LAUCHENTILLY CHARITABLE FOIINDATION
ANNUALREPORT AND FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 5 APRIL 2025

LAUCHENTILLY CHARrrABLE FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
TruStee'sADnU￿ R¢pJrt
Stotem¢nt of Finan¢ialActivities
BA]ance Sheet
SCh￿ule of Inv¢sttn¢tLts atml Incom¢
Notes to theFiDanci81 S¢atrmffli$
9-13

LAUCHENTILLY CHARITABLE FOUNDATION
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trusi¢¢ Is pleased to present its wort tog&hw with the finan¢i&l statcmcnts of the charity for the year ended 5 ApTiI 2025.
Th¢ fJn8llJcial Stateme1￿ hav¢ been prepared in accordance with the accounting poliGi¢s 5¢t out in tk notes to the financial
statements 8nd comply with th¢ charity's gtsvcrning document. the Charitics Act 2011 and Accounting and Rewrting by
Charities.. Sialement of Recommended P￿ctice applicable to ch8riti¢s preptring their accounts in accordarttt with the FiThancia]
Rwrting Stsndard appltcable in the UK and R¢publi¢ of Ireland published in Oc¢ob¢r 2019.
Obje¢tfv¢$ Ind •ctlvities
The Twst¢e may pthy or apply the wirtstricted capital and incom¢ of the Charity lo or for such charitable instiftrtions or purw>5es
as the Trustee in its absolute di$¢rdi(pn ¢hink8 fIt.
The Trustee wries ou¢ ihese objectives by regularly consideruw appeaJ$ from othET dwiiie5 and making policy and fimdithg
deci5lOW.
Pmblie BeDeffit
Th¢ Trustee confirnu ih8t it has ¢omplied with the duty in section 17 of the Charitie5 AGt 2011a￿d has refetred to the guidan¢¢
contained in ihe Chgrity Commission's general guidance on public i￿efit when reviewing the Charitys aims and objective5
in planning future activities and Xtting the donations policy for the year. The benefit that arises is the provision of funding to
org&Tiis#tion5 th&t d&nowtrate charitable pwyos¢.
AchStvettLents aod perfornallce
During thc year the Trustee mad¢ grall¢s totaIling £26.523 12024.. £7,616] in fi]rtber8nce of its objtttives and continue8 to makc
grants to charitable organisations knth on a one-off and recurring basis. The larger wts awarded during the yw art stabj in
the notes w the fin9￿ClaI statem¢nts.
Th¢ Trustee is ple8se4 with the pro8res8 mode in thc fjnancial ye4r ended 5 April 2025 and looks fcThard w ¢xp3nding its work
with oth¢r¢hwi1i￿ in the years to com
Fln¥4ttcial review
The Tn￿tee rccciwtd £15,050 in investment inwme in the current year12024.. £143871 and the Tru$te¢ has 8¢hi¢v¢d its intention
of s￿nding the income on charitable artivitie$.
Net incoming rcsourn for the year were £130,65312024.. outgoing £3.3181. In addition the Trust realised a gain on invutroents
of £7,48012024: gain £157,196] and made an unreali5ed losy of £47.86612024.. 105s £66.213]. The net incomin8 ]novcrncnt on
funds was £90.26712024'. incoming £87.0651.
Inv*sto)¢nt policy
Th¢ Truste hos instn]cted the lrtvest￿ent Manager that thc portcolio is to be invest￿ kn produce a suitsble mixture of in¢om¢ in
ordw that th¢ level of may be tnaintained and ¢apitsl growth to secwe the futur¢ of the Charity over thc coming yettr5.
The Tn]5tee 1$ confident the firture in¢ome Streth is secur¢.
The investment poli¢y is ￿Onitored by r¢gular investm¢ni reFths meetirlgs with the Investment Monag¢r. A breakdown of
the invesknents held during the financial ye￿ended S April 2025 ran be seen on pag¢ 8.
Ruk Manigement
The major risks io which the Charity 18 ex￿1&ed have Ixen id¢ntified and steps tak¢n ¢0 mitigatc those risks.
Th¢ maiT) riskto the Charity ¢oncErn5 thc investments hel¢1 The Trustee mitigated thi5 risk by engaging Cazenove Capital to
I]w￿8¢ the inVeS￿entS 8nd monitor th¢ Wprtfolio financial risks to the Charity. Thc Trustr¢ regul&ly T¢view5 the valuation
of investments atMI thc income streatn g¢nerate(L
The Trustee has $￿iSfied its¢lf that th¢ trust is a going concem and h85 adequate resources to cthtinu¢ in opttational existence
for the foreseeable fithire. The chatitable activities are fi￿ded by the investment F¥)rtfolio and although Covid-19 did have a
negative imparton the w)rtfolio has recow¢r¢d with suffjcient value to 5UPPOrt continued 8fdTht makin&

