THE DEMIGRYPHON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE DEMIGRYPHON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Page Tw51¢e's Annual Rewt llldepEnd¢nl ExamineP8 Report Stkn¢nt of Fin8L¢iat Activitiea BAlan¢¢ Sheet Sch¢ of Inve5thJents And In¢omc Notes to th¢ Finattcllll Statements 8- 12
THE DEMIGRYPHON TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustee 1% plcaqed lo pres¢nl ils report together with ihe financial statements of the charity foT the year ended 5 April 2024. The fin8ncial staiements h8v¢ been prepared in accordancc with Ihc a¢Gowiling policics set out in th¢ not¢s to the findttcial st&i¢ments and cotnply wiih th¢ LhariEy'S ¥uven]ing docurnerti. the Ch8rities Aci 2011 ond ArKoulliing and ReporlTDg by Chariti¢5', Staicmeni of Recomrncnded Pr2tlicE applicahle to chaTIIIES preparing their coun1$ ill accordance wilh th¢ Financial Reportin8 Statsdard applicable ill th¢ UK and Republic of Ireland publi5hcd in Ociobcr 2019, nbjecllves And A¢tlvttles The Ttte may pay or apply thE UnstrIc1¢d capiial and income of thc Charily to or for Such chariiable institutions or puTroses as the Tntstcc in ils abs()luie discrctian think% fit. Tht Tru51¢e carries oui thc$¢ objcclivcs by irgularly considering appeals from other Lhariti¢5 amd makinB policy gnd funding de¢isiotJs. Publ1¢ Bthefit The Trnstcc confirms that it has complied with the duty in seciiotL 17 of the Charitie5 Aci 2011 attd b8 r¢f¢rT¢d to the guidance contsincd in the Charity Commission's genernl bjuidllnce on public bcncfit whell rcvicwing the Charity's aims and objcctives and in planrting fi]ttITe acliwilics aiid sciting Ilie donations policy for Ilie year. The benefil Ihal arises is Ihe piovi5ion of funding 10 organisaiions thal demonstraie charitable ptsryo&e. Achlevements #nd pcrformwnc¢ Duri[ the year Ihv Trus1¢¢ rnade granis loialling £39,39812023.. £47.4481 in furthcrancc of its objcctlV¢5 and ¢oniinuc% lo make grants lo charitablc organisalions both on & one-off and r¢burring bdSlS. The 18rg¢r girants awarded durink the yr ar¢ 51aL¢d in the notes to the financial statements. Th¥ Tn¢¢¢ is pleased with Eh¢ PTogr¢ss made in thc financial Ye cnded 5 April 2024 at)d looks forward to cxpanding its work with mally oth¢r charlties in (he years lo come. FlnaDclal revlew The Tnlee received £63,615 in investmetti incoJn¢ in the current year12023.. £35.3611 Ènd th¢ TrSt¢¢ has achicvcd its itttcntion of spending the income on charildblc activities. Nei OUl¥oirtg resourccs for the Y£- weTC £193 12023.. ou1[ £34.0391. Iti addition the Trust made an unrealised Bdijj of £305.43312023.. logg £179,694]. The net inLomittg mov¢tn¢nl okn funds w8s £305.24012023'. outgoing £213,7331. lthve5tment poll¢y The Trustee has instN¢led the Tnv¢51m¢nt Manager thai the portfolio is to bc invested prodii¢e a suitable rnixtUTC of incomc in order that the levcl of grants may be niainlained and ¢dPlt#l growih lu secure the futur¢ of the Charity ovu the y¢ars. The TNsiee is confid¢nl that the future illM¢ Strell 15 secure. The inv¢5uneni policy i$ monitor¢d by regular iLvesimetti i"q)orls and mectings with Ihc lttvc$tm¢Thl Manager. A breakdown of thc inv¢51Tn¢nts held during the firtancial yearend¢d 5 Api'il 2024 be on p&g¢ 7. Risk Mn2gement The rnajor risks 10 which the ChaTity is Exposed have been identified and 5r¢p5 iak¢n to miiiBate those risk.s. The main risk lo the Chariiy ioncerns the investments h¢ld. The Trnsiee has mitigat¢d ihi5 risk by engaging cen0ve Clpital to managc the investments &nd monitor ihe portfolio and financial riski lo (he Churity. The Tiuslee regulBrly reviews Ihe valuation of invcstmen15 and th¢ income &treaTll ¥¢n¢ra*d. The Trustee haE saitsfied ilsElf thai the INst IB & going collc 9nd has adequ8te reSoUe& to ¢Onlinu¢ in i>pcrational exisiettce for th¢ for¢s¢eablc futtjre. Thc ch&iitable acliviLi¢S ar¢ fundcd by the inveslrnelll pojtfolio and although Covid-J9 did have regative impaGI on this, the portfolio lia¥ recovered with sutTici¢t]I value 10 support coniirtued grant making.
