MOORE THE WILLIAM SCOTT ABBOTT TRUST REGISTERED CHARITY NUMBER- 233603 TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 THE WILLIAM SCOTT ABBOTT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Registered ch?rlty numbèr.. 233603 Trustees: Mr5 R M Wlld hAr D PickÈring Mr M E Grange Mrs S M BHrnhursl Mr D W Burgess Mr G Bradshaw lappolnted 27 March 20241 Mr P Fieldhouse (appointed 27 March 20241 Mr S Leeds (appointed 27 March 20241 Key ManagemBnt: Ms C Hawklns MsHMay Ms K N8￿on Ms S Daplyn Pklnclpal Addr8SS: Sacrewell Fam & Country Centre Greal North Road Thornhaugh Pelerborough PE8 6HJ Auditor5: Moore Chart6rad Accountants Rulland House Minerva Business Park Lynch Wood Peterborough C8rnbrldge5hlre PE26P2 Bartkèrs.. arclays Bank plc 8enel Street Cambridge CB2 3PZ Sollcltors.. Gr88nwood5 LLP Monkslone House Ctly Rgad Peterborough PE1 1JE THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Tru5tees' RepDrt Audi(ols Report Co¥¥solidated Statemenl Df Flnanclal AGtivitiÈs Consolidated Balance Sheel Trus( Balance Sheet ConsolFdaled St8temenl of Cash Flow5 Notes to th8 Accounts 8-27 Delailed Stalem8nt of Fin8nclal Actlvilies 28 Delalled Resources Expended 29 THE WILLIAM SCOTT AB80TT TRUST REPORT OF THE TRUSTEE5 FOR THEYEAR ENDED 310ECEMBER 2024 The Truslees present the annual r8POrt and audited financFal statements of The Willi8tn Scott Abbott Trust IWSATI for the ye&r ended 31 December 2024. The Trustees confi¥m that Ihe annual reporl and flnancial statements Comply wllh the requirem8nls of the Charities Acl 2011 and the St818menl of RécommeAded Practice ISORPI"Accoullting and Reporting by Charilles issued in January 2021. The Wllli3m SGoIt Abboll Trust consolida18d financkgl staternents include the r85ulls or its, tradlng subsidiary, Sacrewell Limited. The Willpm Scoll Abbott Trust 15 a r6gsl6red charlty, number 233603. The Charitable Trust was established in December 1963 by the late Mrs Mary Ahtx)11 in the memory of her husband William Scolt Abboll. Tha Irading subsidi8ry. operating as Sacrewell Lirniled, was formed In July 201 S. structur•, Govarnance and Management Th8 trust is governed by il's trust deed. Trusf8&s There are currently eight Trustees, who are selected to repTes8nt a wide range of 8XP8rience 8nd 8xperts88 in th8 fi8lds of agricutture. educallon, busintrss and communi¢otions. The Trustees who held offlcÈ durfng the year and up to the date of slgnature of the flnan¢lal stat8m8nts wer8 as follows.. Mrs Jane Scriv&n- Chairman of Trustees (resigned 27 March 20241 Mr David William Burgess- Chalrman of Truslees from 27 March 2024 Mr Stuart Sish (resigned 27 MarGh 20241 Mrs Rachel Wild Mr Duncan Pickering Mr Michael Grange Mrs Susan Mary Bafnhurst Mr Andrew L8zenby Iresigned 181h De¢8mb8r 2024) Mr P8uI Fieldhou5e lappoillted 27 March 20241 Mr Simon Leeds lappolnted 27 March 2D241 Mrs Gamze Bradsh8w18ppoinled 27 March 20241 The appointment of newTru3188$ is tn the gilt ofthe presentTru5tees and all such appolntments requlr th8 approval of th8 Tru5t8es of The Royal AgriGullural Soaely of England. When a vacancy on lh8 Bo8rd of Trus188s aris88. areas of skill 2nd experience among the Trustees that need lo be enhanced or repla￿d are identified.. now Trustees are then appointed. fo51owing a seleclion process carried out by the ex6811ng Trustees. NewTrustees are provided wilh comprehensive anformation about the Twst and its gctlvities and are given an introductory tour of Ihe farm and Ihe holdings. Appropriate trait7ing is provlded by the Trust's advisors and other prof88slonals as necessary. Th8 Trustees are not paid- this is a volunlary posillon. The Tru81ee5 pla￿ ureal importance on good govern8nce'. both the Charlly CommSssion's publlcstion 'The Hallmarks of An Effective Charlly, and Ihp Code lor the volt￿112ry and Community Sector pub14fation entitled 'Good Governance, have been work8d Ihrough in detail lo ensu¥e that tha Trust complies with all the requlraments in all areas of goveinanca. The board ol Trustees have met on four (￿CaSIons,. at eaGh ol the8e mèetings the Trustees have been joined by g quorum of th8 Sacrewell Limited Directors Imrs J K Scriven, Mr S Bish, Mr O W Burgsss, Mr P Fleldhouse and Mr R Payn81 and on iwo of these occasion5 at least one of the WSAT F3mlly Commillee (Mrs S Millard, Mr R Payne). At the bèginnSng of every rneeling, the Trustees are asked lo dedar8 any conflicts ol interest in relation lo malteis to be discussed. Any such conffict5 are rninuted and any Twslee ￿th a conflict tak8s no part in dlsoussion of the relevant Item or any associated decision. THE WILUAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 Achlevemenls and performance The start of the yearwas challenying with poor weather and agalnst the b8ckground of a cost-of-lmng crisis. Foolfall did however improve from May onwards with Investment in diyilal marketing. The Trusl continues lo prioritise raising awarengss of the charitable trust, working in partnershlp wth key stakeholders from education, the progression of th8 8ducatK)n programme, developing a sliong volunteer netr￿Ork and making its heritage assets and livestock more accessible. A Charilab Activities Lead was recruited lo protnole volunteering opportunities, support in maintaining an archive ol Ilem5 01 hisloriG import2ncÈ, consider fundr8ising opportunltl88 and promote heritage crafts and a55ets. The Llveslock lead has furthered links to regional colleg88. SUPPC*rting work experience sludents and SUPPDrted interns. There have been some changes lo the Management Taam during the year, including 8 change to the organlsational str¢Joture wtlh a focus on having the right people in the righl roles. The Finance SutrFcornmittee contlnu88 lo ensure lull discussion and Iransparenoy ol all financial Inlormalion. The sub-committe8 consists of 2 Trustees and 3 Management Team