The Manifold Charitable Trust: Annual report for the year ended 31 December 2024 L•gal and admlnlstratlve detall8 Regrdtered chèrity number. 229501 Prfn¢lpal offv.. 87 Doutyas Road. Eshef. KT10 88G Bankets.. Coutts & Co. 440 strand London, K2R (￿s S01c￿OIS.. Slephenson Harwjd LLP One Finstwry Circus London. EC2M 7SH Independent audhor. Crowe U.IQ LLP 4th Floc St James Hou$• St James Square cm1￿h8rn. GL50 3PR Tru$tae.' The Manlfokl Trust* Compgny timit•d Icoryany nunknr 0098￿5) Tru•ts•'8 r•port The Charfty'i Tru8tee submn8 the amual ¥ewt And the audhed fThndal 8ta¢em?nts ILY Th• Monltld Charbble Trust lor th• y•ar •ThY•d 31 D•c•mb•r 2024. The financ¢al stalementg have been prep8red In accordanco wllh the a￿OUntIng polth8 881 wt In ntste 1 to the fln•nd•l $th1gmnt$ •nd ¢ompty lh• Charlty'8Tru6t Doed and Acc4>unlkng and ReporUThJ by Charflbo.. Statement ol R¢¢ommtnde(I Practko 4)plicabkn In the UK ?nd R•wblt of Ireland IFRS 1021 Idl8thve 1 J•nuary 20191- Icharttlos SORP IFRS 10211 and Ih8 FlnancSal Repryting Stsndard ap￿￿ats￿ in Ih? UK Republk of Ir•land #nd th¥ Charitlu A¢t 2011. Gov•mlng In•trum•nt The MAnifold Charitablo Tnjst is govemed by fts Tnmt Deed doled 9 Augu811982 and wa8 regislered UB a Chorty. Enoland and Wales ￿th the Charlty Conwnlsshjn on 11 Septemter 1983. Appolt)tm•nt of Dlrnctorn Tha Truste8 01 th• Chanty L4 fht Manrfokl Trust0• Company Limited Iclynpany no 0098569SI. authorised by Ihe Lord Chancellor as a Tiust Corporatw. A HaNis. A G. Wynn, B.E.E. Smllh and MJ.P. Smrth were dlrectors forlhe whole of the year under R.H. Sykeg and W. A. Waldegrave as on 28 June W24. T. Smith wa¥ •ppointad a$ a dwectoi on 23 September 2024. New arè l*lefed by Ihe Chaimwn Secretary and tr8hlng needs are 8ddrtsse4J as they arfso. The Directors are aware ol the Governance Code and they understsnd their pdictes to be consistent wih rt. Th• ￿nI101d Ch•rlt•bl• Tn•t Y￿r ended 31 OKemlJer 2024 orgon1?￿onI1 •tructurn The Manffokj Charts￿0 TnFst Is ￿naged on a day-t￿d¥ ba%s ty the diT￿*01S of the TNstso cljmpany the assistance of an adn7nistrator. Key m8na9eff*nt P8fsonng1. direrjors of The MBnrfokJ Trustee Comp8ny Llmtted. are recrnited vthen the dKeci￿S conw¢tsr that ￿ appropnate canth(Jate becom8s avaIla￿e and wh088 addition to the 8oard w?uld ¢nharu Ihe govemancé and management of the Chafity. Directors aro appointed by the Board as a whole. There Is onty one emptoyee. Alison Durden. and She L8 also key management personnel. The y and ￿mun￿at￿)n of any mertjer o181aff 18 set by the Board as a vrtK4e. Rwk management The prfncSpal risks fated by the Trust Ile fn the reduthn kn fental Income. the pwfornianca of Investments and the eapacty of the Trust￿ to mak¥ effective gr8nts. V8riations kn renlal incomè 8r¢ mrtoated by Ihe Truitee enghglng professiona16 to ensure that the appropriale le¥eLs of