REGISTERED CHARrrY NUM8ER: 328369 Flnanclal Stat•mènts The Shee sumer A￿111¢0 Limited ststLrtory Auditors Hemies House Fire Fty Avenue Swindon WAltshirp SN2 2GA Fin lal Statements for the Year Ended 31 Decembfrr 20 Report of the Tnmte 1 to 3 Report of the Independent Audltors 4 to 5 Statement of Financial Athits Balan￿ Sheet Notes to the Flnan¢lal St•tsm¢nts 8 to 15 rt ofthe Tntstses Year Ended 31 Dxembor The trustee5 present their report with the financial statements of th8 charity for the year ended 31 De￿eMber 2024. The stee$ adopted tho prOV￿10n8 of AccountirKJ Reporting by Charitses: Ststement of R9￿mm6nded Pra¢*e appli￿1￿ to charites preparing their accounts in acurdance ￿ryth thè Finanoal Rep)rting Standard applicable in the UK and Repubfjc of Irela￿1 (FRS 102) {effectiNB 1 JaNary 2019). OBJECTIVES AND ACTMTIES Obje¢lives and alm8 The Sheepdrove Tru8t is a family charity and a large PropXb￿ of the furKliry goes towards initiating the TrL*ts own projects and one of its deslres Is to support initiatives wht¢h incfoas8 SUSt*nabli ity. bi(¥JNefsty and organic taThning in Ihis county, for example research into sjrganic produ(*on v4KI nUtr￿On. Th8 Truste8s malntain an ongoing dIa￿￿e V￿th the iThli¥iduals and inststuhons to whom they ha￿ fflade grants so as to assess their williwne5S to rminue that supwtL The Trustees request that all indtwduals and institutions update on thelr successes. This is done by mèans of reporis, meeting updatss. new51ettets and ￿nalIs. This infomiation is kept vrith the Trust Administrator and enables ts Tn￿e5 to wwsure their successes and make decisions about furthèr funding. The Tn￿te¢S also review new appIl￿tiOnS for fvnds carefvlty trj ascertain rfthose *ill be support￿. The Trustees haw paKI regarrl lo guidan￿ issued by th8 Charity Commlssion in deryding what activthes the ¢hanty should under*e. Al our tharitable aCts￿be5 are undertaken to fvrt￿r our charitable purposes for the public b8n8fit. ACHIEVEPAENfs AND PERFORMANCE The Charity has a portfolio of listed investrnents that had a market vakR as at 31 December 2024 of £28,815,999 induding cash aVaila￿e for inNpstrn9nt (2023: £28.122.681). The funds are invested in giJc. The law applicab￿ to charths in England and Wal85. lh& Charilias Act 2011. Chwity {Accounts and Reporb) Regulations 2008 and the provtsions of the trust deed rw]uires Ihe trustees to prepare finanoal gtatsments for eath finan￿al year vthich give a true and fair Mew of the state of affairs of the charity ar￿ of tho In￿)mIng rasources and aPpl￿tiOn of r8s¢yJreAs, induding the income and experKltture, of the tharity forthat period. In preparing tho¥e finanaal statements, the trustees are required to select suitabk a￿nting polioe5 and then apply them consis•. obsorvts th8 methods and principles In the Charrty SORP; make judgements and estimates that are reasonable and prudent prepar8 thè finanthal statements on the golng o)ncem basis unless it is inappropriate to presume that the charity V￿71 ¢onbnue in bu5irEss. The trustees are responsibte fDr W"ng pr4)er aixountirtyJ recknrds which d￿d0$8 with reaSona￿e accuracy at any tim8 thè financbal posrtion of the tharity and to enable them to ersure that the financial statements comply ￿th the Charities Act 2011. the Charity (Accounts and Raports) Regulations 2￿8 and th8 provisior6 of the tswst deed. Thoy are also responslble for safeguardiNJ the assets ot the chty and hen(t for taking reasonable steFts for the pre￿nbOn and detectson of fraud and other irregularibes. Re ort of Iho Tru8tee8 forthe Y•ar Ended 31 Docembor 2024 Approved by order ofthe Ix)ard of trustees on .... . ... ........ .... ................. and spjnad on ils bèhalf by.. J E )Qnde￿Iey- Tn￿tee Page 3 Tru Oplnlan We audited the finan(xal ststernents of The s*￿epdroNE Trust {the'chariW for the year ended 31 December 2024 which ccmprise the stateM￿t of Financial Acbv7bes. thè Balan￿ Sheet and notes to the financial statements, induding a summary of Significant accounlirvj The financial reportirvj framth4vrk that has been applied in their preparatb)n is applicable law arKI Unlted Kjngdom AccounW StaThaards (Unltsd Klngdom Gonerdty Accept8d Accounting Practi￿}. In our opinion the financial statemeni8'. glve a true arKI fair view of the slate of the chanws affays as at 31 December 2024 of its I￿omIng r8sourc8s and application of r8source5. knthe yearthen ended: have been propth PrePa￿d in accordan￿ wrlh United I￿n￿10M GeneraltyAc¢epkd Accounting Practi￿. aTrJ have been prepared in accordan￿ with ts ￿uIrements oftt* Charibe5 Act 2011. Basls for oplnlon We conducted our audit in accordan￿ Intemational SlaThJarfs on ALvJitsng (UK) (ISAs (UK)) and applicable raw. Our responsibllitles under those starKlards are fvrlher descxibed in Ihe Auditors, responsibilities for th& audit of thè financial statementg section of our reporL We are independent of th8 charty in accordance with the frthical requirements that are rdevant to our audtt of the financial slatements In the UK Includlng the FRQS Ethlcal StarKlard, nd wè hav8 fulfillAd our othér ethical responsibilities in SCUrdan￿ *ilh these requirements. We beliave that the audit evkgence VR ha￿ ¢Jbtained 15 suffi¢aerf aThJ rypropriate to pthryde a basis for our opinion. oncluglon8 relatlng to golng concern In audtknng the finanaal ststements, vm have conduded ihat the InEtees' usg of the gorng concem basis of accounting in tha preparation ofthe ffinanoal stst￿nertS is appropriat Based on the V￿rk Vlt have p8rfom18d. vo ha¥*J not id8ntilwJ any material Un￿rtaInt￿ relating to events or ¢(Inditior thaL Indi￿dUallY or o)llect￿*￿. may cast significant doubt on the charl￿$ abllity to continue as a going ¢>Jn¢¢m for a period ofat18a8t ts￿1Ve monlhs from the finarKyal statemerts arB au11KK￿ for ￿u&. Our rosponsiblllties and tha respon8ibilÉlie8 of Ihe Intstaes TAryth respe& to going txjncem ar8 descrft*l in the rn18vant sections of this reporL Olher Information The tn5St&s a￿ respon$*Jle lor the ott*r Infr)m1alM￿. The rrther in*)miation comprises the infornation included in the Annual Repor( otherthan ts financlal 8taements and our Rq>ort of the Indeperrfjent Auditors therg)n. r opinion on the finan(xal 8tatemerts doe8 not ojver the other Inf￿M￿l￿ and, except to the extent otherY*He explicty stated in our ￿por( do not e4*￿$5 any fom ￿ assuran￿ (x*ndusion thereo In ct)nnection with our audit of the financlal ststements. *Jur responsibiltty Is to read the other infomialion and. in doing so. cortsidér whether the other inf0m￿tiOn is materially I￿OnSiStent *tyth the financial siatements or cur kn￿d[edg0 ct*tained in the audit or appears to be materialy mbsstated. If we identify such material in￿nsIstenCES or apparent materlal mlsstatements, are required to detemiine vthetrRr this gi￿ rlse to a material misstatement in the financial gtstements themsefves. If, based on the work * haNE pwfomied. ￿ condude that there Is a materfal misstatan8nt of this oth8r infomlation, w8 are Wulr￿ to rewt that lacL We halfj nothing to report in this reg8rd. Mattovs on whlch w• *r• r•qulr•d to r•port by •xc•p We have nolhing lo rpFQrt in resped of the fo[￿￿n9 matters where the Charthes {A¢￿unts and Report¥) Rogulations 2tX18 requires us to report to you rf. in our opinion: the irrfO￿￿81[0n giv8n in Ihe Rewrt of the Tnjstees is irKa)nsistent in any material