m6mbers. Formal meeting5 are held on a monthly basis. The over811 day to day rnan8g&m6nl of the Trust's affairs is C8rried out by the General Manager, supported by profess￿nal 8nd administrative st8ff, and by relevant r8ng8 01 exlamal advisors. Decisions are made al the appropriate rnanag8ment level,. day-to-day matters are decided by the m8nag8r5, wllh reference as necessary lo the General Manager. More important deciskons are taken by the General Managei. Mallers requiring a decision by the Trustees are ref8rred lo Ih8m eith8r 81 one of their meetings or, in between such rn88tings. by corr6spondenee (by letter or emalll and telephone calls. Oblectfves and actlvltles The William Scotl Abbott TnJ51 is an educational charity COTnmllted to connecllng people to agriculture and the countryside through a variely of experiences in a diverse hlsloric landscape. The dccument 88ttlng out the strategy lor the operation and manog8m6nt of th& Trust. which was adopted tn January 2017, conlalns th8 followlng statement ol purpose.. "The aim of lh8 William Scott Abbolt Trust Is lo connect people ol all ages and backgrounds to the science. herllage and practical art of agricutture, and to carry out our 8due#tlon81 work so as lo be hlghly effective in pursuil of the Trust's charitab18 objectives. Dètails of how the T¥ustees have fvrth8r8d th8S8 objsctives during Ihe year are summarlsed In Ihls report. THE WILLIAM SCOTT ABBorr TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 Educational Usa ofth8 Farm In 8ccordance with the Charitable alms and slralegy of the Trusl, gre81 emphasis is placed on educalion and oulreaeh. providlng opportunities for people lo learn about the counlryslde. agrlcullure, food and f8rming and to understand the opportunlties and challenges faced in agriculture across the country. Sacrewell Farm and Country Centre Is used as a dlrect resource lo pro￿de opportunltles to lake the cEtrriculum outdooTS and for vistt5 to 8 farm, water course, woodland, and bulll herllage.. such vislts are made by school childr8n ol all age and adults. These vlsits offer people the chance to not only leam about farming and agriculluro, Mldlife and biodiversity, and natural habitats bul &lso to eover a wde rznge olthe National Curriculum. They enable children to be outdoors in all seasons and 811 w8alher8, which has b88n shown to be of great benefit to a chlld'5 deveFopFnent, 8$ well as being enjoyable. Evidence shows that being outside and mixing with nature and anitnBls Is also of great benefit to the menlal well-being of individuals both young and old. This aspecl of the Trust's work ha5 Cotilinued to expand and Is of Increaslng importance. In additlon lo workshops offered as part of educatlonal irysils for prfmary school thildren, th8 TrL¢$t operat85 Seedling5' sessions for toddlers, workshops for pupils educated al home and farm camp for OV8rnight stays and edu¢olional 8clivilies throughout the day. Sacrewell also hosted wlllow weaving. apple pressing and leatherwork workshops, as w8118s a sh88p shearing and wool spinning event. The Trust has also held restoration events as part of H8ritsge Open Days. On a wid8r scale, the Trust continues to develop partner8hip5 Wlth education provlder5 wllh slm118r Ims and objo¢lives, th8S8 include Stibbinglon L8gacy workshops, and th8 East of England Agrlcullural Sociely. The majority of the 550-8cre farffl is let on a Farm Buslness Tenancy lo Rlverford Organlc Farmers. As part ol the lonancy agreemonl, the lenanl must provide visitors with an opportunity to lour a diverse farming enterprise and belter understand the links b81we8n food and farming. Familn records are m8inlaiTred for the len8nl's buslness and reviewed by the Twstees twice a year. The Live81ock leam have furthered links wilh regional college8 End provide opportunStles for students lo prepare lor the worf(ing world. The t8am undertakes tnilial interviews with Ihe student and encourages them to learn how to work within a toam, bocome more organised confid8nt, m88t new p8opla, d&velop thelr skills and take a hands-on approach to learning. ThE LlvestoGk team con¢inue to work in partnership with the Educat￿￿ 188m to offer and provlde education workshops. helplng puplls lo develop knowfedge and skills around animal ¢ar8, husbandry and lrfe ¢y¢l88. Duke of Edinburgh students visit our c8mpsite and use Sacrewdl as a base for countryside walks. THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 L8nd and Bulld5ng Management and Llvestock The Trust's landed assets consist of circa 550-acre farm, mostty let on an agricullural ten8noy but 81s0 Including an 18th C. Grade 2. lisied Worki￿ w8leT tnlll, Iwo G¥ade 2 listed Farmhouses, several stone b8rn8, and a modern sle&l.span agricultural building housing a soft-play centre, Elong with houses, cottages, and eommerGial tenancies on the widgr farm. Additionalty. WSAT owns I Fe51denlial lÈt cotlage in Wansford. In 2023 one cottage in Wanslord was $01d, The Trust airn5 to achieve 3 high.qt2ndard of land managem8nl and stewardshlp, Sn accordance with b8sl practi￿. By followlng Ihese 3imÈ, the Trustees Fn18nd to improve the environment and habllats on the farm and protect the landscape5 8nd herftage assets in their care. As with 8ny land holdings, the sllualion is not static. wlh18nd or building5 being acquired or disposed of, as suitable OPPDrtunilies arise, to improve the holdings and in pursuit of the charitable obleGIs. The Trust's different animal herds continue lo thr￿le, and in 2024 the Trust welcomed Several Golden Gueinsey and 8oer yoal kids, Jacob Bor8ray lambs, 8eEted Galloway calves, Kunekun8 and fK)I- b811ied pig5, rare breed chlckens and turkÈys. The dectslon has been taken to focus on a livestock offering that extends and develops Dur pducallonal obj8Ctr￿es. Th& Trust conllnues to strive (o provlde the b8sI level ol