LAUCHENfiLLY CHARITABLE FOUNDATION
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
Rtsetves polley
It 18 the intcntion of the Trustee to Sustsin the u[￿trIcted fimds 4¢ a level whicb will provid¢ suffi¢i¢ni for the level of
paid 8JLd to cfjver the Charity's managcment and administration (x)sts.
At the Balart¢¢ SIK¢t datc the unrestrictcd rEServes amounted ¢0 £l.110,909.
Fyture
The Tr￿gle¢ doES noi envis&8e any materiaj change to the operation of the Charity in th¢ long-term and the invcstments will
¢orttinue to be managed on a 5LInilar b&8is ¥ they are now. Notwithstanding this. thr Trustee r¢mairn flexible in ternis of the
type of orgdnis8ti(pns it supports.
Strnttxre* governanee aDd m8Dag•men¢
The Trust charitable sthtus and w&8 set up by Mirond& Countess of Ive8gh by Detyj d8ted 6 April 1988.
Th¢ Thanagement of the Charity 1$ vcsted in the Trustee and they actively review PCTrcived major risk8 which the Charity
face5 aJKi the Tr￿Stee is satisfied thatthe $yst¢ms in place to mitiR8te those risks.
The Tn￿let has r￿C]Ved appropriate bTlefing on its responsibilitics under the law relating to C￿lties and its duty to Ensure that
its ciwitable activitics ar¢ for the publi¢ benefit. The appointtn¢nt of n¢w tru8t¢CS 18 vested in the Tnjste in place at the time of
th¢ app)in¢menL The selection of firture tnLStces will have rcgard to th¢ skilL8, knowledg¢ and experience needed for tbe effe¢tiv¢
admirti$tration of the Charity. Induction and training for tr￿¢5 is provided wheff r¢levanL
R¢t¢r¢N¢¢ ODd *dmiDiitrAtiv¢ Informatio
A re8iStetrd ¢h8fity* rc8iStered with the Charity Commi8sioners for England aThd Waks as nthnber 299793.
Principal oifI¢e'.
4th Fl(M>r. 7 Swallow Street
Lon(bn
WIB4DE
The Trustee 13 CowdTay Trust Limite4L
The DirectOTS of Cow¢troy Trust Limited or¢:
Th¢ Hon H M T Gibson {ChaiThian)
Th¢ VLSCOUllt Cowdray (ReSi￿d 12 March 2025)
The Hort C APeaTson
The Hon P N Cib50n
The Hon B C Gurdon
MrJRESmtth
Mr R C P Troughtw (R¢5igned 13 June 20241
Ms S J Burrell
Mr S JAtkitwn
Mr8 F A Rice
Mr M P Harris
Mr K Wright
Mrs CABullough {Appoint¢d 30 August 2024)
The Hon PJ D Pe8Json (App)int¢d 14 M&y 2025)
Soli¢itors'.
Currcy & Co LLP
33 QueenAnne Street
Londo
WIG9HY

IAUCHENTILLY CHARITABLE FOUNDATION
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
rnd¢pendott Examiner.
Harriet Ser8eo
Shaw Gibbs {Audii) LimSte4J
25 St Thorn￿ Street
S023 9HI
Banker..
Royal of Scotlw
119- 121 Vjthia Strect
London
SWIE6PA
Schroder & Co
l London Wojl Place
IA)ndon
EC2Y SAU
Investm¢nt Manager..
Cazenov¢ Capital
l Londott W￿[ Place
London
EC2Y 3AU

