J A R CHARITABLE TRUST
REPORT AND FINANCIAL STATEMEKf8
for th• year ond•d 5th Aprll 2024
Hunters Law LLP
9 New Square
Lincoln's Inn
London
WC2A 3QN
SEC.WVM.35731-1

J A R CHARrrABLE TRUST
ACCOUNT8 FOR THE YEAR ENDED 5Th APRIL 2024
Contsnts
Pag•
IndgP8ndent examlnerfs report
Tru8te8s' Report
24
Balance Sheet
ststement of Flnanclal Advllles
Don8tlon8
Investments
1￿11
Investment Changes
12
Notes to the Accounts
13-14

Ind&pendent Examlners Report to the Tru5ts9$ of J A R Charitable Trust
I report on the accounts of lh• Trust ft>r tho y•ar ended 5 Aprll 2024
Resp8ctiv8 responsibrlities of tnjstees and examiner
The charity's InJst8es are responsible for the preparation of tho accounts. The ¢hariVs
trustees consider that an audit is not required for this year under section 144{21 of the Charikne5
Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibllity lo-
examine the accounts under sectlon 145 of th8 2011 Act-
lo follow the procedures laid down in the General Dlrections given by the Charity
Commissioner under section 14515llbl of the 2011 Act: and
lo stato whether particular matters have come to my att8ntion.
8asis of Indep8ndgnt gxamlnerfs report
My 8xaminalion was carried out In accordance with the General Directions given by the
Charity Commlssloner. An examlnatlon in¢5udes a review of the ac¢ounling records kept by
the charity and a comparlson of the acGounls presented with those records.11 a180 includes
consideration of ttny unusual items or disclosures in the ac¢ounls, the seeking of
explanatiorns from you as Iruslees concarning any such matters. The procedures undertaken
do not provkle all the 8vidence that would be required in an audll and, consequently no opinion
IS given as lo whether the accounts present a 'true and falr vlew, and the report is limtt8d to
those matters set out in the statement below.
Independent 8X8min&r's statement
In conn&ction with my 8xaminatlon, no mattgr has coma to my attentlon:
which glves me reasonable caus8 to believe that, in any material Igspact, the
r8quirem&nts'.
(al
Ibl
lo kaep accountlng records In accordance with soctlon 130 of the 2011 Act; and
to prepare accounts whlch accord with the occounting Tecords and to comply with
tho accounllng requlrements of the 2011 Act have not been mel-, or
lo which, in my opinion. attention should bg drawn in order to 8nable a propgr
undèrstanding of the accounts to be reachod.
Colin Reid FCA
8urge5s Hodgson LLP
Chartered Accountants
27 New Dover Road
Canterbury
Kent
CT1 3DN
October 2024

J A R CHARrrABLE TRUST
Report of the Tru8tae8 for the year ended 5th APRIL 2024
The Trustees prèsent their report and the unaudit8d Flnancial Statements of the charfty for
the year end8d 5th April 2024. The Financial Statements comply wth the statutory
requirements, th8 goveming document and the Financial Reporknng Standard applicable in the
UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102)).
OBJECTIVES AND ACTIVITIES
Objectlves and alm•
The charity's objectives as defined In the goveming document give the Trustees absolute
dlscretion over payments of income and capitsl with prior consideration being given to the
advancement of religion in any part or parts of the worfd in connection with the Roman Catholic
Church, provision for the education at schools or other educational estsbllshments of person
or persons under th6 age of 30 years and provision of food clothing and accommodation for
needy parsons over the age of 55 years where such persons would by reason of illness or
other hardship and through no fault of their own be otherwise deprived of the Standard of living
which they might reasonably expect to 8nloy.
Publlc ben•fit
The Trustees hav8 referred lo the Charity Commisslon's general guldance on publlc benefil
when revlewlng thelr aims and objectives and in plannlng their future 8Ctivlti8s. as requlred
under Section 17151 of th8 Charitles Act 2011,
ACHIEVEMENT AND PERFORMANCE
The Trustees supported 25 charitles In the year all connectod wlth dlffèrent aspects of the
Roman Catholic Church both al home and overseas. Th8 amount donated increased by
6.76V.. Payments in support of work overseas were made to charlties reglstered wSth the UK
Charlty Commls510n.
Investmant porft>rmanrA
The charlty holds no Investment propertl8s. Ils funds are held in Inveslments. The Trust has
professlonal investment advi56rs who man8ge the charity's investrnenls. Durlng the year the
charity purchased Investments for £427,004 and the annual revaluation saw a gain of
£711.760. Proceeds the sale of investments were £426,993 and there was a loss on
disposals of £63.220.
Al 5th Aprll 2024 the investments were In the following sectors:
2024
2023
UK fixed interest
UK listed e
uities
Overseas e
uities
Cash
Total financial Investments
5.01%
40.70Vo
53.83'/0
40.191.
53.14'1.
100/.
100%

