APPENDIX 1 Trus￿¢&, A_ryryuol Repo￿ tor the ppnod Period start dale Period end date Month Year K4onlh oscr._ Day DNY To i 24 Office of the Scottish Charlty Regulator Reference and administration details Charlty name Othèr namés charity Is known by R•gist•rnd charity numb•r Ch•rWs prlnelpal addrèss The W.A Cargill Fund SC008456 190 St Vincent St Glasgow Postcode G2 5SP Names of the charity trustéés on date of approval of Trustegs, Annual Report Name of pernon (or body) enlitled to - appolnt trustee (If any) Trustee nam• Office {rf any) Datss acted If not for whol• year Trustee Trnslee Truslee Trusteè Appointed 2410912024 Appolnted 0311212024 Appointed 2510312025 Trustao Trustee 10 11 12 13 14 15 16 17 19 20 APPENDIX 1 Reference and admlnistration detalls Namès of all other charlly trustees durlng tha perlod, If anyi (for axample, thoso who r•slgnod part way through tho fln•n¢lal p8rlod} Name Dats$ ad¢d rf not for whole year Deceased 30.01.24 Structure. governance and management TY￿ of govemlng documont Deed of Trust Truslee recruÈtment and appointmenl Serving trustees are appointed as required taking into aCc￿nt their skills and knowledge. Objectlves and actlvltles Charllable purposes The Tru81ges are èmp¢wwed to retain the whole or part of the ra￿du8 of the means and estate of th9 fvrMI for Such time 8s thèy may think fit. or pa￿¥nOrIt1y, and to apply the whol8 or suth p8rt of th8 Incoma of satd retained porth)n lio be called The W.A Cargim Fund) ftsr such eharit8ble purposes in or ¢c￿neCted wth Gla$9ov¢ ondlor lh8 Wa$t of Scotland 8$ th• Trusteos in th¢ir absolute dwrglion rn8y décidè. Paymgnts rnay bg made to or on behalf of any Hospitsls, InstilLrtions or Socklies or others v4ho$e in Ihe cyinicn of the Trusl8e8 is likely lo be benefi¢io11o th$ communlty. It is not the Twstee's current poliGy to give grant5 to iridividuals. Thè Truste8s havè r8sofved to retain the capital meantlwE and to apply only the Irteome lor the fOre￿ing charitable puryKJse. Summary of the maln actlvltlès relatlon to these objects The Trustees award grants in accordance wlth the ¢haritsble pU￿ose$. Durlng the year the Income from Inve$lmenl$ lotslled £581.198 for use in our Charitable activities. Rathbones Inveslment Management Ltd a¢t as Investment Managers in respect of the share portfolio and the Retum on Investments is in accordance with the bon¢hmarks agreed with the Trustees and them. APPENDIX 1 Achievements and performance Summary of th• maln aehl•v•m•nts of The Trust awarded grants which totalled £322.480 in the yèar lo thè charlty durlng th• Ilnantlal ￿rIOd Charitable Insliiuty'ons and Socielies that the Truslees felt rèquired the most support and whose purposes fell within the spectrurn of thè Trust Financial review Brlef stalement of the charlty's pollcy gn re$erv¢s As the charty has no recurring expenditure on an annual basls the Board ol Trustees consider the currenl level of reserves to be sufficient. D￿015 of any dellclt None Donated facllltles and sgrvlces (11 any) Ncw)e APPENDIX 1 other optional infonnation Declaration Thè trust••s declare that they have approved the trustees. roport abovo. Slgned on behalt of the charWs trustees Signature{sl Full nr4ne{sl