LAUCHENfiLLY CHARITABLE FOUNDATION
TRUSTEE'S ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
StatemeDt of Trust*e'$ R*sponslbilitl¢$
The Trustee is r¢s￿nsIble for preparing the Trustee'5 Rem and the finan¢ia] Statements in aeeordance with appli¢Able law and
rc8ulations.
The law applicabl¢ w Ch￿illeS in England and Wales requir¢s the tTWtee to prcpare financiaj statement5 for cach financial year in
accordance with United Ktngdom G￿erallY A¢¢¢pted Accounting Practice (United Kirtgdorn Accountin8 Standards and
applic8bl¢ regulations). Under that law the trustee tnu3t no¢ approve the financiol $ts*ments unless it 15 satisfied th8t they giv¢ a
Ino and fair view of the slate of affairs of the charity and of the incoming ￿SOurCeS and application of WUTCe5 of the charity
forthat rKriod.
In preparing these financial sthtwjents the tn]si¢¢ is required to:
select 8Uitable &¢u>unting p>licies and then apply them eonsistcntly*
- observe th¢ tnethods and principle$ in the Charities SORP (FRS 102)"
- make judgements 8nd acts)unting estimates that ar¢ ￿aSonable and prude
- slate whether appli¢8bl¢ accountin8 standards have F*en blloived, subject to any matcriai departur¢s di5G105¢d ￿ explained in
thc finartciaI statrmcnts" and
- pryare the financial Stat¢m¢r￿ on the80in8 concrm basis unless tt 18 iJJapprowia* to p￿Ume thatthe ch&rity will conunue in
business.
The Trusts¢ 18 resN)nsible for ke4¥ing adcquate a¢￿U￿ting record5 which are suffi¢ien¢ to $￿W and explain the ¢h8riW$
transaction$ and disclose with reasonable aceuracy at any time the financi￿ FX)Sition of the thoJity and ¢nablc thcm to ensute that
the financial statcmejjts tomply with the Clwities Act 2011, th¢ Ch8ritie5 (Accounts and Reports) RegulaiTOll$ 2(KJ8 and the
PTOVi5ions of the Tnjst Deed. It is ￿$0 responsible for safeguarding thc ￿Sets of the charity andhen¢e for taking reasonable steps
for the prevention and detection of fraud other iryeguiaritbcs.
Approved by the TnL8tee on 3010112026
attd s[￿ed on its b¢hoif by..
CowdNyTr•st Limited
D1￿ctOr

LAUCHENTILLY CHARTTABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR EIYDED 5 APRIL 2025
I ryn to the charity bustee on my cxamination of the fman¢ia] statanents of the dwity for the year ¢nd¢d 5 April 2025 which
are set out on pages 6-13.
RtSPODslblllties #nd ba81s of ftport
As the charity's trustee you are restK)n$ible for the pr¢p8Jation of the fYw￿la1 staknents in accordw with the requ￿net￿ of
the chariti¢$A￿ 2011 {IheAct').
I r¢p)rt in respect of my examination of the charity's fJnan¢ial statem¢nts ¢8yried out under section 145 of ihe A¢t #t￿ in carrying
out my examin&ion I have followed aIl th¢ 8ppli¢ablc direct10t￿ given by the Charity Commission U￿jer Section 145(5Mb) of th¢
Act.
Imd¢p•nd¢*t txaminer's sts¢ement
I have completed my examllwio]L I confirm that no material matt¢rs have come to my attthtion in connection with the
examit￿tion giving me cauqe to believe that in any material respect..
a¢countin8 records were not kept in rcspcct of the ch￿lty a5 requir¢d by $ertion 130 of theAa' or
the fir￿ncIal statement5 do not accord with those rrfords,. or
the financial Btatements do not compty with the applicable requirements ¢0￿ming thc form and content tsf financial
siatements set out in the Charities {AccountS and R¢w*rts) Regul￿10￿$ 2008 other than any requirement that the flnancial
5tatemenrs WVE a'ttu¢ fairview which is noi a Matt￿ considered as part of an indepethdeot examinatio
I ￿v¢ no Cot￿r[L$ 8nd have Come across no other matters in conTL¢Ctton with th¢ exojnination to whi¢h att¢ntion slx>utd Et thwn
in ¢hL5 rerM)rt in ord¢r to enabl¢ a Proper uThderstÉnding of the fjnanciai statetncnts to be r￿he
Harriet Sergeant
Shaw Gibbs (Audit) Limit¢d
25 St Thom&8 Street
Winchest¢r
Hampshire
S023 9HJ

