Charfty regl8tratkn nwnber: 203367 The Heathcoat Trust Ann￿1 Report and Ftnandal Statements forth• Year Endad S Ayil 2025 WESTCOTTS CHAA TE•6D ACCOIIWT#btr4TS 4 BUSIIIVSS AQVISIRS The H•athcoat Trust Contsnts {conllnuod) Refergnce arKI AdMkn1strab￿ Detalls Trustees, Report 2to5 Indyndènt Audttors, Rwrt 8t09 Statom•nt of Flnonclal Actr4it1&8 10 B8lance Sheet 11 Cash Fkw Statement 12 Notss tolhe Flnan¢io1 Statements 13to28 Tho H9athcoat Trust Reference and Admlnlstrative Detalls Trust Mr John Smith Taliana Heathcoat Amory Ms Johannfr Ch8rry {r8sign8d 18106r20251 Mr J8d( Raynor lappotnted 181061202$) Mr Mark Drysd8le Mrs Susan Wesdake (decea￿j 0111212024) Mr Andrew B911 (appolnted 25104120251 Carol Onley-Grggson Secretary to the Tru8te68 Mrs Helen Isagc Chathy R•glslratlon Nwnber 203367 Prfn¢lpal Offl¢• The Factory Wesl Exe Tiverton Devon EX16 5LL Indop•ndent Examlnor Weslcotts {SW) LLP 47 Boulport Streèt Bamslaple Oevon EX311SQ Soll¢ltors Ashford8 LLP Ashford H¢use Genadi•r Road Exeter Davon EX13L Bankers Natwost Exeter S9 High Street Exeter Devon EX4 3DL Investment Brokors Rathbone Investment Management 30 Gresham Straet London EC2V 7QN Rec Brewin Dolphln 12 Smithfield Street London EC1A 9BD Page 1 The Heathcoat Trust Trustees. Report Tho trustees present the annual report tO3ethef with the financial stataments of the charity fortho year ended S April 2025. Objectives and adlvltlttg ObJKts and aims The TruBt Dg8d. as amended by the 0￿￿1 dated 13 April 1999, provhjes that the charivs Ineome shall b8 applied: {0) for the rellef of financSal hardship. Ibl for education and training. Icl for building or making grants to health instilulions, and Idl in certain circumstsll¢es for making eenlribulions to any ch8rrty but moslty in Tiwrton in Dovon, ils neighbourhood or in places where the ffims John Heatlwal and Company Limited 8nd Lowman Manuf8¢turing Company Limited and thgir subsidiaries caTry on buslne88. (e) In so far 3$ tt cannot bo applied toward$ the objects specified in the Trust Deed, it may be applpd for any charitsble pu￿08e. PubH¢ benefrt Tha tru3tees confimi that they have complied with the requirements of secticfi 17 of the Charities Act 2011 to have due regard to the publK benefit guidance published by the Charity Commission for England and Wales. Grnnts The Charity Invites lot41 Institutions and IndMdua15 to moke appI￿atIonS for grants for suitsble projects. Achlev8monts and perfornianco The objective of the Charity 15 to make finanaal ￿ntributionS to people and inslitulk)ns Sn fvifilmenl of the provisions of the Trust Deed a8 abov•. To fvrther thi8 oblective. the Iwsts•s meet regularty lo consider applkallcfis for grarts. The trust is not designad lo set up initiatives of Its I￿n. thu8 the trustees rety on applKalions to whkh t respoThl. In Ihg year under review, grants of £801,054 12024 - £717.3761 were distributed. Th8 accumulated unrestricted inwn8 fund decreased by £118,485 after ta￿n9 into account realised and unrealiswj galnsl{los$esl. At the year*nd total unrestricted funds were £5,542,21912024- £5.658,7041. The twstees conslder that making grants to penBionef6 and organisations in this way salisfie8 the Ch8fity ConYnlssSon'6 guIdW￿ on publk b¥nefiL Flnan¢lal rnvlew The ffnan¢ial stslemenls compty with cufftsnt slalulory rèquirement and the tharitws governing documents. The ¢heriVs donations are made annually with conditional and uncondftianal commitments continutny into succeeding years. The charitys investments are professionally Managed arKI give th8 charity a strcmg financial base. Page 2 The Heathcoat Trust Trustees. Report (contlnued) Polky on rnserv The reserve fund r6pres$nts unrestrktod fvnds alis￿g from historic un5penl incom•. CUr￿nIty the INsts¢$ ar& ILh)king lo respond lo as many in¢orning quali￿.ng applicatlons as possible. expending al Ir￿ne received during the year a5 well as amounts from the reseNe fund if necessary. The bal8n¢e Is held towards the possibilty of funding a large project within the Trust's Obje￿Ne$ in the future. The tru$lee8 conslder thè ￿$￿1ve fund to be sufficient for the lime being bul as unrealised gains and losses are refiected through this furKJ ts value wlll flucluot9 with rnarket condMon$ 01 eath year end. The endowrnent fund 18 a Teslricted fund under temis of the Injst deed and must be held pemTrnendy. Its purpose is to ensure a suitable income Btream Ir) finance the ongoing work of the ¢harity within its ¢haritable objectiv¢s. It is fgpresenled by unliBted investments a5 $01 oul in Note 12, and a portfolio ol Investments th81 are managed by tho in￿stMant managers. The investmont managers have been given discretlonary power to acquire and dispose of Investments 4thin the ptslicy set by the Iruslees. Investm￿¢polIcY and 0¥￿(1¥e$ The constitution authorises the trustees to make and hold Investments using the funds of the Charlty. Investments are hetd wfth Rathbone Investment Management at 30 Gresham Street, London, EC2V 7QN, and Brewin Doiphin al 12 Smithfield Strèet, London. EC1A 9LA, who arg the charitys Investment monagers. The policy is to adopt a medium risk inv881menl strategy wth a balance between caprtal grovAh aTh incomewhkh should not be bellyw 30A of the porttollo value rf xhievabl8. The chanty has a participating