FINANCIAL REVIEW
Flnancial position
Tha charivs fijnds inueased by £651,395 from £5,091.739 to £5.743.134.
I the charws incorne is derived from its investments. Income decreased by £7,264 (6.05%)
to £112.730.
Invo$tment pollcy and oblectlvos
The charfty's goveming document places no restrictions on the discr&tSon of the Trustees In
Investing the charitys assets. The investmént fund managers invest on a medium high-risk
basis with a balanced investment objecllve and the inv8strnenls ar8 reviewed by
corresponderKe twice a year.
Reserves poll¢y
The Trustees have power under the governing document to apply Income and capltal for the
Trust s objectlves. In practlce the Tru5t88s alm to distribute the income and to build up the
capltal content as unrestricted reserves. The reserves at the year4nd were £5,743,134.
FUTURE PLANS
The ¢haTlty Inlends to continue its existing work to relleve persons In conditions of need.
hardshlp or distress and to promote the Roman Catholic falth.
STRUCTURE GOVERNMENT AND MANAGEMENT
Thg governing document is a Deed of Settlement dat8d 30 March 1966 made by Jeffery Arthur
Rose. The TN51aes have unlimited power of Investment and If there are morg than tsvo
Tru8te8s they have pow8r to act by 8 majority. The power to appoint new or additional
Trust888 Is vested In the remaining Irustees.
Organl$atlon
The Trustees are responsible for th8 general governance of the charlty and meet once a ye8r
io manage and revlew the charlty's actlvities and achievements. They identtfy projects and
organizations they wish to support and the charity does not make grants to people or
organizallons who apply speculatively. The charlty supports 8 number of charities on a regular
basis, most of which are known personally to one or more of the Trustees.
The charity ha5 a pollcy of not responding lo any correspondencè unless It relates to grants It
has agreed to make or lo the general management of the charfty.
Induction and tralnlng of new trustees
New trustees would be provided with a copy of the charitws goveming documenls, annual
report and financlal stalemenls for the prevfjous three years and Ihe Charity Commisslon's
documents r81ating lo th8 responsibilities of charity trustees.
Risk management
The principal risk faced by the charily lies in the perfornance of investments. Thls is millgated
by fetaining expert investment managers and having a diverstlied investment portfolio.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charlty Number:
248418
Prlnclpal address
clo Hunters Law LLP, 9 New Square. Llncoln's Inn, London WC2A 3QN
Trusleos
Paschal Ryan (Chair of Trustses)
Benedict Henry No￿8
Martin Bo18nd
Bankers
CAF Bank Ltd, 25 Klng5 Hlll Avenue, Klngs Hlll. West Malling. K8nt ME19 4JQ
Sollcltor•
Hunters Law LLP, 9 New Square, Lincoln's Inn, London WC2A 3QN
Invèstment Manag•rn
Raymond James Investment Services Limlted. 1 KSng William Street, London. EC4N 7AF.
Ind•pondent Examln•r
Burgess Hodgson LLP Chartered Accountsnts, 27 New Dover Road, Cantertlury, Kent CT1
3DN
STATEMENT OF TRUSTEES RESPONSIBILITIES
The charity's Trustees are r8sponsible for preparing the Trustees Annual Report and the
Flnanclal Ststements In acwrdance wlth appllcable law and regulallons.
The law applicable to charltles In England and Wal85 requlres the Trustees to prepare
Financial Stat8m8nts for each financlal year. Under that law the Trustees have e18cled to
prepare the Financial Statements in accordance wlth Unlled Klngdom Genèrally Accepted
Accountlng Practice (United Kingdom Accountants Standards and appllcable 18wI. Under
company law th8 Trustees rnusl not approve the Financlal Statements unless thèy are
satisfied that they give a true and fair view of the slate of affairs of the charfty and the Income
and expendlture of the charlty for that perlod.
In preparing these Flnancial Ststements the Trustees aré requlred to'.-
select suitable accounting pollcles and then apply them cOn$l8ten￿Y
observe the methods and prlnciples in the Charities SORP
make judgm8nts and accounting estimates that are reasonable and prudent
slale whether appllcable accounting standards have been followed, subject to any materlal
departur&s dlsclosed and explained in the Finan￿al Statements
prepare the Financial Statements on the going concem basis unless It is inappropriate to
presume that the charty will continu8 in operation.
The Trustèes are responsible for keeping accounting records that are sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy at any time the
financlal po8ltion of the Charity and enable them to ensure that the Financlal Statements
comply with the Charilles Act 2011 and the Charity (Accounts and Reports) Regulations 2008.
They are also responsible for safeguarding the a8sets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.

