CHARLES IL BURRELL'S CHARrrY TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025

CHARLES R BURIIELLIS CHARrrY TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
P4ge
Stst¢mtnt ofFiDau¢I￿ AGtiviti¢8
B81on¢¢ Sh
Sclthleof Investtncnts and Inwm¢
Notrs to the FIn￿lai Statements
9- 13

CHARLES R. BURRELL'S CHARITY TRUST
TRUSTEE'S ANNUAL REPORT
FOR TIIE YEAR ENDED 5 APRIL 2025
The TnTStee is ple4y&l to present its rewrt together with the financi￿ st*emcnts of the charity for the year ended 5 April 2025.
The financia] Statements hav¢ been prepered in a¢¢ordonce with the acco￿11￿8 poli¢ie$ set out in notes to the fJn6n¢ia]
statements OJLd comply with the Ch￿Ity'S goven]ing documenL the Charitses Act 2011 and Accounting and R¢kK>rting by
Charitie5.' Statement of Recotnmended Prattice applicable to charities preparing their accounts in accordance with thc Fin3￿Cial
R¢portin8 Standard applicable in the UK and R4)ubli¢ of Jr¢lomd publishcd in Octobtr 2019.
Objeetives And get1vi￿¢S
Th¢ Trustee Tnay pay or apply the unrestricted capital and income of the Charity to or for such charitable instiDJtions or purp08¢5
as the TrL]$tce in its absolut¢ dis¢r¢tion thinks fiL
The Trustee caTrie8 Out these obje¢tiv&8 by rewlarly con$idering appeat8 from othcr Gharitie5 and making ￿liCY and fimding
deci$ion5.
Public Benefit
The Trus*e confirnis that ii has complied with the duty in Section 17 of the Charities Act 2011 and has referred to th¢ guidance
¢ontain¢d in the Charity CoTllJlli8sion's 8eneTal guidance on publi¢ b¢n¢fit when rcvicwing Ihc Charitys aims and objectives and
in planning future attivitics ￿￿j setting the donations rolicy for the yw. The E¢n¢fit that arises ts the provision of funding to
Organisations th8t demonstrate charitable purpose.
Athievemethts and perfornb*nCE
During the year the Trustee mad¢ grn￿ts totaJlin8 £56,778 [2024.. £45 J821 in fillther8nce of its obj￿tiveS and continues to make
graDts ty ¢haritsble org8nisatitsn$ both on a one•off and recu￿￿ng basis. The larger grarits awarded durin8 th¢ year owe stated in
the notes to the fJnan¢iai SW¢tnents.
Th¢ Tnjstee is pleased with the PTO8re$8 m•k in tk fLnaThcial year ended 5 April 2025 aDd looks foword to exp8nding its work
with many other ch8riti¢s in the yegrs to C4)me.
Flno*¢kn1 revitiv
The Trustee received £36.734 in investment i]rn¢ in the current year12024: £37,504] a[￿ the TnLS*¢ has a¢hieved ils intetition
of $p¢nding thc income on Ghgritabl¢ activities.
Nd outgoing resources for the yw were £38,92312024'. ootgoin8 £25,170]. In addiiion the Trusi reaiised a gain on invesknenLS
of £4,773 12024.. gain £3.1081 and tnade u[￿e8]ised loss of £100.10712024'. gain £157,633]. Thc net outgoÈng mov&nent o
fvnds was £l34,25712024'. incoming £135,S711.
Investmemt po15¢y
The Trust¢¢ has instructed the Investment Manager that the porrfolio is ￿ be inve5tcil to produce a suitable mixtttr¢ of income in
order that th¢ Icvel of ryjls may be ￿aintai]￿l And capital growth to se¢ure the future of the Charity over the Coming years.
The Trustee is confideni thatthe futurc income 5trcaIn 15 secure.
The invesknjent FK>Iicy 15 n￿nitored by regular inv¢stment T¢POrts and meetittgs with thc Invesknent Manager. A breakdown of
the invesbnents held during the fLriancLal y¢arended 5 April 2025 can be s¢¢rt on page
Risk MAnageme*t
Thc major risks to which the Charity is eX￿Sed hav¢ E¢en identified aThJ step$ tsken ￿ mitigate those risks.
Th¢ main Tisk to the Charity concerns the irtvestmcnts held. The Trustee ha5 mitigated this tisk by engaging Cazenov¢ c9p1t￿ to
rnallage the investments and monitor th¢ ￿rtfOliO and fin8m¢iAI risks to the Chwity. The Trusttt rtgularly reviews th¢ valudion
of investhients 8￿d the income Strcam generated.
The Trustec ha8 Satisfi￿ itself that th¢ trust 18 a going cthJc¢m and has adequate res01￿¢S to c<xJtinue in ortrntional existcnGe
ftsr th¢ foreseeabl¢ firture. The charitable acliviries are funded by the investment POTthlio and although Covid-19 did have a
negative impact on thts. the ponfolto hgs recovered wtth sufficient value to support cxmtinucd grdnt makin8.