respect *ith the finanfial ststements: or suffiaent accounting records ha%* not been kept or the financial statements are not in agreement ￿TIh the accounting r&ords and reknms: or we have not T￿l¥e￿j all Ihe inft)miatKm and ewlanations ￿ r￿U1r8 for wr audiL R•spon$lbllltl88 of tru8ta•s e￿laIned more fvlly in the Sfatement of Truslees. Responsibilities, the truslees are responsible forthe preparation of the flnandal statsments vthich glbe a truè 8nd fair ¥iew. and for such intemal control as thé trustees d8temiin8 Is necessary to enable Ihe preparation of financial statements that are free frcln mateiial mi53tatemen( whether due to fraud or error. In prepariNJ the I￿nan￿1 stat￿￿ents, the trustees are respons￿18 for assessing the charitys abilty to continuè as a goirrfJ concem, disdosing, as applicabk. rnatte￿ related to going concem and using the going of accounting unless the trustees eltr*r intend to liqiidats lha charity or to ￿ op8ra1iorts. or hava realistic temative but lo do ¥0. Pago 4 In Thesh vo Trust Our rnsponolbllltles for tho audit of th¢ financlal glatsmerrfl We have been appointed as auditors undér Seclion 144 of fhe Charities Act 2011 and report in accord£nts tho Art and relevant regulatlons made or having effect thereunder. Our r**iects¥ES a￿ to obtain reasonable assurdnce about whether the fjnancial Statem￿ as a wthole are free from material misstatemwt, wh8ther due to fraud or e￿or, and to i¥sue a Report of the IrMl8pend8nt AuditoTr that Ind our oplnion. Reasonab￿ assuran￿ is a high ieb*l of 8￿ranCe. lyjt FS not a guarantee that an audil conducted in accordance with ISA8 {UK) will a￿v4y3 detect a material misststement frt exists. Mi8statwnents can arise trom fraud or error and are considerwj material rf. intjividually or in the aggregate. they could reasonably be exFected to irrfFuen the economic decistons of users taken on the ba$1$ of these financial statements. The 8Xtent to ¢)ur procadures are wiable of detecling Ir￿ular[b"e5, induding fraud is datsllpAJ b810w. Basad on our understandlng of the tharity arKI the gr￿tt making actsvty. w8 Id8ntFfied that the prfncipal risks of nonJ￿ideration of knovm or suspecbj instsntx of ftonwc¥mplianc& laws and regulations and fraud,. - understandiThJ and rew8w of managemenfs intsmal controls desiwed to and detert trregularities, and fraud," - review of the minules ofthe Trustees rneetings,. - designing audit procedures to incory)orate unprBdictat¥litr. perfonning analytical procedures to Klentify any unusual or uneythj ￿la￿onShIpS that might indtcate risks of material misstatement due to fraud" - raview of the financial statements disdosures and te51r¥J tr) sUPPOrtYw d0￿M￿Th to assess Com￿lance with relevarrt laws and regulations diS(X￿ed abovv, - t8Sting transaciions entered Into outside of the nomal cour58 otthe charity's bu$iness". and - identsfying and testing journal entries, parliujlar any joumal entries with fraud charaLteri5tioE Such as journals with round numb8fS. Ther8 are inherent limrtatlc￿s in the awlit procedures d8scrbed abo￿ and the further removed non-complian￿ with law5 and reguLqtions is from the e%ents and Ihe trdrtsacttons relle¢ted in tho financial staternents, the 18ss likely we would be¢ome aware of IL Aso, Ihe risk of not detethrvJ a matsrial misstatement due to tra￿1 is higher than trE rtsk of not detecting one r8suNing from error, as fraud may involve deliberate ￿n￿[ment by. for exarn￿e, forgery ar Intenttonal misrepregentations. orthroLyh collusion. A futhr description of our responsibilities for the audit of the finanaal stslements is located on the Financial Rèporting Counol's w8bsite al V•WW.ftoorg.uklaudtioryJresponsibilitw. This