2024-04-05-accounts

Docusbjn En¥eloF• ID.. C73FD43B-9&WSW8￿F.F660￿46gsICD Registered number.. 02101229 Charity numbers: 296766 & SC039480 BALCARRES HERITAGE TRUST LIMITED (A company Ilmlted by guarantee) COUNCIL MEMBERS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 *ADIA05HL• 1W12rI024

t>ocJJw ID.. C73FrM3&93A￿U1X4CcF.7GG6E46g9lCD BALCARRES HERITAGE TRUST LIMITED ONTENTS Page Ref•r•nc• and admSnlstrall¥• d•tails ol th• charitable company. its Council m•mb•rs and advisers Counc•l m•fflb•rs' r•port Ind•p•nd•nt audStors' r•port on th• IlnaTrc51 $tat•ffl•nts stst•rn•nt of Ilnanclal actlvltl•s 10 8•lanc• sh••t 11 Not•• to th• financi*l •tst•m•fit# 12-24

Dooislgn En¥k)pe ID.. C73FD43B-93A9490G8OCF.7666E46994CD BALCARRES HERITAGE TRUST LIMrrED REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS COUNCIL MEMBERS AND ADVISERS FOR THE YEAR ENOEO S APRIL 2024 Councll m•mb•r¥ The Earl of Crawford N J Barker The Hon R J Eliott SPWe The Ead of Wooll Dr W Zachs Company r•glst•r•d number 02101229 Charty r•giSt•r•d numb•rn 296786 and SC039480 R•git•r•d offic• clo Charles RLmell SFeethlys LLP S Fleet ￿8¢e London EC4M 7RO Company B•cr•tary SPWeil Ind•p•nd•nt audltors Sumer Auditco Lwnited Chartered Accountants 14 City Quay Oundee OD13JA Bnk•f• Roy818ank ol Scotland 23125 RO$￿y￿ Street Kifkcaldy Fife KY13HW Soll¢ltor4 Chartes Russell Speechtys 5 Fleel Place London EC4M 7RD Inv••tm•nt Manag•rn James H8mto & Partnws LLP 45 Pal Mall London SWIY 5JG Page 1

Docusigrb ID.. c73F04￿93W￿F.7660E46994C0 BALCARRES HERITAGE TRUST LIMtfED COUNCIL MEMBERS. REPORT FOR THE YEAR ENOED S APRIL 2024 The Counc￿ members yesent their annual reFNt tC3elher the audite(I finaniual statements ol the charitable tompany for the year from 6 April 2023 to 5 Aprl 2024. The Annual report serves the purposes of both a council members. report and a d￿eCtorS. report under cc¥npany law. The c4yJnal members confirm that the Annual report and f￿an￿81 stslemenls of the ¢haritsbfe wnpany (X)m￿Y ￿th Ihe current statutory requ1￿MentS, the requirements of the charita￿e cLvnpanrfs goveming ¢knument and the provisions of the Statement of Recommended PraCt￿e ISORPI applicable io charities prepamg Iheir accDunts in ac£ordance wlh the Financial R&porb"ng Stsndard ap￿1¢able in the UK and Republi¢ of IfelaNI IFRS102) leffecb"v8 l January 20191. Since the charitsble company qualifies as small under seth.on 382 of the Companiès Ad 2006, the Stralegic report fequiied of medium aThl large o)mpanies under the Cotywanies Act 20C6 {strateg￿ Report and Direclors, ReFJtl Regulations 2013 has been omitted. . khl•v•m•nt• and p•rfonnnc• In pursult of promoting the advanc8m8nt of th8 arts. heritage. and culture. Ihe Charity has king upheld a policy of making ils colleclion ol athvorks, books. and papgfs more a¢￿$s1b1¢ to the public. This is achieved through long-lem loans and lemp¢xary exhibitions organised by nabonal and wivate institulions. The ongoing loans of numerous paintings to the Nab"onal Gallery ol S(x)Iland remain a key part of this inili8b'v8. The Tru51ees would Ilke to express their sincere Ih8nks lo the DKeCtc￿S and staff of the NaI￿al Galleries of ScLJlland lor their ¢Jedicaled stewardship of these inv8lu8bl• assets fof en8Ufkng they are made available to the publlc. fr80 of charge. Similarfy, the Natlonal Llbrary of Scolland INLS) serves as the guardian of the Ch8￿￿$ printed and manuscript collections. The Trusiees are deepty gra￿lu1 to the Directots and staff of the NLS for th6ir unwavering corrrfntlment lo preserving and maffttaining If￿ Imp￿￿nI resources. For a month beginning on 23id June 2023. the Charity loaned Go￿'S Los Caprichos to the Royal SrLJttish A￿demY IRSAI lor their exhibib'on Reveal. Tr* exhitstion was a resounding $ucc8ss. attracling over 52.000 Visitors. Addilionally. the Natsonal LilNary of s￿land INLSI FAayed a key role in makTrng Shake$peare'$ First Fol￿ availablo lo a grtrjp of collector5. fvjrther contr￿￿tIng to the accessitmlty of important cukural Works. Since 2012, the NLS has made rts Collecti￿ of 'later' Ipost-17001 English ballads accessible through the Digital Gallery on their website. Usage ststislics inth.cate a cg)nsistent level ol interest in this collection. with 16,489 pageviews recorded between April 2023 and Marth 2024-an 8% inugase ￿MPare(l to the wevious year. The Cfawlord Miscellaneous Broadsths were made avaiiqble ¢)n Ihe NLS Wrtal Gallery m181e 2018. During lfie reporting period, the ￿leCtIon gamofed 5.1165 pagevi8ws. reflecting a ￿ increase ovgr Ihe prev￿US year. These images are also ac¢essible ihrough the Europeana ￿afforrn as part of the NLS'S contribution to Europeana's Rise of Liloracy woject. whlch ran from 2017 10 2019. In ¢ontrasl. the doital versicffj$ of the late 19th- and earfy 201h<enlury printed Cataloyues of the Crawford cdleclions saw 2.383 pag8Vi8ws. represenkn.ng an 8% deckne c(Mnpored to the prewous yoar. The manuscript ¢olle¢tions have cffitsnued lo be a vakjable resource lor academic research. This year. Ihe NLS recorded lis second-hKJhest number of research enquiries sKKe 2018. Notable projects indude the ongoing Work ol Dr Luke Gartlan. Senior Lecturer in Art History at the UniveNty of St Andrews. who is researching Julia Marga￿t Cameron an¢J Sr Coutt5 Lindsay. On 2nd FebnMry, Dr Gartlan delivered a paper entiued "Lindsays al Balcarres and Photographls Matemal EdUCatr￿S. at Ihe Rethinking ViGlonan ￿ed￿scape5 syThp05ium held by Ihe School of History al St Andrews. His tslk focuse(l on the wcrfnen of the Linosay family a¢ros$ three generalK)ns and Iheir engagement wth pholography. as revealed thrcyjgh personal correspondence in the Cravhor(I muniments. Page 2

