DR DANIEL WILLIAMS (COMMONLY KNOWN AS
DR WILLIAMS'S TRUST)
ACCOU￿5
FOR THE YEAR ENDED 30 SEvfEMBER 21n5
REGisfEKbV LHAKI'I'Y IYV 214Y26

P4el
DR DANIEI. WILLIAMS
(COMMONLY KNOWN AS DR ￿LLIAMS's TRusr)
Tr•sttf8 rekN)rt
Year emded 30 September 2025
KL'VbKL'iYCE AIYD ADMINLSTRATIVE DETAILS OF THE CHArn, rrs TRUSTEES
AND ADVISEILS
Re8iStered Cljarity No. 214926
Room 263. Senate Hous4 Ma]ei Strrt WCIE 7HU
Trnsteu •t 31 Wber2125
Mr Alon R Ruston
Mr Howard Ha8
William P F¢athcrAono
Prot&ssor tiray50n M l)tt¢hfield
Rcv. St¢ph¢n L. COF￿
Mr Jellrey J.'l¢a¥le
Dr D. Jane Willioms
Professor J. Clyde G. Binfield
Mrs Mar8arEt I. Ki
Mr D¢r¢k McAuley (Chair)
Rev. Dr Ann g Pe￿rt
Rev. Dr Mi¥lixl HvF*ii
Rev. Martiti White.11
Rev. Dr RuiKrt P Po
Rev. Dr Elxine fDI(*hin
Rev. Dr Ro￿rt Whi*man
Dlrort
Dr H￿7 Maguire
Shaw Gibbs (Audit) Ltd. ?64 RAnhiry Ro&d Oxford 0x2 7UY
B•ThlLerx
National westm1￿ter B8nk Pl¢. 332 High Holborn, London WCIV 7PS
CAF Bank Lt4 Kin8s Hill, We8t Mdltn& Kertt. ME19 4TA
IDveytme•t M*n*gerJ
Charles stsnl¢y & Co. Ltd, 23 RoTKmaker Streck EC2Y IBL
Whitehead MonGkton IA"12 KI￿ Suet4 M8ldston4 KcnL ME14 IDL

Pag¢ 2
DR DANIEL WILLIAMS
{COMMONLY KNOWJ¥ AS DR WILLIAMS'S TRUST)
Trystees report totttlnue
Year ￿ 30 Stpternber 2025
STRUCTURE COVKRNANCE ANn MANAfF.MF.NT
l. (vovtrnallte
The ¢harity originated Will of Dr DoDi¢I IWJlliam$ dat&1 26 June 1711. It is now governed
by a Charity Commission Scheme S￿ed 15 July 1910, as varicd by Schemes sealed on 19 April 1955.
13 July 1972. 17 F¢iYuary 1978. 8nd 19 FelKuary 19)6. with the tsILr#ees I￿)[￿8￿￿ as a W.
2. Eleetioll Re¢rnitm•nt and Tr*iDimg of Trt￿te¢S
"rh¢ election of tNste¢s is Eovcrned by the Chariry c{￿1&110￿ Scheme 5¢aled on 19 FcEKuary 1996.
All tnLStees are Appointed by a resolution of the trusiee4 and no is entitled io act a5 4 tr￿slee
until he or she has signed a declaration of acceF*anc¢ ynd ufwillingn¢s5 to act in th¢ trusts of th¢
Charity in the ￿gIst¢1 set &side for t￿ Pur[￿￿. No other t*f50n or FA)dy is entitled to 8pwint trltstees.
Newly apwjinted tr￿$￿¢5 ore glven a WrI￿n iKi¢lln¥ thiLi¥J vf# tsLLStet a￿1 arc cn¢ouras¢d to
meet with Senior Managom*nt (direLtor) other tnth forthe. lknme.nt nf untsstanding
ol Ihe'l'njsl's mi￿10￿ operatloTLS and financlal ￿sItil￿L
3. StsIT
The Tr￿81 aims io pn)vide comwitive salaries for stsff 81 le&st equivalent to the ￿ndon Living
Wa¥¢. Rates of FQY ar¢ ￿nchMarked tigainst rekvani markei dats from tirne to tim¢. In additio
tn￿1£¢$ meet annu￿lY to discuss 8Th1 rtmuneration I￿ludTng for key pwnnel.
Mtmbtrghlp
Memt¢rship r)f the Tr￿$1 consists of 4 minimum of13 •nd a n)aximurn of18 ITh￿¢¢¢5. The quoNm for
Ordinory And Specia] Meetings is six trt￿.
Member3hiL) of the Trust on 30 SeFttmPrtr 2025 skKKI * 16. The In￿¢e5 ranain awarc of th¢ n¢ed to
r¢new ond rnvjtu1i￿ th• membership of th¢ &)ard of Twsteo, e4TYfiAlly with view to long4ime
m¢m￿r5 ￿eppIn2 dowil and as w of a wld¢r T¢smKiuriiw ur(￿￿5.
5. Urggnlyatlonil Stru¢tu￿ of Ibe Charlry
Th¢ bu5Lne5s of the Tru51 is conduded by the ￿)d officers of the Tr￿1 ut)thr th¢ dirtction ot th¢
director, who is atLswerable lo th¢ trustees, ￿1 w to ￿ Gener81 Meeting and the two rnwrt
¢ommittces ¢urrently covering Finance & Administration and the l.il)rary. Day4¢￿￿Y issues are
referred to the Chair of the Tel¢vant cornmitlce5. All actio￿$ athivities undertaken by thc otTi¢¢Ys
of the Tr￿St are required to comply wtth the thk$ion$ 8nd Frf)tici£s Lstablished by thE trustees. fr'iv¢
ordinary Gen¢rni meetill￿ We￿ held duTill8 the year ￿ receive and consider reporL% from Finance &
Athnini$tialiofy whi¢h met four ttm¢5. The Trt￿ has M f￿Mal lith with any other charity.
The truske5 have 1denll.fied rn￿n rfsk5 to Thibi otKI Lilmwy collcctions arc cx
Followins the Phy￿1¢41 closure of the Librgry st GoTdon Sqirlre. x rAnee nf ri%Ls have been mits"gated
notably lir¢ aTKJ darn￿ io the physlcaj fthic of a iMJil{Ji￿ atiLI its ext¢i]5iv¢ historic ¢OT)t¢nts. Thc
Trust'$ eolle¢tions remain in secwe st(we at fgcilitiL% grmsg F.nglan& The risks lo the
Trust's colleaions ar¢ managed by the D]recw of Th￿( ￿P￿t￿ to th¢ Finatice &
Administration and the Liiw & ColleAi0ts8 Committees. Ongoing risks to the collection8 CO￿15t of

