Charity number: 294540 THE CONSTANCE TRAVIS CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE CONSTANCE TRAVIS CHARITABLE TRUST CONTENTS Page Referèncè and admlnistrativo dttalls of the Trust. its Trustees and advisers Trustees. report Ind&pondgnt auditors. report on the financial statements 7-10 Statement of financlal actlvltl•8 Balance sheet 12 Statemgnt of ¢a$h Ilov 13 Notes to tho flnanclal ststwnMts 14-26 THE CONSTANCE TRAVIS CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees E R A Travis, Chair ol Iru*ees Mrs P J Travis Mr M J Travis MTS L Law Charity registered number 294540 Principal office 86 Diaylon Gardens London SW10 9SB Independent auditors Larking Gowen LLP Charteied Accountants & Slalulory Auditors 1st Floor, Prospect H￿se Rouen Road Norwch NR1 1RE Bankers Lloyds Bank Private Banking Limited 25 G￿$haM Street London EC2V 7HN Sollcltors HCR Hewilsons Lancaster House Nunns Mills Road Northampton NN15GE Financial advisors Brown Advisory 18 Hanover Square London W1S1JY Canaccord Genuity Wealth Management 9th Floor 88 Wocrtl Street London United Kingdom EC2V 7QR Whitley Asset Management Limited 116 Princedale Road London W114NH Page 1 THE CONSTANCE TRAVIS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees present their annual reKK>rt together with the audited financial stslements for the year from 1 January 2024 10 31 December 2024. The trustees confim that the annual rew)rt and financial statements of the Trust comply wth the current statutory requirements, the requirements of Ihe Trusvs goveming document and the provisions of the Statement of Recommended Practice ISORP}, applicable to charitses preparing their accounts in accordance wlh the Financial Reporting Standards in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191. Objectives and actNities a. Pollcles and objectivgs The trustees. policy is to sustsin the value of Ihe Trust's endowmenl f4Jnd in real terms over the long term from which lo generate an annual return lo support local, national and international charities working in the area of medical care and research, environment protection. inlemalional aid. animal welfare, community projects, social mobility, educabon proiecls and arts outreach. The main 0tr4"eclive of the Iruslees during the period under ￿VIeW was to distribute grants in line with the Trust's policy. The trustees achieved this by responding lo applications for grants from local. national, and international charities. The allocation of grants behveen different categories of charitable activity has iemained similar lo the Previous year. During 2024 a sum of 2% of the endowment's average value over the previous 2 years was paid down for distribution as grants. This is generated from paid out dividends and interest which may be incremented through capital sales rf required. Effective from January 1st 2025 this draw(k)vm has increased lo 3%. increasing the Trusys revenue by 50% In setting objectives and planning for activilies. the trustees have gwen due consideration lo general guidance published by the Charity commi￿on relating to public benefit. including Ihe guidance 'Public benefit". running a charity IP821'. Following a strategic Teview. the trustees have decided to make grar)Is to fewer, larger national and international charities and to considerably reduce the number of charities the Trust has previously supported. The Iruslees regret that this means Ihal they are unable to cor6ider new unsolic¢ted applications for the foreseeable future. They may however on occagon. invite organisab.ons lo submit a formal application. FaclDrs such as nalionality. elhnicity, gender. age, ¢Jisability. sexual orieniabon and religion are not taken into account when considering whether a granl should be made. Financial circumstances wll be relevant only in determining the amount of a giant which can be made. b. Strategy for achieving the Trusvs ob5•¢tives The strategy for achieving the Trust's objectives is for the Iruslees lo meet and asses8 applications which a likely lo contribute lo the strategic policy and ot¥"ectives of the Trust. Subsequently to dislribule the Trust's income through grants lo successful 8pplicanls. Each year Ihe trustees support around 45 charities with major grants averaging £60.OfKI and a further 45 charities with smaller grants averaging £10,OOL). In recent years the Iruslee5 have granted £6 million lo fv40 endoV￿nenI funds wlhin the Northamplonshire Community Foundalic>n, the income from which is used lo support local charitable aclivitse5 in Northamplonshire, the county where the Trust was founded_ Page 2 THE CONSTANCE TRAVIS CHARITA8LE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perforniance a. Key performance Indlcators The key perforn)a￿e indicators for the trustees are". To maintain the endowTnent capital in real terms over the medium lo long term. 2. To generate an annual return of 3% of the Trust's endowment averaged over the previous tN40 years from corpoiale dividends, interest payments and, if required. Capilal sales, for distribution to charitsble activities. 