CHANGE FUND Istere Cha EPO nd FINANCIAL sfATE 31 Decem Frnnt Plie coritEt P•yi pw3,45,6&7 INOEKNOENT AUDITDRS AEPORT P•w49&10 srATeMtNTol FI14AlK￿lAcyIvf Pay 11 OALANCESHEEr Py13,1415&16 Honor4ryTn4Stee5: MrWDEwn Mr L Ponson MrDMal Mrsj MaWwlth•k) Mr R Athms ITre•9Jrnr* Mrl J 8alnes MrAJHack Mr K Nornijn Mrj D PadsoTrElb Mr M Iupth MrSFCT*ne L￿dOnwa Londo￿ EC2M 5QQ Secretary. Telephonw. E-m•lL' 07958 2(19367 Charfty Uaiwi Olficer. Telephone: E4nal: OIM 732458 dean•b•1144@waELcam Mrs G•ll M#sth-ow)d*d I 2024 07810 224594 Teltyhon• 46 Road CM3 5NG ker& rkn Bank p 90 LO￿ WC2E 9AA In accord•K• wlth the Tnst Deed d*d 19 M¥th XK* the Tnslee5 Il*tr report fiMnd•l st•tements forth• yearended 31 De¢emlw2024. 08IEcfsAND AcfMTIES The prthd￿ aal￿ty of The Stack affks Fund q%cn Is to prtykl• IS￿$t￿ for In necessltous drtum#arK4 SKh pers￿￿ tx mor•ofthe fOrmeror￿rrent¢mPityees ofthe london st￿ Exth•n8e or • Member Fkm of the Stock E￿￿se Or any may be used by tIMt bth In ihe futtry ortlw ATh1 tythe t4ASty*¢rthlkl ordkn Iwheth•rlnf•ntsor notl of •iysuth person. At the rnee* on 26 Febr￿ry 2025 It w ayeed that the Tntsthes at th* dsuelkni, condder applkntkn The Fund helped 40 rtdplwts (2023- 42 fedpow￿ ￿ mmthly. r¥wl and spedal 8rnnts the month wlod cover•d by thb feiioiL The ¢ondnuE5to h* red*ntsvAth fflt• grants towards the costs of nnln8 a household, 'Me off paymenls towath spedal needs tasesfor Items ￿ surykal 4pplIanc￿ moblllty costy household 8ood4 and funeral expensa Most pemnsvkno receP4ed l*durln8 the year ret•l¥ed • Chrfslm•s monetsry 8IL The Fund ha5 conilnwd lo b• dulgent kn lis hou*keep* decbhx The 8Trnts bel pald bythe Fund decre4￿d In the￿r co%*red bythese The Trus*es Trvlew all flnandal statrjs and need5 •1 once • yw and dock￿ on an Indfvkluafs ihe level of help the F￿)d ts •ble to When an applukn Is rttefved lof the lknt tIM￿ the Indlvklual recelves a vlslt from the Fund's Charlty Ualwn offi￿ and her ieport Is to the Trustees. Dependln8 on the INll¥ldual'5 ¢knm*nce5 lebTI of tt• be ts tkn deddeLi If any person atready belng I￿lped ty the Fund hs • petstywl drcwMtsnce8 then procethn Is followed. The Tntstees are very a￿e of the rned lor pusonal contsrt and as kn Nev￿$ yeas the CtATIty Ualson Officer. somellmes accompanl&J by a Trustee or the Setrew, vtslted mast of the Funrfs rn**nts In thek The vldts are of a 41 nature to oifef lrfendtysupport and ad¥ke t*hen ￿ed• The Tfustees would 4pwed•le receP4hy Infcffiwilon coKemln8 any pers(Ob employed In the Induslry. or thelr dependanty who may be In flTh￿d￿ d15W•SS and qual￿ for asthnce: swh Infomi•Uon m•y be conveyed In cOM￿ets confldence to the Seryew, Jennle IleftdrkK the Charfty Ualson Offlcer, Gall Marxlen. or any of the Tnstees at Ih addrw SI￿n on py two of thls Infpmmtlon and •ppty ts Mllable on the Fund websfte-w¥rnaecfvmd￿￿ The Tru#eeswoukl l*e to those compantes vtho hm afthnd membetsolth*staff to acl as Trustees of the Fund and Indmdual Trurtees vtho have contlnued thelr