Pag¢ 3
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR WILLIAMS'S TRUSD
Ye4Jr cnd 30 2025
pr¢s¢rvation security and involve the ￿Ysil￿1 ￿￿rity of from fir4 ￿ft3￿1 other
perils. and the conser￿10￿ 2nd preservation rtf*￿. l¥rt* #nd m>)niL¢£fFpts frt)rn envirijnmentsl or
other dama¥e. The m151￿￿, tIwiML¥h di[N.￿￿. uUd¥i￿ky ￿ul&[ Ievaluatith￿ of thG 51oww aod
¢ot)tents for insvranee The dirertOT visiled Thf thp %tnrA8e fAcililieq during the y&4r.
OBJEcfivES AND AcrivrriL8
J. Objettfvts
The putFMM ofthc Trwt has ts> Dr Iwilliams's Lilxwy and to main&ith an ￿￿r￿ed Protes
Dissenting minis￿ in F￿8]Illd aThJ Wales. As wt ola tacililthj 2021 thc tru#¢
&tfThi¢d theirvi5ion I￿1 mia8iOh:
V141ts*.. Our Vision is w en5UTe th¢ ￿￿tIn￿8(a￿trIE￿tsOtt of R¢li8ioL4 Llissentto
society Is pmnotd 4nd pybltcly wi3*J.
MtsstoD: lh¢ Mi&sion ofLf Wlll*ms'5Tr115L Isu) PrnM￿ thc and publi¥
ademir 11ndrt￿lnJ7tyg nfthe 47￿tributI￿ Df Rel141n￿* Dissent to the tell810￿* culthraL
)liti￿1 lifr of DritaiN root¢d i# th¢ Prol¢*rt DisJuLtin8 truditionJ.
2. Actlvllltj
The trustees maintsin the eollethions of the Dr Williams's Lilxary, thepts*nina)twllxthons for
Brriiish Protestont DiwfiL It is a major indep¢ndertt rese8r¢h th￿l￿10n of intern￿0*￿ Im￿￿ce with,
hi51oTically* ￿￿)Y vi$itsn8 scholars and TcwJ¢rs. The thjsw seek (u inLYW¢ kr¥)wl¢yJ8eofth¢ libr￿,$
collections Hnd to ￿¢￿>U188e 8re4ter interesi itt the cfJlle£tion8 and in the #vdy of religio￿ Disseni by I￿ldIn8
¢onfcrtncc5, xrninar& symposiurns. wkn pemiiL they seek to ¢du¢at•J di88enting
ministry by offering 8rn1ts w Pro*stsni IAsxntin8 Minisws in fyll time sculemeni a ci>ny¢¥au4)n for
P0￿r￿U9¢e study. c.onscious of its heritage legxty, and in the of 21)25. thc Trua provided #￿Je1)L
sllprrtffi l)ursari¢¥ for the Lorthn R&T¢ BwkJ School at the Univmity ofknd(m. Comparabl¢ sup￿￿ was
providryj ¢0 th¢ ￿n￿al B(M)k Trade Conl¢rtrte."Ih¢tru&ees at¢ (leeply appyrx￿iY¢ of the conthbuiion th
outsid¢ wholoro ond PTof•e6IM￿S mgke thrvJBh sh*TiD8 their lime Irbd exwti9e enAhlinethe. Tnist tn m(>ve
forw8Yd and meetthe ThN'sVlslw ond Mlsykn alr*MIy J¢LvuL
J. rublk D¢B¢ll¢
'I'he tTUStees ￿k¢ into acc•iffttth¢ Chwlty Commisskni's 8uhJAn¢¢ M ￿blIC bcn¢fJtw¥l Ixlieve th¢
8ctiviti¢s of Dr Williams's (lJ•rity #rt ifi line th&t8uidm(%.
ACHIEVEMF.NIYI AND PERFORMANCE
l. Revltw of chgrltsble •c¢lvltkx
The rnain Trthi¥iti¢s of the cknrity Areth¢ e&j￿OnOf Protethi ThSs¢ntih8mtni￿& 1ILryH￿ ihe TJnivusity of
Gl&%gow. and the maltstrnance and promotion uf4m hiskn)ric Liiwy atd its colle¢tiotts. In 2024-25 th¢ I'rw4 in
coIIAlywxtinm wirh the. I Iniveruty nf (11&sg4)w. ￿pp£￿t fv a￿l-timC in"[Th￿Lo￿Y th Prt*ice.
'rh¢ Trust CTh8a8d artiyfjly with thc Univow¥ity of Man¢h¢th in wJvwiD8 fir￿151￿8 the LY)mplex legal
docum¢nts to the safegiwWatKim&nagetncni of collerth￿.
2. F¥udr*lsJug
The trustees %eek to rnis¢ ti1n￿ 10 ￿ Ihe Library'score objcutvts •ts]ly In the (X￿￿[V￿liV￿,
and preservlltion, *t4tsisiiion of hi5tOTical mAtUl￿ relevantkn its sts￿ IM￿￿TI￿ in th¢ fjdd of BTitssh
PrOte51antDiW￿ Min1￿Cri•l trnining.

