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← The A M W Charitable Trust

2025-04-05-accounts

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Scottish charity number - SC006959

Annual report and financial statements 5 April 2025

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Contents
Page number
Legal and administrative details 1
Trustees! annual report 2-3
Statement of the responsibilities of the Trustees 4
Report of the independent auditors to The AMW Charitable Trust 5 -7
Statement of financial activities (incorporating the income and expenditure account) 8
Balance sheet 9
Notes 1 0-15

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Legal and administrative details

Charity names The AMW Charitable Trust Registered charity numbers SC006959 Principal addresss KPMG LLP 3 1 9 S t Vincent Street GLASGOW G2 5 AS Telephones 01 41 226 551 1 Trusteess Governing documents The charity was founded by Deed of Trust on 5 April 1 974> Objectives of the charitys The principal objective of the Trust is to help charitable causes as directed in the Deed of Trust and as determined by the Trustees> Advisorss Investment advisorss Rathbones (incorporating Investec Wealth & Investment UK) 4[th] Floor 5 George Square Glasgow G2 1 DY Administratorss KPMG LLP 3 1 9 S t Vincent S treet Glasgow G2 5 AS Auditorss Wbg (Audit) Limited 1 68 Bath S treet GLASGOW G2 4TP

1

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Trustees! Annual Report

Structure, Governance and Management

The AMW Charitable Trust was founded by Deed of Trust on 5 April 1 974 by the lat registered charity (charity number SC006959)l Legal and administrative details are shown

It is a

The trust deed provides that the major number of the trustees be resident in Great Britain and provides for the appointment of new trusteesl

The Trust has been entered into the Scottish Charity Register and is entitled in accordance with section 1 3 (1 ) of the Charities and Trustee Investment (Scotland) Act 2005 to refer to itself as a charity (registered in Scotland)l

The trustees normally meet about twice a year to consider applications receivedl The trustees review the applications received and grants will be awarded based on their consideration of the application and whether it fits with their policy of favouring charitable organisations related to the settlorI s interestsl

The trustees have considered the risks to which the Trust is exposed in particular those related to the financial and investment operations of the Trust, and are satisfied that systems are in place to minimise these risksl

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yieldl In terms of specific risks including foreign exchange and credit risks, the charity uses specialist investment managers to balance and limit the overall financial risk by operating a portfolio which provides a high degree of diversification of holdings within a fairly wide band of investment asset classes all of which are quoted on recognised stock exchangesl In addition, the charity does not make use of riskier derivatives or more complex financial instruments in this areal Liquidity risk is expected to be low as all assets are traded in markets with high trading volumes and not in any markets subject to exchange controls or trading restrictionsl The trustees are aware of the ongoing effect of the rising cost of living, increased inflation and hostile conflicts on markets generally and, together with their investment advisors, will continue to monitor the position bearing in mind the projected lifespan of the Trustl

Objectives, Activities and Achievements

In terms of the Trust Deed, the Trust objects are widely drawn allowing for the trustees to expend the unrestricted funds to UK charitable organisationsl

The trustees have regard to the interests of the settlor (which included young people, music, preventing disease and the West of Scotland) in reviewing applications receivedl Applications for grants should be made in writing to the administrators, KPMG LLP of 3 1 9 S t Vincent S treet, Glasgow, G2 5 AS who deal with the administration of the Trust and correspondence relating to grantsl The Trust has no employeesl

The trust receives a large number of appeals and with a view to saving administrative costs only responds to successful applicantsl

The Trust made 57 donations (2024 V 34 donations) during the year for a range of charitable purposesl Details of the donations are shown in note 4 of the accountsl

Financial review, investment policy and reserves

The income from investments was £203 , 61 4l 29 for the year (2024V £1 97, 688 l 09)l The TrustI s investments decreased in value by approximately £1 44, 420l 43 representing an approximate 2l 9° decrease over the previous yearl Donations totalling £203 , 000 were made in the year to 5 April 2025 compared with the sum of £1 48 , 000 in the previous yearl

The trustees have designated funds, described as capital throughout this Annual report, representing the FounderI s gifts to the trust and net capital growth from investments less costs of maintaining those investmentsl There are no restrictions on expending capitall

2

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Trustees" Annual Report (contd)

Financial review, investment policy and reserves (contd)

General funds, described as revenue throughout this Annual report, are used to meet all other expenditure including the grants awarded in the year>

Although the trustees have power to spend capital there are no plans to do so in the medium term> The fund is, therefore, invested on the basis that the funds will remain invested for the medium to longer term> Income generated from this capital is the Trust@ s only source of income and none is raised from the public> The Trustees have set a policy that the trust capital should be invested so as to maximise the total return (capital growth plus income) with a medium level of risk>

At 5 April 2025 unrestricted funds totalled £4, 91 3 , 674> 69 (2024J £5 , 1 1 8 , 254> 02)> Target reserves are in the region of £44, 000 per annum - being the cost of running the trust each year (per Note 4 - support, stockbroker and governance costs)> When considering the target reserves figure in comparison to the unrestricted funds figure, the trustees consider both levels of funds and reserves sufficient to ensure that the trust is able to meets its objectives>

Future Plans

The trustees intend to continue providing grants in line with their stated policy>

Auditors

Wbg (Audit) Limited has indicated a willingness to continue as auditors of the Trust

==> picture [310 x 68] intentionally omitted <==

Date 15 December 2025 Date 15 December 2025

3

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Trustees ' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees1 annual report and financial statements in accordance with applicable law and United Kingdom Accounting S tandards (United Kingdom Generally Accepted Accounting Practice):

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period: In preparing the financial statements, the trustees are required to?

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 , the Charity Accounts (Scotland) Regulations 2006, and the provisions of the Trust deed: They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities:

Statement of Disclosure to the Auditor

In so far as the trustees are aware?

4

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

NDEPENDENT AUD TOR S REPORT TO THE TRUSTEES OF THE AMW CHAR TABLE TRUST FOR THE YEAR ENDED 5 APR L 5

Opinion

We have audtaed ahe ftnanitaa saaaemenas of The AMW Chartaabae Trusa 5ahe 6 ihartayr ) for ahe year ended 5 Aprta 2025 whtih iomprtse The (aaaemena of Ftnanitaa Aiatvtates and Baaanie (heea and noaes ao ahe ftnanitaa saaaemenass tniaudtng stgntftiana aiiounatng poatitest The ftnanitaa reporatng framework ahaa has been appated tn ahetr preparaaton ts appatiabae aaw and Untaed Ktngdom Aiiounatng (aandardss tniaudtng Ftnanitaa Reporatng (aandard H 02 The Flnanclal RepoVrlng SrandaVd appllcable ln rhe UK and Republlc ofIVeland 5Untaed Ktngdom Generaaay Aiiepaed Aiiounatng Praiatie)t