of the Fund. We are a th•rty for Ihe Se￿diles IndiiAry •ftd therefore any h* re￿￿d from helps US to h* fomwr colleagues who are HlstorftaltyTrnstees and ¢onsultarts wlw*lt reclplqrts of thè Stock EXd￿nv aerks hm been the(*ed the Crlmlnal Records owe1￿ThoSe that hm been thecknl hwe (kn recLvds. A Tnth •xconsultant wlll b• Deana Bal the cwreth IJHrlty U•lson Offi￿r reilred on 31 i*emkn 2024. after nearfy 40 ￿315 as Charlty Ualson Offlcer. Th• Tntstees remembered Deam's yeat contrlbutlon the and • thank you retlrement Iwith was held for D￿n4 on 6 F¢￿￿¥ry 20S Gall ￿l*beTh aP￿thd •s the abarlty Ll•150n Offlc¢r on l Ortober 2024 to fNorl D￿na 31 Decanber2024 •xl took obwth¢ lJènu•ry 2025. Honorary Trustee5 ad¥lse ￿ Tntstees In relatlon lo the SECF knveslinent prorm but ere not to moke ded$1￿ortthe use of the h)¥esfftnts and Ils In¢ome. Trwtees hwe eontrol ofth• Charity•nd ts propèrty and fvnds; tsyhwe sole dlscreilon fflaklfft8 pymerts and assesslng to be *4en In accordance wlth the Fund's Tru# Oeed125 November 1982) and Suppkmerfal Qead5 (12 Juty 1993 23 Au8ust 20061. T￿￿ee5 and HonoraryTrustees are aPp￿Thted by h￿tatIon from the TnAtees then In offi¢& A newTrusla• Is nwde avAre of hls dutles Jftd obllBatlons lo the Fund and its reciplents and recefves coples of ts Fund's Tfux Oeed and Rules• prevlous Annual Report and Fknanclal 5tstements and a copy of the Charfty Comm15slon leaflet Th E55entl•l Trnste¢: What You Need To Knthrf. john Dust r•￿sned ¢Jn 14 Nov•mb•r 2024. John had been a Tn slnce 1984. and the Trustees thankedjohn for hls I?￿5tandIngcoMfflltmefit to the Fund. No new Trnsrees weR appolntsd durfng the ye•r under revlew. M•* of the Tft￿tees are held on a quwterfy b•sl All ded*ns are put to • voth and 11 there k not a ffllorfty dedslon then the Chllr has the ¢astlry vote. The Settetary ofthe Fund. who Is appolnmd by the Trustees tske$ mlnutes of theTntste¢ meeungs and hnplements aThy declslons mlde at tho* mietlw. The 5¢cretary reports to the Tr￿tte$ qll actlons they. or anyone under thelr dIredlo￿ has taken. The Trustees malntakn a 5tstement of Investmttt Polky.Ihls was tsst rthNed •t the Annual Genernl Meetln8 w 9 lay 2024. It wass*ned •t the meetln Global eqtheThJoyedanothereWlanally stroryy•ar of returns In 21YI& US #ocks 5tsndout perfonners due to hlgher economlc growth rates and a 8reaterWelBhtI￿ to the best perfoTmkn8 sertors olthe past 12 months In p3rt1cular tethnolo8y. AIthou8h major cen￿1 banks be8an cuttln8 knterest the slze of the ductkjns was smallerthan many had anlldpated at thesthrt of the year, ¢ausln8 bonds to underperfo The MSCI Nwth Affl¢rlca Index posted a 2024 retum of 27￿￿ outperfomilni the ZO.3% forthe MSCI AC World kndex lall returns In sterfr& unlw otherwtse ststed). Thls marked the second yearrunnln8 that US equllles feturned over 209L Although hlgherb•luatlons p3rdy explaln the stron8 US perforni•rtet. stocks also supported by rf* •amlw drfven by r•wnu• yovAh and expan510n. Whlle