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← The Andrew Salvesen Family Trust

2025-04-05-accounts

Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST REGISTERED CHARITY NUMBER SC008000

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

MHA 12 CARDEN PLACE ABERDEEN AB10 1UR

Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

CONTENTS

Page
Trustees’ report 1-3
Statement ofTrustees’ responsibilities 4
Independent auditor's report 5-7
Statement of financial activities 8
Balance sheet 9
Statement ofcash flows 10
Notestothefinancialstatements 11-17

Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

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THE ANDREW SALVESEN FAMILY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotiand) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ~

Objectives and activities

The charity is a discretionary trust to be used for charitable purposes such as:

The Trustees have absolute discretion in selecting beneficiaries who qualify within the terms of the Trust Deed. Distributions to beneficiaries were made as detailed in note 7 of the financial statements.

Achievements and performance

The strong financial position of the Trust has allowed the Trustees to continue to select beneficiaries that meet the charitable purposes listed above.

_

Financial review

After unrealised gains and losses for the year there was a deficit of £182,826 (2024 - surplus £492,970). This arises after making distributions, as detailed in note 7.

The Trustees wiil continue to manage the fund in order to increase reserves and further the aims of the charity.

In order to meet its objectives, the charity aims to maintain an appropriate amount of the total fund in liquid reserves at all times in order to be able to respond to suitable applications as and when they arise. Therefore, unlike many charities, The Andrew Salvesen Family Trust may reduce expenditure on charitable activities in one financial year, with a view to increasing the level of reserves available to meet its charitable objectives in future years.

It is the charity's policy to maintain funds at a level which will enable it to continue to meet its charitable objectives.

All funds of the charity are unrestricted.

The principal funding source is investment income from the portfolio of investments held, the gains arising on such investments when sold together with donations received.

All investments heid by the charity are held in a portfolio managed by Brewin Dolphin.

_ providedInvestmentsincomecostingof £75,314£4,519,679duringwerethe year.worth £6,486,411 at the year end. Dividends on these investments

Inflation has caused uncertainty in the stock markets, however the Trustees are pleased to report that since the year end the market value of listed investments has increased. It is expected that the markets will remain volatile for the foreseeable future.

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to financial markets, and through a combination of short term cash assets and long term real return assets, are satisfied that systems and strategies are in place to mitigate the exposure to these major risks.

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Docusign Envelope ID: EDC 19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Since the year end, the Trustees have identified beneficiaries that meet the objectives of the Trust and significant distributions are being made.

The Trustees previously entered into an agreement with Opportunity North East Limited ("ONE") for funding of up to £1m to be released over 5 years for the purpose of setting up an Enterprise Fund to accelerate the growth of companies in the North East of Scotland. The agreement was signed in February 2019 and the first annual instalment of £200,000 was paid in August 2019 with a further instalment of £200,000 paid in July 2020, no payment was made in 2021, an instalment of £200,000 paid in June 2022 and a further instalment of £200,000 was paid in September 2023. No payment was made in the year ended 5 April 2025.

Structure, governance and management

The Andrew Salvesen Family Trust is a charity governed by its founding Trust Deed dated 17 May 1989 and is recognised as a charity by the Office of the Scottish Charities Regulator in accordance with the provisions of The Charities and Trustee Investment (Scotland) Act 2005.

Individuals can make donations into the Trust, whereby experienced Trustees can take responsibility for distributions broadly in line with the donor's wishes, always in accordance with the Trust's charitable objectives.

The Trustees have authority to appoint additional Trustees to the board.

Any new Trustees will be provided with a background to the work of the charity and a detailed briefing from an existing Trustee on the aims, objectives and activities of the charity.

The Trustees, who meet on a regular basis, administer the charity.

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Reference and administrative information

Charity name

The Andrew Salvesen Family Trust

Charity number

SC008000

Principal address

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Auditors

MHA, 12 Carden Place, Aberdeen, AB10 1UR

Bankers

Coutts & Co., 6 - 8 George Street, Edinburgh, EH2 2PF

Solicitors

Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 SEE

Morton Fraser MacRoberts LLP, 9 Haymarket Square, Edinburgh, EH3 8RY

Shepherd and Wedderburn, 37 Albyn Place, , Aberdeen, AB10 1YN

Trustees

The Trustees who served during the year were:

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The Trustees’: was| by the Board of Trustees.
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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial 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 year.

