Ch•rfty rngl•trnlltsn numb•T 2441U (Engknnd and W•l•¥l
THE CALEDON TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE CALEDON TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Tru•tM•
StyJth8rn Fiduci•ry Lld
Fkmfr4m8 Ltd
Ch•rlty numb•r IEnql•nd •nd W•lvl 244868
Prfn¢lpal •ddr•
Prec4nd
P¢seKlon Way
CV34 8BY
Audltor
AzotsA￿lll
Third Floor. G•t￿•Y Hou
Tolgalo
Ch•ndknr• Ford
H•mpthir•
unit￿ Ki19dom
S053 3TG

THE CALEDON TRUST
CONTENTS
Tru¥lee¥' report
Inde￿ndent a￿110￿1 r•port
Sthl•m•nl of fln•ndal •cilvit
l*nc• ih••t
st•l•m•nt of ￿•h Ilo
N¢i•s to lh• fln•rW•l thl•m•nts
9-15

THE CALEDON TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
trustees prosent annual ffjport and finafKi81 st*ements for the ye* ended 31 D8c8mbeT 2024.
The financial sl#tements h8ve been prepared in x(¥rf8nce thg ￿l￿nI11g polcies sol out in notg 1 lo th8
ffinancial statements and compty with the charity's goveming ¢k¢um8nl. the Chant￿5 Act 2011. FRS 102 'The
Finantial Reporting Standard ap￿1¢3b￿ in the UK and Reput1￿ of Ireland" and the Chanties SORP 'Accounling
and Reporting by Charities.. Statement tsl Recommended Practice ap￿irable lo charities preparing Iheir accounts in
acco￿anc¥ with the Financial R•porting Star*ard applKabl8 in tho UK and Republ￿ of Ireland (FRS 102)"
Obl•GtlvM •nd *ctlvltl•s
The objec18 of the TNst. 0$ set out on the Trust deed. are for
11 P￿achIng and dlssemination of tha Word ol God
21 Support of Christian work•rs
31 Prowsion and maintenance of buildiry for Chrislian r8liwis ¥￿hIP
41 R￿￿1 ol agod or sick Chrislkgns or Christians in dthcull IXTcumstarKes
The Tru8lee8 confimi Ih81 th•y have relerred lo Charity Commi66ion'6 guidanc4 on pubhc benefit when
reviewing th• Tfu81'$ ains and obiedives, and in fulur• pl•nning actsffii and Betting the grant making policy for t
yaar.
A¢hlov•m•nts •nd p•rfonn•rt•
Slgrrificanl activities and #¢hieven￿l￿l$ ogwnst objoctrwes
The TnJ61 ha5 made giants lolalling £1,482,15212023.. £870.9521 lo various individuals. prowding reli&f and support
lo those in necossitous circumstances and providing fvnding for medi¢01 supwt. During the yeèr fvrther loan$ were
made of £85,0￿ making a total ol £130.00012023'. £45.0￿) to individual$ in nggd. 11 ha8 also prwitiusty provided
funding of £100.000 by way of an equrty stake ￿ a property purthase for an tlderty couple.
Fln•n¢l*l Mvl•w
In the year ended 31 D•c*mb8r 2024, Ihe Trust had a sU￿u8 01 incom1r￿ re80urc•$ o¥•r re8ourcos expended of
£316.728 {reslaled 2023.. £402,34n.
Tolal voluntary income It￿￿e4 th{$ y•ar was £1,827,38012023.. £1,285,8CKII.
Al funds hekl ware unreslrKt•d fvNI8.
ResèN&s policy
The Tru$lee$ have considered the levèl of r•s¢ryes they wish to retain. approp1￿le lo thg charity's needs, based on
118 size and the ￿V•1 of its finanrAal commrtments. The Trust has no employees and its r•gular outgoing5 are
minimal. The Trust •im$ lo hold svfficient funds in 8 ¢uffent accounl to cover day to day exponditure, plus an
allrwance for any Ufgenl needs that may arim.
Unr•$trict8d reserves at the ye4r•id were £1.027.13712023.. È710.4091.
Major ri8k$
The Trust•e$ have identified and ￿¥beWel the mayy risks lo ￿1c￿ Ihe Ch•rity 1$ •xposed and ojnfirm that they
have trstsbli$h•d SYSt￿S or procedures to manage and mitsJate those risk6.
Plans for futurn periods
The Trustees plan lo ￿ntinue with their plans to fulfil the trusl otyecliva5 and do not con$hJer ther* to be any going
concem issue.
Stru¢lurn. go¥•rnanc• and min4g•m•nt
Th8 charity is conlrolkd by a deed of trust and constitule5 an urwnc¥xporat•d chaiity.
The Charty is an uninca)rporaled Iwst ¢on$litirt8d by a Deed of Trust datgd 3 August 1965. The Trust wa5
Teg151ereil with the Charity Commiss￿￿ for Et¥J￿nd and Waes on 29 September 1W ￿der Charity Registration
Number." 244668.

