TEMPLETON GOODWILL TRUST
REVENUE ACCOUNT
FOR THE YEAR 31 ST MARCH 2025
CHARITY No: SC004177

TEMPLETON GOODWILL TRUST
31st March 2025
INDEX
Report of the Trustees
Report of the Independent Auditors
Statement of Financial Activity
Balance Sheet
Notes to Financial Statements
10-12

TEMPLETON GOODWILL TRUST
ANNUAL REPORTOF THETRUSTEES FOR THE YEAR ENDED 3tst MARCH 2025
The trustees present thelr report with the flnanclal stèternents of the eharlty. which Is a publlc beneflt entlty
under FRS102, for the yezr ended 31st March 2025. The trustees have adopted the provlslon5 ofAccountln8
and RePort￿n8 by Charltles,. Statement of Recommended Prèctlce appllcable to eharStles preparlng their
accounts In accordance wlth Fln3nc131 Reportln8 Standard appllcable In the UK and Republlc of Ireland (FRS1021
{effettlve l January 20191.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charlty15 Controlled by Its governln8 document, a deed of trust, and Gonstltute5 an unlncorporated
charlty.
At the trustees. meetings, the trustees agree the broad strategy and areas of artivlty for the Trust, Including
conslderation of 8ranl maklng, investment, reserves and rlsk management policle5 and performance. The dsy to
day admlnlstrètion of grants ancl the processing and handlin8 of applications prior to conslderatlon by the
trustees,
New Trustees are appointed bythe exlstingtrustees. New Trustee5 are cornmitted to belng added to the'Deeil
of Assumption, whlch Is officially updated by the Sollcltor.
OBJEcfivES AND ACTIVITIES
The duties and responslblllties of the Trustees are set out in the Trust Deed whlch stlpulates that the purpose of
the Trusl Is to flnanclally assist Scottish Registered Charlties prindpally within the Glasgow area and West of
Scotland. Dlscretlon Is only allowed where a "Natlonal" charlty provldes a unlque servlce rn alnly, but not
exclusively, In Glasgow,
Key managemenl personhol remun¢iatlon
The trustees conslder that the board of trustees es comprlslng the key mantgement personnel of the charlty In
charge of dlrecting and controlllng the charity and runnln8 and
day by day. All tru5t¢es
glve thelr tlme freely however It Wa5 agreed by the board thdl
vould recelve an annual fee
for the admlnlstratlve dutles he has performed dyrlng the year. Furt
etal
IrLJStees expenses are detalled
In the notes to accounts. The admlnlstratlve fee Is agreed annually at rhe board meetlng by all trustees.
FINANCIAL REVIEW
The net disposable Income ofthe Trust was £170,023 {2024 £180,521) and £217,550was dlstrlbuted to
83 approprlate beneficlarles12024: £236,708) and £44,254 represented admInIstra￿On costs Incurred and
accrued12024- £37,599) .
The maln Income of the Trust comes frorn an Investment Portfol50 which has a current book value of £5.65m
12024- £5.41m} wlth a market value of £6.59m12024- £6.60ml, includlnE cash on deposlt readyfor Investment
and a projected dlvidend income estimated at £166,885.21 for 2025126.
INVESTMENT POLICY
Investment rlsk is agreed wlth our Investors Brewln Dolphln and that the level of rlsk has been agreed at Risk
Level 6, a moderate rlsk investmenl portfolio.
5tee} reslgned from office durln8 the year, the trustees wish to acknowledge
sigi",ificènt contribution over many years.

TEMPiETDN GOODWILL TRUST
ANNUAL REPORT DF THE TRUSTEES FOR THE YEAFI ENDED alst MARCH 2025
RISK MANAGEMÉNT
The Trustees have a duty to Ident5fy and revlew the rlsk to whlch the charlty Is exposed and to ensure
appropriate contro15 are In place to provide reasonable assurance against fraud and error.
The prlncipal r15k faced by the Trust lie in the perforrnance of Investments.
The trustees conslder varlablllty of Investment return5 to constltute the charlty's major flnanclal Tlsk. Thi5 IS
mitigated by retainlng expert Investment managers and havlng a d iverslfled Investment portfollo,
RESERVES POLICY
The charlty has considered the reserves requlred and have taken Into 2ccount their current and future
Ilabllities. All funds remaining In the reserves are unrestrlcted and provide sufflclent funds to cover future
5UPPOrt, governance Gost5 and grant provisions.
Reference and admlnlstrative Informatlon
Trustees of the Charltv
The trusteeswho have Served dudnA the year and slncethe year end are as follow:
Charlty Number- SC004177
The Trust advlsersare .
Stod¢broker - Brewin Dolphln & Co. 6th Floor, Atrla One, 144 Morrlson St. Edlnburgh.
Accountant Watson & Company, Chartered Accountants, Oakfield House, 378 Brandon St, Motherwell.
Auditor
WDM Associates, Chartered Accountants, Oakfleld House, 378 Brandon St, Motherwell.
Solicitor
Freelands Sollcitors, 36 Muir Street, Motherwell.
Bankers
Bank of Scotland, 167-201 Argyle Street, Glasgow,
The auditors, WDM Associates. will stand for re-electlon,
There are no other changes to advistsrs anticlpated.