v*itlons have rlsen the pastyear- the MsaAII Countsyworfd Indextrthl •t• 12wm0nthfo￿￿d prfcelelmlngs rntlo of 19 In iknber- thls ts only swdy •bove the lon8 fun wera8e and hea¥Ayskewed by the U& Theylns n)ean US stocks now account formorethan thlrd$ of the MSCI Al Countryworfd lthx. DonaldTnllnrfs rtreledlon poses • potentldlysl8nllkant cha￿e tothe we¥alllffj fflicroeconon* Oth. Republlc•ft Control of both houses OlCon8￿5S. albeft wlth a narmw mI￿rIty In the House of Represent•tfve& furthef SllPPOrted ihe so5 years) bonds wern posltlve. retsffll￿ 2.5% Investment 8rnde corpordiesdell¥ered a 2.1% ftturn. Bond market ¥aluallons ippeaTed attractfveatyearend level4 butpolenualtysucky InfvtloThand the strenglh ofthe U5 economy suyted ￿tsIn1￿ neutral pos1llon1￿ wlth regardstt• duratl¢yL Credlt spreads Iwitened durlng the ￿ar and UK spreads ended at thelr tlhtesl level$ slnce 2007. Aglobal economk 8vovAh outlook of 3% real GDP for 2025 b re3St￿able and The US economy rem•lThs roburt and aluwh labour markets have we•kened $I￿￿V from t￿t thls thls biittle cause forrylncem •t presenL Infiallon1&gs returned dose w iaryet and core Inflatk•n ts mDvlnB In the rf8htdlrecllon.There are potefttlal rlths from Inflatlon St￿1￿ hl8her ¢han experted and 8eopolftkal ten￿on5 Inueasln& There Isa lot of uncertalntysuff0undl￿ the Impjct on Ifade and 8eopolltbfrom the Implemwtstlon of t•rfffsand ¢hls meflts dose monftarln8* Hawever. we bele¥e aweBat¢ Inwcts on Inll•tlon from tarfffs wlll prm to be O￿thAte compared to the InllailoMryba¢kdrop of recentyears. After • couple of 8ood ye•rn8lobal equliles have •bo¥e a¥erw Y4lu*kn5th*to the US matht ImpacL but thLYe Is (tassurance In that tlw remlln supported by Stro￿ eamlnB$ 8fowth and Interest rate cuts. fqu• attrnctlve are bonds ai¢uffentl•¥•ls wllh attfacd¥e Weldson offer Ind more Interest rate cuts expeLie n Is the Intenilon ol Ihe Tiustees to conlIn￿ to admlnbter the Fund under Its cuffent syslern (p•8e 3). 10 ¢onrln to dedde on the level of help to be olven to Indmduals Ipa8e 3). and to contlnue its Investment pollcy Ip¥e4). AIRTHER INFORMATION At ihe meetkn8 on 12 May Z(116 ft was ayeed thjt the Ch8rly Uolson Ollker a 8u•rnni•od Mnu•l kncrease of Xand that the5eUetsry￿Uld Increases as48reed tytheTnstees. Atthe meeUn8 on22 Feknwy 2018 Itwasayeed thatthe Seuewwould recel¥e aaUTnnteed annuol Inrrpaseof 3 At th• m••thw on 29 Febrvary 2024 as an eKeptlon It vrns that the awlty Ua19￿ (lfflcer •nd the d rece￿ 2%bxkdated for 2(ll3. knathlltlon lo 3% prth)wWryeeO. afid S%lncreasefor2024. The SECF conunues to have the m of offlces at Sall4)ury Hou* london Wall. The Thth$ to fecord thelr appreclallgn to the Stock Benevolent Fund ft>r theli con11nu￿ support of the d>arfiyln donathg the offlce space to the Tru5tee& TheTrnste￿ do not conslder It Is approwlate to hove recorthd suth a￿l￿M•nts In th• •$ It Isdeemed to be Imm•terlal In the contextolthese acmunt& The Trustees have set up a webslte w W*WAeCfund.o￿Uk Th15 