.n our optnton ahe ftnanitaa saaaemenass

Basis for opinion

We ionduiaed our audta tn aiiordanie wtah .naernaatonaa (aandards on Audtatng 5UK) 5.(As 5UK)) and appatiabae aawt Our responstbtatates under ahose saandards are furaher desirtbed tn ahe Audtaorr s responstbtatates for ahe audta of ahe ftnanitaa saaaemenas seiaton of our reporat We are tndependena of ahe ihartay tn aiiordanie wtah ahe eahtiaa reequtremenas ahaa are reaevana ao our audta of ahe ftnanitaa saaaemenas tn ahe UKs tniaudtng ahe FRCr s Eahtiaa (aandards and we have fuaftaaed our oaher eahtiaa responstbtatates tn aiiordanie wtah ahese reequtremenast We beateve ahaa ahe audta evtdenie we have obaatned ts sufftitena and approprtaae ao provtde a basts for our optntont

Conrcusions recating to going ronrern

.n audtatng ahe ftnanitaa saaaemenass we have ioniauded ahaa ahe arusaeesr use ofahe gotng ioniern basts ofaiiounatng tn ahe preparaaton ofahe ftnanitaa saaaemenas ts approprtaaet

Based on ahe work we have performeds we have noa tdenatfted any maaertaa unieraatnates reaaatng ao evenas or iondtatons ahaas tndtvtduaaay or ioaaeiatveays may iasa stgntftiana douba on ahe ihartayxs abtatay ao ionatnue as a gotng ioniern for a pertod ofaa aeasa aweave monahs from when ahe ftnanitaa saaaemenas are auahortsed for tssuet

Our responstbtatates and ahe responstbtatates ofahe arusaees wtah respeia ao gotng ioniern are desirtbed tn ahe reaevana seiatons ofahts reporat

Other information

The oaher tnformaaton iomprtses ahe tnformaaton tniauded tn ahe Annuaa repora and ftnanitaa saaaemenass oaher ahan ahe ftnanitaa saaaemenas and our audtaorr s repora ahereont The arusaees are responstbae for ahe oaher tnformaatont Our optnton on ahe ftnanitaa saaaemenas does noa iover ahe oaher tnformaaton ands exiepa ao ahe exaena oaherwtse expatitaay saaaed tn our reporas we do noa express any form of assuranie ioniauston ahereont

Our responstbtatay ts ao read ahe oaher tnformaaton ands tn dotng sos ionstder wheaher ahe oaher tnformaaton ts maaertaaay tnionstsaena wtah ahe ftnanitaa saaaemenass or our knowaedge obaatned tn ahe audta or oaherwtse appears ao be maaertaaay mtssaaaedt .f we tdenatfy suih maaertaa tnionstsaenites or apparena maaertaa mtssaaaemenass we are reequtred ao deaermtne wheaher ahere ts a maaertaa mtssaaaemena tn ahe ftnanitaa saaaemenas or a maaertaa mtssaaaemena of ahe oaher tnformaatont .fs based on ahe work we have performeds we ioniaude ahaa ahere ts a maaertaa mtssaaaemena of ahts oaher tnformaatons we are reequtred ao repora ahts faiat

We have noahtng ao repora tn ahts regardt

Matters on whirh we are reequiree to report by exreption

We have noahtng ao repora tn respeia ofahe foaaowtng maaaers tn reaaaton ao whtih ahe Chartates Aiiounas 5(ioaaand) Reguaaatons 2006 reequtres us ao repora ao you tfs tn our optntons

5

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

INDEPENDENT AUDITOR' S REPORT TO TIIE TRUSTEES OF TIIE AMW CIIARITABLE TRUST FOR TIIE YEAR ENDED 5 APRIL 2025 (CONTD)

Responsibilities oftrustees

As explained more fully in the trustees; responsibilities statement (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit ofthe financial statements

We have been appointed as auditor under section 44(N )(c) ofthe Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor; s report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis ofthese financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect ofirregularities, including fraud. The extent to which our procedures are capable ofdetecting irregularities, including fraud is detailed below]

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and noncompliance with laws and regulations we considered the following;

Based on our understanding of the charity and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

We considered the extent to which non- compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Charities Accounts (Scotland) Regulations 2006. We evaluated management and trustees; incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to;

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following]

6

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

NDEPENDENT AUD TOR S REPORT TO THE TRUSTEES OF THE AMW CHAR TABLE TRUST FOR THE YEAR ENDED 5 APR L 5 CONTD)

We aaso eommunteaied reaevani tdenitfted aaws and reguaaitons and poienitaa fraud rtsks io aaa engagemeni ieam members and rematned aaeri io any tndteaitons of fraud or non3eompatanee wtih aaws and reguaaitons ihroughoui ihe audtie

Beeause of ihe tnhereni atmtiaitons of an audtit ihere ts a rtsk ihai we wtaa noi deieei aaa trreguaartitest tneaudtng ihose aeadtng io a maiertaa mtssiaiemeni tn ihe ftnanetaa siaiemenis or non3eompatanee wtih reguaaitone Thts rtsk tnereases ihe more ihai eompatanee wtih a aaw or reguaaiton ts removed from ihe evenis and iransaeitons refaeeied tn ihe ftnanetaa siaiemenist as we wtaa be aess atkeay io beeome aware of tnsianees of non3eompataneee The rtsk ts aaso greaier regardtng trreguaartites oeeurrtng due io fraud raiher ihan errort as fraud tnvoaves tnienitonaa eoneeaamenit forgeryt eoaaustont omtsston or mtsrepreseniaitone

A furiher dese on ihe Ftnanetaa Reporitng Counetar s webstie ait Audtiorr s Responstbtatites

U@e ofour report

Thts repori ts made soaeay io ihe ehartiyr s irusieest as a bodyt tn aeeordanee wtih Reguaaiton H 0 of ihe Chartites Aeeounis J(eoiaand) Reguaaitons 2001e Our audti work has been underiaken so ihai we mtghi siaie io ihe ehartiyr s irusiees ihose maiiers we are reequtred io siaie io ihem tn an audtiorr s repori and for no oiher purposee To ihe fuaaesi exieni permtiied by aawt we do noi aeeepi or assume responstbtatiy io anyone siees as a bodyt for our audti workt for ihts reporit or for ihe optntons we have formede

==> picture [151 x 91] intentionally omitted <==

==> picture [116 x 89] intentionally omitted <==

Daite 15 December 2025

Wbg VAudlit) Llmlitd ls telglbet io aci as an audlior ln itrms ofstcilon p 2p2 ofiht Companlts Aci 2uuv6

7

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charttabae Trust Annuaa report and ftnanctaa statements 5 Aprta 2025

