Charity Registration No. 266120 Portrack Charitable Trust Report and Financial Ststements for the year ended 5 April 2025 Portra¢k Charltable Tru8t Reférenee and administrative Inforniatlon Charity registration nwnber. 266120 Corre3pondence address.. Portrack Charitable Trust CIO Lucy Dare (Part time administrator) The Old Stable 15A Huntingdon Street Lormjon N1 1BU Trustees.. John K8swid( Jencks Lily Ck7re Jenck5 ChTiS Gorell Bames Bankers.. HSBC Private Bank Accountants.. Pri¢ewaleihouseCoopers LLP 3 Forbury Place 23 Forbury Road Reading Berkshire RG13JH Auditor8.' TC Group Th8 Coutyard Shoreham Road Upper Beedin9 West Su&8ex BN44 3TN Investmeni adviso￿. HSBC Private Bank S0￿citorS.. Linklaters LLP One Silk Slreel London EC2Y 8HQ Portra¢k Charltable Trust Trustoes. r•port for the year ondgd 5 Awll 2025 The Trust88s of The Portrack Charitable Trust (the Trust'l prèsént thèir report together with the fmancial slalements for the year ended 5 April 2025. Thè finanoal statements have been p￿pared in accordan￿ wtth the accounting policies set out note 1 ltr th¢ financial staternents and comply with t1￿ chartty's trust deed, the Charities A¢t 2011 and the Statement of RerA)mm•nded PracticE applicable to ¢harilies p￿paring their accounts in accordancè with the Financial Reporting Standard 102 (second edition- Odob¢r 2019), effe￿fve from 1 January 2019. Structure, govérnanc• and management The Trust is an unincorporated tru51. constttvled under a trust tleed dated 17 July 1973 and 18 a règistered charty, number 266120. The Trust does not a￿1velY fundraise and seeks lo continuè the Fthilanthropic work desired by the settlor through careful stewards1￿p ol rts existing resourc*s. The Trustees meet at regukr inl&Nal$ to discuss investment strategy. the making of grants and Ihe running ol the Trust generally inGluding the appointment of new Iruslees when wnsidered necessary. The Trustees who sèNÉd during the year and sinco the year end are set out on pxgè 1. Trustee8 The Trustees b&liev* that they can operate effectively with th• current number and make up of trustees. Trustees are only replaced when they no longer want lolare able to act for the Charity al which point the remaining Trustees would seek to identify a suitable ￿p1￿mert frorn their professional ex)ntacis. The Trustees review régularly W￿ther they are suitably qu4tfied and still able to èffèctivaly m￿age the Charity. Ri¥k management The Trustees have wnsidered the major rÉsks to whleh the charhy is exposed 8nd have ￿vieWed those risks and established systems and procedures lo mona9e those risks. The trusteès Consider variability of investment return on the Trust's main share holding to constitute the TnJst'$ major risk and meet al règular intarwals to review investment perfom)anee and cash flow manag¢rnenl. Obj¢etiveg and actlvities The Trust 15 a grant making tharity and the capital and income of the Trust shall be applied for such charitable purpuses fot the public benefit a$ the trustÈÉs in their absolute diwxelion shall deade. The Trustees confimi that they havè r•￿rred to the guidance contained in the Charity Commi86ion's gonoial guidance on publie bènefit when r￿lewIng the Tru8Ys aims and objectives and in planning future activitiès and s8tting grant maklig policy for the yèar. Grant maktng pollcy Grant applications 8r8 f8vk8wed by the Trusl¢Es on a regular basis and upon approval the appropriate payment is made. The Trustees confim that thay have paid due regard to the Charity Commission's guidance on public benefit durins the grant making process. Portrack Charftablg Trust Tru8tee8' report for Ihg year ended S April 2025 Achigvemgrrts and perfomiance During the yéar thè Trust made grants of £532,CW {2024: £640.0001 to vaitus r•gistered charitable organisations, A h'st gflhe grants made 13 5htswn in not• 3. Flnan¢lal revtew The prin¢ip81 source of In￿Me is the hokling of Jardine Matl)e80n Holdings Limited us￿.25 sha￿$ which had a market value of £10,208,478 as al 5 April 2025 {2024'. £9,310,875). GNen the readity realisable nature of the Trust's investment 8S8Èts and the level of ca8h balances it is antiapated th81 grants will continue at a similar levd for the foreseeable fvlure. InvoStm?nt poli¢y and perfoman¢è The Trust's investments arè managed by HSBC Private Bank. Roserv¢s po15cy The Trustees are aware ol the requirement of the Ch¥ity Commissioners lo review their poliryy rèseNes at regular interva18. 