In preparing these financial statements, the Trustees are required to:

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

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Docusign Envelope {D: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE ANDREW SALVESEN FAMILY TRUST

Opinion

We have audited the financial statements of The Andrew Salvesen Family Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities including income and expenditure account, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 .The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

' In our opinion, the financial statements:

:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for 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 to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

:

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ANDREW SALVESEN FAMILY TRUST

Matters 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 (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, 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 of financial 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 of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and 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 or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance 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 of users taken on the basis of these 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 of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.

We identified laws and regulations that are of significance in the context of the charity by discussions with Trustees and by updating our understanding of the sector in which the charity operates. Laws and regulations of direct significant in the context of the charity include Charities and Trustee Investment (Scotland) Act 2005 and the Charities SORP (FRS 102) 2019.

We assessed the susceptibility of the financial statements, including fraud, and considered the fraud risks to be management override of controls and revenue recognition in respect of investment income. Our tests included, but were not limited to:

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ANDREW SALVESEN FAMILY TRUST

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a misstatement resulting from error, even though we have properly planned and performed our audit in accordance with auditing standards. There are inherent limitations in the audit procedures performed as fraud can involve intentional concealment, collusion, misrepresentation, intentional omission, or the override of internal controls which can increase the risk of non-detection.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of MHA Statutory Auditor Aberdeen

United Kingdom

MHA is eligible for appoitment as auditor of the charity by virtue of its eligibility for appoitment as auditor of a company under section 1212 of the Companies Act 2006.

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number 00455542)

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Docusign Envelope 1D: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Total Total
2025 2024
Notes £ £
Income from:
Voluntary income : 3 174,543 24,837
Investments 4 135,390 96,172
Total income 309,933 121,009
Expenditure on:
Raising funds 5 14,109 13,435
Charitable activities 6 144,255 138,668
Total resources expended 158,364 152,103
Net (expenditure)/income forthe year before gains and losses 151,569 (31,094)
Net gains/(losses) on investments 10 (334,395) 524,064
Netmovement in funds (182,826) 492,970
.
Fund balances at6 April 2024 6,853,838 6,360,868
Fundbalancesat5April2025 6,671,012 6,853,838

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Docusign Envelope ID: EDC 19BE8-9C5F-4E46-9C6B-4942F21A9CA2

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THE ANDREW SALVESEN FAMILY TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investment properties 13 235,000 250,000
Investments 12 6,486,410 6,643,927
6,721,410 6,893,927
Current assets
Debtors 14 11,660 11,073
Cash at bank and in hand 206,662 216,238
218,322 227,311
Creditors: amounts falling due within
one year 15 (248,720) (237,400)
Net current liabilities (30,398) (10,089)
Total assets less current liabilities 6,691,012 6,883,838
Creditors: amounts falling due after
more than one year 16 (20,000) (30,000)
Net assets 6,671,012 6,853,838
Income funds
Unrestricted funds 6,671,012 6,853,838
6,671,012 6,853,838

The financial statements were approved by the Trustees and authorised for issue on Bas fro’, and are - on their behalf|

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

)

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from/(absorbed|by)|2i| |operations|16,912|(255,940)| |Investing|activities| |Purchase|of|investments|(1,249,572)|(626,786)| |Proceeds|from|disposal|of|investments|1,087,694|558,319| |Investment|income|received|135,390|96,172| |Net|cash|(used|in)/generated|from|investing| |activities|(26,488)|27,705| |Net cash|generated|from financing|activities|-|-| |Net|decrease|in|cash|and|cash|equivalents|(9,576)|(228,235)| |Cash|and|cash|equivalents|at|beginning|of year|216,238|444,473| |Cash|and|cash|equivalents|at end|of year|206,662|216,238|

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-SC6B-4942F21A9CA2

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THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The Andrew Salvesen Family Trust is constituted under a trust deed. The Trust is a charity registered in Scotland with the Office of the Scottish Charity Regulator. The principal address is 12 Carden Place, Aberdeen, AB10 1UR .