THE DEMIGRYPHON TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Rt$crvt$ policy It Is the inlcnlion of Ihc TTUSlee lo suslatn the nStrICted fvnd¥ at a level which will provi(fr suffi¢É¢nt nd8 for the level of grdnls paid and io cover the Charity's m&nageTn¢nt and administr81ion costs. Ai the Balance Sheet dai¢ th¢ vnr¢siricted re5¢rves amounitd to £3,820,082. Future Plans The TrusiEB dLS not envisage any material change lo th¢ operaiion of the CJJ8riry in the long4emi tbc investtnents will ¢onlinue to bc managed on a similar basis lls they arc iiow. NoNiihsldnding this. the Tru51e¢ rernain5 flexible in tern of Ihe type of ownisations it SUPPOrts. Structurci goveTn8nce and mlnogement Th¢ Trust has charitable slalu5 and was xel up by The Hon Charles PEdtson by Deed dRtEd 13 F¢bLuary 1978. The management of Ihe Charity is v¢st¢d in the Tne and th¢y 8¢1iv¢ly rl¢W Ihc p¢rceived majth. risks which th¢ Charity fac&% and Ihc TNste¢ is satisfied that the systems alf in place to milj8ate thos¢ risks. The TrLL$lee has received appropi.iate biiefjng on it5 re5ponsibiliiies under the law relatillg lo rhariti¢s and its duty to enswE thot its chariiable activities die for the public b¢nefil. Th¢ appointsncnt of new trusiecs is veslcd in Ihc Sclllor during Ihcir life. The selection of future liuslces will liavc Tcgard to the skills, knowledge and experience tteeded for th¢ ¢ffective administration ofthe ChELity. Indu¢tion and tr1 for tn]stees is provided where irlcvant. RefEren¢e and admlnlstrtlve knfor]natlon A T¢glStcr¢d chariiy, re8iSleted with IhE Charity Commissioners for England and Wales 8$ number 275821. Principal Offitt.. 4th Flooi. 7 Swallow Street London WIB 4DE TheTnJstce is Cowdray TNst Limited. Th¢ Dir¢ctors of Cowdray Trnsl Lirnited are.. The Hon H M T Gibson IChairmaD) The Vi&¢ounl Cowdray Thc Ilon C A Pcarson Thc Hon PN Gib50II Thc Hoty B C Gurdon MrJRESmith Mr R C P Troll8hton IR¢liTed 13 June 2024) Mr& S J Burrell Mr8 C ABullougb (Appointed 30 August 20241 Mr S J Aikin50n MI5 F A Rice MT M P Harris MT K Wrighi Cuffey & Co LLP 33 QueenAnne Str¢¢l London WIG9HY Independen( Examirter". Harri¢t Ser¥eani Martin atsd CompanyAudit Limit¢d 25 Si Thomas Str¢¢t Winchester Hampshir¢ S023 9HJ
THE DEMIGRYPHON TRUST TRUSTEE'S ALYNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 Banker. Royal Bank of S¢oilond 119- 121 Victoria Str¢el London SWIE6RA Bankcr.. Schruder & Co l London Wall Place London EC2Y SAU Invesmwjt MallA8er.' Ca2ettDv¢ Capiial l London Wall Pluce London EC2Y SAU Stotement of Tru$te¢'$ Responslbl]Itles The Tnlet is respo[iblE for preparing the TNsiee's R¢port th¢ finaD¢I ststcnJents tn accordatt¢¢ with oppli¢abl¢ law and regLJlation8. Th¢ law applicabl¢ ¢0 charities in England aod Wale5 Tequir¢5 the trustee 10 prepare fillan¢ial staiements for each financial year ill ¢¥ordanG¢ with United Kingdom Generally Acccpd Accounting Prftctice Iunitcd Kingdom Acrounting Standards and applicable reBulalionsl. Und¢r Ibal law Ihe t[tee tnust not approvt Ihe finanLial Sla¢ements unless it IS sali$fi¢d thal ih¢y give a