Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC Charily Registration No. Sc(2224 (Scotland A E H SALVESEN'S 1985 CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 MURRAY BEITH MURRAY
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee5 Mr5 ElizaiEth Ei'elyn Salve5en Andreiv John Neill Pater50n Tabitha Mary Veronica Weir (Appointed 29 September 20251 Charity number Iscotlandl SC002224 Principal address clo Nlurray Beith Murray LLP 3 Glenlinlas Street EdinbLJrgh EH3 6AQ Independent Auditor Saffery LLP 9 Haymarket Square Edinburgh EH3 8RY Soliators Murray Beith Murray LLP 3 Glenfinlas Stieet Edinburgh EH3 6AQ Investment advisors Rathbones Investment Management Ltd 10 George Street Edinburgh EH2 2PF Rossie House Investment Nlanasement 50 Nloray Place Edinblirgh EH3 6BQ
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST CONTENTS Page Trustees, report Auditoi's Report Statement OE financial artivities 9-10 Balance Sheet li Statement OE cash flows 12 Nates t() the financial statements 13-22 SAL006
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustee5 present their report and financial statements Eor the year ended 30 September 2025. The financial statements have been prepared in accordan ivith the accounting policies Set out in note I to the financial statements and comply with the Charity s Trust Deed, the Charities and Trustee Investment IScotland} Act 2005, the Charities Accounts ISL'ntlandl Resulatinns 2006 las amended) and "Acc()unting and Rep(>rting by Charities.. ,fjtstement of Recommended Practice applicable to charities preparing their account9 in accordance with the Financial Repvrting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended fur accounting periods conu]ieiicing from l January 20191. Objectives and activities The Charity'5 object5 are established in its Constitution, and these are such charitable purpose5 a5 the Trustee5 may deterniine at Ilieir sole discretion. To these ends, the Charity awards grants to eligible institutions rangin8 from £500 to £10,000 lexceptionall}' the Charity may award a greater sum). The grants are intended t() help these institutinns prnvide tangible benefits t() such beneliciary graups as the Trnstees may deem appr()priate. The charity also invests strategically in companies whuse activitieb the Trustees deem cumplementary to those VE the Charity. The Trustees monitor the Performan of each institution supported by the Charity. Where appropriate, the Charity may require institution5 that receive grants to provide a copy OE their Annual Report and Accounts to facilitate the cr)nsideratian 0£ support in future years. Other beneficiaries are obliged ta demanstrate pr()gress against agreed objectives to facilitate further support. To 5U5tain the Charity'5 activitie5, the Trustees maintain an endowment fund, the income from which 15 used to finance tlie Charity's grant-making activities. Achievemenls and performance lii thi5 reporting period, the charity awarded grant5 or undertaking5 to 11 in5titution5 Ivorth a total of £862,000 12024.. 9 grants ivorth £6341241. Of particular note was a grant of £.S00,000 to The Salvesen Mindroom Centre. The grants were awarded to finance such activities as those institutions receiving funds deemed appropriate. In this reporting period a transfer of £315,820 12024.. £13,925) was made from the Endowment fund to the Unrèstricted fund in line with the Chority's pc)licy.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Financial review The financial statement5, presented vverleaf, show that the Charity'5 gross income amounted tu £61,942 in this reporting period and it was wholly composed of investment income generated by tlie endowrynent Eund 12024.. £62,094). Gross expenditure from UnStriCted funds amounted to £377,76212024.. £48,170) and was composed thus.. Grants Support and Governan Cost5 Total £362,000 £li.762 £377,762 The value of the Charitys endowment fund stood at ,538,98] at the end of this reporting period 12024.. £5,785,076). No cash donations were made to the Charity's endoivment fund in this reporting period {2024.. £800,000). Grants Support and Administratinn C()sts Total £500,000 £1,668 £501,66S The cost5 of administering the Charity'5 endowment fund composed of administration and investment management fees. Unrestricted Resee5 Policy The Charity's unrestricted reserves at the end of this reporting period stood at £nil12024.. £nill. The Trustees generally s*k to apply the wliole free income of the Charity, making reasonable provisi£)n for professional fees aiid outlays where