desuipb'on forms part of our Report ofthe Independent Auditors U80 of our r•port This ￿pOrt 15 made SO￿lY to the ch8riVs tr(tste4s. as a body. in ac02rdan￿ V•ith Part 4 of thè Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that mwjht state to the charitKs trustees those matters w8 are required to state to them in an audilors. report and for no ¢)ther purpose. To th& fiJllest extent pemittted by law, Y•B do not 8c¢ept or as5um8 restKtrnsibllty to anyone other than the charity and charitys trustees as g boty, for our aud]t work. for this reDorL or for the ¢Jpintons have fDm hJAtO SumerAuditco knmited StatutoryALKlltors Hermes House Fire Fty Avenue sy￿rN10n Wiltshire 8N2 2GA 23 October 2025 Date.. Pago 5 ststement rtheYgarE 1 Decembor 2024 2024 Unreslri¢ted fund 2023 Total funds INCOIIJE AND ENDOWIAENTS FROM Investsn￿t income 89.269 57,614 EXPENDITURE ON Roising funds 39.635 38,901 Chorltabh activili Grant making Save th• 8￿'S projert 954.390 111.818 392,201 70.710 Totsl 1.105,843 501.812 Nét g￿nS on investrnents 1,545,053 2.fAO,759 NEf INCOME 528,479 1,596,561 RECONCILIATION OF FUNDS Total funds bro￿h1 foNArd 27,898,730 26.302,169 TOTAL FUNDS CARRIED FORWARD 28,427,209 27,898,730 The notss fomi part ofthese financial stat￿ents P￿86 The Shee Balance Sheot 31 DeCeM￿r 2024 2024 Unrestriraed fund 2023 Total funds FIXED ASSETS Investh)ents 12 28.815,wa 28.122,681 CURRENT ASSErs Debtors Cash at bank 13 109,551 61,962 110.218 62.629 CREDrr¢JR8 Amounts falling due WTlhin one 14 (345.008) (232.580) NET CURRENT ASSET8 (234,7SX)) (169.951) TOTAL AS8Efs L&8S CURRENT LIABILMES 28.581,209 27,952.730 CREDITORS Amounts falling due after more than one year 15 (154.000) (54.000) NET ASSETS 28,427,209 27,898,730 FUNDS Unrestricted funds 16 28.427.209 27,898.7 TOTAL FUNDS 28,427.209 27,898,730 The finaniial stslements weTr appro1￿d by the Board of Tr￿teaS and authorised for issue on 2.1..October.2025...... and Sign￿ on its LEhalf ty. P D iQnder*y- Trustee E lQndersiéy- Trustee The notes frJmi part ofthese financial stalements Page 7 drove Tn*t Note* to for the Yga 1 December 20 GENERAL INFORMATION The shee￿Ir0Ve T￿t is an unincryjrated thar￿)le Intsi The tharitrfs registration number and address Can be found in the trustees, reporL ACCOUNTING poL￿lEs Bas18 of preparing the flnanclal statements The finenrial statements of the charity. is a pub￿¢ benefft entity ￿￿er FRS 102. ha%e been prepared in accordan￿ with the Charilie5 SORP {FRS 102) Accounling and Reporting by Charities: Statement of Recommended Practlce ap￿trAb￿ to dMritieS kyyring Iheir accounts in accordance with the Finanaal Répo￿.ftg Stsndard applicab￿ in the UK aTrJ Reput4io of Ireland (FRS 102) (effective 1 January 20191,. FinanrAal ReportTng Standard 102'The Financial Reporting Standard applicable in ts UK and Republic of Ireland, arKI the Charttles Act 2011. Tr finanual statements have been prepared under the histrJrlcal cost conbenticn. wth the exreption of i￿￿ents Ththich are induded at market Wdlue. as m(Aified by the revduation of ¢xrtain assets. Tha finan￿￿ ¥tatemenis hai*e been prepared to gve a Xru8 and faif Niew and hav• departed from tha Charib88 (Accounts and Reports) R￿ulationS 2008 only to the extent required ts provide a Irue and falr ￿eV#. This departure ha5 invol¥Ed following the Ac£ounting Reporbng by Chalknes.. Siatemènt of Racommend&J practi￿ applicable to charrbes preparir#J their accounts in accordan￿ wiu) ￿ Finanaal Reporting Standard ap￿ICable in the UK and Republic of Ireland (FRS 102) i$5ued on 16 Juty >014 r8ther than the Attounttng and Reporring by Charthes: Statement of RecommendeAI Practi￿ effectiNE from 1 April 2005 which has