3. To make 9ranls to specific charities in line with the Trusfs policy. The Trust's total return on investments for the year was £3.689.307 (2023." £2.715,821). The trustees made grants and commitments during the year of £3.076,000 (2023.. f2. T92.000) lo support the charitable seclors as set out in note 5 to the account& b. Investment pollcy and perfonnance The main form of finan￿81 risk fa￿1 by the Trust is thal of volatility in equity and bond markets due to wider economic conditions. the allilude of investor5 to investment rig( a￿1 changes in sentiment concerning equities within particular sectors or sub sector. The Trust manages investment risk by retaining expert advisors and by operating an investment policy that provides diversifi¢alion of holdings and is aimed al Providing a balarKe between capital growth and income generation. The trustees are conscaous of the need to protect and enhance the capital and income of the Trust. The Trustees keep the Trusfs inveslmenl policy under review. maintaining a regulaT dialogue wth it's investment managers. The Iruslees have also agreed with the Trust's investment managers a responsible investment policy for the Tiusl, reflecting their ￿7$h lo avoid investh)enl in companies invofved in ￿rtain aclivilie5 including, amongst others, the manufacture of ￿rtain arms and nuclear weapons. the tob￿0 industry, and the extraction of fossil fuels and mining The policy also reflects Ihe trustees. desire to Fninimi5e any investments in companies which are involved in the testing of products on animals. only invests.ng in such companies because il is mandatory by law and the companies have a clear published policy on animal welfare and a public commitment lo the reduction and eventual repla￿ment of such testing. This policy d￿$ not apply lo companies that undertake animal lesling lo provide medical producls and se¥vices. The pdicy also iequires that where the Trust invests in companies conducting a¢livilies which involve the depletion of the natural environment, these companies will address in their accounts the issue of svslainability and wll be actively pursuing best practices lo maintain and improve the long term future of the resour￿ they consume. ieduung caibon emmissions and selling a 2050 nel zeio 18rgel. During the year the capital value of the Tfusfs end¢yMnenl increased from £169.700,794 10 £183.354,813. Financial markels continued to recover on the prospect of lowei interest rates, led by quoted technology corllpanies in the United Stales. sin￿ the start of Ihe year markets have suffered a sel back over concems that new international trade barriers may reduce global growth. Page 3 THE CONSTANCE TRAVIS CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OECEM8ER 2024 Flnancial rovigw . Going ¢oncèm After making appropriate enquiries. the ITuslees have a reasonable expectation that the Trust has adequate resources lo continue in operational exISter￿ for the I0￿seeable future. For this reason, they continue lo adopt the going wncem ba&s in preparing the finanaal slalements. Further details regarding the adoption of the going concern basis can be found in the accounling policies. b. Reserves policy The Iruslees have a policy of donab.ng an amount of grants to selected charities each year similar to the total value of the lolal return the Tru* receives {as set out Ur￿er key p&lOMan￿ indicators), while ietaining some cash reserves lo smooth over any unevenness in the liming of grants. Although the Iruslees have the power lo distribute the ex￿ndable endrywment, the investment of capital is the only source ol future revenue and so the fund is invested with the mandale lo the investment managers that the endowment should maintain ils value in real temis over the long term. At the end of the financial period. total funds were £183.939,703 (2023.. £169,700, 794). Unrestricted funds al the year end were £584,890 {2023". £Nil}. and endowment lunds were £183.354.81312023'. £169,700,794). c. Fundraising As detsiled above, the Trust's only continuiThJ Sour￿ of relufn is from