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 com￿nY

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 prO￿dureS 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
un￿strICted
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

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