apprtspriate. Investment Policy The Trustees have instructed Rathbones Investment Management Ltd to manage the Charity'5 investment funds on a discretionary basis. The Trustees have advised tliat they are prepared to accept a very high level of investment risk. Rathbones Investment Manasement Ltd are instructed to seek return orientated toward capital grawth at the expense af income. The Trustees hai'e nvted the investment performance but acknowledged the difficult market c(Jndition5 during the year. Risk Management The Trustees have considered the risks to which the Charity is exposed. These relate in the main to investment management and therefore the Trustees have employed an ini'estment manager to advise them. Another risk to which the Charity is exposed is Iroud. However, the Tnjstees consider that the prwess of application for donations made by the Trust reduces this risk. The Trustees protect against the risk of financial mismanagement by the appointment of Solicitor5, who are bound by the Law Society of Scotland Solicitors, Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compliance with regulations governing the Charities.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Plan5 for Future The Trustees intend to continue making donations in a similar way to the rent pasL retaining flexibility on the scale of donations. In December 2025 the Trustees have undertaken to pay £1.5m to the Salvesen Mittdroom Centre, L%)O,O(K) in 2026, 2027 & 2028. A portion of the Investmeiit in the Teal fund ha5 been sold to fund the 2026 donation. Strncture. governance and management The Trust is on unincoTporated TTUSt constituted by Deed of Trust by Alastair Eric Hotson Salvesen CBE dated 6 March 1985 and registered in the Book5 of Council and Session on 15 March 1985. The trustees who served during the year and up to the date of signature of the financial statements were.. Alastair Eric Hotson Salvesen CBE (Deceased 9 December 20241 Mrs Elizabeth Evelyn Salvesen Andrew John Neill Paterson Tabitha Nlary Verijnica Weir (Appointed 29 Septeniber 2025) Trustees are assumed land resisnl with the consent of the existin8 Trustees. under Section 3 of the Trusts Iscotlandl Act 1921. The Trustees may never be less than two in number. On appointment new Trustees are provided with copies of Trust Accounts and a summary of the history ol the Trust. The Trustees are made aware of their ongoing respon5ibilitie5 and any chan8es in legislation. The Charity neither remunerates the Trustees nor reimburses the Trustees Eor any incidental expenses incurred in the discharse of their statiitory duties.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Stalement of trn$lees' responsibilities The trustees are responsible EL)r preparing the Trustees, Report and the financial 5tatement5 in accvrdance with applicable law. and United Kingdom Accounting Standards (United Kingdom Generally A(pted Accounting Practice). The law applicable to charities in Scotland requires the trustees to Ppare linancial statements for each financial }Tear which give a true and fair view tsf the State of affairs of the Charity and of the incomi11g resou9 and application of resources of the Charity for that year. In preparin8 these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently; - observe the methods and principle5 in the Charitie5 SORP,. - make judgements and estimate5 that are reasonable and prudetit.. state whether applicable accounting standards have been fnll()wed, subject tn any material departures disclnsed and explained in the linancial statementg. and prepare the Einancial 5tatement5 Oti the going conrn bas15 unless It is inappropriate lo presume that the charity will continue in operation. The trustees are resp()nsible for keeping sufficient acc()unting rect)rds that discl()se with reasnnable accuraey at any time the financial position ol the Charity and enable them to ensure that the liiiancial btstementb ci)mply with the Charitie5 aiid Trustee Ini'e5ttnent (Scotlandl Act 2(K)5, the Cliaritie5 Account5 {Sccitlandl Re8ulaticins 2006 las amended) and the provision5 of the trust deed. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of Eraud and other irresularities. The trustees, report was approved by the Board of Trustees. by.. 2FBEF14D3è218136. Andrew John Neill PateTSOn Trustee Dated.. 14 May 2026