are xhieved in a $Usla1nab￿ fashion. Investments a￿ 8pIrt befv4eefi maw) in¥estr*nt funds managed ty Indep￿dent lund n*nagers. One fund 58 more centred on capttal grty•Ah rtsk profile than the other fund whlch Is nKJre fctused on equ￿e$ and dlvldend reiurns. As such the Trust has dNerse p￿tIcI*)￿. managed ty extemal hjnd m8nag8rs and haB made rtse less at rlsk to fluctuations in th6 economy ty wrbtse of this polw. The map)rty of grants are cuffenty gw8n over to Eton to provhlè bursari¢i 8nd the Trustse b awafe of Ihe grant making p)lty of the Charlty ￿en ￿8rd￿ng the b818nc* of the grants. The UK renlal mwket 8tste Oft￿ ￿Qbal ec￿0[rry. and the effect this has on the Charity's investmenis. are th• largest factors that are Ilkety to affed the Ch&rWs perfomiance and posthn in the future. Aftef mo￿n9 $nquirfe¥, the Truetee ha8 a rea8rm81)18exp8¢t8tlM th8tth¢ Chafty h88 ¥¢Jequats re¥outCO8 to ¢ontlnuo its aclfvities lor the breseeable ftrtU￿ and thefe are no matersal uncertaInt￿S about the golng coThcem 8s8umpllon. The Twsl8• has mad• no lom)al cc¥nmitm8nts to making lultsr• grantsto ary hstttulh)n arnl thw• $uffi¢bnt Ih]uKI 0$s¢ts to cover th¥ runn￿9 QJ8ts of the Charity lor a mnimum of a year. The purpoBe otthe Ch8rity tB to nwke to 8u¢* charltabbe cau8e8 88 tho TnJst•8 s￿8 fft. Grants are mado cn lo other Chartt￿8. Most ol the Trust's irKome i8 currenfy ¢lonalad to bJrsari6s at Eton CoM8ge. to Shott8sbrooke Paro¢hlo1 Chur¢h Coun¢il 8ndlotheArnberFound#ikn whth PTOVKl&s tsrfvrreThltralning IGff dl$advJnt8gèd young peop￿. The Trustee seek5 to maxlmise Sustsinable income an¢J Investment yknlds Sn order to ac*knve the8e alms and o¥•cti￿9 whilst k*•r4ng wnnlng ¢osts to o mInI￿rn. Th• crrt•rfa Ihal tho Tru$tg0 u$08 to $u¢e088 In lh• rop¢rtlng perbj •r¢ b•s•d UF#)n reoll*ng $uffiri*nl Irt￿n* yleld$ for tt lo meet tts pEarned finanrial objectpio$. Op•r•tlon•l p•rfonnan¢• Durkng 2024 TrLAt wgrd•d 10 gr•nts totolliNJ £308.248 atvort*)n•d 0$ folltybn.. For rep81rs to churchès and Ih•lr eont•nt8 For •ducati￿, r•$earth and Ihe arts For other causes 50% of I1￿* grants mad• W¥￿ of £10,oxI or Iw, and 50% ofny)r• Y)•n £10,CKQ, ty nunkn. Given that 88% ofth grant6 th¥8rded, tyvakn, ￿1& pa¥J outto Eton Cclege gnd theArthrFoundglk)n the Trustee 8 811Ssfi•d that th• ofthe Ch#rity have Irbv••lment p•rtornianc• The Tnjst Deed gN•s tho TnJst•é lh• 8am8 powers ol in¥•8trMnt 88 th0￿ of an abgoknè ownw. Th8 inv•strn•nts ar8 man8g8d by inv*$tment mn89or8 th•t are eng49¢d ty th& Charlty arKI thelr p8rfcxmaTKe IB monttored by the dlr¢etor$ oltht Trustee Cornpany. The Trustee has gr￿ due con8ideralion to the soaal, environmenlal and ethKal lrnpllcatlons of fts Inv8Stmènt poliry and Ls of Iha b8W8f th3t third party Inves*nenl ty extem81 ￿￿8¢mOnt managers Iow5 for 5U518inatrde financiol retum whtlst doKbg 50 ￿ a responsth