CHARLES li BURRELL'S CHARITY TRUST
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
Reserves policy
It is the intention of the Trustee to sustain the w)r¢stricted funds at a level whi¢h will pr(pvide sufficient fiumts for the level of
ts paid andto covet the Charity's managment and adminlsrration costs.
At th¢ Balance Shcet date tht unrestrirted r￿erVeS amounted to £2,472,368.
Futllre Pl*n$
The TTU5tee does noi ¢nvisage any material chartge io the opcrdtion of the Charity irt the long-term Ind the invcstments will
continu¢ to bc on a $imilw basis &8 they ar¢ Th)w. Notwithstanding thi& the T￿￿te¢ remain4 flexible in terms of tl*
type of organisations 1¢ supports.
Strucknrfy governance gnd thgtsayment
The Trust ha5 ¢haritable stabjs and wgs set up by Charles R Bwr¢ll by Deed datrd 27 May 1987.
The maTwent of the Charity is v&8ted in the Trustts and they actively review the p¢reeived major risks which the Charity
faces and the Tr￿tee 15 5atl5fl￿ that the sy$t¢ms aft in place w mitigatr thos¢ risks.
The Tru5tce has r￿e1V¢d appropriate briefin8 on its resp)nsibilities under the law r¢laiing ty ¢h*ities and it5 duty to etL8UTe that
its charitable activities are for the public ben¢fiL The appointmeni of n¢w trustees is Vest￿ in the Settlor during their life. The
seleaion of fvture tr￿￿teeS will have regard to the skills, knowledge and experience needed for the eff¢¢¢ive administtaiion of the
Charity. Induction a[￿ training for IN5tc¢s is provided where relevant.
R¢f¢reuee Iud 4dmiDistr&tiv¢ Srtfonnation
Aregistered charity, regi3tered with the Charity Cottlmissioners for England artd w￿¢5 a5 number 297061.
Principal Officc..
4th FlrM)r. 7 Swallow Str¢et
London
WIB4DE
The Trustce is Cowdray Trust Limit¢
The DiT￿torS of Cowdray Ttwst Limited are..
The Hon H M T Gibson (ChaitinaJJl
Th¢ VL%WUllt Cowthay {Re8ign¢d 12 March 2025)
Th¢ Hon C A Pewson
The Hon P N Gibson
The Hon B C Gurdon
MrJRESmith
Mr R C PTroughton {Resi8Ded 13 June 2024)
Ms S J Burr¢ll
Mr S JAtkinson
Mrs F ARi¢e
MrMPHArris
Mr K Wri8hi
Mrs CABullough (Appointed 30August 2024)
Th¢ Hon PJ D Pearson {AppJinted 14 May 2025)
Solicitors:
Cw&CoLLP
33 Queen Anne Street
Lnndon
WIG 9HY

CHARLES IL BURRELL'S CHAIIITYTRUST
TRUSTEE'S ANNUAL REPORT
FOR TIIE YEAR ENDED 5 APRiL 2025
lnthptt￿entEMminer'.
Hani¢¢ S¢Tgc4nt
Shaw Giikn (Audit) Limikd
25 St ThomAS Strcct
WiJtht¢r
S023 9HJ
Royal Bank of Swtland
119. 121 Victorffta Street
Lon(bn
SWIE 6RA
B￿ker..
SchtY)der & Co
I IATrn&)n W411 Pl
London
EC2Y SAU
Cazenove Capitsl
I knndon Wajl Plac¢
Loffttknl
BC2Y SAU