TEMPLETON GOODWILL TRUST
ANNUAL REPORT OF THETRU5TEE5 FOR THE YEAR ENDED 31st MARCH 2025
STATEMENT OF TRiISTEES RESPONSIBIUTIES
The trustees are responsible for preparing the Report of The Trustees and the financlal Statements In
accordance wlth appllcable law and Unlted Kln8dorn Accountlng Standards ILlnlted Kin8dom Generally
Accepted Accounting Practice).
The law appllcable to charltles in Scotland, the Charltles and Trustees Investment (Scotlandl Act 2005. Charities
Accounts (Scotlandl Regulatlon5 2006 {a5 amendedl and the provlslons of the charity's constltutlon requlres
the trus1ees to prepare financial statements for each flnancial year whlch glve a true and falr vlew of the state
of the affalrs of the charlty and of Ihe Incornlng resources and appllcatlon of resources, Includlng the Income
and expenditure, of the charlty for that perlod, In preparlng those flnanclal 5taiernents, the trustees are
required to .
-select sultable accountlng pollcles and then apply thern conslstentlyi
-observe the methods and principles of the Charity SORP;
-make the Judgements and estlmates that are reasonable and prudent;
-Prepare the financial statement5 on the going concern ba515 unle55 It 15 irna pproprlate to presume that
the charity wlll continue in buslness,,
The trustees are responsl ble for keeplng proper accounting records whlch dlsclose with reasonable accuracy at
any time the flnancial position of the charlty and to enable them to ensure that the flnanclal statements
com ply with Charfties and Trustees Investmeni (Scotland) Act 2005, the Charlties Accounts (Scotland)
Regulatlons 2(A)6 las amended) and the provlslons of the charlty's constltutlon. They are also responslble for
safe8u3rdin8 the assets of the charity and hènce for takin8 reasonable steps for the prevention and deiectlon
of fra ud and other irre8u12rities.
In 50 far as the trustees are aware:
tfrere Is no relevant audlt Informatlon of whlch the ¢h2rltY'5 auditors are unaware , and
the trustees have taken all steps that they ought to have taken to rnake themselves aware of any
relevani audll Informatlon 3nd to estab115h that the a udltors are aware of thai Informallon.
15 and slgned on Its behalf by.,