mamer. The Manifold Charttable TnAt Y•ar ended 31 Decemb•r 2024 Inves The Trust's income corn•$ mostyfrcAn rts comnRrcml yoperty. The Twsloe, on th8 ad¥ic* ofthe DIT￿tOrS, revalued the wmmercl81 prop¥TtyiO £7,1th),CKY) lfrom£8.350,CQOI in 2019. Thi¥ ¥4￿8￿)n refiected m8thettrend&, tho renvwal of the ￿aGe and th8 IncTeas¢d r•)t. The Tru8t*tr perfollns an review of th• wopth ts eonsh*ratlon ol irnp•lrment or incre￿¥ In value. The ot¥ectfve of the conwnefdd F¥opaty fjs for on ￿[￿m& yield of between 8% to 8%. The income yiek1 for the propety for th¢ year ended 31 December 2024 was 8% and Bs suth is in lin• wth Ihe objectNe of the property. The o¥ectlvo of the pc*tlolio Is lor • total r•tum of be￿￿en 2% to 5%. The captsl gra%￿h for the listed irweslment8 for the year en¢hd 31 Decarthr 2024 wa8 e% and a¥ 8uch exceeded tho oblecove ol Iho ptytfolh). The Cttgrty was not InvO￿ad dlrecty or ind[￿ty in any fvjnd-ralsing for rts ty•m benefit durlng 2024 and Is unlikety to undertake 8ny fiJn(ka￿lfrf￿ in ne8r fuluro. Tts Charty had no fijnd ralow￿ adfvkn"e8 requirlng di8dosure undef S182A of the Charlllgj Act. The finandal sl8tenwn¢8 S•t out the mov•rwl offunds dudng th• yearto 31 D￿nthr2(r24. Tho C￿n￿nUed upturn In the fin8nd•l mark•t8 ITh 2024 h4d a s)08tt￿O eff¢ct on the UK stock market and th• Tru8te• contiDU88 to b• mknded to maintaln re8•rv•s at 8 level whereby granls can k¢*p poce wlh intsl10n. Spnlfleant expeTrdrture has been IrK¥ffgd though duriTh9 2024 on th• rerwal aflhts lease olth• Charlty's cornm•rdal propgtywhich exp¢red on 31 0￿0n￿r 2024. An￿ kase h•s been agrewj trAJtl6 conbngenlon urtaln work8 Ixlng ¢ompkleil at Ihe comm6rdal prowty. Those *vrk6 ar• •xpe¢lod to b• tompleted by thè énd of 2025. Unul such timè ai Ih68e work3 are complele the ￿¥£• wil conimue on a shc¥t tern on Its pww6 tèm￿. Over811 thi8 caused the incr¢¥6è in the Trust's funds, the movement in funds for the year bolng 8 8urpluB of £657,93012023.' net $t4pkns 01 £459.2431, aftei on Investrnont a5s•ts of £293.99712023". gains of£165.3821. Th• eloslng fvnds 8nn8 of th18 report. Oth•r Inlorm4tlon Th¥ Charty's Trustee ￿ ￿ponSIble ts the othor infornauon. The other Infomwtion convi￿$ thè Info￿atIOn Induded In the annual rep￿ other than Ihe financial staiéfflents and c￿r audttofs rep)rf thereon. Otw O￿n￿n L th• finan¢sal statem¢nls (Sx6 not ctyer the olh•r knfcrfmallon and do n(rt expl￿ any fomi of 468urance OT rAJnduJlon Ih8reon. In ¢C￿neCti0ft wth ￿Jr atyjit ofthe financial StatsTr￿nts. responsbilty is to wd the oth•r Irrforma￿On and, In (Jcdng so. ¢onsMJer thelher the other information is Maler￿ty Snconslsienl ￿1￿ th• financial stat•ments or our knowledge obtained in the avdrt or otheTh¥￿e 8ppe&r5 to be rn8teriaty mtsstated. If we identFfy suth materi81 Inconsistencies or app8renl material nN55tatenwts. wè are requlred to