Dow"Jn Elw￿0￿ ID.. C73F043&93A949DC4OCF.7666E46991CO BALCARRES HERITAGE TRUST LIMITED COUNCIL MEM8ERS' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 {contlnuedl Other distinguished SCho￿rS indLKle Greg Clingham. Emwiius Professor ol English and Director of the unive￿Ity Press at Bucknell Universty. Pennsfvania. who cthts.nued his rese¥th on Ihe personal papers of Lady AJ)ne 8amard for his book project. lentstivdy b"tse11 'The Caplwated Eyg"" Lady Anna LuNsay Bamard. Art and Archiv8 tn Lat8 Ewhte•nlh-Century &ilain and the Cape of Good Hope. Kirsten M¢Kenzie, Professor of Histw al the Unrlefsity of Syjney, undertook sctylNJ research on the personal papèrs and correspondence of the children of James ￿.ndS3y. 5th Eart of Balcarres. in preparatK)n for a rnajor research grant applution to the Australian Researth Cound. Professor McKenzie's research examines the global impacl ol the transition from the fir51 to second 8rib.sh èmpires {17￿18301, viewed through the eyriences ol ari51wab"c famil￿￿. Chisa Mizobuchi, a Masters student in A￿an History at the Univefsity ol Tokyo. tonsulted the pèTsonal papers of Robert Lindsay 1836185 parl of her dissertab.on research on the disseminatK)n ol scientific knowledge about elephants in the Brilish Empw8 durir¥J the 1h century. These 8re just a few examples of the imFrfJtsnl and vaned research prqects that t￿ Charity has fadlllated. with thg invaluatAo a89$tsn￿ of thg NLS. During Iho year. the Charlty had the pleasure of ho$b'ng distinguished uvoups Irom around the world. including members of the Grolief Club from New York, the Am￿lcan Horticultural Society, Ihe Patrons ol tha London Llbr8ry. the Almond Val￿Y HOrtIc￿ltUral Soc•ety and the P81rons of Kunslhislonsches Museum In Vlenna. b. Futur• •ctl¥ltl Looking ahead, the Charity has comrritled to making an a¢SJitional h)an of 59 books to the N8tson81 Library of Scollan¢J. with cfjnlracts lo be drawn up under Govemmenl Indomnty co¥er. A now L08n ￿eement wim bo issued. wis¢4idJ'ng all of Ihe Chariws existing k)an$. Addilionally. the Charity wil undertake the ffjnovalicffj of of its 1¥8stmenl properlies lo •nsure full complianc8 wth ￿rrent regulations. Aehl•¥•m•nts and p•rforni•n¢• Flnanelal r•vl•w •. Golng eone•m Aftor making appropriate enquiries, the o)LwI members have a rea$(￿aL￿O exFrflatw that the charitable company has adequale ￿sourceS to continue in cperaticfflal existence for the foreseeable future. For this reason. they conbnue lo ad¢Jpt the going GOn￿M ba￿S in preparing the finanual stalemenls. Further tjetslls 98rdin9 Ihe adoplp)n of the wing concm basis can be Iwnd In t￿￿ acc))unting w)liues. Page 3

DotrJ"$vJn Erbvthpe ID.. C73FD438.93A94W8CtF.7e66E46934CD . BALCARRES HERITAGE TRUST LIMrrED COUNCIL MEMBERS. REPORT ICONTINVEDI FOR THE YEAR ENDED S APRIL 2024 b. R•$•r¥o$ pollcy There is no reseThes rxSi¢y as the Trustees bdieve it is not r￿￿ary to have free cash reserves available. This is due to the high levels ol cash rna￿tained in Ihe endowment (und. JI incoming reswrces of Charity are indudad in th8 unrestricted genèral fvnd th8 Jear. The principal sources ol income arise from investment income in respect of divhyends. rentsl and from donations. Total inccffiing resources of £408,759 {2023- £252.6691 have been received in the y8ar. Total resources expended in the year are £403.754 12023 - £432,979). These are prmarity induded in unrestricted general funds. ex¢xpl for wivestrnenl man8gement lees, ¥thi¢h fomi part of the expend8ble endowment fund. Cosls of gerkeratsng funds also indude direct costs aSs￿lated wf(h let prop8t1y held lor Inveslmgnt purposes in the yaar. Costs of charilable acliviiies of £351.54712023- £263,089) include thg costs of running and preserving Balcarres ￿(￿se and ¢ettsin olhef prope￿.&5 used in fvrtherance of the charrtI5 obJ'ectiv8s. The charivs investmènt policy is lo hold lunds in a medium risk strala9y in order to achieve a balance of income and capital grovAh but free from the imposition of Wr￿al or ethical constraints. Ov8rall the net movement kn lunds was 8 surplus of £497.55812023- £466.621 d8fKitl, resulting in unrestricted ftlnds of £466.800 {2023 - £457,483) and exFendable endowment fvnds of £7.154,47012023 - £6,666,229) al the year end. Stru¢tur•, gov•rn•nc• Ind m•n•g•m•nt •. Con•titullon The company, vthl¢h Is a rocognised chanty in Scoiland and In ErwLgnd and Wales. is wislered as 8 ch8rf18ty9 ompany limiled by guarantee and was set up by a Memorandum ol Asswab"on on 1810211987. Each m8mbef guarantees the charivs h'ats'libes to tm exlenl of £100 in Ih? ovont of tho tharty winding UP. The charity. which is a recognised charity in Sts)tland. Is o)nslrfuted undw g Memorandum of Assoc4atknn dated 1810211987 and is a registe￿￿ clwrty number 296766. b. M•thod• of appolnlm•nl or •l•¢¢lon of ¢oun¢ll m•fflb•rs The management and overll Strategy of thg charity is in the hands of Ihe C(yJncil members. Council membars are appointed by the existiThJ Council such that the number of members of Council wil no be less Ihan 5 or more Ih8n 8. Council members hold oifi¢e Until Ihe sixth Annual Gen9ral M¢¢ting folkming lh￿r election or re election. Whilst Ihefe is no lom)al training or induction w(￿•S$ in place. ihe thjnal W￿￿5 within Ihe guid¢ling$ of tha Memorandum and A￿'deS of Association. The day lo day 8dftlnbstra￿n of t￿ tharity b undertaken by Lc￿d Crawford. a ¢)Jrrenl Council member. c. Risk management The Counul members have as8essed the Ma1￿ risk$ to 71thith Iho charity is exposed. in particular those related lo the oper8ti(xts and finances of the charity. and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The risks relats'ng to the investment [￿.0 have been wlined in the Jam8s Hambro & Partners LLP portlolio report. Page 4