Pag¢ 4
DR DANIEL WILLIAMS
(COMMONLY K]¥OWN AS DR WtLLIAMS'S TRUST}
Tr**ttts report toMtiMue41
Ye*r •d JO Stpttmbtr 2(125
3.Donatkn•s
The Trundid notre¢elveany lega¢le3 In the yf•r.
4. InVe￿e￿I polley w10nD￿te
Tht trnsttts exercise 8 8￿￿[al ￿wer of inv¢skn4xI yN1¢rthe truAers A¢t2(KK). The inv£4trkefti obje¢tive isto
8eJltr* thc best rMan¢￿ return within ￿ a¢ceMabl¢ Icvel of risk while prexfving thE lon8-tsmi re41 vgluc of
the inv¢8tments. The Invc5th1¢ni M￿a￿trOK￿lI¢S{Jn b&si5 8nd 15 Tcquircd DJat￿ge
investsnents gNI ￿ rnaintgin * divetsifify4 8PErth kn •8tteiti8 a suitable a55d ￿l(￿ation. Thc investmcnt
policy and pwfo1m*￿ are ttvi¢wed h8lf.y¢arly lor oll¢n as rty4uir¢d) by thc Inv¢sbn•*l quWCornmitt¢e
which includes tm)n.tn￿t￿..1'ttty arrw forthc rcgular revicw of ithv¢th¢nts in *ldiiion to mwitOrifi8 fimd5
and investment chgnBe& The trus￿￿ seek ￿ avoid inv¢slin8dir¢dly in B￿blin8. and the
manufaLIUT¢ #￿j di¥tyibuLithi or￿￿￿￿¥)0r bk(knl.
Th¢ TTUSt Ttm•in8 in trorbsi¢ioh at th• prwat tirnt ahd m•thingfi>l pvfrymAnce iThliegtors Are diffitiilt tn
establish. Once th¢ Coll¢al0]tsaTr cAablJthl • the UDIvL￿lLY itUxlr￿ will bF abl¢ to
formiilHt* * trfrtth￿ se.t nf iThli¢alttrn..
'Im¢ sak of the buiidingand a4rualn8 Ibe kx)I￿￿on kn a sultabk (UILivuwly or
Manchegterl will enabl¢ th¢Tru5t to i￿re&ye the 3um8 within t¢&4)n. available ts) be m￿¢ in 8Tgnts atsj
bursttricy. Th¢ In￿ aim to wjpport th¢ widcrx)¢iety strfyw¢ pfftrnhips wthich ajx) suprrt)rt the
TTuA'5 Mission h￿￿08¢.
FINANCIAL REVIEW
l. FinAmei*l Perforni•ntt
Thc proG¢aJ of thc Jajc of14 Gordon gquort in D•¢¢mbgr 21Y23 for 13.sm were used to incregse our
inveslment holdinRs. This contnbut¢d signifiontly w an ir￿r￿e in our Inv¢sunenT Income In th¢
ycw. Inv¢stm¢nt is subieet to the wider rnowk•t eondttion6 howew the In￿¢¢¢% Ire
c¢)nfid¢nt that they have a robust inv&qtment in platt as alre*ly Sel out.
2. R¢serveJ p)Iky
Following the disp)$81 of their building in Gordon Squ8r¢. ¥md the inY&stigatiOD on a firt￿￿ horne for
its collections, the tr￿￿te￿I are in the pr(ms ol"forn)ulating a r&8erves ￿l1¢y. I'h¢ totsl funds of th¢
Trust incr¢85¢d from £16.144.766 to £1&722,730 durttk8 the y¢or. The fuhds Ire held to 8¢YJernte an
in¢ome lor thc Trust tts ¢Dablc it lo m¢d Op￿110[￿] in linc wth tts Vision and Mission.
Thc amount of restricted fimd8 h&s itKre&wJ from £322J45 to £354.336 diring the ye4r.
"I"he un]rthffled reserve5 currenuy slKJw a Wvc iwldllLL. TILf i[JwIL￿ fivAu dJ¢ ii)VC5thJcrJts is
exPe￿ed to r@plenxsh this in the firture. The trustees will kn cfjnsider olrfxining charity eommission
approv￿ to utilis¢ some of the wmanenT lli¥ ￿1￿Illu¢d Jnatnt¢nanc¢ of
the library ¢ollection 8houldthis l*come necessary.
3. C￿rrent *eeouDt
TIKre w&$ a surplus on the getteral accou￿ of £333J22 (£191917 in 2024).

Page 5
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR ￿LLIAmSPs TRUST)
Trnstett re￿rt contiDued
Ytar end 311 Sept¢mb¢r 2025
4& Kislt ￿¢55￿¢￿1
Th¢ trUst￿S maintain propcr fintmciol controls through the employment of a Fin&nce Offi¢er.
The sale of the. biiilding And the cnmplete removal ot.the CA)Ilections to secur¢ off-site storaee
necesslthted a review of thr Trubl's i115Lu￿1L¥ wvcl. Tl)¢y ha￿ also ad¢ntifi¢d thc nctd to
have a ¢ontingen¢y plan in case the dIr￿tOr is incapacitalcd or when he is absent.
The origina] will of1711 divected the itiitial t￿￿te¢% to pwckne or build a site to IKI￿Se tr collecti¢)n
of books of Dr Williams. This w&8 wd18rgely through th¢ ¢oll¢ction of donations 8nd cash gifts as
insu￿iCie￿ fun(L% had teen m8de availahle in The Will forthis puryxise. It is rK)t kmown whether
this was the Frman¢ni wJth)wmeiii or wh¢UKrthe eDdowmenl created un(kr th¢ 1875 Scheme
where th¢ ekarity was regiibied iindpriK•. F.n(knwed.q¢lthl.% Acts or of tr sutwuem S¢h¢m¢s.
In 1727 the elwity pvrchgsed g biiilding its l¥rtiv. the. lihrAry. The charity has moved premisc5 van0￿$
ttmes over the years. Its l&%1 hurTl4 14 Ovid￿1 S4UUt¢ sold in D¢¢unE¢r 2023 as it had Serious
Btswtur¥i issue# Yequiring repairs And interyentinn* thflt were financi￿]Y prohibitive. The pro¢¢ed$ ot
th¢ sale have tt£n inve¥*d to 8cnerat¢ irKornc to supp)rt the manawent aThJ of the ¢olleaions
into the future.
PLANS FOR FufuRE PERIODS
Having dlsFx)sed ofhs hlswrtc 0()n1￿1 iii tko¢mE¢r 202J th¢ tr￿•t¢￿ QO-OTdittot*d
the full and fLllg] dec*ntin8 of its collertit)Ag in * rmmplp¥ And cnn$idered ormticffl by Apnl 2U24.
Discusslon wtth TKxentlai hom¢s fvr i¢b sJivuJ¢ atMI tiLIL Goll¢¢tirJAS continua throushout th¢ yeor ond
the Trust engaBtd an extern41 pwl of highly ryArd￿ xiithnriti&s in the field to assess and wovide
advi¢¢ on those InsilNdoTL5 recelvlng ci)D5iderniithi. T￿￿¢¢%3 JGachtd a ur￿lMO￿ a8rc¢m¢nt in
SeptemE*r 2024 that the collections would be Tnan8ged by the John Rylands ReseaTch Institute and
Librdry, Universiry of MwKIKster. The Trust'5 o￿le1$hip of the collections [￿affiM1¢1 and it
was further confirmed that the futh]re hip Ilniversity Liiwary would tKfyt only safegwrd the
coll￿10￿S it) a profwional mllnn￿ but would encourage wider and moT¢ divcr3c us¢ of the
collections in keeping with the original spiril of the Tr￿rf. The coljrxliot￿ would consolid*e
Manchester's claim to how perhaps" diveTse and ri¢h collection of malcria] on the
Dissenting traditions of any University in the FollowTng the ¢(Jnclusions ofiegal agreements the
'I'n￿l will ¢onsider the dev¢loFnIKIrt of a knary W08￿mMe to ¢ncouTa8e u5¢ of its M￿¢r[al$ to be
held at Man¢h¢st¢r. Additionglly. the Tru￿ nrpn In thp. pnvi8inn (Jf 4Up￿)rt toward5 ¥ademic
iniiiaiivcs whlch reflecr n￿o￿lY Its I￿￿1{ div¢isc I￿lu￿ of IL% historic publishcA and urthivol
mAtwi4]8.
FUNDS HELD AS CUSWODIAN ON BEHALF OF OTHERS
The Tn￿l d(tr not xt &$ a cu5t(yJian trUSt¢¢ f(Y any other iKdy.