Report of the Independent Auditors to the Members of
Templeton Goodwlll Trust
We have audited the financial statements of Templeton Goodwill Trust {the 'charity'} for the year ended
31 March 2025 whlch comprise the Statement of Financial Activities, the Balance Sheet and notes to the
flnancial statements, Includlng a summary of sIgnlfl￿ nt accounting policies. The financlal reporting
framework that has been applied In thelr preparation is applicable law and United Kingdom Accounting
Stsndard5 (United Kingdom Generally Accepted Accountlng Practlcel, including Financial Reporting
Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland,.
In our opinio n the financia I statements-
-give a true and fair view of the State of the charity's affalrs as at 31 March 2025 and of its Incoming
resources and application of resources, for the.year then ended.
-have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accountlng
Practice, includlng Financia l Reporting Slandard 102 'The Financial Reporting Standard applicable In the
UK and Republic of Ireland and
-have been prepared in accordance wlth the requirements of the Charitles and Trustee Investment
{Scotland) Act 2005 and Regulatlon 8 of the Charitie5 Accounts {Scotlandl Regulations 2006.
Ba51s for oplnlon
We conducted our audit In accordance with Internatlonal Standard5 on AuditinE IUKI (ISAS IUKII and
applicable law. Ou r respon5ibilitles under those standards are further descrlbed in the Audltor5
responsibillties for the a udit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requlrements that are relevant to our audit of the flnancial
statements in the U K, including the FRC'S Ethical Standard and we have fulfilled our other ethical
responsibllitles in accordance with these reoulrements. We believe that the audit evidence we have
obtalned is sufficient and appropriate to provide a basi5 for our opinion.
Conclusions relating to goinE concem
In auditing the financial Statements, we have concluded that the trustees, use of the going concern basis
of accou nting in the preparation of the financial statementsls appropriate.
Based on the work we have performed, we have not identified any material uncertaintles relating to
events o r conditions that, individually or collectively, may cast slgnificant doubt on the charity's ability to
contlnue a5 a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
O ur responsibilities and the responsibilities of the trustees with respect to going concern are described in
the relevant sections of this report.
Other informatlon
The trustees are responsible for the other information. The other information comprises the information
included in the annual report, other than the financial statements and our Report of the Independent
Auditors thereon,
Our oplnion on the financlal statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Report of the Independent Audltors to the Members of
Templeton Goodwlll Trust
Other Informatlon Cont'd
In connectlon wlth our audit of the financial statements, our re5ponsibllSty IS to read the other
information and, in dolng so, consider whether the other information is materially inconsistent with the
I nancial statements or our knowledge Dbtained In the audit or otherwise appears to be materially
mlsstated. If we identify such materia l inconsistencles or apparent materlal m isstatements, we are
req ui red to determine whether this gives rlse to a materia I misstatement in the fina nclal statements
themselves. If, based on the work we have performed, we conclude that there Is a material
misstatement of this other Information, we are requlred to report that fact. We have nothlng to report
in this regard.
Matters on whlch we are requlred to report by exceptlon
We have notliing to report in respect of the followlng matters where the Charltles Accounts (Scotland)
Regulations 2005 (a5 arnendedl require5 U5 to report to you if, in our oplnion..
the information given in the Report of the Trustees is inconsistent in a ny material respect with the
financial statements . or
-proper accountlng records have not been kept; or
-the financi31 statements are not in agreement with the accounting records and returns; or
-we have not received all the information and explanations we require for our audit.
Responsibllities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustee5 are responsible for the
preparation of the financlal statements which give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparatlon of financial statements that are free from
material mlsstatement, whether due to fraud or error.
In preparing the financiil statements, the Trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
golng concern basi5 of accounting unless the trustees either intend to 5iquidate the charlty or to cease
operatlons, or have no realistic a Iternative but to do so.
Our responslbllitles for the audit of the financlal statements
We have been appointed as audltors under Sectlon 4411)Ic) of the Charities and Trustee Investment
(Scotlandl Act 2005 ènd report in accordance with the Act and relevant regulations made or having
effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud Of error, and to issue a Report of the
Independent Auditors that includes our opinion. Reasona ble assurance is a high level of assurance, but
Is not a guarantee that an audit conducted in accordance wlth ISAS (U Kl will always detect a material
mlsstatement when it exist5. Misstatements can arise from fraud or error and are considered material if,
i ndivldually or in the aggregate, they could reasonably be expected to influence the economlc decisions
of users ta ken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud Is detailed
below:

Report of the Independent Audltors to the Members of
Templeton Goodwlll Trust
Our responslbllltles for the audlt of the financlal statements Cont'd
Because of the Inherent limltations of an audit, there Is a rlsk that we wlll not detect all irregularitle5,
Including those leading to a material misstaterrent in the financial statements or non-compl lance with
regulation. This rlsk increases the more that compliance with a law or regulation Is removed from the
events and transaction5 reflected in the financla15tatements, as we will be less likely to become awar2 of
Snstances of non-cornpliance. The risk Is also 8reater rega rding irregularitles occurring due to fraud rather
than error, as fraud involves intentional concealment, forgery, collusion, ornission or mlsrepresentation.
As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain
professional scepticism thrDughout the audit. We also,
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, deslgn and perform audit procedures responsive to those risks, and obtain audit evidence that Is
sufflcient and appropriate to provide a bèsis for our opinion. The risk of not detecting a material
misstatement resulting from fra ud is higher than for one resulting from error, as fra ud may involve
collusion, forgery, intentiona5 omissions, misrepresentations, or the overrlde of internal control.
O btain an under5tandlng of internal control relevant to the audit in order to deslgn audlt procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinlon on the
effectlveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related d isclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and,
based on the audit evidence o btained, whether a materia l uncertainty exists related to event5 or
conditions that may cast significant doubt on the charity's ability to continue as a Eoing concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the fina ncial statements or, if such disclosures are inadeq uate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the charity to cease to continue a5 a going concern.
Evaluate the overall presentation, structure and content of the financi31 statements, including the
disclosures, and whether the fina ncial statements represent the underlying transactions and events in a
manner that achieves fair presentation (ie. gives a true a nd fair view).
We comvnunlcate with those charged with governance regarding, among other matters, the planned
Scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identlfy during our audit.
A further description of our re5pon5ibllities for the audit of the financial statements is located on the
Financial Reporting Council's website at www.frc.org. uk/auditorsresponsibilities. This description forms
part of our Report of the Independent Auditors.