Irue and f8ir view of the stat¢ of affairs of the charity and of thc incoming resouTCCS and applicaliotj of resoLrces of the charity ror ihat period. In prcparin8 Ihc8c financial statemcnts thE trustee 18 T¢quired io-. gclcct Suitable accountiig policies and then apply them cons¢stenily', - obscrve the methods and priThciplc8 ill th¢ ChATili¢s SORP IFRS 102}', - Tnake jud8ements and acLuunting e81imaies IbdlE r¢Bsonabl¢ and prudeni,. staic whclher applicablc accounting standards have bccn followed, subj¢ to any material d¢pariur¢s dibclvsed and explttitL2d in the finBncial statements., and - pr¢pgre thc finattciai Btatements ( the going concem basis unles$ it l5 inappropriat¢ to Presumc thai Ihc chariry will coniinue ia busines5. The Tstee js Tesponsible for keeping adequate 3fCOUEiling records which are $uffi¢i¢nt to show 2nd explain thc charity's trans2ciion$ and di5closc with reasonable &ccura£y al any lirnc the financial posiiion vf IhB charity and enable therll to ¢nsur¢ Ihai tlie financial statemen15 comply with the Charities A¢t 2011, th¢ Charities (Accounis and Reports) Regulattorts 2008 and th¢ provisions of the TNst Deed. 1115 also responsibl¢ for safcguarding the assets of the Charity and hence for iakin¥ reasonable steps for tbe pt¢vention and deteciion of fraud atid vth¢i" irreEulgrili¢$. Approved by tbe Tlvsiee on 23 October 2024 alld signed on its behalf by.. Cowdroy TTh5t Limlted DlY¢¢tor
THE DEMIGRYPHON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I report 10 the charity tsustcc on my CXllEnin&tion of th¢ axounts of the charity for Ihc year ended S April 2024 whilh are 5¢¢ out on pages 5-12. ResP01151bSlltSes ind b1$ of report As the Lhatiws tru51ee you are r¢$ponsibl¢ for th¢ prcparntion of thc accounts in accordance with th¢ qUil¢m¢nts of Ihc Charitits Aci 2011 I'ihe Act'l. l TCPOrt in respect uf Tlly examination of Ihc Charity's aLcuullts rwri¢d oiit under se¢Lioth 145 of th¢ Aci and il) carrying out my ¢xamiDation I have follow¢d dl the applicable Directions brivett by the Charity Commission under section 145{5)Ibl of the Act. Indtp¢nd¢ni tx#miner'B JtAtement I have compl¢tcd my examination. I wnfirm that no mai¢tial mallers h4ve come lo my aitentiort In LOtin¢rtion with the examit)aiion givin me cause lo beli¢v¢ Ihat in any material Tespwi.. accouniinB TeGords were not kept in i'especi of the charity as irquircd by section 130 ef thE Ac( or the accounts do noi accord wilh thos¢ ircord5' OT the a¢iuutt15 do not Gomply with the appli¢Able tequiremenls coneeming th¢ forni and ¢onieni of llccounts %¢1 ou¢ in the Charitie% (Accounts and Reports) Re8ulalions 2008 oiher than arty requiretnent that the accounts give a and fair view, whi¢h i5 uot a matter consjdered as part of an irtdep¢nd¢nt cxaminaiion. I h4ve no con¢¢rns and have come Kro&% no other mattcrs in conneciion with the ex&mittation to which Httcntion should be drawn in this report in order to ¢nable a proper urtder51andiD¥ of the accoujjls io be reached. Martin and Company Audii Limited 25 StThomas Street Winchester Hdmp5hir¢ S023 9HJ Dat¢..