Page 6
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR WILLIAMS'S TRUST)
Trnstets report continued
Y￿r end 30 S¢ptember 2025
Statement orTn￿, reswmsibilrt
The tn]ste&8 a]E ￿St￿lb1¢ tor ￿e￿InE thc Tr￿1￿, Rep)rt and the fitwnclal STaTeo)¢nts In
a£cordanM with appli¢abl¢ kniw ond Unitsd Kin8dom A¢countith8 Standgrds (United King(&)m
Genera]ly A¢cern&J Accounti￿ Prraicel.
The law appli¢8ble to chariti￿ in En￿#￿* and Wal¢5 r¢quires the trus￿ to PTepare financia]
staternents for each fu)ancial yw whi¢h give a true and fair view of the state of affairs of the ehartty
and of the in¢oming r&wurce5 and application of resou￿ ofthe charity forth￿ rrtrio(L In pr¢p8riD¥
these f￿9￿lai StaI¢m¢n￿ the trustc¢s required to:
s¢l¢ct suitable a￿O￿nting txyllcl￿ and th¢n apply them ¢onsist¢nily:
observe the rnethtMl% ￿ne.1￿1¢% in C.hArtti<$ 8ORP {FRS 102):
MakeJUdgemen￿ aNI esttM￿. rwviwblr
State whdhèr opplicable a¢eow)tin8 stgnd8rth hwv* been follow￿. subiertlo Any material
departures dJ'5c105ed and explalned In tIna￿tal sthmnib:
prcptstt finAn¢iai statemet￿ on th¢ 8oirt8 ¢on¢em E•81$ wileÉs it is iwywate to presimie
that the charity will Corttin￿ in opE￿IlOn.
The trustecs are r¢sponsible for kttping a￿OUnting records which disclose with re&wnable accuracy
at any time the fin8ncial ￿￿l￿On of the charity and enable them w ensure the financial 5ts*m¢nts
comply with ihe Choritiu Act 2011, th¢ Charity (Ac¢ounts Rep)rts) RegulatiorLS 2008 and tW5t deed.
They are alw rest￿sIble l<* satcRuarding the asscts of the challty and IkA¢¢ for ￿kIll￿ re4LW1￿11J¥
st¢ps for th¢ prtv¢ntion and dGt¢¢tion of froud wid irregulariti￿.
Audltor•
A resolution to Yeappoint Shw liibbs (A￿111) Limrte*J &5 a￿littl1$ forthe etL8uItt8 year wlll b¢
proposed at th¢ genetal me¢tin8.
Approved by thc Trust¢¢s and $i￿d on d%ir beb8lf by:
Mr Derek McAul¢y (Chair) M.thJ.
Mr Alan R Ru510n
24 Jul 2026
24 Jul 2026

Page 7 (4)
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR WILLIAMS'S TRUSI)
In*￿thInA￿jEIorn' R•p(*tto thelywt•O8 of Dr Oanhl Willianw lcomrnonly Dr
WIllian￿.¥ Tn•
Year ¢nd 30 September 2025
Oplnloft
comprise thè state￿nI ot pin8nrJal A¢￿¥￿ ts Bo10￿? SI￿￿1 tmibx to fv fifta￿l •tsI￿r￿nIs, indudfftg
a siimmary CA ￿Ort￿8nt accoJnbThJ The finwaal r•pmg fta))e*(rt Ihai Lwi in their
pr¢paratiOt) ie law Uniw Stand￿ts. FRS IV2 Ine Fin8fidai
R8POrtirw StaThJard apPl*a￿ in th• UK R8wbk of IrePdfvJ IUr*l PL£w)b
ITr our own*Jn
glv• andf•lrvltt7of th• olll•db*Tbty'••ffairna• •tJQ8•pknbw202S,•nd of Il•
rosour¢•• ind applk•tlon of r••our¢w. for Ihe y•arth•n end￿.
Pr•¢iie•; antt
h•v• b••n pY•p•v•d kn *eeorytsnN*T*llh lh• rnoulrwmnts oltt• Ch•rflb•• A¢t zmi.
￿rOwnI
W• t￿dUC1￿ cwr ￿x)rda￿e wilh Inknabwal SlaTrJath on A￿J￿￿j IUKI IIS48 (UK)) ar¥J
law. Iljr Mapongibil￿ U￿Jer 8tsTrJ*ds aro in the Auditor$ row￿1C4St￿ for the a￿1rt
ofthe nnanckql sts*frtnts seGtim ol OUT r•port W¢ are inwndwt olth• thwity in It￿ld￿nl* ¥•th th• •thical
r8quimm8nts that arg re￿Yarrt to our •udt of It￿ fMwnci81 $¢•tomonts irb th• UK. I￿UdIng th• FRC'$ Ethical
stsndard. w8 ha¥efuffilleilouroth&rethxal in accortl•ncèwth wuw•mnts. W• belwe
that th¢ audit oV￿¢nc• wg h#%* obtsifi•d ￿ SLrff**nt aTrJ aFwtori8tg h) a bui8 for￿￿¢￿n￿)n.
¢onclu•lon• rgkn11rt9 ts golrnJ ¢¢)￿rn
We hsY• nothiTrJ f•FuI ofts li (UK) ￿tr) repori
to yw vthèrn."
th• tr￿t￿. o• of tho #dng OA•* of lil ts pr•p•ratl•ty Of th• Ilmfiolal
th• tru*t•o• ￿¥0 not dl#elM•d In Ih fkn•nelal •I¥1w￿ Id•nllW mil•rf•l unc•rt*lnts• th•t
mwy c••t ¥1gnlfk•nt doybt about th• ¢h•rlty'• 4bfjlty tr• COrttlnu• to adopt Ilb• going ¢onc•m bJ•18 of
*e¢ountrng lor a p•Md •1 at l•N•¢ th¥•l¥• month• Irun th• dats *h•n thtr fIn•nE￿I ¥t¥t•m•nt• art
•uihorS••d for IB•ue.
t￿ truwt••s' annual fepjrt. txt￿than lherma￿al Slaterr￿ 8TrJ cwrawjrtofs reporttherEDn. Oui opinKfi on lh•
In eonngtbnn *ilh ¢)ur a￿￿1 finarrfial ststwneTrts. re¥)MSW IB Li tDwJ thu itrfOm￿ and. in
doing jo. consNkr lh• oth•r InfoYft￿ 1% matenalty incifftststent wth the S￿￿ments 01 our
knowknJ9P LlJtsiiEd in audit Of olhO￿te appoars trj b• m￿81￿tAtI If wa thn)fy m8lerkg1
incortsBteniw or aP￿rE￿I rnwta1wi￿&. are required to dtytermine whothor th•ro 15 8 MAt￿r￿1
misstatement In ts fin￿￿￿1 8tsteThnts or a mat8ri* of ottEw infomwbDn. If. b88éd on Ihewo

