Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 THE GOUGH CHARITABLE TRUST Charity Registration Number.. 262355 ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 Ralhbonès T$t comnY
Docusign Envelopp ID". 33AC8A7&F52&4F72-8733-A5E9D33B3142 The Gough Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Index Page 14 Trustees, Annual Report Independent Examinels Report Statement of Financial Activities Balance Sheet 8-16 Notes lo the Accounts (including Accounting Policies)
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charltable Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Trustg0s' Annual Report The Trustees have pleasure in submilling their Annual Report, together with Independently Examined Accounts in respect of the year ended 5 April 2025. OBJECTIVES AND ACTIVITIES The Charity primarily delivers public benefit through awarding grants lo advance such charitable purposes as the Trustees may decide in accordance with the trust deed and with the law of England and Wales. The only fundraising aclimlies currently undertaken are those of the investment management function. Grant making policy The Trustees meet regularly to review applications for funding. Only successful applicants are notified of the Trustees, decision. Certain charities are supported regularly bul no commitment is given. The current policy includes that of making grants to a number of national, local and other charities with which the original selllors. Lord and Lady Gough. had long established connections. Additionally, a proportion of the income is reserved to enable larger ad hoc donations to be made when the Trustees are approached for funding from those charities with which the Trust has been more dosely involved or where other suitsble opportunities are identified by the Trustees. ACHIEVEMENTS AND PERFORMANCE The charitls investments generated sufficient income to be applied towards the Trustees. chosen charities during the year. Acwrdingly, the Trustees resolved to make a number of donations which are detailed in the notes lo the accounts. The Trustees have complied with the duly in $17151 of the Charities Act 2011 to have due regard to the Charity Commission's Public Benefit guidance when exercising any relevant powers or duties. FINANCIAL REVIEW During the year, the Charity received generous donations from the estste of Lord Gough, as detailed in the notes to the accounts. No restrictions were placed upon the Tnjstees, who hold the funds as expendable endowment assets. Income from investments and interest received during the year totalled £44,014 (£45,246 - 20241 from which donations were made in the sum of £7,600 (£74,100 20241. A lotsl of £2,753 was spent raising the funds (£2,613 - 20241 in the fomi of investment management fees only. The lolal spent on the charity's activities during the year, including governance and office costs equated lo £27,5151£84,800- 20241. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. For the year ending 5 April 2025, net investment losses arose lotalling £23,380 Inel gains of £76,203 - 20241. There was a nel increase in the charitgs funds lo the year ending 5 April 2025 in the sum of £7,766,239 (net increase of £34,036 - 20241, resulting in the Trustees holding £9,173,154 of funds as al the financial year-end (£1,406,915 20241, of which £67,607 represented unrestricted income and £9,105,547 of expendable endowment, largely represented by the Charitys investment assets. Page 1
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charltable Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Trustg0s' Annual Report Reserves The Trustees do not consider the underlying endowment capital lo be reserves, providing a source of income for the Trust. The Trustees aim lo expend each year's income, nel of administration expenses, through the awarding of donations subject to maintaining a minimum cash reserve of £10,000 to enable larger ad hoc donations lo made al the Trustees, discretion. Any under or over expenditure will be balanced by over or under expenditure in subsequent years. The Trustees consider Unreslricled Income funds lo be held as free reserves, although all funds remain available for application. Investments The Trust's endowment capital is held in investment assets or cash. There are no specific restrictions under the terms of the goveming document. The Trustees have full discretion over the investments. The Trustees have delegated full discretionary day-to-day control of the Charity's listed investments lo Rathbones Investment Management. Assets are acquired and disposed of in accordan¢e with the powers available to the Trustees and with the Trustee Act 2000. Investment Objectives and Performance The Trustees have agreed with the Investment Managers that the objective is to protect and grow the value of the portfolio over