Report of the Independent Audltors to the Members of
Templeton Goodwill Trust
Use of our report
Th15 report is méije 5clely to the charlty'strustees, as a body, in accordance wlth Re8ulatlDn 10 of the
Charlties Accounts (Scotland) Regulatlons 2006. Our audlt work has been undertaken so that we might
state to the charlty's trustees those matterswe are required to state to them in an auditor5, report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to
anyone otherthan the charity and the charity'strustees as a body, for our audlt work, for this report, or
for the opinions we have formed
WDM Associates {Statutory auditors)
Eligible to act as an auditor In terms of Section 1212 of the Companie5 Act 2006
Oakfield House
378 Brandon Street
Motherwell
MORTH LANARKSHIRE
MLI IXA
Date:
Is

THE TEMPLETON GOODWILL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31st MARCH 2025
U nrestrlcted Restrlctèd
2025
2024
Incomlng Resource8
Incoming Resources from generated funds
Voluntary Income
Investm8nt Income
171,272
171.272
181,825
Other Incoming Resources
Total Incomlng Resources
171.272
171,272
181,825
Resource8 Expended
Investment Management Costs
31,929
31,929
29,485
Charltsble Donations
217,550
217.550
236,708
Governance Costs
12,325
12,325
8,114
Total Resources Expended
261,804
261,B04
274.307
Net Incomlng Resources before transfers
90,532
90,532
92.482
Transfers between fund5
Net Incomlng Resources before other
recognlsed galns and losses
(90,532)
{90,532)
{92,482)
Other Recognlsed gains and losses
Realised gains on investment assets
377,230
377,230
86,370
Gainslllosses) on rev81u8tlon of Investments
(232,935)
(232,935)
373,132
Net movement of funds
53,763
53.763
367,020
Total Funds brought forward
6,614,315
6.614,315
6.247,295
Total Funds carrled forward
6,66B,078
6,668,078
6,614,315

THE TEMPLETON GOODWILL TRU8T
BALANCE SHEET AS AT
3151 MARCH 2025
2024
2025
vestments al Farr
Investment Portfolio
6,542,29D
6,552,32S
6,542,2SO
,552,329
Current Assets
Treasurers Account - Glasgow
Brewin Dolphin- AccDunts
30,456
57,243
96,059
39,972
87,699
136,031
Current Liabilties
Accruals
15.674
20.282
(20.2821
6,668,078
REPRESENTING
Founder Gifts
1936 FH Young
1947 Trustees of FH Young Dec'd
1948 J Anderson
1949 Trustees of FH Young Dec'd
1950 Trustees of Mrs ID Young Dec'd
1952 Trustees of FH Young Dec'd
1953 Trustees of Mrs ID Young Dec'd
1955 Trustees of FH Young Dec'd
1961 Trustees of FH Young Dec'd
1967 Trustee8 of Mrs ID Young Dec'd
1968 J Anderson
1969 Directors of J Tampleton & Co
196g Dlrectors of J TemplÉton & Co
1974 JA Rennie
1977 Executors of Mrs Annie P Dickson
25,000
50,000
80,000
46,875
2,500
576
1,250
272
25,000
50,000
80,000
46,875
2,500
578
1.250
272
96
9.157
22
31,265
7,072
100
2.500
9.157
22
31.265
7,072
100
2.500
256,687
256.687
6.357,628
Rèvenuo Account Balanca
6,411.391
6,614,315
Total Funds
6,668.078
The Financial Statements were a
roved b the Board of T teos on
Islill
and w&re si
ned