pa￿ 7 (bl
We have notrthg to rewl in Ihty rw.
Reports) RegU￿t￿ns 2C¥J8 wuires u5 to r¢F¢rtto yw rf, ￿ ¢yJr
or
slfft￿t aca)untiThJ have not t¢en kert or
hovg rFcpNwJ #M MikHrn•lkn •xl requKefor ouraudi
oftrmtso
A8 8X￿￿1￿￿j the trust￿, set cwjt on p&Jo 5 thè tDJ6te85 arB rFspw$rfo
for the preparabon of Ihe final￿1 Stat•menty whth gwe a arKI l¥ir v*w, aThJ kn 5L#* utsmal a• th•
mjg8tateThnt tofra￿j ￿ om
In prepamg fin•roal s1otum￿. tt* ar• forA8aas8ry the dwnty'8 a￿lty tri cwtsnuè ai
a going corKAwn. dkIL￿r￿J, as applt•blg. matt8rs rnLgted tr* gory cgJrKem arNI Ihg ￿ conL¥m b￿* of
aco)untng Ih? trLJftts eitt•r inteTrJ the ch8nty cff to i*au• wor¥¢￿8. (Y ￿¥0 no r•8116tic
ahm•ti¥• bul t• do 60.
Audltorf• rnspon8knllbll•• IwlD• *UOrt oltr* Ihl*KllI •iii•m
W• hJv• b••n woirrt•d w *wJbtor Mtb)n 144 Ch#Thli* Arj 2011 ¥¢x*thc• with
i¥yul•¢ityM mado under4e6tion 154 olthal P
m•t•TrAI mk88tstement. whth8r lo fra￿j or erTry. al￿ an 4￿yrtOrfs TW th•t I￿aU￿$S our opln*n
Ru•onÈbla 888uranc• i¥ • h*Jh kttvet ol awr¥rt4, tKrt * not 4 g￿l#At￿ Ihat an athyit ¢c**ludod in accortl•nce
whh ISA8 IUKI wll ah¥ay8 ¢jets￿ ¥ m8t8nal mlssta*nent Wh￿ rt ex￿10. Mwt8t*Mnts ran •w from fraud or
ror and arn corohJ¥•l mat•nal rf. ffjdN*Ju*ty orin the•Jrtyat8, ts)L*l ￿exp￿A￿l to irfflu8nc•
I￿•guLA￿lies. IndudiThJ Iraud. w inslar￿8 of I￿1h Iw*# W regJlètron& pr¢r•duTO#
In line wrth our r88por*th'ifyes. ￿tlIned to delect rnatenal ffl*¥I8tsft￿l8 fft respect of Irregulonli¢¥.
In￿lding fraud. Th8 ox*rt to our ar• wt4e wwulaffl*S. m(auowg frautt.
d•tsil•d b•&xv.
Al the FlanniNJ crf Ihe wJlL ** yaii wi ol the wuknbon• oppty to
charity and thC4• pL411
Dudrg tho on reknvant r*k awas and rooul¥tion$
by CorrCi￿ts￿. fiyewnF4• ty r•vwirvJ board MinLrto• and
woc¢dures Inc￿1[¥￿..
h¥v¢ tAken ￿a¢e. orwhere eppthJnty myht 4x*i
Idenbfyiw aThJ JOLmai eniiE5. 8Fpai tD bp utNwMI by or
hir
jtTrli¢rwllknitation5 Cl￿ thomis a rokth•t¥X*￿ notle￿oI indud¥ng Ihc••
loading to a matènai mssrater￿ffj In the flnarKèI 5MtyrEnts or viiui rryvL•t￿ts. This D8k
Incrèases the [r￿e lhatix￿p1￿r￿e orwttstKsn ffom and tran5aL*orts refiethj
in the finanoal 8t8tements. as w& w411 likety to of inst2nc*s of norFixynpluqnce Tr rtsk is
8180 greater regardry irwuigril*s occurrirvj frBuEI ralher than wror, Ak fraL&Y invdvÈ& intentional

Page 7 Icl I
r6port.
Uso of￿1 Y•port
This report V8 m*Yg soldy tots £*ar1￿8 tr￿￿05. as a irk ac¢A)rdarts Part4 cothe Chanks (Afxounts
and Reportal regul•ti0rn92{￿. Our•udrtwork hotsb••n unde4*Jkn ￿ Ihatwm¢ghtBtatgtoth&ehairty'¢ tn￿ta•S
Inose matt8r5 w8 ar8 wuir&J tv ¥14ts iu Uv&uit ill it4x*iaMI S)r no oIIw3r purFwe To th¢ lullest axtsnl
tru$t#A* ¥ A thty. fnr￿Jr AixS1 wnrf¢, fofths re￿)rt ￿tr)r the havè f0m￿j
24 Jul 2026
For arxj OTr b8haN cl SIMV Gtts (A￿)rtI L¥rMbJ
264 Isa￿Ury R￿1
Othd OX2 7DY

00
111111811

Pag¢ 9
OR DANIEL ￿LLLA￿s
{COIOIIQNLY KNOV•Trl AS DR WILUAIAS TRUSTI
BALANCE SHE
Yearend 30 SEP
Flx•d A￿￿**
Tanaible Assets
Inw8tm•nts
15,683.454
15.1￿1.537
15.685.1LIJ
10,083.889
Sundry t)¢btor8
Cash at bank In hond
58.318
1,tW,079
1.150,397
CTedrtm . amounts lal* th wlthln ￿or
189.5201
Net curret 8S8e18
1.037.030
1,060,877
NelA5oots
18,722.730
16.144.7É
Fund• of thg Charbty
18,516,919
18,307,654
ReslndgdFund8
Doslgnat•d Funds
J.410
57.224
Unrethcled Incorne Fund
542,467
2C*.811
1162,68ei
16,722,730
16,144,766
Mr Derek McAu* A..L 1O.AJ.
24 Jul 2026
Mr Aan R Ruiton
24 Jul 2026
Date".