animal husbandry, eduGalion and contribution to our wider communitles. Bulldlngs ahd Commerclal and Re5id8ntial Tenancle5 The programme of work lo malnl8in and improve the fabric ol the Trusl's18nd arKI assets has continued.. repalrs have been ￿ndertaken to resid8ntlal properties and commercial properttes. Following full assessments of the requir8ment8 auoss th8 hokjlngs, a rolllng programme ol electrical inspgclions and the neeessary iesultant work, and a progTamm8 of bulldlng improvements, continued. The consequence3 of this programme are aeslhellc Improvem8nls, meeting18g81 requlremenls and seeklng to ensure th8 Trust's a5sels do nol fall into a slat8 of dlsrepair. Investments As well as the fam) and holdings, the Trust ha5 a portfollo of investments., the incorne frorn the88 investments and any surplus i4Kome from Sacrewell Litniled are re-lnvested Into the upkeep and improvem8nt of the Farm and Country Centre. The Finance Sub Committee meet with th8 investment manage¥ once a year, monltoring Ihe performance and discussing relevant issues.. 8ddStional meetings are held as circumstan￿$ require. THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 Financlal revlew The main SoUr￿S ol Income lor The Willvam Scott Abboll Trust 8r8 adrnission income from the visilor centre, commerclal events, donatlons and granls. and rental Income from commercial and residentlal lettings. Sacrewell Llmiled gives all suwpluses to the Charity for Ils use as requlred. For the year ended 31 December 2024, the Ttustees are pleased lo report consistent Group turnover of £1,177.80712023-. £1,180,875). The Sn-year defloll as at 31 December was £63,56412023.' deficit of £106,642) Along with the above. il's other main key P8rformanc8 indicalor 18 loott811. in 2024 footfaff w8s 84,238 compa￿￿ lo 84.417 in 2023. The trust's subsidiary underlaking Sacrewell Llmlt8d Is In deflcS11£35.3041, du8 Io p851 Ioss85 as re8uII of COVID-19, Ihe company is now prolil making and the deficit is reducing each year12023 £58.7731. The Truslees and management team have identified and con5KleTed the majoi risks to whleh th8 charity is exposed,. systems to miligale those risks have been established. The Risk Register is reviewed regularly by the management team and Changes Bre reported lo the Trustees al two of their main meetings wfth one of these meetings belng a formal review ol the Register. The princlpal risk facing the Group is loss ol income and rising ¢osts. The Twstees and managernent learn have implemented plans and strategies both in the current year and looking forward in order to miligale these r15k5. Costs have been reduced durSng the year with good progress made In puttlng The Trust on a Stable flnanci81 footlng, bul the poor weather and Impact of the co81-of-livlng crlsis, as well as our on.going cornmitmanl to 8 progr9mme of rerrEdial work and improvements acTOSS the Trust's eslale has resulted in a loss for the 2024 financtal year. We have already lak&n steps in stspport ol loolfall and lo further manage costs for 2025. Reserves Poli Th8 Tiust88s have set aside a reseNe lund of £200.000. At the year end the group had total reserves of £11,577,607, of which £8,853.252 was reslrictecf. Olthe lolal resetves balance, £11,216,201 relates lo Fixed Assèts Funds (made up of £8.853,252 restricted lunds and £2.362,949 unrestricledl. The n8t reserves held 01 the yoar-end after making allowance for restricted and fixed asset funds was £361.406 Investmènt Pollcy and PÈrformance The Trust D88d empowers the Trustees to appoint investment advisors, who have discrelion to invest funds for the Trust within Ihe guidelin8s esl8blished by the Trust Deed.. CCLA for Charities currently fulfil this rDle,' their performance is reviewed annu811y. Pay pollcy The Truslees consider th31 the Management Team comprise the key management personnel tsf the Tru81 ir) charge of the directing and IUSbning of the Trust and Sacrewell LimilEd on a day-lo-day bas15. The remuneration of the senior sl8ff is reviewed by Ihe Trustees on an annual basis considering the requir8menls ol their role and performance during the year. The Trustees and General Manager benchmark pay lev815 8galnsl comparable p0511ions In similar organtsalions and (his is revitswed quarterty. THE WILLIAM sco￿ ABBOTTTRLIST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Fundralslng The group has not carried oul 5Egnificant fundraising activity In the year. PUBLIC BENEFIT Following th6 Passing of the Charities Act 2011, there must be an Identiflable benelll or benelils arising from the work of all charilie5'. suoh btrnefits musl be to (ho public or a section ol the publlc. Tho Trustees Confirm that they have referred to the Charity Commission's gtsidance on publ￿ benefit and advancernenl of educalion when reviewiw the Trust's airns and oble¢llves and in planning tulure activilies and developments. In pursuit ol ils educational charitable objeclive. direct use is mad8 of Sacrewell F81rn and Cosjnlry Centre, by hosting an increasing number of work exper1eTh￿ and 8UPPOrt8d inl8rn placernenls as well as visits by school chlldren and young peop18 with speclal educational needs and clisabilitl8s ISENDI. Information is also provided ac1085 the slle that directly meets tho Trust's charitable obleetlves. The Irusl is also refocusing its efforts lo piovlde eduG31ion around heritag0 assets and htrritsoe crafts and io welcome volunteers who can benefit fiotll WDrking with others. leaming n8w skills and operallnu In a countryside setting. It Gan Ihèreftsre be s86n thal the work of the Trust bonofils the public., further dptalls of Ihe educalional work and ediJGational devebpmenls are Sel oul on the Trust's w8bsil&. which is fiequenlly updated, to provide more infE)mat￿)n. PLANS FOR THE FUTURE The slrategy lor the future of the Trust and the m8nag8ment of it5 