interest in tsvo unlisted companies. D&tsil$ of those Share holding5 are shown in Note 12. The Trust takes advice from ¢)ur Investment Manage13 as lo the most appropTtat8 investments we should have. including whether sccial, environmental or ethkal considerations shoulj ba taken into account. The performance of our Investment Managers is reviewed annualty by the tnJsteg$ and wmpared to reievant published indices as weu a5 bonchmarks of investmont mark8t comparator& Plans for future periodB Alms and key otye¢tives lorfuture perlods The trustsfjs intend to lurth•r tho objects of the charity by ¢ontlnuing to mak$ grants and donations to suitable projects. Structur•* govemance and management Nathre of govemlng document Th8 charty 1$ governecl by a Trust Deed dated 14 Oct%*8r 1945 amended by a Scheme made by the Charity Cornmission on 14 September 1973. and Orders made by the Charity Commiss*)n on 25 November 1993 and 13 Apdl 1999. Page 3 The Heathcoat Trust Trustsès, Report (contlnued) R￿luItment •nd appolntment of1￿5£ee$ AppoinlmeTIt of Irust•8S is govemed by the constitulion ol tha choiity. The trustees are appointsd as follows: 1. There shoU￿j be one ex•offick) trust•e who should be the person from twne to dme and for the timè being holding the Hèathcoat Amory Baronetcy. rf cf full age and willing to act. If unwilling lo act the ex￿￿￿0 twsleo may aPp￿nI some other fft person to be a trust￿ lo hold office in his place for so lon9 as he thinks fJL 2. Two N¢Jmlnatlve Trustees, appointed as fc41¢)ws'. One by the Board of Directors of Healhcoat Fabrics Llmited. One by th¢ majority of èmployees of Heathcoat FabrTh Lknited. 3. There should be three co-opled trust88s who are appointed by the elhor Irustee8. Any vacanci6s at the year gnd wll be Gonsidered by the trustses. Indu¢tlon and tralnlng ol trustees Whgn ngw Tws1888 are appointed they ar& given a fomial Induction to the wortE of the Trust and provided wtth the inlomation they need lo fulfil Iheir ioles, whKh includg information about the rc4• of Trustees and charity law. MBior risks and managem¢rrt of thos• rlsks The trustees have ¢onducted a review of the major rtsks lo which the charity18 expos8d and eonflm that systems have been established to enable regular reports so that tho nece55ary $lep$ ¢an be tak8n to lesson th•s8 risks. Slatemont Of T￿$t￿, R•8ponsibillti Th• trusteès are responsible fof prewlng th8 twstees, report and the financial statements In acC￿ance with the Uniled KSngdom Accounting Standards (United ￿ngdoM Generauy Accepted Accounting Practice) and applicable and r¢gulath)n The W applThble to charities requires the Ivuslee8 to pr8pare financial statements for each financial year whlch glve a true and faiT of the stsle of affalrs of th8 ¢hariiy and of the incomin9 resources and appliealion of resources of the charty for Ihat perftsj. In preparing these financial statements, the trustees are required lo.. select suitablè accounting policies and then apply them consistenty, ctherve the meth¢)J8 and prlnciples in th• Charities SORP: makeludgements and estimates Ihal arfj roasonabl& and prudent,. slate whether applicable accounting standards have bean folkxved, Sublecl to any material departure5 dSs¢losed and &xpl8ingd in th& financial slalements,. and prepare the financial staternents on the golng concem basi3 unlèss K is Inappropriate to prosum that the charfty will continug in buslness. The trustses we responsible for keeping proper accounllng records that dlsclose wlh reosonab accuracy at any time the financial pos11ion of Iho charity and enabb thèm lo ensure that tha financAal $latemonts Compiy with the Charities Act 2011, tha Charities (Accounts ¥nd Reports) RegulatStsns 2008. and th6 provis￿￿$ of the constituuon. The tru8tees are also responsible for safeguarding the ass8ts of the charity and henGe for taking rea¥onoblo $t8ps for the pmention and detectton of fraud and other irregularititis. Pago 4 The Hgathcoat Trust Trustses. Report (contlnued) The trustees are rgsponsible for the mainlenanee and inlegrty of the crrtporate and finanaal infomiation included on the charity's websi(o. LegiSlat￿n goveming the preparallon and di35•min#tlon offinanual ststements may differfrom legbslation In otherlurlsdictions. Dlsclosure of Infofmatlon to auditor Each trustee has taken steps that they ought to have taken as a truslee in order to make themselves aware of any relevant audit infomiation and to ostabtssh that the ¢haiiVs 8udltor 18 aware of that Inf¢matlon. The Irustses confimi that there Is no relevant inf¢Jmiation that they knthv of and of wh￿h thoy kns>•V tho audiior is unawar8. and signed on Is bahall by.. Page 6 The Hoathcoat Trust Indepgndent Audltor's Report to the Members of The Heathcoat Trust Oplnlon We have audited the financial statements ol The Healhcoat Trust (the 'charity? for the year ended 5 April 2025, which romprise the Statement of Financial Activities, Balance Sheet, C36h FIDW ststèmenl and Notes lo the Financial Statements, including a summary of significant accounting policie5. The financial rèportlng framework that has been applled in their preparation Is United Kingdom Accounting Standards, cornprising Charities SORP FRS 102 'The Flnancial R8POrting standard applScable in ihe UK and Republic ol