the longer term, through a combination of dividend and interest income and capital growth. Investment decisions should be made based on the views of a prudent person in accordance wf(h the standard of investment Criteria relating to suilabilily and diversification. These objectives are reviewed at least On a year at a Trustees, meeting. The Trustees wish lo ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversrficalion of investment. The Trustees monitor the performance of the listed fund and review each asset dass against its appropriate benchmark as detailed in the Policy Statement. At the financial year-end, the portfolio comprised of unit and investment trust holdings. The Investment Manager provides regular reports to the Trustees who review the performance of the portfolio. The value of the Charitvs portfolio as at 5 April 2025 lotslled £1,314,977 1£1,340,263 20241. The Trustees are satisfied with the perfomance during the period under review. STRUCTURE GOVERNANCE AND MANAGEMENT The Gough Charitable Trust is an unincorporated granl-making trust. 11 is a registered charity consliluted under a trust deed dated 18 December 1970. which has since been amended as explained below. The Charity was established by the Right Honourable Margaretta Elizabeth Viscountess Gough (Lady Goughl, who died on g March 1977, and her son, the Right Honourable Sir Shane Hugh Maryon Fifth Viseounl Gough (Lord Goughl, who died on 14 April 2023. Both Lady Gough and and Lord Gough donated endowment funds of capital, to be invested and generate income and returns from which donations were awarded at their discretion and Ihen, after Lady Gough's death, al the discretion of the surviving selllor until his death, and subsequently al the Trustees, discretion lo further the Charills objectives. The power of appointing new Trustees was vested in the original settlors during their lifetimes, but following Lord Gough's death in 2023 power of appointment became vested in the then current Iruslees. Each new Trustee must be appointed by deed. New Trustees are selected in accordance with their connection to the current Trustees and the particular skills and knowledge they bring, lo ensure that between them they have the appropriate experience and skills lo ensure good governance and fulfil the Charf(y's objectives. Page 2
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charltable Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Trustg0s' Annual Report New Trustees are not provided with formal training but receive an induction pack containing important Charity information and are asked to read relevant Charity Commission guidance. By Resolution passed at a meeting on 10 December 2024, the Trustees resolved lo amend by replacement certain clauses as sel out in the original Deed dated 18 December 1970. This included the ststemenl there musl be al least trustees and every trustee musl be appointed by a resolution of the trustees passed at a meeting. The Trustees must hold at least two meetings each year, of which at least one must be in person. Meetings provide the opportunity to discuss grant applications, strategy and govemance matters. In addition, the charitys investment managers may be invited to present at meetings al the Trustees, reqLJesl. Risk management The Trustees have given consideration lo the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operational, financial, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk lo the charity's funds. In order to mitigate this risk and in accordance with $15 Trustee Act 2000 the Trustees have established a Policy Statement. The policies relating to the listed investments are to be adhered to by the Investment Manager. The policies will be regularly reviewed in line with investment Performance and changes made as necessary. The Trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of greater returns over the longer term. The Trustees Continue lo review the adequacy of the systems in place. REFERENCE AND ADMINISTRATION DETAILS Charity Registration Numbgr: 262355 Prlnclpal Offlce.. Ralhbones Trust Company, 30 Gresham Street, London, EC2V 7QN Trustees who served during the period and on the date the Report was approved: Mr C E B Gadand Mr W J B Gadand Accountants: Ralhbones Trust Company, Clo Port of Liverpool Building, Pier Head, Liverpool, L3 1 NW Independent Examiner- Mrs Kerry Roberts, Clo Port of Liverpool Building, Pier Head, Liverpool. L3 1 NW Bankers and Investment Managers: Ralhbones Investment Management Ltd, 30 Gresham Street, London, EC2V 7QN Page 3
