TFir iV￿￿'rr.LL C14AIIITABI.E fuND
UNALIDITEfJ
FI￿￿,A1)ellIL SI'ATF..:11 r.N'i's
fui. the yeai. ended
31 JAliUARI' 202$
COIN'TI.'NTS
PJg¢
Iii(Jeptiide111 Exaniii)ei's RLpon
Balilnre 51ieet
Nules to rhe fiiiancial slatLmLntS
9-13

-I'IIF. IIIIIIIXFLLL C.'IIARII'JlE3LL li 11,ND
REI", LRf&J'CL AIND AI)ThllINlS-fRA'I'IlfL DL'I'AILS
ThL Tru51 i%r?s ciealed .111il Loriliiiues to be gY{)%'enied IIY IL t1Us1 deed di< led 3 DeLeInber l Q73. ThL l-ni8t is a rc8isieied
I'i'ublie
l< A L Diift.
S E Cliflord Bu¥vles
Addi'ess
J5 Iveslgale
HuddLrsfield
HDI IPA
UBS frlG
N.QLioiial IVesii?Iillbler Bank PIC
24 Dec111SJO te
Bolton
BLI IBNT
Accountaiits
Whe¢1IvilI & gudivoiih Liwittd
Charltied Accoiintanls
35 We51LJale
Huddersfield
HDI IPA

1'14E II'IIINli r.i.L C.11.Illll'ikBI,E I."UND
TRI.-STf41-,.8' ANNllkKI, Rf4.PnllT
by CliJrilics
alLord￿l￿1LL iiijili tlie l-.inanLial R¥poi'liTrg Siaiidi21'd applic1c ble in tlie Uk aiid Republic of Irelaiid piibl ished October
2019 Isecoiid E(litioii).
Objectii'o% actii'ilii's
of Ioc218iid globul social iini?aLI.
Puljlic bLttofJt Statement
I'lie TrustLL5 lill￿￿ coiisideiEd Ilie gL>IiLr411 giiidkYnCL oil Iiublic benefit ISJiied b}, Ilie CliaI'ils C.'ominisbiOli in tarryiiig OLII
ThL I rLlSI reLeived illLoino (￿]. Ihl }'i'.Ir lolL211]n￿ £39,1,5?81 ?074.. £ I IX,I161. E.Kl)endiliirt loliE Iled £1 %7,552, L150.000
£1 S_.7 7?6 01. Il-liityli £ l i0.000 i¢lalLd 10 disiribLili01Trs1. Di51ribulion5 IIElI'e betii Inade to sevLii cliarit£iblt oroanisdtions
120?4'. sci'iiTrl. DLlfjllL, Ihib cun'eiii fi￿ancial year Iliere lias beeii il SLioIILlS UF iiicotnL oi'ei. expendituie, beloi'L ll￿1
g¢71n￿lO$SeS on ini'eslThients, of £fj06:976120?4.. deficit £45.5101.
Al tlie start of Ilie year ihL Trus1'S quoled inveslimenis ivere Iiicd Mi 16.451,855 and by Il)e end ol- Ihc }'eilF thc Vir ILie
had increased 10 £7,308,450.
JIFI'eJliiiL'iJr ￿l[lI1a¥Ll.S i'ei?oJ'l
Financial N4ai'kel.s 0￿c[vIC1V 12 TnoTrihs to January 2025
Tlie pa51 year has been ei'enifLiI for LTIDb¢l1 finii)cial marke15, marked by significant deVelOp￿ents and shifts.
Equiiies
Globill eqiiiiies exiiei'ienced robust pei'formanee in 2U?4. with the S&P 50n returiiing 25Yo, maTkin
the second
Lon&£tiiliv¢ ye£ir ufi)i.'er ?OO/fj EAin8. TIIL DveiAII miiiket rally ii'iis driven by d combinalion ofiale cuts by major
Lenlral banl(s, Ilie continued slrL>noih L)f tlie US economy, Iiiid opliinisin surrouiiding Ilie comniercialisalion ofartificidl
intLllivence IAII. kloivevLr, DiCtmbLr ?024 bJiV a deLliiie across boili global aiid US equilieb diie 10 marl(ei
dis<lppoinlATrciiI i)k'eF Ilie federal IleseiThre's likcliliood of .%loiviiig Ilie pace r>f inlLrLbl T<iie culs in 2025 and profit-iJking
i fter a i)osiiifvc l ? i￿0[7[11s. SironL globil equity pcrforinanee was ll ts]ilii'ind for Qui. Global Fligl) Dividend Yield
Eqiiiiy %lraleB) despilt its IlcltLiral uiTrdei'iveioliT allocation ID Iht leLh SLCtor. More gradual inietebl rate cuis Ihlln Iiad
been e.xpeLied al Ihe Slic It ufthe year had d particular negatI￿.e beil1.ing across our Siisiainablc Invcsting stralegies diie