Accountancy pollcy- Judgements and e8timatlon uncortalnty
The preparation of the financial statements requir8s management to make Judgements.
estimates and assumptions that affect the amounts reported. Accounting estimates and
assumptions are made conceming the future and, by their nature, will rarely equal the ￿lated
actual outcome. These estimates and judgements are continually reviewed and arè based on
experience and other factors, includlng expe¢tatlons of future events that are believed to be
reasonable under the circumstances.
Indgpendent Examlner
Burgess Hodg80n LLP have been rfrappointed as tho Independent examin8r for the ensulng
year.

Approved by the Trustees on ..
,j. i.l.i.i.l.ts)L(k
. and signed C￿ their behalf by:
Trustee

J A R CHARITABLE TRUST
BALANCE SHEET as at 5th April 2024
2023r24
2022123
UNRESTRICTED FUNDS
5 743,133.91
5,091.738.50
Thare are no Restrlcted or Endowm•nl Funds
represented by:_
INVESTMENTS at Market Value
5,670,088.36
5,021,537.15
CASH
Raymond James GBP account
CAF Bank
27,074.46
50,506.95
22,974.75
46,841,23
DEBTOR
Becton Dickinson - DlvSdend recelved post 5 Aprll 2023
Pepsico Inc - Dividend received post 5 Aprll 2024
Raymond James Gross Interest- received post S Aprll 24
0.00
186.80
731.54
247.60
0.00
137.77
CREDrroR
Burgess Hodgson
Donation due to Prisoners Abr08d
Donallon due to Friends of Tumainl
-954.00
-2,000.00
-2.500.00
0.00
0.00
0.00
NEf ASSETS
743.133.91
38.50

J A R CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES for tho year ondod 5th Aprll 2024
2023124
2022123
INCOMING RESOURCES lunrestricted funds}
UK CAF Bank Interest (grossl
UK RJ Bank interest (gross)
UK Fixed Interèst {gross)
UK Dlvidends
Unit Trust Dividends
Overseas Dividends
Property Income Dlstrlbulions
Gain on currency conversion
114.47
1,322.26
14,645.85
65,777.73
5,209.02
25,660.94
0.00
0.00
.27
62.49
137.77
15,254.44
75,951.28
4,854.74
23,733.69
0.00
0.00
119.994.41
112,73
RESOURCES EXPENDED (unTestrlcted funds)
Dlrect Charltsble Expendlture
2021122 Maryvale dOna￿on retumed
79.000.00
0.00
74,000.00
-1,000.00
Managoment and Admlnlstratlon Expondlture
Hunters prof&ssion81 chargeg to 514123 (including
£1,573.40 VAT)
Burgess Hodgson - Independent Examlners fee for
Accounts to 514123
Burgess Hodgson - Independ8nt Examln8rs fee for
Account5 to 514124
Raymond James Management fees
Raymond James Over8e8s Custody Charge
LEI application fee
Bank charges
9,440.40
11,548.80
870.00
792.00
954.00
19,532.28
0.00
0.00
78.75
109,875.43
0.00
19,231.28
0.00
0.00
92.25
.33
THERE ARE NO PUBLICITY OR FUND.RAISING COSTS
Net In¢omlnglOutgolng Retsources In the year
2,854.84
15,330.08
GAINSILOSSES ON INVESTMENT ASSETS
R8alised
Unrealised
3.219.79
711.760.36
587,78
-548,679.26
Total funds brought forward
5,091,738.50
5,624,499.90
TOTAL FUNQl> CARRIED FQRlflARO TQ IM15 YEAR'S
BALANCE SHEET
5 743,133.91
5,091.738.50