DrKu8n En￿k)p@ Kl.. C73FD43&93A94W80CF.7666E46994CD BALCARRES HERITAGE TrUST LIMThED COUNCIL MEMBERS. REPORT {COIITINUED) FOR THE YEAR ENDED S APRIL 2024 Stat•ffl•nt of council m•mbers' respon$ibilltle• The council members (who are also Ihe dYectrKs of the chartsble c>)mpany for tr purposes ol company law} a￿ responsible for preparing the C(xJn¢d members, report and the financial statements in accordance wilh appI￿a￿le 18w antj Unrted KingJom ACc￿ntil￿ Standards Iunrted ￿'￿9d￿n Genernlly Attepted Attthjnting Practice). Company law requires the council membws to prepare fm8neial statements lor 88th financlal . Under company , Ihe council members musl r￿1 apwove Ihe finan(￿al slalements unless they arg Satisf￿ that they give true and fair vw of the stste ol affairs ol the charitsble company and of its incoming resources and application of resources, including its incoff¢ and expendilure. lor that pericJ. In preparing these financi81 statements, the ctyJn¢il members are reqund to.. select sultable 8ccountkng W6o"es arnl then awy them ¢￿s1$tendy.' obsèrve the meihcJs and prinuples of thè Charititis SORP IFRS 1021: make judgments and accountin9 e$limates that are reasonable and prudent: stale whether 8pFAIca￿0 UK AcLy)unb'ng Standards IFRS 1021 have been Ic4lowed. su'ect to any matgri01 departures disch)sed and explained in thè finantial statements,. prepare the financial stements on the going concem basis unless il Is knapwoprigte to presume that the ¢harflable comp3ny WIN conllnue In buslness. The Mem￿15 8r• resp)nsible for keepn9 adequate accounting r¢cuds that are sufficient to show and explain charitable companls transactions arKI disdose Teasonable accuracy al any tsme thè financial position of the ¢hariiable Conwany and enable Ihem lo en6Urt that Ihe financial stalemenls comply ith th8 Companies Act 2LI)6. They ale also re$F¥)ns1b￿ lor safeguarding the assets of ihe charrtable company and hence for taking reasonab￿ steps the prevention and deieditin of fraud and othèr irregularits'es. Dl•¢lo•ur• ol Inlorm•tbon to •udltOT• E8ch ol the persons are r￿n￿l membefs at the tyr thig Councl members, reF￿ 1$ 8pprov8d has confirm8(J that: so lar as that ¢cMJncil member is aware. there is no ￿levant audit i)formalion of vthich the ch8rWs auditors are unaware. and that council member has tsken all the steps Ih8t Qught to have been laken a$ 8 council meml)er in order lo be awa￿ of any relevant audil in10m￿tIOn and to eslabli8h that the chantvs auditors are aware of that fomiation. Auditors The audltors, Sumer Auditw Limiled. havg indi￿le￿ tr￿lT wllingness to continue in office. The designated council members will propose a motion reappoinling the audrtors al a meetirvJ ol the c¢JJncil members. Approved by fxder of the members ol the bowd of counryl members ￿ 28 Noveml)er 2024 and signed on their behalf by.. Th• Earl of Crawlord and Balearrns SPW•il Page 5

O¢xuswn Envoiwe Io.. C73F0438.93A94W8DCF.7666E46994Ct) BALCARRES HERITAGE TRUST LIMttED INOEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF BALCARRES HERITAGE TRUST LlhllTED Oplnlon We have audited the finanual ststements of 8alcarres Heritage Trust Limiied Ithe 'chawitable company) for the year ended 5 Awil 2024 which comprise the Slatement of finanual a￿l￿ties. the 8alance sheet, and the related notes. induding a summary of significant acC￿n11ng wlKies. The finanaal reFYting framework Ihat has been applied in their prepar8b.on is applicable law and United Kingd¢)m Accounting Slandards, induding Financial Rep¢rtin9 Standard 102 The Finan¢h?l Reporting StaThJard appl￿b￿ in the UK and Rewbli¢ of Ireland. (United lQ'ngdom Generally ￿p1￿￿ Accwnting Pradice). In our opini¢)n ts financial statements.. give a tnje arKI fair view ol the stale of the charitable ¢xImpan￿5 affairs as al 5 Aprd 2024 an¢J of ils incoming restyJrce$ and applIcatw￿ of resourc•$. indudirvj s income and exp8nditur8 for the year then ended., havo been proporty weparod in acc4ydanc• United KiNkni Generaly Atcopted AcC￿ntIng Practice.. and have been preparfjd In aCcOrdar￿ with the requlroments of Ihe C¢)mpani88 Act 2￿)6. Ch8rllles Act 2011. the Charities and Truslee Inveslrwil ISo)Ilandl Act 2￿5 and 8 of tho Charities Ac£ounts {Scolland) Regulations 2006. 8••lB for oplnlon W8 conducted our audit ￿ actsxdanee W•ith Intematw)nal Stsndard$ on AudiliNJ IUKI IISAS IUKII and applicable 18w. Our fesponsits'lities under Ihose standarfs are fvrther descrtbed in the Audilors. respM)nsibilities for the audit of the finanual stat8ments section of our rem. We are indep8nd8nl ol the charitable company in accordance th the elhic81 requirements that are relevant lo our 8udrt ol the f￿anCial Statements in the United Kingdom. Indu¢Jing the Financial Reporting Coun¢il's Ethical Standard. and we have fvlfilled our other ethical sponsibilities in accordance these requirements. We believe that the audit ewderce we have ¢)btsSned Is 8ufficienl and apprqyiate lo pro¥ido a basis for tyJf wnion. Concluslon• rnlatlng lo golng ¢onc•rn In 8vdiling the fnanual statements. hav• ¢ty￿ded thal COU￿11 memb8rs' of the going conram ba$l$ of accounting in the Fwr8t)n ol the finarKlal Statements is apprwale. Based on th8 work we have perfomied. have not Jentified any matèrial uneertainlies relating lo events or conditions that. individually or collectively, may Casi significant ¢Joubt on the chantsble companls ablllty lo continue as a gowi9 concem for a penoo of at ￿ast tr*elvg M￿1hS from vth8n Ihe financial statements are authorise£l for issue. Our re$ponsibditios and the rgsponsibilits$ of the members ¥•ith respect to ￿Ing eoncern are described in the ￿e￿an1 sections ol this repNI. Page 6