I'111", 1111.Ilh'l."LLL CII.4RI-I'èlBLL I,"IlIND
I'RlI.8'rF'.k'%' A￿,￿lU,￿L. REI?Oll'l' Icoiitlllubdl
lo Ihe ok'eiii'eiLklil 4illoci11101l to sniLiII aiid niid-Lap con1pinie5 11'hiLli are niorL eipttsed li) tIo2¢ tinn.ijle debi. As result.
IIIL Riiosell ?UOO {tlie1.11-oesi siiiall &. ii)id-¢ap index in Ili¢ USI lagged the S&P by c.9/..
riKLd IiiLome
14jDlI-qiialiry fi.xed tiicome liad a weak. end lo 20?4, influenced hy IhL 8RillL faLlors 11 ffe¢iin¥ eqiiilies. Despitt this,
,li-oride 11Tr(l iiiveslmciit-gTI'2E di bondi, diijersified fixed iiicon)e, aiid siislain,qble focuseil llIliil￿Ieral Develtspiiienl
BaiiL lTroiidg reiii¢iiiie(I valuable conipoii¢iils aei'oss disci'elionaiy poitlolios ofterinth sliong ovenll peifortnaiice and
dii'ersifjcalion benefils.
Economic (ind Policy Influences
l-lie rebilieii¢e of rhe LIS ecoiioiiij, coiipled ivtrili fi?Iliiio 21TrteFC51 raits aiid slivLiiif1i I railivinds Irom Al, pi'ovided d
VIILif<1hle bilLI-di-01) fi)r Èquilics. ThL 11.% eleLI ion oiilconie in Noi'eiiiber 20?4 1'einovL(1 I k£y 50Lirce of iinLeitainty,
fiiiilier booilinLJ ll12rK-ei coiifideiice. l-loii'e¥er, inflation reiiiained aboiie cenli-l< I bic iTrk iaYgtl.%. and rerent gi'vjivih dal
sIIoi¥'Ld si￿1]S of iveakeiiing, protRpliiTrbT illai-kets lo PllLe in poienlial rdle culs for 2025.
Perforlliiince
llionih5 10 _3 I .IIL n 20?q
ro .3.C)'/DI-
Tlie Su.sliL Illiible Ini'e51iiiil ilraieui, also providL'd positiKe ierunis of 14.6Vn over tliL 9£1me period VilSUS tbe ARC GBP
Gi'oivili ptergTOllP r¥iuni 01. 1 l. l /*. Tlie portlulio PLrloillied ii'bll due 10 ilie lTritslier dlloLdlion lo equiiiL5 aiid lliiiural
global eqiitly exposLire. Whi15t ihe bond alloc&ltion Ic.2511/,} Ivas sSitshtly more niulcd froin d i?bl'forniaiice perspeCti￿e.
it did liowevLI' provide divLrsificatioii benefi15 especially ivlien ive Silw soine eqiiity ni?[ I'ket volaiility in Ilie tliird
quarter of tlie yeai..
Trustees
The Ttustees iylio served durinu the year ivei'e as folloi¥s'.
KALDuff
S E Clifford Bowles
Tlie Trliblees Ineel I least oiice a year Lo review the regul<ir distributions oiil of trust income. nottnally mttde in
JanLiary. Thty fLieel as iiccessary al otlier times to review ivliich Lliarities ivill benefit Irom income ivhicli remains to be
allocated.