CHARLES IL BURRELL'S CHARITY TRUST
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
ststement of Trustee's R¢spon8lbilities
The TnIs￿ is resN)nsible for wepariijg the Tnjstee's Re￿rt and the financia] ststements in accordance with appli¢abl¢ law and
re8ulatioAs.
The law applic2bl¢ to Ch￿lties in Engjartd 0￿d Wales requires th¢ trU￿Ce to prepare fJ]]anEial Statements for each fjnancial yeor in
accordance with United Kin8dom Generally A¢¢eptEd Accounting Pmctice (United Kingdom Accounting Standards and
applicable ￿gulatIons). Under that law the tn]stee must not approve the fmart¢ia] $tatetn¢nts unless il is $8tisfi¢d th&t they give a
trne and fair view of the state of affairs ofthe chtirity and of th¢ in¢o]ning resources and 8pplirAtion of resources of the charity
forthat period.
In preparing thes¢ finsll]ciai statema)ts the trustee is rquired to..
- select suitable accounting policies and then apply them consistenuy.
- obs¢rve the methods glld principles in the Charititt SORP (FRS 102),.
- make judgements and accounting estimates thar are r¢a50nable and prUd￿lt.,
- stat¢ whether applicable a¢wunting st8nd8rds have been followed. subjw¢ to SJLY material deprn di￿]0$¢d and explained in
thr financial statements,. 8nd
- ￿epare the finan¢ial statements ort the going coniwTh ba8is un]ess it is iThappropriak to presume the ch￿lty will continue in
bu51ness.
The Trusttt is responsible for keeping ad4uatc accountin8 r￿ordS which are sufficient to show and explain the charitys
Iransactions and dis¢los¢ with Monable a¢¢uracy at ￿Y time ihe fintncial position of the charity Bnd cnable them to ensure that
the financial staternellts COD)ply with the Charities A¢t 2011. the Clwiiies (Ac¢ounts ond Reports) Reglll&tions 2008 and the
pn)visions of th¢ TrLLSt Deed. It is aJ50 re5pon8ible for safcguarding the ass¢ts of the ch￿lty andhence for raking T¢a50nable steps
for thc pyevention a[￿ d¢tr¢tiOTt offraud 8nd oth¢r i￿gularIti￿8.
Approv¢d by the Trustet on 3010112026
signed on its bchplf by..
CowdrnyTru5t Limite41
Dlr•ttor

CHARLES R BURRELL'S CHARITY TRUST
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 5 APRIL 2025
I report w th¢ ¢lwity tnL8tee on my ¢xdmination of the fjnanciai $tstunents of th¢ charÉty for the year ended 5 ApNI 2025 which
are s¢t outon pages 6-13.
Responslbill¢k$ #nd bA$is of rnPDrt
As the ehwitys trustee you are resrA)n$ible for the preparatioTh of thc fllwicia] statrmcnts in accordance with the requiremet)ts of
the Chwities Act 20111'th¢A¢t).
I retKbrt in of my examination of the Ch￿Ity'S fltwicial stat¢m¢nts ¢aTricd out under section 145 of theAct and in ¢oryifhg
out my examination I hav¢ followed all the appli￿ble dir¢¢tions given by the Charity Commission under se¢tion 145{5)Ib) of the
IttdÈpeDdeDt examiner s stst*metht
I have completed my ¢*atninat1o￿ I confirni ihat no lljaterial matters have come to my attention in conncction with th¢
examination ￿ving me cause to believe that in any material respect:
accounting record$ were not kept in resp¢¢t of the charity required by settion 130 of th¢A¢ or
the financi8] St￿MentS (kn notaccord with those Teeord5' or
the financial statemet￿ do not comply with the applicable requircments cO￿tM]ng thc fortn and fL>ntent of financial
statements $d out in ihe Cbariti¢s {A¢¢ounts and R¢port8) Regulations 2008 other than any requirement that the finth¢ia]
ements give a and fair view, which is not a mattw Considered as part of an independent ¢xaminaiion.
I havc no concerns and have Come across no other matters in connection with th¢ ¢xÉminatioo to which attention should be dr&wn
in this rep)rt irt order to enablc a proper understandingof the f￿ancial statcJntllt5 to be reached.
Harriet Scrge4nt
Shaw Gibbs (Audit} Limite
25 St Thomas Street
Winchester
HampshiTe
S023 9HJ
Dwe..