D(￿51￿ En¥obp810.' c73Fo4￿93A94S0C.OtjcF.7666E￿699¢CD BALCARRES HERITAGE TRUST UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED ICONTINUEDI Other intorniallon The other infomwkn'on comprises the inftymation inckjded in lh& Annual rep)rt other than Ihe finan(ial statemen15 and our Auditors. report thereon. The council members are respOn￿￿e the other infomialion contained within the Annual report. Our opinion on the finanaal slatements doe5 noi cover Ihe other infomation and. except to the extent otherwise ewiciuy stated in our rep￿. we do not express any fomi of asstsrance conclusion thereon. Our responsibility is lo read the other infom)at)n and. in S)ing so. conshjer vthether the other information Is materially inconsislenl wilh the finanaal statements or our knowledge obtained In the ctyjrse of the audit, or otherwise appears ￿ be materially misstated. If we thnlify material in¢￿sisten￿￿$ or apparent malerial mlsstatements. we are required to ¢Jetemin8 whether this givos rise lo a matwial misstatement in the financial Statements themselves. If, based on the work we have performed. we condude th81 there is a m8teri81 misstatement of this other infomwkn. we are required to reFrf that fact. W8 have nothmg lo reptht in trws regard. Oplnlon on oth•r m•tt•rn prMcrlb•d by th• Comp•nl•s 2006 In our ￿Inion, bas•d on th• undertaken in the course of Ihg oudit.. the information given in the directors. report, prepared lor Ihe purposes of company law and included wllhin Council members, report, lor finanoal year for which the financial statements are prepared is eonsi5tenl with the finanu•l statements. tho directors. re[￿. indudgd wthin Ihe Cr￿n￿l memt•rs' ropL¥t. has beèn prepared kn accordance wilh aP￿1¢8b18 legal ￿quIrements. M•tt•rn on whl¢h w• *r• r•qulr•d to r•port by •x¢•ptlon In Ihe light of our kntr•Aed9e ano understanding of the charilable company and its 8nvifonment obiained in th course of the audit. have nol identified material misstatements in the Council membets. report. We have nothing to report in respect of th8 lollowing matters in relation lo %thi¢h Corrwnies Act 2Crt)6 and Ihe Charities Accoun15 {Scolland) Regulabons 2￿ las amended) wuire us lo rewl to Y￿ if, in our opinion.. adequate accounllng rewds have not been kepL w relums ad8quate for our audit have not bèen T&￿Ved from branches not visiled by us., or the financial statement$ arg not in agf8ement with acc4Juntiro T￿)rdS and retums: or certain disdosvres of ¢0￿ClI members. remurw8tK)n specified by law are no¢ mado.. or we have r￿t received all the information and explanations we require for our audit: or the counol members weTr not entiljed to P￿Pa￿ the financial stalements in accordance ￿th the small companie5 ￿gime and take advantage ol the small C¥)mp3nies' exemptions in preparin9 the directors reF￿. indud¥d vth'n the Crxmd member¥. repryt. and from Ihe requirement to prepare a Strategic Page 7

Ottulign ETh￿k)Pè ID.. C73FD4￿93Ag49D￿IQcF.7S￿6E1699IcO BALCARRES HERITAGE TRUST LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED ICONTINUEDI Rosponsibllltles of trust••s A8 ex￿alne￿ more fijly Mi Ihe coun¢￿ memtws. f8SF￿￿9￿.1￿"eS stslement. the councl memtsrs l¥tho are also the diredors of the charilatAe Company for the purposes of ￿MpanY lawl are iesponsible for the preparatson of the financial stalements and for being satisfied that they give a tnje and fair view, and for such Intemal control as the ￿￿ne11 members determine is ne¢ess8ry to enat4e the yeparatKJn of financial statements that are free from material misststemenl. vthether du8 to fraud or errry. In preparing the finanoal $tments. the c<NJnal members are responsible for assessing the chartsbl8 ¢ompanls ability to continue as a going c(¥￿M. disclosing. as applicable. mattets related lo g&ng concem and using the goin9 ¢oncem basis of aCc￿nting unl¥ss lh ¢oun¢il members eithei intend to liquidate the charitable company or to cease operaticrts. or have no realistic altemats've tsjt to do so. AudFtor•' rMpon4ibllltl•s for th• audlt ol th• fiTranc5al •tat•m•nt¥ We have been apwnle•J 88 a￿li10r under SeC￿n 4411Mc) of Charllw and Tru$loe Irweslmenl (Scotlandl Act 2005 and under the Companie$ Act 2006 and rgpm in accrydance th& Act and rekvanl regulation$ made or having effect thereunder. Our obje¢¢ives are lo obtsin rasonable assurance at￿11 whether tts financial sts1gment$ as a whole are free from malerial misslatement, vthethw due to fraud or erTor. aTrJ to issue an Auditors. report that includes our opinion. Re8sonaOl8 assurane is è h￿h levd of assufance. tr￿1 is not a guarantee that an audil widuded in accordance with ISAS IUKI wll detect a material misslatement when it exists. Misstaiements can aris8 Irom fraud or error and a￿ considered malewial if. indiwdually or in the a99￿gate, Ihey ¢￿Id re8son8bly bo expected lo Infiuence the economlc declsions of Use￿ taken on the basr& of Ihesg financial statements. Irregularities, indudirwj fraud, are instsnces ol non<0mpli¥￿ with ￿w$ and regulation8. We design procedures line with our responsibilities, ouuined above. lo detect material misslatemenls In resped of irregulariti'e8. i)duding fraud. The extent lo which procedLJres are capaNe of detect￿￿ I1￿9￿larItI￿S. including fraud is dètailed bg1w'. We gained an understsndin9 of the legal and rggulatory framewort applicable lo the charitable company and the dustry in which it operates. and consKlered the risk ol acts by Ihe rKJrrpany Ihal were eonlrary lo applicabl8 laws ènd ￿gU18110n$. including frau¢J We designed audit procedures to respond to the risk, rewnisin9 Ihat the rlsk of nol dfjled￿g a malgfial misslatement due to fraud is hyher than Ihe risk of not detecting one resulting from error, as fraud may invofve deliberate cOn￿alMen1 by. for exam￿e. forgery LY intentional mistalement due to fraud. We focused on laws and ￿Ul3￿0n$ which c£Juld give rise lo a mat*rbal misstaloment in the financial statement5. induding, but not limited to, Ihe CharIt￿S and Trustee Investment {Scollandl Act 2005 and UK tax legislation. Our tests induded agreeing the financial staternent di5ch)sures io underfy'ng supptjting dolwmentstlon 8nd enqulries with Manag￿ent. A hjrther description of our reS￿31￿.1￿.eS for the audit of the financial slalements is avaiLgt4e on the Finanual Reporting Council's websrte al: wwv4.frc.org.uUaudilorsresp)nwbilities. This deKriptk)n forms part of our auditorf$ rep¢)rt. A furth8r d6￿PI￿?n of our resp(￿￿bi￿tsS for Ihe atsdf( of the fmanC4￿ statements i¥ k)ealed on th6 Financial RepM)rting Council's website at.. www.frc.o .UkJaudii￿SreS nsikn'l￿e3. This des￿1p1￿)n foms part of our Auditors. report. Page 8