Po$ltlon (o.g. Chalr) Chairman and Trustee Datè REGisfERED CHARrrY NUMBER: SC1108456 mc1￿Y McAlls￿ & MrGibbon LLP Chart¢ttd Accountsnts and Stswtory Auditors 145 Si Vincert Street G2 5JF Rep)rt of the Tn ReFort of the Independent Audiknts Statemcnt of Financial Activities Balance She¢t Cuh Fiow Styt¢ment Not¢s to th¢ c￿ Flow Ststcment io Notes to the financid Stattments 11 to 17 Detsiled Ststcmentof Finan¢ial Adi¥iti¢5 18 The trustees present their rcwrt with the financlal stat¢ment5 of the Gharity for the year ¢nded 30 N)Y¢mb¢r 2024. Th¢ trustets have ad(yid the provisions of A¢c8456 and is constitu*d under a Tn￿t Deed dated I Septemb¢r 1937. The Trust wa5 re¥15tEred in the Book% of Council SessioTh on 26 Ni)v¢mtrKr 1962. The Tn￿t w&8 established by a gift from W.A. Cargill. Indutlion and trnining of neiv Inutees Gen¢rally tnxst¢¢s ar¢ famili8rwith the work of th6 charity prior to theirapp)inkn¢nt. Tr4ill￿￿ is provided 14 rffjuirelt REFERENCE AND ADMINisfRATIVE DETAIiS Regtstcred Charity number SC008456 Prin¢ipo1 *ddrts$ Miller Be¢kern & Jackson Solicitors 190 St Vincent Stre Gl&88OW G2 5SP Truslccs Auditors McL9yMcAlister & McGibbon LLP Chgrter¢dA¢¢ounr8￿I8 and Slatutory Auditors 145 St Vincent Streei Glasgow G2 5JF Fact¥irs 8Ad ￿gaI advlson Mill¢r Beckett & Jackson Lirnited Solicitor5 190 St Vincen¢ Strttt Glasgow G2 5SP Pige 2 REFERENCE AND ADMINISTRATIVE DETAILS Investment Advise RathI￿￿¢S ]nv¢slment Manwent Limited George House 50 George Square 01&$8OW G2 IEH STATF.mEp￿ OF TRUSTEES, RESPONSIBILITIES Thc trustees are responsible for weparing lh¢ R¢FKTrrt of th¢ Twstr¢s and ihe financial ststerncnts in ￿￿rdanc¢ with appli¢abl¢ law and unit￿ Kingdorn Accounting Standard5 {United Kingdom Genernlly A¢ttpi¢d Accovntin8 Prdclice) including Financial Re￿rtitig Standard 102 'The Financial Re[￿ing Standard applicable in the UK w)d Republic of Ireland" The law applicable ￿ charitj¢5 in S¢rtland. the Charilies and Trustee ]nv¢Sts￿¢nt {Srotland) A¢t 2005, Ch*witi¢s Ac£ounts (Scotland) R¢gulatiOll5 2006 (as amendal ond th¢ provisions of th¢ tharity's constittltion, requi￿ th¢ tysT¢cs to prctwc financial st4t¢m¢nts for uch fjnan¢ial year which give atrue and fair %ry¢w of the styt¢ of affoi]E of the chality d Of the ￿n￿mIng resour¢¢s and application of ￿sOurces, including the incom¢ and expenditur¢, of ihe tharity for that perk)d. In prep3rin8 thL>se finahcial statements, the atp Jyquired to select suitthle accounting policies and then apply them eonsi&W]tiy.' observe the rndknds and princtpl¢s in th¢ Chariry SORP; make judg¢Jnents and e51itnates that ar¢ rE￿ab]e and prudu)t- state wheiher applicabl¢ a￿Unting wndanls have been folk>wed. subject to any Tnateri&l departure5 dis¢loth4 and explwned in the financial 5tat¢meMt4 prepare the financial ststements on the going wncern b&sis unless it is inappropriate to presume that the charity will continue in business. Th¢ tyu51¢es are resp)nsible for keeping PTOW accounting records which disclose with re4sonable accura¢y at ony tim¢ the financial posiiion of the charity and kn enabl¢ theffl to ensutt that the f￿a￿la7 slaiements comply with the CharitiC5 and Trnsiee Investment (Scotland) Aa 2005. th¢ Chariti¢s A￿OUnts (Scotland) Regulalions 20061&s amended) the pJvvjsion5 of thc charity's constitution. They are (dso r¢S￿nsible for saf¢&uarding the assets of the Charity gjjd hert¢¢ for tsking reasonable steps for the ptrv¢ntion and detection of fraud and other iTreguiariiirf. AppTovcd by order of the l￿ord of trustees o and ￿9)edOn its ixhalf by.. PaÈe 3 Th¢ 5VLQar"ill Fund OpKlllo We hav¢ aulikd the financial stateTn¢nts of The W,A. Car%ill Fund (the '¢harity? for tlje year tnded 3Q Novtmbtr 2024 which comprise Ihe Stai¢m¢nt of Financial Activitie% the Balanc¢ Shec( the Cath How Siaiemeni and notes io the financial ￿alementS including a suinmary of signifiwt accounting policies. The financial reporiiiJ8 framework that has been applied in their PTepaT&tion is appli(xble l*w 2nd United Kingdom Accountin8 Stsndards {Uniied Kingdom Generally Aeeepted Acco￿lIn8 p￿Ie¢), including Fitwlcial Reportin¥ Standard 102 'The Financiaj Reporijr18 Sthndanl applicable in the UK and Republic of Irelan(r. In ow opinth the fmancial sr*ements'. give a irne and fair view of die stale of ihe charity'5 atfairs a5 at 30 Novcinb¢r 2024 JJKI of its in¢oming rwurces and application olresource4 for the y¢ar then enda. haye been properly pr¢pared in accordance with United Kingdom Generdlly Accepied Accounting Pwiiee, including Financial Reporting Standard 1&2 'Th¢ FinwKial Ryrting Standard applicable in the and Republic of Iwland.. and have prepared in accordanc¢ wilh the rtquiremenis of th¢ Chariti¢s atMI Tn]stee Investment {Sethland) Au 2005 and Regul*ion 8 of th¢ Ch8ritAes Acc(Junts (sc￿land) Regulaiions 2006. Basis for opinion W¢ condu¢t¢d ow audit in &ccottlat)¢e with Int¢matiomaJ Slandwds Audiling (UK) (ISA5 (UK)) aA)li¢able law. (hr r¢spon$ibilities under those Stand￿d$ are (u]th¢r described in the Awditors, respnstbilities for the audit of the financial st8tements section of our r¢wt. W¢ ar¢ independent of the charity in accordaT)ce wilh the et7￿cal requiremenls that atr rel¢v￿t to our a￿lit of the financial staternenis in the UK, including the FRCS Ethical Standard, and we have fulfill￿1 OUT other tthical responsibilities in ac¢(Ydan¢¢ with these requirements. We believe th& the audii evidence haveobtained 15 sufficient and appropYi21e to wide a basis for ouropinion. Conelwsions reliting to going concern In £uditins the financial stat¢ments. we hav¢ that the tn]5t¢e5' ￿se of the going c￿)ce￿ basis of accounting i the prq)aration ofthe financiat stateThents is appropDat& Based on the we have perfonned. we have Th)t identr"f￿d any materi)l uncertainties relating lo events or conditions thal indivÈdu&lly or collectively. may cast significant do￿bt on the charity's ability to eontinue as a going concem for period of at least hvelve months fiDm when th¢ financial srotements guthorised for i%sue. r rynsibiliti¢s and the responsibilities of the trustees with respxt to going ¢on￿rn 8re described in the r¢l¢vant se¢tionsof this report. (Xhtr iDfom*tion The trnstees are resrA>nsible for the other infomiation. The other inforn)*ion eompris¢s the inforn]ation illeluded in ikne R¢Furn, ￿h¢rth1n the financial ststements and our Ry)n of the Independenl ALKlit0￿ th￿t￿n. Our opinion on the financial st&*ments &)es nol wv¢r the other infonnation arf except to the extent othern4se explicit]y stated in our r¢port, we ¢40 not express any foTm of ￿UranCe conclusiort thereon. In ¢(￿lertiOn our audit of the fmancial Statemell￿ ¢￿r respjnsibility is to read the other informatK)n and. in doTng so, consider whether the other information is materially inconsi%tent with the financial 5tatemtnts or our knowledge obtained in Ihe audit or otherwis¢ aprKar5 to Ir tn&terially Tnisstated If we identify such mai¢riai inconsi5t¢n¢ies or par¢nt maltTial Tnisstatements, we are ￿quired to d¢t¢rnune whether this gives rise k) a mattwial misStatcm¢nt in th¢ fi]wi¢ial stsi¢m•)ts t1￿MselveS. If, basoj the wo]k we hav¢ p¢rforni¢l w¢ that ther¢ is a m&*rial mi55tatem¢nt of this oth¢rinfgmution. we are requir¢d to r¢portthot fa¢L W¢ h8v¢ rep)rt in this rewd. Matten on wknieh we Are wuir•d to report by exttption We have rK>thittE to rew in reyct of th¢ following matters where the Th*itie$ Aecounts (Scothnd} Regulations 2006 requires us to tflkn to you if. in ouropinion= the infornhation given in ihe R¢wrt of the T]ustezs 15 inci)nsistent in 8ny.m*rial respeci with Ihe fmancial s￿emem￿ or Prop￿ accountin¥records have wt be¢n kept; or the fmarKial statements ar¢ n(>t in •8reemeni with the auowtingre¢ords and returns. or have nol ]Eteived all the infotTration and explanattons we require forour audit. Pa8e 4 The W.A_. Cargill Fund R£S￿nsIbl11tje5 of trustees As ¢xplained mor¢ fully in th¢ Stat¢ment of TTUStees' Responsibiliii¢4 th¢ t￿￿¢¢$ are r¢swnsibl¢ for th¢ prepalation of th¢ finan¢ial stat¢n¢nts which give & tru¢ aT)d fair view. and for su¢h inienJ81 wntrol as the Irusttes det¢rtniH¢ is necE5Sary to enable the PTePA￿￿)ll of finan¢ial st8ternents that are free from mataial misstalemenL wh¢therdue ￿ fraud or ¢m)r. In preparing the financial statements. the DI￿tt8 are resrM)nsibl¢ for asse￿ing the cljarity's ability to contin1￿ &q a going ConC￿n. disclosin& as applicable, matters relhted to goittg ￿}ncern and using the goi￿ concem basis of Kcounling unless ihe tru*es either imend kn liquid&* th¢ Gharily or operaiion¥ or have no realisli¢ 4li¢rnalive bui to do Our respon5ibililies for tht#udk orth¢ fingnci81 ststements We have been apFx)inted as auditors under Scclion 44(IXc) of the Charities Truslee Inveslrnffll IScotlaJM4) Act 2005 znd report in accordanct with the Ac¢ ènd relevant regulations made or having effectthereunder. Our objectives arc to obtsin reasonable assurance a￿llt whether financial 5tat¢met]ts as & wholr aTt free from Materi￿ mi551at¢m¢nl whetlier due to fi￿￿j 01 c￿0￿. and to issu¢ a R¢pon of ih¢ Ind¢p¢nd¢nl Auditors that includes o opini(Trn. Re&8onabk a55ufdnce is a high l¢vel of assurnn¢¢, but is not 4 gurnte¢ that an audit ¢ondu¢ted in a¢￿rIan¢e with ISAS IUK) will amys deteet a mat¢rial misstatement Wh￿ it exists. MisstatemcDts Lan arise from fraud or esTr)r gnd are wn5ider¢d mattria] if, individually or in the 9ggregate, they could reasonably b¢ expe¢t¢d to influ¢n¢e the onomic decisions ofusers tsken on the basis of these fina￿121 staterneTrt5. The extent towhich 0￿prOce4tweS Cap￿1¢ of deieciing iTregularitiES, includsng fraud is detailed below.. In identifying and ass¢s5ing risks of fftaterial misStat￿¢n1 in respect of irregularitse5. ]rKI￿ling fraud and Jn-compliance with laws and ￿gulatiOns, we considered the followng.