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST INDEPENDENT AUDITOR'S REFORT TO THE TRUSTEES OF A E H SALVESEN'S 1985 CHARITABLE TRUST Opinion We have audited the financial statements of A E H Salvesen's Charitable Trust £or the year ended 30 SeptemEer 2025 which comprise statement of Einancial activities. the balance sheet, the statement of cash flows and nates to the financial statements, including a summary tsf significant accaunting pnlicies. The financial reparting framew()rk that has been applied in their preparatiL)n is applicable la. and United Kingdum Actvuntins Standards, including Finanaal Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinivn, the financial 5tatementS'. give a true and fair view of the state OE the charity's offairs as at 30 September 2025 ond of its income and expenditure lor the year theii ended have been praperly prepared in accardance with United Kingdam Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements OE the Charities and Trnstee Investment (Seotland) Act 2005 and regulation S of the Charities Ac¢ounts1Scotlandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditars, resp()nsibilities fr)r the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant tc) our audit of the linan¢io1 statements in the UK, including tlie FRC'S Ethical Standard, and we have fulfilled our other etliical re5ponsibilitie5 in accordance w'itli these requirement5. We believe tliat the audit eviden we have obtained 15 sufficient aiid appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that tlie tn]stees' use of the going concern basis ol accounting in the preparativn tif the financial 5tatemeiits is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a 80ing conrn for a period of at least twelve months from when the financial 5tatement5 are authori5ed for issue. Our respnnsibilities and the responsibilities of the trustees with respect t() gning e()nttrn are deribed in the levant sections of this report.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST INDEPENDENT AUDITOR'S REFORT (CONTINUED) TO THE TRUSTEES OF A E H SALVESEN'S 1985 CHARITABLE TRUST Other information The trustees are responsible for the other information. The other information comprises the information included in the annLial report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, eXpt to the extent otherwise explicitly stated in our report, we do not exp$$ any lomi of aggurance conclusion thereon. Our responsibility is to read the other inEorniation and, in doing so, consider whether the other information is materiallv inconsistent ivith the financial Statements or our knowledge obtained in the course OE the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material missLitements, we are required t() deterniine whether this gives rise h) a material misstatement in the financial statements themselves. If, based on the work we liave perfom)ed, we conclude that there is a material misstatement of this other infurmation,. we are required tv report that fact. We have nothin8 to report in this re8ard. MalteTr on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotlandl Regulations 2006 las amended) require us to report to you if, in our opinion.. the inlomiation given in the linanoal statements is inconsistent in any materi¢il respect with the trustees, repoit,. or proper accounting cordS have not been kept,. or the financial statements are not in agreement with the accaiinting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trnstees As explained more fully in the Trustees, Responsibilities Statement set out on page 4, the trustees are responsible for the preparation of the financial 5tatement5 Ivhich sive a true and fair view, and for such internal control as tlie trustees determine is necessary to enable the preparation OE Einancial statements that are free froni material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going a)ncern, disclosing, 0$ applicable, matters lated tc) going ¢i)ncern and using the going a)ncern basis accounting unle55 the trustees eithei intend to liquidate the charity 01 to cease operations, or have no realistic alternative but to do so.