Statement of financial activities

(incorporating the income & expenditure account) For the year ended 5 April 2025

Statement of financial activities
(incorporating the income & expenditure account)
For the year ended 5 April 2025
NoRe
Incoming resources
Xnvestment Xncome
3
Resources expended
Charttabaeacttvtttes
4
Grant maktng
oupport costs
Total resources expended
Net soutgoing))incoming resources before
other recognised gains
Other recognised gains and losses
Reaatsed {aoss))gatn on saae of tnvestments
Unreaatsed {aoss) on tnvestment assets
Net movement in funds
Reconciliation of funds
Funds brought forward
Funds carried forward		 Capital
Fund
£
[
n
21 2493285
21 2493285
s21 2493285)
s162937274)
s382431259)
{1 442420243)
s1822852202)
52071 266221 9
42888281 021 7		 Revenue
Fund
£
2032614229
2032000200
222341260
2252341260
s21 2727231 )
[
s21 2727231 )
[
s21 2727231 )
462591283
242864252		 2025
2024
Total
Totaa
£
£
2032614229
, 978688509
2032000200
, 4880005 00
432835245
42803 , 540
2462835245
, 90803 , 540
s432221 21 6)
78656569
s162937274)
228205546
s602158290)
2988625 , 5
s1442420243)
s398 , 675 , 9)
s2042579233)
{983 055 04)
521 1 82254202 58 , 2785595 06
4291 32674269 58 , , 8 82545 02

8

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charmtable Trust Annual report and fmnancmal statements 5 Aprml 2025

Balance sheet
as at 5 Apr.l 2025
N7te
:nvestments
6
Current assetss
Cashs
Lnvestec

Total current assets

Lesss
Creditorss
KPMG LLP 2025
Wbg ]Audmt) Lmmmted 2025
Total current liabilities
Net current assets
Net assets
Representings
Capmtal fund
Revenue fund		 2025
2024
£
£
£
£
4?825?927C00
5 5 0655 , 263 00
1 1 6?598C09
7.5, . 33, 5
1 1 6?598C09
7.5, . 33, 5
28?850C40
2550553 , 3
87?747C69
535, 2.302
4?913?674C69
55 , , . 52543 02
4?888?81 0C1 7
5507,56623 , 9
24?864C52
46559,3. 3
4?913?674C69
55 , , . 52543 02
2, 59, , 3, 3
3 5 , 443 00
23?450C40
5?400C00		 2025
2024
£
£
£
£
4?825?927C00
5 5 0655 , 263 00
1 1 6?598C09
7.5, . 33, 5
1 1 6?598C09
7.5, . 33, 5
28?850C40
2550553 , 3
87?747C69
535, 2.302
4?913?674C69
55 , , . 52543 02
4?888?81 0C1 7
5507,56623 , 9
24?864C52
46559,3. 3
4?913?674C69
55 , , . 52543 02
2, 59, , 3, 3
3 5 , 443 00
23?450C40
5?400C00
23?450C40
5?400C00
28?850C40

5507,56623 , 9
46559,3. 3
55 , , . 52543 02

15 December 2025 Approved by the Trustees5 authormsed for mssue and smgned on themr behalf5 on. . . . . .

==> picture [281 x 73] intentionally omitted <==

9

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charltable Trust Annual report and flnanclal statements 5 Aprll 2025

Notes on accounts year +o 5 Apr0i 2025

1 Accounting po9icies

The followlng accountlng pollcles have been applled conslstently ln deallng wlth ltems whlch are consldered materlal ln relatlon to these flnanclal statementss

?a) Basis of preparation and going concern

The flnanclal statements have been prepared ln accordance wlth appllcable accountlng standards under the hlstorlcal accountlng ruless modlfled to lnclude the revaluatlon of lnvestments at market values and ln accordance wlth the Charltles and Trustee Investment ?Scotland) Act 2005 and Charltles Accounts ?Scotland) Regulatlons 2006s and the S tatement of Recommended Practlce - Accountlng and Reportlng by Charltles preparlng thelr accounts ln accordance wlth the Flnanclal Reportlng S tandard appllcatlon ln the UK and Republlc of Ireland ?FRS 1 02)s The presentatlonal currency used ls Brltlsh S terllngs The trust constltutes a publlc beneflt entlty as deflned by FRS 1 02s The trustees conslder that there are no materlal uncertalntles about the trustt s ablllty to contlnue as a golng concerns The trustees are aware of the ongolng effect of the rlslng cost of llvlngs lncreased lnflatlon and ongolng confllcts on markets generally ands together wlth thelr lnvestment advlsorss wlll contlnue to monltor the posltlon bearlng ln mlnd the projected llfespan of the Trusts

?b) Investments

Investments are lncluded at market values Reallsed galns and lossess representlng the dlfference between sale proceeds and market value at the prevlous flnanclal year ends or purchase cost lf acqulred durlng the flnanclal years and unreallsed galns and lossess representlng the movement ln the market value of lnvestments over the flnanclal years or from thelr date of purchase lf acqulred durlng the flnanclal years are dealt wlth separately ln the Statement of Flnanclal Actlvltless

Income from lnvestments ls dealt wlth by reference to the due date of payments

Donatlons and other expendlture are recognlsed on the accruals baslss Expendlture lncludes lrrecoverable VATs Expendlture ls categorlsed as followss

Charltable Actlvltles

Certaln costs are spllt proportlonately between Capltal and Revenue funds based on work undertakens Capltal funds are lncluded as deslgnated funds ln the accountss

Funds

The Trust malntalns deslgnated Capltal and unrestrlcted Revenue fundss

The capltal fund represents the orlglnal glft by the Founder together wlth reallsed and unreallsed galns and losses on the Trustt s lnvestmentss less costs attrlbuted to the capltal funds

The revenue fund represents excesses of lncome over expendlture whlch have arlsen and not been dlstrlbuteds

There are no restrlctlons lmposed by the Trust Deed ln relatlon to expendlture of capltals

1 0

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charltable Trust Annual report and flnanclal statements 5 Aprll 2025

Notes on accounts &contd) year .o 5 Apr3i 2025

7e) Debtors

Trade and other debtors are recognlsed at the settlement amount due after any trade dlscount offereds Prepayments are valued at the amount prepald net of any trade dlscounts dues

7f) Creditors

Credltors are recognlsed where the charlty has a present obllgatlon resultlng from a past event that wlll probably result ln the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estlmated rellablys Credltors are normally recognlsed at thelr settlement amount after allowlng for any trade dlscounts dues

7g) Financial instruments

The charlty only has flnanclal assets and flnanclal llabllltles of a klnd that quallfy as baslc flnanclal lnstruments s Baslc flnanclal lnstruments are lnltlally recognlsed at transactlon value and subsequently measured at thelr settlement values

7h) Taxation

The Trust ls recognlsed by the HM Revenue & Customs as a charlty under relevant tax leglslatlon and ls exempt from corporatlon/lncome tax on lts charltable actlvltless

7l) Key Judgements and Uncertainties

In the appllcatlon of the charltyW s accountlng pollcles7 the trustees are requlred to make judgements7 estlmates and assumptlons about the carrylng amount of assets and llabllltles that are not readlly apparent from other sourcess The estlmates and assoclated assumptlons are based on hlstorlcal experlence and other factors that are consldered to be relevants Actual results may dlffer from these estlmatess

The estlmates and underlylng assumptlons are revlewed on an ongolng baslss Revlslons to accountlng estlmates are recognlsed ln the perlod ln whlch the estlmate ls revlsed7 lf the revlslon affects only that perlod7 or ln the perlod of the revlslon and future perlods lf the revlslon affects both current and future perlodss

Allocation of expenditure between activities

Support costs are allocated between charltable actlvltles and governance based on the tlme spent undertaklng charltable actlvltless

2 Legal Status of the Trust

The Trust ls a reglstered Scottlsh charltys

Incoming resources from Generated funds

All lncome allocated to Revenue account
Investmentlncomem
Unlt trusts lnterest
UK lnterest
Overseas
Dlvldends
Property lncome dlstrlbutlon
Investec bank lnterest-gross		 2025
£
o
311 59x56
431248x05
1 41 131 0x1 1
1 21073x 70
31822x87
2031614x29		 2024
£
7 7 . 3 6s 99
47429s . 6
327745s 32
. 3 8753 . s47
. 27 505s. 7
273 39s 98
. 97768 8s09

. .