CHARLES IL BUIUiELL'S CHARrrY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
2025
2025
2024
Prioryt•r
totsl funds
Nots
fund$
fuuds
lotome from:
Investments
36,734
36,734
37.504
Totsl
36.734
36.734
37,504
Expenditsn on:
Raising funds
Charitsbl¢ activities
925
74,732
923
74,732
61.767
Totsl
75,657
75.657
62,674
Net iAtompJ{¢xpenditUTt)
{38.923)
138.923)
(25,170)
Other r¢eoiDi%d galDsIOoss¢sl:
Gain￿(lo$s¢s} on invcstment assets
(95,334)
(95,3341
160,741
Net movement in funds
{134257)
(134,25
135,571
Re¢ontili*(I￿ of fllxdx:
Totsl fvnds brought forward
15
2.606.6fj5
2.606.625
1471,054
Total hnd5 cArrled forw*rd
2,472,368
2,J17?.368
2,606,625

CHAIILES IL BURRELL'S CHARITY TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
No¢¢
2025
Totsl
2024
Prioryear
nds
Invesbncnts
io
2,414220
2.524,607
Totsl FlxedAssets
2,414220
2,524.(rfI7
Curr•AtAsgets:
Dcbtora
Cash at bank
li
12
61.155
86.880
Totsl C¥TrentAs8ets
62277
86,880
LIAbffilltlBs:
Crcditors.. Amounts failing due within one y¢4r
A3
(4,129)
(4,862)
N¢t Cumn¢As$ets orLl•bilili
58.148
82,018
Totsl NetAg9¢ts or Li8biAitita
2.472,368
2,606,625
The FuMd5 of the Ch*rity:
Unrestri¢t¢d fu]Mts
15
2.472,368
2.606,625
Tht*l ChArity F*xd$
2,472,368
2.606.625
Approved by th¢ Tnjstee on 3010112026
and 5igncd on its behalf by..
Cowdr4yTrut Limited
Dlrec¢•r

11-
li li li I

CItARLES IL BURRELL'S CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
St*tstory IDform#tio
Charles R Burrell's Charity TrL]St i5 a registered ¢harity. The registered numE¢r and principal office adths$ can t¢ found in
the Rq￿rt ofthe Tn]stee's.
Attounting Policies
•1 BASIS of fiDan¢l•l s¢*leJneNts prepAr*tlon
Th¢ fin￿¢18] statements ofthe charity, Ivhich is a public Eenefit entity, h&v¢ been pjrpgred fft ￿T￿&T￿¢ With th¢ Charitles
SORP IFRS 102) 'AcL¥)unting and ReEK>rting by Charitie5'. Siat¢m¢nt of R#omm¢nd¢d Prortice applirable to Ch￿LtieS
preparing their a¢¢ounts in accordance with the Finantia] ReFx)rting Stsndard applicable in the UK aThl Republic of Ireland
IFRS 102} {eff¢aive l January 2019),, the Firtartual ReFOrting Standard applicable in the United Kitt8dom and Republi¢ of
Irelattd IFRS 1021 arld the Charities A¢1 2011. The fLtwicia] sta*m¢Thts have b¢¢n prep8red w)d¢r the histOTi¢al cost
eonvention.
The financia] statements have Ix¢n Wep0￿1 to gÈve a'true and fairf view ond have departed from the Ch￿Ille5 (Accounts
and R¢rx)nsl Regulations 2￿8 only to thc extettt required to wovi(k a 'true ￿ld fairf view. This Oarture has involved
following Accounting a￿d Reporting by Charities pr¢paring their accounts in accordance with the Firt*)cial ReFKprting
Standard applicable in thc UK and Republic oFIr¢l8od (FRS 102) i85L￿d in 0¢￿￿¢r 2019 rather than the Awunitng and
R¢poning ty Ch￿itles.. Statement of R¢¢ommendcd Practice effectivc from l April 2(M15 which has since been re]noved.
The Truste¢ consi(krs that there are no Tnateria] uncertainties about the TrtJst'$ ability to ¢On¢ioue as a going concern.
b)
Natsr¢ of futhd$
All fi]ntl8 held 8re utLTestricted 8rJd the Ttusitt is free to Use them in accordance with th¢ ¢h￿il&ble objects.
Fixed as$¢1 Invtstwewts
Invc5tllL¢nts are stated at market va]ue at the Balance Shed da¢¢. O¥￿e$ investtnents srt tranBlated sterling at th¢
r8te$ ruling at ihe year end. Th¢ Ststcment of Fir￿Le18] Activities {SOFA) induik5 the net g8in5 and losse5 on revajuation
and di5W>5als throughout th¢ yeor.
IDtfjiii¢
Income is reCO￿l$ed ￿ the SOFA once th¢ ¢hariry has entitlement to the funds. it is prob4ble that th¢ in¢ome will be
received and the amount can be measured reliably.
Exp¢•ditUTe
Liabilitie5 recogniseil as ¢xpenditure &8 soon 8s there is a legal or constructive obligation ccmmittirtg the to that
exp¢nditur¢ li is probablc that a iraosfer of ¢¢oTh)mi¢ i*n¢fits will be required in settl¢m¢nt th¢ 8mount (>f the
obligation can be me8swed reliably.
Expenditurc is accounted for on an acuuats basis and has been classified under headings that aggre8at¢ all costs r¢lat¢d to
that category. Where Costs cannot Ix dire¢tly ￿tribUted to particular headings, they have been allocated to activities on
basis consistent with the use of r¢sour¢es.
CharAtsbl¢ grarjts
Grants p&y&ble are re¢0￿1$¢d in the SOFA when they ar¢ approved by the Tn]stee atml the recipt¢nt be¢0 infomied of
the ftmount to be pai(L