- - the nature of ihe charity aT￿ it's Control ￿Viro]yn￿￿ - results of our enquiries of the TnL5tees th)ut theirown identifiratiw and &%sessment of the risks and i￿￿[aritIeS. atiy matters we identifiLYl hawng rtviewed ihe charity's internal controls established to mttigate risks of hud or ncompliance with laws and re8ulatiorts.' - the mattets discussed an)ong the audit ¢ngagement tearn rcgarding how and wbere fiaud might occur in ihe finan¢i4] staiements aj￿ yny polential indicators of fraud. We obtaincd undcrstanding of th£ legAI and regulA￿ry ftam¢wo]k that the ch&rity operdtes in. The key and ]rgulations we ¢onsid¢Ted included the Charity SORP the S¢off Chariiies regulations. We &ssesged the e%*nt of ¢omplhance with these laws and regulations as Part of our pnx¢dutES Dn the related financial statement items. Auditing staJKiards limii th¢ required audit procedures to identify non - wmplian¢¢ wilh ihese law5 and regulatiOA% ￿ enquiry of the tmstees. inspection of ￿gUI￿Ory oJ]d l¢g81 wTresp(￿denC¢. if Why. and review of minutes of medings. These limited o¢edures did id¢nlify idual or sUs￿ed non•wmplian¢¢. A further descriptiOD of our responsibilities for the audit of the financia] statem￿ts is lO￿ted on the Financial Repor¢iJ Council's website Bt www.frc.org.uklauditOTsrespon5ibilities. This d¢￿rIN10n fomis part of our Report of the IndepeYKlent Auditor5. Page 5 oryill Fund Us¢ of our report This report is mad¢ sokly to the ¢harity5 truslee4 &s a b(Mly, in accO￿lance with R¢gulaiion l O of the Chariites Accounts (S¢otlandl R¢gulaiion$ 2006. Our audit work has ireii undertak¢n sv that w¢ mighi State to t￿ charity's tnjslees t]￿e matters we are required ￿ state to th¢m in an auditors, rel￿ attd for no other purpose. To the fullest extent permitted by law, we do noi 2ccep1 or &%sume respottsibility to anyone ￿￿er ihan the tharrity and the chariry's tnLStee5 as a body, for our audit work. forthis or for the opinM)ns we ljave fi)rnied. M¢￿Y MrAliaer MCGIb￿n LLP Chartered Accountant5 ar]d Statutory Audito 145 St Vinwjt Street Glas8OW G2 5JF Pa8e 6 30.11.24 30.11.23 Unrestri¢t¢d Expendable E￿dOW￿e￿l FuThJ Unrestrided IrKom¢ Fu￿j Total funds Total fimds Notes INCOME AND ENDOWMEPfftS FROM Invesiment irtcome 581,198 581,198 542,479 EXPENDITURE ON R2iStii¥ fi￿)d5 80 94.721 94.801 84,194 aritsble sctivitie5 Grdnts Support Costs 321480 42,884 32148 69,956 538,IKK 82,858 27,072 Totsl 365.444 121.793 487237 705,052 Ntt 8ain5 on investmemts 3,029J62 3,029,362 420,132 NET INCOME 215,754 2,￿)7￿69 3,123 J23 257J59 RECONCILIATION OF FUNDS Toral fim(ts brought fonvard 2,92&0 18.388280 21,316,346 21,058,787 TOTALFUNDS CARRIED FORWARD 3,143.820 21.295.849 24,439.669 21.116.346 The notes fomi part of financial st*em¢nts Pkge 7 10 November 202 30.1124 30.1123 Unrestricted Expendable El￿Owment Fu￿1 UnT¢5tri¢t¢d Jn¢om¢ Flmd Total Total nd% Notts FIXED ASSETS Illvestm￿ts 23,623.422 23,623.422 20,456,082 CURRENT ASSETS Cash in hajxl 3.186,685 (1300501) 886.184 943,078 CREDITORS Amounis falling du¢ within ￿e year 10 (42,865) 127,072) (69.937) (82,8141 NET CURRENT ASS￿5 3.143.820 (2,327,573 } 810.247 860264 TOTAL ASSET6 LESS CURRENT LIABILtTIES 3.143,820 21295,849 24,439,669 21 J16J46 NET ASSETS 3.143,820 21295,849 24,439.669 21 J16J46 FUNDS Un￿stri￿ed ftmds: Un]Esiricied Incom¢ Fulld Unrestricted Expendable E￿￿(￿metht FLmd 3,143,820 21,295,849 1928,066 18,388280 24,439,669 21,316,346 TOTAL FUNDS 24,439,669 21.316J46 fin cial Trt5 welc app￿ved by th¢ Lloard of Trustees autknrised (or issu¢ on atjd w¢re si8ned on its bchalf by.. The notes fom port of these financi￿ stat¢n)ents Page 8 30.1124 30.11.23 Notes CEsh nows from 0￿rating activities Cash generatsd from owions {378.321) (565.797) Nei ¢ash used in opwating acti*iti¢6 (378.321) (565,797) C*sh nows frfym investing aetivlties Pur¢hase of fixed assei invostments Sale of fixL¥I asset investments Interest rcceived Dividends weived {998,829) s￿).531 36J92 S44,606 (1070.067) 2,049,265 14,626 527.853 Nct c&sh pn)vided by irtvestÉng aaiviti¢s 443.220 521.677 CA$h lknws from IlnaTr¢iTrg •ctiiryties Expenditur¢ attributable io endowm￿1 (121.793} (126.050) Nei cash usuj in financ￿18 activitie5 {121,793) (126,650) Th*nge in cash And ￿sh equiv*ients in the ttporting period Cash ind cash equivsleuts at the bt2inniTr% of the rryortillg perltyj (56,894) {170.7701 943,078 1,113,848 Cgsh •nd ¢8sh equivHknts #t the endof the ￿porting ￿riod 886,184 943,Q78 The nffts fonn tkffiof these fiTaancial state￿1ts RECONCILIATION OF NET INCOME TO IYET CASH FLOW FROM OPERATING AcfiviTIES 30.1124 30.11.23 Net intome for the reportinE period (*% per the StAte]nent of Flnancml Activitie5> Adjusiments for: Gain on inve5tm¢nts Intcrcst received Dividends received Ex]*nditttre attribLltableto endowment IDecreaseyirKrease in creditors 3,123,323 257,559 (3,029J62) 136,592) (544,606) 121.793 {12,877) (420.132) (14,626) (527,853) 126.650 12,005 Net rs5h used ID oper*(knns 1378.321 J 1565,797) ANALYSIS OF CHANCES IN NET FIINDS At 1.12.23 C&h fiow AI 30.11.24 iyet LTSh Cash ai bank and in hand 943,078 156,894) 886,184 943,078 (56,894) 886,184 Tot41 943.078 (56,894) 886.184 The note5 forrn part of these finortcial ststrmenis Page 10 ACfOUNfiiyG POLICIES Bgsi5 of prepwringlhe finaneiAI ststements The financial ststement5 of the charity. which is a public ben¢frt entity under FRS 102, have been prepar￿1 in a￿￿Tdon¢t with the Clwitie5 SORP (FRS 1021 A￿Unting arml Rewrting by ChaTiti¢s.' Stal¢m¢nt of Recommended Prn¢ti¢¢ appli¢abl¢ to ¢hwili¢s prepaiyng their a¢¢ounts in &¢ordaTKe with the Financial R¢]￿Ing Stand*d applicable in the UK and Republic of Ir¢land IFRS 102) (¢ffertive l Jonuary 20191,, Fina￿¢187 Reporting Standard 102 'The Finoncial Reporting sthdard appli¢able in th¢ UK and Republic of Irelarld and the Charities and Trustee Investment (S￿118￿d) Act 2005. The financial staiemeuts have been p￿pared uThler th¢ historical cost iYJThvention. with the ex¢epiion of investments whith are included at majkel value, &8 modified by the revaluaiK)n of cenain a&sds. Incoffte All income 15 Tewgnised in the &atem¢ni of Fitw)¢ittl Aclivi1*5 {￿FA} once thc charity has ¢Mit1¢￿¢￿t to the it is probable th8t the in¢ome will be r¢¢eived aT￿ the arnount can be rneasured