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Char table Trust Annual report and f nanc al statements 5 Apr l 2025

Notes on accounts &contd) year .o 5 Apr3i 2025

4 Charitable activities

4
Charitable activities
Grant mak ng
Jsee below)
Supports costss
KPMG LLP-nter m
fee
VAT @ 200
KPMG LLP - 2025
VAT @ 200
`nvestec - fees
Governance costss
2025		 2025
Capital
Revenue
Total
£
£
£
M
2031000.00
2031000.00
\
\
\
\
\
\
51424.00
1 411 1 8.00
191542.00
11084.80
21823.60
31908.40
141985.05
M
141985.05
M
51400.00
51400.00
211493.85
221341.60
431835.45		 2024
Capital
Revenue
Total
£
£
£
-
, 4830006 00
, 4830006 00
-
-
-
-
-
-
5 3 0666 , 6
, 33, 936, 2
, 8 3 2596 28
, 30, 3623
236386 62
3365 , 685
, 639766 27
-
, 639766 27
-
3 3 , 446 00
3 3 , 446 00
23 3 0556 66
, 8 3 9756 74
42303, 640
211493.85
2251341.60
2461835.45		 23 3 0556 66
,6639756 74
,90303, 640

, 2

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charttabte Trust Annuat report and ftnanStat statements 5 Aprtt 2025

Notes on accounts 'contd) year /o 5 Apr4i 2025

4

Cha;ttab>e acttvtttes 'contd)

Cha;ttab>e acttvtttes 'contd) Revenue £ Ardgown HosptSe 5 5 000F 00 Army Benevotent Fund 45000F 00 BLENMA 45000F 00 Brtttsh Heart Foundatton 45000F 00 Brtttsh Ltver Trust 5 5 000F 00 Cantne ConSern NSottand Trust 1 5 000F 00 Carers Trust 45 000F 00 Cerebrat Patsy NSottand 45000F 00 Chest Heart and N troke NSottand 45000F 00 Chttd bratn lnjury Trust 5 5 000F 00 ChttdrenS s Heart Federatton TThe) 5 5 000F 00 Compasstonate Frtends TThe) 1 5 000F 00 ConneSttng Carers 45000F 00 Coronatton Day Centre Ltmtted 1 5 000F 00 Cosgrove Care Ltd 45000F 00 Cyrentans 45000F 00 Dogs for Auttsm 25000F 00 Duke of EdtnburghS s Awards TThe) 5 5 000F 00 Dunedtn NShoot 45000F 00 Edtnburgh lnternattonat Book Festtvat Ltmtted 1 5 000F 00 Enabte 45000F 00 Endometrtosts UK 45 000F 00 Ftght for N tght 45000F 00 FtshermanS s Mtsston TThe) 45000F 00 GatrtoSh Communtty Car NSheme 25000F 00 GatrtoSh Group Rtdtng for the Dtsabted 25000F 00 GreenoSk MedtSat Atd NoStety 45 000F 00 Haemophttta NSottand 5 5 000F 00 Haven KttmaSotm TThe) 1 5 000F 00 Heartng Dogs for Deaf Peopte 45 000F 00 Hertott Watt Untverstty 5 5 000F 00 lstay & Jura Communtty Enterprtses Ltd 45 000F 00 Jewtsh Care NSottand 45000F 00 LeuShte 45000F 00 Maggte KeswtSk JenSks CanSer Cartng Centres Trust TThe) 5 5 000F 00 Mentat Heatth Foundatton 45000F 00 Nattonat Trust for NSottand 5 5 000F 00 Nattonat Youth OrShestra of NSottand Ltmtted TThe) 1 5 000F 00 New N tart Htghtands 5 5 000F 00 Nowzad 25000F 00 NNPCC 45 000F 00 Outward Bound Trust TThe) 5 5 000F 00 Penumbra Mentat heatth 45000F 00 Royat Votuntary NervtSe 45000F 00 NSotttsh Mountatn ResSue 45000F 00 NSotttsh Opera 45000F 00 Nea Cadets Ardrossan & Largs 1 5 000F 00 Nptnat lnjurtes NSottand 45000F 00 NNAFA 45000F 00 N t Andrews Cathedrat lnverness 1 5 000F 00 N t CotumbaS s HosptSe Care 45000F 00 Fwd 1 c 8 5 000F 00

1 8

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charstable Trust Annual report and fsnancsal statements 5 Aprsl 2025

Notes on accounts 'contd) year /o 5 Apr4i 2025

Charttable acttvtttes 'contd) Revenue £ Fwd , D 3 5 000) 00 S t Marys s Cathedral Glasgow , 5 000) 00 S t Vsncents Hospsce Lsmsted 5 5 000) 00 Swandro- Orkney Archaeology Trust , 5 000) 00 Tall Shsps Youth Trust 45000) 00 Unsverssty of the Hsghlands and .slands 45000) 00 Versus Arthrstss 55 000) 00 £203 5000) 00

Year to 5 Aprsl 2024 - £, 4D 5 000) 00

No trustees or key management personnel were pasd any remuneratson or expenses by the charsty dursng the year) b2024 none) ) Detasls of trustees and key management personnel expenses wasved5 2025 £nsl b2024 £nsl))

These are sncluded at market value

2025
£
Market value at begsnnsng of year
5i065i1 26k 00
Addstsons
931 i062k68
Dssposals at market value
'1 i025i841 k25)
Decrease sn market value
b1 44i420k 43)
Market value at end of year
4i825i927k00		 2024
£
55, , 55299) 00
53 D 5 055 ) , 9
b5 49506 , ) 00)
b3 95 , 6q) , 9)
55 0655 , 26) 00

The followsng snvestments comprsse more than 5 % of the portfolso)

uJPMorgan Fund .CVC - uJPM US Equsty .ncome £ , q, 5 000 C2 net dss 26q5444

All snvestments are carrsed at thesr fasr value) .nvestment sn equstses and fsxed snterest securstses are all traded sn quoted publsc markets5 prsmarsly the London S tock Exchange) Holdsngs sn common snvestment funds5 unst trusts and open- ended snvestment companses are at the bsd prsce) The basss of fasr value for quoted snvestments ss equsvalent the market value5 ussng the bsd prsce) Asset sales and purchases are recognssed at the date of trade at cost bthat ss thesr transactson value)) The ssgnsfscance of fsnancsal snstruments to the ongosng fsnancsal sustasnabslsty of the Charsty ss conssdered sn the fsnancsal revsew5 snvestment polscy and reserves sectson of the Trusteess Annual Report)

, 4

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Char table Trust Annual report and f nanc al statements 5 Apr l 2025

Notes on accounts &contd) year .o 5 Apr3i 2025

7 Property income distributions Date Gross Empiric Student Property £ . 97 47 24 980778 27 77 24 9. 5 7 40 207 97 24 9. 5 7 40 67 . 27 24 9. 57 40 3 17267 98 Land Securities Group £ . 67 47 24 87. 7 88 267 77 24 . 1 . 347 38 47 . 07 24 8627 50 218687 76 Primary Health Prope rties £ . 77 5 7 24 . 1 387743 . 67 8 7 24 . 1 387743 267 . . 7 24 . 1 387743 247 27 25 . 13 . 57 67 514777 96

. 5

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The following schedules do not form part of the statutory accounts but have been included as a management tool for the Trustees.