deiermthe %thèth8r there Is 8 material mlsstatèrnent Sn the financial stat8mants or a material rri8Jtstem&nt of the othef inforrnption. If, b8s•d on the w we h8ve perfoffl￿d. we condude that ther8 15 8 materlal m1ss1ateff￿￿t ofth* other informatlon, ￿ are r•quired lo report that hgve nothlng to report In this rg9prd. Th• Manlfold Chathabl• Tru¥t Year endod 31 Décember 2024 Mattern on whl¢h ￿ arn rnquirnd tt> r•port by ex¢¢pflon have nothlng lo reportin r•sF¢dofthe mattws in Tdallon lowhkh the Charibes IA¢counts and Reports) Regulations 2C4)8 wuire us to r•porl to you rf, on wr On¥)n.' lh8 Informabon gNen in th• 6tatèmerts rè ary mateii81 respett wkth th& Tw$tee Report.. 8ufficieTrt accounting reryjrds hav• rtol bten kept," or the finanual 8tatements are rK*t ￿ agr88ment the accounllng rwd8 * retuff*'. we have not received all the InfomatKJn and explanabons we r8qulred for our audit.. the TnJstsèS were ftol ant￿e0 to yepare the finonaal statemenls in accordan¢¢ wth the $maM companle6 regime and take adv8lltage of the small conynw, eXeMpt￿n5 in preparlng th• Tntstee$' report and frc¥n the requlf8mentto prepare a 3tr8tegic r¢Fns that have 8 dif￿1 offeGI on the detemination of maithal ar￿Unts 8nd disdosures in Ihe financial ststements. The and ￿9￿allonS we crffisldered kn thr6 ￿￿ntextw8rè Ihe Charibe¥ Act 2011 and tha Charities SORP IFRS 1¢Y21. a68essed the required coffphance ￿tkn thes& law$ and regulakn"on5 as part of OUT aud￿ procedur0$ on the ralated finarKaal statemant ttms. ## **The Manifold Charitable Trust Year ended 31 December 2024** In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. ## **Use of our report** This report is made solely to the Charity's Trustee, as a body, in accordance with Part[4 ] of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed **CroweU.K. LLP** Statutory Auditor 4[th ] Floor, St James House St James Square, Cheltenham Gloucestershire, GL50 3PR Date: 03 July 2025 Crowe U.K. LLP is eligible for appointment as an auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 7 Th• Manlfold Ch*rllAbl• Tru•t Y•ar ended 31 Deurnber 2024 Statomont of Fln•ficl￿ Actlvltlol th• year •nded 31 D•e•mb•r 2024 2024 2024 Toi•l Fund• 2023 NCOME FROII Fun Fuskts Ofie off kg•¢y dcffjalij Inwe8trn8nts 180,000 150.￿0 TOTAL INCOIIE EXPENDITURE ON R•l*ln4 fw¥ 147.809 147.109 10,404 TOTAL EXPENDITURE N•¢ 9￿￿8 on Inv••tm•r 10 N•t Ineom• aryl In fund• 1SDmO 6$1.930 459,243 Fund b•Lgnca brought •t l J•nwry Fund bthnc• c•th•d for4v•rd at 31 D•c•rnbw The note6 on page8 11 to 17 Icrfm part of lha￿ ￿n8￿1918•al8ft￿nl8. Tho Manllold Charltabl• Trust Yaar •ndtd 31 December 2024 Balanc• •h•ot as at 31 DKomb•r 2024 2024 2023 Flx•d ag9•ts Inve8tment propwUe• Fre•hotd prcfjeity 7.11XI,iY)O T.ILXI.C oth•r Inv•$lm•nts Ll8led inve8tm8nt8 10 11266,81WS 12.901. 