reliably. Expendit￿re l.iabilitics are rfffjgTri%¢d a5 e%penditurE a* s￿n there is a legal OT constTuctive obligatinn COTTh￿]tsi￿g the rity to ￿p¢ndItUr¢, 1¢ is probable thai a tr¥rtsftr of ¢cot)omi¢ b¢n¢fits will b¢ rwuiT¢d in 5¢tt1¢m¢nt and the amouni of the obligation cat) be measurd reliably. Expa]diture is accounted for on an accnM]s b&qis and has bcen elassifjed uttder h￿ding5 that ag8rtgate all LX>St related to the cat¢80ry. Where costs camot k diredly attribu*d to parti¢ular headings th¢y hav¢ been allo¢at¢d to a¢tivities on a basis ¢on$istsnt with the us¢ of AlkK4tion and *pportionment of Governance costs compris¢ ￿] costs involving the public aceouniability of the d]*ity and its eompliatKe with regulation and pracuce. These costs include wsts related ￿ ￿atrI10ry audii and It￿ fee& Taxatlon The ¢haTity is exempt from tax on its ch8ritable activities. Investments Investments are recogni¢td iniiially at fair va]ue which is nornially the transauion price excluding Iraiisaction costs. Subsequei)tly, they are rneaSUr￿ & fair value with changes rttognised in 'nffl gains l Octsses) on invcsirnent5' Ill the WA if shares are publically tr￿¢dor(heIr fair value Can ￿herWIse be me￿[ed reliably. Curr<¥Lt a&*t inv¢stm¢nts tr¢ sb)rt t¢mi highly liqu¥J invtttncnts and are held at fair valu¢. Thcsc in¢lud¢ cath on I￿￿11 and cash equivalentswith a maturity of less than one year. INVESTMENT INCOME 30.Ila4 30.1123 Dividends Bank interest 544,606 36,592 527.853 14.626 581,198 542,479 Page 11 ¢ontinu¢(L.. RAISING FUNDS Raising (knll%tiony Iwcies 30.1124 Twst¢es' ¢xpens¢s 80 120 Investment mansgemenl eosts 30.1124 30.11.23 Portfolio maDagemt4rt 94.721 84,074 Ag8regat¢ amounts 94,801 84,194 CHARfFAB1￿ A￿￿ESc0s15 Grant nding of tivitiaS {sce nol¢ Support 5ts (stt n(*e 6) 5) Tota15 Grnttts Suppon Costs 321480 322,480 6Y.956 69,956 321480 69,956 391436 GRANTS PAYABLE 30.1124 30.11.23 Grants 322,480 538,000 The totsl 8rants psid to in￿lt￿li0￿S during the year was &5 follows.. 30.1124 30.11.23 Medical Rese4trh elc Medical Care etc ca￿ of Chtldren Care of the Eldedy et¢ Youth Or8anisations ete Heritage, Ans elc Edutational Religious organi￿10￿$ Miscellw&)us 19.000 63,000 57,000 40.000 365 28,000 132,500 25,000 137,000 2.000 25,(AWJ 27,(XX) 30,IXKI 25,(K)O 166,480 322,480 538.000 Gratts paid during the yeww¢r¢ made to vAriou5 in51ilutions underthe thivE h￿Ing5. Pa8¢ 12 ¢£￿tIn￿]... SUPPORT CO Govemance Mryem¢nt Totsls Costs 64,292 5,664 69,956 Suptx)rt eosL8 included in the aknve, are &8 follows: 30.11.24 SUp￿rt Costs 30.11.23 Total aLXivities SundTies Factors fees Ind4rnden* auditW5 f¢cs 20 64.272 5,6(A 77J76 5.438 69.956 82,858 TRUSTEES, REMUNERATION AND BENEFITS There were no tn￿$, remuneration or (Aher benefrts for the Y￿ ended 30 NoVeM￿r 2024 nor for th¢ y¢ar ¢nd¢d 30 November2023. Trnstees. expenses Tn￿t members may re£eive a m(MJest coninbuiion ¢owards I￿1r travelling w(pe￿eS. During the year ended 30 Nov¢mkr2024 a total of £80 paid Q023.. £I20}. COMPARATIVES FOR TIIE sfATEMENfoF FINANCIAL ACTIVITIES {30.1122) Unrestiicted Expendable ndomqnent FuTrd Unre5tri(*ed Income F￿d To¢al fuTKIs INCOME AND EIYDOWMENIS FROM Investm￿1 inwme 542.479 542,479 EXPEIYDITURE OTrI Raising thnds 120 84.074 84,194 Ch*ritable aetivities Grants Support Costs 538,(KKI 40,282 538.