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charltable Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Trustg0s' Annual Report PLANS FOR THE FUTURE Despite material funds being appointed lo the Charity during the financial year, the Trustees do not envisage any significant changes to their aims and objectives in the short-term. The Trustees will revisit the grant making policy and consider long-lerm investment opportunities. Advi will be sought as appropriate. TRUSTEES. RESPONSIBILTIES The Trustees are responsible for preparing the Trustees, Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charty for that year. The Trustees musl not approve the financial statements unless they are satisfied that they give a trLJe and fair view of the stste of affairs of the Charity and of the incoming resources and applications of resources, including the income and expenditure of the charity for the period. In preparing these accounts, the Trustees are required to.. select suitable accounting polices and then apply them consistently., observe the methods and principles in the Charities SORP IFRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable UK accounting standards {FRS1021 have been followed, subject to any material departures disclosed and explained in the financial sl8tementS', and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will onlinue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charitqs governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraLJd and other irregularities. As approved and signed on behalf of the Board of Trustees- S*n•d by.. 18 Deeember 2025 | 11..15 AM GMT Date Mrc E B Garland Page 4
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Independent Examiner's Report Independent Examinerfs report to the Trustees of the Gough Charitable Trust- 262355 I report on my examination of the accounts of the above charity {"Ihe Trust I for the year ended 5 April 2025, which are sel out on pages 6 to 16. Responslbllltles of the Trustees and Independent Examlner As the Charitls Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed. I report in respect of my examination of the Trust's accounts carried oul under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. 11 is my responsibility lo slate whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was Carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Iruslees concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair, view. The report is limited lo those matters set out in the statement below. Independent Examinerfs statement l am a member of an approved body subject lo the provisions of the Revised Ethical Stsndard 2024 issued by the Financial Reporting Council IFRC}. Ralhbones Trust Company Ltd has provided book keeping services in accordance with the tems of engagement signed by the Trustees and I do not report lo the book-keeper in any respect. I give due consideration to the FRC'S Revised Ethical Standard 2024 at all limes. I have completed my examination and confirm that no mallers have come to my attention which give me cause to believe that in any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act, or the accounts did not accord with the accounting records, or the accounts did not comply with the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn irb this report in order to enable a proper understanding of the accounts lo be reached. DocuS*Md by.. 18 Decèrnbor 2025 | 11..19 AM GMT Date Mrs Kerry Roberts TEP FMAA T MSCI C/0 Port of Liverpool Building. Pier Head. Liverpool, L3 INW Page 5
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Statgmgnt of Financial A¢tivitigS Unrestricted Income Funds 2025 Endowment Funds 2025 Total Funds 2025 Total Funds 2024 Notes Income and Endowments from.. Donations and legacies Investments Other Income 7.775,873 7,775,873 41,733 2,281 41,733 2,281 42,640 2,606 Total 44.014 7,775,873 7,819,887 45.246 Expenditure on: Raising funds Charitable activities 2,753 2,753 27,515 2,613 84,800 27,515 Total 27,515 2,753 30.268 87,413 Nel gainslllossesl on investments 13 123,3801 123,3801 76,203 Net movement In funds 16.499 7.749,740 7.766.239 34.036 Balance as at 6 April 2024 51.108 1,355,807 1,406,915 1,372,879 Balance as at 5 April 2025 67,607 9.105,547 9,173.154 1,406.915 The notes on pages 8 10 16 form part of these accounts. Page 6
Docusign Envelope ID." 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Balancg Sheet Unrestricted Income Funds 2025 Endowment Funds 2025 Total Funds 2025 Total Funds 2024 Notes Fixed Assets Tangible Fixed Assets Investments 70,500 70,500 9,020,350 9,020.350 13 7,340,263 Total Fixed Assets 9,090,850 9,090,850 1,340,263 Current Assets Cash al bank and in hand 14 79,727 18,981 98,708 69,072 Total Current Assets 79,727 18,981 98,708 69,072 Liabilities: Creditors.. Amounts falling due within one year 15 12,120 4,284 16,404 2,420 Not Currant Assets 67,607 14,697 82,304 66,652 Total Net Assets as at 5 April 2025 67,607 9,105.547 9,173.154 1,406,915 Funds of the Charity 18 Total Funds as at 5 April 2025 67,607 9,105,547 9,173,154 1,406,915 Approved by the Board of Trustees and signed on ils behalf.. S*by.. 18 December 2025 | 11..15 AM GMT Mrc E B Garland Date The notes on pages 8 to 16 form part of these accounts. Page 7