a55e15, induding maintenance of and improv8rn8nls to th6 farm and all holdings will b8 followed, subject lo review. The pkn and priori118s h2V8 been docurnented and communicated, and additional opportunitie5 wlll be 50ught. The Trust corilinue5 to develop and allematlve ways lo supporl the provision ol an agricultural and couiilry5ide educaliDn If) all including the conslder81ion ol apprenticeship opportunities. adult workshops, educallon around food and farming and 18arning through play. The Trust w¢ll also f(￿Us Dn health and wellbeing for all. Monilorlng and Commenting on the A47 WKlening proposals will ¢onliiiu8, Savills is the acting agent for WSAT regarding compensallon negotiations With National Highways. The 5theme is now subjecl lo revlow. New educational partnershlps will be e8t8blished, there wlll be a collaboration with 8n aWard-W￿nnl￿g author, furth&r investment in thE Sile atid lis infrastructur8 will take place, granl.lunding will be sought for restoration projects and theiE will b¥ a slrong focus on d81iverlng 8 catering offer that highlights the journey from field to fork. The livestock offering wlll conllnue to grow wilh anirna15 conceivlng, carrylng and being deliver8d on slte, givln9 h8nds-on experience for Our staff, sludenls and visitors. W11118m Abbott was very enlrepreneurial, a man who never slopped learning, developing and t￿￿9 0￿1 new opportunlties, from artifici81 Ins8mln81ion to battery chicken farming in the post war B Thlaln where gelting food on the table was paramount. We striv8 to continue tts innovate and develop the Tiusl In a mann8r Ihat would reflect his y2ssion to keep evolving. THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILryIES The Trustees are responsible lor preparing the Report ol the Trustees atKI the fin2ncial slatern8llts In accordance wilh applsc3ble1aw and United Kingdom Accounting Stsndards (Uniled Klngdom Generally Accepted Accounting Pr8cllcel. Th818W 8pplieable to charities in England & Wales r8quires the TnJsl8es lo prepare financial slat8ments for aach financial year wh￿h give a true and fair view of the stèle of affairs ol the charity and of the incoming resourc85 and applkallon ol resources of th8 charity for th8t perfod. I preparing these financial slatements, th8 Trustees a￿ required lo.. Select sullable èccounling policies and thèn app￿ them conssslently., Observe the methods 8nd prindples in the Gharities SORP., Make judgements and estimates Ihal are reasonable and prudent. stste whether applicable accounting Standards have beèn folbwed, subjecl to any d8p8rlures disclosed and exptained in the financial statements.. and Pr8par6 the ttnatKial s13lemenls on IhG going concern basls unless It Is 1napw0pi￿te to presume Ihal the charity will continue in opgralion. The Trustee5 are re5porisible lor keeping accountlng records that dlsclose with ¥easonabb accuracy 81 any time the Iinanclal posllion of the charity and enable Ihem to ensure that the financial statements comply with the Charllies Act 2011, the Charily (Accounts Roport51 R&gulalions 2008 and the provisions of the Irusl deed. They ale a150 re5ponslble for safeguarding the assets of th8 charlty and hence fortaking reasonable steps for Ihe prevention and dEle¢tlon of fraud and other irregularibes. Approved by ordei of the Trustees on and slgned on thelr behalf by. Davld William Burgess Chalr of Trustees INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon We have audS18d lh8 financl81 statements of The William Scott Abbolt Trusl Ilhe 'p8renl charily'l and ils subsidi8ries Ilhe 'group'l for the year ended 31 Decemb8r 2024 which comprise lh8 Con5011dated statetn2nl ol Financial Aclivilies, Consolidated Balanc8 Sh88t. Tru51 881ance Sheet, Consolidated ststemant of Cash Flow5 and notes lo the financlal stalemenls, including a summary ol signific8nt counting pollcles. The lin3n¢ial reporting fr8mework that has been applied In their preparalion is appllcable law and United Kingdorn A¢wuntiry Standards. includlng FlnanGÉal Reportlng Stsndard 102 The Finaficial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Gtrnerally Accepted Accounting Pr8ctiC61. In our oplnlon the financial statements.. give 8 true and falr view ol the state ol the group's and parent charity's affairs 85 8t 31 D8cemb8r 2024 and ofthe group's incoming resources and appllcalion of resources lorthe year then ended,. have been pioperly prepared in accoid8nce wllh Unlted Kingdom Generalty Accepted Accounting Practice., and have been prepared in accord8nce wllh the requlrements ol the Charities Acl 2022. Bas15 for oplnlon We conduct8d our audit in accordance with Inlern3lionHI Sl¢indards on Auditing IUKI IISAS IUKII and applicable law. Our rÉsponsibilities und8r those standards are further dèseribed in the Auditor's responsibili118s forthe a￿di1 ol the financial sl£letnen15 Secti￿ of (Jur report. We are independ8nl of tha group and parerTrl charity in accordanttÉ wllh the ethical requirements that are relevarFt lo our audit ol the linancial sl8temenls I￿ the UK, includin9 the FRC'5 ElhSc31 Standard, 3nd we h2ve fulfilled our other ethical responsibilitie5 in accordance wllh these requirements. We believe thal the 8udil 8vidence we h8ve obtained is sufficient and appropri81e lo proviije a basi5 for our oplnlDn. Concluslons rolatlng to golng concern In audlling the financial slatem8nts, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation ol the financi81 slat8Men15 is appropriate. Based on the work wb have performed, we have not identified any matsrial uncertainties relating to events or conditions Ihal, individually or ¢olleclively, may cast signlficant doubl on th8 charity's ability lo continue as a going concern for 8 perlod of at least Nvelve months trom when the financial ststements are authorised lor Issue. Our r8spon81bililles and the responslbllilies