LAUCHENTILLY CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTivrriES
FOR THE YEAR ENDED 5 APRIL 2025
2025
Ullrtstrb￿td
funds
2025
2024
Prlorye*r
totsl fuDds
Nots
ds
Ivome from..
Donations and leg￿leS
Investsnenis
153,150
15,050
153.150
15,050
14.387
Totsl
168,200
168.2C4)
14,387
Expendltllre om:
Raisin8 fvnd8
Charitable a¢tlVitic3
364
37,183
364
37,183
331
17,374
Total
37,547
37,547
17,705
N¢t lTr¢om¢l(expendititM)
130,653
130,653
(3,318)
Other rew￿lsed gAiNsI{1085ts1'.
Gainsl(1055ts) on inV￿￿llent assets
12
(40.386}
140,386)
90.983
N•t mov¢th¢￿t ID fuRdJ
90,267
90267
87.665
Reconclliatlon of fuDds:
Totsj fjJnd5 brou8ht forward
16
1.020,642
1,020,642
932,977
Totsl carriÈd forY4ard
1,110,909
,1 ia.909
1.020.642

LAUCHENfILLY CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2025
Note
2024
Tot41
funds
Prioryear
funds
xedAssets..
Tangible w¢ts
Jnveststtents
li
12
153.150
944,802
1.003,642
Tolal Flxtyj Assets
1.097.952
1,003.642
CU￿neA$sets.
Cash at t￿lJk
13
14,457
19,783
Totsl CrymDtAs8tts
14,457
19.783
Lffiabill¢l¢g:
Creditors:AmouTLts failll)8 due within onc year
14
{1.5￿>
(2,783)
r4rt CurreTrtkntts or LiAbili(k&
12,957
17,(KlO
Totsl NetAss¢ts OT Uabithlo8
1,110.
,020,642
The of tbe Charity:
16
1.110,909
1,020,642
Total Cbarfty FuMd$
1.110,909
1.020.642
Approved by th¢ Tnth on 3010112026
and signed on its behalf by..
Cowdr•yTrust Limlt¢
Dirtetor

LAUCHENflLLY CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
St*tstory Infomatlo
Lau¢hentilly Charitable FoundatTon 15 a registered charity. 11)e regi5terEd number al￿ prinetpaj office ￿th$s ¢8n be found
in the Report of the Trust¢ds.
Accoynting PolieiÈ5
*) Basis of fiuineial ststsmellts ptYp4r4tloD
The fJnan¢iat ststements of th¢ ¢hariry, which i5 a public benefit entity, have been Prepared in aCcord￿ce with the Charili
SORP (FRS 102) 'Accounting and Rwrting by Charities: Sthiement of R￿0￿mended Practice applicable w chorities
pr¢P￿ng their accounts in accordance with the Fin0n¢1￿ ReFQrting Standard applicable in the UK atkl Republic of Irel￿d
{FRS 1021 l¢ffeciive l January 20191., th¢ Finan¢i81 Reporting Standard applicable in the United Kingdom 8llJd Republic of
Irel8nd (FRS 102) and the Charities Act 2011. The financial statem¢nts hav¢ b¢¢n prep￿ed urLd¢r tht historical e
¢onventio
The fin￿181 Statements have been prepared to wve a Irue and fairf view and have departed from the Chariti¢$ (A¢¢o￿t$
tKi Reports) R¢gulations 2008 only to the extent required to provide a Irue and fail view. This dwarture h85 involved
following Accounting and Reporting by Charities preparing their aw)unts in accordance wilh the FinallGiai Rerx>rtin8
Stgndard Applicable in the UK 8nd Republic of Ireland IFRS 1021 issued in Othbcr 2019 rather than the Accountin8 and
R¢p)rtin8 by Chariite8.' S¢at¢tn¢nt of Recommended Pra¢ti¢e eff¢¢tive from l April 2005 which has since been removed.
The Tn￿ee eonsiders that there are no ma*ri8] vnctrtaimies about the TnL8t's ability to ¢otttinu¢ as agoing ¢onGcrn.
b)
N•tsrÈ of fuDds
All fi]nds hcld are unrestricted and the Trusiee is free to usc them in ￿ordance with th¢ ¢h&itablt objects.
Flxed asset lllv¢s¢Thents
Invcstmenrs are stated It market v￿u£ f4t the Ba]ance Sheet date. Overseas invr5tm¢nts arc translated into sterlin8 at the
ratrs ruling ￿ the year en(L The s￿¢¢￿Ent ofFinancial Activitiu (SOFA) includes the net gains and losses on revaluation
and disph)sa]s thToughout the year.
d) Inoom¢
Income is recoglli5ed in the SOFA once the chArity h&8 ¢ntiilement to th¢ fund5, it ts probablt that the in¢ome wrll be
received and the amount ¢an be tne&%ured ttliably.
Expendityrt
Li8bilities &e reco￿lSed as expenditure 8s soon ￿ there is a lega] or constsuctive obligation canmitting th¢ charity to that
expcnditur4 it is probable that a transfer of ￿no￿le benefits will be Jwuired in settlement •JLd the amount of the
tsbligation can be measured reliably.
Exrthditure is acLounted for on att at¢ru￿$ basi5 and h&8 been classified und¢r headings tIMt aggregatr all costs r¢lated io
that cate80ry. Where costs cBnnot be dIr￿tlY attributcd to particular heading4 they hav¢ F*en allocated to activitie5 on a
basis consistent with th¢ use tsf ruources.
Chiritable grAnts
Gt￿ts w&ble arc re£X)￿istd in the SOFA when they ar¢ approved by the TNstee atMI th¢ r¢¢ipi¢nt has be¢n infornled of
the amount to be pai(L