THE DEMIGRYPHON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Ullrestrlcted fund5 2024 Total funds 21113 Prlor y¢4r lothl fundi riote Income from.. Inv¢stmeNts 63,615 63.615 35,361 Total 63,615 63,615 35 J61 Expendlture on: Raissng fvnds Charitable activities 1,252 62,556 1,252 62.556 68,083 Total 63,808 63.808 69.400 Ntt tDeomelltxpÈndlthrt) 1193) 1193) 134,039) Other rteognlied ginsllloJses): Gait){lOS8tS} on invcstment assets 305.433 305.433 {179,6941 r4et rnovement In fund5 305.240 305.240 {213,7331 Reconclllallon of funds.. Total filts brougbt forward 15 3,514,842 3.514.842 3,728,575 Tot1 funds rarrSed fonYArd 3,820,082 3,820,f)P2 3,514,842
THE DEMIGRYPHOIW4 TRUST BALANCE SHEET AS AT S APRIL 2024 Noi¢ 2024 Total runds 2023 Prlor year run Flxed Ais¢ts: InvG8knents io 3,749.383 3,443,950 Totgl FlxedAwts 3,749.383 3,443,950 cllrrentAets: DcbtorB Cash at bank li 12 500 92,033 403 88,339 Totil CurrentAs8¢1$ 92,533 88,742 LIAbllltles: Cr¢ditor8-. Amounts f8llin8 due within otte yeor 13 {21,8341 (17.8501 Net Curr¢ntA55ets or LIAbllld¢s 70.699 70,892 Tot NdAss¢ts orLl4bllitles 3,820,082 3,514.842 The Funds of the Charlty: Ullrestricted )l]nds Is 3,820,082 3,514.842 Total Ch*rlty Futtdl 3,820,082 3,514,842 Approved by th¢ Thste¢ on 23 October 2024 and Signed on its b¢holf by.. Cowdray Thist Llmlted Director
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR EP4DED 5 APRIL 2024 ,Statutory Infomxtlon The Demigryphon TIu81 is a Tcgist¢r cbaTity. Tho rc8iSt¢T¢d number alld PL'incipal Offe addre55 caTh b¢ found itt the Report of the Tn2Stee's. Accountlng Pollcles Basls of flthanri415tatemellt5 preparAtion The financial s&i¢ments of the charity. ]¢[1 1$ a public bcncfit entity. have been prep&r¢d in ac¢erdaThce with the Chariti¢s SORP IFRS 102) 'AGcounling and Reporting by Charities.. Slalemenl of Recollllnettded PTa¢ti¢¢ applicable 10 chariiies pr¢paring iheir a¢Luunls in gcrordan¢e with thc Financial kepoiting Standard applicablc in the UK Lnd Rcpublic of Ircland IFRS 1021 leffeclivc l January 20191,, Ihe Financial Reporting Siandatd appli¢abl¢ in the Uniied Kst)gdom and R¢publyc of Tfflgnd IFRS 1021 and Ihe ChaTiti¢s A¢t 2011. Thc rtnancial staiemenL% h&vc bccn prepared under the historical rosl convcniion. The financial statcments hav¢ been prepared 10 give a'itue and faif view and have departed from the Charities (Accounts R¢port51 Regulations 2008 OLly 10 IhB exlclll rcquired to providc a 'tnJe alld fr, vicw. This dcp&rtur¢ ha5 illvolvcd following AccounliTr8 and Reporting by Charities preparing di¢ir 8Lcounis In accordance wilh the Financial R¢porting Standard applicable in th¢ UK and Republic of Ircland (FR$ 1021 issucd in October 201 9 r&thcr than the Accounting and Rcportlllg by Charili¢s.' stsiemenl ofRecotnmellded Piarlic¢ ttyxtive fi'om l April 2005 which has sitsce been r¢moved, The TTU%tee consider5 that there are no Tnalerial Ullc¢rlainties aFA)ul the Trusl's abiliry to continue 85 d COllG. b) Nature of fundj All bjnds held ate unrestricl¢d and th¢ TNstee is free io use Ih¥tn in llccordan¢¢ with th¢ chaTitabl¢ obj¢cls. Flxed asset InvtutmeThts Investments are Slated at Tnark¢t value at the Balance