ol the Trustees Mrith r89pect to goirtg conc81n ar8 d85crfb8d n the relevant se¢lions ol this report. Other Inforrnation The other inform&lion comprises the Informatlon included in thé annual r8porl olh8r Ihan Ihe financial statements and our audilttvs reptsrl Ihereon. Th8 Truste8s are responsible for ihe other infomialion conlalned within the annual report. Our opinion on the financial stzletnen15 doe5 not Gover thÈ ulhÉr information and. excepl lo Ihe extent olhpMi%e explicilly slatÈd in our report. w8 do not express any form of assurance Conclusion Ihereon. Our responsibility Is lo read the othei information and, dolng 50, consider whelh8r the other information 15 materially inconsislenl with the financial stalements or our knOw￿dg8 obt8in8d in the course of the audit, or othenNis8 appe8rs to be materially mis5ts1ed. If we Identify such material inconsistencies or apparent materqal mlsslalemenls, we are required lo determine whelherthis giv85 rise lo a material misstatement in th8 financial sl8l&rnents thernselves. 11, based on the work we have performed, we conclucle th81 Ihere is a tnaledal tn(sslalement of this other inforrnalion. we ale raquired to rerK)rt that fact. We have nothing to tsport in this regard. Page 1 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 MatteY5 on whlch we are requlrgd to report by exceptlon We have nothing tD report in rEspÈLt of the followlng matters in relatloth to which the Charities (Accounts and Reports) Regulations 2008 requlr6 us lo report to you if. In our opinion., the informatlon given In the financlal statem8nt$ 1$ Inconsistent in any material r￿peCt with the Iruslees, report., or $uffici8nt &ccounling record5 have not been kept., or the parent charily's financ431 statements are not in agre8m8nl with the accountlng reeords,. or we have r¥)1 received all the Information and explanations wa requlr8 for audit. Responslbllltles of trustees As 6xpl8ined more lulEy in the Tru51epE' ResponsibililiÈs Statement. th8 Iru5le8s are responslble for Ihe piep8ratlon of financlal statements which gpie a true and fair view, and for such inlernw. Going concern Al the lima of approving the flnanclal stalemenls, the trustees h3ve a reasonable expectallon that the Trust has 2d8qUate resources to continue in operational existen￿ foi the foreseeable futLJre. Thus the trustees continue lo a(k)pt the going concem basis of accounting in prepar*ng th8 financial stalemenls. Incoming resources All iTrcomlng resources are Included in the Stat8m8nl of Flnanclal Activities ISOFAI when thé charity Is legallyentitlecf to th8 Income aft&r any performance conditions have been met, th82mount can be mea8ur8d reliably. and it is probable that th8 income wlll be received. No amount is included In the financlal statements for volunle8r tlme In line wth the SORP IFRS 1021. Further detail is given in the Trustees, Annual Report. The Trusl re¢glve8 income frorn au Charitable activities undertaken at the cenlre. This include8 visitor admlssion5 and exlras which 8re p8id for by vlsltors, such as Iractor rides and woikshops. All such income 15 recognised al thè point of sale. Investmtrnl income is fjarned through holding assets for investment purp¢)ses, such as property. It inclurles interest and rent. Interest incomo (5 recognised using Ihe effpGlive liilerest melhod and rental Income is recogni3ed as the charily's right ta reGeive payment ts established. Heritag8 Lottery Fund grants and other grants are recognised in the Statement ol Financial AclNity in accordance with the accruals model under FRS 102. Donations. gifts and grants ar8 recognised upon receipt. Gift ald is recognised in tha period to whlch It relsles to. Page 8 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Expendlture reeognltlon All expenditure is accounled for Dn 8n accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or COn51rucllve DbligalK)n lo rnake payments to third parties, Il is probable Ihal the 5elllement will b6 required, and the arnounl of the obligolion can b8 m88S(Ff8d reliably. 11 Ès c8tegorised under the following headings.. Costs of let eslat8 incluije costs of materlals and overhead running costs of the ch8rily's Investments properties., Expenditure on charitable activities includes the ovorhead runnlng costs, including stsff costs, of the charity's subsldlary Sacrewell Llmiled-, and Other expendilura ropres8nis those ilams nol falliry into lh8 catagori8s abov8. Irrecoverable VAT 15 charged as an exp2nse against the aGllvily for which expenditure aros8. Support Costs allocation Support Costs are those thal 8ssisI th8 work of th8 charity bul do not dir8clly repre88nl charitab18 activities and include operation31 c0515, governance costs. They are incurred directly ill 5UPPQrt of expendlture on the oblecls of the charity and include project management. Where support costs cannot be direclFy attiibuted to Particular he3diTrgs, they have been allocat2d to C051 of let e81at8 and expenditure on charitable activities on a basis consistent with use of the resources. Th8 8nalysi8 of th888 Costs Is Included In note 7. DeprÈciation of tangible fixed assets Tangible fixed assels are initially measur8d al cost and $ubs8quenlly measured al cost or valuation, nat of depreciation 8nd any Impairrn8nt losses. Depreciation is recognised so as lowrite off the cost orvalttation ofassets less theirresklual valuès over thelr useful lives on the following bases.. Land BuildTrngs, loads, and re5ervolr Plant and machinery Fixtures &nd fittings Motor vehicles leld at fair value Held at lairv8lue 25% per annum on ¢081 4-25% pei annum on cost 25Yo per annum on cost The gain or loss arising on the disposal of an asset Is delermined as the diflerence b8iwe8n the sale pro¢8ad$ and lh8 c&rrying value of the asset and is credited or charged to profit or loss. Impalrment of flxed