'I'HF- 11'141h'li fi 1.1, L"IIAIU'I'pllll.r D UND
I-RIISTF,I,'S' AN'NI IJAI.. REP()RI- ILI)lilinii¥dl
UBS AG coIiliiiiie èis investii)eiii ad￿.￿serS on a disLreiioniiy basis Iiiid are instrLicled to liold Ihe cli£irily's iiivebln)enls
as iioiniiiLLS.
The inveslmeiil objeciive is for iiicome lo iiicre£ise bill tlie cipIlil should, if possible, Inaiiil£iin lis value in line ivitli
Stcltcinciit ofTI'iE5tces i'C5P<3T15LbilKtic.
Tlic ti'u8rLes I'c8pDiisible foi. prei)ariiig tlie Tiii.%tccs' Aiinu21 Reporl Inil IlTre financial 51Utemenis in accordi£ nct willi
Ipi)IiLJble laii. diid Uiiiied Kiiiodoiii ALcounlino
Siandar(Is Illiiiled Kiiiqdoni Geiierally Accepted Accoiiniina
PTaclice).
fiiiLillLial year ivliicli gii'e a Inie and fair view- of the statL of atfJirs of tlie cliarily of tliL inioiiiiiig resoiiiceE
'riie I'ruslees ui'e rLspvnsiblr lor niiiinlaininii
prL)per aLLuuniing records ivhiLli disclose ivitli reason1￿ ble accuraL}' at
Cliill-llies Aci ?011, Ihe C'h￿ritY IAccouiil% 4911LI Rei)ort81 RLgiiliilioii$ 2008 aiid Ilie pruiiisiuiib vf Ihc tru.qi deed. Tliej,
are also I'es1)oiisible lur sal¢Duaidinc7 Ihe aiseis ol- Ilie chaiily 1k lid lieiice lor takiiig ielSOn<ible sieps for Ilie pievtntivii
and delcclioii of frdud and oihei" iLTL'¥ulaiities.
For Ilie ye&il cnded I l .Icinuary ?O?i. tlie Irusle¢s ¢ll)plied for dispLIis&ltion fiDiii the accounts scruliny reqLLirements of
se¢lion 144121 ol. IliL Cliai-ilies Act 2011. Tlie CliaiiLicb Ct)iniiiissi051 grai)ied a dispeiisulion undei- TegJllla[ioll 34{3)Ibl
Df the C'.liai'iiie.s (Accounts aiid Repoi't%) RcLJiilatlOn5 200R oti 23 Ociob¢i' 2025. The trustee5 liave confimied Ihat for
the PLifp05es of tliis di5pensalioii they I)￿7Ve elected For an indcpendent Ll)ination in place of an audit as ihoiigli this
optton were available iindei section 145 ot the 2011 Act.
This (lispensiL (ion Ironi the audil rpiiiiiren)enis ofseclion 1441?) is for the FiiTrllnciJl year ended 315t Jaiiuary 2a25 only
and alloivs an iJidepeiidtiTrt examiLiation iji plaLE ol. &ii audil for this parlicular Financial year.
Reserves policy
The TILL%lees ctsii&id¢r ilial Ilie level of reserk'es Iield lil 31 Jdnkiarj ?02) lo be satisfactory laking iiito accDuiiI Il)e
ftiture iieeds,qnd objeLLives ol- Ihe cliarily. Tlie TrLisiee% revieiv 81 r¢&triilar inlLrv<ils Ihc 41tnoiinl of inLome received by
Ilic cliL1fiiy £11oiitsside thL rLqllCS(% fur donalion5 to beiiL.fici12rics.