11 is current policy to distribute amount al least equal lo 811 int￿ming rv3ources less investment management and govemance costs. At 5 April 2025 the Trustees had unrestricted funds of £10,510.07812024." £9.592,814). At present the Trusloes do not believe that they ne8d to maintain any specific re$erv¢s. The charity does not own any properties of have any gmployees and as such ther8 will be no unforeseen expènditur• that would neTrssitale reserves being held. The Trustees bud9et to distribute all thè income that is generaièd from the Charity's investment portfolio on an annual ba$is and the discretionary donation5 that the charity makes are only d•udèd on once the level of income is known. No firture spending eommthents are made in advan￿ of knowing the available income ofthe Charity. At 5 April 2025 the Charity held £312.22212024- £291,819) on cash deposit which can be drawn on as needed. Golng COn￿M The Tru¥tees Consider the Charity to b¥ a going wncern based M the historic perf0M￿n￿ of the investment in Jardine Matheson Holdings Ltd. Vvhile the holding represents the sole unrestricted investment the company undertakes a variety of busin6ss activities and provides a sufficient ￿Ve[ of diversification within itself to ensure the Trust￿5 are able lo make this assèssment. The Charity has sufficient cash availabk to mald) tho Ilmlted annual expendiiura that is incaJThed in running the Charity. AS a grant making Charity with few ongoing commitments the TrustèÈs consider that they can su8tain 8 Cgmparable level of actniity for at18ast the next tsyo years. For these reasons the Trustèès etsntinue to adopt the going ￿n￿rn bas1$ in weparing the fin3naal statements. Portrack Charftabla Trust Plans for the future The TrustÉ•s plan to contmue with the fyJrr¢nt investment and grant rnaking policies. Trustees, responsibilities in rèlatlon to the ftnarKial statements The Trustees are responsible for preparing the T￿￿tees, Report and the FinanGial Statements in a￿ordan￿ with applicable law and United Kingdom Accounting Standards (UK GAAPI. Thè law applicable to charities in England and Wales requtres the TrusteÈs tr) prepare finanaal statements for È8eJ) financial year which give a true and fair view ol the state of affairs of the Twst and of th• incoming resources and the application of resources for the Trust for that period. In preparirvJ fin8wal statements giving a true and falr view, the Trustees should follow b8sl practice nd- select suitable accounting policies and then apply thÈm corksislenlty- - rnakejudgemènts and estimates that are reasonabl¢ an¢J pmdent., - slafr byhether applicable accounting slandwds and statements of recomrnend8d practi￿ have been followed, subject te any departuros dlsdosed and explained in the finana81 statements,. and prepare the fi￿ar￿la1 slalements on the going concem basis unl￿$ il is inapwopriate to presumè that the Trust will continue in operation. The Trustees are responsible for kéèping accounting records which disclose with reasonable a¢¢ura¢y at ary timé the financial position of the Trust and enable them to show and explain the Trust's transactions and to ensur6 that the financial stalernents comply with the Charities Act 2011. thè Charity IAcc£Junts and Finanryal ststemEnts and Reports) Regulations 20D8 and the provisions of the ttU5t dged. Tho Trustees are also responsibl• for safeguarding the assets of Tiust and hence for taking asonable stèps for th8 prwention and detection of fraud and other irregularities. Approved by the Trustees on ...2 February. 2026 and signed on their behaw by.. John Jendrs- Trustee Portrack Charitable Trust Independent Audmorfs Report To tha Trustee's of the Portrack Charftable Trugt We have audit•d th• fina￿la1 8tatements of Portrad( Charitable Trust Ilhe 'eharirable trus('I for the y88r endtd 5 April 2025. The finan¢ial reporting framework that has been applied in their prepara￿ort is applicable law and United K¢ngdom Accounting Standarfs, indudin9 Financial Reporting Standard 102 The Financial Reporting Standaid appli￿ble in the UK (United kn"n9dorn Generally Accepted Ac¢ountrng Pr8Cticel. In our opinDn. the finanaal Statements. give a true fair view of the state of the charitable trusts affairs 88 at 5 