Ireland. and appli¢able law {United Kingdom Generally Accepted A¢￿Unting Practice). In our rpinKJn the ffinanci818tatoments.' gwe a true and falr view of th$ state of the charfty's affairs as at 5 April 2025 and of Its incomlng rosources and application of resources. including Sts income and expenditure, for thè ￿or then ended., h8vo been prop•rfy prepared in accordance th United Klngdom Generally Accept￿ Accounting Prth.. and have been prepared In awTdance vnth the r8qulrem8nts of the Chartties AGt 2011. Basls for opSnlon We conducted our audit Sn accord8nce with Intemational Standard8 on Auditing (UK) (ISAS {UKII and apPI￿able law. Our r&sponsibililies under those Standards are ftjrther described in the auditor responsibllities for the audit of the financtal slatements section of our report. We are independènt of the charity in accordance with the ethlr31 ￿qUIrementS that are relevant lo our audit of the financial st¥temen15 in the UK. in¢ludlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibil11￿ ac¢ordan¢e these tequirements. We belleve that the audit evidence ws have tained Y6 sufficient and appropriate lo promde a bg91s for our opinvJn. Conclu$lons relatlng to golng COn￿M In audlting the financial statements, wg have concluded thBI the trustees use of the golng concem basis of accountlng in the preparation of the financial statements is appropriate. Bosed on the work we have performed, wg have not idenlffied any material uncertainties relating to events gr condition5 that. individually or colledively, may cast signifttnl doubl on the charity'5 abilty lo continu8 a5 a going ¢oncern for a pèriod of at18ast ￿1v$ month5 from when the original financial statements were aulhorised foi issue. Our responslbllilles and the responslbilitses of the trustees wilh respoct to golng concern are de8¢ribed In thg relevanl sactions of thls report. other Informatlon The trustee5 are rasponsiblg for the other infomalion. Th¥ other infonnat(tsn comprises the infomwtion included in the annual report, other Ihan the financial ststemenls and our audltorfs report Ihewn. Our oplnion on the financial slatemgnts does not cover the other Infomalion and. except lo the extent otherwise exp￿citty slated in our repor( we do not axpross any form of assurance nclusion Ihereon. Pogg 6 Tho Heathcoat Trust Independent Auditor's Report to the Members of The Heathcoat Trust l¢ontinuod In connection with our audit of tho financial statements, our responsibiltty is lo read the oth8r infomalion and. in doing so, consider whether the other SnfomialKin ks materialty incon31stanl wth the fingnrAal 81atements or our knDvA¢dg8 obtained in the audit or othe￿1$8 appears to be matedalty misslatod. If we identrfy such material In¢onsisten¢ies or apparent material misslalements, we are required to delarmine whether Ihere is a material mlsstatgment in th& financkl statements or a material mlsstatèment of the other information. If. b8sed on the work we have perfomied. we Conclude that there is a material miBStalemenl of this Other infomation, we are requlred to report that lact. We have nothlng to raport in Ihls regard. Mattors on whlch w* are r¢quSred to report by exception In the light of our knovAedge and understanding of the ch81ity ond ils environmgnl obtslnad in the cours8 of the audit, we have not Ident￿led maleriol mi5stslem8nls in the Trustees, Report. We have nothing to report In rèsp8Ct of the following matters where the Charities {A¢counls and Report} Règulations 2008 requlres US to report lo you rf. in our opinS0n'. adequate a¢￿UntIng record8 have not been kept, or ielurns adgqu8le for our audit have been receivod from branches not visi18d by u$; or the financial slalements are not in agreement with the accounting fecords and retums., or certain di5dosur8s oftruslees remuneration Bpecthed by law are not made: LV we have not re¢elved all the information and explanations we require for our audit. Re8pon8lbllltOe$ of trustees As expl8in8d more fully in the Ststement of Trusloos, Responsibilities Isel out on page 4 and 51, the tnjstees are re$ponslble for the preParat￿)n of the finanoal statements and for belng satisfied that they give a true and fair viw. and for such intemal control as the trusteès determine 15 nocessary lo enable the pwparation of finandal stat￿an15 that are freg from material mi5Statèmen( whether due ID fraud or error. In preparin9 the financial slalements. the trustees are responsible for ass8ssing th8 charity's 8billly lo contrnue as a gtslng Concern, disclosing, as applicable, mattèrs related to goin9 concem and using the g¢ing concem basis of accounting unless the trustees either intsnd to liqu*Jale the charity orto c•ase ¢per￿On$, or have no realEstt¢ eKemative but to th) $0. Audltor Rosponslbllltl•s for th? audlt of th• financlal stat•ments Our objectivgs are to obtsin reasonabl8 assurance about whether the f nancial 31èt¢menls a5 a whole are free from material misstslement, whether due to fraud or error. and to issue an audilorfs report that include5 our opinlon. Reasonable assuran¢9 is a high levol of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement wh¢n it exists. Mi5slalemenls arise from fraud or error and are con5iderod material if, individual or in the aggregate, they COU￿ reasonably b8 expecled to infiuence tha oconomic dècisions of us8rs taken on the basis of these financial statements. As part of an audit in aC￿rdanC0 With ISAB IUKI, we oxorcise profassional judgement and maintain professional 8cepticlsm throughout the audit. We also.. Identify and assess the risks of material mi651atement of the financtal 81atèments. wheth¢r due to fraud or errar, design and perfom audit procedures Te5ponslve to those fisks, and obtain audit evidence that is suffia$nl and appTvpriate lo provide a basis for our opinion. The risk Df not detecting a material ml$statemenl resulting from fraud is higher than for one re5utting from eryor, as fraud may invo￿6 collusion. forgery, intention81 Omi￿lOn$. misrepresentslions, or the override of intemBI control. Page 7 The Hoathcoat Trust Indopendent Audltorfs Report to th8 Members of The Hoathcoat Trust (continued) Obtaln an und8rstandlng of internal control relevant to the audit in order to design aud* pr¢xedures that appropriate in thé circurnstance¥, bul not for the purpose of eypressing an opinKJn on lh• effectivèness of the inlemal ¢ontr¢l. Evaluat• th• appropriateness of accounting pollcSes UBed and thg reasonabl8n8ss of accounting e81imale3 and ￿lated disc105ures made by the tIU3tee$. Conclude on the apprOPriater￿SS of the trustees, use of the going concern basis of accountiNJ ond, based on the audtt evidence obtained, whether a materSal unc8rtaSnly exists related to events or ¢ondit￿n5 that may cast slgnth¢ant doubt on the ch8r5Ws abil￿ to conllnue as a going concern. If wè condude that a material uncertainty exists, we are required lo draw Httontion In our audTtorfs report to the related disclosures in tho financkwl statements or, rf such disclosures are inadequats, lo modtfy Dur opinion. Ovr concluslons arè based on IM audit ewdence obtained up to the dale of our audttorfs report. However, future events or conditions may ¢au$8 the charity lo cea3e to continua as a going concern. Evaluate the overall presentallon. structure and contgnl of the finarrial statements, in¢luding tha disclosures. and whether the financial slalements repre￿nt the undeflying transadlons and events in a mann8rthal achieves tsir pre5enlatlon. We Communicate with Ih¢se ¢harged wlh governanc• regardlng, among other matters, the planned seope and Ilmlng of the audrt and signific¥nt audit findings. Induding any slgnfficanl defici￿￿ in intemal control that we identify during our audit Irregulariues. includiTrJ fraud. are Inst8nces of nonJy, in accordanca wlth $ectlon 144 of the Charities Act 2011 and regulations ma(ie under Section 154 of that Act. Our audlt work has been und8rtaken so that we mvJht State to the trustees those matters we are required to Slate to truste￿ in an auditors, report and for rK• other purptsse. To the fullasl extent pemiitled by law, we do rK)t accept or ossume re5porAlbilty to anyonè othèr than th• charity and ts Iruslees 8$ a body. for our audit work. for this report, or for the opinion5 we have fomièd. Wostcotts {SW) LLP, Stslutory Auditors 47 Boutport Stre8t Bamstaple EX311SQ Pay• 9 Th8 Hgathcoat Trust statem•nt of Flnanclal Aetivftles for the Year Ended 5 April 2025 Unrèatrlctod Endowment Total funds lunds 202S Tot•1 2024 Noto Income and Endowments from: Investment income 954.438 954.438 930.891 Total Inoome 954,438 9S4,438 930,891 Expendlture on: Raislng funds Choritable activities (23,6031 1842,532 1106.8071 (130.4101 1842,5321 1115.398) 55.910 Tot81 expenditure Gain8llkJ55es1 on invastrnenl a3set$ 1866,135> 1106.8071 1972,9421 {871.3081 1204,788 912,404 1,117.192 944,011 Net (expendTturelliM)me Re￿nCIlIatIOn of funds 1116,485) (1,019,211) {1,135.696} 1.003,594 Total funds brought forward Total funds carriod f0Th￿rd 19 5,658,704 22,770,298 21,751.087 28,429.002 27.293,3C6 27.425.408 28,429,002 5.542,219 An of the ¢harly'$ activitios from continuing Operat￿n5 during tha above tsvo perfods. The funds bregkdown for2024 IB shown in note 19. The Mtgs on pages 1310 26 lo￿ an integral part of thèse f￿anCIal statements. P8ge 10 The Heathcoat T￿￿t IReglstratlon number: 203367 Balance Sheet as at 5 Aprll 2025 2025 2024 N¢t• Flxed Inve8trnenls 12 21,751,087 22,770,298 Curr•nt assèts Debtors Investment8 Cash at bank and in hand 13 64.753 4,602,921 905,566 5,573.240 (13.359 84,089 4,825,761 757.674 14 5,867.524 8.820 Cr•dltoxs: Amounts falling due wlthln on• yur Not ¢urr•nt ass•ts 15 5,559.881 5,658,704 Totsl assgts less curront IlabllStl 27,310,968 17,662 28,429,002 Creditors: Amounts falling due after morn than one year 16 Net ass•ts 27.293,306 28,429.002 Funds ofth• charlty: Endowment fundB 21,751.087 22,770,298 Unrestrlcted Income fund> Unrestrictad funds 5.542.219 5,658.704 Total funds 19 27.293,306 28,429,002 The fin atemenls on pa9es 10 to 26 were approved by the trustaes, and authoiised for issua and $￿an8<1 on Iheii behaw by.. Joh Smil The notes on pages 13 to 26 fom an Integral part of these financial statements. Pagg 11 Tho Hoath¢oat Trust Cash Flow Statsment for the Year Ended 5 April 2025 2025 2Q24 Nots Cash flows from operallng actlvltles Net cash lexpenditui&)Anu)m• Adjustmènts to cash Ilows from non4ash Items Investment Income Revaluation of InVestsn￿8 11,135,896} 1,003,594 {954,438} 1,166,735 1923,399> 1930,8911 