Dtieustyrb Envdopo ID.. C73FD43B-93w￿jc-8r￿F.7c￿6ElS9YlC￿ BALCARRES HERITAGE TRUST LIMtfED INOEPENOENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE'TRUST LIMITED (CONTINUED) Us• of our r•port This report is made ¥olely to tr￿ tharitstAe coMpan￿S members. as a bc#ty, Mi aetordanee with Chapter 3 of Part 16 01 the Companies Act 2C(6. and to the charitable u)mpan¥s trustees, as a b(MJy. in accordance with regulation 10 of the Charities ACC￿Unt5 Iswllandl RegulatKM)$ 2006. Our audit work has been undertaken so that we might state to the chantable conwn¥s members and council rnernbe￿ th)se matters we are required lo stale to them in an Auditors. report and lor no other PUT[￿. To the fullest extent permitted by law, we do not a¢¢epl or assume responsibility to anyone other than the tharitable ts)mpany and ils memb8rs. as a body, I our avdil work. for this repm. or fty the ow1c￿$ we have I￿l￿d. ••E•IEUFD11431 Oougl•$ R•• fS•nlor ststulory •udltorl lor 8nd on behalf ol Sum•r Audlt¢o Llmlt•d Chartered AccLJunlants Statutory Auditor$ 14 Cty Quay Dundee D013JA 28 November 2024 Sumer AL*litco Limited are elwaible to acl as a￿lt015 Wi lems of 8eclion 1212 of Conwnies Act 2006. Page 9

DocusNTh En¥￿ap* ID.. C73FD43&93A94rnF.7666E46994CO BALCARRES HERITAGE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNT) FOR THE YEAR ENDED S APRIL 2024 Endowmonl Unr•strict•d funds fundg 2024 2024 Total funds 2024 Total fiinds 2023 Note Incomg and •ndowm•nts from: Donations and legacies Charita￿8 activities Investmènts Other income 189,746 16,949 18S,69S 16.369 189.746 16,949 185,695 16,369 58.379 175,658 18.632 T¢)tal Incom• and •ndowm•nt¥ 408,759 408.759 252,669 Exp•ndltuwe on: Raising funds Charitable activities 40.776 11,431 351,547 52,207 351.547 169.890 263,089 Total •xp•ndltur• 40,776 362,978 403.754 432,979 W•t l•xpenditur•llln¢¢m• b•lorn n•t g•lnslllos8••1 on inv•stm•nts Nel galnslllossesl on investments 14•t mov•ffl•nt In fvnd$ Wor• oth•r r•cognlMd galn•lIlo•￿J) {40,T161 529,017 45,781 {36.464) 5,005 492,553 (180,310) (290,554J 488,241

.317

497.558 (470,864J Oth•r r•¢ognls•d galnsllloss•sl: Gains on revalualirm ol fixe(1 assets 4,243 N•t mov•m•nl In fund 488.241 9.317 497,558 (466,621J RKoncllltlon ol lunds- Total funds brought I(￿•[d Nel movement in funds 6.666.229 488.241 457.483 9,317 7.123,712 497.558 7.590,333 (466.621J Total lund• carrl•d fonward 7.154,470 466,800 7.621270 7, 123, 712 The Slatemenl of finan¢ial ac11vit￿$ incknles all 98ins and losses re¢wisod In tho year. The notes on pages 12 to 24 fomi part of these financial statements. Pa9e 10

D￿U$v3￿ Envew ID.. C73Fo4W93A94￿C￿oCF.T666E46994co BALCARRES HERITAGE TRUST LIMITED REGISTERED NUMBER: 02101229 BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Fixed ass•ts Tangib￿ assets Heritage assets Investments 10 306,277 109,862 7.154.470 339,404 109,362 6.666,229 12 7.570.809 7. 114.995 Currnnt ¥•••t• Debtor5 Cash at bank and in har•J 13 81,656 3,520 43.743 9.696 85,176 53.439 Creditors.. amount$ falling due within year 14 (34.5151 (44, 722) Not curr•nt •ss•ts $0.661 8.717 Tot•1 a$••ts l•vJ ¢urr•nt Il•bllltl•s 7,621.270 7, 123, 712 Tot•1 n•t •s••t• 7,621,270 T. 123, 712 Charfty funds Endowment lunds Restricto(I funds Unreslrlcted fund8 7.154.470 6,666,229 457,483 Total lund• 7.621,270 7. 123, 712 The counul members acknowledge thwr reSp5ibl￿tIes for wmplying with the requiomenls of the Act with resped to accounting rec￿￿$ and preparalh)n of fin￿181 ststements. The fin8noal slalements have been wepwed ni accordance 7Mlh the provisions applicable to entities sutyect lo the small ￿nPanIeS regime. The finand stalemenls were approved and aulMr1￿ for is8ue by the councAI Membe￿ on 28 November 2024 and signed on their behall ty. Th• Earl ol Crawford and Balcar SPWeil The rths on paps 12 to 24 f£￿ part ofthese financial statements. Page11