Pa9• 10
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR IMLUAMS TRUST)
STATEMENT OF CASH FLOW
R ENDED 30 SEPTEMBER 2025
2024
Operaung a￿l￿ts"
(27S.076)
1258,0151
Inve6Ung ￿￿¥It
DNidend3. interest and rent6 from in¥06tm4
Purchase ol office equipment
Proceeds frorn s818 of propeity
PToceed5 from sale ol wr¢￿ty
p￿rdlas8 of h￿ltage assets
Prcwds from sale ol inveslTrvts
Purth8s¢ of inveslrnents
S￿101
12.3521
1,247,913
11,￿7.501
{48,672}
12,463.217
12.723.674
998,919
10.729
740,9)4
r￿sh anrt rA%h AqilNalonts
I.IYJ2,019
351,17S
cash and cash equliv*nts rJMYJ
1,102,8C
1,092 079
2025
2024
88nk and Cash
1.102,808
1,092,079
Not• A
2024
.911ry4114 fnr yaAr
R￿eIPtS from t￿ik11n$ aa
Div¢denOs. Intergst and renis Irryn In¥
Dee￿a$9 In dabtor8
(decrea￿} kncrease In t>pditors
209,019
12.143,099
(11.967.501)
I353,￿￿
1590.101)
24.260
9.718
{81,0901
75.078
258 015

Page JI
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR WILI,IAMS'S TRUST)
NOTES TO THE ACCOUNTS
Yur end 30 Swember 2025
l. Ar*￿]n%1 Poli¢ies
Th¢ prin¢ipd *￿)￿tin8 polioiw •]opt•l in th• pryaration of th¢ fitt4ttcl￿ stAteM￿ts #Tt *$ follo￿￿.
Ch￿lty knforniation
Dr Williatn5's TnLrt is aTh unirKorp)r*td ¢Jwity is withthe Charity CornmissicfL in England
and Wales Ich8rtty number 2149261
b. Accountin8 ConvenM]
The acwunts hAve ￿ Fryjwed in with Ac&Mmtin8 aThJ Rewrtin8 by LTr&Titses slat￿r￿t of
ccommcnd¢d Pra¢ti¢¢ 4pplicabk t<> dwiues Prepari￿ thcir *¢ounts in wth the FuJ8nCi
ReportinB Standard appli¢able in the UK Rybllc of Ire14nd (>IIS 1021 the Charities AGI 201 I.
Dr Willilms's Trust meets th¢ defini1iL￿ of8 public unth FRS 102. Assets and Li4bili(i¢s gre
ittitially r•eoBni8•d w bioorieB] eortortrww¢￿ vsli* imleAgrtlwn¥i*e in the Televart
EM)Ilcy rA)i¢(Jl.
The ftnanciai &A￿ments ar¢ in strrliu¥ viliiJi £u[T￿Y of th¢ ¢Jwity oThd-
mimde.d th the ntsre4 £.
Lon8 Lelqeknld Pm
ollowtll8 the sal¢ of 14 Cor&pn Squ•r4 Th¢TrLL# h•sM kn8er4ny ihtty¢# ih iM8 L￿￿0]d prnperty.
d. T8thtsiblc rtxa
Tanglble fix￿ rcwgni8ed & co* k55 any deprtttation.
DepTtciaiion is reco8nised off the LY)A ofth¢a55¢1 ovv itsexFedtd lift as follows:
Officc equipment
30% r¢du¢in8 bA14nce
Inv¢styn¢nts
Li6¢•d inveotm•rtts s*d ot m#Tkd V*11￿ (mid-mxwkpt vAliw.) At Ihe hlsnce ¢theet da*. Cknges in
mwk¢¢ v4lu¢ *r¢ uuliityj vi th¢ 8i•tunent of fÉnwKid Adivitiu. Goi#$ tsndlor105905 fjrri8ing
from the disposal of sh8rtqaTe re¢wisal &8 beinR ￿￿13t4 wlutasgauJJ anwof lom artslng ftom the
mtsvemettts ID shore pric•s ￿t0$￿tEed aE btrinB
It￿rnin6 Re￿urceS
In¢£￿1n8 ￿ht￿ cnlitl¢m¢rtt to income is ¢814blislKd.
Income fmm l¢Bacies is r￿i￿l on ￿lIf1(￿l￿ of ￿ impcndlng di*ibutMm th&t is rAyx)ably ¢utain i.¢.
once probste h&s been ￿t￿le￿.
Inv¢stm¢nl irt¢(the T¢wised orKe ri￿1 to rt¢¢ive payment i$tqlabli8htsJ.
Inwn¢ from th¢ sole of 18 r¢coBni￿ on exehan8e of¢))rth¥L
8. fie3ourcu Exp¢ndcd
xpendiluT¢ is included on an EXp￿ditijrr h¥5 Irni alhx¥￿I a5 ift th¢¢ncloKd
schcdul¢5_
h. P¢nsions
Thc1Iust VI￿￿1￿4 a&fLtL4xI withib¥tion rkn. Th¢ a&*tsofth¢ xhpn¢ ar¢ hcld from th08¢
of the Company in an itv]ewdenlly adMin￿tered lund. 11j¢pUL8￿ Q)ACtwgc • ry)DtrlbudotL5
payfyble to the fiuKI WMI to £7.1￿7 {2024 £7J67).