J A R CHARITABLE TRUST
DONATIONS In the yoar ended 5th Aprll 2024
Cheque
273 St Joseph's Pastoral Centre
274 to the Church in Need
275 Bishop of Brantr￿0d
276 Tongabezl School Trust
277 Ltttle Sisters of Ihe Poor
278 Cardinal Hume Centre
279 Sl Jam8s Church
280 St Joseph's H05pice
282 St Patrick's. Soho Square
283 Marrfage Care
284 Emmaus, Gra8nwlch
311 Finchley Foodbank
312 Foodbank Aid
313 Carltas Weslmlnster
314 St Vincent's Centre Southend
316 The Passage
317 Catholic Children's Sodety {Westrnlnster)
318 HCPT
319 JMB Educatlonal Trust
320 Brenlwood Cathollc Children's Soclety
321 Walslngham House
323 Anchor House
325 St John BOSGO Camp BRCDT
326 Nazareth Care Charftsble Trust
Prisoners Abroad
Frlends of Tumainl
4,000
4,000
3.000
2.500
3,000
3,000
2,000
3,000
4,000
3,OIXI
3,000
2,000
2,000
2,000
3,000
4.000
3,000
3,000
3,000
3.000
4.000
5,000
3,000
3,000
2,000
2,500
79.000

J A R CHARITABLE TRUST
INVESTMENTS hold at 5th Aprll 2024
Value at
4￿4
Value al
514123
UK Bonds
£300.000 Tesco 6.15% Snr Nts 1511112037
£110,000 UK (Govt on 3.5% Bonds 2211012025 GBP 0.01
242,403.71
110,030.17
252,711.29
0.00
UK Companles
28,000
Aviva 8.75% Cum ITr Pref £1
Aviva Ord GBP 0.328947368
Barclays PLC Ord 25p
BP Ord US$O.25
Dlageo Ord GBPO.28 1011108
Experlan Group US$O.10
G18xoSmilhKline Ord 25p
Haleon PIC Ord GBP 0.01
HSBC Holdlngs Ord US$O.50
Impax Envlro Mkts Ord GBPO.10
Legal & G8neral GP Ord GBPO.025
Lloyds Banking Group Ord 0.10p
London Stock Exchange Ord
M&G PIC Ord GBP 0.05
N8tlonal Grid Ord 0.12431289p
Pnjdential Corp 5p
Reckitt Bgncki8er Group Ord 10p
Rio Tlnto Ord Iop
Shell PIC Ord EO.07
Scottish Mortgage Inv Trust Ord 0.05p
SSE Ord 50p
Unllever Ord 0.031111p
Vodafone Group Ord US$O.2095238
0.00
36.780.00
S6.922.00
44,536.80
28,495.00
339,1C￿.00
186,414.80
46,603.70
62,408.22
0.00
35.907.30
53,320.00
32,823.00
31,260.00
81,980.00
27.986.40
29,925.00
198,980.00
186,899.40
600,320.00
87,422.50
141,815.52
0.00
34.160.00
0.00
44,316.00
46,965.60
0.00
268.100.00
170,135.68
48.712.95
53.923.66
83,100.00
0.00
48,430.00
0.00
7,404.15
67.740.00
43,017.00
44,352.00
211,320.C
158,864.49
449.820.00
99,742.50
158,502.96
14,636.70
8,800
1,￿0
10,000
11.440
14,300
9,730
20,000
14,300
100,000
350
15,000
6.000
3.900
700
4,000
6.723
70,000
5,500
3,696
16.363
Europ•
20
1,300
USA
130
Adobe Inc Com USD 0.0001
1,200
Alph8bet C8p $0.001 'C" Class
440
Amazon Com Inc
1,800
Apple Inc Com US$O.00001
400
88clon Di¢kinson Com US$1
700
Brlslol-myers Squlbb Com US$O.10
150
Caterpillar Inc Com USD1
350
CDN Natlonal Raifv4ays Com NPV
100
Deere & Co Com USD1
300
Eouifax Inc Com $1.25
1.600
Findlay Park Funds American USO
14,451.52 JH Slral Inv Fds JH Instl Nlh Amr Idx Acc
200
Idexx Laboratorles Inc Com
140
Intull Inc Com
1,260
Johnson & Johnson Corn
500
Mela Platforms Inc Com USDO.OOOLM)6 CL'A,
Microsoft Corp Com
Paypay Holdings Inc Com
Pepsico Inc Cap USD 0.016666
Pinterest Inc Com USD 0.00001
Procler & Gamble Com NPV
Servicenow Inc Com
stryker Corp Com Stock
Thermo Flsher Scientific Com USD1
Verizon Communications Com $0.10
Walt Disney Co. Com Disney USDO.01
10
Adyen NV EURO.01
Neslla SA CHFO.10
0.00
106,175.61
24,989.92
130.213.48
49,963.23
146,349.34
64,512.92
241.827.22
78,010.52
28,460.51
45,074.62
35.960.72
32,683.16
60,879.86
271,606.03
492,286.54
0.00
70.512.42
152,119.56
208,890.54
202,268.98
0.00
29,479.97
0.00
123,669.03
62,072.18
83,427.87
41,316.54
66,738.49
0.00
39,835.88
101,020.31
35.681.97
288,985.14
80.748.87
39.203.32
0.00
0.00
0.00
47,983.44
211.403.09
394.344.70
76.473.51
70,451.12
167,379.44
84,817.27
136,846.66
47,235.86
0.00
32,883.34
121.330.25
56,228.94
69.311.29
220
1,500
1,000
100
300
2.000
230
48.260.18
18.432.40