908.778 (836.0751 Worklng ¢apltal adJustm•nts 08creasellincrgas9l In debtors Increa8el{de¢rease) In ¢redltors Ngt ¢ash llows from operating a¢tiMtb5 Cash Ilows from Invostlng actlvltl8S Interest receivable and simllar income Pu¥chase of investments Sale of investments C8sh movement on investments 13 15 19,336 22,201 114,0041 2,330 881.862 852,409 954,438 13.335,2221 3,447,263 36,725 930,891 (4,817,811) 4.408.418 481.102 12 Net Cash kn from investlng adwilies Net Increasè in cash and cash equivalents Cash and cash equivalents at 6 Apiil ash and cash qquival•nls at S April 1,029.754 1,002,600 147,892 757.674 150.191 607,483 757,674 )5.566 All of the cash are derived frorn continuing operations during the •bove perithds. Ca$lfflow restrictions Chartty law prohibjts the uset of net ¢ash infkn¥s on any endwed or other restricted lund lo off8el net cash ouffiows on sny fund outside its own Objects, except on special authorty. In pra¢ti¢e, Ihl$ restriction has not had any eff￿1 on cash flows foi th* year. The notes on pages 13 to 26 form an Integral part of thè4è financial statements. Page 12 The Hoathcoat Trust Notes to the Flnanclal Statements for tha Year Ended 5 Aprll 2025 1 Ch•rfty stslus The Heothcoat Trust is a charty registered In Engbnd wthin the Uniied Klngdom. Thè address of Its registered office is,. The Factory West Exe rwerton EX16 SLL 2 A¢￿u￿tIng pollcl¢s St•tom•nt of compllarte The financial statements have b00n prepargd in aceudance with the Second ?drtion Of the Charities Slalement of Recommended Pra¢ti¢e i88ued In Octobér 2019, the Financlal Reportlng Standard applicable in the United Ktngdom and Republic of Irelgnd IFRS 102) and the Charities Act 2011. Basls of praparatlon The H8athcoal Trust meets tha dafinitton of a PLd)lic banafil entity uThJer FRS 102. The accounts (financial slalemenlsl have been prepared under the his10rf¢81 ¢08t convention with items recogni5ed 81 cost or transaction value unIess olhenmse slated in the relevant notel81 lo Ihesa accounls. The accounts are prépared In starling whl¢h 59 the functional cutroncy of the charity. Going concern The Iruslees consider that there are no material uncertainlie8 about the ¢hpriV$ ability to continue as a golng concem. Incom• and •ndoMnents Voluntary income includln9 donatlon8, glfts, legacles and grants that provid8 cora funding or are of a neral natur• is recognised Ythen the charity has enlitlemenl to the income, rt Is probable that tho Income wlll be received and the amount can be measured wrth Bufficlent rdiabilty, Don•tlons and legacles Donat￿n6 and1ggacl8s are recognisod on a recelvable basss when [￿elp1 is probable and the 8munt can be reliably measured. Inveslmontincome Inveslm¢nl Income Is eamed through holding asset8 for Invgslment purposas such a5 shares. It includes dividends and interest Inveslm8nt incomg 1$ inclvd8d when the amount con be maasured reliabjy. Interést in¢ome Is rttognisad using thè affèetive interest rnelhod and div*J8nd income Is rewnised when the charit￿S right to recelve payrnent Is astsblished. Pag013 Th• Heathcoat Trugt Notes to the Flnanclal Statsments for tho Year Ended S Aprll 2025 (continued Expendlture l expenditure18 recognised on¢e there 1$ a bgal or ¢onstrucllv8 obligaUon lo that expenditure, It is probable settlement is required ond the amount can be measured reliably. All costs afe allocated lo the 8pplscable expenditure heading Ihat aggiegale similar cts8ts lo that category. Where c051s cannot be directly attributed to p8rticular headings they have been allts¢ated on a basis conslslent with tho se of resources, with central staff cost5 allocated on the basi5 01 lime spenL and depreciation chargej albcaled on the porbon of the asset's use. Othei support costs arg allocatad based on the spread of staff costs. Ralslng funds These are costs Incurred Sn attractSng voluntary Income, the management of investments and tho96 Incurred kn trading xtlvlttes Ihal raise funds. Charftablo artlvltlas Charitabl8 expenditure ¢0Mprf￿ those costs Incurred by the charity in the dellv8ry of Its actM119S and serv￿￿$ for ils beneficiarles. tt inclutss both costs that can be allocated directly lo Such aGtivili86 ènd Ihose ¢osls of an Indirect nature necessary to support them. Grnntprovlslons PrO￿S0on5 for grants ara made the intention lo mak• a grant has been eommunicaled lo the reupSent bth there is uncertainty about either the timing of the grant or the amount of grant Pa￿￿. Support costs Support costs include central fijnctions and have baen allocated to octivity co4 eategorie¥ on B ba31 con$isl¢nl with the us? of iesources. for exampl¥, allocating property co818 by floor areas. or per capita, staff costs by th• lim8 spent and other costs by their us8ge. Gov•rnanc• costs Those indude the costs attributable to the charity'8 compl6anc8 with const￿￿tiOnal and statutory requirements, InclLvJing audit. slralegSc management and IruBlee$ meetings and reimbursed expenses. Taxation The charity is considered to pass tha tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore It meels the definillon of a charitable company for UK corporatKin tax pu￿0588. Accordingty. the charity ￿ potenlialty exempl from taxation in respect of income or caprtal gain$ rerEived wlhin ¢ategorie8 