ELEANOR HAMILTON EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS
For the year to 30 June 2025
HUNTERS LAW LLP 9 New Square Lincoln's Inn London WC2A 3QN
SEC.WVM.35732-1
ELEANOR HAMILTON EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS
For the year to 30 June 2025
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|---|---|---|---|---|
|Contents|Page|
|Independent|Examiner's|report|3|
|Reference|and|administrative|details|4|
|Trustees’|Report|5-7|
|Balance|sheet|8|
|Statement|of Financial|Activities|9|
|Investments|10-11|
|Investment Changes|12|
|Notes|to the|Accounts|13-14|
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Independent Examiners Report to the Trustees of Eleanor Hamilton Educational Trust
I report on the accounts of the Trust for the year ended 30 June 2025
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
e examine the accounts under section 145 of the 2011 Act;
-
e to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and
-
e tostate whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
- e which gives me reasonable cause to believe that, in any material respect, the requirements: (a) to keep accounting records in accordance with section 130 of the 2011 Act; and (b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
e to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Colin Reid FCA Ai LL Burgess Hodgson Limited 27 New Dover Road Canterbury Kent CT1 3DN
October 2025
ELEANOR HAMILTON EDUCATIONAL TRUST
Reference and administrative details
| Charity Number: | 309997 |
|---|---|
| Principal Office | c/o Hunters Law LLP 9 New Square |
| Lincoln’s Inn | |
| London | |
| WC2A3QN | |
| Trustees | Mrs J Nyiri, CQSW (Chair) |
| Mr W Brandon, MA | |
| DrP Brandon, MRCGP | |
| Mr J C Vernor-Miles | |
| Mr | |
| Mr D P Orr | |
| Mr W E Vernor-Miles | |
| Miss E J Brandon | |
| Bankers | CAF Bank Ltd 25 Kings Hill Avenue, |
| Kings Hill | |
| West Mailing | |
| Kent | |
| ME19 4JQ | |
| Solicitors | Hunters LawLLP 9 New Square |
| Lincoln’s Inn | |
| London | |
| WC2A 3QN | |
| InvestmentManagers | Raymond James InvestmentServices Limited 1 King William Street |
| London | |
| EC4N 7AF | |
| Auditors | Burgess Hodgson Limited 27 New Dover Road |
| Canterbury | |
| Kent | |
| CT13DN |
4
ELEANOR HAMILTON EDUCATIONAL TRUST
Trustees Annual Report for the year to 30 June 2025
Structure, governance and management The financial statements are prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
The Trust was established by a Deed dated 25th February 1957 created by Eleanor Christodora Lady Hamilton.
Appointment of new trustees The power of appointing new Trustees is vested in the Trustees. The Trust Deed states that there shall always be at least three Trustees, and that if and so long as there shall be issue of the Founder living then at least one of the Trustees shall be appointed from such issue. The Trustees aim to include among their number a legal adviser and a financial adviser. Any new trustee appointed is informed as to the charity's activities and aims and provided with copies of the governing document, Minutes of recent meetings and the latest financial Accounts.
Organisational structure of the charity
The Trustees manage the Trust usually meet at least once a year, but since the Covid pandemic the Trustees have been in contact remotely to take all decisions necessary jointly with regard to the review of the Trust's activities and achievement of objectives. Certain day to day administrative tasks are delegated to the charity's legal and investment advisers. Investment decisions are made jointly by Mrs Nyiri, Mr J C Vernor-Miles and Mr W E Vernor-Miles.
Objectives and Activities The governing document provides that the Trustees shall apply income and may apply capital to provide for the education of persons under the age of thirty whose parents or guardians are unable to pay for such education. The Trustees aim to help pupils complete their education giving priority to those children who are either in the second year of GCSE or A Level depending on social, health and financial need. The Trustees also have power to make donations to charitable institutions whether educational or not.
Grant-making policies
The Trustees are not in a position to carry out the extensive investigations needed to establish suitable educational beneficiaries and therefore make donations to other charities which are able to carry out such investigations.
The charity has in the past received funds from other trusts which have been wound up and the Trustees try to continue to support the charitable interests of those donors. The Trustees support a number of charities on a regular basis. The Trustees do not consider unsolicited appeals and prefer to support charities introduced by the Trustees.