Docusign io". c73FD43&93WgCC40CF.7666E46994CD BALCARRES HERITAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 G•n•rnl inl<)rnialion Balcarres Heritage Trust Limited is a company limited by warantee. incorporated in England and Wales under company number 02101229 and having its registered office al 50 Broadway, Weslminsler, London. SW1H OBL. The prwiopal ¢)perating location is Balcarres Estate. Collnstwrgh. Fife. Balcarres Herilage Trusi Limiled is also a registered charity, registered in Engla1￿ aThJ Wales ￿th chanty number 296766 and in ScoUanL1 tharity nurthr SC039480. A¢¢ountlng pollcl•s 2.1 B•$ls of pr•p•r•tion ol financlal stat•m•nts The financial slalemenls have been ￿pared In a¢cutsnca with the Charities SORP IFRS 1021- Accounting and R8ming by Charilies.. Statement of Recommended Practice applicable to charities eparin9 their aetsJJnts in acctydarKe Ihe Finan081 Reports'ng Standard applicatle in tho UK and Republ￿ of I￿18nd IFRS 1021 leffodive 1 January 20191, the Financial Reporting Slan¢Jard awli¢abl8 in the UK arKI Republic of IreIar￿ {FRS 1021 ènd tho Ctynpanies Act 2006. Balcarres Heritoge Trust Limited meets Ihe der￿ltiOn ol a public benefrt entity under FRS 102. Asset$ and liabilities are initialy recognised al trustorkal C•)St or transacti¢)n value unlgss otherwise staled in the relevant a¢countin9 poItCy. 2.2 Incom• Al Incor￿ 1$ recogniyed once Ihe caritabfe o)mpany has entillement to the income, bt Is probable that Ihe inccme ￿TrI be recelved and th anN￿nI ol receivable can bt measured reliably. The recogniti￿ of irwme from legacies is dependent ￿ eslablishry entitiement. the wobability of receipt and the atylty lo estimate wrth suffiaent accuracy the amounl receivable. Evidence of ontitkment to a legacy exist5 when the charitable Cp)mpany has sufficienl evthnce Ihat a gift has t)een left lo them Ithrough knOW￿ge of the exislon¢e of a valid wll and Ihe death ol the benel8ctorl and the executor is satisfied that the property in qUest￿n wll not be reqUI￿d to S8118fy claim$ in tha estate. Receipt ol a legacy musi be recognised rt is probable that it wll be received and thè fair value of the amcrtjnl ￿e81Vable, whld) will generalty be the eXFeCted cash amount lo be dislrlbuled lo the charita￿0 company. can be reliably measured. 2.3 Exp•ndltur• Expendrture 15 reccgnised once there is a legal LY ¢on$truthe obligation to transfer economic benefll lo a third party, rt is probable that a transfer of economic benefits will bè required in settlement and amount of Ihe obligation can be measured reliably. E￿endIture is das$ified by activity. The costs of each acliwty are made up of the totsl of direct costs and shared cosls. induding support costs involved in undertaking each aciivity. Direct ¢ost$ attributable to a single activity 8fe all￿al8￿ directty to that acb'wty. Shared costs vthith ojntribute to more than one activty and support costs which are not attributable to a single acti￿ty affj apFQrtioned be￿n those activities on a basis consistent with Ihe use of resource5. Central staff ¢x)sts are allxated on the basis of time spent, and depreciation charges aHocaled on the F#yb'on of the asset's use. Expenditure on raising fijnds indudes al expendIlu￿ incurred by charitable company lo raise funds for it5 charitsNe wrwses and includes costs of all fundraising activities events 8nd non- charitatile trading. Expenditure on tharitable activitses is wKurred on diredly undertsking the aCtivitK￿ ￿lch further Ihe tharitsble companls obJ'ective5, as well as any ass(xiated support costs. Page 12

tJOtii$WJn Ehvèw ID.. C73FD43&93WgW-8CKF.7666E46994CO 8ALCARRES HERITAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 5 APRIL 2024 Accounting Polici￿ (continu￿) 2.4 Tangible fixed assets and d•prnciatlon Tangible fixed assets costing £NIL or more are capitalised and rocc•3nised when fijiyre economic benefits are probable and the c051 (¥ vakje of Ihe awt can be measured reliabty. TangitrAe fixed assets are initialty recognised at cost. After re¢ognitK)n, under the cosl model. tangible fixed as5els are measured at cost less atsxjmulated depreciatvjn and any accumulated imp8irrnent losses. All costs incurred to bring a tangitA8 fixed asset into its intended W￿rkIng cthditK)n should be included in the measurement ol cost. Oepreclatlon Is charged so as lo aMocat8 the cost ol tangible fixed 888els less b)ev residual valuo over thwr ests'mated useful lives. OeprecbgtKffl 1$ wovwJ8d on the ft￿o¥wn9 base5: Land & budding$ leasehold Straight line basis over the lern olloase {eXp￿S 20371 Straight line basis over thè rtmaining lemi of the leaso (expire$ 20371 20% Straighl Line 25% Reduc4ng Balance Tenant's imwem8nts Pl8nl and ma¢hinery Motor vehides 2.5 H•rltsg• •*MI• Where hent8ge assels have been purchased. they are ￿llIallY recognisèd al eosl. After recogni1￿n, under the cost mc4Jel. herita99 assets are mgasLtrred at cost less any acojmulatod depr8cialion and any a¢¢umulated impai1vr￿t k>s$￿. At each reporting date the d￿rilab￿ company assesses whether there Is 8ny ￿dIcatIOn of Impairment. If sud) indication exists. the recovefable amounl of the asset 1$ determined to be tha higher ol its faif vahJg bss costs to soll and its value in use. irnpaimenl loss is reco9nised where the c4rryirvJ amc1￿1 excwds the recoverable amount. 2.6 Inv•stm•nt• Fixed asset invesknents are a form of financial instrument and are initi'ally recg)gnlsed at their transaclion cost and subsequenuy measured èi fair value 8t the 8al8nce sheet ¢Jate. unless the valué cannot be measured reli8bly in w￿h case rt 1$ m￿sUre￿ at cost less impairment. Inveslmenl gains and losses, whether realised or unrealised. are comtmned arNI presenled as 'GainsllLo$$esl on investments, in the Ststement ot financial a¢￿￿ties. Investments W a$ fixed awt$ are at tsjst less provision tr in4)a1rff￿l. 2.7 Debt¢ Trade and other debtors are recognised at the Sett￿ment amounl after any tr8¢Je discount offered. PrepayTrents are valued at the amount prepa#J nel of any trade di$￿￿nts due. 2.8 Cash at bank and In hand Cash al bank and in hand indudes cash arK1 short-term hNJhly liquid investmenls with a short malurily of three Fr￿th$ or ￿$$ frw the date of acqwsib'on or opening of the deposit or &miLw account. Page 13

Pmi5pJn En¥ebwe ID." C73F043&93W90C-8CKF.7666e46991CD BALCARRES HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ' FOR THE YEAR ENDED S APRIL 2024 A¢￿untIng polic1￿ {Condnu￿) 2.9 Liabllities and provisions Liabilities are recc¥Jnised there is an obligat￿n al the Balance sheet date 85 a resum of a past event. rt 15 probable that a Ir8n51er of econom￿ b8nefrt will be required in settlement. and the amount of the settlement can b¢ estimated ￿lIablY. Liabilities afe rec(wised at arrhyjnl that It cknritable rAnp8ny antKipales il will pay lo settle the debt ¢y ts arr¥)unt it has r￿e1Ved as advanced payTrents for the gx*Js or services il must provide. In¢offl• from don•tlon¥ and l•gacS Unr••trl¢tsd lund$ 2024 Tot•1 funds 2024 Total funds 2023 Donatlons Tho Library Companlon BalCa￿eS Eslale L•gacl•$ Thg Lale 29th Earf of Cravh(ffd 15,0fy) 15,000 174.246 174,246 189.746 189.746 Inv••lm•nt Incom• Unr•strlct•d funds 2024 Total fund$ 2024 Rent and ser¥ice charge UK li$tod Investments F￿e1￿ listed investrnents 62,167 41.928 81.600 62,167 41,928 81,600 185.695 185,695 Page 14

