and in¢lusion', and Openness and accessibility. The Trustees recognise that good governance plays an essenlial part in securing the future of the Trust and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Trust. No Trustee reiVed any remuneration or received any other benefrts from the Trust during the period of this report. The Trust does not carry out fundraising activities from the public. Pag¢13
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Objeds of the Trust are to further such exclusively charitable purposes for the public benefit as the Trustees may in Iheir absolute discretion determine. The Trust operates as a grant-making charity, supporting charitable projects and organisations with grants of varying sizes and durations. The Trust'5 operaling principles are rooted in the basi¢ belief that everyone deserves to have access to sufficient resources such that they are not concerned with day-to-day survival. It aims to achieve this by making grants targeting three chosen pillars of humanitarian relief= Homelessness.. Hunger.. and Addiction In addition to this, the Truslees have a particular interest in SeiceS working lo support women across these themes. The Trustees have pursued a broad strategy of ensuriro proper due diligence in thé assessment of potential grants and ensuring thal grants are made subject to appropriate terms and conditions. statemènt of Publlc Beneflt As a grant-nder, the Trust activities will provide public benefit to the individuals and communities who are beneficiaries of the Trust's funded projects. The Trust's public benefit is not limited with reference to geography, by the charging of fees or othejwise. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Trust's aims, activities and achievements in the areas of interest that the Trust supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities. Grat)t Making Pollcy The TrLL8tees' grant making policy has been to consider making donations by way of direct funding and also by way of grants to charitable organisalions recognised as such in their respective jurisdictions for projects that are exclusively charitable under English law. The Tru51 has put in place sound grant arrangements so that it can properly select appropriate grantees and impose appropriate terms on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees. ACHIEVEMENT AND PERFORMANCE Charitable A¢tlvltle$ During the reporting period lo 31 March 2025, the Trust slarted its grant giving Programme, approving a total of 16 grant applications to 15 different organisatiot)s with a combined value of £1, 122,196. In addrtion, it made six small unsolicited donations in December 2024 with a total value of £45,000. Pag¢14
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE {contlnuedl The geographical focus of the grant giving was London, although awards were made to five charilies who work nationally and one that works entirety outside of London. Just under half of the granls awarded. excluding the small donations made in December 2024, were primarily supporting organisations working lo support people who are homeless or at risk of homeless. A third of the grants awarded were made to organisations the alleviation of hunger as their primary objective. The remaining grants, 230/0. were given lo charities working in the field of addiction. This breakdown is illustrated in the graph below.. Addlction 23 33% Hon7ele5sns 44% The themes that the Trusl supports are complex and often intersecting. Many of the organisations the Trust has supported work in more than one of the themes. The data above provides an indication of the primary area of Iheirwork onty- PLANS FOR THE FUTURE The Trustees do not propose to deviale from Ihe current objectives and activities of the Trust as detailed earlier in this report but wll further develop and refine their stfategies, policies and procedures in futur•, as ¢onsidered necessary. FINANCIAL REVIEW Th* Statement of Financial Activities (Ihe SOFA? on page 8 shows total incoming resources for tha period of £997,095 (2023124.. £532,250) and expenditure of £1,343,429 (2023124. £44,142). The expenditure consists of £1,167,196 (2023124.. nif) of charitable expenditure in the form of grants and donations to other organisations and a further £103,493 of direct grant making Costs. Support and governance ¢osts amount to £72,740 {2023124.' £44.4931 were incurred in the period. This resulted ir) a deficit for the period of £346,334 {2023124'. £488.108 surplus). The balance of reserves at 31 March 2025 is £141.774, all of which is unrestricted. The cash balance at the end of the reporting period is £479,382 (2023124.. £501,708). Reserves Policy The Trustees have examined the Trust's requirement for resources and consideration has been given to assessing the risk. piobability and likely impact of changes to our income and thus our abilty to meet our financial obligations or reduce our expenditure in the short term. Page15
