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 T￿￿tte may pay or apply thE Un￿strIc1¢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$¢ objcclivcs by irgularly considering appeals from other Lhariti¢5 amd makinB policy gnd funding
de¢isiotJs.
Publ1¢ Bthefit
The Trnstcc confirms that it has complied with the duty in seciiotL 17 of the Charitie5 Aci 2011 attd b*8 r¢f¢rT¢d to the guidance
contsincd in the Charity Commission's genernl bjuidllnce on public bcncfit whell rcvicwing the Charity's aims and objcctives and
in planrting fi]ttITe acliwilics aiid sciting Ilie donations policy for Ilie year. The benefil Ihal arises is Ihe piovi5ion of funding 10
organisaiions thal demonstraie charitable ptsryo&e.
Achlevements #nd pcrformwnc¢
Duri￿[ the year Ihv Trus1¢¢ rnade granis loialling £39,39812023.. £47.4481 in furthcrancc of its objcctlV¢5 and ¢oniinuc% lo make
grants lo charitablc organisalions both on & one-off and r¢burring bdSlS. The 18rg¢r girants awarded durink the y￿r ar¢ 51aL¢d in
the notes to the financial statements.
Th¥ Tn￿¢¢¢ is pleased with Eh¢ PTogr¢ss made in thc financial Ye￿ cnded 5 April 2024 at)d looks forward to cxpanding its work
with mally oth¢r charlties in (he years lo come.
FlnaDclal revlew
The Tn￿lee received £63,615 in investmetti incoJn¢ in the current year12023.. £35.3611 Ènd th¢ Tr￿St¢¢ has achicvcd its itttcntion
of spending the income on charildblc activities.
Nei OUl¥oirtg resourccs for the Y£￿- weTC £193 12023.. ou￿￿1[￿ £34.0391. Iti addition the Trust made an unrealised Bdijj of
£305.43312023.. logg £179,694]. The net inLomittg mov¢tn¢nl okn funds w8s £305.24012023'. outgoing £213,7331.
lthve5tment poll¢y
The Trustee has instN¢led the Tnv¢51m¢nt Manager thai the portfolio is to bc invested ￿ prodii¢e a suitable rnixtUTC of incomc in
order that the levcl of grants may be niainlained and ¢dPlt#l growih lu secure the futur¢ of the Charity ovu the y¢ars.
The TNsiee is confid¢nl that the future ill￿M¢ Stre￿ll 15 secure.
The inv¢5uneni policy i$ 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 M*n2gement
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 c￿en0ve 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 reSoU￿e& 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 ￿n￿StrICted 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 dL*S 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 Tn￿￿e and th¢y 8¢1iv¢ly r￿l¢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$lee has received appropi.iate biiefjng on it5 re5ponsibiliiies under the law relatillg lo rhariti¢s and its duty to enswE thot
its chariiable activities die for the public b¢nefil. Th¢ appointsncnt of new trusiecs is veslcd in Ihc Sclllor during Ihcir life. The
selection of future liuslces will liavc Tcgard to the skills, knowledge and experience tteeded for th¢ ¢ffective administration ofthe
ChELity. Indu¢tion and tr￿1￿￿ for tn]stees is provided where irlcvant.
RefEren¢e and admlnlstr*tlve knfor]natlon
A T¢glStcr¢d chariiy, re8iSleted with IhE Charity Commissioners for England and Wales 8$ 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 Tn￿let 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 Acccp*d 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$fi¢d thal ih¢y give a
Irue and f8ir view of the stat¢ of affairs of the charity and of thc incoming resouTCCS and applicaliotj of resoLrces of the charity
ror ihat period.
In prcparin8 Ihc8c financial statemcnts thE trustee 18 T¢quired io-.
gclcct Suitable accountiig policies and then apply them cons¢stenily',
- obscrve the methods and priThciplc8 ill th¢ ChATili¢s SORP IFRS 102}',
- Tnake jud8ements and acLuunting e81imaies Ibdl￿E r¢Bsonabl¢ and prudeni,.
staic whclher applicablc accounting standards have bccn followed, subj￿¢ to any material d¢pariur¢s dibclvsed and explttitL2d in
the finBncial statements., and
- pr¢pgre thc finattciai Btatements (* the going concem basis unles$ it l5 inappropriat¢ to Presumc thai Ihc chariry will coniinue ia
busines5.
The T￿stee 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 b￿1$ 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 g*insllloJses):
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
Tot*1 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
cllrrentA￿ets:
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 Off￿e 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 f￿r, 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 MC￿ured 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
trans￿tion. 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 expendi￿re 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
InV￿lMent 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 ￿rth￿ance 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 expej￿5
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 TrOUgh￿ll rcspc¢tively.
Mr R C P Troughion reiired as Director of Cowdray Tn￿t Lin)iied ort 13 Jurte 2024.
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