Owislgn E¢wdtW ID." C73F0438.93A949CK4DCF.7666E46994CD BALCARRES HERITAGE TRUST LIMITED NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investm•nt in¢om• {continu•dl Unrnstncled funds 2023 Total funds 2023 Rent 8ntJ seNice charge income UK listed investments Foreign lisle¢J investnnts 65,230 57.098 53,330 65.230 57.098 53,330 175,658 175.658 Oth•r IncomSng mourc•s Unr•8trl¢t•d lunds 2024 Total lund 2024 Singlo fami poyment Mlscellaneous income 14.769 1,600 14.709 1.600 16,369 16.369 UnfgStfl¢ted fvnds 2023 Tol41 funds 2023 Single fami payynont MiscellaneoLJS incLJme 14.919 3,713 14,919 3, 713 18.632 18,632 Inv•stm•nt fflanaqem•nl costs Endowm•nl Vnrnstrlct•d lunds funds 2024 2024 Total fund$ 2024 Investment management fees Investment propety insurance Investment property repairs 40,776 40.776 1.615 9.816 1.615 9.816 40,776 11.431 52.207 Page 15

Docu*gn Envgwg IO.. C73FD4￿3Ag49L￿￿[￿F.7666E48994CO BALCARRES HERITAGE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS ' FOR THE YEAR ENDED 5 APRIL 2024 Inv•stment manag•m•nt costs Icontinu•d) Endowment Unreslrict8d funds fvnds 2023 2023 Total funds 2023 Irwestment mafiagemenl fees nvestment property insurance Investment property repaws 41.530 41.530 4,507 123.853 4,￿7 123.853 41.530 728,360 169,890 Anaty•l• of •xp•ndltur• by acthf5tl•¥ Adlvltt•• und•rtak•n directly 2024 Support cost 2024 Total fund• 2024 Herltage actSvttle8 258,709 92,838 351.547 Aclithes undertaken Total dwecuy Support ¢osts funds 2023 2023 2023 Hedtage acliwties 192, 78T 70.302 263,089 Page 16

D¢xii51gn Enwoknpe ID.. c73FD435.93A94￿c¥DcF.7fj66E￿6y94CD BALCARRES HERITAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysls of •xp•ndtur• by actl¥iti•s (￿ntinu•d) Analysls of dir•ct costs H•rit•g• a¢tlvitie 2024 Tot41 lunds 2024 Depreoation Property heal and INJht Propety insurance Property repairs and maintenance Sundry expen$e8 Garden vehicle & machinery ￿PaIrS other garden expenses Council lax ConseThalion and resloral Governanc• costs 33,127 36,983 25.33S 111.737 6,108 47 10,526 2,178 3,352 29,316 33.127 36,983 2S.335 111.737 6.108 47 10,526 2,178 3,352 29,316 258,709 258,709 Hentagfj activ11￿$ 2023 Total lunds 2023 Dgpreciats'on Property he818nd j￿ht Property insurance Property repaifs and mginlenan SurKJry expens Garden vghide & mathinery repairs Other garden exFenses Council tax Conservab'on and restoration 33, 181 29,6T9 26,176 51,981 16.530 1,533 9,396 7,691 2.4CKI 20,220 33, 181 29.679 26,176 51,981 16,530 1.533 9,396 1.697 2.400 20.220 192,787 192, 787 Page 17

Do￿￿9n En¥dope IO.. C73FD43&93AWDC.eocF.766eE46994CLI BALCARRES HER￿AGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Staff Costs 2024 2023 Wages and salaries Contn"bub"on to defined witn1￿lIon ponsK￿ schenws 72,346 4,622 68.012 1,488 76,968 69,500 The average number of persons empw by charitsble company durkng the year was as Idith¥s'. 2024 No. 2023 No. Empk>yoes No rttèived remuneration arn￿nting to more than £60.oc￿ hi elther >fjar. DLtring the ￿ar no Trustee was remunerated for tsir services. Audltor•' r•mun•r•tlon 2024 2023 Fees payable to the charifable companys audrtor for the audit ol the chantable companls annual accounts Fees payable to the charitable coryanY$ audrtor in resFecI of.. All nM.audil seMces not irKhJdod above 6.600 6,600 6.600 Page 18

Env8bJp8 io.. cnF0I￿93￿￿c4[￿F.76fj6E46994¢D BALCARRES HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 10. Tanglbl• ffix•d ass•ts Long.terni leasehold property Fr••hold prop•rty Pl•nt and ma¢hln•ry Motor v•hl¢l•$ Total Cost or valuation Al 6 April 2023 234.158 554.918 38.751 $4,053 881,880 Al 5 April 2024 234,158 554,918 31.751 S4.053 881.880 D•pr•ciation Al 6 Apnl 2023 Chargè lor thè >*ar 135.147 7,320 342.666 16,480 33,711 1,680 30,952 7,647 542.476 33.127 At 5 April 2024 142.467 359.146 35,391 38,599 575.603 N•t book valu• Al 5 Apn'l 2024 91.691 195.T12 15,454 306.277 At S Apn'l 2023 99.011 212,252 23, 101 339.404 Page 19

Docwsbn En¥ew Io". c73FD43B-93￿g0c-B0CF.T666E4699l¢D BALCARRES HERITAGE TRUST LIMrrED NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 11. H•ritag• ass•ts Ass•ts rn¢¢gnis•d at ¢osl A88•ts at Balcarrej Estate 2024 Total 2024 Caryng value at 6 April 2022 & 5 2023 Additions 109,362 109.362 500 109,862 109.862 An•ly#l# of h•r5ta9• •M•t tr•ns•ctlon# 2024 2023 2022 2021 2020 Pur¢h•••• Heritage Assèts Don•tl¢)n• 'Library C￿nPan￿ft. 12. FI¥￿ ••MI In¥•stsn•nts Ll•t•d Inve¥tm•nts Inv￿lM•nI ¢a•h Tol•l Cost or valualion Al 6 April 2023 Additions Disp0s81s Revaluations 6,437,420 2.282.555 (2,083,953) 492,553 228.809 6.666,229 244,964 2.527,519 1447,8781 {2.531,8311 492,553 At 5 April 2024 7.128,575 25.895 7.154,4YO Page 20