Indudes Infornwtlon about the Fund and how to •ppty for asslstance. The Bank¢TS to the Fund, Oardtys Bank remaln unchan8ed. Qullw cl￿￿¢ Investm•nt Mina8ement •re the Funds rt custodlan& Qulltv Chevlot Invesbnent Manwment wwe acqulred by Old Muttwl Wealth Imstment company Jnd were rebranded to Qmllter In 2018. The Ilullter Chetht team vAK• look aft•r th• SECF portfollo wlll remalD the sam AUDm)RS A rttolutlon to re4ppolnt Po(*ne115 Audft Umlted •5 audIt0￿￿o$ passed Itth¢Ann￿II Meedn8of the Fufid hekl on 9 2024. The •ppolnlmeni ofaudliofs for 2025 wlll be proposed atthe Annu•l General Meetl STATEMENTOFThUSTEEY RWQN51BIUTIES The Trustees ofThe Stod( Exthange aerks Fund are resptyKlble for preparh¥ the Annual Rewt and the Fjnandal Statements In accordance whh appllcable and Unttul Ac£ounllry Standards (Unfted Kln8dom Gener4￿A(CapIed Prlcfkel The law appllcable to charftles In En*nd & Wales requlres the Tn￿te￿ to prepare lIn￿d￿ staiernffits for each Ilnanclal year whlch ghe a trne and f4tr vlew of the state of affalls of the charlty and of the Ineomlng resources and appN¢•ilon of resowces of Ihe th8rfty for that perm In prep4rln8 these flnudal ststements the Tru5tses we requlnl to: Select sultable a¢count5n8 polkles and appty them cgn$15tentty; Obser¥e the methodsand prfndples In theCharftlesSORP 2019 {FAS 101) Makefvd8ements and estlmates that are reasomble and prudent State whethw appllcable Kcountln8 stsndath have been follovM& subjert to any materfjl departuresdlsdosed and explalned In the flnandal ststements: Prewethe finandal statementson the 8oln8 concern ba4s unkn ft Is Inlpproprlate to assume that the chkn wlll beabk to Co￿￿￿¢ In operntlNk The Trustees are respmslble for proper attountlng ftconls that dlsdose wfth reasonable le￿￿￿ at any tlme ihe flftanthl posltron of the charlty and enabk them to ans￿re that the flnandal stat•m•nts comply wlth the Ch•rftle5 Acl 2011, the Charfiles IAccounts and Reports) Rwlallons 2008 and the provlslons of the Trust Deed. They are also responslble for sofeBuanllng the assets ol the tharlty Ind hence lor rwson•bl• st•ps for tho Pfeventlon and detectlon of fraud and oth¢r Irre8uhrftte& The Tru5tses are Yesponslble for the malntenance and Inte8rfty of Ihe thjrfty and Ilmndal InfomMtIDn Induded on tke Chorlrfs webslle. Leglslauon In Ihe Unlted Kln8dom 8ovemln8 the pftplratlon •nd dlssemln•tlon of Iln•ndal statements may dlfferfrom legW4tlofi In otherfvrtsdl¢tlDn The SECF seeks to use the prfndples of leadersh1￿ Inte8rlty. dedslonqnakln& board effect￿•54 dl¥eT*, openness and acrthntsblllty as Included In the Charlty Governafice Code to thsure hl8h Stsnd•rds of 8o¥ern•nce and to support con11n￿ ImprmomenL Thtsvms re¥lawed by the Tiurt¢osfollowlni the February 2024 meeltr¥. TrUSTEEY REPORT (Cmed) GDPR The Trustee< Prlvary Pomcy be Vlewed on Il* Tmebslte at WWa¥. und.o WEGUARDING POLICY The Trustees maintaln a Safe8uardtr@ Polky. This was lasi r•*wed ai ihe Febru•ry 2024 meetlN& and no