1.1. Accounting convention ' The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2. Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

All incoming resources and resources expended in the current and prior year were unrestricted in nature. All figures included in the current accounts form part of the unrestricted fund and are free from all restrictions.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

investment income is included when receivable.

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Docusign Envelope ID: EDC 19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

(Continued)

Costs of raising funds incorporates the costs associated with the management of the investment portfolio.

Costs of charitable activities comprises the costs associated with the charity's principal activities and are accounted for when payable.

Costs of charitable expenditure comprises the costs associated with the charity's principal activities and are accounted for when payable. In addition, governance costs which represent expenditure associated with meeting the constitutional and statutory requirements of the charity, and include accountancy fees and costs linked to the strategic management of the charity, are included in the costs of charitable expenditure.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. ;

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in statement of financial activities.

1.7 Fixed asset investments Investments held as fixed assets are stated at market value. Gains and losses arising on the disposal and revaluation of investments are charged or credited to the SOFA.

1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustees 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 associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Voluntary income

2025 2024
£ £
Donations and gifts 174,543 24,837

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

4 Investments

2025 2024
£ £
Dividends received - net 75,314 83,989
Unit trust interest received - gross . 13,991 2,528
Interest received - gross 36,251 1,041
Other interest received - gross 9,834 8,614
135,390 96,172

5 Raising funds

, ,
2025 2024
£ £
Investment management 14,109 13,435
14,109 13,435
2025 2024
£ £
Distributions 126,885 124,395
Legal and professional fees 11,610 10,379
Audit fees 5,760 3,894
144,255 138,668

Audit fees includes £5,550 (2024- £3,684) paid as auditors’ remuneration and £210 (2024 - £210) for other non audit advisory work.

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTES TO THETO THETHE FINANCIAL STATEMENTSSTATEMENTS (CONTINUED) :
THEYEAR ENDED 5APRIL 2025
Distributions
Distributions comprise:
2025 2024
£ £
Foundation Scotland ~ 20,280 -
Game & Wildlife Conservation Trust - 32,500
Lothian Trust - 10,000 -
Shifted 50,000 -
Special Olympics Grampian Area 40,000 -
St Margaret's Trust 7,000 1,500
The Trussell Trust Limited - 90,000
Miscellaneous distributions under£1,000 (395) 395
126,885 124,395

FOR THE YEAR ENDED 5 APRIL 2025

7 Distributions

The Trustees have entered into an agreement with Opportunity North East Limited ("ONE") for funding of up to £1m to be released over 5 years for the purpose of setting up an Enterprise Fund to accelerate the growth of companies in the North East of Scotland. The agreement was signed in February 2019 and the first instalment of £200,000 was paid in August 2019 with a further instalment of £200,000 paid in July 2020. No payment was made in 2021, an instalment of £200,000 paid in June 2022 and a further instalment of £200,000 was paid in September 2023. No payment was made in the year ended 5 April 2025.

The Trustees have entered into an agreement with The Trussell Trust, a food bank charity, for funding of £90,000 to be released over 3 years. Two instalments of £30,000 each were paid in September 2023 and September 2024, with the last one left to be paid in 2025.

The Trustees have entered into an agreement with Special Olympics Grampian Area, the organisation supporting athletes with intellectual disabilities, for funding of £40,000 to be released over 4 years. First instalment of £10,000 was paid in January 2025 with the remaining 3 to be paid in future years.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration from the charity during the year and are not paid any expenses for attending Trustees meetings.