THE CALEDON TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
R&¢nwtment am18p￿ntrn&nI Oft￿ste0S
The Board5 of DirectOTS of the Corp￿ale Tn￿leeS meet rog￿artY. The Trustees al the dato this report was signed.
were as fdlows..
Firmframe Lld
Southem Fiduaary Ltd
Th• Oirectors of Fimfftame Ltd and Southem FithJLaary Ltd afe as follrms..
John Thoma8 Carrthh
Benjamin Dunham
Peter John Marsh
Kenny Mcmullan
Ro￿rt Louis Tuffin
Thè power lo appoint new Iruslees is vested with the exisling Tnjsteos of the Trust. Ther• is an informal inl•Ni
and induction process for any new Trustee. Continuing Iraining for Truslees Ya undertaken through regular m•&tin9S
and discussions with indiwdual$ and organis*ion$ in ar*a$ supporte(I by the Tru￿. All Trustees arg given the
r•levanl do¢umenl$ lo in r¢labon lo th¢ responsibihty of • Tru$l•t •nd th• importance ol th8 rol•. •$ well a8
Ihg lime Commrtmenl required. Wth ￿98rd$ to speu.fic training. Ihis would relate lo their responsibilty in the Trust.
For e¥arnpl¢. any Tru51ee ￿¥04¥ed wilh finanrAal matters would race1￿ a handover detailing Ih•ir
r•spon8ibilrties and dutwJ.
St•t•m•nt oltru•l•••' r••pon•lbllltl••
The trust608 are responsib￿ for preparing th• Trusl•g$' Report and the finawal 8lalemenls in a¢xord8nce wllh
Applicabl8 law ond Unrt•d ￿'n9￿¢M A¢¢ounling Sl¥ndard8 {Unrt•d ￿ngdoM Gènerally Accepl•d Accounb'ng
Pr8¢li¢el.
law applicabki lo charitie8 in England and Wa￿S require8 the frvst805 to prepar• financial slalements for eath
financial year which give a tvue and lair view ol the stat• of affairs of th8 tharty and of th& Incoming resourc•$ and
appli￿110￿ ol rasoLtr¢•s of th• ￿￿Tty for Ihal ￿al.
In preparing these financial slalemenls. Ihe tru$lee$ are WUiTed to..
stlect suitable accounting pOI￿A￿ and then appty them con￿Stent￿.,
observe the methods and princAples in the Charflies SORP.,
make judgemenls and estimates Ihat are reasonabk and prudenl..
state whether applicable accounting standards ha¥8 bean follcwed, $ubJ'o¢1 to any m•l•rial d6parturo$ disclosed
and explain•d in the financtal stat•mènls," and
- prepafg the finan(aal slalemenls on the going concem ba$ls ur40s8 11 is Inappmpriale to presuff* that the charity
wlll ¢ontlnue In opra1￿.
The iTuslee6 are responsible for keeping sUffi￿nI accounting records Ihat disdose with reasonat4e accuracy at gny
time the financial position of the charity and enable them to ensure thal th• finanaal $latemenls comply with the
Charits8s Act 2011, the Charity (Accounts and Reports} Reguktions 2008 and Ihe Pfow$ion5 of the trust dèed. They
arè also responsit4è for saf•guarditvJ the assels of the d)anty and hence for laking reasonable steps for tho
p￿VentIOn 8nd dele¢tion ol fraud and other irregularities. All transa¢b"ons have been rewewed and approved by tsvo
Trustees.
The tru5tees' report was approved by the Board of Trustees.
Rofjert Tuffin
Dir8ctoi of Firmframe Ltd and Southem Fiduciary Ltd
Corpornte Trustse
li o.kL 2.LS