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain¥ Act 1992. to the extent that such income or gmins are applied 8xcIusivoty to charitable purpos•$. Flxod asset Invgjtments Fixed asset investments, other than proyramma Telated Investments, included at market value at the batancé Sheet date. Realiseil gaSns and I0￿$S on Investments are calculated as the difference be￿eerI sales proceeds and th￿r mark8t value at the start of the ￿ar. or thelr subsequent cosl. and are charged or credlied to the Statement of Fin8neio1 Act1¥￿ie5 in the pe11￿1 of dispo$•l. Unreali5ed gains and losses represent the movement in market values during the year and are ¢reditgd or Gharged to th• Ststement of Flnancial Activitie8 based on the market valug at the yaar end. Page 14 Thg Heathcoat Trust Notes to tha Flnancial Statsments for the Year Ended 5 April 2025 {contlnuod} Current 88s•t Inv•stments CuThwbt 888et Inv•slMents are incl￿￿0￿ * the lower of ¢ost and net realisablo va￿e I market value. Cash and cash equfval•nt8 Cash and cash equfvalents conwrise cash on hand and call deposits, and other short4erm highly liquid investments that are readity converU'k4e to a kn¢Jwn amount of cash and are subject lo an Snsignificant risk of change In v8lu•. Fund structurè General unrestricted funds compris8 8ccumulated Surpluses and d8ffcils on yneral fvnd8 and cumulativo raali%ed and unrealised gain$ cn revaluations of investments. They are avallabl8 for use at the discretion of the Trustees in furtherance of the charitys oblectNes. The charty haB an ondovhn8nt, which it15 l¢galty preventèd from spending and must ietain IntacL has invested the endowTh•nl to prO￿de Income for its aclimlles. Flnanclal Instruments Cl&wlfleadon Financial assets and financid liabil￿e$ are recognised when the charity becomes a party to the contractual provisions of the instrument. FinanrAal liablliti85 8r¥J ¥quity instruments are dassffied according to the substsnco of the contr8¢lu81 arrangtrments wterèd Into. An equity Inst￿ment 1$ any contract that gviden¢x a re$ldual interesl In the assets of the Charity after d•Jucilng all of its liabi1it18s. R8cognltlon andmeasurement All financial assets and liabil￿•S are iniually me88ured at Iransactp)n prlc8 {in¢luding Iransadion costs). except for those financial a55ets classrfied as at fwr value through profit or loss, which are initialty rneasured al fair value (which is normalty thè transaction pricé excluding Iran58Ction costs), unless the arrangement constitutss a financing tran6actlon. If an arrangèment conslitules a financing tran$a¢tK*n. the financial asset or fin8nclal liabilty is measured * the Present value of the fvlure pa￿lents dlscounled al a market rate of interest for a simllar debt instrument. Finawal a$$ets and Ilablj￿8$ are only offset In the stalwnenl of financial p05iUon vthen, and onty when there exssts a legalty enforceable llght lo Set off the recognised amounts and th8 charlty intends el(her lo settle on a nel basis. or to realise the as8el and gettle the Ilability slmultaneously. Financlal assets are dprecognised when and only when al the ¢ontraetual rTrghts lo the cash Itows from the financial asset expire or arè settled, bl the ch￿lty transfers lo another paty substantially all of the risks and rewards of ownershyp of the financlal asset. or cl Ihe charty, despite hamng retained some. but nat all, significant risks and roward$ of ownership, ha$ transferred control of the asset to another party. Financial ILqbIll￿$$ aro dorecognlsed tsnty when thg obligatp?n $VCrf￿d in th? contract is discharged, cancolled or expires. Page 15 The Heathcoat Trust Notes to the Flnanclal Ststements for tho Year Ended S April 2026 (continued) Investm•nts Inveslmenls in norKonvertible prefeiance share$ and non-puttable ordinary or preference share5 (where shares are publicty traded or their tsir value is reliobly m8asuTablel are moasured al fair value through profrt or loss. Where fair value cannot b• measurod reliably, investtnenls ore measured al cost less irnpainTr8nt. Falrvalue nMasurom•nt The best gv*Jence of falr value is a quoted price for an identical asset in an activa market. When quoted pri¢8$ are unavaSlabla, the price of a recent transaction for an Identic￿ asset provides ewden¢e of far value as long as tfrore has not been a signth'canl ch8nge in e¢onomic circumstances or a significant lapse of lime slnce the Iransaclion toc& pla¢9. If the market is not active and recfrnl transactions cl an Identical asset ￿ their cwn are not a good p5timate d falr value. the fair value is èstimated by using a valuali)n techniqug. 