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST INDEPENDENT AUDITOR'S REFORT (CONTINUED) TO THE TRUSTEES OF A E H SALVESEN'S 1985 CHARITABLE TRUST Auditor's responsibilities for the audil of the financial statements We have been appointed as auditors under the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with re8ulations made under that Act. Our objectives ore to obtain reasonable assurance about whether the linanoal statements as a whole are free Irom materi¢il misststement, whether due to fraud or error, and to issue ¢in auditors, report th¢lt includes c)ur c)pinic)n. Reasonable a55urance 15 a liigh level of a55urance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Mi5Statements can arise Erom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions OE users taken on the basis of these £inanciai statements. IrgUlaritIeS, including fraud, are instances ol non-compliance with laws and gUlatiOns. We design procedures in line with our re5pon5ibilitie5, Outlined above, tv detect material mi55tatement5 in respect of irregularitie5, including fraud. The Specific procedures for thi5 engagement and the extent to which these are capable of detecting irresularities, includin8 fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the sU$ptIbl11ty of the charity's financial statements tt) material misstatement and how fraud might occur, including thioush discu55iun5 Wlthin L)ur audit team planning meetin& updating o)ui recoird of internal controls and ensuring these controls operated as intended. We evaluated possible iiicentives and opportunities for fraudulent manipulation of the financial 5tatement5. We identified laws and regulations tliat are of significance in the context of the charity and updatin8 our understandin8 of the sector in which the charity operates. Laws and gUlationS of direct signilicance in the context of the chority include the Charities and Trustee Investment (Scotland) Act 2005, the ChaTlties Accounts {%cotlandl Regulations 2006 las amended) and guidance Issued by the OEfice OE the ScottL5h Charity Regulator. Audit response to risks identified.. We considered the extent of compliance ivith these laws and regulations as part of our audit procedures on the related financial ststement item.% including ¢7 review of lingncial stLltement di.Ylo.sures. We reviewed the Charity's cords ol breaches c)1 laws and regulatic)ns, minutes ol meetings and a)rsPondence with relevant authc)rities to identify potential material mi55tatements arising. We discussed the charity'5 pvlicies and procedures for compliance with law5 and regulation5 Wlth meinbers of nianageinent responsible for compliance.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST INDEPENDENT AUDITOR'S REFORT (CONTINUED) TO THE TRUSTEES OF A E H SALVESEN'S 1985 CHARITABLE TRUST During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-complian with laws and regulations or fraud. We enquired of management whether they ivere aWaTe ol any instances ol non-compliance with laws and Tegulations or knowledge o)f any actual, suspected or alleged fraud. We addre55ed the risk of fraud through management override of controls by testing the appropriatene55 of journal entries and identifving an! significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review jiicluded en8uring that the team hJd approached their work with appropriate professional scepticism and thus the capacity to identify rton-compliart with laws and gulationS and fraud. There are inherent limitations in the audit procedure5 described above and the further remvved non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detectin8 a material misstatement due to fraud is higher than the risk al not detecting one resultin8 fram error, as fraud may involve deliberate c()ncealment by, for example, forgery or intentional misrePsentation$, or through Collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. M'wiv.frc.vr auditorsre5 0115ibilitie5. This description forms part of our auditor'5 report. Use of our report Thi5 report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotlandl Re8ulations 2006. Our audit work has been undertaken so that we might state to the trustees thnse matters we are required tn state tn them in an auditnrfs repart and ft)r n(Tr i)ther purpnse. Ta the fullest extent permitted by laiv, we do not accept or assume sPonSibl11ty to anyone other than the cliarity and the triistees as a body, for our audit work, for thL5 report, or for the opinion5 we have formed. Saffery LLP 15 May 2026 Statutory Auditors 9 Haymarket Square Edinburgh EH3 8RY Saffery LLP is eligible to act as an auditor of the Charity in terms of section 1212 of the Companie5 Act 2006