as3818 At each reporting peTlod end date, the Irusl revlews the carryanu amounts 01 SIS Isnglble assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication extsts. th8 recov8rabl8 amount of the asset 18 estimated in order to d8lermin8 the extent ol the impairment loss lif any). Where it is not possible to estimate the recoverable amount of an individual ass8t, th8 trust 8Stimates th8 recoverabl8 amount of th8 c8sh-gen8rating unit to whth the asset bek>ngs. Recoverable amount is the higher of fair value less costs lo sell and value In use. In assesslng value in use, the estimated future cash flaws are di8coun18d to Ih8lT present value uslng a pr8-lax discount rate that reflects current market assessments of the time value of money and the rfsks specific lo the asset lor which the estimates ol f￿*t￿re cash flows have not beèn adjusted. Page THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Impalrment of fixed assets Icontinuedl 11 the recoverable arnount of an 3sset (Dr cash-genÈraling unit) is estimat8d to be less than its carrying amount, the carrying amounl of the assèt lor Cash￿enerating unlll is reduced to its recoverable amount, An impairment loss Is recognised immediately in profil or loss, unless the relevant asset is carried at a revalued 8mounl, in which case the ifflpalrmerbt loss is treated as a Tevalu81ion decrease. R8cognised Smpalrmer>l losses are reversed if, and On￿ rf. the reasons lor the impairment loss have C8ased lo apply. Where an impairment 1088 Subsequently reverses, the carrying amount of the asset lor cash-g8n8r8ting unlll is increased to th8 revised ¢stimate of its recoverable amount, but 80 that the increased carrying arnount does not 8xceed the carrylng amount thal would h8vs been detÈrmined had no impairment loss been r8cogni8¢d for the asset lor ca5h-generallng unill in prior years. A reversal ol an impairment loss is r8cognis8d imrnedlately In profil or loss, un16ss the elevant asSBt IS C8rried at a revalued amount, in which casg tha reversal ol the impairfflent loss Is treated as a revaluation Increase. Investments properties Investment propeilie5 3Fe measured 81 fair valu8 81 each reporiing dale with changes in fair valu8 recoynlsed in nel gains I (lo￿e5) on investment5 In th¥ Sidl&menl of Financi81 Activity. Inv8Stm8ntS Investments ar8 staled at theiT tnarket V8lue at the year end. Thg St8ternent of Financial Aclivilies includes the nel gains 8nd10s598 8Tlsing on revaluation and disposal, if any, throughout the year. stocks stOGks are slated at the lower of cost 8nd estimated sellSng pri￿ ￿sS costs to complete and sell. Cost compris8s dir8cl materials and. where applic8ble, direcl labour costs and those overhÈads that have been incurred in bringing the stocks to thelr prèsent location and condition. Stocks It8kA for distribution at no or nomln81 con51deration are measured at the lower of ieplacemenl wsl and eA)s1, adlusted where applicable for any loss of service potentlal. At each ieportlng dal¥, an assessment Is rnade for impairm&nt. Any excess ol the Carrying arnount of stocks over Ils estlmated selling pri¢8 less costs lo complet8 and sell is recognised as an impaittnent 1055 in profit or loss. R8V8rsals ol impairment losses are also recognised in wollt or loss, Cash at bank and In hand Cash al bank and in hand are basic financial assets and include cash In hand. deposits held al call with banks and oth8r shorl-lerm liquid investments with uriginal malurit18s of thr88 months or less. Bank overdrafts are shown wilhin borrowlnys In current liabilities, Flnan¢lal Inslrum8nts The trust h85 8lecled to apply the prowslcjns of Secllon 1fj 'Ba5ic FlnanGl81 Instruments, snd Section 12'0ther Financi31 InslruEnents 1851Je8' of FRS 102 10 211 ol ils financial inslruments. Financial instruments are recognised in the trust'5 balanrE sheel when the trust becom8S Party to the contractual provisions o* the Instrument. Fin&nclal 3ss8tS 2nd liabilit185 are offsel, wth Ihe nel amounts presented in th& flnanclal statèments. when there is a ￿gaSIY enforceable right to set off the recognlsed amounts and there 15 an intention to settle on a net basis or lo realise the 8$881 and sellle the liability simultaneously. Page fjo THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Financial IhStrument$ Icontlnuedl Basic Ilnanclal ass@ts Basic financlal gssèts, whlch include d8btoYs and cash 8nd b8nk balances. are initially measured at Iian5actlDn pri￿ including transaction costs and are subsequently carried at arnort15ed cosl Uslng the effective inlerest rnalhod unless Ihe arrangement conslitules a flnancing transaclion. wh&r& Ihe transaction Is measured 8t the present value olthe future receipts discounted at a market rate of interes(. Financial 8s58ts classified as reGelvabie within cne year are not amortlsed. Cl8sslflcation offlnanclal Ilabilities Financia1 liabililios and equity Instruments are classified according lo Ihe substance ol th8 contractual ariangements ent6red into. An equity instrument is any contract that evid8nce8 8 residual interest in the assets of the Iwst after deducting all of it8 liabilities. B8slc flnanclal Ilabllllies 8a51L linaiicial liabilities, Including creditors, bank loans, loans from fellow group companies 2nd preference shares that are classified as debt, are initialty recognlsed al Iransaclion pric8 unless the arrangement conslilules a finanoing transaction, where th8 debt instrument is mea5ufEd Bl the present valu& of the future payments discounted at a market rate ol Interest. Financlal liabilities classified as PaYdblÈ within on8 y6ar are not amortised. Debt Instrurnents are subsequenlly carried at amortlsed cost, using Ihe effedive interest Fate rnelhod. T¥ade ¢redilors are obligations lo payforgood$ or servic8S that have been acquired In the ordinary course ol business Irotll suppliers. Amounts