amendments wefe made lo the Policy. FINANapi SUBahMMITfEE Iforn￿￿¥ Hnancla Controls Gnwp) The Flnanclal Controts Group was renamed the Finandal Subllltl•s urKl¢r th(M st•rnl•rds ￿ fwth•r ¢l•sttlb•d kn th• Audltorfs r•spoMMtl•s for th• •udlt of th• fiMnd•l ststements sKUon ¢1 our reporL We we Iwent of the dwrfty In accord•nce ￿4th the ethlcal requlrements that rn relth•rt to of the IlrwKl•l sl•lements In the UK Indth the FRU5 Ethlol standard. and w• h•¥• lulfilled ourother ethknl r•5poMlblNi*s wlth these rtqulremenl& W• b•llth• th•t th• audlt wld¢K• w• hm ob141n•d1skn¥¥11gproprf•t• lo • bxts lorowoplnlo Condy•loM rnI•ll￿ abn¢•m In 4udltln8 the tln•ndal st•tement4 we IN¥e cond￿￿ed thtt the tr￿1••( use of Ihe lohry 0>￿*M b•* of •¢countlna th the weparniion of the Ilftancl•l tsteMe￿$ Is •ppro Blsed on the work we hm perfoffl￿. we not Idenlllled any m•t¢rf•l un¢wt4lnll•s r•l•tln8 to •%*nts or ndltlons Ih•l Indl¥llw•lly or ￿lleCtl¥tI¥l m•y ￿$t $I￿lIkant d￿bt on Ihe th•rWs ablNty to contlnue u a eol concorn for• p•rfod of It least twefve monih from whn th• fimncknl thtements •re •uthoA*l for Is￿. relevant srfilons of thls reporL the trw¢ee< Infi￿1 report, other th•n ￿ lkn•nd•l st•t¢ments audlwrfs th•r•th Our oplnlon on the fln•ncl•l ststements does not covttthe other h)forn)thn •Thl* exc4lttothe •xt•ntoth•rwlse explldllyslated In our repo¢ we do not expr•5s ￿ hrni of •ssw¥nee conchslcm therton. In conn•ctk¥n wlth tjur audft olthe flnandal ststefflen￿ our le4￿nSW1ty b to read the other Informallon and. In dokn8 so, con51der whether the other Infomiiilon ts m•le￿IlY wlth the fln•n¢W stst¢ments or our kftowled8• oblaEnad In Il* wwjft or Other¥A￿ appea￿ lo be ffwterfa* rnJsst•ted. ff * Idéntlfy s￿h m•terfal Inconslrtendes or app•vent m•terfal mlssl•tements * are to det¢rnth• wheth•r thu• h a m•teflal mtsstatement In the IIMnd*l ststements or • matorkl mlssfatertmrt d the otherlnfornwtlon. If. bxed on th• worlt we have perfomx¢ Tme CO￿ thatthere15a miterl•l nknt4tement of ihts oth•r Inforni•tloffj TM ar• rty￿red to rnpwt that We h•v• nothlng lo reyt In thls Reports) Re8ulatloTrs 2008 requlre usto report toyou If, ln ow oplnkm rnpor¢ or the (Ina￿111 st•t•mMts ar• no¢ In 4yeement*ththextth#*kn8 recort. or we hove natrerefved IU the Inftxmth •rnl eMpl•nntlonswe requlre forouf of the finandal statements whlch tye a lyue •NI hlr vlew. •NI for￿ lrtwnal conirol ￿ the InNtees d•t•rmlne Is to or Irror. ID W•P•fkn8 the fln•rtld stst•lW InThte•s •rn le5pth￿t far•ssesslry the dwrws •bllty to CaAtlnue u 4 dlsdo* as •pp1kabI￿ m•tt•rn f•lat•d to c¢xK•rn and th1 concem b•%ls of accouthiinl wiles5 the trustees dther kn¢end ts> lIq￿le th• ch•rlty or to c•as• operntIo￿ or hm no I•￿￿tIC althm•tlw bul to do ￿. W• h4￿ bmn appolnt•d ￿ audllor wder secdDn 14$ of th• kt 2011 •nd rwt In K(ord•D¢• fAIth I (￿r obJ•¢ih•s irn to obi•ln f•wMbl• Its￿¢ *¥hl•th•f tl* fln•nd•l ￿taMents M • TA1￿ ar• fr•• from m•lerlil mlsst•t•rneiK wh•thw due to or •ffor. •KI to Isw• report