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 FINANCIAL REVIEW Icontinued) The trustees have agreed to hold free reserves for three purposes., to meet the requirements of the Tru51's short term working capital requirements., to allow for flexibilty of timing regarding income- to allow the Trust to make grants at short notice should an unexpected and urgent need arise.. and to ensure Ihe charity has sufficient funds to wind down Ihe organisation in an orderly manner. should the need arise. The Trustees will therefore keep free reserves equal to a minimum of four months of operating costs plus £100,000 lo allow the Trust to respond to emergencylurgent needs for grants. At 31 March 2025, this minimum target is equivalent lo £141,000. As such, the free reserves of the Trust are in line with the agreed policy. In addition, the Trustees will ensure sufficient liquidty to cover grants that have been committed but not yet paid. The financial statements have been prepared on a going concern basis as the Trustees believe thal no material uneertainties exist. The current uncertainty in the global economy, including cost inflating factors, have increased financial pressure on charities. The Trustees have considered, the level of funds held, the expected level and security of income and Ihe committed expenditure for bNelve months from the date of signing of these financial statements. The Ttustees are satssfied the forecasl income and reseNes are suffieienl to cover all of the budgeted expenditure to be able to continue as a going concern. The Trustees Iherefore consider the adoption of the going concern basis in preparing these financial siatemenls continues to be appropriate. Approved by the tru$tees on 23 June 2025 and slgned on their behalf by: Lucy Rausing Chair, Trustee Page16
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAERLOW TRUST I report to the Trustees on my examination of Ihe Financial Statements of The Caerlow Trust {llhe Trust") for the period from 1 February 2024 to 31 March 2025 which are set out on pages 8 to 15. Responsibilitios and Basis of Report AS the Trustees of the Trust (and also its director5 for the purposes of company law) you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Companies Acl 2006 I'lhe 2006 Acl'l. Having satisfied myself that the financial slalements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for indeper)dent examination, I report in resp8Ct of my examination of your Trust's Financial Statements as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b} of the 2011 Act. Independent Examlner's Statsment I have completed my examination. I confirm that no matters have come to my attention in connection wilh the examinalion giving me cause to believe thal in any material respect-. accounting records wer8 not kept in respect of the Trust as required by section 386 of the 2006 ACL or the Financial Statements do not accord with Ihose records," or the Fir)an¢ial Statemenls do not compty with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the financial statements give a 'true and fair view, which is not a matter considered as part of an independenl examination., or the Financial Statements have nol been prepared in accordance with the methods and principles of the Statement of Re¢ommended Practice for accounling and reporting by Charities applicable to charities preparing their Financial Slatements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the Financial Statements to be reached. Michael FosleT FCCA Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Page17
THE CAERLOW TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 Note 2024125 2023124 Income from: Donations Bank interest 997,024 71 532,250 Total Income 997,095 532,250 ExpenditUTe on: Charitable activities 1,343,429 44,142 Total Expenditure 1.343,429 44,142 Net (expenditure} l in¢ome {346,334} 488,108 Net movement in funds {346,334} 488,108 Total funds brought forward at the start of the perlod Total funds carried forward at the end of the period 488,108 141,774 488,108 All amounts relate to continuing operations. There were no recognised gains and1055es for the period from 1 February 2024 to 31 March 2025 other than those included in the Income and Expendilure Account. The notes which are set out on pages 11 to 13 form part of these financial statements. Page18