3 Investmènt In¢om Llnrnstrlcted lund$ General Total 2025 IntereBt recefvajle on bank depo86t8 Incomfr from listsd tnve5tm8nts Incom8 from other Inv￿lments 20,939 929.859 3.640 954,438 20,939 929,859 3,640 954,438 Unre5trlcted funds G•ngrn1 Total 2024 Intsr•sl reGelvable on bank dep)sits Income from listed Investments Income frcin other Investrnenls 9,402 917,849 9.402 917,849 3,640 930,891 930,891 4 Expondltur8 on ralslng lund$ Investment fflanagemont Costs Unre8trf¢tad funds Goneral Endowmwt funds Permanont Total 2025 Other inv8Stmenl managèment costs: Other portlolb managemont ¢osl$ 23.603 106,807 130,410 Page 16 The Hoathcoat Trust Notes to tho Flnanclal Statsments for the Year Ended 5 Aprll 20251contlnued) Unrostricted Endowment funds funds General Permanent Total 2024 Other investment manag8m8nl costs". O¢her portfoiio management c08ts 22.476 92.922 115,398 6 ExpgndSturo on charltable a¢tlvlt1•8 Grnnt fundlng of activlty Activlty support costs 2026 Empb)yees h sKkness Chiropody Consolidated grenl Charitobl6 organlsations and 9￿￿ra1 Educational bodi In case ol hardship Hospital visits Death gren18 Communi¢*lon Grants choryes Den￿sts charge Governan￿ costs Schojl trips Carn a￿M)S 3,810 21,143 316.642 106.712 188.882 4.039 29,917 79,240 180 17,788 15.854 124 3,934 21,833 326,980 109.475 195,049 4,171 30.894 81.827 186 18.389 16.372 16.045 6,275 11,122 10,338 2,763 6,167 132 9T1 2.587 581 S18 16.045 198 352 10.770 801.054 41,478 842.532 Po99 17 The Heathcoat Trust Notes to the Flnanclal Statements for the Year Ended 5 April 2025 (contlnuod) Gr•Dt funding of aGtJvlty A¢tivlty ¥upport Costs 2024 Employo8s in SICkn￿$ Chlropody con¥olhsat￿ grant Chantablo Organisatior￿ and gen￿ Educationd bodia$ In case of hard8hip Hospital vBit$ Death grants Communication Grants Optirians ¢harg•S Dentists charge Govarnanee costs School trips Care alam)s 780 19,883 319,283 56,858 183,421 2,456 27,868 51.250 240 24.175 15.631 25 631 10,135 1,892 5,822 78 805 20,514 329,418 58,750 189,243 2,534 28,753 52,877 248 24,942 16,127 15,675 5,486 10.538 1,627 767 15,675 169 324 5.317 10,214 717,376 38,534 755.910 6 Anatysis of governance and sUPPOrt cosls Analys1$ of support costs Total 2025 Total 2024 Salary Employ&rfs NIC Pension Rent and telephone 19.408 17,982 1,292 989 396 t IJ Insuran¢• statK)n¢ry Gralufties Bank ehargos Gov8manGo costs 271 1,275 100 1.4S4 16.045 303 514 100 1,283 15.675 38,534 41.478 Pag8 18 The Heatheoat Trust Notès to the Flnanclal Statements for the Year Endod 5 Aprll 2025 (corrtlnued) G(*v•rnance c08ts Total 2026 Total 2024 Staff costs Wages and sakgries s¢￿1￿ security c08ts Pens*)n costs Audit feos Audrt of thè IlnancL81 sta16mants othef gov8manc8 costs 5.994 431 329 8,820 101 90 16.045 15,675 Page 19 Tho Heathcoat Trust Notes to the Flnanclal Statements for the Year Ended 6 Aprll 2025 (contlnued) Charltabla organlsatl¢)n$ and gènarnl - grants of £1,000 or more pay•bl• and commltted to ingtltullons durlng the year 2025 2024 Tlv•rton BOUNGEI Bri3ht8r Futures Exe Valley Communty Bar & Venue Lld Friends of TNerton Town Le8t Chur¢hes Hou8ing Action Te CitEens Adwce Mid Dev¢)n Sing Yourself Well Hosplc•caro Pine Lodge Tiverton Rugby Football Club Mogrs Youth Foolbdl Club Venlrus- Wilwnbe Primary Scfrthl riverton Junior Operatic Club Tlverton Museum Tivarton Swimming Ch riverton Yothh Orchestr8 Tiverton & Di$tri¢t Scout Council Tlv8rton Bowling Club Tiv¢rton Street PastorB Two Moors Primary School Unite Carers In Mld Devon Wastex• Sports & Social Club 1,000 3,IX)O 2.400 1,000 1,000 1.0 1,OOD 10,000 1.IXJO 1,140 1,5C 1.CQO 1.000 1,500 5,500 1,000 1.000 1,000 2.302 1,OlXI 1,200 1.000 1.000 1,000 1.000 1,000 1.200 1.000 28.240 20,502 Ggneral Balloon8 (D￿Tr) Bradninch Town Councll Cilizens Advlce TNMVVD Cafvert Trust Exmoor Children's Ho8pice SW Comwall Hospi¢8 Carg Crèditon Parish Church Muslc Endowment Fund Devon Air Ambulance Trust Exetgr Leukaemla Fund ExeA¢￿S {ECTA) Force Cancar Charfty LK8l•ning Bl￿kS Macmilkn Can¢er Support Halberton Bellringers Halberton Primary Sch¢)Dl 1,500 1.000 1.000 1,000 1,000 1,000 1.IJOD 1,000 1,000 1,000 2,348 1.750 1.950 1.500 1,000 1.000 1,750 3.950 1.500 1,000 1,000 7.500 Page 20 Tho Hoathcoat Trust Notes to thè Flnanclal Statsments for the Year Ended 5 April 2025 (continued) 2025 2024 Rackenford Primary School Rem1n)￿ence L08ming Tarka V8lley Ra1￿Y Sl Maigereys Church, Stocdleigh 10,CIKJ 1,LlOO 1,100 16,648 8 Trustsas rnmun¢rdtlon and expon868 Mr Mark Drysdalè £33712024- £40) in reyd of grants were paid to Mr Mark Drysda10 dufin9 th8 year. Susart We5tlake £2,871 12024 - £960) in respect of grants wore pold to Mrs Susan Westlake arKI hgr famity during the Johanne Cherry £170 {2024- £NIII in re8pecl of grants were paid to Ms Johenne Chery during the year. No truBlees. nor any persons connacted with them, have receNed any remunarallon from the charity during the year {2024- Nill. ) trustees have [￿e1Ved any other beneffts the charity duting the year. The amujnl of •xperw waNed by tha trust••s during th$ year lotall8d £Nil {2024- £Nill. 9 Slaff ¢osts The aggregate Pa￿￿1 costs We￿ as follo￿.. 2024 Stsff costs durlng the year ￿re. Woges and Sala￿e$ Social 5￿u￿ty costs Pension co$ls 25,877 1,937 1,424 29,238 23.976 1,723 1,318 27,017 The monthly average number of persons (including senior management I le8dershlp teaml employed by the charity dur#ig the year was as follow8.' 2026 2024 No Empjoyge No emplDyae racaived emolumonts of mom than £60,000 during the year or the pr￿OUS year. The total employee benefits of the key management personnel of the chanly were £NII {2024- £NII). P8ge 21 Tho Heathcoat Trust Notes to the Flnanclal Statements for th8 Year Endad S April 2025 lcontlnued) 10 Audllors. rnmunoratlon 2025 2024 AudK of the finanoal statements 8.820 11 Taxation The charty is a rngistered charity and is therefore exempl from taxatlon. 