THE CALEDON TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE CALEDON TRUST
Oplnlon
We have audited the fin8n¢wl $talements of The Caledon TTu$I Ithe'tharity'l for the year ended 31 Doctrmber 2024
which comprise the 51alemenl ol finanoal activities, the balance $heel. the statement of cash flow5 and not05 to the
financial statement5. induding signffi¢ant accounb'ng policies. The fin8n(x81 rgporting framework that ha8 been
8pplieiJ In th9ir preparation is appb"calA• law and Uniied KJ'ThJdom Accounting Standards, induding Financial
Roporting Standard 102 The Financial Reporting Standard applKable in the UK &nd Ropublic ol Ireland IUnRed
Klngdom Generalty Awepted Aoxjunting Pracbce).
In our opinion, thè financial $tat•M￿ts'.
give a true and fair vith¥ of the stale ol 8ff8irs os 8t 31 December 2024 8nd of Its In￿rn￿9
fe50urces and appti¢ats'on ol resources. for the year then ended..
h*vè b••n pr￿Y pr•pared in accord•nee wlth Unrt•d Kngdom Generalty Accepted Accounting Pr4oti(*',
and
have be¢n preyred in accordance with the Chonties Act 2011.
B••l• for oplnlon
We cond¢Jcted our audit in a¢￿[dance wrth Intemalitsn¥l Stsndard$ on Audrting IUKI {ISAs {UK)13nd 8ppli¢abl•
18w. Our responsibilit￿ under those standards are further dewbed in th& Auditorfs responsiknli118$ for the 8udil of
Ihg Lln8ncial Stalen￿nIS section of our r•port. We are independent of tho ¢harity in accordance wilh Ihe èthi￿1
r•quirfjm8nts that aro relevant to our audil of the financial slatemenls in the UK, includirtg the FRC'S Elhical
Slandard. and we have fulfilled our olher eth￿91 responsi￿rtIo$ in accordancts with these requirements. We believe
that the audit thd•ncg we have obtained is suffioenl and 8ppropriat• lo prthrydè • basis fly twr opinion.
Coneluglon• r•l•tlng to golng ¢onurn
In aLKliling the ffinanual $tatements, we have conthded thal the trusta•s' UB• of the golng con¢4rn b8s1s of
aCUJLinling in Ihè preparation ol th• financial slatements is •pprop(iale.
8os•d on th• Work we have p•rfom)8d, w• Iden￿rth1 matWi41 Unc*rtgint￿s relatkng lo •vènls or
condllion$ that, indiv￿UallY or ￿lIe¢l￿ely. may cast signfficanl doubl on the charity's abilty to continue as a going
¢oncom for a p•rbod of al kryasl ￿•1¥6 months from wh¢n th• finan￿￿ staterr*nts are aulhori$8d for i$su8.
Our Tesponsibililifrs and the roGponsitslrti•s ol tho Iw$tees with rospod to g￿ng concem #rn d&s¢nbed In the
Televanl 5ection$ of this report.
Oth•r Infom)atlon
The C*th8r information con￿￿$ea the iifr*rmallon included in Ihe annual rep)rt ￿h¢r than the finan(¥al 8tatemenli
4nd our audttorfs r8POrt Ihereon. The Iru$lee$ ore responsible for the other info￿•11¢n eont8in8d within the annual
report. Our opinion on the financyal staternenls doe$ not cob*r the other InfO￿allon and we do not •xpress any form
ol assurance (x*n¢ly$ion th8f80n. Our responsibilty 1$ lo the other information and. in doing $0. ¢on$ider
whether the other inlomiation is malerialty inconsi51enl wrth the financi81 slalernents or our kn￿edge obtained In
the course of the 8u¢Jil. or otherwise appears to be m¥lerialy misslat&d. If we identify such material in¢onsislena&$
or apparenl material misslalemènts, we are required to determine wheth•r Ihis gives rise to a malenal mis5talemenl
th• financial statements Ihemsel¥e$. If, based on the work we have pèrfomied. we conclude that there is a
material mi$stalemenl olthi$ other infom)ation, ￿ are required 10 rep￿1 that f
We h#￿ nothing to report in this regard.
Matt•rs on whlch w• arn r•quirnd to rnport ty •xc•ption
We have nothing lo report in r8spect of the followiw¥J matters in r•lation to whic* the Charil*$ lthounl$ 8nd
R8POrtsl Regulalion5 2008 iequir•s us lo rewt to you il. in our opjnion..
the infomation gNen in the financial slalemenl$ 1$ immsistenl in any rnalerial respect with tho ITUStee$'
port,. or
Sufficient a¢¢ounting records have not been kept." or
the financial stalemenls are not in agreement with the ac￿Unti￿j records." or
w• have not rewved th& infOmwt￿ and explanatK)ns we requiie for our aLKlil.