investmenls. No fundraising activities are carried out. d. Prlnclpal risks and uncertainties As outlined in the investment policy wbon above the main finanaal risks include the significant loss of value ol Ihe Trust's investment portfolio's capital and income. Structure. governance and management Constitution The Constance Tiavis Charitable Trust is a registered charity. numter 294540. and is consb'luled under a Tfusl deed dated 22 May 1986 The principal 0tr4.ect of the Trust Is lo appty ils funds for the benefil of such charitable institutions or the furtherance of such charitable purposes in such a manner as the trusiees Ihink fit. b. Methods of appointment or election of trustees The management of Ihe Trust is the responsibility of the truslees who are elected and co-opted under the temis of the Trust deed. Page 4 THE CONSTANCE TRAVIS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, govèmance and managernent Icontinuedl c. Organlsational Structure and de¢lslon-maklng pollcles As a grant making Trust, the Trust opefates wth four trustees and an ajminislralive manager. The Chair of the Iruslees together wlh the administrative manager handles all corre¥Jondence relating to grants. The trustees meet as a board on a regulaf basss, nomially 5 times a year lo di*uss matters of policy and to consider applications for granls. They also meel wth Ihe Trust's investment managers on a regular basis. The administrative prctedu￿s are written up and reviewed annually. d. Policies adopted for the induction and training of tfU8tees The Chair of the truslees is resrM)nsibk for the induction of any new trustee. This indudes the explanation of a Iruslee's responsibilities, the governing document. investment pdry, grant making stialegy, adminislralive procedures and the history and philosophical approach of the Trust. . Pay policy for senior staff The Trust does not employ any slaff_ f. Related party relationships There are no relationships betsveen tfuslees and other parties cOnn￿led to the Twst. g. Trustees. indemnitie8 There are no third-paty indemnity provisions in place. Plans for future perlods The trustees plan to conlirlue making awards to registered and exernpl charities and registered community amateur sports clubs operaling wilhin the Charitable categories that the trustees feel il is appropriate lo support Page 5 THE CONSTANCE TRAVIS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statemont of Trust•os' responsibililios The trustees are responsible for preparing the trustees, report and the finanaal slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pradicel. The law applicable lo charities in England & Wales requires the Iwstees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Trust and of ils incoming resources and application of reSoUr￿s, including ils incC￿e and expenditure, for that period. In preparing these financial slalemenls, the trustees ale required to.. selecl suitable accounting poliues and then apply them consstenlly., observe the methods and principles of the Charits"es SORP IFRS 1021." make judgments and accounting estimates that are reasonable and prudent". slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls.. prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the Tiust will continue in bU￿nesS. The IrLFslees are fesponsible for keeping adequale accounting records that are suflictenl lo show and explain the Trust's tfansactions and disclose wth ￿8$Onable ￿￿raCY al any time the financial position of the Twsl and enable them lo ensure that the financial slalements comply wth Ihe Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsble for safeguarding the assets of the Trust and hence for taking reasonatrAe steps for the prevention and detection of fraud and olher irregularities. Disclosure of infomiation to audltors Each of the persons who are trustees al the lime lthen this trustees. report is approved has confirmed Ihal.. so far as that Iruslee is aware, Ihere is no relevant audrt inlomiation of which the Trust's auditors are unaware. and that Iruslee has taken all the steps that ought lo have been taken as a trustee in order to be aware of any relevant audit infom)alion and lo establish that the charity's S￿lI10r$ are aware ol thal infomialion. Approved by order of the members of Ihe board of trustees and sigT*d on their behalf by.. E R A Travis (Chair of Iruslees) Dale.. Page 6 THE CONSTANCE TRAVIS CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST Opinion We have audited the financial slalemenls of The constan￿ Travis Charitable Trust Ithe 'charity'l lor the