payable are Glsssified as Cu￿ent liabilities if payment is due wthln one year or less. If nol, they are presented as non-¢urrÈnt li8bililies. Tr8de creditors are recognised initially at transacllon priGe and subsequently m885ur8d at amortised cost using ¢he offeclive interest melhod, Fund8 Unrestricted funds are available for use al the discretion of the trustee8 In furtherance of the general objectives of the charlty and which have not been designated lor olher purposes. Designated f￿ndS comprlse unrestricted funds that have been Set aside by the trusteas for particular purpos65. The aim and use of eaGh designated fund is set out in the note8 to the fin2ncial slatemenls. R8stricted funds are funds which are to be u8ed In aceordance with specific restrlclion5 imposed by donors or which have b8en raised by the charily for particular purpose5. The cost ol raising and administering such funds are charged ggsinsi the specific fund. The aim and use of each reslrtcted fund Is Sel out in the notes to the Iinaneial stalemenls. Taxatio The lax expense represents the Sum of the tax cvrrently payable and deferred tax in relatlon lo the subsidiary company only. The Charitable trust 15 exempt from corporation lax. Current t8X The tax tyjrrently payable Is bzsed on 13xable profit for th8 year. Taxable profit differs frorn net profit as roported in Ihe proflt 2nd Ioss 8c¢ounl because it excludes items of income or expens8 that are 18xable or deduclibb In other years and It lurther excludes it8ms that ar8 never taxable or deductible. The subsidiary company's liability for currant tax is calculated taging lax ral&s that hav8 be8n en8cled or svbstanlively enacted by the reporting end date. Page 11 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 De1¢￿ed tax Deferred tax liabilities are generally recognised for all liming differences aftd deferred 18x assets are recognised lo the exlenl thal it probab16 that they wlll be recov8red against the reversal of d8ferfed tax liabilities or othei future taxable prtsfits. Such as88tS and liabilities are not recognised il the timing differenco arises from goodwill or from tho iniliÈl iecognllion ol other assets aThl liabilities In a Iranssotion that affects iieither the tax profil nor the 8ccounllng profit. The carrying amount of deferred tax assets 15 reviewed at each reporting end date 8nd reduced to th8 8Xl8nt that il is no longer probable that sufficient taxable profits will be availab￿ lo allow all or part ol the asset to be recovered. Deferred tax is calculated al the tax ratès that arfj 8xpected to apply in the period when the liability 15 sellled. or the asset is r8ali8ed. Deferred tax 15 charged or credited in th8 profit 8nd loss ac¢ount, except when it relates lo Items charged or credited direcdy to equity. in which case Ihe delerr8d18x is also dealtwlth in equity. D8ferred lax assets and liablliliés are offset when the subsidiary company has a legally enfor￿able iighl to offset current lax assets and li3bilities and the deferred lax ass8ts a¥￿ 118bllltle5 relate to taxes levi8d by the same lax aullK)rity- Employe8 benellts The cost5 01 short-terrn 6mployee benefits are recognised as a Ilablllly and an 8xpen8&, unles5 thos8 costs are required to be recogni58d as part ol the cost of stock or fix8d a588ts. The cost of any unused holidey enlltlemenl is re¢ognised in Ihe perfod in whlch th8 8mpknye8'S S8WViC8s are recelved. Termin81ian b&nelils are recognised imrnediately a5 an expense when the trust is demonstrably committed to terminate lh8 ernployrnent of an employee or to provide terminatlon benefils. RetÈrement bèneflts Payments lo delined contribution retiremenl b8n8fit schernes are charged as an expens8 as they fall due. Leases Ren181s payal)le under operating 188ses, including any lease incentives receSved, ar8 Charged lo incorne on a straighl-llne basis ov8r th8 term of the relevant lease except where anolher more Systematic ba515 is more r&pr8sentative of the time paliorn in which Bconomlc benefits from the lease asstst are consumed. Rental income from operating leases is recognisÉd on a 8traight-Ilne basls over the tem of the relevant lea58. Initial direct co.£ls incurred in neooliating and arranging an operating lease 8re added lo Ihe carrying amount of the leased asset and recognised on a straight.lin8 basis over the lease term. Bas15 of consolldatlon The consolidated flnancial slatern9nls include the audiled financial ststements of Ihe charily and ils subsidiary mède up lo 31 De￿rnbel 2024. A sÈparale Statement of Financ￿41 Activity foi the parent trust has not been prepa￿d as pemiitted by paragraph 397 of the St8temenl of Recomrnended Practice Accounting and Report1￿9 by Charftles ISORP IFRS 10211. The net decrease in funds for Ihe y88r for The Wllllam Scotl Abbott Twsl Is £94.856. Page 12 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Critlcal accountlng estimates and judgements Estimales and judgments are continually evaluated and are b858d on hlstoric experience and other factOTS, Including expectations of future events that are beI￿Ved to be roasonable und8r th8 circumstances. The Trust makes estimates and assurnptions concernlng th& future. The resulting accounllng estimates will seldc>m equ81 the related actual resutts. As of th6 balanee sheet date the Trust has no slgnlfic8nl estimates and assumpt￿￿5 that have 3 significant risk of causing 8 material adjustment tCTr the carrying arnount of as56ts and Ilabilit￿$ within th8 loreseeab18 future. Income from donatlons and legacle8 Unrestrlcted Restrlct8d funds funds 2024 2024 Total funds 2024 Total funrls 2023 10,220 10.220 4.723 12,868 16.258 Grants Gift aid 33,061 33.061 43,281 43,281 33,849 Ineome from charltable and other 8Ctlvlt145 Unrestrlcted Rostrlcted funds funds 2024 2024 Total funds 2024 Total fund5 2023 ChaTitsble acflvltle