LAUCHENTILLY CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDED 5 APRIL 2025
IcontiNedl
Foreip currencies
Trarysa¢tion8 denominated in a fo￿1￿ Currency Ire translated into swling at the rate of excl￿nge rUIti￿ at the date of the
transaction. At the Balan￿ Shcet datt monettry assets aJLd liabilities denominated in a foreign curr¢n¢y are troThslgI￿ ￿ the
rate Nling at that date. All exchange difference$ are dealt with in the SOFA.
b)
Irre¢ov¢r*ble VAT
ITrecoverdble VAT is written off to the $8m¢ ¢xwse catrgory in which the acthat ¢x￿dIttr¢ in¢urr¢d
Remunera¢iTrn of Thlgtees
In the financial ycar to 5 April 2025 the Trustee did not Te￿]ve any remuneration or have its expenses reimbursed by th¢
Charity. Cowdray TTUStLimited char8ed administration expenses of £7.17512024.. £5,375].
DonxtiOn8 glld legatles
2025
2024
Capital addition. Library of knoks
153,150
153.150
IILve8tmeDt income
2025
2024
Income from investrnujts
Dwsit iJ]ter¢st
15.031
19
14387
15.050
14,387
Exp¢ndltur¢ raising fvmds
2025
2024
Investmeni management fees
364
331
364
331
Ch*ritAble *ctfvltS
Direct Costs S￿pport costs
{se¢ Dots 8) {see Dote 9)
2025
Totsl
2024
T•tal
Charit8bl¢ expendittw¢
26,523
10.660
37,183
17.374
10-

LAUCHENTILLY CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Icontinuedl
The CILaTity ￿ndertOOk ￿ dire¢t charitable activitie$ but award￿ gTants to a numtcr of institutiorns in filrtherat￿ of its
haritable objectiv¢$. Thes¢ aT¢ as follows..
The Iveagh Trust
St Patri¢k'$ Cathedr
M8rsh's Library
UCAN GrBmpian
14,663
6,465
3,895
1.250
26,273
250
Othw (equal to or individually le55 than £250)
Totsl fortht yt*r
26J23
A*alysis of ivants m*d¢
Gr•nts to
$¢h¥tlotts
Grants to
Imdividuajs
Thtal
Advarttefflent of health or the saving of ILV¢S
Adv￿CeMent of th¢ 0rt4 culture. heritag¢ or s¢ien¢¢
Relief of thos¢ in need, by reason of yollth, ag4 ill-hedlth,
disability, financial h8Jd$hip oroth¢r di8advant88e
Any oth¢r ¢h￿l¢&ble purposes
1,250
10.360
1,250
10,360
14.663
250
14,663
250
26.523
26,523
Support costs
2025
Athninistration expenses
Curw & Co frcs
Bank charge5
Ae8is Hrritsg¢ Service5
Portfolio Si¢wardship fres
7,175
2,556
5,375
3,936
440
486
10,660
9,758
D￿lThg the yw administration expen$¢s of £7.175 w¢r¢ Charged by Cowdray Trust Limited {tr￿￿tee}. The amount of £935
plus VAT was char8ed by Shw Gibb5 {Auditl Limited for the Independent Examination of th¢s¢ Finon¢ial stat¢￿tnt5.
10 Staff costs
There 2re no empk>y¢es so consequently no stsff costs have been incujye
f1