Iusk m¥n8g¢rnent
The TrLislees liaiie idenlified the risks to wl)icli Ilie iliai'ily is e.xposed and &55e55cd tlieir consequential iinpJEt on Il)e
fin2£ ncial aciivtty of the cliarity. The level of Tisk assessed has not Gligiiued since Ilie piEvious yeai. Tli¢ Tiuslees arc
sarisficd that the iie¢e55ary systems are in place to miligaie the charity's exposure lo those risks.
On behalf of ilie Ttu$tees
g i OML
S E Clifford Bowle5
18 Nove￿bE[ 2025

IINiifi'LI N'DLN'I. Tr'.KA*I IIN'r.ii'.% 111,'i)01{'I I'(I 'I'IIL-I'IIII.%'l'b-14 S 01. I'IIL II'IIIN'b'l."I.I. CHAIII-I'ABLE ruh'D
Cliarilics Act 2011 I'ilie Acl'l.
the Act.
Indtpelld¢iit e.ianiincr s &tateineiJl
ii'tth Ilie Finaiicial Reporiing btaiidard r1ppIicElble in Ilie UK aiid Repiiblic OF Irelund IFRS1021 til prLfercncL lo Ilie
Ilie eAtL2lIt irgiilaiioiis bill ha5 since b¢en withdraivn.
DAV￿ L4urfERIVOR-r14 fcA
Ivr aiid oil l?eliaifof Wheiiir511 & budii'orih Limited
35 Wc51g?aie
HDI IPA
18 Noveinber 2025

'Iir. ii'HI_N'I,'I.:I,I. C-14.4lll'l'klllLE E.'UJN'I)
b-r ATlh,IF,N I. ()Tr' I,'IN.,KNCIAL AC'I-iiii'fii4 5
r Lniled
31 JAWAIIY 20?%
9024
Uni-c%lriLtcd
Uiii'esti'ieted
'ote
lllcotne ttnd endoiimAciit5 fi-oni..
144,528
?50.000
118 ?16
Le¥ac}
I'olryi l itJcDJi)e eTrdihi*RIL'nls
-194,528
118,?16
Exi)endituri' on:
Ising fuiids
Chai'ilable acliviDL
133,0081
1154, j44)
{?9,795)
1153,9.11)
11 %3.7761
2116 lJ76
I'tAI'
879,74S
397.?77
N'et IRLUniC I ILILfiLLtI and
cl n)oTr'emeiit iii I'unds
1.086.771
351.767
Recuncili4ltion of funds:
-roiJl lundy br￿U￿h1 IoLIVL?Id
6.464,189
6,112,6?2
l oti?] funds carried fot-ii'Rrd
10
7,5il,160
6,464,389
All income and txpendiLLiie detive From continuing activities.
The Iioies on PilkTes 9 to 13 FO￿ part uf Ihese finantiELI 51atcineiiis.

THC WHINifEI LL CHARITABLF FIIND
BAI.hJYCE SHICEI"r
31 JANUARY 2025
2025
2024
Note5
Fixcd Asset illve5tm¢nts
7 Quoted
7,308,450
6,453.855
Curi'ent Ns¥ets
Debtors
Cash al b&i
13,166
1.041
247,588
247,588
14,207
Creditors: a￿DU￿t5 fglling due
iYiÉliiTh one year
(4,878)
(3,6731
Net ciirreDt assets
242,710
10,534
TDtal net a55QtS
7.551.160
(),464,389
Charity ffunds
10 UJirLslricied fviids
7.551,160
(1,464.389
Tot81 chBrity funds
7,551,160
6,464,389
The financial 514iemrDts were approved and llulhotised for isslle by the Trustres and signed on th¥ir behalf oi? 18
Novell)bcr 2025..
£L CÉWI <LLU
S E CliffDtd Bowles
Trustee
The note5 on pages 9 10 13 fomi part of these Iinencial statetnents.