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Cunent financial year Unrestsicted Endowment funds funds 2025 2025 Tolal Total 2025 2024 Notes Income from: Donations and legacies Investments 800,000.00 62,094.24 61,941.74 61,941.74 Total income and endowments 61.941.74 61,941.74 862,094.24 Ex enditure on: Raising Eunds 7,659.24 7,659.24 7,145.09 Charitable activities 377.762.49 501,667.51 879,430.(N) 649,082.00 Total resources expended 377,762.49 509,326.75 887,089.24 656,227.09 Net gainslllossesl on investments li 579,052.25 s79,2.25 615,646.72 Net loutgoing)lincoming resources before transfers 1315,820.75} 69,725.50 (246,095.251 821,513.87 Gross transEer5 between Eunds 315,820.75 {315,820.751 Net movement in funds {246,09i.251 (246,095.251 821,513.87 Fund balances at l October 2024 5,785,07i.86 5,785,075.86 4.963,561.99 Fund balance5 at 30 September 2025 5,538,980.61 5,538,980.61 5,785,075.86 The statement of financial activities incliides all gains and losses recognised in the year. All income and expenditure derive Erom continuing activities.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Prior financial year Unrestsided Endowment fund5 funds 2024 2024 Total 2024 Notes Income from: Donations and legacies Investments 800,000.00 800,(K)O.00 62,094.24 62,094.24 Total income and endowments 62,094.24 800,000.00 862,094.24 Ex enditure on: Raising Eunds 7,145.09 7,14?.09 Charitable activities 48,169.58 tl)0,912.42 649,082.00 Total resources expended 48,169.58 608,057.51 656,227.09 Net gainslllossesl on investments 61.5,646.72 615,646.72 Net loutgoing)lincoming resources before ttansfers 13,924.66 807,589.21 621,513.87 Gross transEers between Eunds (13.924.66} 13,924.66 Net movement in funds 821,513.87 821,513.87 Fund balances at l Oct()ber 2023 4,963,561.99 4,963,561.99 Fund balances at 30 Septernber 2024 5,785,075.86 5,785,075.86 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive Erom continuing activities.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Notes Fixed assets Tnvestments 12 S,506,.08 5,184,235.69 Current assets Debtors 13 21.613.51 22,257.20 20,060.87 592,209.40 Cash at bank and in hand 18 43,870.71 612,270.27 Creditors: amounls fallin8 due within one year 14 {11,735.78} 111,430.101 Net current assets 32,134.93 é.840.17 Total assets less Current liabilities 5,538,980.61 5,785,075.86 Capital funds Endowment funds- general Income funds Unrestricted funds 5,538,980.61 5,785,075.86 5,538,980.61 5,785.075.86 14 May 2026 The financial statements were approved by the Trustees on......................... by. FBEFA02Ilas.. Andrew John Neill Paterson Trustee
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Notes Cash flows from operatin8 activities Cash (absorbed b}'Ilgenerated from operations 17 (888,336.201 141,350.71 Investing activities Purchase ol investments Froed.8 on disposal of investments Investment Income {286,741.481 543,183.74 61,941.74 11(K),341.891 4.W,10.5.65 62,094.24 Net cash generated from investing activitie5 318,384.(M) 411,856.00 Net cash used in financxng activities Net Idecreasellincrease in cash and cash equivalents (569,952.201 553,206.71 Cash and cash equivalent5 at iEginning of year 592,209.40 39,002.69 Cash and cash equxvalents at end of year 22,257.20 592,209.40
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin8 policies 1.1 Accounting convention The financial statements have been prepared in accnrdance with the Charity s TrLJSt Deed and "Accaunting and Repurting by Charities.. Statement of Retvnuftended Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021" las ameiided for accounting periods commencing from l January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The expendable endowment fijnd represents sums settled to the Trust, which the Tn]stees have invested in accordart '1th the powers cc)nferred tts them by the Trust Deed lor the benelit of the future beneficiaries. the TIu5t Deed coiifer5 on tlie Tru5tee5 the power to apply such funds for charitable purp05e5 at any time and may do so at their sole discretion. The Trustees apply the unrestricted income of the Trust for the beneEit of current beneEiciaries in accordance with their policy for donation5. The financial statements are prepared in sterlin& which is the Eunctional currency OE the Charity. The financial Statements have been prepared under the historical cost convention and to include investment pr()perties and certain financial instruments at fair value. The principal accounting policies adopted are set ut bel()w. 1.2 Going concern At the time of approvin8 the fi.nancial statements, the trustees have a reasonable expectation that the Charity has adeqiiate resaurces to cnntinue in nperatinnal existence f()r the fareseeable futLJre. Thus the trLJStees continue to adupt the goins cvncem basis vf accountins in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for uge at the discretion ol the trustees in furtlierance ol theii charitable objectives unle55 the ELJnds have been designated Eor other purposes. 