April 2025 and of its incoming resou￿¢$ and aP￿Ication of resources, induding its income and expenditure, for the year then ended", have been pro￿rty pr8parad in aeeordance United Kingdom Generally Accopt•d Aecountiro Practice," and have been prepared in accDrdance with the requirements ol Charities Act 2011. Basls of opinion We conducted our audit in accordance with International Standard5 On Au¢JitirwJ IUKI IISAS IUKII and applicable law. Our wponsibilitie8 under those stsn(Jards are fvrth6r described in th8 Auditofs responsibilities for the audit of th• financial statements section of our report. We arè independent of the chantable trust in accordance with the ethical requiremenls that are relevant to our audit of th• financial slatem•nts in the UK including the FRC's Ethical Standard, and thè pffjvisions available for small entities. 8nd we have fulfjlled our gthi¢al responsibilities in attordance with th8$0 requ1￿Ments. We believe that the udit evKlence we have obtainèd is sufficient and appropriate to provide a basis lor our opinion. Con¢lusions ￿latIng to golng concern In auditing the financial staternents, we have concluded that the trustee5' use ol the going con￿rn b8sis of accounting in the preparation of the finanrial slatsrnents is appropriate Bas￿ on the work we have perfomed. we have not Identthed any material uncertainties relating to events or conditsDn$ th8t. individually or colle¢tivèly. may cast doubt on the charitable trust's ability to continue as going ¢on¢errn for s period of at least ￿e1Ve rnonths from when the financial statements are authorised for issue. Our responsibilities and the re¥ponsIbil￿eS of the trustses, wilh respect to goin9 are deseribed in the relevant sedions of this report. Other Information The other inform8tion comprises the infomalion Included in the annual r•port, including th¢ trustees, report. other than the finanaal stalements and our auditovs report thereon. The trustees are responsible for the other information. Our opinion on the finanryal stateménts does not cover tho other informatitsn and, except to the extent otherwise •xpliertly stated in our report. we do not expre55 ony form of assuran¢¢ conduslon thereon. In conneGtion with our audit of the financial ststements. our responsibility is to read the other information and, in doing so. ￿nSider whether the other inlormab'on is Material￿ inconsistent with the financial statements or our knowledge obtained in the audit or oth•Mise appears to be materially misstated. 11 we identify suth material in¢gn515l¢ncies or apparent material mis8talement$, we are required to determine whetherthere 1$ a material misstatement in the financial statements ora material mi$slaternent of th? other inforrnation. If. based on the work we have performed, we condude that there is a material misstatement of this otherinformation, we 8r8 required to reportthal fact. We have nothing to report in this regarf. Oplnion$ on other matters pres¢rlbed by th• Charltles Act 2011 In our opinion, based on the v4ork undertaken in the course ol the audit.. the infortnation given in the trustèes, report for the financial year for which thè finandal ¥tslement5 are p￿pared is consistent with the financial statement5", and the trustees. report has begn prepared in aG￿rdance with applioable legal requirements. Portrack Charitable Trust Independent Audltorfs Report To the Trusta•s of the Portra¢k Char5tablo Trust Matters on wthlch we are r•qulr•d to report by oxceptlon In the light of our knowledgè and understanding oflhe d)aritable tru$l and its environment obtained in the course of the audit. we have not identified material misstaternents in the trustee8' report. We have nothing to re￿rt in respoet of the following m8tter8 in relation to which the Charltles Act 2011 requires us to report t¢ you if. in our opinion.. adequate accounting records have not been kèpt. or retum$ adequalo for our audit have not been received from branche5 not visited by us., or IhefinanGial ststernents are not in a9reementwf(h Ihe acuunting records and retums.. or certain dis¢lo$ures of trnstaès, remuneration specified bylaw are not made.. or wè hav8 notreoeived allth• infom)atlon and explanation$wè require. Respon8lbllMes of trustees As explaina more fully in th¢ trustees, resportslbilitie8 Statemènt, the trustees are responsible