JI'H I￿,￿ LLI, CII.4IIII',IBLI,: I",UIYD
Nl)'I'C,S 1-0 I-FIF" I". INAN'(.'1.41. S'I'A'I'[.'￿,1Il N'fb
31 J.￿N,[i.￿R Y 2024
Thg Ttusi il-as Lr¢ai¢d nd ¢()nlinLiC5 lo be giJvtfiiid b). Ll Inisl d￿ed daied 3 Dcceinber 1971. The Tnisi is a
regibttred c111tilS', iiiiinber ?671.13 Jiid is lÉ 150 subjEcI to Ilie ieuiilaiions r)l- IliE Chcirily C,nintnis5ioii. The
address of tlie Ttusl 15 J5 H'est(Jilte. l-luddeJsFILld, HD I I PA.
.qiimmoi'v (If significant aCCOLlI]tlllQ
policies
Geiieral i11fo￿natIon a¥id basis of preparalion
Tlic cliJrity ci>iislituiea a public bellefil elllity as dLfiiied bs, FR.S I O? Tlie 1indncl￿ll SlillL'iiieni% hiTrve beeii
prei)ared iii accordLince ii'Tili AccoLinl1n￿ and Repoi'iing bj, C.h1c riltes,. Stlc ieiiieni of RecoDimeiided PiaLlice
appliL,
Repoi-liiicp Siaiid.Ird LippIiclL ble iii tlii Uiiiied Ikincrdvin Ltncl Repiiblic i?r Ireljiiid IFIIS I O?), IhL Ch1titiLs Aci
?011, iiid UK Geneinlly Acuepred Priiciice L2S Il il)plies fron) l Jaiiiiar) 2019.
Fil￿￿
clives or
the charity and wlTrich have not been desi¥tnaLed fur oiher puq)oses.
Inc0￿C i'ccottnilion
entiiled lo tlie illCQlllL dfter ciny peili)rtLianLL condiiinns hJve been mel. rlie ainounl cali bc nica511red IcliLibly aiid
li is probable Ilial Ihe income will be received.
IIip¥Stment income 15 eaingd Ihrough liolding as5els tor iiivestmertl pUTpo￿e5 such <75 5hAres and bDnds. li
inrludes divideiids and interest, li is inLluded ivlien Ihe anioiinl can bc mcasiiiEd reli£ibl)'. Interest and dividend
inconTre is recognised &% tlie chai'ity's I'jiFlil Lo reccive payjnent 15 e5talilished.

'IIL II'FIINI4 LI.L Cllpllll-I'IlLILL I,-LIIND
IX'()-I'LS TO 1'14L rili.&knl'CI.41. STA TEI P+'if,.'N'rs
31 JANU.4RI' 20?4
ALCI)uTrli￿l)
poIicic5 {CUEltiniJe(l}
Fxpenditui't i'crogiiition
All expeiidifui'e is ic croiiiitLd for oil n Ic ccl'iials bi?sis And Ilas been cl<ibsifird uiidei IIcLidiiios tli.Il c1g7nregydp ie all
cosis i'elalLd io tlie CalLLrot)'. Lxpeiidiriiie is recognised ivhLre tIILI'e is u or coiisli'uLiive oblit)atiun lo rnake
be Iiiea5111ed reliably. Li is Liiie¥oiised iiiider the followinLi Iie8di51gs-.
Co%is (If rai5iiiu funds iiicliide.s investineiTrl co_El8,'
ExpLndiELli'e oji cl)£lri14hle aLlii'ili¢5 is Ilie Pi4 ymeRI of grants ro Ihe charily's beneliLiqiies.
Iriecoverable I'AI- is ch.2rged as expeiise 1¢ ITal￿St Ilie acliviiy lor ii,hicli expenditiire ai'ose.
Graiils p<1y￿1bl¢ to tliiid parties o?re iviiliin tlTrt cli2£ riiablL ubjeclii'eè. Il'here iincoiTrdiiioi)al griÉ nis al'e ol-lereLI. Iht5e
arE reroriniseil as 5011n E15 Ihe rtyLlPILlIt ib nolified of Llic ¥ranl, a.% tliis tvives rise lo a re￿5011￿1]17e expectaiion tliat
bfilaiiit 5hecL dali.
.-11ue cali i>ih¢iii ise be n)Ldsiif¢d rLII?I bly.
Jlcblor's 4iid eredltors recei%'g1)l¢ I pa)'ablc ￿1th1n one )'e421'
Debioi-5 <iiicI CFidilc)1s Wltli 110 blaltd inleie%l ial¢ and I'eccivable or Piydblc lviiliin oiie yLai' are reeorded al
Iran&ryclion price. Ans.. losses ll￿$7￿g froin inipqimiei)t ttre recoonised in e.xpendirLire.
Pi'ovisioii&
estin)at¢d.
ioreigll clli'rL'neJ'
Foi'eign ciirr=nLy IraRsaciions &rc initially reeogni.Eed by applying lo Ilie foreibTn cutrciicy Liillounl Ilie spot
exchiinge ralc between ftinctjolliil Ciirreiicy and the torei41i curreiicy ai Ilie date of the Iransaclion.
Mi)nclary f?ssels qnd liabilities denoniinilted in a foiEiDll cutrencj at Ihe balance 51ieet dale Jre Iran51ated u.%i1ig
die closing rate.
Taiylion
The cliirity 1.% an exei?ii)I ch11 riiy ii'iiliin die nie2£ ning of 5cliedule B of the ClTrarities Act 2011.