Poge 12
DR DANIEL WILLIAMS
(COMMONLY KNOWN AS DR ￿LLIAMS's TRUST)
OTES TO THE ACCOUNTS (c.nKfiNuED)
Ye*r ettd 30 S¢pteMlJ¢r 2025
Funds
UnttStri¢t¢d fuo&compri3c thc s￿￿￿¥10*a auTrluJ (rd¢fioit from th• SITht￿ of FIT￿1¢1￿ Activities
which ￿ nejther tcstndcd orthsign*d fur¥J& Thry arr availoble for ￿ al the ufth¥ IEI
fUrthe￿¢tOr the 8energJ objedivesofth¢ charity.
D¢sl8nAW ftmds compri8¢ funds have set 8sidc It the discretiLM of ￿ tru5t¢ts for ycÉfic
purrA)Stt8. Th¢ desi￿{*￿ fun(L¥ srt setvm in w>tr E to the flljartial stat￿￿ts.
Rtstrictrd funds eomprls¢ wexpcndcd bttl¥n(￿ vfthJ4i(ML% aNI ￿ld in applid
8pec¢fi¢ Pl￿$￿.1￿¢ resthd￿ fund5 Tn thx¢ F to tht fin￿￿7&1
Endownent fU[￿Sare d￿ri￿ in (i kn the futhncial ststrrntnts. Thc rthOitiOn of the e￿I0*￿ent.
that th¢ wttsl elcmttLL Is not cxp¢ndablc. Th¢ tneomt arising frorn the etthwment 1$ wlied itt aecorYJ4nce
with th¢ wfidition5 ts 5etoui in Ib¢ ¢kn"ty commi551￿ *h¥n¢sth which the C￿¥t11Y is now 8vvern￿.
R¢lated Paw Transaction5
k rnry￿1fin T#¥
Dr Williams's'l'ru* isg ¢htiritLble in#1b]IX￿ with from UK T
under section 478 orth¢ CorrA)raiion Aa 2010
Gov¢rnmMtGrants
Cythvernmenl (ir8nts are Trt0￿ls¢d fiirvajuc of the assd wxiveAJ orrecelvable there is
a55UT4D¢t that th¢ 8rgnt c¢)nditiorLS will be met and ￿11 k ￿te1V￿. A 8T￿1 wif￿5
p¢rfvrnuni¢ IXMMiitiL￿$ ts JWO8nised in iwme whth the pttfornwn￿ conditions aye meL Whrye a sMt
do&8 not wify perfo￿ condittons li i8 nwKnixd in uKome ￿1￿ the received or
¢¢ivthblt. A 8r8nt Tt¢eiv¢d b¢ftyt the rec￿1110￿ ¢ritwia ￿l$fi￿ is rffo8fil￿ A liability.
Jiid8*mtnts And Key F.rfim8te&
Thc pr¢watio# of finwKiol J¢o¢¢m¢Trts in ￿MPlI￿r￿•￿th FRS 102 requiTtr the us¢ of certRin eritic*l
accountinR e#miaiu. It￿50 re4uires monw¢niw aeTcl* Ju¢JgrmrTJ¢ in wlyiii¥ TJu>l'5 aGcoun(in8
polieies. The key judgemthts Ihgt hxvp. Fty mana8emettt rela* kn..
The xclcdmm of ￿e¢ful wor￿11¢ lives for tangible rued ass¢ts.

Page 13
tIR DANIEL V#ILLIAMS
LYK
IIOTES TO THE
ccou
YEAR END 30 SEPTEAIBER
NUEO
25
SCHEDU
2024
W8985 aD(* salatPS
Reduftdancy costs
*ckiHI.qAn*rity
Penov)n costa
102.271
13,4341
5.268
106.621
111,4
Ono omployoo *x• W In •xt•4g oi£eo.ItKI. (>)24..
TlY¢ •¥*r•g0 nut))ber the ￿￿￿.. 212024.. 4
2024
Tru81
L¥)r•ry
01.69Z
48 847
108.539
38.115
ftènl. 6¢n•t¢ How¢
11.589
4.1
Tokrtho
Pnnting. pc*tsoo and thlltsrw
I￿1¢h ond Sotsty ￿n•9￿￿t
profe8•wi FWS
IrAuAnc•
L8g81 Fe00
A￿dit and accountsn¢y
TNstees'
3,ODI
3,824
1,122
14Y)
13.71XII
12.895
r.673
18.420
15.055
11.948
7th1
eook $lor¥go
M￿Ce11aM0u5
CtNrpthr ma*tsnanc•
88nk charw qTrJ •xth•we rJl•dblhrnr
71.
2.107
18.CQO
28.882
2.294
IS,￿7
702
256,0S3
20
R8188 wo
L¥htsrq #nd h•*Ong
Insura
Caretakers 8aL8ry. NIC and wrblth
Esi4blth))ont and d8an*¥
14.121
11.196
37.928
2,833
BurgLaralarms ¥nd s¢¢urity
2.741
1.342
1 R71
).7

14
MONLY KN
THE ACCOUI
CONTINUED
EPTEIIBER 2025
CHED
1st Oct 2024
2025
26.02
10.020
Gonservallon Furvj
MlcrofilmiN Fu
N•w COl￿ge FUTr
Dook acqUks￿Qn fvr
S Wa￿8 lactur•
GLq8gow bursary
17,063
11.0331
11.2251
3.460
15641
1,102
1.102
57224
eAI.410
Bala￿• ai Unr•¥lwl
1*t Otl 2023
B•larw •t
2024
36,024
16.020
1,033
FuTrJ
MlcroF*nhg Fund
¢olW fund
BIb￿S ana Onlori)￿
S. Waks
Glatgcw4bur4Ary
15.020
1.0&1
65,216
1.827
The orsin•l will of 1711 dlrect•dthé init181twst8es topureh8s8wlxt￿d6 Srt•iohouse the coll•eiNon olbooks
oforwllliarns. Thh m F*kl L8ryth¥ thrO￿h tho •fvJ f*•h in¥Uffith￿fjJnd• h•J b••n
made availabk irs The M ferih* wrpw. tt * noi krwi wm)an8Trt ￿d￿￿nIOr *tsther th•
ondo¥bTn•ntw•# t¥•9￿j uTrJ8r th• 1875 whern ts (thrlty was r￿￿￿18d und•r ￿ Endmd Scho￿1 Acts or
0n• efthe wbwupnt st1￿mm.
In 1727 Ihe thgrlty pur(*a¥wJ a to tKtheV* Its￿. IM aiarny nas nbJv•J y¥¥t
prohth proc•edJ hÈb* t4¢n to 9•rw¥*¥n incom• m•inl•hTr fv knrylor th•
Prof¢￿N(￿mIn H BAyw wkn died ￿ 12 Fd￿ I￿1. 8&¥t his imrKrM of i¥¥th rrlating
to Ihe Byzantyne Roman Ewwrvs to the L￿t￿y. He alw £8￿ t*)dlng suth books as
needed bindw)g gnd for catskyuiNJ. £3.[￿ to bt *ivo$18d lo an ￿C(￿ne to Pufchase
liev. AJatL B*, knJbJwi145 bisthath in Awil 1991 hiry
to £TI.169fofv. Tnvj frff oftrt LilThy.

pa￿ 16
DR DANIEL WILLIAIAS
IIMONLY
AS DR VII
OTES TO THE ACCOUNTS
PMN
END 30 SEPTEMBER 202
ruy CoN#ucel. F¥A
G FN¥lldl
A donatknof£JJ,(KX) th 201J Wwhl wstof JtffiYP8*rtd
cni1￿ witsl wojrxts forth¢ Lil¥wy.
The brienthof Dr willian￿,$ was e4abliskd in 1946 with thc ty'thv¢Jq> and m
Ar¢lJlb4#
This Sjnd i•to 8¥prKLth7 pxtof ￿ w¢hivi