185 Curr•nt u•• Ca¥h al b•nk 1.106,073 856.466 Other d•btm- ¢Jfvld•n¢J incon 30,999 Other debtOrn- Tentsl inccrfr Total ¢urr•nt ￿••tr Cr•dliorB: amounts falllng due wmhkn one y•ar N•t eurrnnt ••••ts N•t ••g•1• Fund• Total funds financlal statements on pages 8 to 17 werg aFgrtsvod by th• dir8ctors of Thfr Manrfold Trustee Comp•ry Llmtted, Trustee of The Man61ok1 charl1ab￿ Tru81 on.. 8.E.E. Smrth- Diredor Th• notes on pages 11 to 17 fom7 part of these fin#n¢i#l stst•ff*nts. Tho Manrftsld Ch•rftsble Tnjst Year ended 31 De￿mb•r 2024 Cash flow Statement for the year endod 31 DKembor 2024 2023 N•t ¢a•h us•d In op•ratlng aeilvltlo• C*¥h from Inve•llng •￿1¥111•• •nd 91ft•: oN￿lendS. gifts. interest and rents from Investments N•t Ga•h provld•d by Inv•8tlng ael1v1￿•* and gfft# 1$14.6131 (348. 158) Chang• In cmh and ca8h •quhT4l•nts In th• r•portlng p•rfod 299,607 338.669 C•*h Ind ￿¥h •qulv•b•nl• •tth• b•glnnlng 01 th• r•portlng p•rlod C￿h and ea*h •qulv•l•nl• •tth• •nd of th• r•portlng p•rl¢)d R•¢on¢Mlatlon of n•t In¢om•to nrt u•h Ilow Irom op•r•tlng •thltl•• 2024 2023 N•t Income for th• r•portlllg P•flod li• p•rth• sts1•m•￿ ol FIMncl*l Acllvltl••l Adlu*th)•nts for, Gains on Invostsnent$ Additions to Inv8#bn￿13 Dl$poso1 of inveslmentl o￿ldendS, glfts. Interest and r•nt8 thvèsbrnnls" Ilncr8as•lldacraaso in dgtlors In¢r¢•$e in ¢redrfor3 459,243 1293,9971 (165,3821 184,1261 f2.906,587) 1S.503 2,836, 712 I&M,1201 (686,8271 18,0831 14,917 N•t ea•h u••d In op•r•llng athlll•• Anaty81• of ea$h ind e*•h •qulv•l•nt• 2024 2023 Cath in hand Tot•1 ￿¥h and ca•h •qul¥al•nts The notes on paps 11 to 17 part of thwe financ*al slatements. 10 Thè ￿nI101d Ch•rit•bl? Tnmt Year ended 31 Do¢ember 2024 Not98 to the flnanclal 8t4tern8nts forthe ye•r ondgd 31 Do¢ombor 2024 Principl accountlng pollc 1.1 Charfty Snlomiatlon The M8nifdd Charftabk Trust fs r•glst•rnd as an unlncory>tratsd ehatity with the Charty Comml8sk)n, EngFand and Wa￿8 Ireglstered no. 2295011. The addre￿ ofrts pmrApg1 and regISte￿ Offi￿ is 87 Dougkqs Road. Esl*r, KT10 8BG. 1.2 8asl• of prep•rntlon The llnonaal Stater￿entS have been Prepared ￿ act0rda￿e w#h AC{x￿nI￿n9 and R•p)Fkng ty Chorftkn8.' Staterr￿t oIRKornmended Practrh apFl￿ble to chartlks prepamg thair account5 in acuJrdan¢e vthh the Financial Reportlng Stsndard applicable in the UK and Republ￿ ol Ireland IFRS 1021 leffectrye 1 January 20191- ICharlt*s SORP IFRS 102118nd the Finan¢>al Rewbng Sl8ndord appkable in the UK 8fftd R•pthk of lrnland FRS 102 Bnd the Chafttle$ t2011. The llnanclal ststemants have b¢en prepwed under hlBt(rfk¥l co8t Con￿￿knn ¥&tth th• ex￿pu0n of Inv•8lments which are included at rn8rket value. The Manifdd Chath8blo TN81 rTwI8 t￿ dofinilon of a pubk benefft entty und•r FRS 102. 1.3 Golng con¢•rn After making enqulri•s, Ihg Tru8tg•has a ￿?