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 1 Accounting Policies Charity infomiation The Gough Charitable Trust is registered in England and Wales (reg no= 262355}. Ils governing body are the Trustees of a selllemenl deed dated 18th December 1970. Its principal Offi is clo Rathbones Trust Company, 30 Gresham Street, London, EC2V 7QN. The charity is a Public Benefit Entity as defined by FRS 102. Accountlng Conventlon The financial statements have been prepared in accordance with the Charills governing document, the Charities Act 2011, FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS102"1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (second edition - October 2019- effective 1 January 20191. The accounts have been prepared lo give a 'lrue and fair. view and so have departed form the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a Yrue and fair view. This departure Consists of adopting the current version of the SORP IFRS 1021. The accounts are prepared in sterfing. which is the functional CLJrrency of the charity- Monetary amounts in these financial statements are rounded lo the nearest £. The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The Ch8rily has tsken adv8nlage of the provisions in the SORP for Charities applyng FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. Going Concem The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the Charity has adequate resources and reserves lo enable il to continue in operational existence for the foreseeable future and there are no material uncertainties about the charills ability to continue as a going concem and thus the Truste88 continue lo adopt the 'going concern, basis of accounting in preparing the financial stslements. Charitable Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Charity's purposes, unless the funds have been designated for other purposes. Endowment funds are as declared by the donor, lo be invested by the Trustees or retained to further the Charity's purposes. The donor has the power to convert these funds into expendable endowment or income at their discretion. Income generated from endowment funds must be spent furthering the Charills purposes and is added to unrestricted funds of income unless the donor declares restrictions. Page 8
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year gndod 5 April 2025 Notgs to tho k¢ount$ Incom9 Income is recognised when the Charity is legally enlilled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gtft Aid or deeds of covenant is recognised at the time of the donation once this can be quantified with reasonable certainly. Legacies are recognised on receipt or otherwise rf the Charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. All dividend income is accrued when the shareholder's right lo receive payment is established. 11 is recorded nel and includes tsx deducted only when il is repayable to the charity. All donations received in-specie are recognised at market value as al the date of the gift. Expenditure Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in selllemenl and the amount can be reliably measured as at the reporting date. A conslruclive obligation exists where the Charity has communicated the commitment lo provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date. Provisions for liabilities must be recognised when either the liming or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required, provisions are reversed and charged lo the SOFA. Governance and support costs Support costs have been allocated between govemance costs and other support. Governance costs comprise of all costs involmng public accountability of the Charity and ils compliance with regulation and good practice. Support costs include central functions and have been allocated to activity costs categories on a basis consistent with the use of resources, for example, by the lime spent. Investments Investments held in the fund are included al their market value as follows.. (al Listed securities are valued al the mid market value ruling al the balance sheet dale. Ibl Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterfing equivalents al the rates ruling al the balance sheet dale. Icl Gills are valued al the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date. Idl Unlisted securities held in foreign currencies have been valued al the mid market value and translated into their sterling eqLJivalents at the rates ruling at the balance sheet date. Investments are classified as a fixed asset except when classified as a current asset where the intention of the Trustees is to dispose of the asset and not reinvest the proceeds. Page 9