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust Annual report and financial statements 5 April 2025

Investment sales

Profit calculated based on market value

Date
fnvestment
25 . 1 1 . 24WPP - 4, 750 shares
25 . 1 1 . 24Shell-1 , 400 shares
25 . 1 1 . 24Videndum - 7, 000 shares
25 . 1 1 . 24Grainger - 25 , 666 shares
25 . 1 1 . 24HSBC Holdings - 5 , 000 shares
25 . 1 1 . 24Schroders - 1 5 , 875 shares
26. 1 1 . 24fFSL Evenlode - 1 30, 000 shares
26. 1 1 . 24Schroder Global Energy - 278 , 895 shares
26. 1 1 . 24WS Amati Funds-5 , 400 shares
26. 1 1 . 24Veritas - 675 shares
20. 1 2. 24Bellevue Healthcare Trust - 68 , 700 shares
5 . 3 . 25LMVH Moet Hennessy - 1 1 8 shares
5 . 3 . 25RELX -1 ,266 shares
As stated on S tatement of Financial Activities		 Market value/cost
at 5 April 2024
Proceeds
Gain/
(loss)
£
£
£
34, 328 . 00
3 9, 701 . 42
5 , 3 73 . 42
3 8 , 91 3 . 00
3 6, 480. 05
(2, 432. 95 )
20, 668 . 00
1 7, 044. 00
(3 , 624. 00)
66, 026. 00
59, 556. 95
(6, 469. 05 )
32, 067. 59
3 6, 605 . 56
4, 537. 97
58 , 436. 00
50, 203 . 21
(8 , 232. 79)
1 93 , 687. 00
1 99, 290. 00
5 , 603 . 00
1 20, 985 . 00
1 00, 848 . 43
(20, 1 3 6. 57)
59, 908 . 00
62, 048 . 70
2, 1 40. 70
1 76, 344. 00
1 86, 921 . 00
1 0, 577. 00
1 01 , 539. 00
1 06, 320. 1 2
4, 78 1 . 1 2
80, 940. 00
65 , 957. 85
(1 4, 982. 1 5 )
41 , 999. 66
47, 926. 22
5 , 926. 56
1 , 025 , 841 . 25
1 , 008 , 903 . 5 1
(1 6, 937. 74)		 
eari taeru st
Summary of i n vestments an d i n come
Year to 5 April 2025

endi
ari ta e ru st
fi n vestments an di n come
April 2025
ar*et +a ue
at ,- .- /,
£
0 n vestments
228,322
U K 4 overn ment
1 ,1 84, 01 8
Gverseas
U K equi ti es:
749,464
IJK LM NOP RJJSL T K S LOPUV WOL
1 50,1 80
X K SM LYPV T Z L
245,847
[ \ T PNTWOMYVWTZ L
63,581
]V K V K R
260,623
^V Z T K S RT L
386,604
]V LWOZZ T K OJM L
484,260
_ V K T K WV T Z L
579,858
XK UOLYNOK Y YPM LYL
493 ,1 70
`K V Y YPM LYL - S V UV SOK S V K WJNO
4,825 , 927|ost1 cqu i si ti on
+a u e
£
cqu i si tion 13
di s osa
£
4 ai n 13 oss
£
229,081@ 1 8
1 05 ,890@ 36
C
1 ,278, 302 @ 02
-252 ,878@ 85
520,041@ 61
77,060@32
-87,627@ 64
306,01 6@ 48
44,374@40
29,738@00
32 ,060@ 1 8
1 62 ,51 1 @ 28
6,239@61
1 96,345@ 1 1
-36,480@ 05
23 ,726@ 74
492 ,275@ 88
-1 23 ,364@ 1 2
-30,821 @ 02
536,540@41
-1 46,365 @ 72
-33 ,1 70@ 53
51 1 ,692 @ 82
1 55 ,062@ 00
334,529@41
-362 ,1 87@ 1 3
1 05 ,694@ 31
28,1 40@ 87
-1 ,008, 903 @ 51
4,085 , 594@ 38
931 ,062@ 68
94,674@38|0n come received
£
4 ross
a 1 ta
credit
£
5 et di vidend
aya e
£
3 ,159@56
-
3 ,1 59@ 56
43 ,248@ 05
23 ,009@ 29
1 ,332 @ 00
8,383 @ 98
5 ,069@ 97
1 4,782@ 94
26,287@41
40,664@05
1 6,498@ 50
1 7,355 @ 67
1 53 ,383@ 81
T e AM C ari ta i e Trust
Detaiis of i n vestm ents and i n com e
Year to 5 April 2025
M arket Vaiue
at 5 , 4, 25
Price
Amou n t
I nvestm ents
£
U K Govern ment Stock:
4, 125% Treasury Bon ds 2029
1 00. 686p
106,848
£1 06,1 20 stock bou gh t on 6. 3.25
Yncdu des pdu s a ccru ed Yn terest of £532.07
4% Treasury Bon ds 2031
99. 1 626p
1 21 ,474
£1 22 ,500 stock
228,322		 Cost/Acquisition
Vaiue
Acquisition/-
d i sposai
Gain/-ioss
£
£
£
1 05 ,890. 36
1 05 ,890. 36
1 23 ,1 90. 82
229,081 . 1 8
1 05,890. 36		 Appendix 2
I n com e received
Gross
Tax/ tax
credit
N et d i vidend
paya i e
Date
£
£
£
-
-
-
3 ,1 59. 56
-
3 ,1 59. 56
22.1 0.24
3,1 59. 56
-
3,1 59. 56