CHARLES IL BURRELL'S CIL4RITY TRUST
NOTES TO THE FINANCIAL STATEMEiYrs
FOR THE YEAR ENDED 5 APRIL 2025
(Continuedl
Foreign curraeles
Ttons&¢tions de￿minated in 8 fojeign tU￿¢￿¢Y are transleted into sterling at the rats of exchftt)g¢ tullng at the date of the
tranS￿tIOn. At the Balance Shcet date at￿ liabiliti¢s deJx>minated in a for¢1￿ ¢urr¢n¢y trgn51ated at ttLe
rate ruling at that dat& All exchange differerKes are deAlt with in the SOFA.
IrrtcoverableVAT
ITrecowerable VAT is written off to the same ¢xpense ¢*egory in which the actual expenditure w&% incuTre(L
Remun¢r*¢lfyn of Tr•stees
In the finsnciaj ycar lo 5 April 2025 thc Trustee did not receive remun¢tation w havc its expthses reimbursed by the
Charity. CowdtP¢y Trt￿t Litnited char8ed admittistr8tion expensts of £16,70312024.. £14.196].
2025
2024
Ina)me from inv¢$thJ¢nts
Gro&8 bank interesi
35,870
864
35.513
1.991
36.734
37.504
Exwditure on raising funds
2025
2024
Investment mana8¢m¢t)t fees
925
907
925
Charitsble attivits
Dirett costs Support eosts
{set Dots 7)
(see note 8)
2025
Totsl
2024
Total
Clwitable expenditure
56.778
17.954
74,732
61,767
Direet et
The Charity ur4Jertook Th) diTKt charitable artiviti¢s bu¢ aword¢d groAts tts a numkr of institirtiotL8 in firthemce of its
charitable objectivc5. Th¢sc are follow$'.
Fine Cell Work
Consetvation Coll#tive
ChaTitiesAid Foundation
Camfed Internationa]
AmbEr
20.000
17.278
17,000
1.500
1,000
Total for the ytsr
56,778
10-