THE CALEDON TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE CALEDON TRUST
R￿pOnsibl11t1ts ol INstM8
As explained more fully in Ihe slalemenl of trustees. responsi￿11t¢es. the tryslees are responsible for the proparation
of the financial slaternents and for being satiSf￿d that they give a Iwe and fair view. and for su¢h internal control a8
the trustees deteTrnine is necessary to enable the preparat￿￿ of financial statements that aft free from material
misstatement. whether due to fraud or errnf. In preparing the finanaal statements, the trustee$ are responsible for
a$sessin9 Ihe chanty's ability lo ¢onlinue a$ a going ¢oncem, disdosing. as ap￿1¢able, matters related to going
coneorn •nd u$ing Iho going ¢orK¢rrt basis of ar¢ountsrtg Lrnless th& tru$t••$ wlhsi intend to cease operations, or
have no realistic altemalive twl to do ￿.
Audltotr• rMpon*SbllltlM for th• audll of th• finanelal •tat•m•nts
We hav8 been appointed as audilor undef section 144 of the Charit￿$ Ad 2011 and roport in ac¢ordan¢o with the
A¢t and r&levant r•9(￿81￿$ made or haMn9 ¥ffe¢t thgreunder.
Our objectives artr Its oblain re¥$ortabltr •ssuran¢e ab)ul wh•thor th• finan¢ial $tat•men16 as a whole are frae from
m•lerial misstatement. whether due to fraud or error. and to i$$ut an •udrtorfs report thal indudès our opinion.
Reasonable assurance is a high ￿Ve1 ol assurance but is nol a guaranlee that an audil conductfjd in a¢cordance
with ISAS IUKI will ah¥ays detect a malerial misstatement when rt exists. Misstatemènts can aris• from fraud or
error and ore considered material rf, indiwdually or in the aggregate. Ihey could reasonobly b& gxpecttrd to influence
tho gconomlc d•dsbns of us•rs 1ok•n on the bash of Ih•s• financial slalgmenls.
A fvrther description of our responsi￿lItIeS is available on the F￿an￿￿1 Reporting Couwl's websile 81.. http8.'11
www.ftc.org.ukJa￿1IIor8r0SpOn￿bitit￿s. This dasulpt￿ lo￿5 part of￿1 audilorfs report.
Ext•nt to whl¢h th• •udlt W4• ¢on¥ld•rnd c•p•bl• of d•ts¢Ong lryvgul•rlll••. In¢ludlng fr•ud
Irregularilies. including fraud. arè instances ol nOn-￿M￿l)nCe wrth laws and regulations. We deswn proc4dur•s In
line with our responsibilitie8. oullined above and on the Finan(¥•l Reporting Counul's website, to d￿¥¢1 m8leri81
misstalements in respeci of irregularilies, inthding fra￿1.
We obloin and upda1• our understanding 01 tho •ntty, rts activities, control •nvironm•nl. and likely fu¢uro
developments, in¢lL*aing in relation lo the kgal and regLdalory frame¥Yth applicablg and how thtr entity is complying
with Ihal framework. 88sed on this understanding. we itjentfy antj •$se$$ the ri$k$ of mJlerial misslaloment of thg
financlal st*tements, whelher due to fraud or erroT. de$wJn 8nd perfomi audit procedures responsive to tho$e ri$k8,
and obiain audil ewdence Ihal is sufficAent and appfopriate lo provide a ba615 for our opinion. This indude8
consKl&ration of th8 risk of acts by the enlity Ihal were rnntrary to applKable and r•gulation$, in¢l￿j￿n9 fr8ud.
In r•spons• to the risk of irT8gularitie$ and n(WHY)M￿l81V with laws regulations. ind[￿Ing fraud, wè d•S￿ned
pr¢¢etJure$ whi¢h induded".
En¢4uiry of m¥n¥gemenl and those tharged wrth govemance around actual and polonlial liligation and
clairns as well a5 actual. $u5pected arHJ alleged fr8ud'.
Reviewing minutes ol meetings of those charged wrth governan(*:
Assessing Ihe extent of compliance wrth the laws and regulations considered to havg a dired material
effect on the ffinancial statements or the operations of the entty through enquiry and inspgetion..
Reviewing finanoal stalement disdosures and testing to supporting doOJmentat￿n to assèss compliancè
with applicable laws and regulalions.
Performing audrt work over the risk of M8n8geff￿nl tias and override of ccffllro16. inchjding testing of
journal enlnes and other 8djuslmenl$ lor appropriatene$$. evaluatin9 the business rationale of significant
transactions outside the r￿rMal course ol business and revlewing aLwunb"ng estimates Iw indicators of
polenlial bia5.
Because of the inherent limrtations of an audrf. there is a risk thai we will not detect 811 iThegULarIt￿, Including those
leading to a material misslatement in the finanual statements or non•compliance wilh regulation. This risk
incr•ases th• more Ihal compliance with a law or wulation 15 remo￿￿ from the events and transartion$ refiecled
in thè financial statemgnts, as we will be ￿sS likoty to bocome aware of instances of non-compliance. The risk of
not dètecling a rnat6rial misstatement resulting from fraud is hvjher ihan for one Tesuhing from errtsr, a5 fraud may
involve collusion, forgery. inIent￿nal omissions, misrepresentations. or the override of intemal ¢onlrd.