12 Fixod aMgt Inv05kngnts 2025 2024 Inve8lmen18 26.354.008 27,596.059 Other Inv•stm•ntg IA) R8conGlllatlon of Investments Unrnstricted Perfflanent fund Endowment 2025 2024 Cost or Valuation At 6 April 2024 Addittons DisposaL4 at rna￿&t valug Net unredised gain81Oossesl At 5 Apiif 2025 Cash hold as part of Investment portfolKI Tran8f6r betsvegn funds- ErKJowmerrt 4,805,048 478.566 1494.9341 {201,4221 22.671,454 27.476,502 26.158.331 2.858.656 3,335.222 4.817,811 (2,952,329) (3,447.2631 {4,408.418) {965,313) 11,166.735) 908.778 4.587,258 21.610.468 26.197.726 27.476,502 10.232 5,431 4,602,921 146,050 15,431 156,282 119,551 21,751,087 26,354,008 27.598,059 21.751,087 21.751.087 22.770.298 4,602.921 4.825.761 Fixed assets Current a3sets 4.602,921 4.602.921 21.751,087 26.354.008 27.5￿.059 Page 22 The Heathcoat Trust Notes to the Flnanclal Statements for the Year Endgd 5 Apr512025 (continued) (Bl Anatysls of Inv•stm•nts Unro$trlGtsd lund5 P•mian• Endowment 2025 2024 Spe¢l81 ran￿ permanent fund porn￿nent fund Expendable fund 1,824.689 19,785,779 1,824.689 1,824,889 19,785,779 20.846.765 4,587.258 4.805.048 26,197,726 27.478.502 4,587,2S8 4.587,258 21,610.468 Cash held as part of inve5trnent fijnd Transfer betW￿n fvnds 10,232 5,431 146.050 15,431 140,619 21.751,087 I￿,282 119.557 15,663 4,602.921 156,282 119,557 26,354,008 27.596,059 Investments listed on reGognised slo¢k exchange Unlkstsd investments- aSS￿1atsd und8rtaklng$ Cash h$lJ as part of investment portfolio Tran¥fer be￿n fund8 4.587.258 19,785,779 24.373,037 25.651,813 1,824,689 1,824,689 1,824.689 10,232 5,431 4,602,921 146,050 15.431) 21,751,087 156,282 119,557 26.3S4,CQ8 27,596.059 Hlstork81 cost 4.360.177 16,782,790 23.142,967 23,314,740 Detalls of undertaklngs Details of the Inveslmerts In wthkh the chgrty I￿lJ5 20% or more of the nomlnal valuo of any class of Share ¢8pilal are as follryws- Country of Incorporatlon Proportlon of votlng rl9hts and shares held 202S 2024 Undèrt•klng Holdlng Slgnlflcant holdlngs Lowman Manufacturing Company Ltd UK 2,447,190 Qrd 2(41 22.97% 22.97% John H88lhcoal & Company IHolding$) Ltd 103,987 70p Cvmulatfvo Preference shares UK 37.8% 37.8% Pag8 23 Tho Heathcoat Trust Notes to the Financlal Statemants for the Year Ended 5 Aprll 2025 (continued 13 Dèbtor8 2025 2024 Other dobtors 64,753 84,089 14 C￿h and ¢a$h oqulV•l￿ts 2025 2024 Cash at bank 905.586 757,674 15 Credltorn: amount8 falllng due wlthln one year 2025 2024 Other credllors Accruals 4,413 8,820 8,820 13.359 16 Cr•dltors: amounts falllng due after one year 2025 other credit¢ 17,662 17 Pension Ind other $¢heme* Deflned contrlbutlon pènslon $chomo The charity operates a defined conlribullon p8n$k)n scheme. The penslon cost charge for the yèar represents wttn'butK)ns p8yable by the ch8rthy lo thè scheme and amounted to £1,424 12024 - £1.318) 18 Charltsblè ¢￿￿MItments Al the balance Sheet dale, were outstanding cL*mmitmonl$ for fthure finandal support to instilutKJns fulfilling certaln eonditlons. 2026 2024 Halberton Ballringers SorAety St Peteffs Church Sunningmead Community As￿le110n verton Community ArtB 7,500 10,000 10.000 200,000 200,000 200.000 227.500 Page 24 The Heathcoat Trust Notes to the Flnancial Statements for the Year Ended 6 April 2025 (continued) In additson, pledges of continued support wlh 8ducalKJn grants have been made lo indNwJual8 by the trustges for 2025126: these amounted lo £161.685 12024 - £153,882) at the balan¢¢ sheet date. log¥ther wth an unquanlffiable contingency Tolating to school fees lor a number ol pupils. These commiimenl8 have not yet been provided for in the financial ¥talefften￿ as they ar* eonditional. 19 Funds Other focognlsed Balance at gainsl S April Ilossesl 2025 Balance at 6 Aprll 2024 Income Expèndltur• Unrnstrlctgd funds General General Funds 5.658.704 9S4,438 1866,1351 1204,7681 5,542.219 EndDwm•nt funds Pennanent Pemianent Funds 22.770.298 28,429.C (1 c￿,807 1912,404 1,117,192 954.438 27.293,3C6 972,942 21.751.087 Total funds 0th8r recognls•d Balance at gainsl 6 Aprll Expendlturo (Ioss061 2024 Balance at 6 April 2023 Income Unrestrlded funds G8n8ral Gèneral Funds 5.415.316 930.691 1778.3861 90.883 5,658.704 Endowmgnt funds PernFan•nt Permanent Funds 22,010,092 27,425,408 92.922 871,308 853,128 22.770,298 944,011 28,429,002 Total funds 930,891 Pege 25 Tho Heathcoat Trust Notes to tho Flnancial Statefflents for tho Year Ended 5 Aprfl 2025 (contlnued) 20 Analysls of nèt assgts bètween fund* Unrsstrlctod Endowment funds fund5 G•neral Permanent Total lun(ts at S Apr51 2025 Fixed asset Investments Currènt assets Current liabllilie8 Creditors over 1 year Total net assets 21,751,087 21,7S1.087 5.573,240 113.3591 117,6621 27,293,306 5.573.240 113,3591 17.6621 5,542.219 21.751,087 Unrostrlcted funds G¢nernl Endowment funds P?rnianent Total funds at S April 2024 Fixed a$Bet inveslm¢nlB Current assets Cuyrent liabilitie 22,770.298 22,770,298 5.667,524 {8,820 5.867,524 18,820 5.658.704 Total nel assets 22.770.298 28.429,002 21 Anatysls of n•t funds At 6 April 2024 Flnancing Gash flows At 5 Aprll 2025 Cash al bank and in hand Ngt funds 757,874 147.892 905.566 757,674 147,892 905.586 Al 6 April 2023 FlnancSng rA$h flows At 5 April 2024 Cash al b￿k and in haTh 607,483 150,191 150,191 757.674 757.674 Net fvnd 607.483 22 Rdated party transactk>n8 There were no related party tran8actions in Ihg year. Page 26