Achievements and performance
In the year to 30th June 2025 the Trustees donated £240,000 towards educational grants. Emmott Foundation received £55,000 to support students studying for their "A" levels. Thornton-Smith & Plevins Trust received £55,000 to support students studying for their "A" levels. £50,000 was given to Newnham College to provide bursaries for students experiencing financial hardship and £50,000 was given to University of the Arts London to enable students to complete a Foundation Course before embarking on further studies, and Buttle UK received £30,000.
Other general charitable donations totalled £144,500.
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Monitoring achievement The Trustees receive anonymised reports from the educational charities on the results of the beneficiaries supported by their grant. These progress reports influence whether or not further grants will be given to those charities. When considering general charitable appeals the Trustees consider how previous grants have been utilised.
Financial Review, Investment Policy and Reserves The charity maintains an investment portfolio and operates as a grant making charity. The charity does not undertake any fundraising.
The Charity's governing document places no restrictions on the discretion of the trustees in investing the Charity's assets.
It is the policy of the trustees to invest in financial instruments as follows;
-
e tomaintain sufficient cash to meet the Charity's short and medium term requirements; and
-
e invest the remainder in a mixture of bonds (Government-issued or corporate) and worldwide equities (including collective investments) to achieve a balanced return in the long term between accumulated income and capital appreciation.
Aside from cash on deposit, the Charity's financial investments are held by the Charity's investment advisers. The trustees take advice from their investment advisers on their investment strategy and on all investment decisions. The trustees must exercise care and skill when making investment decisions and select investments that are right for the Charity, including the need to diversify the Charity's investments. The investments are reviewed by correspondence throughout the year and at each trustees’ meeting. Each review of the Charity’ investments includes a review of the investment advisors advice, how the Charity's investments are performing and of the service provided by the Charity's investment advisor.
In March 2020 the trustees agreed to steadily reduce the Charity’s exposure to the fossil fuel industry and, where possible, and subject to advice from time to time of the Charity’s investment advisers, increase investment in businesses or funds involved in renewable energy and “green” industries. With effect from May 2023 the Charity’s trustees have developed that policy further and will no longer invest in the fossil fuel industry, tobacco and/or “vaping” and e-cigarettes, alcohol, defence and weapons manufacturing industries.
Due to professional restrictions prohibiting involvement by some of the trustees in taking part in investment decisions, the final say on all investment changes has been delegated to three of the trustees.
The activities during the period resulted in a decrease in value of £52,692 (2024 increase of £137,515).
The reserves at the year-end were £9.20m (2024 £9.25m). The charity holds sufficient reserves to continue its objectives.
Plans for future periods The charity intends to continue to support children in either GCSE or A Level years through grants to other charities and provide bursaries to University of Arts, London and Newnham College, Cambridge. It will also make some charitable grants.
Public Benefit We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities as required under Section 17(5) of the Charities Act 2011.
6
Responsibilities of the Trustees The charity’s Trustees are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and regulations.
The law applicable to England and Wales requires the Trustees to prepare Financial Statements for each financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these Financial Statements the Trustees are required to:-
-
s select suitable accounting policies and then apply them consistently
-
e observe the methods and principles in the Charities SORP
-
° make judgments and estimates that are reasonable and prudent
-
e state whether applicable accounting standards have been followed subject to any departures disclosed and explained in the Financial Statements
-
e prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011 and Accounting and Reporting for Charities: SORP 2015. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
Burgess Hodgson Limited have been appointed as independent examiners.
Approved by the trustees and signed on their behalf by:-
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Mr DP Orr
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O.