THE CALEDON TRUST
INDEPENDENT AUDITOR'S REPORT (COKnNUED)
TO THE TRUSTEES OF THE CALEDON TRUST
U•• of our r•port
This roport is made solety lo the charity's truste•s. as * bDdy, in #CWd￿{* with Part 4 of the Charhhs IA¢counls
ar￿ Report51 Regulatitsn$ 2008. Our audit work has been undertak•n x+ that wg Might state lo the tharity's Irusle•8
those motteT¥ Wg are TequiT•d lo slate to tI￿rn ￿ an 8uditor'g T•Wt and f￿ no o#w purpose. To the fullest extent
pomrtted by law. wo do not accept Of a8sum¢ r•sponybility to anyo￿ than tho charity and the th8rity'9
tru81••s ¥8 a body, for our audil work. for thL8 f•POrt. or forfv opinions wè haw fOrn￿d.
4,A /KIA
Jon Nobl• IS•nlor Statutory Audltor)
For •nd on b•h•ll otAz•ts Audlt S•r¥lu•. Stsbrtory Audltor
¢h•rt•rnd Aecountsnts
Thlrd Floor. G•t•way Hou
Tc41galg
Chandbèrn Ford
H4mpshlr•
S053 3TG
D•l•'.
310& ?aLS
Az•t8 Authl S•rvlcrf li d9ibl• for •ppoIntm￿l •8 audllor ol tm ch•rlty ty ￿rt￿l of •liglbilty for ippolntm•nt 18
auditor of a company undgr $•dlon 1212 ofth• Cornpth￿ Acl 2QX.

THE CALEDON TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unr••trlct•d Unr•¥trlct•d
fvnds
fitnd•
2024
2023
a• r•itat•d
Nots•
Incom• from:
Donations and *ad•s
1.827.380
1.285.800
Totsl In¢om•
1,827.380
1.285.800
Exp•ndlturn on:
1.510,652
883,253
Totsl •xp•ndllurn
1.510.852
883,253
N•t Incom• •nd mov•m•nt In fvnd•
316.728
402.347
R•con¢llb4tlon of lund•:
Fund balanc48 al l January 2024
710.409
308,082
Fund b*l#n¢•# It 31 D•e•mb•r 2024
1,027,137
710,409
Th• 8l•l•mgnl offinan￿•1 •dMlkn8 hidth •ll g•ins •nd lomes r•o)gnis•d In ￿ y••r. Al Incom• •xwndilur•
d•rtv• from ￿ntInuIng activ11￿$.

THE CALEDON TRUST
BALANCE SHEEr
AS Af Ji DECEAIBER 2024
11
IfKI.(O)
11yJ.WAI
12
176.325
440214
C￿h •t and kn h•rrfl
259.11
618,530
(32,812)
(8,130)
927.137
610109
1.027.137
710,40
14
1.027.137
710,40
1,027.137
710.409
l.i.. od¥ 2oL5

THE CALEDON TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Ca#h Ilow• fmm op•rntlng a¢Ovld••
C88h {ab8orbod byllpn•ratod from
op8ralionB
17
1181,0451
27S,876
N•t ¢Mh g•n•rnt•d from Inv••tlni Ktfvlll••
N•t Éa•h g•n•r•t•d fin1￿1￿9 4¢llvlll••
N•t IdKr••••ylncrn•M In ¢Mh •nd u•h
•qulv•hnts
{181.045)
275,876
C•sh •rKI c•sh •qu6v•lenls It ￿gInnIng of y•
440,214
184,338
C••h Ind ea•h •qulv•l•nts at •fid of y••r
259,189
440.214