PAOA I
NOTES
THE ACCOUNTS
CONTINU
YEAR END 30 SEPTEMBER 2025
EDULE F. RESTRICTED
*)24
2025
R@¥. A Béès* F￿d
C I Smith Fund
N B&yr*s Boqu••t
peal FuTrJ
FnÈnds of OWL
G NuttBII Idv inc¢ml
Sw81 Catrlogu6r
8&FUA Catakngi
PAinlin9 R#slora*
Arthivist Fund
J Morgan Con8eThf•Jon
50,378
A1WJ
68.328
71.302
24,539
17,588
13.4SS
76.799
3.￿7
16.574
12.
87,￿7
1.014
2.734
3.748
1581
11.CO)I
32.114
1.525
32,114
1.525
1.268
2.840
2.840
$3.WJ1
478
17 918
Ilp•d #nd
Vnvoalw
1•1<)¢t 2023
2024
Rev. A F￿]
C I Smith FuTrJ
N Baynos Be9￿81
4)peal Fund
Fr￿ndS of DWL
G Nutt811 Idnl Income)
?POGiDI Gatakn9y¢r
apvA C81810gU
PaintNYJ Restoratkjn
thMslFuTr
J Morgan canawa￿On
BaThrbon88ryJion
47,
50.378
81.960
23.008
16.574
12,e62
67.097
58
11,CAJJI
1S.784
12,e65
810
(ZOS21
1.188
(T,￿77)
42.114
6.571
1.626
153
53,801
8,577
322.345
DUL
2025
T4*12026
i arrtJI￿
Dfrbtors
CaBh wnd Bgnk
CF¢ditor&
2.239.6
2.584.807
26,e451
I145,4￿}
14,203,101
199.2301
80,410
16.516.919
18.7Y2.7

Pag>17
SOR
XOTES
THE ACCOUNTS CONTINUED
YEAR END 30 SEPTEMBER 2025
2024
Fur
Tr*al 2024
Tan9i¥* Aaaots
ueoiors
Cash 8nd Bank
cr•d￿￿1
33.788
14.740,612
15.083.
11,913
46.4C
1495,3421
189,520)
1,092,079
169.5201
t8.307,854
t6 144.768
2U25
8P Ord $0.25
Royal Oth SPb•l F c￿1
Unihv*r Ord 03111
Tiiaxo Srnrtn￿l￿ Ord 28p
Na¢thal GThJ l)d.12431289
70,124
117,028
Ri.4
113.364
I￿•,977
162.795
dd1M
77.113
17,8
4.422
1(WJ.323
57.112
19.805
14,14)
U.105
58.327
01,637
83.341
83.5C
173.817
52,
23.
81,685
117,
90,082
l(XJ,143
100,102
96.508
99,123
9B,267
79.701
79,520
79.647
50.336
Mayl•K W Prop Tfc
Vc*iaioM ¢iroup oro USD.209J2$8
BHP Blllttm Pk USD.50
Intortak Gro4) ORD Gep 01
M•n GLG Undrnl A•lPwl D I￿N8¥
K*r ￿uP Orf £.01
Inf PublL P8rf ORD G8P.COJ1
HICL Infr¥iructurg Co Ltd ORD 1th1
Flrsi Trust Gk)bal US Equty Inc
Art•mo Fd Gkèal Inc
Franklin Tompwon Fu
Bohrodor Ufirt Il￿orn• L
975
n.03B
19,921
65,250
128.474
81.8rJ
I￿.155
189.147
110,7C(I
110.883
105.ns
5.150
100.391
1CQ.OW)
128,
eA.211
Rathbone Ethical dofvj
Joni* H•nthr8on UK & Eur￿ Pthj G
UK 4.126bondu 29I01m
UK Inttex I1￿•) LKMVJ 2?￿￿2
Ruffsr Inv
Legal & f*rwal Lmit trwt13
UK 5% 07103
Global X ICAV Cwr
70,703
51.477
sswJ
108,410
98,034
7J,258
51,4Q
37,DJ)
121,194
1Cp),821
79,87S
43.541
.on
13.1C(1.293
30,1
45,982
Capital 8co)urit
15.683.454
2 229,138
Coprtal FWKI
IS201.(
14.599,993
J43.278
138.e68
In¢
138.955
15.081.537

PL¥¢ 18
Mo
THE ACCOUNTS
CONTI
EItBER 2025
CHED
LE H. LBTED I
AT
2024
Markolvgliw 1 nr4thr?n?4
dillons at oxgl
Reaiiseo knvestrnBrn gal
Unrealised inwsth*ntaainslk45es
t¥spo$o
15.rffj1.537
13.036.678
140,2
140.U4¥
11Z723.6741
2386.311
24,W.655
59.622
114.1f
112.483.2171
M¥rk•tValue 30 Sry*rr*•t2025
15 081.537
IBLE
At 1?t Othbor 2Q4
Jthns In year
Dty4als kn yaor
1.199,241
49,672
11.247,9131
COST
At 1stOctcthr2024
eth1n￿r
2.352
At 3(th SIFI￿t￿r 2025
2.352
2.352
DEPRECtATION
181 oc¢rt•r zoz4
Oepreoo1￿n in war
CARRYING ￿oLINT
At aolh Stpthber 2025
2.352
HERITAGE ASSETS
Tho Librlry h¢)Id$ 4 c4 manLxu¢ts 8TrJ aT¢lwA ma*nal that has W 80]uYad
lorfulure genvrntr)ni.
cost ofoblaining tel*ble ¥aluJt*XS C4JrpJrnd to Ihe benefts to tho uaw¥ ofthe atu￿rA8.
CHE
2024
otheT¢Jel)tors
11.913
58,318

TOTHE ACCOUMTS
CONTI
8ER 2025
SCH
2025
2D24
Othar
1.324
97.912
87.974
89.520
Procaods olsal
Dhpo881 costs
Dw¢x•l of
13.500,￿0
1284,5881
1,247,913
11.967.501
No truytse reL*Ned remuneralpjn thJnrwJ ￿￿12024. MMI.
TruBt••• ￿r? roknnbur88d £610 in exponw m th& y*wi3n4-É2.CQ41.
•tThe UnNer8ty PMWBq•
Ao part of ihv 8grathnonL DrW*wo'J Tru￿ aThJ u￿4￿31ty ol1lwb¢￿tsr h•¥e onter•J Into 8 10 ￿Or
•ar?￿rt ThB tolBlamount th15 temi * £1.883.W VAT. Thkn to salar*s of s•lbl
In 4)nl 2Q6 first lorpayrtwt•w•*J in J￿Y 2028.