year enéed 31 December 2024 which comprise the Statement of financial aclivilies, the Balance sheet, the Slalemenl of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framewoik that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Finanaal Reporting Standard applicable in Ihe UK and Republic of Ireland, (United I￿n￿oM Generally A￿pIed Accounting Practice). In our opinion the financial statements-. give a true and fair view of the stale of the charity's affaiis as at 31 December 2024 antj of ils incoming resource5 and application of resources for the year then ended", have been properly prepared in accordance with United KirvJdom Generally Accepted Accounting Pracb'ce.. and have been prepared in accordance wth the requirements of the Charities Act 2011. Ba$ls for oplnion We conducted our audit in accordance with Inlemalional Standards on Audits"ng IUKI IISAS IUKII and applicable law. Our iesponsibilitie5 under those standards are further described in the ALJditors' responsibilitiès for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audrt of the financial siatemenls in the United Kingdom, including the Financial Reporting Counul's Ethical Standard, and have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe Ihal the audit evidence we have obtained is sufficient and appropriate lo provide a bass fo¥ our opinion. Conclusions relating to going ¢on¢em In auditing the financial statements. we have ujncluded Ihat Ihe trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. have not identified any material uncertainb'es relating lo events or conditions that. individually or collectively, may casl significant doubl on the charity's ability lo continue as a going concern foi a period of al least fv￿1ve months from when the finanaal slalemenls a￿ aulhorised for issue. Our fesponsibilities and the respon&bililies of the truslees with respect to going concein are described in the relevant sections of this report. Page 7 THE CONSTANCE TRAVIS CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST (CONTINUED) other infomialion The other information comprises the information included in Annual retK>rt other than the financial statements and our Auditors. retK)rt IheTeon. The trust￿$ are responsble for the other information contained within the Annual rew)rt. Our opinion on the financial slalemenls does not cover the other information and, except to the exlenl other%yise expliciuy stated in our report, we (lo not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other infomialion and, in doing so. consider whether the other informalion is materially inconsistenl with Ihe financial ststemenls or our knowledge obtained in the course of the audit, or olhemse appears to be malerially misstated. If we identify such material inconsislencies or apparent material misslalements. we are required lo detemine whether Ihis gives rise lo a rllaterial misslalemenl in the financial siatements themselves. If. based on the woJk we have perfomied, ¥%t conclude that there is a material misstslemenl of this other infomiation. we are required lo report that fact. We have nothing to repL)rt in this regard. Matters on which we are required to report by exception We have nothing to in respect of the following matters where the Charities (AcLounls and Reports) Regulations 2008 requires us lo report to you rf, in our opinK)n". the information given in the trustees, reFx>rt is inconsistenl in any material Tespecl with the financial statements., or sufficient acwunling records have not been kept,. or the financial statements are not in agreement with the accounbng records and returns.. OT we have not received all the informatlon and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities Statement. the Iruslees are responsible for the prepaialion of the financial slalemenls which give a true and fair view. and for such inleinal control as the Iruslees determine is ￿e￿Sary lo enable the preparation of financial stslemenls that are free Irom material misslatemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are respDn&ble for assessing the Trust's ability lo continue as a going concern, disclosing, as applicable, mallers related to going Concern and u&ng the going concern basis of accounting unle&8 the trusl*s either intend to liqui¢Jale the Tnjst or lo cease operations. or have no realistic allernalive bul to do so. Page 8 THE CONSTANCE TRAVIS CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST (CONTINUED) Auditors. rè8ponslbllltl•s for tho audlt of the financial slatgments We have been appointed as auditor under section 