THE CAERLOW TRUST BALANCE SHEEr AS AT 31 MARCH 2025 Note 2024125 2023124 Current Assets: Debtors Cash at bank 13,194 479,382 6,450 501,708 Total Current Assets 492,576 508,158 Liabilities: Creditors- amounts falling due wtlhin one year (350.802) 120,050) Total Liabilitles {350,802} 120,050) Net Assets 141.774 488,108 The funds of the Charity: Unrestricled funds 141,774 488,108 Total charity funds 141,774 488,108 For the financial period in question the Trust was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have requi d the Trust to obtain an audit of its accounts for the period in question in accordance with section 476 ofthe Companies Act 2006. The Trustees {who are also the Directors of the Trusl for the purposes of ¢ompany lawl acknowledge their responsibility for complying with the requirements of Ihe Act with respect to accounting records and for the preparalion of accounts. These accounts have been prepared in accordance wrth the provisions applicable to ¢ompanies subject to the small companies, regime. The financial slatements were approved and authorised lor issue by the Trustees on 23 June 2025 and were signed on Iheir behatf by.. Lucy Rausing Chalr. Trustee Pa8e19
THE CAERLOW TRUST STATEMENT OF CASHFLOWS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 Note 2024125 2023124 Cash flows from operating activities- Net cash used in operating activities (22,3971 501,708 Cash flows from investing actlvllies.. Bank interest 71 Net cash provlded by investlng activities 71 Change in cash or cash equlvalents in the reporting period {22.326) 501,708 Cash at the beginnlng of the reporting perlod 501,708 Cash at the end of the reporting period 479,382 501,708 Pag¢ | 10
THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 Accounting pollcle$ Basi$ of Preparatlon of Flnancial Statements The Caerlow Trust ('Ihe Trust"), an incorporated charity limited by guarantee with registered charity no. 1202408 and company no. 14615179, Is based and administered in the Uniled Kingdom. The registered address is 5 New Street Square, London, EC4A 3TW. The nature of the Trust's operations and Principal acts'vities are set out in the Tiustees, Annual Report. In the event of the Trust being wound up, the liabilty in respect of Ihe guarantee is limited to £1 per personal member. The financial stalements have been prepared in accordance with Accounting and Reportiro by Charities.. Statement of Recommended Practice applicable to ch2rf(ies preparing their accounts in ac¢ord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {"Charities SORP FRS 102.), the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The Trust has applied the provisions set out in FRS102 as published in 2019 and does not include cash flow statement on Ihis basis. The Trust constitutes a public benefrt entity as defined by Charities SORP FRS 102. In applying the financial reporting framework, the Trustees have lo make subjeclive judgements. for example in respect of signrficant accounting estimates. Estimates and judgements ale continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes COLJld differ from those estimates. The Trustees have not made any signlficant estimates and judgements affecting these financial statements. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistently applied to all years presented unless otherwise stated. Incoming Resources All incoming resources are included in the SOFA when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest fiom deposit accounts are included when received. Pagel 11
THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 Accounting policies Icontlnuedl Resources Expended All expendituro is included on an acuuals basis and is recognised when there is a legal or constructive obligation oommitting the Trust to the expenditure. The Trust is unable to reclaim VAT. Irwoverable VAT is charged against the activity for which expendrture was incurred. Charitable activtties include grants and donations incurred during the period and are expended through the SOFA when a formal offer is sigr)ed by the Trust and sent to the recipient. Support costs are costs incurred to facilitate charitable activities but are not directty related to the activity. Support costs include the central office functions, such as governan. general management, information technology, human resources and finance. Governance costs are cosl relating to the governance of the charity such as audtt, some legal fees and any costs associaled with Trustee meetings and constitutional matters. Support and governance cosls are allocated to charitable activities on the SOFA. Grants payable Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi-year grants are accounted for when either Ihe recipient has a reasonable expectation that Ihey will receive a grant and the Trustee has agreed lo pay the grant without condition, or the recipient has a reasonable expectation thal they will receive a granl and that any condilion attaching to the grant is outside of the control of the Trust. Finan¢ial instruments The Trusl only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. Status of funds The entire resources of the fund are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives. Taxation The Trust is nol subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. CTedStors payable within one year Creditors wrth no stated interest rate and payable within one year are recorded at Iransaclion price. Any losses arising from impaitment are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, olher short-tem) highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable. are within borrowing in current liabilities. Page | 12
THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 Accounting pollcles (continued) Provislons Provisions are recognised when Ihe Trust has an obligation al the Balance Sheet date as a result of a past event, it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimaled. Going con¢ern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including cost inflating factors, have increased financial pressure on charilies. The Trustees have considered the level of funds held, the expected level and security of income and commrtied expenditure for e1ve months from the date of signing of these financial statements. The Trustees are satisfied the forecast income and resetves are suffi¢ient to cover all of Ihe budgeted expenditure to be able lo continue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. 2024125 2023124 2. Income from donatlons Donations received GiftAid Gifts in kind 965.000 4,024 28,000 525,800 6,450 997,024 532,250 3. Expendlture on charltable activities 2024126 Grant Support & making governance 2023124 Grant Support & making governance Total Total Grants and donatlons Slaff costs Office costs Professional services Governance costs Training cosls Bank charges General expenses 1,167,196 56,392 21,727 19,732 1,167,196 99,824 33,938 30,822 2,836 5,781 911 2,121 43,432 12,211 11,090 2,836 2.080 328 763 35,520 6.781 1.496 302 43 35,520 6,781 1,496 302 43 3,701 583 1,358 Total costs 1,270,689 72.740 1,343,429 44.142 44,142 Grants and donations and governance costs are direct costs. All other remaining cost8 are indirect costs and have been allocated belween grant making and support and governance costs based on an estimate of staff time spent on each activity. InclLKled within governance Costs are the costs of the independenl examination of £2,750 (2023124.. £1,200). In addition to the cost of the independent examination, £7,12912023124- £4,065) has been paid lo the same fim for accountancy and payroll services. Page | 13
THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 2024125 2023124 4. Grants Grants payable at the start of the period Grants awarded in the year (note 3) Grants paid in the year 1,167,196 {825,149) Grants payable al the end of the year (note 8) 342,047 6. Staff Salary and wages Social secvrity costs Pension costs other benefits 83,795 4.960 10,474 594 Total staff costs 99,823 The chanty had an average of one employee during the period {2023124.' none). The estimated full time equivalent {FTEI for the period is 0.76 FTE. The key management personnel of Ihe charity comprise the truslees and the charity director. None of the Trustees received any remuneralion during the period nor claimed any expenses. The total employee benefits (including social security costs and pension contributions} for the key management personnel were £86.862 (2023124.. nil). One employee had tolal employee benefils (excluding pension contributions) within the range £70,000 to £80,000 during the period. 6. Debtors Payroll control account Prepayrnents Gift Aid reclaim 6,726 2,718 3,750 6,450 Total debtors 13.194 6,450 7. Cash at bank Current account 479,382 501,708 8. Creditors - amounts falling due within one year Grants payable Accounts payable Accruals other creditor5 342,047 5,548 2,750 457 15,850 4.200 Total creditors 350,802 20,050 Page | 14
THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025 9. Reconciliation of nèt incomel(expendlture} to net cash flow from operatlng actlvltles 2024125 2023124 Net (expendlture) I Incorne for Ihe reporting perlod (as per SOFA) Inlerest receiv8d {Increase)Idecrease in debtors Increase in creditors (71) 16,744) 330,752 {6,450) 20,050 Net cash provided byllu$ed by> operatlng actlvltles (22.397) 501,708 10. Cash and cash equivalents Cash in hand 479,382 501,708 Total cash and cash equivalents 479,382 501,708 11. Financial Instruments The ¢arry amounts of the Trust's financial instruments are as follows.. Financial assets Measured at fair value through SOFA: Cash at bank and in hand Debtors 479,382 13,194 501,708 6,450 Finan¢lal liabilities Measured al amortised cost- Creditors 350,802 20,050 12. Related party transactions The Trust received donations lotalling £15,000 (2023124.. £25,800) from a Trustee during the period from 1 February 2024 to 31 March 2025 on which gm aid of £3.750 (2024125.. £6,450} wll be reclaimed. 13. Ultimate controlling party The Trustees considei that the Trust is jointly conlTolled by the TTUStees and that there is no ultimate Controlling party. Pagel 15