Sheet dule. Ov¢rs¢as inv¢stmmts are translated into slcrling al the 1¢5 ruling at thc year end. Thc Sialctnenl of Financial Aciiviii¢s ISOFAI includcs thc net 8aiJJs and losses on revaluation and dispusals throughouL Ihe year. dl Income In¢om¢ is fEcognised in the SOFA once the chatyty hos entitjcment to the funds. i( is probable th&t th¢ incom¢ will received and the amount can bc MCured ieliably. Expenditure Liabilitie% are irxoghi4ed as exp¢nditurc as soon M Ihcre is a legal or Eonslnictive obli8alion comrnitting ihe chaTlry 10 thai expenditure, ji is probabl¢ that a tyansf¢r of economic bcJJefJts wll be required in stttlcfficnt th¢ amount of the obligation can b¢ m¢asurtd reliably. Expenditurc is accounicd for Dn an arctuals basi5 and has beett cl8s.4ifJed utjdei. heAdings thal a¥gr¢gaie all costs telaied iu Ihai ¢al¢gvry. Where COSES ¢annot b¢ direcily auribuied 10 parti¢iil&r h¢ading$. th¢y hav¢ b¢en allocated to 8CtiviliCS on a basis consisieni with the usc of irsource5. Ch&rltable gr8nts Grants payabl¢ arc rcco8nisEd the SOFA when they arc appiL)v¢d by the Trustee aJJd the tecipieni has been infotmed of the amount lo be paid.
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRTL 2024 g) Forelgn turrencles Transactions denomin&ted in a forei8n eutT¢n¢y #re translAied into slerling at the raie of exchgnge Tulin8 gt the date of the transtion. At th¢ Balance Sheei dare monetary a$5¢ts and liabilities denoTnillAted in a forcign currency arc trartslal¢d al the raie ruiillg at ihat dat¢. All cxchangc diffcrcrtccs arc dealt with in lh# SOFA. h) trretov¢r•bl¢ VAT I¢¢oVerable VAT is writteth off to the same expeTh8e catcgory in which the actual expendire was incurred. Remuner#tloh of Trn5tet8 In th¢ finallrial year to 5 April 2024 the Twsie¢ did not receive any remuneraiioo ui. have it8 expeTtses reimbur6ed by d)e Charity. Cowdray Thist Limitcd Charged idmini51Tation expcnscs of £21,46612023.. £18,785]. Investm¢nt Income 2024 2023 Incotn¢ from invesunenis Deposit int¢rESt 62,206 1,409 34,5J5 826 63,615 35,361 Exptndlturt on ro18lng fvnd5 2024 2023 InVlMent managemeni fees 1,252 1,317 1,252 1,317 Charltable a¢tivities Dlrett costs Support t06ts {Jee nore 7) (see hotc 8) 2024 TDt41 2023 Totat Charitable expertditure 39,398 23,158 62.556 68.083
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Dlrtct tost5 The Charity tsndertook no direct charitable acliviiies but awkrded grgnls lo a number of institutioThs in rthance of its chAriiabl¢ objEctivcs. Thesc aTe follow5.' ChichulerCath¢drnl Music crtdowment Adam Smith Research Game & Wildlif¢ Lon5Ctvation TrtLSi Su$5cx Community Fnundation The Friends Df St Lauren¢¢ 6,orx) 5,0(XJ 5.0(X) 26.QIK) 13 J98 Othej. grants (equal to or indlvidually less than £2,5LW} To[ for the year 39,398 Analysis of grants made Grants t individuals In$tltutions Tot41 Advan¢¢m¢nl of education Advancement of T¢ligion Advanc¢melli of hcalth or the saving of liYe5 Advancement of ¢ilizen5hip or community dcvclopTnent Advancement of human rights, conflict resolution. rcconciliation orpromoiion of T¢ligiou5, racial harniony. equtlity & diversity Advan¢em¢nt of environmental proiection or