￿nat4¢expect8lS0n that the Chanty has aO8quat• r•$our¢*slo ¢¢ntinue rt8 actlvlhes for thg fore￿￿tle fijture and Ihere are no malerfal uncerta1nt￿$ about going concem 888umption. Acojrdlngty, th8 going 0)n￿rn b881s o)nllnue8to be 8dopled kn preparkng th• fin4ndo1 stOt•nwts a$ oullined kn the Statement of Tr￿t*￿'S r•spon¥lbithty. 1.4 Inv••tm•nt Incom• Inv6stm6nt Incom• * accounted lor In tht year kn V￿ch tt Lfj recefvat4•. Rantsl O￿oUnted in advance on th¢ dale it f811$ due. 1.5 Grants p•yabl• Grants payabl8 h8vo been recognlsed kn the flnanaal 6lat8m8nts w￿n th* Charty has forn￿1￿ approved tho applic•istin for gront moni08, at a Dwectors, Ilwting and Ihii has b¢en ¢ommunK8t8d to the Ihlrd paty. 1.6 D•btor• Other debtors 8re I￿00n￿￿￿ at 6•tU•N*nl orTrxmt after impatrrnents. 1.7 C•Bh •nd rA8h •qul¥al•nts Cash is represented by cash in hoThJ ar￿ dwsits wilh fina￿la1 I￿litU￿. 1.8 Credltorn Crèditor¥ are reo)gnlsed where the Charity has a ple￿nI ￿19st1￿ rtsultw from a ￿$t event that VAII probobty feguh in the tr8n8fef of fvnd$to a thlrd party and theamounl ￿e to setllethe obfjgation can be measured OT estimaled reltabty. Cfedrtor¥ are normalty recognised at their settlement arrthnt aft¥r ?Ik)vAng for any trade dlscounts due. 1.9 Fund iecountlng G•n8r85 funds 8re unrestricted fiJn¢J3 whth are 8V8iLqbk• for us• at th* ¢Jl8(xeb.￿ of the Trustee in furtherancts ol th• general objectives olthe Charity and hAv¢ not bBen (k¥ynaled ts otherpurposes. De$KJnated fvnd$ ￿mPrise unreslrlcled fijnds that hav& boen set a8ide by the Tnjslee for parttcuL•r purpow. The aim and use ol each designatsd lund is ¥et out in the noles to Ihe fmn(A statemEnts. 11 The Manwold Ch•rftabl• Trn#t Yoar ènd•d 31 Dectrnb•r 2024 1.10 Inve8tm•nt prop•rty This is accwnted for at rnarket value. The Twsiee performs an annu81 of the property for cons*1eration of mp8irmgnl or iTKrease in value. In 2024 a desklop re¥￿ was undertaken by ihe Llirectors ol lh8 Trustee. ThL8 induded a consideration of the renewal of the kase oft the pwopeity 8ftd the increased rent. A new lease has I￿n agmd but Is coth"ngonton ¢èrtain Wgfk$ b•'ng ¢On¥￿$d #t th¢ (vmmercbal iyoperty. These works are expecled to be completed by the end 012025. Unbl swh b.me as these w(Kks 8fe cOnw￿le the kase wdl c11ntln￿ on a short temi on its, prevlous teffl￿ and whén conv￿ted a Va￿atiOn té undèrtaken. 1.11 Unlt Ir￿1 Inv•B¢rnents Investments are accounted for at market as 8t Ihe Balartt Sheet dat•. G8ln$ Of 108sM on the re¥•hJakn ol ¥Nestments are (¥edk8d or Charg￿ to the Ststerrtht of Fin8nchl A¢ti¥itse8. 1.12 P•n•lon ¢¢•t• The co81 of any p8n8ion woukj b• charged to t￿ Stsl•ment d Finarthl Athlt* b• d6$¢b)￿d In Note 8 to the fina￿[41 stat8mènts 11 app¥¢abl•. 1.13 Ro•ourcg• gxpond•d Resources expend•d 8re S￿41 èxp*idKur• on rnwaing funds •rKI ¢h•ril8trAB 11 b dear Into whlch C8t6gory the v81iOU5 ftem$ ol direct eXp?