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← Binks Trust

2025-04-05-accounts

Charity No: $C008849

BINKS TRUST

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS For the Year Ended 5 April 2025

CT.S

BINKS TRUST

TRUSTEES ANNUAL REPORT and FINANCIAL STATEMENTS For the year ended 5 April 2025

Legal and administrative information

Trustees

Principal Address CT 61 Dublin Street Edinburgh EH3 6NL

Accountants

Chiene + Tait LLP (trading as CT) Chartered Accountants 61 Dublin Street Edinburgh EH3 6NL

Auditors MHA Chartered Accountants 6 St Colme Street Edinburgh EH3 6AD

Bankers Bank of Scotland plc 75 George Street Edinburgh EH2 3EW

Investment Managers Rathbones 10 George St Edinburgh EH2 2PF

4

BINKS TRUST

TRUSTEES REPORT

For the year ended 5 April 2025

The Trustees hereby submit their annual report and financial statements for the year ended 5 April 2025. The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) 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 (effective 1 January 2019).

Constitution and Governing Document The Trust was created by MMMby Trust Deed. The Trust Deed is the governing document.

Statement of Aims

The Trust was established to assist with a wide range of charitable objects.

Administration

The Trustees serving during the year were as follows:

Organisation

The Trustees who have served during the year and since the year end are set out above. Trustees are appointed and removed by the Board of Trustees and serve for no set period. The Trustees review all applications for grants received and based upon these they make bi-annual distributions.

The Trustees are considered to be the key management personnel. Trustees receive induction and training as required.

Review of the financial position, achievements during the year and plans for future periods The Trust funds at 5 April 2025 amounted to £12,031,234 (2024: £13,044,907) as detailed in the attached financial statements.

During the financial year donations totalling £13,395 (2024: £250,450) were received.

Grants made totalled £747,137 (2024: £1,810,017). There are future commitments of grants payable of £1,368,524 (2024: £2,001,633), as detailed in the notes to the financial statements.

The Trustees plan to continue paying out all the trust income as and when they consider worthwhile projects arise.

Reserves policy

The Trust's Revenue reserve reflects the free funds available for grants. It is the intention of the Trustees that all free reserves should be spent and that at any time they maintain only such reserves as are required to meet any emergencies. The level of free reserves can fluctuate however depending upon the timing of requests for grants, their subsequent payment and the levels of grants made. As at 5 April 2025 the Revenue reserve showed funds carried forward of £275,422 (2024: £372,079) which the Trustees believe is at an acceptable level and in line with their reserves policy.

2

BINKS TRUST

TRUSTEES REPORT (coni’d)

For the year ended 5 April 2025

Investment powers and policy

The investment powers of the Trustees are general and are set out in the Trust Deed.

The investments held by the Trust are deemed to be of low to medium risk and are invested to allow for adequate levels of income and capital growth.

Risk Management

The principal risks faced by the Trust lie in the performance of the investments and the capacity of the Trust to make effective grants. The trustees consider variability of investment returns to constitute the charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The Trustees annually review the Trust's risk register identifying and quantifying potential risks to the Trust and its plans and objectives, and laying out systems and strategies for mitigating those risks. These are addressed under the following headings: Governance, Operational, Financial, External, and Compliance. The risks or commitments that are covered by each fund are reviewed and revised annually.

Trustees’ Responsibilities Statement

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 Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 (as amended) and the provisions of the Trust's Founding Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE TRUSTEES

Trustee

3

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

BINKS TRUST

Opinion

We have audited the financial statements of Binks Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, statement of cash flows and notes to the financial statements, including 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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts 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 accounts 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 Trustees 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, except to the extent otherwise explicitly stated in our report, 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.

4

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

BINKS TRUST (continued)

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 Trustees’ responsibilities statement, 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 liquidate the charity or 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 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 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 is detailed below:

5

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

BINKS TRUST (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the accounts, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: hitps://www.frce.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-quidance/Standards-andquidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor's report.

Use of the 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.

MHA

Chartered Accountants and Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD

10[December] 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC 455542) and is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

6

BINKS TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 5 April 2025

Unrestricted Unrestricted Unrestricted Unrestricted
Revenue Endowment 2025 Revenue Endowment 2024
Note Fund Fund Total Fund Fund Total
£ £ £ £ £ £
Income and
endowments from:
Donations and legacies 2 - 13,395 13,395 - 250,450 250,450
Investments 3 484,097 - 484,097 539,049 - 539,049
Total income 484,097 13,395 497,492 539,049 250,450 789,499
Expenditure on:
Raising funds 4 - 69,187 69,187 - 67,344 67,344
Charitable activities 5 80,211 663,180 743,391 186,073 1,644,023 1,830,096
Total expenditure 80,211 732,367 812,578 186,073 1,711,367 1,897,440
Net income /
(expenditure) before
gains/(losses) on
investments 403,886 (718,972) (315,086) 352,976 (1,460,917) (1,107,941)
Net (loss)/gain on
investments 9 - (698,587) (698,587) - 582,592 582,592
Net (expenditure) /
income 403,886 (1,417,559) (1,013,673) 352,976 (878,325) (525,349)
Transfer between funds
14 (500,543) 500,543 - (268,529) 268,529 -
Net movement in
funds (96,657) (917,016) (1,013,673) 84,447 (609,796) (525,349)
Total funds brought
forward 372,079 12,672,828 13,044,907 287,632 13,282,624 13,570,256
Total funds carried
forward 13 275,422 =11,755,812 12,031,234 372,079 12,672,828 13,044,907

All incoming resources and resources expended derive from continuing activities.

The notes on pages 10 to 15 form part of these financial statements.