J A R CHARITABLE TRUST
INVESTMENTS hold at 5th Aprll 2024
Asla Pacific
3,900
Australia & New Zeoland Bank NPV
15,000
Australlan Foundation Inv NPV
18,981.447 First Sentler Inv Stewart Invrs Asla Pac Ldr Acc
816
Jardlne Matheson Holdings US$O.25
18,000.oiyJ JP Morgan Asian Inv Trust Ord 25p
59,209.12
56,814.62
193,441.82
24,003.42
0.00
48,979.92
59,587.66
184,818.55
32.255.66
65.880.(KI
5,670.088.36 5.
21,537.1
M•rket Value at $14123 of Invostments sold In yearto 514124
Cost of Inveslm•nts purchasod
490.212.80
427,003.65
AdJu•tod valu• at ￿4123
Valu• at 514124
4,958.328.00
5,670.088.36
GAINIILOSg1 IN YEAR TO 514124

J A R CHARITABLE TRUST
INVESTMENTS CHANGES In the year endod 5th Aprll 2024
Market
Value at
23
IEI
Dlspo$als
Procaeds
GalnlLoss
2eTrO¢t-23 16,363 Vodafone Group Ord USD 0.2095238
2&0Gt-23 28,000 Aviva 8.75Yo Cum IRR PRF GBP1
2&0cl-23 20,000 Impax Enviro Markets Ord GBPO.10
26-Ocl-23 20 Adyen NV Eur 0.01
2&0ct-23 18.000 JP Morgan Asia Groth Ord GBP 0.25
26-Oct-23 230 Walt Disney Co Com USD 0.01
26-Oct-23 60 Intuit Inc Com USD 0.01
26-Ocl-23 50 ServiceNow Inc Com USD 0.001
2&0cl-23 200 Ideyx Laboratories Com USD 0.10
2&0ct-23 800 Paypal Holding5 In Com USDO.0001
2&0ct-23 1,500 Plnterest Inc Com USD 0.00001 CL A
28-Oct-23 400 Appl6 Inc Com USD 0.00001
11,985.60
33,586.46
66,076.53
11,085.03
59.129.10
14.798.38
23,375.52
22,471.10
65,696.78
33,475.19
30,134.06
SS,179.26
93.01
14,636.70
-2,651.10
34.160.00
-573.$4
83.100.00
-17,023.47
24.989.92 -13,904.89
65,880.00
.750.
18,432.40
-3,634.02
21,135.34
2,240.18
18,742.98
3,728.12
76,473.51
-10,776.73
47,235.86
-13.760.67
32,883.34
-2,749.28
52,542.75
2,636.51
90 212.80
219.79
A¢qulgltlon•
30-Jun-23 JH Str81 Inv Fds JH Instl Nlh Amr Idx Acc
3￿se￿23 FITSt Senller Inv Sl Asla Pacific Ldr5 Acc
2&0¢1-23 7,500 Avlva Ord GBP 0.328947368
2&0¢1-23 14,300 Legal & General GP Ord GBPO.025
26-O¢t-23 350 London Stock Ex¢hange Ord
26-Oct-23 11,100 M&G PIC Ord GBP 0.05
2&0Gt-23 1,000 Dlag80 Ord GBPO.28 1011108
2&0cl-23 500 Vedzon CommuniGalions Com USD 0.10
2&0cl-23 110,000 UK IGovt of) 3.5% Bonds 2211012025
2&0cl-23 350 CDN National Railway5 Com NPV
26-Oct-23 100 Deere & Co Com USD1
26-Oct-23 220 Pepslco In¢ Cap USD 0.016666
26-Oct-23 150 Calerplllar Inc Com US01
2&0cl-23 90 Themio Fish¢r Sclentsfic Com USD1
2￿D8c-23 JH Strat Inv Fds JH Instl Nlh Amr Idx Acc
31-Mar-24 Flrst Senlier Inv Sl Asla Paclfic Ldrs kc
Co•t
1,727.02
1,379.40
29,947.98
29,937.69
29,411.64
21.927.98
31,381.29
14,297.94
108.077.49
31.537.98
31.427.64
30.069.83
31,043.32
32,733.85
1,882.46
220.14
27.003.65
12