LAUCHENTILLY CHAIUTABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR TItE YEAR ENDED 5 APIUL 2025
Icontintsedl
li
TaAgible •ss¢ts
2025
2024
Books on loan to The Naiionai TTU5t for Scot]and
153.150
153,150
By a Loan In Agreement dated 3 September 2024 Cowdray Ttusi Limited Its￿ed a ¢olle¢tion of book5 to The National
Tn￿t for Scoiiand to be displayed at Castle Fras¢r. Th¢ period of loan is fjve years from 17 October 2023 to 16 Octob
2028. with Opiion ofrenewaj aftcrthc Loan Period.
12
Fixed asset iMve5tments
2025
21124
va]ue brought forw
1,003,642
912,659
Additions
1703)
305.IKK>
Lc55 disrx)sa] proceedq
(17,751) {305.IK)o)
Net 8a1￿￿(lO$s¢sI on investments
{40.386)
90,983
Market value carried fO￿ard
944.802
1,003.642
G￿r￿phiCal analysis
2025
2024
Uniied Kingdom investments
944,802
I,W3.642
944.802
.003.642
The investm¢nts wer¢ revalued each ye&r vp to 5 April 1999. Therefore, there is no htstoric cost figure Av&il&ble. The knok
walue of the inve5ttnents at 5 April 2025 was £588.617.
Net gainsl(los$es} on investments includes r¢alis¢d gains forth¢year of £7.480 [2024.. gain £l57,196J and unrea]is¢d lo&fje5
on rev￿U￿tion to rnarkct value of £47,86612024.. loss £66.2131.
13 C#5h at bauk
2025
2024
Royal B9j￿ of Scotland
Schroder & Co
13,4(M)
1,057
19.128
655
14,457
19,783
12-

LAUCHEiYfiLLY CIIARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDED 5 APRIL 2025
(Continued)
14 Credhors: AmifvMn($ falling duewlthl* one ytir
2025
2024
Administration expens¢$
Portfolio Stewardship fees
Payment5 due to Ch￿ItIeS
839
444
1,500
1,500
1.500
2,783
15 ComThitmeDts mgd•
vslue
Numbtr
of yean
Totgl
No condition5 aitached..
S¢1￿ce Mus¢um
1,500
l J(¥)
1.500
16
Movemtttt in funds
2025
2024
Unrestri¢i¢d futLd5:
BaIanc¢ brought forwatyl
N¢tmovement in funth
1,020,642
90.267
932,977
87,665
Balance tarried forward
1,110,909
1.020,642
Net movetneni in fimds in¢luded in the above are ￿ follows:
Gatns Ind MovÈment
105ses
in futtds
Income
Outgoillgs
Unre5trictcd Fund8
168.21X>
{37,547)
140,3861
90,267
17 Related PArty TrAn$*ctions
Dwing the year Millba￿k Financial Service5 Limited I'N(FS) ch4rged fees of £486 12024.. £4441 for their Portfolio
Stewardthip ￿VICe a[￿ Cowdray Tn￿l Limited charged administration exp¢nscs of £7.17512024.. £5.3751. The Hon H M
T Gibson, Tk Hon CA Pearson and Mr M P H¥nis {Direct(pts of CowdT&y Trust Limited) are Directors of MFS.
li shou]d be noted that a Sibling of Hon H M T Gibson and Hon PN Gibson. the father of Mrs C A Bulbugh, the son of Mr
J R E Smith and thc mother of Mr R C P Troughton IDir¢Gtor5 ofcowdray Trust Limit&J) a]E DiTeCtors of MFS, nalnely
Hon W K Gibso￿ Hon CA Pear50n, Mr O G E Smith and Mrs S H Troughton rcsFLtively.
MrR C PTroughton resiyed &8 Directorof Cowdray Tr￿81 Limitrd on 13 June 2024.
Mrs S H Troughton rcsigneij a8 Dirxtor of MFS on 17 September 2025.
Duting the yeaJ Mr R M B GuiT]n¢&s, the son of the Setdor of the Lauchentilly Charirable Foundation, the late Miranda,
co￿te$S of Ivea8h, made a gift of a library of ix)oks to the charitsble llu$¢ by way of a Ded of Gifi of Chattels datrd 23
August 2024.
13-