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng poll¢l•s
Charlty Inform•tlon
The Caledon Trust ts a ¢hanty with registralion number 244868. Tr registered office Is Second Fkjor. Regis
House, 45 Wlliam SlreeL EC4R 9AN.
1.1 A¢counllng ¢onv•ntion
The ffinancial slatements h8ve been pr•pared in accordanc* wth thg thariivs goveming dtscumenl. th&
Charit￿$ Act 2011. FRS 102 Yhe Finanoal Rèpoiting Standard appli¢ablè in Ihe UK and Republic of Ireland"
Ind the Charbtias SORP "Accounting •nd R¢pOrt￿l9 by Char[t￿5.. Ststement of R•commended Practlce
applicable lo ¢haiilies preparing their accounts in 3￿rdance with the Finanual R8POrting Slandard
applicable in Ihe UK and R•pUl￿1c of Ireland (FRS 1021.. Th• chty is a Public B•n•fft Entlty 8$ defined by
FRS 102.
Tht financial slatamenls are pre￿[•d in s1othn9, which is the fUn¢t￿nal ￿rrenCY of th• charrty. Monetary
•rnount$ in Ih&se financial statemen15 are Tounded lo the nearest £.
The financial statements have b¢•n prepared und•r thè hiskniul c4$1 ty)nvention. Thè ￿n(ap81 I¢￿untIng
pdicies adopted are set oul below.
1.2 Qolng ¢on¢•m
Al the limo of appro￿ng Ihe financial stal•m•nl$, th* twslees h•ve • r￿SOnabl• ￿peCIatIon Ihal the charTty
has adequate reSoUr￿S to conlinue in operational exisler￿ lor the foreseeable fvture. Thus th8 trustees
o)nlinue lo adopt Ihe going concem basis of a¢0￿n11n9 in prgparing the finanual st8l&menl$.
1.3 Ch•rbtsbh fund•
Unre$lrid¥d funds are avai￿L￿e lor u8• al the disuetion ol the trust￿ in fvrth1ran￿ of th•ir tharilable
objo¢tive8.
Restricted fvnds ore subject lo speak contJrtion$ by donors or grantors a8 lo how th•y may bo us•d. The
purposes and y￿3 of t￿ restrictsd funds #re set out ffi the n¢)t•s to Ihe financial 8talement8.
Endowment furKI8 are subject lo Condit#￿8 by Ilonors that tho c•pit41 musl ￿ m8intsin•d by th•
charity.
1A Incomo
In¢om8 1$ recognised whon th• ch¥fty Is gnlillod lo li after any p•rfomi•nc8 ¢l￿d￿On8 have been mel,
the amunts can be measurod reliat4y. and rt 1$ probabl& that irKome will be ffj￿1￿d.
Cash donation$ are r8oJgnised on ffjce￿. Other dwtions are Te(y)gntsed once tho tharity has been notified
of the donation, unless performance Condrth￿S requirn defwTal of the amount. Inc(Jme tax recoverabbe in
relation to donations r•ceived under Grft or deeds of ￿venant is reLwnised al the lime of the donat￿n.
Legacie6 are re¢ogniset1 on receipt or 01he￿iSe rf the ¢harity has been notified ol an impending distribution,
the amount is known, and rec￿￿ is expected. 11 the amounl is not known. the legacy is Ire8led a$ 8
¢ontingent asset.

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng pollcl•s
(Contlnuedl
1.6 Exp•ndliuY•
Expenditure rs re￿gnised once Ih&re ts a *al or conslru¢tThe Obl￿at￿n lo transfer economic bentfrt lo a
third party, Il is probable that a transfer of e(*nomK beneffts wiu be required in 5etll•m•nt, and the amount of
the obligation ¢an be measured Te1￿bty.
Expenditure is cla59iW by actmty. The costs of each acthwty are made up of the total of direct eosts and
yhared costs, including support costs invofved in underta￿"n9 9o¢h ¥¢tNty. Diiect costs attributable to 8 sin916
actiwty are aNocat8d directly to that acljwty. Shared ￿$1$ vA)i¢h ttsnlribute lo more than one actbvity and
support costs which a￿ not attribirtable to 8 single 8clm.ty are appOrt￿ned be￿een those a¢tivrf*$ on a basi5
nsislenl with the use of resoufce3. Central Staff costs afe allocated on the bo$ff4 01 lime spent, and
depre¢ialion ¢harges •re alotsled on t￿ Wion ol the asset's use.
1.6 T*nglbl• Ilx•d ••Mts
Tangible fix&d assets ore initialty measur¢d 81 ¢08t arwj subsequtsnty measured at ￿$¢ or valuation. net of
d•pr•Uall￿ #nd any impainY*nt knses.
Depreciation 1$ recognised $0 #s lo wnle off the OT v4lu•tion of •55ets bess th•ir re$idug1 valv08 over their
U6èful livès on tho following bases..
Equtty Slake In property
Th8 gain or loss arising on the disposal ol In asset 1$ dotèrmin•d as the drfferenco b8lween the proceeds
and the c5ff￿n9 value olthe asset, al￿ M rtcogni5ed in 8tat•ment ol finanrAal a¢tNth'•i.
1.7 Impalmi•nt offix•d
Al ga¢h reporting end dal&. the ¢h¥rity rO￿tw$ the Carrying amounts of ils langibl8 0$s818 lo determine
whether there 1$ any Indi￿110￿ that Ihose assels have suffered an impairment loss. 11 any such indication
ex181s. the recovernbl6 amount of the assel 18 eth'maled in order to deterfflin• th• extent ol the impaiTrn•nt
10$81rf onyl.
1.1 C*•h •nd ¢a$h •qulv•lents
Cash and ¢ash equivalents InC￿e cash in hand. deptssrt. s held al cal with banks, other $hort4erm IKIUKI
investments with original maturities ol three Th￿nthS or ￿S8, and bank overdraft5. Bank overdraft5 are Sh￿Nn
wilhin borrowings in current Iiabilrt￿S.
1.9 Flnanclal In*trum•nts
The charity has elected to apFty the provisions of Section 11 '8asic Finonryd Instruments, and S•dion 12
'Othor Financial Instrurnenls Issuos, of FRS 102 to all of its financial instrument$.
FlnancAal instruments ar8 re￿nISed in the th8riVs bal#rKe sheet vthen dlarrty becom•$ yrty lo the
contract￿1 provb$ion$ ol the inslrumenl.
Flnancial asstrls and liabilities are offset. with the nel amounts presented in the fmanoal slaternents, when
there is a legally enforceable right to sel off the recognised amounts and the￿ is an intention to settle on a nel
ba818 or lo realise the asset and setlle the liabdity simultaneousty.
B•sk financhl•ss•ts
Bas￿ financial assets, which inchjde debtors and cash and bank balances, arè inrtially measured at
tr*nsaclion price induding transaction costs and are sUbseq¥jent￿ carried al amorb.sed cost using the effecti
interest method unless the arrangement constilutes a finanang transxtK)n. where the transaction is
measured at the present value of the luture re￿Ip1S discoun1￿ at a mathel rate of interesl. Financial a$s&ls
classified as reCeiVa￿e within one year are not amortised.
10-