CHARLES R. BURRELL'S CHAIUTY TRUST
1¥4OTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 AFRIL 2025
(Continuedl
Direet costs IContlDxed)
All￿15 ofgTAnts u•d¢
Gr*Dts to
i115titutions
Grnnts to
individuals
Total
Advancement of citizenship Dr community development
Advancement of environm¢nta] PTOtection or imwTrvement
Relief ofthos¢ in ne¢¢ by rwon of youth. 8g4 ill-healit4
di8ability. financi￿ h8rd$hip or other disadv8nthg¢
Any other ¢h8ritable purrKTrs¢s
20.000
17,278
20,IKJO
17278
2.500
17,(MKI
2,500
17.000
56,778
56,778
Sppport ¢osts
2025
Admini$traiion Exp¢n8es
Independent exan]iThation fee5
Portfolio Stewardship fe¢5
16,703
14.196
1.020
1,169
1,251
17,9S4
16.385
During thc ycar admitsistration expenses of £16,703 W￿e Ch￿Bed by Cowdray Trwi Limited (tru￿¢¢1. The gll]ount of
£935 pl￿ VAT w8s charged by Shaw Gibbs (Audit) Limited for th¢ Independent ExaJnination of tbe5c FirAnciaI
Statemen1*
Stsff ¢osts
There are no employecs so consequently tjo Staff costs have been illcu￿ed.
10 Fixed ssset Inves¢th¢Ats
202$
Mwk¢t Val￿ brought forward
2,524.607
2,363,879
Addttions
7,800
9,gY2
Less disposal pro¢ecd5
(22.853)
(10,005)
Net g￿￿￿[lo8$¢s} on inv&thents
{95,334)
160.741
Mark¢t vAlue carried fotivard
2,414220
2,524,607
Geogr*phitAI *D￿y5ts
2025
2024
United Kingdom investments
2,414.220
2,524,607
2.414220
2.524,607

CHARLES IL BURRELL'S CHARITY TRUST
NOTES TO THE FINANCIAL STATEMEiYrs
FOR THE YEAR ENDED S APRIL 2025
(Continued)
10 Fixed asset inV¢5tmeMts (Contlxu
The inv¢stm¢nts weTe revalued each Y￿ up to 5 April 1999. Therefor4 thtyr is no historic cost figure available. The book
v8luE of the investments at 5 April 2025 w&8 £2,(K)7,562.
Net 8ainsl{losses) on investm¢nts in¢lude$ rtsIiBed gains for the year of £4,773 [2024.. gain £3,108] and unrealiscd los8cs
on I¢V￿U￿tIon to marke( value of £1￿,107[2024. Bain £157,633].
li
Debtor
2025
2024
TnL%1e￿. fees
1.122
1,122
12 CAsb at bank
2025
2024
Royal Bank of Scotland
S¢hr<th & Co
6,585
54,570
15,905
70,975
61,155
86.880
13 Creditors.. AMouDts f*lliDg due within o*¢ yt*r
2024
Administratio(t Expenses
Payments due to charities
Portfolio Stew￿dShip fees
Manin and Compatty Audit Litnit
3,629
51X)
2.173
500
1,169
1,020
4,129
4.862
14 Comml¢ments
Numb¢r
of ye&r8
Totsl
No conditions attached:
S¢i¢ncc Mus¢um
5(K)
500
500
15 MoverneAt ID funds
2025
Zll24
Unrestricwl funds..
Balance brought forward
Net movuneni in fmds
2.606,625
(134,257)
2.471.054
135,571
Bdance carried forward
2.472,368
2.606,625
12-

CHARLES IL BiJRRELL'S CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2025
(Continued)
IS Movement fund$ (Comtinied)
Net movement in fi]nds included in the aknve are ￿ follows..
Gains and MoverneDt
In futtds
OutgoiDgs
Unre8trictcd Fun&8
36,734
175,6571
(95.3341 {134.2571
16 Rel*ted Party Tr4nsg¢tlons
During the year Millbank Fin&nciaJ Service5 Limited {WSy chorged fre$ of £1,251 12024.. £1,169] br their Portfolio
Stewarthhip $¢rvi¢¢ 8J)d CowdTay Tnjst Limited d)8rged adttlinistration expenses of £16,70312024.. £14,196]. Th¢ Hon H
M T Gibso￿ The Hon C APe4rson and Mr M P HoThis (Direaors of Cowdray Trw%t Limited) OJE Direc￿T5 of MFS.
1¢ shou]d be noted thai a $ibliT)g of Hon H M T Gibsim and Hon P N Gibson, th¢ father of Mrs C A Bulbugh. the son of Mr
J R E Srnith and the motheT of Mr R C P Troughion {Director$ of Cowdray Trust Limited) gJe Directors of MFS. namely
Hon W K Gibson. Hon C A Pearson. Mr O G E Smith and Mrs S H Troughton respcctiv¢ly.
Mr R C PTroughton resi￿led ￿ Directorof Q>wdray Trust Limited on 13 June 2024.
Mr5 S H Troughton resigned as Director ofMFS on 17 S¢p¢emi*r 2025.
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