for the prgparation ol the financial Statemtnts and for being Satisfied that they give a true and f¥irwiew, and for such intemal control as the trustees delerniine is necessary to enable the preparation of finan￿al statèmènts that aro fr¢e from matsri81 mi8Statemènt, whetherdue to fraud orerror. In preparing thts financ4al statements, the trustses are responsib19 fcr assessing the charitablè tNsVs ability to cnntinue as a going concern. disclosing, a5 appli¢abte. matters relatèd to going contrrn and using the going cone8rn basis of a￿o￿ntIng unless the trustees either int&nd to liquidate the charitable trust or to cease operations, or have no ￿all$tI¢ alt¢mative to do so. Auditor's rgspon$ibilitle$ fortha audlt of the financial statements Our objedives are to obtain rèasonable assurance about whether the finan￿al $tatements as a whole ar8 free from material misstatemént, whether due to fraud or error, and to issue an audite¢s report that includes our opinion Reasonable assuran￿ is a high I￿¢1 ol assurance. but is not a guarantee that an aud eondLJCted in ac9)rdan￿ with ISAS IUKI wll a￿aYs￿￿teCt a material misstaterneniwhen it exist& Misstaternent5 can arise from fraud or error atKJ a￿ consiclered material if, indiwdually or in th* aggregate, thèy wuld rpasonably be expected to Influen￿ the eGOTh)mi¢ dw$ion8 of users taken on Ihe basis of these financial ststsments. A further descriplton of Dur responsibilitlè8 for the audit of the financial 8tatements is located ¢n the Financial Reporting Council's website al wvM.frc.org.ukJaud5torsre$pon8ibilitie5. Thi5 description forms part of our audiioffs report. Irrngularities, induding fraud, Bre instan￿$ of non-¢Omplian￿ with laws and regulations. The extent lo which our prorAdur8s are capable of d¢leth"ng Irregularit￿5, including fraud, is detailed below. Extent to whlch the auditwas consldertd e#pable of detecting Irregularrties, Includlng fraud The obje¢tive8 of our audit, in respect to fraud, arè". to ￿entify and a$sess the risks of material mtsstaiement of the finanoal statements duè to fraud., to obtsin Suff oent appropriate audit ?vidence regarding the •88gssed risks of material rnisltatement due to fraud. through designing and implèmenting appropriat8 responsès., and io respond appropriately to fraud or suspe¢ted fraud identffied dunng Ihe audit. However, the primary respon￿bIlIty lor the prevention and detection ol fraud ￿$ts blith both those tharged with governance ofthe entity and its manag•ment. Our approach wa5 a5 follows.. We identified areas of laws and regulati¢n$ that could reasonably be expected lo have a material effect on the finanaal statements from our general sector experien￿, and through di$¢u55ion with the trustoes and Dther management las required by auditing siandardsl. and discussèd wrth the truste88 and other management the poliae$ and procedurgs regarding Gornpliance ¥￿th laws and r8gulations (see below).. Wè idèntified the following 8reas as Ihtss8 most likely to have such an effect.. Gènoral Dats Protection Régulation IGDPRI.. fraud.. and bribery and corrupiion. Audrting stsndards limit th8 r8quired audiL pro￿du￿$ to identify non-complian￿ with these law8 and ￿gUlationS to en4uiry of the trustee5 and other management and inspection ol regulatory and 18gal correspond¢nc4, rf any. Portra¢k Charitable Trust Independent Audltorfs Report To the Twstees of thè Portrack Charitsble Trust The idontified actual or suspect8d non-complianrR was not suffiaenrfy significant to our audit to result in our response being Oènb'fièd as a key audrt matter. We wnsid•r•d the legal and regulatcry frameworks d1￿CtlY applicatAe lo th8 financial statements reporting frameworf¢ IFRS 102 and the Charities Act 20111 and the relevant tax Compliancè rtrgulations in the UK We considered the nature of the tharitable Irust's operattons, the control environment and financial perfoftnance. We comrnunicated identified laws and rrfulations throughout pur tsam and rèmained alert to any indications of norpcompliano throughout the audit. We conSide￿d the procedures and contro15 that the ¢haritabla trust has established to address risk$ Identified, or that otherwise prevent, detèr and detect fraud.. and how senior management rnonitDrs th058 procedur8s and control¥. Based on this understanding we designed our audit Pr￿dur¢S to identify