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f
a) aa
Mr WE Vernor-Miles
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BO December .........2025
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ELEANOR HAMILTON EDUCATIONAL TRUST
BALANCE SHEET as at 30th June 2025
UNRESTRICTED FUNDS
| 2024/25 | 2023/24 |
|---|---|
| £ | £ |
| 9,195,452.96 | 9,248,144.53 |
There are no restricted or endowment funds
represented by:-
FIXED ASSETS
INVESTMENTS at Market Value
| INVESTMENTS at Market Value | 8,763,041.63 | 8,674,205.26 |
|---|---|---|
| CURRENT ASSETS | ||
| CASH CAF Bank Raymond James account Hunters client account |
35,323.61 402,342.14 5,452.58 |
24,420.90 546,047.09 13,490.08 |
| CREDITORS -Amounts falling duewithin one year Hunters Burgess Hodgson |
-8,937.00 -1,770.00 |
-8,368.80 -1,650.00 |
| 9,195,452.96 | 9,248,144.53 |
CURRENT ASSETS
Approved by the Trustees on 3 © December 202.5 veveeeees
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and signed on their behalf by _ it Ba,
Mr D P Orr
irW E Vernor-Miles
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ELEANOR HAMILTON EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30th June 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2024/25|2023/24|
|Unrestricted|Unrestricted|
|Funds|Funds|
|INCOMING|RESOURCES|£|£|
|Investment|Income|
|Fixed|Interest|(gross)|61,153.52|62,797.00|
|UK|Dividends|87,172.08|86,363.67|
|Overseas|Dividends|91,481.31|86,008.19|
|Bank|deposit|interest Raymond|James|9,540.84|4,571.47|
|Bank deposit|interest CAF|Bank|103.71|109.38|
|249,451.46|239,849.71|
|Grant|returned|from|Healthcare|Workers|Foundation|359.00|0.00|
|RESOURCES|EXPENDED|
|Charitable|Expenditure|
|Educational|Grants|240,000.00|230,000.00|
|Other|Charitable|Grants|144,500.00|145,000.00|
|384,500.00|375,000.00|
|Management|and|Administration|Costs|
|Hunters|fees|for the|period|to|30|June|24|15,324.00|17,733.00|
|Burgess Hodgson|adjustment|to 2022/23|examination|fee|0.00|-1,500.00|
|Burgess|Hodgson|provision|for 2023/24|examination fee|0.00|1,650.00|
|Burgess|Hodgson|provision|for 2024/25 examination|fee|1,770.00|0.00|
|Reimbursement|of telephone|charges|-|John|Vernor-Miles|0.00|8.92|
|Secretarial|service|cost|-|Gloria|Taviner|5,000.00|4,250.00|
|Raymond|James management fees|30,888.40|30,140.23|
|Foreign|exchange|gain/(loss)|1.08|0.00|
|Bank|charges|60.50|76.00|
|437,543.98|427,358.15|
|THERE ARE|NO|PUBLICITY OR|FUND-RAISING|EXPENSES|
|Net Incoming/Outgoing|resources|in|the year|-187,733.52|-187,508.44|
|GAINS/LOSSES|ON|INVESTMENTS|
|Realised|-199,601.45|18,561.59|
|Unrealised|334,643.40|306,462.01|
|BALANCE BROUGHT FORWARD|9,248,144.53|9,110,629.37|
|BALANCE CARRIED FORWARD|9,195,452.96|9,248,144.53|
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ELEANOR HAMILTON EDUCATIONAL TRUST
INVESTMENTS as at 30th June 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Market Value|Market Value|
|Income|@|30/6/25|@|30/6/24|
|UK|Fixed|Interest|£|£|£|
|$|1,200,000|Tesco 6.15%|Sn|Nts|15/11/37|US$|56,203.52|898,913.73|956,879.17|
|£120,000.00|UK (Govt of) 4.125%|Bonds|29/01/27|4,950.00|120,540.00|119,268.00|
|£240,000.00|UK (Govt|of) 4.375%|Bonds|07/03/28|0.00|243,288.00|0.00|
|61,153.52|
|UK Companies|
|10,800|Experian|Group US$|0.10|5,164.03|405,216.00|398,088.00|
|10,768|GSK Ord|31.25p|6,568.48|149,675.20|164,696.56|
|40,000|Haleon|Plc Ord GBP|0.01|2,640.00|149,760.00|429,040.00|
|14,000|HSBC|Holdings|Pic Ord|USDO.50|7,013.52|123,452.00|95,746.00|
|300,000|Lloyds|Banking|Group|Ord|0.1p|9,510.00|230,100.00|164,220.00|
|800|London|Stock Exchange|Ord|GBP|0.06918604|1,040.00|85,080.00|75,200.00|
|80,000|M&G|Plc Ord|16,080.00|205,600.00|163,200.00|
|33,743|National|Grid|Ord|0.12431289p|15,564.59|358,181.95|297,815.72|
|16,400|Prudential|Ord|5p|2,864.61|149,666.40|117,817.60|