144 of the Charkties Act 2011 and retK)rt in accordance wlh the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable a$Surar￿ about vthelher the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue an Audilofs, report that includes our opinion. Reasonable assurance is a high level of assu{an￿. bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will a￿ayS detect a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected lo influence the economic decisions of usws tsken on the ba￿S of these financial slalemenls. Irregularities, induding fraud. are instances of non-compliance wth laws and regulalions. We design procedures in line our reSpOn￿bIlItIeS, outlined aLMJve, lo delecl material misstatements in respect of iiregularilies, including fraud. The extenl to which our procedures ale capabie of del￿tIng irregularities, including fraud is detsiled below. Due to the field in which the Charity 0￿rates, we have Klentified the followng areas as those most likely to have a material impact on the financial slalements.. GDPR.. serious inadent rewrting and compli8￿e with the Chaiities Act 2011. Our approach lo identifying and asse&sing the risks of material misstalemenl in respect of ifregularilies, including fraud and non-compliance with laws and regulations, was as follows.. Enquiries wlh management about any known or su¥*cted instsnces of non-compliance with laws and regulations. a￿l￿entS in Ihe workplace and fraud" Reviewng financial slalemenl disclosures and testing lo gjpporting documentation to assess the compliance with applicable laws and regulations", Auditing the risk of managemenl override of contro15. induding through testing journal entries and other adjuslmenls for appropriateness. Because of the inherenl limiialions of an audit. there is a risk that will not deted all irregularities. including those leading lo a male¥ial misstatement in the financial slalements or non-compliance wlh regulation. This risk increases the more that Complian￿ wlh a law or regulation is removed from the events and transactions reflected in the financial slatemenls. as we will be less likely lo ttcwie aware of InStan￿S of nonverty AC￿MMOdation/hOUslThJ Artslcullure Animal welfare EconomicJcommunityldevelopmenVempk)ymenl Educalionltraining Disability support Overseas aidlfamine relief Religious activities Sportlrecreation Environmenvconservalionlheritage 716,000 185.1)00 117.fy)0 223.500 233,000 178,000 176,000 83.000 530,000 50,000 50,000 534.500 709,000 114, 000 100.000 193,000 225,000 176,000 t55,000 82,000 565.000 32,000 75,000 366,000 3,076.000 2, 792,000 Page18 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 DECEMBER 2024 Analysis of grants of £20.000 and over made to institutions 2024 2023 Name of Instltutlon I Saints Church, Northampton zheimer's Sc£iety Big Issue Blue Marine Foundation British Red Cross Compassion in World Farming Coram Beanslalk CPRE Crisis Cure Parkinsons Trust Deafblind UK Delaprey Abbey Preservation Trust Dyslexia Teaching Centre Trust Global Canopy Macmillan Cancer Support Maiie Curie Cancer Care Marine Conservation Society Medecins Sans Fronlieres (UK) Mentsl Health Foundation 39,000 60.000 50,000 60.000 110.000 50,000 60,000 50,000 60,000 22,000 50,000 50.000 200,OOC) 5Q,000 50,OOQ 50,000 50,000 60.000 60.000 50.000 20.000 60.000 60,000 50,000 60.000 50.000 60.000 60,000 50,000 60,000 110.000 50.000 60,000 50,000 60.000 50,000 50,000 60.000 50,000 60.000 60.000 22,000 80,000 80,000 60,000 so.000 20,000 50,000 50,000 50,000 50,000 50,000 60,000 60,OOQ 50,000 50,000 100.000 MIND Motor Neurone Disease Asy)cialion National Theatre Northamplonshire Age UK Northamptonshire Asswalion of Youth Clubs NMPAT Outward Bound Trust 50,OOQ 50, 000 PDSA Prince's Trusl Prisoners, Education Trust Prosiale Cancer UK Queen Elizabeth Foundation Royal Academy of Music Royal Botanic Gardens, Kew Royal Opera House Royal Trinity Hospice Samaritans Shelter stroke Association ,ooo 60,000 50, 000 60,000 60,000 22,0(Kl Page 19 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Sutton Trust Towcestrians Ltd University College Lonthn Cancer Inslilule UNHCR UNICEF Water AK Whitley Fund for Nature Wildlife Trusl,Bed&Cambs.Northanls Woodland Trust World Land Trust Zoological Society of London 60,000 50,000 25,000 104.000 100,000 150,000 50,000 50,000 100,000 210,000 60.000 50.000 60.000 60,000 60.000 50.000 50,000 Analysis of expandlture on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Tol81 2023 Grants made lo institutiorhs Expenditure on govemance 3.076.000 28,417 3.076.000 28,417 2, 792, 000 29,457 