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policie•
{Contlnuedl
B•sle flnanel•l li•bllltle¥
Basic financial Iiats"lrties. induding creditors are inilialty recognised at transactKJn price unless the
arrangemenl constitute5 a finan¢in9 transaclion. t•there the debt in51rum•nt is measured at Ihe presenl value
of th• futurè payments discounted 81 a rna￿tt rale of inlerest. Finanryal liatshtses classified as payable within
one yeai are not amortised.
Oobl inslrumtrnls are $ybsequentty carried al 8morli8ed ¢osl. using the effective interest rale molhod.
Trade creditors afe obligats.ons lo pay for 9oods or seThice5 that ho￿ b••n aCqUi￿d in the Ord￿ary course of
opèrations from supplier5. Am¢)unl$ payable are dass[r￿d as caJrTenl liabilrt*s rf payment is due within one
ygar or less. 11 nol. they are present￿ as nO1￿c￿rrent liabilities. Tradtr ¢rèdilors are recognised initially at
Iransadion Pri￿ and sUbseqL￿nIty m•asufed al amortised cosl wng Ihè effective interest mfjthod.
D•r•cognlllon of Ilnan¢l•lllabllltl•s
Fln8nci81 liabilrtles are dgre¢ogni8ed Vlthen Ihe tharity's ￿ntraCtUal oblvJations txpre or are dI￿harged or
cancelled.
Crftlcal accountlng ••llmats¥ •nd ludq•m•nl•
In the 8ppli¢alion of the charty's acLounting polides. th& Iwstees are required lo make iudgem¥nls. eslimal*$
and assumptions aboul the ¢arrying amount ol as5el$ 8nd h"abililies that are r￿t readily apparent from tslher
sources. The eslimales and ossociat•d assumplions are based on historical experienc* al￿ other factors that
re considered lo be relevant. Actual i¢$ults may drffer from Ihese eslimal&s.
The &slimale$ and underlying assumplknis are remewed on an ongoing basis. Rewsions to accountlng
eslimeles art rfj¢ognised in the period in ¥thi¢h th¢ e$limat¥ is revised where the rewslon affeds only that
period, or in the perbd of Ihe revision and futurè Pe￿d5 wh•r• the revision affects both current 8nd lulure
periods.
In¢om• from donatlons and l•g*¢l••
Unv•strlct•d
funds
2024
Unr••trSct•d
fund•
2023
•• re*t•ted
Donations and grfls
Grants
194,600
1,632.780
1,285.800
1.827.380
1,285.800
11

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
exp•ndltyr• on ¢h•rtl•bl• •¢llvlll••
Ch*rft•bl• Ch•rfl•bl•
•xp•ndlturn •xp•ndltur•
2024
2023
DFr•ct co•ts
84nk charg•s
L•g•l fe•8
42
12,155
3,922
12,197
3,922
Grant fundkng of aclMtl•8 (8•• nol• Sl
1.482.152
870.952
8h•rn of •upport •nd gov•M•n￿ ¢o•ts (••• not• 6)
Support
Gov•m*nc•
116
18,187
671
7,708
1,510,652
883,253
AMly•l# by lund
Unr•8lrict•d fund•- g•n•rnl
1,510,052
883,253
Or•nts p•yab4•
Ch•rMabl•
Ch•rfl•bl•
•xp•ndltur• •Xp•ndl￿1•
2024
2023
Gran18 lo 0rg4nMII￿s
GrMl8 lo Indlvidu•l$
84,000
786,952
1.482.1S2
Support co•1• •lloc•t•d to •ellvltl••
2024
2023
IT c0811
Govfjm•n￿ ¢08ts
118
16,187
671
7.708
18.303
8.379
An•ty••d b•tw••Th:
Charitable expenditur•
16.303
8,379
Gov•mance costs inthdes p•ynwnts to th• •￿ItOrS of£9.720 (202> £4,500) for a￿lit f••s.
12.