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year gndod 5 April 2025 Notgs to tho k¢ount$ Tangible assets An asset is classified as an Heritage Asset if it has historical, artistic, scientific, technological, geophysical or environmental qualities held principally for their contribution to knowledge and culture. Other tangible assets held for investment or retention to further the charity's purposes are valued 8t fair value Imid) as at the dale of the donation. In the case of artwork, revaluation will only be undertaken if there is evidence of significant change in value, such as damage or restoration. Depreciation is not charged as artwork is considered to have an indefinite useful life. Recognlsed galns and losses Re81ised gains and losses on investments are calculated as the difference between sales proceeds and their market value al the start of the year, or their subsequent cost and are charged or credited lo the Slalemenl of Financial Activities in the year of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments lo market value al the Balance Sheet date. Taxation The Charity is not liable to in¢ome lax or capital gains lax on ils Charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which il relates. Cash and cash equivalents Cash at bank and in hand is held lo meet short-lerm cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposf(s held al call with banks, other short-lerm liquid investments wlh original maturities of three months or less. Financial instruments The Charity has elected lo apply the provtsions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the charity becomes party to the conlraclual provisions of the inslrumenl. Financial assets and liabili1188 are offset, with the nel amounts presented in the financial slalements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settl8 on a net basis or lo realise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequenuy carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Page10
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ Basic financial liabiliti9$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing Iransaclion. where the debt instrument is measured at the present value of the future receipts diseounled at a market rale of interest. Financial liabilities classified as payable within one year are rbot amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Cancellation of financial liabilities Financial liabilities are derecognised when the Charity's conlraclual obligations expire or are discharged or cancelled. 2 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrwng amount of assets and liabilities that are not readily apparent from other sources. The eslimales and asso¢ialed assumptions are based on historical experience and other factors that are considered to be relevant. Actual resLJIts may differ from these eslimales. The estimates and underlwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 3 Donations and legacies 2025 2024 Donation of four pieces of artwork {nole 111 Investments (note 121 60,001 Barwell plc ordinary shares 5,799,220 Barwell plc preference shares 89,000 Charlton Eststes Ply Ltd ordinary shares 70,500 7,705,373 7,775,873 No restrictions were placed on the donation received by the Donor. Page11
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 4 Invgstmgnt incomg 2025 2024 UK Unil Trust interest UK Unil Trust income T8x paid al source 21,533 20,200 74,894 2T,785 (39) 41,733 42,640 5 Other income 2025 2024 Bank interest Other interest 2,033 248 2,606 2,281 2,606 6 Raising funds 2025 2024 Rathbones Investment Management fees 2,753 2,613 2,753 2,613 7 Charitable activities Grant making.. Donations Inote 81 Governance costs (note 91 Sundry offi 2025 2024 7,600 19,915 74,100 10,680 20 27,515 84,800 Page12
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 8 Charitable activities Grant making to Institutions.. Dingwall Community Development Company Friends of Kagando Hospital Highland Hospice Inclusive Surfing Scotland Irish Guards Charity Lifeboat servi Memorial Book Trust National Army Development Museum Prince of Wales's Lodge Royal Trinity Hospice St Brigid's and Al Saints Dublin The Benevolent Society of St Patrick The Guards, Chapel Trust Woolwich Garrison Church Trust 2025 2024 500 500 5,0( I,o(A) 1,000 1,000 1,000 500 500 100 500 2,000 2(KJ 2L IL 7L 10,000 2,500 50,0(10 5,0(10 7,600 74, 1(10 9 Govgrnancg costs 2025 2024 Support, Administration and Accountancy fee linc VATI Solicitor fees Independent Examination fee linc VATI Prior years, Independent Examination fee under provision 11,100 6,415 2,400 8,220 1,740 720 19,915 70,680 10 Disclosure of Remuneration and benefits The Charity had no employees during the financial year {0- 20241. None of the Trustees were paid any remuneration or received any benefits by way of employment with the Charity or related entity during the financial period I£0 - 20241. No amounts were reimbursed to any Trustees for expenses incurred during the financial period {£0 - 2024}. Page13