since teen The ffinanoal slatemert5 are prepared in steylng vhmch is Ihe fvnctionaf cuThency of the charity and rounded to Ihe nearest pound. There are no s&nificant areas of judgements or key SOW￿ of eslwnation uncertainty. The consider that thera are no materMI unwtaxrtie5 ab(Krt the Charitys *)ifity to continue as a ￿5ng con(xrn. Flnan¢lal r•portlng Standa￿ 102- reduud di%10sure exemptions The charity has tsken adwantage of the follo*ing dlsclosure exemption in Fxeparfng these finan￿81 statements. as Fernitted by FRS 102 Tr Financial ReporfirvJ Standard applicabb in the UK and Republic of Ireland,: the requlrements Df secti￿ 7 Statement of Cash Fl( In¢we I Income reec*JiNsad In the Stat*n8rt of Firran￿1 AL*vrbes On￿ the c*arity has entillement to the funds, it is prcthble that the In￿Me will be reCeI￿d and the amount can be measured r81iaity. Intwt tjn furKls held ￿ deposlt b induded when receivab￿ and the •nourrt can ba measur•Y relkbty by the charfty., this is nomialty upon notific*lon of the interest pwd or payable bythe ￿k. Dmdands are recognised onc* the divlknd has been deck￿￿ and notilllxllon has been rec*ved of tho dmdend due. This is nOmial￿ upon n￿lfi￿lon by our H)Trmtsnent athIS￿ of the divKlend of the investrnent portlolio. Expondituye Liabilltiès sr• rwiised as eypendiiure as soon as trere is a legal or construckne oNwti'on commitbng tha chanty lo that e¥endtbJre. it is probable that a transfer of economk b8ne16ts wll be required in s8tt18ment and th8 amount of the oblKJalion can be measured relot4y. EYpend￿re is accounted for on an accruals basis and has been ￿a5￿ffied under headings that aggrgjats all cost related to the CAiegory. Where costs cannot be directly thbut8d to particular headiThJs tlw ha￿ boen aU¢x*d to a¢bwbes on a basis conslstenl wrth the use of resour￿. Grants offered subject to c(¥vJibons not been met at the spar end dae are no￿1 as a commltment but not ac¢ru&l as 8yperKlknre. Taxallon Thè charity ks exeryt from tsx on its tharitable acli¥ibes. Fund ac¢ountlng Unrestricted fi￿1$ 12n be use(1 in accordan￿ with the tharTfrable obi8cts¥Bs at the disuetion of the trust88S. Page 8 continued... Not98 to th• Flnanclal Slatem•nts- cortlnu•d for the Year Ended 31 Decembèr 21124 ACCOUNTING POLICIES - continued Fund accountlng Restrided funds can ar￿Y be used fvr particular ￿Stri(￿ed puryx)ses within the 0￿.ects of charity. Restrictiong arise vthen 5pe¢thed by the donor orwhw funds are ralsed for partkular restrl¢Xed purposes. Further ewanallon ofthe natu￿ and wrpose ofeach fvnd is included in the notes to the ffinanoal statemerrts. Foreign currencies Assets and liabilths In foreign currencies are translated into sterllng at the rates of ex(*ange ruling at the balan(Y sheet dakn Transactions in foreign Currer￿leS are translatsd irrto sterfing at the rate of exchange ruling at ts date oftransadon. Ex(*tange differences are taken into account in arriwng at the operating result. Flxed ￿80t inve81ments asset inveslments are inlially measured at tran58clion pri(* exduding transaction oosts, and are subs8qU8nlty measured at fair value at each reporting date. Changes in far YdbJ8 aye recLvJnised in net inwnelle>yThJrturel for the year. Transaclion costs are e>pensed as incurred. Debtorn Trade and other debtors are rerAgnised at the settlement amount due alkr any trade diSC￿nt offered. PrepayTnents are valued at ¥nount prepaid netot any trad8 discowts duo. Cash at bank and In hand Cash at bank and in haThl indudes cash ar#J short tern) highly liquid invesbn8nts th a short maturity of three months or less from the date of acquisition or opening ofthe deposit or gimilar a￿Unt Crndltor8 and prcvlslons