1.4 Incoming resources Inc()me is recognised when.. the Lharity becnmes Èntitled ta the rÈst)urcÈs,' it 15 prvbable that the Tiustees will receive the resources,. and the monetary i'alue can be ineasured with sufficient reliability Grants and Donation5 are recognised when the Charity has unconditional entitlement to the re50urces. Tax reclaims t)n danati()ns are included at the same time as the gift to which they relate. Investment gain5 and 1055e5 include any gain or1055 On the sale OE inve5tEments, (proceeds less purchase cost if purchased in the year or market value at the end of the preceding yearl and any gain or 1055 resulting from revaluing investments to market value at the end of the }Tear.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting poliae5 Icontinuedl 1.5 Resources expended Liabilities are recogni5ed a5 expenditure as soon as there is a legal or constructive obligation committing the Charity to pay out resources, it is probable that settlement H'ill be required and the amount 0£ the oblisation can be measured reliably. Cost of raising funds includes all aspects of Investment Management costs. Support Costs are the direct cost5 associated with administering grants and other support COSt5 in relation to the administration 0£ the Charity in general and include 8overnance costs which include costs of the preparation and examination of the statutor)T accounts, the costs ol Trustees, meeting and cost of any legal advice to Trustees on gi)Vernan or constitutional matters. Direct support costs are allocated to grants awarded on an ad val0M basis. Grant5 Wlth perforniance is where the Charity give5 a grant with conditions for its payment being a specific level of service or conditions output to be provided, such grants are only recogni5ed once the recipient of the grant has provided the specific service or output. Grants payable H'ithout perlomance conditions a only recognised in the accounts M?hen a commitment has been made aiid there are no co)ndition5 tv be met ielating tv the grant which remain in the cuntrol of the Charity. 1.6 Fixed asset investments Investments quoted on a recognised Stock exchange are valued at market value at the year end. Other investment assets are included at Trustees, best estimate of market value. Basicfxtwll¢x41 assets The Charity has only basic financial assets and liabilities Comprising investments, income debtors, cash at bank and Creditors for support and goveniance costs. These agsets and liabilities are initially recorded at cost and subsequently at market value in the case of inve5tment5 and in respect of other a55et and liabilitie5 at the amounts expected to be received or paid. Critical accountins estimates and judsejnents In the application of the Charity's accounting policies, the tru5tee5 are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and a550ciated assumptions are based on historical experien and other factors that are considered ta be relevant. Actual results may differ from these estimates. The estimates and underlying a55umption5 are reviewed on an ongoing basis. Revisivns tu acojunting estimates are recogni5ed in the period in ivliich the estimate is revised wliere the revision affect5 only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 Donations and legacies Endowment Endowrnent funds funds general general 2025 2024 Donations and 8ifts 800,0.00 Donations and gifts Cash gifted by Alastair Salvesen 800,(X)O.00 800,(X)O.00 Investments Unrestricted Unrestricted fund5 funds 2025 2024 Incnme from listed investments 58,828.34 3,113.40 61,321.58 772.66 Interest re1vable 61,941.74 62,094.24 Raisins funds Endowment Endowment funds funds general general 2025 2024 Investment management 7,659.24 7,145.09 7,659.24 7,145.09
¢ri Ln Ln Ln Ln
oocDcooo Ln W O O O 000 c>a o o c o o o o 0000000 ooc 000 ooocoooa ooaococa ali iiiiiiai
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support costs Support costs Governance costs 2025 2024 Murray Beith Murray General Fees Saffery LLP Audit Fees Bank Charges iO,IiO.(K) io,iio.00 7,320.00 8,250.00 6,660.00 48.00 io,iio.(N) 7,320.IJ) 17,430.00 14,958.00 Anal}TsÈd between Charitable actii'ities 10,110. 7,320.00 17.430.00 14,958.00 Covernance costs includes payments to the auditors of £7,320 (2024- £6,660) for audit fees. The balance above for this ye¢ir includes a balanciiig payment for 2024 fee. Trustees None 0£ the trustees lor any persons connected ivith them) received any remuneration or benefits Erom the Charitv during the year. 10 Employees There were no employees during the year. li Net gainslllossesl on investments Endowment Endowment funds funds general general 2025 2024 Revaluation of investments i49,311.32 29,740.93 575,674.94 39,971.78 Gainllloss) on sale of investments 579,0.52.1 615,646.72