non-complian￿ with such laws and regulations. Where tho risk was considered to b8 hi9hef. we perforrned audit procedurès to address eath identified fiaud risk. These procedures induded.. lesling manual journ81$." reviewng the financial statement disclosures and testing lo supporting documentation,. pErfomiirKJ analytieal prO￿dures'. and enquiring of managem8nt, and were designed to provide reasonabk assurance that the financial statements were free from Iraud or error. Othng to the inherent limitations ol an audit, the￿ is an unavoidable risk that we may not have detected some matèrial misststem¢nts in the h'nancial statemènts, even though we have properly planned BrKY perforrned our audit in artordan¢g with audrting standards. For exarnple. the further rèmoved non. mpliance with laws and regul8t￿nS lirregularitiesl is frorn the events ar￿ Iransactlons reflected in the fin8n¢ial statements, the less likely th• inherenuy lirnited procedures requirtd by auditing stsndards woukl identify it. The risk 1$ al￿ greater regarding irregularities o¢curdng due to fraud rather than orror, as fraud invofves intention81 ￿n¢881Ment, fDfgery, collusion, omission or misrepresentation. We are not responsib For preventing nOn-￿mplian￿ and cannot be *X￿Sted to detgct non-compliance with all laws and regulatv)n$. Use ol our report This report is made yolely to the charitat4è trusfs members, 88 8 body, in 8crordon¢È with the Charities Act 2011. Our audit work has been undertaken so that we mvJht stafr to the charitab￿ Iru8fs members those matter$ we are required Its State to them in an auditots, rep¢M and for nD ¢thÈr purpose. To the fvllest ex#ent permitteé by law, wt do net ae£ept or assume responsibilrfty to anyone other than the charitable trust and th ¢haritable twst's memb8rB, as a body, our audit work, or for the opinions we have formed. Mark Cwnmins F¢CA Iseniorstatutory Audltor) for and on behalf ofTC Group Statutory Auditors offi￿.. Steyning, West Sussex Dat8d 3 fq&Th* toz 6 PortrA¢k Charitsble Trust statsment of Financlal Acttvltie¥ for the yèar ènded 5 April 2025 Total Unrgstricted Fund$ 2025 Total Unreslrided Funds 2024 Notgs Ineoma Investment incom8 576,227 565.937 Total income 576,227 565.937 Expenditure Cost of raising Mnds.. - Investment management F¢rèign éxchange {lossVgain 13,8S21 16.0921 1,880 Expendffttu￿ on Charitable ac1lwt￿B.' 1546,4201 {654,1801 Total èxpènditure 1556,3641 651,4391 Other recognised gains and losses.. Net unrealised gainslllosses) on Investment 88Sèts 897.601 13.159,8281 Net incomellexpènditurel Net movement in funds 917,464 13,245,330) Totsl funds broughi fo￿3rd 9.592.614 12,837,944 Totsl funds carried forward 10,510,078 9.592,614 The Trust has no recognis&d gain5 and10ssEs other than thosè shown above and thereforè no 5eparole statement of total gains and1088e3 has tjeen presented. The Statemènt of Financial Activities above does not indude the £75 ieslricted fijnd relating lo the shares held in the Ke$wiGk Foundatsn Ltd Inoie 111. Portrack Charitablé Trt￿t Balance Sheet as at 5 April 2025 Notss 2025 2024 Fixed assets: Inv¢slmerts Unrestricted Funds Restricted Fund5 10,208.476 75 9,31 D,875 75 Total flxed assets 10,208,551 9,310,950 Currènt assets: Cash al brokers.. HSBC Private 8ank - IncL)me ￿OUnt 312,222 291,819 Llabilities: Creditors falling due within one year 110,6201 110,080) Net current a$s¢ts 301,602 281.739 Total net assets 10,510,153 9,592,689 Th¢ funds ofthe charity-. Unrestricte(l Funds 10,510,078 9.592,614 Re81ricted Funds 7S 75 10,510,153 9,592.689 Approvèd by the Trustees on . Trustee Portrack CharElable Trust Cash Flow for the year ended 5 Aprll 202$ 2025 2024 Cash flow from operating activI￿e$ Nel incomellexpendtturel for the year Net gaInS￿O$seS on invèstmènt assets Investment income Increaselldecrèasel in creditors 917,464 1897,6011 1576,2271 540 13,245,330) 3,159,828 1565,937) 600 1555,8241 1650.839 Cash flows from investing actlvilles Investment incotlle 576,227 565,937 Changes In cash in the reporting pèrlod 20A03 184,9021 Cash at th• bèglnning of thg pgrlod 291,819 376,721 Cash at the end of the perl¢Jd 312,222 291,819 10 Portra¢k Charltable Tru$t Nots$ to the finanGial statsments for the y$ar ended S April 2025 Accounting policies lal Basis of prgparation and assessmènt of golng concem The financral statements have been prepare(l in accordance with the A(zounting and Reporting by Charitiès.