Crediiors and prowsions are recognised vthere lh8 charity has a present oblrgation resulting from a past event that wll probably result in the transfer of funds to a third party and Ihe amount due to settte the 0￿[9a￿.0n can be rneasured or estimated reliably. Creditors and provisions are nonnally recognis&J at their setrlement amount after allov•ing for any trade discounts due. Financial in¥trumgnts The ¢harlty only has finandal assets and finandal liabilitses of a ￿r￿1 that qualify as basic financial instruments, Basic financial Instmm￿ are inibslly recognised at transactton value and subsequenty measured at thelr sethernent value with the excepts.on of bank loans vthich are subsequenty measured at amoiknsed cosl using the aflerAl￿ inter8St meth(Kl INVESTMENT INCOME 2024 2023 In¢ome from listed invèstrnents Deposit account interest 87,226 2,043 56,872 742 89,269 57,614 RAISING FUNDS InvKtmgnt rnanagement costs 2024 2023 Portfolio management 38.901 PaJ8 9 contsnued... The Shee drove Tru nts- contlnuod for the Year Ended 31 December 2024 CHARITABLE ACTIVMES COSTS Granl fiMK1iw of tiwtias (see note 6) Support costs (see note 7> Direct Costs Totsls Gratrt maknng Save Ihe Bee's 954.390 111.818 111,818 111,818 54.845 1,066,208 Page 10 conttnueAY... Thes Not88 to th• Flnancla Slatement8- contlnu•d forthe Year Ended 31 D¢¢ember 2024 GRAP4TS PAYABLE 2024 2023 Grarrt making 899,546 360,942 2024 2023 Grants to Ir￿ti￿tionS (32 grants) Famiing. Wildltfe, Preservation - Bey¢)nd GM Fanning, Wildltfe, Preservation - Nanrith In￿t Famiing, Wildltfe, Preservation - Earlhed Famiing, Wildlife, Presewtion - OGA Fanning, Wildlife, Preservalion - The E￿lOgY Trust Famiing, wI￿lIfe, Preservation- Can Ciistofol Farming, wi￿lIfe, PreseNalion- Care4cats Fam)ing, Wikllifa. PreseNation - Lavryers for Na￿re Faming, Wihjlife, Prese￿tion- Whore Health AgriLyJltu Farming. Wildlif8, Preservation- Pasture for Life FamiTrJ. Wildlile, Preservation- ORFC FamirtsJ, Wildlik, Pr8s8rvation- Other Medione, Health - Cancer Prevenbon Soc Medicine. Heath _ Other Education, Schools- Maria Montessori Trust Education, Schc•)Is- UnNersity ofthe Arts Lonth)n Education. Schools- The Prison Phoenix Trust Education, Sth(￿ls- Other Arts. Cultura- The Watemill Theatre Arts, Cullure- Nevknury Spring Feslival Arts. Culture- Other Oiher 17,463 17,719 14,170 12,857 12.842 300.000 20.000 15,000 44,597 10,000 25,619 10.000 60.OCY) 10.000 3.414 200.CrfxJ 21.000 10.000 11.000 1 t)J.000 21.000 76.230 59,578 915.546 14.C(JO 366,942 4.500 Grants to indivtduals (1 grant) - Edu(*on 92g,546 370,942 Grants Wthdra￿ (￿.000) (10,000) 899.546 360,942 Re￿n￿lIalion ofgrants Commitments at 1 Januwy 2￿24 Grants commltted lor the year Grants retumed Grants withdrawn Grants paid during the year 270.500 463,433 370.942 1,795 {10,000> {555,670) (30.000) {691,061) Commitments at 31 Decerni￿r 2024 478,985 270,500 Commitments at 31 Oecamber 2024 are payable as foll￿￿3.. thin one year After more than one year 324,985 154.000 216,50) 54,0 Total 478,985 270,500 Page11 continu•l... to the Financi for the Year Endod 31 Doco 24 SUPPORT COSTS Govemance fvlanagement Totals Grant making 45.539 9,306 S4,845 Support Cth8ts. Ir￿uded in the above. ate as follow&.' 2024 Grant making 2023 Total activits8S Wages Other tharitablé ements Bank tha Sunddes Legal and professional Auditors, rémuneraicn 10.723 27,123 175 18 7.500 9.3C6 8,600 11,175 150 2,220 8,885 31,259 AUDrroRS' REMUNERATION 2024 2023 Fees payabk to the tharivs auditors for the auditofthe ￿￿￿1￿$ financial statements 8.885 TRUSTEES. REMUNERATION AND BENEFrrs The trustee, Helen Craven-Jones. Is emplo￿ as an admini8trator for sheeptsth￿ FaTm which invoices th8 charity ft)r the administration ￿T￿re¥ the trustee prowdes to the tharity. During the p￿0d frcffi her appointrnent as trusteé io tha year ènd of 31 Dec8mb8r 2024, Ih tharity paid the farrn £3.656. There We￿ no tr￿4teeS. expenses paid for the year en¢￿ 31 De¢emter 2024 nor lor the year ended 310ecember 2023. 