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 12 Fixed asset investments Listed investments Cost or valuation At l October 2024 Additior 5,1S4,13.5.69 286,741.48 29,740.93 549,311.32 (543,183.741 Realised Gain I l Lossl Unrealised Gain I l Loss) DisP05a15 Proceeds At 30 September 2025 5,506,845.68 Carrying amount At 30 September 2025 5,506,845.68 At 30 September 2024 5,184,235.69 Historic Cost of investment as at 30 September 2025 4,534,S98.63 Historic Cost of investment as at 30 September 2024 4,620,378.94 Incliided in the above Listed Investments is West Town Edinburgh Limited shareholdin8 Wlth a market value of £117,37912024.. £117,379) De5Plte the ongoing political and economic instability, the investment POTtfolio continued to perlomi well, generating a p051tive return of +17.55¥0 in the year to 30th September 2025. Market returns have remained concentrated within the Technology Sector and more recently companies deemed to iE beneficiary of Artificial Intelligence. Over the 12 month period portfolio turnover iyas Slightly higher than historical levels reflecting the volatile market backdrop, strong performance 0£ some holdings and attractive investment opportunities. We redUd the large holding ol %cottisli Mortgage and introduced a number ol new holdings, including RTT Capitsl Partners and Pantheon International, two trusts which provide expu5ure tu private equity and at the time of purchase traded on large discount5 to the underlying net a55et value. Lookins forward the portf()lio remains focused an equities with a bias ta higher gr()wth sect()rs SLich as Technalogy and Private Equity. IniTestment Trust discnunts remain ivide by histnric levels, althaugh they have started to narrow which has helped perf0rrnan. We expect disci)unts to continue tts narrow and regularly engage with Bvards the tupic
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 12 Fixed asset investments Icontinuedl 2025 2024 Investments greater than 5Wo of portfolio comprised.. Teal Fund Widseon Fund 4,466,655.00 4,267,516.00 13 Debtots 2025 2024 Amounts falling due thIn one year: XD Dividends Other debtors 21,613.51 20,040.87 20.00 21,613.51 20,060.87 14 Creditors.. amounts fallxng due within one year 2025 2024 Rathbone5 Investment Management Fee5 Murray Beith Murray Fee5 Audit Fees 2,081.78 2,574.00 7,080.00 1,806.10 2,964.00 6,660.00 11,735.78 11,430.10
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 15 Analysis of nel assets between funds Unrestricted Endowment Funds Funds Total Total 2025 2025 2025 2024 Fund balantrs at 30 *ptember 202.5 are represented by.. Investments 5,506,845.&8 5.i06,845.68 5,184,235.69 32,134.93 32,134.93 600,840.17 Current a55ets1lliabilities) 5,?38,980.61 5,?38,980.61 5,785,075.86 16 Related party tsansactions Andrew lohn Neill Paterson is a Trustee, and a NIember of Murray Beith Murray LLP, whom the Charity has engaged to perfortn legal. general, accounts preparation and other seTh'ices. 2025 2024 Total Remuneration io,iio.00 8,250.00 The Late Alastair Eric Hot50n Salvesen CBE who died 9 December 2024 was a Trustee and a Director of The Salvesen Mindroom Centre, a beneficiary of the Charity. Donation to The Salvesen Mindroom Centre during the }Tear am()unted ta £500,0[2024.. £600,000) 17 Cash generated from operations 2025 2024 {Deficitl/surplus for the year 1246,095.251 821,513.87 Adju5tment5 Eor.. Investment incvtne recvgnised in 5tatenient VE financial actiYitie5 Gain on dispi)sal i)1 investments Fair value sains and losses on investments 161,941.74) 162,094.241 129,740.931 139,971.781 (549,311.321 (575,674.941 Movement5 in working capital.. {Increa5e) in debtors Increase in creditors 11,5.52.641 13,770.401 1,348.20 Cash (absorbed byllgenerated from operations {898,336.201 141,350.71
Docusign Envelope ID.. 013B3B79-590D-8516-812C-6C5AF2AF8BDC A E H SALVESEN'S 1985 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 18 Cash and Cash Equivalents Endowment Unrestsided funds- seneral funds 2025 2024 Cash held by Rathbones Investment Managetnent Cash held by Murray Beith Murray 5,396.74 16,860.46 5,396.74 I6,8(.46 6,313.09 585,896.31 22,257.20 22,257.20 592,209.40 22,257.20 22,257.20 592,209.40 19 Fost Balance Sheet Events In Dember 2025 the Trustees have undertaken to pay £1.5m to the Salvesen Mindroom Centre, £500,(KIO in 2026, 2027 & 2028. A portion of the Investment in the Teal fund has been sold to fund the 2026 don¢ltion.