Admission and visitor &cllvities Education activities 502,864 68,042 502,864 88,042 503.256 66,747 570,906 570.906 570,003 Tradlng actlv6ti88 Carnplng Function sa￿8 R8lail sales Chlering sommission 56,181 160,432 124.432 35,744 56.187 180,482 124,432 35,744 60.518 163,061 103.719 39,689 376.795 376,795 366,987 Tolal from charltable and other actlvltl8S 947.701 947,701 936,990 Page 13 THE WILLIAM SCOTT A880TT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 Income from Invèstments Unrestrlcted Restrlctèd funds funds 2024 2024 Total funds 2024 Total fLFnds 2023 Rental income 88nk Interest recdved 140.623 9,594 140,623 9.594 146,235 6,365 150,217 150.217 152,600 oth8r Income Unrestr]cted R88trlctèd fund5 lunds 2024 2024 Total fund5 2024 Total funds 2023 Other miscellaneous income Profit on sale of fixed assets 36,608 36.608 39,431 18,005 36,608 36.608 57,436 Analysls of expendllure on Charltsble actlvltle¥ Grant ndlng of Support activltios costs Actlvlt18S undertaken dlrectly Total Visitor atlraction 854,134 335,004 1.189,138 854,134 335,005 1.189,138 Page 14 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Allocation of support co$t5 Let Vlsltor Educatlon Total Governance OperatSorTr81 Costs Human resourc85 Depreciation Other 1.857 52,605 203,915 110 56,267 22,107 54,482 203,915 110 56,267 22,107 1,857 335,004 336,861 Governance costs are apportron8d to varvjus activiti88 based LFpon the PlOPOrtion of total expenditvre. Other support costs are allocated specifically lo the activity which they ￿Late lo. Governance costs Unrestricted Restricted funds funds 2024 2024 Total fund$ 2024 Total fund5 2023 Wages and sa18ri85 SoGial security Ponsions Audit Yees Accountancy and p8yfDII other 33,242 4.367 1,297 10,338 3,979 1,239 33,242 4,367 1,297 10,338 3,979 1.239 26,695 3.765 2,030 8.548 3,869 1.306 54,462 54,462 46,213 Net Incomè for th& yaar Net income F5 slated after ¢hargingllcredilingl'. 2024 2023 Auditors, remunerations- audit Depreciatlon of owned assets Pensions 10,000 56,267 10,697 8,2(10 71,338 10,096 Page 15 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Audltor8' remunerallon$ Auditors. remuneration amounts to an audit fee of £6,50012023'. £6,225) and costs of£3,500 (2023,. £1.9751 In relgtlon to the 8udll of the eharlty's subsldiary li8dfng company and general advlce. Trustèés, romunèrztlon and beneflts The total arnount of trust88 Temuneratlon durlng 202415 £nll12023= £6,981) None of the Irustees other bEnellts during the year12024.. £nill. Duri￿9 the year expenses lor travelllTrg and olher expenses behalf of the trust lotalling £nll 12023., £nill were reimbursed lo trustees. 12. Staff costs The average number of persons 8rnployed by the tru81 during the year was as follows.. 2024 2023 Cost of let estate Charitable activities Goveman 17 19 18 20 The aggregate payroll costs werg a8 follows,, 2024 2023 Wage5 and 5alar18S So￿81 S&curity costs Pensioll costs 532,639 21,831 9,095 573,538 25,570 9,234 563,565 608,442 No employ88s received benerlts18xcl￿ji￿ employer pension costsl of mor8 (han £60,000. Page 16 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Tangible flxed assets The group Land Plant Investment and and propertie5 bulldings m8chlnery Flxtures and flttlrtgs Total Cost or valuation.. At 1 January 2024 Additions Disposals Transfer5 Revalualion 7,277.015 3,582,048 205 106.343 2,971 956,220 11,921.626 74,592 77,768 Al 31 December 2024 7,277.220 3,582,048 109.314 1,030,812 11,999.394 Depredatlon.. Al l January 2024 Charge for the year Elimin8led on ¥ev8lualion Transfers 105.187 879 621.739 55,388 726.926 56.267 Al 31 December 2024 106,066 677.127 783,193 Nel book value.. At 31 December 2024 7,277,220 3,582.048 3,248 353,685 11,216,201 Al 31 De￿mber 2023 7,277,015 3,582,048 1,156 334,481 11,194,700 All inveslment properties. land and buildings held r81atÈ to f¥eehold 83set8. The fair value of the Treehold property including ¥nv8slment properly has been arrived at on Ihe basis of 8 valualion carried out by th8 director's atthe year ond, they do not consider the values to ba mat8rially different from the independent valuation carried out In 2022. Pagg 17 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 13. Tanglble fixed as58ts Icontlnuedl The tNsl Land Plant Investmeni and and propertles bulldlngs machlnery FSxtLtres and Ilttlngs Total Cost.. Al l January 2024 Additions Disposals Transfers Révaluation 7,277,015 3,582.048 205 101.406 2,971 893,341 11,853,810 57,774 60,950 Al 31 December 2024 7,277.220 3,582,048 104,377 951,115 11,914,760 Depreciation: Al l January 2024 Charge for the ye3r Ellminated on revalualio Transfers 100.536 797 561,997 53,934 662,533 54,731 Al 31 December 2024 101,333 615,931 717,264 Nel book value-. At 31 December 2024 7,277,220 3.582,048 3,044 335,184 11,197.496 AL 31 December 2023 7,277,015 3,582,048 870 331.344 11,191,277 All inveslment PfOP8rties. land 8nd bU1￿1ng$ held relate lo freehold assets. The lair value of th8 freehold property including investment proporty ha5 been aiiwed at on Ihe basi8 of a valuation Carried out by the diroctors al the year end, they do not consid8r the values to be malerla15y different from the ind8p8nd8nt V8lu8tlon earri&J out in 2022. Page 18 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 14. Flxed a5$et Investments The Group Llstéd Investments ma￿et value.. Al l January 2024 Addltions Disposals Nel realised and unrealised investment gains 214,326 128,0001 5,331 At 31 December 2024 191.657 Npl bDDk vÉluÈ'. At 31 December 2024 191,657 At 31 De￿rnber 2023 214.326 The listed inve81menls Gonsisl 019,444.36 12023 10,79g.981 COIF Charities Investment Fund Income Unils12021 Accurnulalion Units) and are slated al tnarkel vabje as per the relevant fund al the year end. Pag8 19 THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Fixed asset Ihvestments Icontlnue