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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

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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

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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

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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.

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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 Un￿StriCted 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 Rese￿e5 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.

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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 re￿nt 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.

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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 P￿pare 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 resou￿9 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 con￿rn 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

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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 con￿rn 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 de￿ribed in the
levant sections of this report.

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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, eX￿pt 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.
Ir￿gUlaritIeS, 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)r￿sPondence 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 misreP￿sentation$, 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.
FBEFA0￿2I￿las..
Andrew John Neill Paterson
Trustee

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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
Fro￿ed.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 val0￿M 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 re￿1vable
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 redU￿d 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 De￿mber 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.