The AM Charitabie Trust

Appendix

Detaii s of i nvestm ents and i ncom e Year to 5 April 2025

M arket Vaiue
at+,-,.+
Price
Am ount
£
1 29. 79pxd
94,098
61 5 . 81 p
84,366
698,952
1 95 . 75 p
136,986
Y48. 33
43,255
``32.35
45,324
69. 55 p
27,479
1 56. 4pxd
267,444		 I nvestm ents
Overseas7
Abrdn Asian I ncom e Fund ( Jersey)
M & GInvestm ent Funds ( 1 )
M & G Japan Steri i ng ( Japan)
72 ,500 P p dds bou gh t on 27. 1 1.24
TM N ataxis I nvestm ent Funds U K I CVC
TM N ataxis Ls U S Equity Ldrs
1 3 ,700 Qa a ccu m bou gh t on 27. 1 1.24
tud
69,980 orddn a ry P P R sh a res
DCC ( E i re)
895 orddn a ry eu ro 0. 25 [C]^ _
Deutsche Teiekom ( Germ any)
1 ,650 P P R sh a res
GCP I n frastructure I nvestm ents Ltd ( Jersey)
39,51 0 orddn a ry 1 p sh a res
JPM organ Fund I CVC
JPM U S Equity I ncom e ( U SA)
1 71 ,000 C2 n et dds bou gh t on 26. 1 1.24
LM VH M oet H ennessy ( F rance)
1 1 8 orddn a ry eu ro 0. 30 sh a res
1 1 8 sok d on 5 . 3 . 25		 Acquisition/-
Cost/AcquisitionVaiue
d i sposai
Gain/-ioss
£
£
£
1 04,494. 25
1 04,494. 25
1 02 ,788. 36
1 02 ,788. 36
-65 , 957. 85
770,250. 38
520,041 . 61
-3 , 91 0. 03
1 1 3 ,029. 60
56,725 . 1 4
31 ,252 . 71
49,201 . 32
31 2 ,759. 00
31 2 ,759. 00
69,867.88
69,867.88
-65 , 957. 85
-3 , 91 0. 03		 I n com e received
Actuai
Date
£
.
.
.
.
1 6,262 . 24
1 ,784. 49
24. 5 . 24
1 ,784. 49
23 . 8. 24
1 ,784. 49
22 . 1 1 . 24
4,744. 64
21 . 2 . 25
896. 32
1 8. 7. 24
444.30
1 3 . 1 2 . 24
1 ,085 . 02
1 5 . 4. 24
691 . 43
4. 6. 24
691 . 43
9. 9. 24
691 . 43
29. 1 1 . 24
691 . 43
1 1 . 3 . 25
-
-
569.63
25 . 4. 24
403 . 1 4
4. 1 2 . 24

he AM Charitable ru st Detail s of i nvestm ents and i ncom e Year to 5 April 2025

Appendi

M arket Value
at+, ,-+
Price
Am ount
£
698,952
973 . 1 6p Ld
1 55 ,073
Z[ 261 . 8
147,708
74. 35 p
69,943
1 08. 7p
79,292
M M 23 . 59
33,050
1 ,1 84,01 8		 / nvestm ents
Overseass ( contd)
BCd
Polar Capital Funds - Global / n su rance ( E i re)
1 5 ,935 M dds sh a res
Roche H ol d i n�s AG ( Swiss)
625 sh a res oB ] ^ _
Sequoia E conom i c / n frastructure / ncom e Fund td ( Guernsey)<br>94,072 orddn a ry sh a res n o p a r vabu e<br>wentyfour/n com e Fundtd ( Guernsey)
72 ,946 orddn a ry redeem a ibe 1 p sh a res
U n i versal M usic Group ( N etherlands)
1 ,650 orddn a ry eu ro 1 0. 00 sh a res
Veritas Asset M ana�ement
Veritas Global Equity / n com e Fund ( E i re)
675 lba ss m mds sh a res
675 sob d on 26. 1 1 . 24		 Acquisition/-
Cost/Acquisition Value
d i sposal
Gain/-loss
£
£
£
-65 , 957. 85
770,250.38
520,041 . 61
-3 , 91 0. 03
1 27,761 . 26
1 41 ,61 5 . 74
99,453 . 56
1 00,603 . 1 6
38,61 7. 92
1 05 ,950. 65
1 05,950. 65
-1 86, 921 . 00
80,970.35
-252 , 878. 85
1,278,302 . 02
520,041 . 61
77,060.32		 / n com e received
Actual
Date
£
1 6,262 . 24
782 . 41
30. 4. 24
656.52
31 . 7. 24
396.78
31 . 1 0. 24
1 ,553 . 66
31 . 1 . 25
3 ,455 . 81
31 . 3 . 25
1 ,61 6. 86
23 . 5 . 24
1 ,61 6. 91
23 . 8. 24
1 ,61 6. 86
22 . 1 1 . 24
1 ,61 6. 91
28. 2 . 25
2 ,888. 66
3.5.24 dn terest
1 ,458. 92
2.8. 24 dn terest
1 ,458. 92
1.1 1.24 dn terest
1 ,458. 92
3.2.25 dn terest
320.22
1 1 . 6. 24
280. 96
25 . 1 0. 24
1 ,453 . 82
6. 4. 24
4,352 . 67
4. 1 0. 24
43,248. 05

e AM W C ari ta i e ru st Detaii s of i nvestments and i n come Year to 5 April 2025

A endi

M arket Vaiue
at+,+ -
Price
Amount
£
£25 ; 0950
1 20, 632
£20; 1 25 xd
1 40, 875
£50;83
1 1 8, 1 80
£46 ; 935
1 59, 579
£38; 1 550
1 61 , 548
£24; 325
48,650
749,464		 /nvestments
U < equities:
Consumer goods and services:
Com ass 3rou
4, 807 ordIn a r L 1 1 1 N20O sh a res
D i ageo
5 , 000 ordIn a r L 28 1 01N108 O sh a res
2,000 bo T�h ton 5;3;25
7 , 000 sh a res
Reckitt Yenckiser 3rou
2 , 325 ordIn a r L 1 0O sh a res
U n i i ever
3 , 400 ordIn a r L 3 1 N9O sh a res
REL>
5 , 500 ordIn a r L 1 4 51N11 6 O sh a r es
1 , 266 so] d on 5 ; 3 ; 25
4, 234 sh a res
W i t read
2 , 000 ordIn a r L 76 1 22N153 O sh a res
WPP
4, 750 ordIn a r L 1 0O sh a res
4, 750 so] d on 25 ; 1 1 ; 24		 Cost/Acquisition Vaiue
Acquisition/-
d i s osai
3ain/-ioss
£
£
£
21 , 977 ; 53
59, 790; 32
44,374;40
1 04, 1 64; 72
44, 374; 40
74, 668; 83
60, 590; 96
29, 71 5 ; 88
6 , 840; 06
-47 , 926 ; 22
41 , 086 ; 1 6
22 , 875 ; 82
21 , 738; 62
51 , 049; 58
51 ,049; 58
-39, 701 ; 42
-1 1 , 348; 1 6
-87 , 627 ; 64
306,01 6; 48
44,374;40
29,738;00		 / n come received
Actuai
Date
£
778;73
1 , 51 0; 36
25 ; 7; 24
27 ; 2 ; 25
1 , 602 ; 50
2 , 361 ; 50
1 8; 4; 24
1 7 ; 1 0; 24
2 , 694; 68
1 , 869; 30
24; 5 ; 24
1 3 ; 9; 24
1 , 249; 1 6
1 , 256 ; 64
1 0; 6; 24
6 ; 9; 24
1 , 245 ; 42
1 , 283 ; 50
6 ; 1 2 ; 24
28; 3 ; 25
2 , 299; 00
1 , 001 ; 00
1 4; 6; 24
5 ; 9; 24
1 , 258; 00
728;00
5 ; 7; 24
6 ; 1 2 ; 24
1 , 1 59; 00
71 2 ; 50
5 ; 7; 24
1 ; 1 1 ; 24
23 ,009; 29