3,104,417 3,104,417 2,821,457 Total 2023 2,821.457 2,821,457 Analysis of expenditure by activlties Grant funding of activities 2024 Support costs 2024 Total funds 2024 Tol81 funds 2023 Grants made lo institutions 3.076.0(M) 3,076,000 28.417 2, 792,000 29,457 Expenditure on governar￿e 28,417 3.076,000 28.417 3,104,417 2,821,457 Total 2023 2, 792,000 29,457 2,821,451 Page 20 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of exponditure by activitios Icontinugd) Analy81$ ofsupport costs Total funds 2024 Total funds 2023 Activities 2024 Auditors, ￿MUneration Accountancy seNices Secretsrial se￿iCe$ 10.249 6.833 11,335 10,249 6,833 11.335 10,440 6,96Q 12.057 28,417 28,417 29,457 Total 2023 29,457 29,457 Trustees. remuneration and expenses During the year, no trustees received any remuneration or other benefits (2023- £NIL). Dufing the year ended 31 December 2024. no Iwslee expenses have been incurred (2023- £NILJ. Page21 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Fixed asset investments Listed investm&nts Cost or valuation Al l January 2024 Additions Disposals Revaluations 165,025,184 19,865.353 119.121.0531 12,545.153 At 31 December 2024 178.314,637 Not book value Al 31 De￿mber 2024 178,314.637 Al 31 De￿rnber 2023 165.025, 184 The hi5101ical cost of fixed asset investments al 31 [knm￿r 2024 is £131,738,347 (2023.. £130,940, 696) Non-UK investments Lisled investments include non-UK investments with a market value al the year e￿1 of £133,358,250 (2023. £123, 192,482) and an historical cost of £94,963.139 (2023. £97, 158,527). Cash Cash held wlhin the investment portfolio is £2.318.976 (2023.. f2,174. 178). 11. Debtors 2024 2023 Accrued interest 82,479 25,657 Page 22 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Creditors: Amounts falling due vAthin one year 2024 2023 Accruals and deferr￿ inccme 106.681 86,451 13. Flnancial instruments 2024 2023 Flnancial assets Financial assets measured at fair value through InCc￿le and expenditure 178,314,637 165,025, 784 Finarrial assets measured at fair value through income and expenditure comprise fixed asset investments. Page 23 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statement of funds Stat•ment of lunds - current year Balance at 31 Galn$l December {Losse$) 2024 8alan¢e at 1 January 2024 Income Expenditure Unrestricted funds General Funds 3.689.307 (3,104.417} 584,890 Endowmontlunds Endowment Funds 169.700.794 1.417.200 {385.045) 12,621.864 183,354,813 Total of funds 169.700.794 5.106.507 {3,489.4621 12.621,864 183,939.703 ststement offund$- prioryear Balance al 31 December 2023 Balance al l January 2023 Transfers in/oul G8in (Losses) InGome E¥penditu Unrestricted funds General Funds 2,715.821 (2.821.457) 105.636 Endowmgnt funds Endowment Funds 155,363.624 9￿,400 (388,594) (105.636) 13,881,000 169, 700, 794 Total of funds 155,363.624 3.666,221 (3,210,051) 13,881,000 169,700. 794 Page 24 THE CONSTANCE TRAVIS CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Analysis of net assots between funds Analysis ol net assets between funds - current period Unrestricted Endowment fund$ funds 2024 2024 Total funds 2024 Fixed asset inveslmenls Current assets cfedito￿ due within one year 178,314.637 178,314.637 5,128,513 5.731,747 188,3371 1106.6811 603.234 (18.3441 Total 584,890 183.354.813 183,939,703 Anatysls of net assets between funds - prior poriod Un￿sInGted Endowm8nl funds funds 2023 2023 Tol81 funds 2023 Fixed asset investmen15 Current assets Creditors due *ilhin one year 165,025, 184 165,025, 184 4,675,610 4. T62,061 {86,451J 86.451 (86,451) Total t69, 700, 794 169, 700, 794 16. Roconciliation of net movement in funds to net cash flow from operating a¢tivitl¢s 2024 2023 Net income for the period {as per Stalement of Financial Activities) 14.238,909 f 4,337, 170 Adjustments for.. {Gainslnosses on investments Ilncreaseydeciease in deblors Incfeaselldecreasel in creditors {12.545,1531 (13,888,477) 156,822} 106,226 20,230 f862,319J Net cash used in operating activities 1,657,164 (307,400) Page 25 THE CONSTANCE TRAVIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysis of cash and cash equivalents 2024 2023 Cash in hand 5,649,268 4, 736,404 18. Analysis of changes In net dgbt At1 January 2024 Cash flows A131 December 2024 Cash al bank and in hand 4.736.404 912,864 5,649,268 19. Related party transactions During the year shares valued at £1.417.200 (2023.- £950,400) al the dale of the transaction were donated lo the Charity by a Iruslee_ There are no oulslanding balances owing between ￿lated parties al 31 December 2024 (2023. £N￿). Page 26