J A R CHARITABLE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024
Basls of Accounting
These Ilnancial stat8ments have been prepared In compliance wilh FRS 102, The
Flnancial Reportlng Stsndard applicable in the UK and the Republic of Ireland,, the
Statement of Recommended Practice applicable to charits'es preparing their accounts
in accordance with the Fln8nci81 Reporknng Standard applicable in the UK and
Republlc of Ireland {FRS 102) (Charlties SORP {FRS 102)) and the Charitles Act
2011.
Hlslorical cost accounting wles have been applled In 811 instan￿8 except for the
valuallon of Snvestm8nts. Investments hav& been valued 8t thelr year4nd rnark81 value,
on a middle price basls. Any corresponding gain or I￿8 on thls revalua￿On 18 shown In
the Statement of Financlal Acllvllles for the year.
Financial liabiliti85 and equlty Instrum6nls are classlffed accordlng to the substance of
the conlractual aThangement entered into.
Debtors 8nd credltors wlth no slated interest ratè and receivable or payable within on8
year are recorded at transacllon prlce. Any losses arising from impairment are
rocognised in the profft and loss account In other admlnistratlve expenses,
Loans and borrowings are initlally rncognised at transaction price Includlng transaction
costs. Subsgquently, Ihey are measured at amortised cost uslng the effectlve interest
rate method, less impairment. If an arrangement con8titutes a financ8 Iransactlon11 Is
measured at pre88nt value.
Income
The Trust income Is derived solely from its Investment portfolio. The Trust receives no
donations and is not invofved In fund-ralslng or publicMy-
Staff Costs
The average head count of 8mployees during the year was O12023- Nil). No employee
received employee benelils of more than £60,000 durlng the year (2023.. Nlll. Thls
employee and key rnanagement personnel figur8 does not include the Trustees
appointed and Sn posltlon durSng the year.
Trustees Romunoration and Expenses
No remuneratSon, benefits or expenses were pald to the Trustees of the Char￿Y In the
urrent or previous year.
InvoStment8 at Market Valuo
Comprised'.-
2023124
2022123
Fixed Interest securities
uitles
352,434
5 317 654
6.223Yo
93.78Yo
252,711
4 768 826
5.03Vo
94.970

All Inveslments 8r8 carrfed at their falr value. Investments in equltles and fixed Interest
securities are all traded in quoted public markets, primarily th8 London Stock Exchange.
Holdings In common Snvestsnents funds, unit trusts arKI open-ended inveslment
companies are at the bld pric8. The basis of fair value for quoted investments is
equivalent to th8 market Value. uslng the bid price. Asset sales and purchases are
recognized at the data of trade at cost (that Is thelr transaction value).
14