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 11 Tangiblg Fixed Assgts 2025 2024 Ariwork x4 pieces 70,500 70,500 The charity holds four arbNorks donated from the estate of Lord Gough. The artwork has been initially recognised at fair value Imidl in accordance with FRS102. Depreciation is not charged as artwork is considered to have an indefinite useful life. Revaluation wll be considered on the occurrence of sn event such as d8mage or restoration, or every five years. 12 Donated Investments 2025 2024 Unlisted Investments (note 131 60,001 Barwell plc ordinary shares 5,799,220 Barwell plc preference shares 89,000 Charlton Estates Ply Ltd ordinary shares 7,705,373 7,705,373 By Deed of Assignment dated 24 February 2025 the charity received gifts of shares from the est8te of Lord Gough. The holding in Chadton Estates Ply Ltd was valued for probate in the sum of $14,276,129 AUD. 13 Investments Valu& at 06/04/24 Acquisition costs Sales Realised Unrealised proceeds GainsllLossesl GainsllLossesl Value at 05104125 Listed.. UK Unil Trust 1,340,263 1,467 13,3731 (23,3801 1,314,977 Unlisted.. Overseas 7,705,373 7,705,373 1,340,263 7,706,840 3,373 23,380 9,020,350 14 Cash at bank and in hand 2025 2024 Rathbones 98,708 69,OT2 98,708 69,012 Page14
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 15 Liabilities: Amounts falling due within one year.- Shepherd & Wedderburn LLP (Solicitors) Rathbones Investment Management Ltd Rathbones Trust Company Ltd Rathbonès Trust Company- prior year Independent Examination fee 2025 2024 3,600 680 f,740 10,380 1,740 16,404 2,420 16 Flnanclal Instruments 2025 2024 Carrying amount of financial assets Debt instruments receivable within one year Cash 98,708 69,072 98,708 69,072 Carrying amount of financial liabilities Payable within one year Creditors and Accruals 16,404 2,420 Instruments mgasurod atfairvalua through SOFA Loans receivable Investments at value 9,020,350 7,340,263 17 Contingent Asset The charity holds a loan receivable from Barwell Plc. Quantifying its realisable value is highly uncertain. Barwell's business model - taking minority slakes in early-slage companies - means that the value of ils assets is highly volatile and the company's ability lo repay the loan will be dependent on successful future realisations of these inherently speculative investments. The Trustees and the companyjointly commissioned an Options Report in the summer of 2025 from FRP Advisory which, while not a valuation, indicates significant divergence between estimated values and directors, views. Based on this, the Trustees conclude that although the charity is legally entitled to the loan amount, the current value cannot be measured reliably and it is not probable that the full amount will be recovered. Some partial repayment may occur, bul timing and amount remain uncertain. Page15
Docusign Envelope ID". 33AC8A7&F528-4F72-8733-A5E9D3383142 The Gough Charitable Trust Annual Report and Unaudited Accounts forthe year ended 5 April 2025 Notgs to tho k¢ount$ 18 Movements between funds Balance at 06/04/24 Gains I (Losses) Balance at 05104125 Income Expendlture Endowment Investments 1.355,807 7,775,873 12,753) 123,3801 9,105,547 Unrestricted funds: General funds 51, 108 44,014 127,5151 67.607 Totsl funds 1,406,975 7,819.887 130.2681 123,3801 9,173,154 19 Conflicts of Interest and Related Party Transactions As set out by Resolution dated 10 December 2024, each Trustee must properly declare the nature and extent of any interest, whether direct or indirect, which they have in a proposed transaction or arrangement with the charity. If such a situation arises, where a Trustee may be in conflict between their duty to act solely in the interest of the Charity and their own personal interest, then that Trustee is lo absent themselves from the decision making process other tha lo clarify facts. The Trustee absenting themselves is not counted as part of the quorum in making any decisions. No related party tr8ns8Ctions require disclosure in respect of the reporting period (none- 20241. 20 Comparative ststemfrnt of financial activities unstrICted Funds 2024 Endowment Funds 2024 Total Funds 2024 Income and Endowments from: Investments Other Income 42,640 2,606 42,640 2,606 Total 45,246 45.246 Expendlture on: Raising funds Charitsble activities 2.613 2.613 84,800 84,800 Total 84,800 2.613 87.413 Net gainslllossesl on investments 76,203 76,203 Net movement in funds 139,5541 73.590 34.036 Balance as at 6 April 2023 90,662 1,282,217 1,372,879 Balance as at 5 April 2024 51,108 1,355.807 1,406.915 Page16