|3,000|Severn|Trent Ord|0.9789|3,563.40|82,020.00|71,400.00|
|17,000|SSE|Ord|50p|10,404.00|311,270.00|304,215.00|
|4,500|Unilever Ord|0.031111|6,759.45|199,125.00|195,525.00|
|87,172.08|
|Overseas|Companies|
|0|Adobe|Inc|0.00|0.00|87,919.98|
|26,000|AIA Group|Limited|NPV|4,272.22|170,155.01|139,624.90|
|2,400|Alphabet|Inc Cap Stock|"C"|Class|1,252.15|310,719.92|348,337.47|
|500|Amazon Com|Inc Com|USD|0.01|0.00|80,059.99|76,459.56|
|2,550|Apple|Inc Com NPV|1,689.56|381,841.17|424|993.27|
|7,300|Australia|& New Zealand|Bank Group NPV|6,147.16|101,799.57|108,913.78|
|0|Becton|Dickinson|& Co Com|US$1|2,083.41|0.00|147,948.15|
|240|Caterpillar|Inc Com USD|1|883.72|67,999.65|63,259.85|
|0|CDN|National|Railways Com|NPV|1,575.57|0.00|140,187.89|
|500|Deere & Co Com|USD|1|2,023.35|185,558.62|147,827.08|
|2,200|Emerson|Electric Com|US$0.50|2,983.97|214,081.57|191,773.62|
|920|EssilorLuxottica|2,264.96|183,542.92|156,940.95|
|80,000|Impax|Enviro|Markets|Ord GBP|0.10|4,000.00|298|400.00|310,400.00|
|40,000|J|P Morgan Asian|Investment Trust|7,440.00|150,800.00|150,400.00|
|3,672|Jardine|Matheson|US$0.25|6,162.34|128,799.79|102,802.29|
|1,300|Johnson|& Johnson|Com|US$1|4,199.53|144,928.33|150,353.71|
|0|Kering|EUR 4|1,212.02|0.00|91,839.42|
|6,600|Kraft Heinz Co Com USD|0.01|0.00|124,373.80|0.00|
|440|L'Oreal|Ord. €0.20|1,951.61|136,854.55|152,971.30|
|Carry forward|50,141.57|6,391,803.17|6,246,064.27|
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ELEANOR HAMILTON EDUCATIONAL TRUST
INVESTMENTS as at 30th June 2025
Overseas Companies cont'd
| Carried forward | 50,141.57 | 6,391,803.17 | 6,246,064.27 | |
|---|---|---|---|---|
| 400 1,600 220 550 2,600 1,110 3,000 12,000 660 0 0 5,500 320 |
Meta PlatformsCom "A" MicrosoftCorpCom US$0.00000625 Moodys CorpComUSD 0.01 Pepsico IncCap US£0.016666 Procter &GambleComNPV Roche HoldingsAGCHF‘1 Royal Bank ofCanadaComNPV Scottish Mort InvTstOrdGBP 0.05 StrykerCorpCom USD 0.10 Thermo Fisher ScientificCom USD1 Union Pacific CorpCom USD2.50 Verizon Communications Com US$0.10 Visa IncCom StkUSD 0.0001 |
659.28 3,340.88 505.98 1,953.74 6,931.56 6,062.34 7,185.27 0.00 1,410.54 314.36 2,778.84 9,724.29 472.66 |
215,475.56 580,848.95 80,537.89 53,002.57 302,323.82 279,840.48 287,942.88 424,080.00 190,573.22 0.00 0.00 173,691.39 82,921.70 |
159,596.12 565,875.89 73,278.21 71,780.19 339,303.97 267,545.23 252,608.76 0.00 177,698.74 131,277.00 143,231.99 179,483.12 66,461.77 |
| 91,481.31 | 8,763,041.63 | 8,674,205.26 | ||
| Market Value at30/6/2024 ofinvestments sold Cost ofinvestments purchased |
-742,404.43 496,597.40 |
|||
| Adjusted marketvalue Market Value at30/6/2025 |
8,428,398.23 8,763,041.63 |
|||
| UNREALISEDGAINto30/6/2025 | 334,643.40 |
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ELEANOR HAMILTON EDUCATIONAL TRUST
INVESTMENT CHANGES in the year to 30th June 2025
ACQUISITIONS
| ACQUISITIONS | ACQUISITIONS | Cost | |
|---|---|---|---|
| 29/05/2025 29/05/2025 |
240,000.00 42,000.00 |
UK(Govtof)4.375% Bonds 07/03/28GBP 1000 Scottish Mortgage InvTrust OrfGBP 0.05 |
245,388.56 120,053.88 |
| 29/05/2025 | 6,600.00 | KraftHeinzCoCom USD 0.01 | 131,154.96 496,597.40 |
| MV@30th | |||||
|---|---|---|---|---|---|
| DISPOSALS | SaleProceeds | June2024 | Gain/loss | ||
| 29/05/2025 29/05/2025 29/05/2025 29/05/2025 29/05/2025 |
320.00 800.00 200.00 4,500.00 300.00 |
Kering EUR4 Becton DickinsonComUSD 1 Adobe IncComUSD 0.0001 CDN National RailwaysComNPV Thermo FisherScieComUSD 1 |
46,355.31 401,137.97 60,306.01 115,608.77 88,359.96 |
91,839.42 147,948.15 87,919.98 140,187.89 131,277.00 |
(45,484.11) (46,810.18) (27,613.97) (24,579.12) (42,917.04) |
| 29/05/2025 | 800.00 | Union PacificCorpCom USD 2.5 | 131,034.96 542,802.98 |
143,231.99 742,404.43 |
(12,197.03) (199,601.45) |