improvement K¢li¢f of th05¢ ill llced, by ieason of youth, 3gc, Lll-health, disability. financial h3rd5hip or other disadvantage Advancement of animal welfarc Promotinn of the tfficicrtcy of the aiTncd force$ of th¢ Crown, the police. flre thd rc6CU¢ 5¢rviccs, or ambulancc servicc5 300 6,000 950 13,000 300 6.000 950 13,0 5.000 1,000 7,64R 7.648 5,MO 5,000 500 500 31.750 7,648 39,398 Support to&ti 2024 2013 Administration expenses Portfolio StewaTd5hip Fees 21.466 1,692 18.785 1.850 23.158 20.635 During the year adrnini8lraiiun expertS&8 of£21,466 w¢r¢ Charged by Cowdrdy TTUSt Limit¢d ltruste¢). The amouni of £800 plus VAT Charged by Haffi¢l Sergcani of MaTlill and Company Audit Limited for hcr Indrpendent Exatninalion of the52 FinaTLcial Statements. Staff costs There ar¢ no ¢mplvye¢5 $0 Gonscquenily no 8taff costs have been incurred 10
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 lo Flxed 155et investments 2024 2023 Mark¢i valu¢ brought fonvBrd 3,443.950 3.623,644 Nei gainsl(losses) on tnv¢5tmcnls 305.433 {179,6941 M8rkct value carricd fotward 3.749.383 3.443,950 Geographical analysis 2024 2023 Uniicd Kitsgdom investhients 3.749,383 3.443,950 3,749,383 3.443.950 Tlie investments werc revalued each year up ¢0 S April 1999. Therefure, there 15 no historic c05t figure available. The book value ofthe inv¢stt))¢nts at 5 April 2024 was £1,988,681. N¢t gginslllo&8es) on investment% irtclud¢s realised gains forthe year of £012023.. gdill £(Jl and unTeali5ed gains o Tev&lualion to market value of 4305,433112023.. loss £179,694]. Debtori 2024 2023 Adrninistration expej5 Donaiion prepaym¢nt 403 500 51X) 403 12 Cash at blnk 2024 2023 Royal Bank ufseoilsnd Sthroder & Co 32.983 59,050 21,651 66,688 92,033 88.339 13 Credlttsr$'. Arllounts f*lllng due wlthth one yel 2024 2023 Administration expens&8 P&ym¢nt5 due to chariiies Portfolio Stewardship fees Sci¢]hc¢ Museum 3.142 i.o(x) .692 16.0(X) 1.850 16,000 21.834 17,850 11
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 14 ComTnllmellts m*d¢ Annual value Nvmbtr of years Total No ¢onditions atlaehed.. Scicnce Muscum 16,(N)O 16.0 16.th) IS Movemtnt In 1024 2023 Unrestricted fiind5'. Balanc¢ brought fonvard Net movemcni in funds 3,514,842 305,240 3,728.575 1213,7331 Balance rrIed forward 3,820,082 3.514,842 N¢1 movemcnt in fijrtds included in thE above are as follows.. G8lns All41 Movemtht Outgolng5 IosBeB UnTestri¢ted Funds 63.615 163.8081 305.433 305.240 16 Related P4rty Tr&nsattlon5 During th¢ year. Millbthrtk Finanti&l S¢rvic¢s Limited I'MFS ) thttrg¢d f¢¢s of £1.69212023.. £1,850] forthcir Portfolio Slew&Tdship service and Cowdray Trust Limitcd charged administration expEnses of £21,46612023.. £18,785]. The Hon H M T Gib$ott, Th¢ Hon CAPearson attd Mrm P H&uis (Director8 of Cowdray Trost Lirtjit) &r¢ Directors of MFS. It Should be noted that a sibling of Th¢ Hon H M T Gibson, the fkther of Mrs C A Bullough and thc mother of Mr R C P TrDllghton (Directors of Cowdray Trust Limited) Br¢ Directors of MFS, llamely The Hon W K Gibson. The Hon CA PearsoJ] and Mrs S H TrOUghll rcspc¢tively. Mr R C P Troughion reiired as Director of Cowdray Tnt Lin)iied ort 13 Jurte 2024. 12