(M)O 82,858 41576 Totsl 578,402 126,050 705,052 Net gains om itiv¢Bknents 420,132 420,132 NET INCOMEIIEXPENDITURE) 135.923) 293,482 257J59 RECONCILJATIOIY OFFUIYDS Tot￿ fvnds brought fmvard 2,963,989 18.094,798 21.058,787 P48¢ 13 COMPAJL4TIVLS FOR THE STATEMENT OF FINANCIAL ACTIVITIES(3•.1122)- ¢onliNved Unrestricted ExFndable EKdowThent Fund UnTestiicted Income Fund Total fun(is TOTAL FUNDS CARRIKD FORWARD 2.928.066 18,388,280 21,316.346 FIXED ASSET INVESTMENTS Listed investments MARKETVALUE At I tkcernber 2023 Additions Disposa15 R¢valuaiions 20,456.082 998,829 1860,851) 3.029J62 At 30 November 2024 23,623,422 NET BOOKVALUE At 30 November 2024 23.623,422 At 30 Nowember 2023 20,456,082 The jnVesttn￿ts of the Iru5t IEiX)gni5ed on UK E￿￿pe&ll and Amertcyn stock exchanges. Thecost of the Fixed Assd Jnvestments hdd on 30 Novvem¢Dt in fi￿d& included in tbe alx)ve as folbws.. Inwming resources R¢sour¢4S expended Gwns Bttd Movemcnt in funds UnrestTictsd funds Unrestricted Income Fund Unrestricted Expendable Enth>wmeni Fund 542.479 (578.402) (126,650) (35,923) 293,482 420.132 542,479 (705,052> 420.132 257.339 TOTAL FUNDS 542,479 (705,052) 420,132 257,559 A year 12 mcffiths and prior ye4T 12 months combined position is 8s follows.. N¢È movement in fLmds At 1.1222 At 30.1124 Unreslrlcted fvnds Unrestricted Income Fund un￿strICted ExTend8bl¢ Endowmenl Fund 1963,989 18.1)94.798 179,831 3201.051 3.143,820 21,295,849 21,058.787 3 J80,882 24,439,669 TOTAL FUNDS 21,Q58,787 3J80,882 24.439,669 A Cuvrent year 12 months aJk4 prior yew 12 rnonth5 combined net move￿￿nI in fun(Ls. included in ihe above are &$ folloiv& 1￿CoMIng Resour¢e$ expended Gains and tosses Mov¢mu* in fLtt)ds Unrtstriet¢d funds Ujtrestricted Income Fund Un￿$￿]Cted ExpendableETxlowment Fund 1,123,677 1943,8461 (248,4431 179,831 3,201,051 3.449,494 1.123,677 11,192,289) 3.449,494 3,31AI,882 TOTAL FUNDS 1.123.677 {1,192.289) 3.449,494 3,3WJ,882 Pag¢ 16 continued... 12. RELAI"ED PARTY DISCI.OSURF.S dIre￿or$ at]d shareholders in Miller B￿kets and Jackson Limiied. Fxiorial f¢es of £64,?72(?023." £77,376) were paid to this company. 13. FRC ETHICAL STANDARD- PROVISJONS AVAILABLE FOR SMALL ENT￿lEs In common with many other businesses of our siz¢ ond nature we use our a￿litorS to assisl with the PTep8ration ofthe financial statements. P8ge 17 30.11.24 30.11.23 JNCOMF. AND ENDOWMENTS Investment income thvidends BaAt intercsl 544.606 36.592 527,853 14,626 581,198 542.479 To191 ineoming resourees 581,198 542,479 EXPENDITiJRE Ratslng thnitlons *nd legg¢1¢8 Tn￿tees, expenses go 120 Investment manggemenl c(Ksts Portfolio managem￿1 94.721 84.074 Chlritsble activitre5 Grants lo insiiiution5 322.480 538,IKM) Support costs Man*gemtht Sundries Factu5 fees 20 64272 77,376 64292 77,420 Govern*rteeeosts InderKnd¢nt auditors fees 5,438 Total tEsources expended 487237 705,052 Iyet IDcomel(eipendltwre) befts￿ galths and 93,961 {162,573 } Realised r¢CognIs￿ g•in$ A Thd105ses Realised gaIn￿￿o$se5) on flxed asset inves1T￿ts 3,029.362 42&,132 Net income 3,123J23 257.559 This pag¢ does noi fomi part of the staiuknry financia] S￿ema￿S Page 18