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ELEANOR HAMILTON EDUCATIONAL TRUST
Notes to the Financial Statements for the year ended 30th June 2025
ACCOUNTING POLICIES
General Information The charity is a public benefit entity and registered Charity in England and Wales and is unincorporated. The address of the principal office is Hunters, 9 New Square, Lincoin’s Inn, London WC2A 3QN.
Basis of accounting In preparing the Accounts the charity follows best practice as laid down in Accounting and Reporting for Charities: SORP 2015. Historical cost accounting rules have been applied in all instances except for the valuation of investments. The financial statements are prepared in Sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Financial assets held at fair value Investments are initially recognized at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. Any corresponding gain or loss on this revaluation is shown in the Statement of Financial Activities for the year.
The fair value of the listed investments at 30th June 2025 was £8,763,042 (2024: £8,674,205).
Going Concern Policy There are no material uncertainties about the charity's ability to continue as a going concern.
Fund Accounting Policy Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Resources expended
Expenditure is included on an accrual basis.
Expenditure is recognized on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is classified under headings of the statement of financial activities to which it relates. Expenditure of charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Investment risk disclosures: The main risk to the Charity from financial investments lies in the combination of uncertain investment markets and volatility in yield. The yield on bonds has in recent years been abnormally low, leading the trustees to seek higher income yields from equities. The Charity is however reliant on capital appreciation to finance its work, the income generated being insufficient to meet its commitments. This leads to a greater exposure to international companies the values of which, together with their yield, are exposed to exchange rate risk when converting the holdings into sterling.
13
The Charity's investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognized stock exchanges. The Charity does not make use of derivatives and similar complex financial investments as it takes the view that investments are held for their longer term. At the year end the investments were in the following sectors:-
2025 2024 UK Fixed Interest £1,262,742 £1,076,147 UK listed equities £2,449,147 £2,487 ,364 Overseas listed equities £5,051,153 £5,110,694 TOTAL £8,763,042 £8,674,205
Income The Trust income is derived from its investment portfolio. The Trust is not involved in fund-raising or publicity.
Staff costs
The average head count of employees during the year was 0 (2024: Nil). No employee received employee benefits of more than £60,000 during the year (2024: Nil). This employee and key management personnel figure does not include the Trustees appointed and in position during the year.
Related Party Transactions
No trustees received remuneration, expenses or benefits for the year.
Mr WE Vernor-Miles is a partner in the firm of Hunters Law LLP who received fees totaling £12,770 in the year excluding VAT (2024: £14,778). Mr D P Orris a member of the firm Raymond James who were the Trust's Investment Managers and received management fees of £25,740 in the year excluding VAT (2024: £25,117).
Independent Examination Burgess Hodgson have provided a provisional fee of £1,475 plus VAT (2024: £1,375) in regard to the annual independent examination on the 30 June 2025 accounts, which will be paid and reported in the 30 June 2026 year.
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