that In¢*Jdes ow oplnl Reasonable assurance hl8h level of assuAnce. Ixrt Is not a 8uarnntee 11*1 • •wllt cOnd￿ted In 3c¢ord•nce wlth ISAS IUKI wlll 4lw•ys detert • ffl•terf•l mlMtatofi*nt tt •*1% Mbst•tem•ntscan arfs• from fraud or error and ¢on51dffed m¥t•rf•l 11. Indmw or ID th• th•y could feason*ly be expItt￿ to Inlluenc• th• Irrnwl•rflles. Ind￿11￿ fr1￿1. •re Inst￿$ of ¥Ath and We de* wo¢•dures In lkne wlih ow ftsponsfj>llW outlln•d il)M. to deteLt m•teft41 nknrnents In iesP•rt of Irr•8ularftl•& on ourdlwjsslons wlth th• th•TnMlee4 Wi Idefftth•d thatth folloblwd kn and . Those l•ws •Trl Th8￿tIOnS c4Nuldered to hm a drrftthtton lkn•nthl statai￿ts InchAle UK flft•nd•l r•wllryAandwth•nd Clwlty law. tharity•nd therefore m•y h•¥e • maierlal eff•cl on the 1kn•￿1 mtements Inthdèctynpllwts vAth the ¢h•rflalthobJ•ctl¥•s PLth bon•fiL Afwwrdln8md h•a*h •nd safety l•8lslatlo These mattm were dIsCus￿ amthwt thè twmat th• pknilry s* and Ilw tomn rqm•tr*d alqrt to n¢MKom￿nQ thrwhout ihe A*llt proodwesundertaknn kn response ￿the lo kwJl•rfllES (wl*h Iff￿ Ind th• ffidtycthnpues IM Ind re8ul•dw enqutr115 th• Am•¢Mc4lth￿4ct￿II or potenttsl Itugattonordakni Inspectton of reknant ernponden￿ re¥lew ofTru5tee meetkn8 mlnirt4'twUnBthe •pproprf•tene55 oljaurnal entrl•s: and the perfornWrt•of analydc•l re¥l•wtoldengfy uneythd mo¥ements In a¢count b•l•n¢eswhlth may be Indlcatfve of fraud. No Ir&Mnwofmaterf81 fion•n¢¢**rn IdenlM*d. H￿fftr, the Ilkellhuod otdetecuni IrwknrlUe4 Indudlng frnu4 Is Ilmlted by the hthernntdIfflo￿ty In detertln8 Irrn8ululde* the •rfe¢1￿ oftheenws c•ntrol4 and the Mture. tlmlns and extent0ftheatsdlt￿0cedUreS perfornieL Irre8thath that resultfrom frnud mlBht be Inh•1￿ morn dlffladt to deted th•n IrYegularftl•s thatnsult fromerror. As exphlnedlbm, thue Is an avoldthk that materlal mlsstsiements may not be detected. eventhough the JudSthBs been phnned •nd p•rfornied In •ctonl•nc•wlth IS4$ (UKk A fwther d¢sul￿On ol our v•spoMINIIUes for thfj iudtt ol th• Ilnand* st4temMts ts located on the Hmndal Reportku Coundvs webth •t htt￿l￿vWw.frQaffjUva￿lltoTVOSPOns￿l￿ TNS d•suWon fomw p•rt ol our •udltofJ riporL uH￿0￿r Y•port Thts report 1$ made so18ty to thè charW$ trustees, as a body. In aCco￿ance wlth Part 4 ot the Cttarftles (Ae¢fj •nd Reports) Re8uhtlon$ 2008. Ow •udltwork h•s been ￿dertaken so th•t we mltht state to the trw¢ those ffatters we 4rerequlred to glate to Ihem In In wthtorf$ report and for no other Pury￿e. To themlesi extent Pern￿tted by law, we do not aw or assume responsthlmy to anyone other the dbarlty and the ¢hKWs trustees *$• body, foraur •udlt for thls fQPDrt orfor the oplnlons we h•ve fornied. J•remy B n U S•nlorStstutory Audltor Forand on beh•lf of Pocknxlts A￿lIt Umlted ChArtered Acclwntantsand Stslutory Audlt 46HullbrMp Ro•d ESN CM3 SNG tht Umlt•d bel￿1¢ to attas an audlior In ternis of sectkn 1212of th• Comp*thAct2Q06 10 Donallonsand le8Kles (not• Ik) Investyntht Income IrA)te 51 101475 37971 Grants