he AM Charita l e ru st

Appendi

Detail s of i nvestments and i ncome Year to 5 April 2025

M arket Value at
+, -, .+
Price
Amount
£
<25 ? 030
1 50, 1 80
1 50,1 80
<1 08? 070
1 08, 070
<1 4? 1 775 ZH
1 37, 777
245,847
<42?3875 ZH
E3 , 581
E3,581
370? E75 N
1 0E, 754
<24? 81 8
1 53 , 8E9
2 E0,E23		 0nvestments
U < equities 8 contd9 :
0ndustrial s:
H a lma
E, 000 FGH I J K GL 1 0N OP K GQO
Pharmaceuticals:
Astra Ueneca
1 , 000 FGH I J K GL V WX0? 25 OP K GQO
GS<
9, 71 8 FGH I J K GL 31? 25 N OP K GQO
M i n i n�:
\ioi nto
1 , 500 FGH I J K GL 1 0N OP K GQO
]il and�
as:
^P
28, 800 FGH I J K GL V WX0? 25 OP K GQO
Shell
7, E00 FGH I J K GL Q_ GF 0? 07 OP K GQO
1 ,400 OF`H FJ 25?1 1?24
E, 200 OP K GQO		 Acquisition/-
Cost/Acquisition Value
disposal
Gain/-l oss
£
£
£
32 , 0E0? 1 8
32,0E0? 1 8
2 E, 459? 33
1 3 E, 051 ? 95
1 E2,51 1 ? 28
E, 239? E1
E, 239? E1
1 39, 8EE? 1 9
E9, 232? 23
1 2 , 753? 31
a3 E, 480? 05
23 , 72 E? 74
5 E, 478? 92
1 9E,345? 1 1
a3 E,480? 05
23 ,72 E? 74		 0ncome received
Actual
Date
£
792 ? 00
1 E? 8? 24
540? 00
4? 2 ? 25
1 , 332?00
77E? 00
1 1 ? 9? 24
1 , E80? 00
24? 3 ? 25
1 , 554? 88
1 5 ? 4? 24
1 , 457? 70
1 1 ? 7? 24
1 , 457? 70
1 4? 1 0? 24
1 , 457? 70
1 0? 1 ? 25
8, 383 ? 98
3 , 05 E? 55
1 8? 4? 24
2 , 01 3? 42
27? 9? 24
5 , 0E9? 97
1 , E3 E? 5 E
28? E? 24
1 , 742? 34
23 ? 9? 24
1 , 81 3? 22
20? 1 2 ? 24
1 , 778? 72
28? 3 ? 25
2 , 047? 44
24? E? 24
1 , 987? 40
23 ? 9? 24
2 , 054? 28
1 9? 1 2 ? 24
1 , 722? 98
24? 3 ? 25
1 4, 782? 94
The AM Charita l e Trust
Detail s of i nvestm ents and i nco
Year to 5 April 2025
M arket Value
at +, -, .+
Price
Am ount
£
Y27.55
20,108
82 . 55 p]d
86,361
1 07. 90p
107,307
95 . 275 p]d
91 ,1 64
Y1 6. 01 25
81,664
386,604		 m e
0 nvestm ents
U < equities 8contd9 ) M i scel l aneous)
Bel l evue H eal thcare Trust
68,700 orddn a ry redeem a LMe 1 p sh a res
68,700 redeem ed 20. 1 2.24
Croda 0n ternational
730 orddn a ry sh a res
Em p i ri c Student Property
1 04,61 7 orddn a ry 1 p sh a res
H 0 CL 0 n frastructure PLC
99,450 orddn a ry 0. 01 p sh a res
Prim ary H eal th Properties
95 ,685 orddn a ry 1 2.5 p sh a res
SSE
5 ,1 00 orddn a ry 50p sh a res
Videndum
7,000 orddn a ry 20p sh a res
7,000 soMd on 25.1 1.24		 Acquisition/-
Cost/Acquisition Value
d i sposal
Gain/-loss
£
£
£
91 ,298. 63
91,298. 63
-1 06, 320. 1 2
1 5 ,021 . 49
49,724.49
1 1 4,385 . 83
1 48,981 . 1 1
1 04,030. 1 3
75 ,1 54. 32
62 ,886. 51
62,886. 51
-1 7, 044. 00
-45 , 842 . 51
492,275 . 88
-1 23 ,364. 1 2
-30,821 . 02		 A
0n com e received
Actual
Date
£
2 ,057. 57
4. 6. 24
1 ,731 . 24
29. 8. 24
452 . 60
29. 5 . 24
343 . 1 0
8. 1 0. 24
980. 78
1 9. 4. 24
91 5 . 40
2 . 7. 24
91 5 . 40
20. 9. 24
91 5 . 40
6. 1 2 . 24
1 ,255 . 76
28. 6. 24 U K dn t
802 . 86
28. 6. 24
1 ,782 . 34
30. 9. 24 U K dn t
266.33
30. 9. 24
1 ,577. 48
6. 1.25 U K dn t
471 . 1 9
6. 1 . 25
1 ,434. 07
31.3.25 U K dn t
61 4. 60
31 . 3 . 25
263 . 1 3
1 7. 5 . 24
1 ,387. 43
1 7. 5 . 24
263 . 1 3
1 6. 8. 24
1 ,387. 43
1 6. 8. 24
263 . 1 3
26. 1 1 . 24
1 ,387. 43
26. 1 1 . 24
382 . 74
24. 2 . 25
1 ,3 1 5 . 67
24. 2 . 25
2 ,040. 00
1 9. 9. 24
1 ,081 . 20
28. 2 . 25
26,287.41
c de fs