TIIE Il'HlINf.Ei LL C14IKRITpKBLE fiiiND
NOTf.s 'i'c) I'H r. rill ':IliC'.IAI..S'I',ITI:, fvfEYr,%
-11 JAh'UIUiI' 2025
InLUInC Iron) inTr'L&lmLnls
20?5
2024
Iiiconie froiii quoted investinenis
142,280
2,?48
144,5?8
138,?16
20?5
3?,772
236
?9.Ilj
6S?
DeFicil oli foiEirtii ciitreiicy e.KchEiiigJe
?1),79 J
?n?4
Adininlsii-ati￿e eApen5e5
Other pi'ofEssioiilll fee
Distribuiioiis lo chf2rities
50
600
150,000
SQ
l )O.000
l i4,544
153,9-,
Ti'iistee5' and liE)' mallagement pei-sonnel rc]nunerutioTi llnd eXPLnSC5
'l-lie Irustees Iieiilier re¢¢ived nor ivaii'ed any reiJiuneiaiioii duriiiii Ilie yeai'120?4.- L Nill.
The Inistces did nnt hai'E any exi?en.%es reiiiibuised diiring rlie yenr120?4 .. £ Nill.
The cliai-ily h￿1￿ 110 eiiiplDyeL'S 111 Ilie Iliis or Ihe pi-ivT year.

'I'FII". II'HIliI.'I,'I.I. CI IAIIII'IIBLI,: f4 UND
,NOTTr:S TO TFIL I."IN..IliC.'IkKI. S'l'tl-l'bli lJ-, IN'IS
31 J,IfyUAIII' 2112£
rixiid as5el ini'e.slmeiil.s
20?4
2024
lat'kei VLIILie al l Febru4iry 20?4
Addiiioi)s tu iiii'estiiienls at cost
Disposals al e£TrfryiDfT V¢11ue
6.453.855
1.856,179
11,765.05?)
763,468
6.04S.39()
983,418
1971.6?0)
39J,661
N,lic rlcel valuL ai.31 Jaiiuury 2025
7,308.450
6.4_$3,855
All li.xecl asbLI invesljnenls ari listed.
Net gaiiis on ini'esliiiLnls re Inade Llp ur..
7()3,4(18
-397.?7 1
DLI)toi-s
?0:. 5
20?4
Inl'esimenl cl￿ pili£ I litld by investmeni niatiaqer
Ci'L.ditoi'.
?025
2024
Acciua15
Diie ro investinent illanager
3,784
1,094
3,673
4,878
3,673

IIIFI IN'D'I,:I,I, CIIARI'I'ABLE,: fuND
0l'I1.4'1'1) I'FlI=, fiiN.4NCI,IL ST¢lTf,N.IENT,S
I I JAN(IAIII' 2025
10 riind rL'eoDLiliation
UnrL'%lI'icte(I funi15
Ilolaiiee at
11 Jiinuai-)'
I rcliru?& ri.
2024
-ipeJiditui-e iiji'osrnieuts
Unrc51rict¢d hinds
6,464.389
394.528
1 I87,5i21
879,795
7,551.160
Unrestricted lunds
ThL gLnLI'i< I tLiiids of Ilie Lhariiy art Ii i'ailable 10 be dibli'ibiiled at the discietion of Ilie Irusiees in furtlieranLe ul.