Doui5ign Envelap• ID.. C73F0438.93￿￿ctF.7666E46991cD BALCARRES HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 13. D•btors 2024 2023 Du• wlthln on¢ y•ar Trade debto 4,416 25,896 51,344 Other ¢Jebtors Prepayments ar￿ accrL*d irKyJme 17.332 26.411 81.656 43.743 14. Cr•dltorn: Amounts falllng du• wlthln on• y•ar 2024 2023 Tr8de creditors Other taxation and s(th1 security Accfuals an¢J delerred ￿n￿ne 9.206 612 24.697 18,567 1.911 24,244 34.515 44, 722 Page 21

Dotriwjn EnvdCW10." C73F0438-93WgDC4DCF.7666e46994CO BALCARRES HERITAGE TRUST LIMtTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 5 APRIL 2024 15. Summary of fund$ Summary of funds- curr•nt year Balance at 6 April 2023 Galn$l 8al4ncg at 5 Exp•ndbtur• (Los￿$) Aprll 2024 InMm• General fund$ Endowment funds 457,483 6,666.229 408,759 1362,9781 140,7761 {36.4641 529,017 466,800 7.154,470 7,123.712 408,759 1403,7541 492,553 7.621,270 Summry of lurtd• . wi¢r yew 881ance al 6 Apnl 2022 Incom Galn (Losses) Balanc& al S Apnl 2023 Expenditur• General fvnds Endowment fijndg 748.681 6,841.652 252,669 (391,449) (41.530) (152,418) (133.893J 457.483 6.666,229 7,590.333 252,669 f432,979J (286,31 IJ 7, 123, 712 16. An1ly8l8 ol n•t •M•ts b•tw••n ft•nd• Analysls ol n•t Ms•t b•lw••n lund• . yrlod Endowm•nt UnrMtrl¢t•d fvnds funds 2024 2024 Total funds 2024 Tangible fixed 898ets Fixed asset investments Heritage assets Cufrent assels Creditors due withm one >*ar 306,277 306.177 7.154.470 109.882 85.176 134.5151 7.154.470 109,862 85,176 134,5151 Total 7.154,470 466,800 7.621.270 Page 22

DO￿40 En￿￿￿10.. C73FD438-g3w￿0r￿F.7o66E46954c0 BALCARRES HERtrAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 16. Analysis of n•t assets b•tw••n fund$ l¢ontlnu•dl Analysls ol net assets b¢tw••n funds . wior ￿rItid EndoWn￿nt Un￿51￿cted lunds fiJnd$ 2023 2023 Total funds 2023 TanLMble fixed assets Fixed asset investments Heritage assets Cul￿nI assets Cr•ditors due withln one 339,404 339,404 6.666,229 109,362 53,439 f44, 722) 6.666,229 109,362 53,439 (44, 722) T¢>t•l 6,666.229 457,483 7, 123, 712 17. Contlng•nt Il•bllltl•• Tho hos Su￿¢1 Ihe property krKY￿ as Tho Bothw on Ihe ba￿$ Ihal the lenanl will spond a minimum of £2SO.Crf)O on developing and wnprow.ng the Property. Once the lenant has incurred expendrturg of £250,000, the charity will ￿ required to pay compensation il the lease is lemiin8led at any time prior lo 31 December 2030. Until Lkomber 2020 the level of compensab.on is fix8¢J at £100,000 and reduces thereafter by £IO.000 for each year or part ol a year vthich elapses. The tenant had inGurred tho mwiimum expenditure by S April 2010 but the trustegs have no inlention ol lerminating the lease. 18. P•n•lon ¢ommllm•nts The group operates a defmed O￿tn"bUt￿jn Pensi￿ sdlerrn. The assets ol the scheme are held separately Irom Ih¢)se ol the group in an independenuy adminislered fund. The pens)n cosl ¢h8rge represents contributtons payatAe by the group to the fund and am¢xJnled to £837 {2023 - £1,448). No contributions Wfj￿ payable to the lund ot the balance shogt dale12023- W. Page 23

rknJ$vJn En¥•￿￿ ID.. C73F043&9W49DC4DfF.7666EI6994CD BALCARRES HERffAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 5 APRIL 2024 R•lat•d party transactions Parts ol the propety ￿OSed by the dwnty are sutFlel to the Earf of Crawford at rent independently set each year by CKD Galbraith LLP. property consuriants. The rent due by the Ead of Crawford in respeca of this sub.lease in the yEar urKler review £19.92512023 - £19,375)_ In additKX), in Ihe pnor year Ihg Earf's late father held 8 lease over a separate part of Ihe propety. for the rent was £6,850. Further. in the current year. rental In￿Me of £10.43012023 - £ni4 was received from Balc4rres Estsle and £8,904 12023- £niO from L￿d Balniel. who is the Earl of Crawlord's son. A legacy was recelved from The Lale 29th Eart of Cra￿{v￿ dufing Ihg ygar. amountiry to £174.246 12023- £niO. Certaln o)nlents of 881¢ar￿$ HrAse. vthich are owne¢J by the Earf of Cra%￿0rd bul fall within the charltable cbj¢dives of the Charity, are sub￿￿ to a lo￿ agreement b&￿een the Earl and Ihe charity. The charity indudes Ihese items wthin its insurance policy as part of this agreement. Durlng the yeor. the Earf of cr￿ryd made an unr0s1rthd donalion of £nl12023- £1, It￿). The E8rl ol Cra4￿rd 1$ a partner in Jaff￿ HamtKo & Partners LLP who w)vtde Snvestmenl m8n8gement $gThi¢e$ to the charfty. The value of these in the year under review was £40,776 (2023 - £41.5301. The Tfu$I paid £37,892 to BalcaThes Estate. vknich is a rdaled party under common control. as rechar9e for stsff time dedicated to the Trusl's adivities. In addilion, m8nagement services of £15,IXIO were don8led by the Estate ¢0 Ihe TfusL Mr Swnon Weil is a partner in the legal prnctice of Charfes Russdl SFechlys which provldes legal s•Nces to th• Charity. TM amount pa¥J for Ihese Ouring th8 year wa$ £8.76612023- En￿. Mr Nicholas 8arker donated a book lo the colleth'on ol the Trust. Allhough no formal valuation has bggn caryd out. the trustees beI￿ve the value of Ihe twk to be kn the re9icffl of £500 aTrJ have usgd this value to rO￿nISe the donatbon In the finawal statements. Page 24