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanG¢ with the Finan¢i81 Reporting Stsndard appli(3ble in the UK and Republi of Ireland {FRS 102. effeGtive 1 January 2019)- Icharities SORP IFRS102)}. Th8 charity only enters *)lo basic financial instruments transactions that resuk in the re¢ognillon of financial assets and liabilrties like trade and other debtors, cr8ditor8 and inv8Stmenls. The Trust constitutes a PL*li¢ benèfrt entity as defmed by FRS 102. The Twstaès confimi that al the limo of approving the finana31 statements there are no material uncertainties regarding the charity's ability to continue in operational exislence for the I0￿seeable future. In aThwing at this condu$ion the trustees have taken into account cash balances held and th8 readily realisablo natur¢ of the investmènt assets. As a grant making th8ritywith few ongoing wmmbtments Ihe tsustèès consider that they can sustsin a compar8blè18vel of activity for 81 least the next kn years. For these reasofts tha trustees continue lo adopt the going concem t)8sis in preparing the finanoal statements Th¢ flnanaal staternents 8r6 presented in £ 8terling rounded to the nèarèst £1. {bl Accounting *$tlmates and Judgmèntg In the 8pplication of the ¢h8rlty's accounting policies, th8 trustees are required to make judgements, eslimales and assumptions about thè carrying amounts of assets and liabilities that are not readily appa￿nI from other 5ourGes. The estimates 8nd associated a55umplions are based on historical experien￿ and othei facLors that are congidèred to be relevant. Aciual results may differ from these estimates. The estimates and underfying assumptions are revtewed on an ongoing basis. Rwisions to accounting èstimates are reCogni￿d in the period in whith the estimate 18 revised if the revision affects only that period, or in the periods of the revision and fvture periods rf the rèvision affects both ￿rrent and future periods. The trustees consider that there were no judgement or material èstimation Un￿rtaInlIeS affecting the reportèd financial perforniance in current or prior y$ar. 1¢) Funds 8tructUTg Unrestricted funds ￿mpriSe thos¢ funds which the trustées are free to use for any purpose in Ihe further8nc8 of the charitable objects. ReSt￿ted Funds arg I￿se where the usè of the funds is stricted. 11 Portrack Charftsblg Trust Notsg to th• financlal statements for thè year ended 5 Aprll 2025 Idl Income R&¢ognltlon All income is recognised once the Trust has entitlÈm8nt to the resou￿$. it is probable that the resources will be r￿1Ved and the rnonetary valuè of incorning resources can be measured with sufficient reliability. 101 Expenditure Liabilities are recL)gni5ed as resources expended a5 soon as therè is a legal or constructive obligation committing the ¢harty to IhÈ Éxpenditure. All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost5 rel81gd to the category. Grants payable are payments lo Ihiid parties in thè furtherance of the charitable obledives of thè Trust. Single or mU￿1-Year grants are accounted for when eithtrr thé recipient has a reasonable expectation that they will rg¢elve a grant and the Iruslees have agreed tr) pay the giant without condilion, or th8 recipient has a reasonablè expedation that they will receive a grant and any condition attaching to the grant is outside of Ihe control of th• trustee5. lfj Irrecovgrable VAT Irrecoverabla VAT is tharged agan8t the ¢3tegory of resources expgnded for which it was incurred. Ig} Costs of generating fund$ Costs of generating lunds consist of investment management Ihl Charftabl¢ aetlvlties Costs of charitable activities consist of grants mada ¥$ shown in noté 3. Govemance costs Governance o)sts comprise all costs invo￿l￿g th& public accountability of the charity and its cofflpliance with regulation and good practtce. Thestr costs in¢ludè costs relating to the slalutory Audit and preparation of Ihg finantial statemants. (il Flxed a$¥•t Inyestments The investrnent held in the Unreslrided Fund 1$ accounted for 81 market valuè as at the balance sheet date which is considere(I to be equivalertt to its faif value. The investment held is traded in 8 quoted public Ma￿et and the invèstment is held as a basic financial instrument. The statement of financial actwilies indu