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Il•t moTMm•nt In fund•
2024
2023
The nol mov•m•nl in fund$ A tht•d 4ft•r thwglrWluw*lirvJ):
F••8 payab￿ for the audm of th• th•riVs firwKial 8tat•m•nts
g.no
TnMt•
Non• of th• Iru8tM¥ {or ony wrsons (Thr*ct•d wlth Ilwnl r•c•hMd any r•mun•ratlon or b•￿fftl from th•
¢hanty dudng th• yoar12023: none wore robmburn•d).
EnN>loy•
Th•M w•r• •mpby•es in th• yw (2023: Nornl.
10 T*￿tIon
Th• th•rty Is •x•mpt from t•xation on Its lJ•c•uM Il ￿ Incom• li 4pp¥•d ft>r th*rlt•bl• purpo••$.
11 T•n9lbl• flx•d ••••t•
Iquty •l•k• In
Co•1
At 1 j￿Y•ry 2024
100,000
At 31 DOc•m￿r 2024
100,000
Carrylng Amoynt
At 31 D•c•mber 2024
100,¢YJO
Al 31 D•c•mb•r 2023
l￿a.000
Th• abo¥• •quty sl•k• r•lo1•• lo a 17.83% sharn kn • Fre•hold Propwty owned urthr • declorallon of tru•t.
Th• v4luè w￿1 only b• re4liwl on • ul• of th• woperty or th• d••th olth• oc¢yJpi•rn.
-13-

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12 D•btor•
2024
2023
a• rnstst•d
Amounts falllng duo wlthln on• y•ar.
Loan$
Prepayments and accrued income
115.IN)O
570.780
131,325
085,780
137,325
2024
2023
Amounts filllng du• after mor• than on• ymr.
Loans
15.000
45,000
Tot•1 d•blov•
700.780
176,325
The loans 81¢ inl•r•sl fr•• and th•r* is no connticlion ￿trIe8n thtr Tru8tsè8 of Thg Calodon Trust and the
reaplenl.
13 Cr•dltorn: arnounts f•Ning du• wlthln on• y•ar
2024
2023
Othèr cr•drttsTS
Ae¢ru8ls and deferred income
20,032
12,780
130
32,812
6.130
14 Unf••trfct•d fund•
The unrestricted funds of the charity comprise Ihe unexpended balarths of donation$ and grants which are
not subject lo specffic ￿)nditIonS by donors and grantors as to how they may ￿ used.
Al 1 J•ny•ry
2024
In¢omlng RMourc•8
r••our¢
•xpend•d
At31
DO¢•m￿r
2024
General funds
710,409
1.827,380
{1,510,652}
1,027,137
Previo￿ year:
At 1 January
2023
Incomlng R•sour¢•s
resour¢es
•X￿nded
At31
Decemb•r
2023
Ganeral funds
308.IK 1,285.600
1883.2531
710,409
14-

THE CALEDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15 R•latsd p•rty traMacllons
There were no ¢Jsdo8able related paty transadKffls during the year Q023- none).
16 PrlN p•rlod adjustment
Ch4ngM to b•lan¢• •hs•t
A• pr•¥lou8ly AdJwlm•nt A• ml*t
rnport•d
Currnnt a•••t•
A¢cr￿d Incom•
131.325
131,325
Fun
Unr&stTKted fund5
579.084
131.325
710,409
Ch•ng•• to •tst•m•nt of financ￿1 •¢tlvlll•¥
A• prnvlouBly AdI￿lM*Tht A• mlat•d
r•port•d
P•rfod •nd•d 31 D•c•mb•r 2023
In¢om8
1.154.275
131,325
1,285,800
A￿ru￿ incomo for th8 yo•r énded 31 DK•mb8f 2023 was adiuslèd 80 that i1￿me rtt•iv•d in th• y¥ar Is
correth r•flected fof Ihe year ended 31 De¢emb•r 2024 and the prior year.
17 C•¥h laho￿•d byyg•n•rat•d fvom op•r•OonB
2024
2023
sur￿￿$ for the year
318.728
402,347
Mov•m•nts In wor*lng ￿pIt*1.
Ilncreasel in debtors
Increase in uedilor8
1524.4551
26.682
1131,3251
4.854
C••h 1ab8Ort￿d byVg•n•rat¢d from op•Y•tloM
1161,045}
275.876
18 Anoly•l• of ¢hang•s In n•t fund•
Th• charily had no material debt during the year.
15-