9 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

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Docusign Envelope 1D: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

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THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

10 Net (gains)/losses on investments

2025 2024
£ £
Gain/(loss) on revaluation ofinvestments (212,112) 522,978
Gain/(loss) on disposal of investments (107,283) 1,086
Revaiution ofinvestment properties (15,000) -
(334,395) 524,064
  1. Taxation

The charity is exempt from tax due on income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

12 Fixed asset investments

Listed
investments
£
Fair value
At 6 April 2024 6,643,927
Additions 1,249,572
Valuation changes (212,112)
Disposals (1,194,976)
At 5 April 2025 a 6,486,411
Carrying amount
At 05 April 2025 6,486,411
At05April2024 6,643,927

Fixed asset investments revalued

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of the trade at cost (that is their transaction value).

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED5 APRIL 2025

13 Investment property

Investment property
2025
£
Fair value
At 6April 2024 250,000
Netgains or losses through fairvalue adjustments (15,000)
At5April2025 235,000

The investment property is leased to Aberdeen Day Project Limited (charity number SC030100), trading as The Bread Maker, from 1 December 2006 for a period of twenty five years at an annual rental of £1. Although the terms of the lease could affect potential sale proceeds if the property was to be sold before the expiry of the lease, there is no current intention to sell the property and the investment property is valued in the accounts at fair value. :

The Trustees instructed a valuation to be carried out in August 2025 by Chartered Surveyor and Valuer, who is unconnected to the charity. The Trustees are content that the valuation carried out in August 2025 (£235,000) reflects the value of the investment property as at 5 April 2025 and an adjustment has been made to the financial statements to reflect the valuation.

14 Debtors

,

14 Debtors
2025 2024
Amounts falling due within one year: £ £
Dividends receivable 11,660 11,073
15 Creditors: amounts falling due within one year
2025 2024
£ £
Other creditors 240,000 230,000
Accruals and deferred income 8,720 7,400
248,720 237,400

16 Creditors: amounts falling due after more than one year

2025 2024
£ £
Other creditors 20,000 30,000

The amounts included within both other creditors due within one year and other creditors due after more than one year, are donations that have been pledged to be donated in instalments by the Trust. The full amount pledged was recognised in the year in which the pledge was made.

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Docusign Envelope ID: EDC19BE8-9C5F-4E46-9C6B-4942F21A9CA2

THE ANDREW SALVESEN FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

17 Contingent Liability

During the year 5 April 2024 an amount of £50,000 was pledged to Shift-Ed, contingent on the charity securing an appropriate building to continue their charitable activities. Until such time as it became probable that the charity would meet this condition the amount had been treated as a contingent liability. This condition has now been met and the donation of £50,000 has now been paid, hence there is no contingent liability to be noted as at 5 April 2025.

18 Movement in funds The only fund administered by the charity is the unrestricted general fund which is disclosed in full in the SOFA.

19 Contingent asset

Included in distributions made during the year ended 5 April 2015 was an amount of £500,000 provided to Camphill Central Scotland Trust Limited to construct a building. This donation is subject to conditions and it is possible that amounts may be returned should certain conditions not be met by the recipient. It is not possible to estimate the financial effect of any such returns.

20 ~=Related party transactions

During the year Edmund Salvesen, Trustee, donated shares with a value of £24,837 (2024- £24,837) to The Andrew Salvesen Family Trust. During the year Andrew Salvesen, Trustee, donated shares with of £98,601 (2024 - Enil) to The Andrew Salvesen Family Trust. No such donations made by in the year ended 5 April 2024. During the year Harold Salvesen, Trustee, donated shares with a value of £51,106 (2024 - £nil) to The Andrew Salvesen Family Trust. These shares were included at the market value on the date they were transferred.

21 Cash generated from/(absorbed by) operations 2025 2024
£ £
(Deficit)/surplus forthe year (182,826) 492,970
Adjustments for:
Investmentincome recognised in statement offinancial activities (135,390) (96,172)
Loss/(gain)on disposal ofinvestments 107,283 (1,086)
Fairvalue gains and losses on investment properties 15,000 -
Fairvalue gains and losses on investments 212,112 (522,978)
Movements in working capital:
(Increase)/decrease in debtors (587) 7,262
Increase/(decrease) in creditors 1,320 (135,936)
Cashgeneratedfrom/(absorbedby)operations 16,912 (255,940)

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