Appendi

e AM C arttaba e ru st

Appendt

Detatas of t nvestm ents and t n come Year to 5 Apr%l 2025

M arket Vaaue at
+ , -, .+
/rt ce
Amount
£
1 355 6 pxd
390324
5255 3 p
53 0 1 76
2505 025 pxd
62 0 506
7605 05 pxd
1 67021 1
5385 75 pxd
500508
1 845 325 pxd
360865
7465 7 pxd
740670
4840260		 0 nvestm ents
L I< equtttes8contd))
;t nanctaas)
Aberdeen Group 8prevtou sa ly Abrdn)
290000 oaddn a ar 1 3 61 /63 p sh a aes
Avtva
1 001 23 oaddn a ar 32 1 7 /1 9 p sh a aes
Barcaalys
250000 oaddn a ar 25 p sh a aes
Gratn�er
250666 oaddn a ar 5 p sh a aes
250666 soY d on 2551 1524
H SBC H oa d t n�s
270000 oaddn a ar ] ^_ 05 50 sh a aes `] a aebdc
50000 soYd on 2551 1524
220000 sh a aes
Land Securtttes Group
90375 oaddn a ar 1 0 2 /3 p sh a aes
M & G
200000 oaddn a ar 5 p sh a aes
/rudenttaa
1 00000 oaddn a ar 5 p sh a aes
ghi		 Acqutsttton/-
Cost/Acqutsttton Vaaue
d t sposaa
Gatn/-aoss
£
£
£
1 1 7 0 5045 46
41 0 4755 02
7005255 00
640858553
640858553
Z590556595
Z5 0 301 5 58
Z3606055 56
30361 5 1 0
1 4602755 61
5900875 1 3
32 0 6045 01
6900695 1 8
5360540541
Z9601 62 5 51
Z1 0 9405 48
1 7905205 07
33 0 2445 46		 0n come recetved
Actu aa
Date
£
201 1 75 00
305 45 24
201 1 75 00
245 95 24
2 0 2575 43
23 5 5 5 24
1 0 2045 64
1 75 105 24
725500
205 95 24
1 0 3755 00
45 45 25
6515 92
5 5 7 5 24
6 0 7035 73
255 45 24
605725 65
21 5 65 24
200475 07
2 5 1 05 24
201 1 35 70
1 95 1 25 24
871 5 88
1 6545 24
1 0 1 345 38
265 75 24
862550
45 1 05 24
881 5 25
85 1 5 24
2 0 6405 00
95 5 5 24
1 0 3205 00
1 85 1 05 24
1 0 1 345 23
1 6 5 5 5 24
5215 54
23 5 1 05 24
3702505 92
 jkls

The AM Charitable Trust Details of i nvestm ents and i n come Year to 5 April 2025

Appendi

M arket Value at
+ , -, .+
Price
Amount
5
484,260
484, 260
Y1 2 . 38
1 33 , 704
86 . 8p
1 43 , 220
246 . 25 pxd
1 72 , 375
1 82 . 6 p
1 30, 559
579 , 858		 0 nvestm ents
U < equities ( contd):
F i nancials: ( contd)
BCd
Schroders
1 5 , 875 orddn a ry 20p sh a res
1 5 , 875 soX d on 25 . 1 1 . 24
U < equities ( contd):
0nvestment tru sts:
Aberforth Smaller Companies Trust
1 0, 800 orddn a ry 1 p sh a res Zo[\h ] on 27.1 1.24
Bail l i e Gifford Eu ropean Growth Trust
1 65 , 000 orddn a ry 2.5 p sh a res
M u rray 0n ternational Trust
70, 000 orddn a ry 5 p sh a res
Polar Capital Global F i nancials Trust
71 , 500 orddn a ry 5 p sh a res		 Acquisition/-
Cost/Acquisition Value
d i sposal
Gain/-loss
5
5
5
536 , 540. 41
-96 , 1 62 . 51
-1 , 940. 48
81 , 433 . 26
81 ,433 . 26
-50, 203 . 21
-3 1 , 230. 05
536,540. 41
-1 46,365 . 72
-33 , 1 70. 53
1 55 , 062 . 00
1 55 , 062 . 00
1 22 , 336 . 06
1 44, 477 . 26
89 , 81 7 . 50
51 1 , 692 . 82
1 55 , 062 . 00		 0n come received
Actu a l
Date
5
37 , 250. 92
2 , 381 . 25
2 . 5 . 24
1 , 031 . 88
27 . 9. 24
40,664. 05
3 , 240. 00
1 0. 3 . 25
648.00
1 0. 3 . 25
990.00
1 4. 2 . 25
3 , 01 0. 00
20. 5 . 24
1 , 750. 00
1 6 . 8. 24
1 , 750. 00
1 8. 1 1 . 24
1 , 750. 00
1 7 . 2 . 25
1 , 787 . 50
30. 8. 24
1 , 573 . 00
28. 2 . 25
1 6 , 498. 50

The AM W Charitable Trust Details of i nvestm ents and i n come Year to 5 April 2025

Appendi l

Price
202. 1 7 pxd
1 09 . 1 pxd
k73 . 57
98. 59 p		 M arket Value at
,- .- /,
Amount
6
1 51 , 628

1 02 , 554
64,006
1 74, 982
493,1 70		 1 nvestm ents
U < equities ( contd):
U n ittru sts - d i vidend i n com e:
FG H M el l on Fun d M anagers Lim i ted
G ewton Global 1n come Fund
75 , 000 U � n c sh a res
1 FSL Evenlode 1nvestments-
1FSL Evenlode Global 1n come
1 30, 000 ^ _� s sh a res
1 30, 000 soa d on 26 . 1 1 . 24
Lazard1nvestment Fun ds
Emerging M arkets
94, 000 J d� s bo L gh t on 27.1 1.24
Polar Capital Funds - Global Technology
870 l � n coIT e sh a res
Schroder1nvestment Fun d Company-Schroder Global Energy Tran Ql
278, 895 o d� s sh a res
278, 895 soa d 26 . 1 1 . 24
WS Amati 1 n vestment Fun ds-
WS Amati U < Li sted Smaller Companies Fund
5 , 400 B accL IT Laa t�on sh a res
Addr re� n sested 3 . 1 0. 24
5 , 400 sh a res
5 , 400 soa d on 26 . 1 1 . 24
WS Saracen 1nvestment Fu nds-
WS Saracen Global 1n come & Growth D i s
1 77 , 485 A sh a res		 Acquisition/-
Cost/Acquisition Value
d i sposal
Gain/-loss
6
6
6
65 , 880. 76
1 27 , 994. 74
1 27,994. 74
-1 99 , 290. 00
71 , 295 . 26
1 05 , 092 . 00
1 05 , 092 . 00
45 , 092 . 1 0
1 34, 460. 50
1 34, 460. 50
-1 00, 848. 43
-33 , 61 2 . 07
70, 988. 71
602 . 31
602 . 31
71 , 591 . 02
71 , 591 . 02
-62 , 048. 70
-9 , 542 . 32
1 1 8, 464. 55
-362 , 1 87 . 1 3
334,529 . 41
1 05,694. 31
28,1 40. 87		 1n come received
Actu a l
Date
6
1 , 1 68. 94
31 . 5 . 24
1 , 871 . 98
30. 8.24
965. 46
29.1 1. 24
91 9 . 74
28. 2.25
1 , 225 . 36
3 . 5 . 24
1 , 087 . 1 9
31 . 7 . 24
1 , 087 . 1 9
1 . 1 1 . 24
.
.
.
.
1 , 287 . 66
2 . 9. 24
1 24. 39
29 . 1 1 . 24
602 . 31
3 . 1 0. 24 a ccL IT d�s
4, 01 2 . 76
4. 9. 24
3 , 002 . 69
4. 3 . 25
1 7,355 . 67

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust

Held via Investec Wealth & Investment Limited at 5 April 2025

Docusign Envelope ID: 61B448EF-CE11-4AAF-82D9-64C24D823322

The AMW Charitable Trust

Held via Investec Wealth & Investment Limited at 5 April 2025 (contd)