10. STAFF COSTS 2024 2023 Waps and s818riés 10,723 10,723 The average monthty number of e4nrAoyees durhg the yearwas as hlbjws: 2024 2023 Admlnlstralon No employees received emoluments in excess of£60,CIYJ. Page 12 continued... The Shee Ar-. for Ihe Year Ended 31 December 2024 11. COMPARAnvES FOR THE STATEMENT OF FINANCIAL AcrivwriES Unrestricted fijnd INc(￿E AND ENDOVWEKf8 FROM Investment income 57,614 EXPENDrruRE ON Ralsing funds 38.giJ1 Charitable activTU Grant maknng Save Bee's projed 392,201 70.710 Totsl 501,812 Net gains on Inv8Stments 2,040.759 NET INCOME 1,596.5S1 RECONCILIATION OF FUNDS Total fvnds brought foThrnrd 26.302,169 TOTAL FUNDS CARRIED FORWARD 27,898,730 12. FIXED ASSET INVESTMENTS Cash and 5etUements fvwestrnents pendir Tota]s MARKET VALUE Al 1 January 2024 Addibons Di3pa5als Revaluations 28.036,930 1.331.181 (2.158,108) 1.545.053 85,751 28,122,681 1.331.181 124,808) (2,182,916) 1,54S.053 At 31 Decem￿r 2LY24 28.755. 60.943 28,B15,999 BOOK VALUE At 31 December 2024 28.755.056 60.943 28.815.999 At 31 DeLYmber 2023 28,036,930 85,751 28,122,681 Analssls of Investments.. 2024 2023 UK securities Chersea5 securibes Cash 26.807,553 1.947.503 60.943 26,499,638 1,537,292 85,751 28.815.999 28,122.681 The inves1mèrrts ara held to provtde an investment retum Icf the charty and are listed on re￿n￿ stod( exchanges and managed by independent fund manager& Page 13 continued... 8 Shéé drov• Trn for the Year Ended 31 December 2024 13. DEBTORS: AMouKf8 FALUNG DUE wrrHIN ONE YEAR 2024 2023 Other debtors 667 667 14. CREDITORS". AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Accruals and deferrgj income Accruals for grant5 payable 20.023 324,985 16.080 216,500 345.008 232.580 16. CREDrroRS: AIAOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 ACCAUa￿ for grants payable 154.OtM) 54.000 16. OVEMEKf IN FUNDS Net movement funds At 1.1.24 31.12.24 Unreslrithd funds General fund 27,898,730 528.479 28,427.209 TOTAL FUNDS 27.898,730 528.479 28,427,209 Net movement n tund8, included in the abm are as foll(Th￿" Incoming Resources expended Gain8 and losses Movement In funds Unrestri¢ted funds General fund 89.269 {1.105,843) 1,545,053 528,479 TOTAL FUNDS 89.269 (1,105,843) 1.545.053 528,479 Comparaths for movement In funds Net movement in fund5 At 31.12.23 At1.1.23 Unro8trlctod funds General fund 26,302,169 1.596,561 27,898,730 TOTAL FUNDS 26,302.169 1.596.561 27.898,730 Pag? 14 Continued... The She• Notès to the Flnanclal Statements - eonti lor the Year Ended 31 December 2024 16. MOVEMENT IN FUt4DS - ¢ontlnued Comparatiw nel mov8ment In fund4 ind￿d in the abM a￿ as follows: Ir￿QMIng Resour Our￿ ex4)end8d Gains and losses klovement in fttnds Unrastrictsd fvnd8 General fvnd 57.614 (501.812> 2,040,759 1.596.5S1 TOTAL FUNDS 57.614 (501.812) 2,IJ40,759 1,596,561 17. RELATED PARTY LXSCLOSURES Neal'8 Yard Remedies is a Gomp*y in which the trustees ¥e sharehoklars. During thé d)arfty paid a grant of £2.875 to Tabttha Rot*rtson Aromatherapy for treatrnents ￿ried out at Neal's Yard premises for Grenfell Tower sufviwJF5. Tre Trust also paid £1,887 for Rewlding surveys and adiry￿ £11.429 for restoration work arKI hedgelaying on thé Sheepdrove Fami. a tam which the trustees ov*n. In 2022, Neal's Yard Remedtes launC*￿d a new ￿Mpai￿ to protect the prectous bee population. Anabel lfjndersley. cGknovmer of Neal's Yar