TEMPLEfoN GOODWILL TRUST
31ST MARCH 2025
NOTES TO THE FINANCIAL STATEMENTS
I Summary of slgnlflcant accountlng pollcles
(a } Basis of preparatlon and assessment of golng concern
The financial statements of the charity have been prepared in accordance with the Charities SORP IFRS 1021
'Accounting and Reportlng by Charitles,, Statement of Recommended Practi¢e applicable to charlties preparing
thelr accounts in accordance with the Fina ncial Reporting Standard applicable In the UK and Republlc of
Ireland {FRS 102} (effective l January 20191,, Financlal Reporting Standard 102 'The Flnanclal Reportlng
Standard applicable In the UK and Republlc of Ireland, and the Charities and Trustee Investment1Scotland) Act
2005. The financial statements have been prepared under the historical cost convention.
The trust constStutes a public benefit entity as defined by FR5 102.
The trustees conslder that there are no materlal uncertalnties about the Trust's ability to contlnue as a going
concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to
do with estimatlng the liability from multi-yeargrant commitments (see note Ile ). With respect to the next
reporting period, 2025-26, the most signiflcant areas of uncertainty that affect the carrying value of assets
held by the Trust are the level of investment return and the performance of Investment markets (see the Risk
management and financial review sections of the trustees, annual report for more information).
(b) Funds Structure
Unrestricted funds comprise those funds whlch the trustees are free to be use for any purpose in furtherance
of the charitable objectives. All of the charity's funds are considered to be unrestricted.
Restrlcled funds are funds which are used in accordance with speclfic restrirtions imposed by the donor or
trust deed. There are no restricted funds held in the reserves or received d uring the year.
(c) Income recognltlon
All income is recognised once the charity has entitlement to the income, it is probable that the income will be
received and the amount of Income receivable can be measured reliably.
Legacy gifts are recognised on a case by case basis following the granting of probate when the
administrator/executor for the estate has communicated in writing both the amount and settlement date. In
the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised
stock exchange, recognition is subject to the value of the gift being relia bly measurable with a degree of
reasonable accuracy and the title to the asset havlng been transferred to the charity.
Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the
charity; thi5 is normally upon notification of the Interest paid or payable by the bank. Dividends are recognised
once the dividend has been declared and notification has been received of the dividend due. This is normally
upon notification by our investment advisor of the dividend yield of the Investment portfolio.
io

TEMPLETON GOODWILL TRUST
31ST MARCH 2025
NOTES TO THE FINANCIAL STATEMENTS
le ) Expendlture recognltlon
Liabilitie5 are recognised as expendlture as soon as there is a lega l or constructive obligation committing the
charity to that expenditure, it is probable that settlement will be requlred and the amount of the obligation can
be measured reliably.
All expenditure Is accounted for on an accruals basis. All expenses including support costs and governance c05t5
are allocated or apportioned to the appllcable expendlture headlngs.
Donation5 payable are payments made to third parties in the furtherance of the charitable objects of the Trust.
Donation5 are recognlsed when payment has been Issued and no performance objectives are placed on the
donations.
(f ) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading forwhich it was Incurred.
(g ) Charitable ?ctlvltles
Costs of charitable activities include grants madei governance costs and support costs.
{h l Realised gains and losses
All gains a nd losses are taken to the Statement of Financial Actlvitles as they arise. Realised gains
anij losses on investments are calculated a5 the difference between sale5 proceed5 and thelr openlng carrying
va lue or their purchase value if acquired subsequent to the first day of the flnancial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their
carrying value. Realised a nd unrealised Investment gain5 and105ses are comblned in the Statement of Financlal
Activities,
(l) Investments
Investments are a form of basic financia l instrument and are inltially recogni5ed at their transaction value
which is normally the transaction price including transartion costs, subsequently, they are measured at fair
value, as at the ba lance sheet date using the quoted ma rket price, with changes recognised In 'net gains /
(losses) on inve5tment5' in the SOFA if the shares are publicly traded or their fair valve can otherwise be
measured reliably.
The maln form of financial risk faced by the charity is that of volatility in equity markets a nd investment5
markets due to wider economic conditions, and the attitude of investors to investment risk.
2, Related party transactlons and trustees, expenses and remuneration
Mr Craig Barrowman was paid a fee of £4,50012024- £4,500) for administration service5. There were no other
fee5 paid out to trustees during the year.
li

TEMPLETON GOODWILL TRUST
31ST MARCH 2025
Note to the flnanGlal statements
3. Audltorfs remuneratlon
The audltorfs remuneration constituted an audit fee of £6,000 (2024: £2,500).
4. Flxed asset Investments
Llstad
Other
Total
Inv68tmènts Investments Investments
Cost or valuatlon
At 1st April 2024
Additions at cost
Disposals at cost
Revaluation to fair value
6,542,290
1,500,390
(1,257,416)
(232,935>
6,542,290
1,500,390
0 {1,257,416)
(232,935)
At 31st March 2025
6,552,329
6,552,329
The fair value of listed investments18 detemilned by reference to the quoted prlce for identical
assets in an active market at the balance sheet date, As detailed in the stock brokers report
at the year end.
5. Investment Income
2025
024
Portfolio Investment Income
Bank interest
170,023
1,249
180.521
1,304
171.272
181,825
12