Q docusign. Certificate Of Completion Envelop8 Id.. 33AC8A76-F52B4F72-8733-A5E9D33B3142 Subject. Complete with Docusign.. The Gough Charitable Trust- Accounts lo Yegr Ended 5 April 2025 Source Env81ope". Docum8nl Page8.' 18 Certific8te Pages.. 3 AutoNav". Enabled Slstus.. Completsd $1gnalur&s'. 3 Envelop& 0rf9inalor'. Lauren Georye 30 Gresham Street Envtlop81d StaMn9.. Enabled Time Zone.. IUTCI Dublin. Edinburyh, Lisbon. London London, Europ8 EC2V 7QN L¥uren.George@ralhbones.com IP Address.. 136.226.190.85 Record Tracking Status-. Original 17 December 2025 | 11'.13 Holder." Lauren George Lauren.G80r9rsIhbuÈts.cOrn Location." Docusign Signer Events Ch8rfe8 Garland chartes.edin@gmail.com Security Level." Email, Account Authenlicabon (None), Aulhantication Signature Timestamp Sent.. 17 December 2025 | 11'.27 Wiewed.. 18 December 2025111..12 Signed". 18 Detbr202sIl1".1s EADWE•Eb24ts7 Slgnalur8 Adopllon". Pre-se18Ct8d Swe Using IP Address.. 82.37.118.31 Authentication Detsil$ SMS Aulh.. Transaction. 7f8512874e7(k4c4f-beb6-2f61eSdOcc38 Re8ulI.- passed Vendor ID.. Telesign Type." SMSAulh Perfonred.. 18 D8c&mber 2025111.'12 Phone.. +44 7762 908343 Electronlc Record and Slgnaturo Dls¢losuTr'. Accepted." 18 December 2025 | 11 12 ID.. 94df23034M8N381-9308-8b39b054cb9¢ K8rry Rob8rt5 K&rry.RobÈrts@ralhbon6s.com Ralhbones Trust Company Security Level.. Errbail, Account Authenlitralion (None) Sent. 18 D8cemb8r 2025 | 11".15 Wiew8d'. 18 Dacember 2025111.'19 Signed.. 18 Dernber 2025111..19 Signature Adoption.. Pre-selected Stoe Using IP AddrÉ$s. 147.161.144.111 El8ctronlc R8cord and Slgnaturo Dl8cIo8ur8'. Not Offered via Docusign In Person Signer Events Signature Timestamp Edltor Dellvery Events ststus Tlmestamp Agent Dellvery Events ststus Tlmestamp Intermediary Delivery Events ststus Timgstamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Tirnestamp Witness Events Signature Timestamp
Notary Events Slgnature Tlmgstamp Envelope Summary Events ststus Tlmestamps 17 December 2025111.27 18 December 2025111-.19 18 D8¢8mber 2025111'.19 18 D8cember 2025111'.19 Envelope Sent CÈrtifiÈd De1ivÈd HashedlEncrypted Security Checked Security Checked Security Checked Signing Comp181& Completed Payment Events Electronic Record and Signature Disclosure Status Timestamps
El8¢troni¢ Rècord and Signaiurtr Disclosur8 créatsd on." 24 Sepi&mbÈr 2025109.54 Parties agreed to.. Charles Gadand ELECTRONIC RECORD AND SIGNATURE DISCLOSURE IERSD) Please read the information below caretully and thoroug)hly, and it'you can access this information elecironically to your satisfaction and agree to this El¢ctrollic Record aiid Sigiiature Disclosure {ERSDI, please confjrjn your agreement by stlecting tlie check-box next to 'I #gree to Use electronic re¢ords 5igThature5 b¢foTe clicking'CONTJNUE' Ivithin the Docusibln sysleTn. Daia you submii 10 Rathbones via DocL)Sign and completed dociimenls will be held within Rathbonts, systems in 11ne with UK and Jersey respective lapplicablt lo Rathbolle Lnvesln]ent Managejnenl Interllalionall Daia Protection legislation and Rathbones corporatt Tetention policy. Once 5igiied, cotnpleted docurn¢nt5 will b¢ acc¢s5ibl¢ foT a IiTnittd p¢riod within D()tu8igii, Ihe%e recoTd8 will be deleted afteT 120 day%- %huiild ytsu wish its retttin your Igned dtstunient4 for rcfcrcnLc, Il is possiblc for you to download Ihcitt 10 your PTcfcrrcd siordgc IoLaiion. howcvcr s complcicd documcnis may contain Pcrsonally Idcniifiable Lnfonnatloll IPIII you should cxcrcisc caution wlicn doing so. Tlie Ininiinurn system r¢quiT¢m¢nt5 for using the Docusign sy5t¢rn niay cliang¢ over time. The cU¢t 5y5t¢Tn Tequireinent% ate foiind here-. hiip%.-Jl%upp<)rl.docu%ign coinlguidekn%i¥neT-guide-4i¥ning-%y4teiii-requiteinent%. This ¢ommunieatLOIJ IS to be treated as confidential and the information in it mav not be used or disclosed except for the purpose for which it ha5 been issued. If vou haTr'e reeeived it by mistake please let U5 know, and delete it frorn your 5>5tcm. Raihbone Invegtmerti Management Limited is auihorised by the Pruderttial Regulation Authority {PRA) artd regulated by thc Financial Conduci Aurhoriry IFCA) and ihc Prudcniial Rcgulaiion Aurhority. FCA Rcfcrcncc numbcr.. 116316. Raihbones Group PIC- Incorpoi?ted and registeTed in F.ngland and Mlale5. R¢gi5ter¢d Offic¢.. 30 Gresham Str¢¢t, London EC2V 7QN. R¢gitslei¢d nuinb¢r". 01(K)0403. Raihbone Investmeni Management Iniernaiional- Rathbone Investment Managemenr Iniernaiional Limiied Is rtot rcgulatcd by thc Financial Conduct Authority or thc Prudcntial Rcgulation Authority in the UK, nor subjcet to thc proi?Isions of the UK Financial S¢rvice5 and Markets Act 2000. The Financial Services Act 2012 aiid the prolections affoTded by t1i05e Acts. Rathbon¢ Inv¢stni¢iil Manag¢rntnt Inl¢rnational Liniited 15 r¢Bulated by tlie J¢rs¢y Financial ServiLe% Cummissiun. For further information on Rathbones Group Pl¢ and its subsidiaries refer to .rath1)Oes.cQM.