pryable In fWtherU￿0fthe Charftvs obJectl¥es Inote 8) Vlslts to grnnts rtdplents Audlt Fee 175Jn 11699 206￿58 73 3276 Net u•ln51 (los￿>0￿ krJ•Affl•rtass•ts(rtS) 43 419)7 rtst {Outyolry) Re* 14AIO Totslfvnds for*wd &IIU47 Totslfunds ￿ryI•d foThv*d a•nval Fund Axed IntereX18ond$) th￿eX Lh*ed18onds) knvestmentTntsts OrdlnaryStock5 & *wes 175J43 430J54 1093.620 L07L4n Preptyments Deposlt Loan C•th at bank andth 24,148 24,603 28m2 Cath In hand 43,1 41751 •WIt f•e KcNal Sundry ¢r•dltors 3,276 3376 Apprawd afi b•haff oltheTnts*ts afv J Myh•w (tha 12 RepuFAkof I￿9nd (FRS 102) ISSU￿ InOctob•r2019. the FIA•ActhI R•wtlryStsnd*rd appl￿bbtheUThttej IAcmunts •nd Repxtsl Re1utstkn￿2o0a o*toth• •xt•rt rn4thd Ifue •ffid l•lr¥W.ThIs •pplcable todwrltks pw0rfn8the1raceo￿ts In xuKdmTAlthth? HAandol Ileporth¥Stand•rd •pp1kab￿l￿ thi UKand R•putsllcdlrnl•nd IFRS 102) lsswd In Octol*r2019 rntherth• theACt￿nI￿l and RepDrtlr* The Prfndp•l acc￿￿1￿8 pokles B•st$•fA¢¢￿ntr4 (b) QwX•d hm bo•n ¥•lwd at the nthldle M•￿et at the dose ot Iwskness at the ￿t- •nd. The mits ts 18k¢n ¥ the of the bld •nd offer pths at th¢ kn￿sIme￿ts asp0￿1 of the ye¥ ￿ a¢¢ou*d for kn th• pr of dlwnl. Unrerltsed Ic) All ￿nd$are￿wI#￿t 13 L•JlX Dlrect Costs Support Costs 2024Totsl 2023Tolal Grants Popble Vtsltsto Redptsnts 127.7S9 44214 175,973 Support costs ￿lO￿ted on the bas1501ex￿￿IIl￿rr. Grnnts vtsits to Payaljle Red 2024 Totsl Postage ifid AdmSnlstralloD prtntkng and Stsllonthy Computer ExpEns•s Con5ult•ncy Fees Consullancy Ey 3A23 3MI 127 4.168 117 46￿92 39.265 2023 tfDrwant 15 at ljanuwy Aldltlons durtna the year Costw at 31 De¢ember 8rou8ht forwwd os •t ljanuary Provlded dUrf￿ theyear cumulated deprecLgtbns as •t 31 Oecember Net book rdlue as at 31 Docomb 14 In¥e#ment Income 2023 Flxed Interest (Bonds) Index Unked In¥estm•nl Thi U K Equiiles sn4 94￿ 36938 Intev•Jt •n c•th dIp￿S 35,800 37,971 2024 M•rketVik Co Ma￿t Valu• Fkxed {8onds1 lftdex Llnked (Bonth) 157078 11,665 416.688 16Q256 13222 592m3 166,945 11666 3[￿,111 17S,143 14,031 45¥944 U K Equltlts MV•t Iinwry Pwch•s•S •t Sales Chny In M•tsValu• Mvat Ott•mber 2024 Fknl Inl•r•rt (aends) Index Unked In¥*slmeni Thists Ch•ritsbieTiust UK Equ111•5 17S,143 14,031 45L944 14h35 25,￿¢ 14.218) {809} 67.863 160,256 13,222 591093 IS9,512 87,226 15 2023 Fts￿lty uaTS JP Moryan knvTrust Sthraders US Larye Cap Fthllty Europea Jinus Eufapein 1gMres111 Core M&GJap•nese Fb*Aslan Vak Pruslk IM A￿1 Eq PKfftc ca￿ts1 T•mpl•toTh Em•rykw M¥k•¢s 96h37 64AIO 352 27,6 36ml io, 19,502 19,532 21Jn 22m4 50 21398 19,152 2LS52 23.709 Th• folwlry Inwslfflwts ry•i•rt mDr•th•D YA of the Ptytfollo •t M•ts JP Moryn Amerkan tsNTr￿t Sthrod•rs LLS i*1• C•p 9*637 64A Flx•d In¢•rn M & G OptlNI Sa￿1 86,749 Th¢ Se￿I•V. P•tr5 Hernlthk recehyd £19319a412021' £17J891 and the Ch•flty U•lwi Offl¢•¢ Mts Deam B•ll r•thl¥•d £1427174120a" £ZQ733L •nd Gall M•Nd•n £JACQ12021: NI) forconsultsncy s•rtrlc•s hr thi￿￿. Grnnts mMthrOlthwlo￿ Inck* Til*4 thwl¥th•y••rwk nR12023:nl) 16