￿S1tUrQ tsll and indirgcl exper￿rture is 3rAII on the b8s1s 0181aff time spent on the vanous 186ks. Governance c06ts contain IhrAe cost8 a￿0Cla¢e￿j wth constitutlongl and statutory requIre￿ents. 1.14 T•x•tlon AS 8 r•gl$tered Charity, the entty L8 enthknd to taxation exenylkJn8 on al rt8 *Kome and galn$, propoty aFfJlod for ito charttable purpoJe8. 1.11 Fln•n¢b•l Iwwlrumenl¥ Th• Chaity onty ha8 flnanckg1888et8 and fflnandal tlabWt*s ola kknd Ihal qualfy as bask financl81 Instrum•nl$. Basic fin8n¢io1 Initrum•nts afe r•¢ognised at tr*nsacllon vaue •KI subsoquonlty m•asurod at th•lr s•tll•mont valu*. 1.16 Slgnlfleant 68lmat•* #nd ludg•m•nts In thè preparat￿n of Ihese financial slatements management ha8 Th)t b8on rnquifed to makè slgnrftanlludgèmenls or estSmates olher the ￿rrent V81uab"(￿ 011￿ prop61ty tskkng irrtQ ¥¥>)unt morknl tr•nd$ and other ovallable ata. 1.17 Incom• Irom Iwcl•• Incom8 from18gade8 1$ r8eogni￿d whgre ev￿gn¢¥ ofentiUBrr*nt ¢xl618, the vahje ly Measurab￿ wfth 8ufflderrt r8liabllity •nd on the earlier ol the date ol Tecelpt ol fina￿"3ed estate accounts or thts date of paymnt. 2. An•lysl• of Incomlnq 2024 2023 Incom• from Inv••lm•nt8 - Rentsi IneJ)ftKg - Dividends S60,000 559,CW 130.534 133,261 Bank interest 12 Th• I￿nI101d Chafft*bl• Tnmt Y￿r ended 31 Dgcember 2024 Analy•li of re•our¢￿ eXp￿d0d Grants 8nd D)sts d¢)natlons Insurancel B￿k Flanning ac£Y)unt8ry charges & &office rentAI profeswnal prop8ty fe•$ Tot•1 2024 Tot81 2023 Expgndltur• on gonora￿n9 In¢om• Generating rental In￿me Inv88tment manBg•ff￿t 142,488 146.998 10,728 1,177 438 1.813 (324) sub.total 436 147 609 Exp•ndltur• on charltabl• acthtltl•• Grants warded 308,248 7,080 315.308 366.952 . Govam8 17270 17,270 15.610 8ub4ot•l 17 33 578 382 562 TOTAL 308 248 11787 17 438 480 187 392 966 Support CO8ts totalkryd £29,47312023.' £23.3791 and Ind￿Jad staff, dlkè aTrJ g0Vm￿ costs. 8ialwn•nt ol Fun D¢slun8tèd lund8 of th• Ch•rlty Induded grnnts offared on yet to be fv1fi18d. No 8u¢* grant8 have b8en offered this year and as s￿h a transfer h85 been made wt olthtr d¢$vJnoled fvnd to rth¢t thk8. Not At31 D•e•mb•r 2024 Al l J6nu8ry 2024 IntM•lm•nt g•ln• Trnn•f•rn D••lgnat•d fund• Grants commrtted I,250.L￿O 1225,2481 {1,024.7521 Re•trlcted fund• Church fijnd 180,0 1fj0.000 Unr•8trlctgd fund• General fvnd 428 13 The M•nlfold Ch•fftabl• Tru*t Year ended 31 D•e•mber 2024 Al l Jènuery (oxp8ndtilur8y 2023 Investment g8ins At 31 Dec8npbor 2023 L>•slgn•t•dfundA Gr8nts c(xnmitted 1.288. (286,S87) 24a037 1,250,tWO Unrestrlct•d funds G￿eTrI fund 428 830 N•t a•••ts by lund Flxed a• 1n¥￿tm•nts Total 2024 currtnt Unr981rlcted funds I3,116,8￿ 1.010,961 14186,786 R•8trfcted fund8 160,1)00 1WOOO Fix8d ass•1 N•1 cunvrt Invostm&n Tdthl 2023 funds 1.2X•.CXXI I.2￿,c UnTrsiricl8d funds 42 14 Th• Manlfold c￿ri￿bI• Trust Y••r •nd8d 31 December 2024 Grnnts mad• Total grdnts of £308.248 were made duiing the year. Grants of£225,248were ￿ven overto Eton Col*e to pfovlde bursarie5. £45,0￿ to the Amber Foundation to wo¥lde employmènt tralnlng for disadvantaged ywng people and £13,000 wa6 donated to Shottesbrooke Chwth to cOntrib￿e lo njnriry ¢osts. TnJste8 crnsidwed Ihat none of the remainlno grants that wefe ma%Je were matenal. AudltoV• r•murt•ratlon 2024 2023 Fee3 paid to Ihe &udltor- in re¥￿1 of 8udit seThvs F•e5 ￿[d to the 8udrtor- In rw•ct ol other ieTh Employ••'• r•rnun•r•tlon #nd •xp•n••• 2024 2023 Salaries Sou818￿￿ty colts 11.667 (4,39lJ Th• dlro¢10rn olth• Tfustoe ¢cw8ry r•(thd no reIr￿er$I￿>n. w•ns•s or be￿￿15 In klnd12023.' nlD. No eM￿Ye0 rece￿ed ftb)r• tt)￿ £80.OCQ in eitlwfinandal year. Durlng th¥ year, penskjn t•nofrt5 8cuuthg to ￿ •rfvtts (2023: none). aThJ no fom)w erty)loyaeB12023: Th• ovora08 number of empknyeo8 dudng the yew waB 1 1%)23: 1) and they are koy p•rsonn•l. Durh)g 2023 8 hi3ioiral ac¢ru81 r•l8lJng to empbye•'$ r•muneraiknn was gl¥o8 ri8• to Ihe n•90t￿￿ figuffj in188t y8arfs statement ol finonejal 8th"wt￿. Fr••hold In￿•￿￿nI wop•rty 2024 2023 Mark•t ¥￿￿• •t 1 J*nuary and 31 D•cemb•r 7,11X),000 7.1CQ,C4 10. U•ted Imi••tm•nts 2024 2023 Market vph* at l January Additlons 6,804,185 5.568,928 84,126 2,906,587 115.5031 (2,836,772) Dlwals Gains on inveStr￿nts Mat*•t value at 31 Dewnb Hl•torlc#l eost at 31 Oec•mber JI Ihese Investments are b8t&18nd h8bJ In Iho Uniied Klngdmi. 15 Thè man11c￿d Charitsble Tnwt Year onded 31 DKember 2024 11. CY•dltors: •mounts f4lllng du¢ wlthln on? y••r 2024 2023 VAT Other credhor6- grants- sèè bdc A￿ru81$ and d¢f¢rred Ir￿Me 36,376 2a552 73,671 Other ¢r•dltor• mov•m•nt 2024 2023 89101￿ 9$ 011 January Grants awordod durfng the year Totsl gr8nts p8ld durkng th• y••r aknne• a• at 31 O•c•mb•r 73.671 308.248 369.587 11 R•lat•d party tr•n•actlon• Th•r• wef• r*i•d party lrnnsacikns kn Oft￿ ye¥. 13. Ultlm•t• controlllng ￿rtY Th• Tru$t¢e cornpany manages the Cbanty in 8cccKdance wilh Tru￿ Deed. By virttje of their o)ntrol of lh6 ¢ompo8itKJn of the board of dir•ctor8 of Ihe Tru$tè• conwry. the shareholders repre8ent the ￿lmate controling ty ol The Manwohj charfIA￿ TrniL 18 The Manlfold Charttablè Trtmt Y•ar •nd•d 31 Decernber 2024 14. Flnanelal In*trurnonts 2023 Flnan¢l•l Flnanck91 a85ets measured al f81r¥a￿e Flnandal assets m8$ur*d at ff8￿ valu* c¢mpr01 of uNgslments. 15. Operntlng leaM• Th• futum nlnSmum l•as• payn* to ￿ ￿1￿￿￿ undef n￿b￿n¢01•bItr lea8e$ were as f0kn￿.. 2024 2023 Not latef than ￿8year Th? lease oflhe Charty's cornmercl81 propeity eX￿red on 31 D8￿mber 2024. A new ha$ Wn agr*￿ bul 1$ ¢onts'ngent on certaln works b￿ng cOtry)￿ted 8t the eommerclal property. Th¢s¥ works are expected lo be corypleted by thè 6nd 012025. Untsl S￿h brTWJ JS th￿ worb w• compl•led th• conthue on a •horttefm basis on Itl. pr¢viou$ toms. 17