7

BINKS TRUST

BALANCE SHEET

As at 5 April 2025

Notes Notes 2025 2024
£ £ £ £
Fixed assets
Investments 9 12,545,013 13,844,968
Current assets
Debtors 10 37,060 110,410
Cash at bank and in hand 842,655 1,122,818
Total current assets 879,715 1,233,228
Liabilities
Creditors: amounts falling duewithinone year 11 (881,098) (1,118,045)
Net current assets (1,383) 115,183
Total assets less current liabilities 12,543,630 13,960,151
Creditors: amounts falling due after more than
one year 12 (512,396) (915,244)
Net assets 12,031,234 13,044,907
The funds ofthe charity:
Unrestricted endowment fund 13 11,755,812 12,672,828
Unrestricted revenuefund 13 275,422 372,079
Total Charity funds 12,031,234 13,044,907
The financialstatementswereapproved bytheTrustees Trustees on (0 Dee and aresigned on theirbehalfby:
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Trustee		 ~

The notes on pages 10 to 15 form part of these financial statements.

8

BINKS TRUST

STATEMENT OF CASH FLOWS

As at 5 April 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024| |£|£| |Cash|used|in|operating|activities|16|(1,365,628)|(1,228,686)| |Cash|flows|from|investing|activities| |Interest|and|dividends|484,097|539,049| |Proceeds|from|sales|of|investments|5,815,441|1,092,723| |Market|value|reorganisation|(909)|-| |Cost|of investment|acquisitions|(5,213,164)|(306,677)| |Net|cash|provided|by|investing|activities|1,085,465|1,325,095| |(Decrease)/increase|in|cash|and|cash|equivalents|in|the|year|(280,163)|96,409| |Cash|and|cash|equivalents|at|the|beginning|of the|year|1,122,818|1,026,409| |Cash|and|cash|equivalents|at|the|end|of the year|842,655|1,122,818|

----- End of picture text -----

The notes on pages 10 to 15 form part of these financial statements.

9

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 5 April 2025

1. Accounting Policies

Basis of preparation

The Trust is recognised as a Scottish Charity (No. SC008849) under the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trust constitutes a public benefit entity as defined by FRS 102.

Going concern

The financial statements have been prepared on a going concern basis. The trustees have assessed the ability to continue as a going concern and have reasonable expectation that there are adequate resources and reserves to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

Income is recognised once the Trust has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is included on an accruals basis and is inclusive of irrecoverable VAT. Costs of raising funds consist of investment management fees. Support costs include governance costs which are costs of a constitutional, strategic or statutory nature with respect to the general running of the charity.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

:

Where grant commitments extend beyond one year and meet the criteria for recognition as a liability, the charity discounts future payments to present value using the rate of return on investments.

Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments other than investments are initially recognised at transaction value and subsequently measured at their settlement value.

10

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

For the Year Ended 5 April 2025

1. Accounting Policies (contd.)

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end and their carrying value.

Funds structure

Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds have been split between income and endowment with the endowment funds representing the initial and subsequent capital sums donated together with realised and unrealised gains or losses on investments.

2.
Voluntary income		 2025 2024
£ £
Donations and legacies 13,395 250,450
3.
Investment income		 2025 2024
£ £
Dividends on UK listed investments 299 986 364,811
Dividends on non-UK listed investments 156,856 139,734
Interest received on investments 23,652 30,239
Bank interest 3,603 4,265
484,097 539,049
4.
Raising funds		 2025 2024
£ £
Investment management fees 69,187 67,344
2025 2024
RevenueEndowment RevenueEndowment
5.
Charitable activities		 Fund Fund Total Fund Fund Total
£ £ £ £ £ £
Grants (note 6) 74,714 672,423 747,137 181,002 1,629,015 1,810,017
Support costs (note 7) - (9,243) (9,243) - 15,008 15,008
Governance (note 8) 5,497 - 5,497 5,071 - 5,071
80,211 663,180 743,391 186,073 1,644,023 1,830,096

11

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

~~For the Year Ended 5 April 2025~~

6 ~~.~~ Direct charitable expenditure

Direct charitable expenditure consists entirely of institutional grants and a percentage of factor’s fees.

Grants which exceed 2% of gross investment income £9,682 (2024: £10,542) are as follows: ~~-~~

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cambridge|Community|Arts|48,000|-| |Cambridge|Camcycle|15,000|-| |Cambridge|Literary|Festival|10,000|-| |China|Plate|15,000|-| |Connected|Lives|20,000|-| |Christian|Aid|-|15,000| |Dynamic|Earth|-|45,000| |Edinburgh|International|Festival|-|90,000| |Edinburgh|Zoo|60,000|-| |Grassmarket|Community|Project|77,000|51,200| |Greyfriars|Kirk|Charteris|212,485|225,073| |Guildhall|Young|Artists|45,000|-| |Horsecross|Arts|Ltd|-|15,000| |Independent|Human|Right|Fund|-|60,000| |King|Theatre|Redevelopment|-|100,000| |L’Arche|-|30,000| |Lammermuir|Festival|-|15,000| |North|Edinburgh|Arts|Ltd|45,000|-| |Saffron|Hall|-|30,000| |St|Columba's|Hospice|-|30,000| |The|Usual|Place,|Dumfries|45,000|-| |University|of|Cambridge|Kettle’s|Yard|15,000|-| |University|of|Dundee|-|1,000,000| |University|of|Edinburgh|Development|Centre|20,000|-| |University|of|Edinburgh|Centre|for Theology|&|Public|Issues|-|20,000| |Grants|Payable|627,485|1,726,273| |Other|grants|payable|88,500|146,500| |Grant|liability|discounting|movement|31,152|(62,756)| |Total|grants|payable|747,137|1,810,017| |Reconciliation| |Outstanding|commitments|at|5|April|2024|2,001,633|1,537,055| |Committed|during|the|year|747,137|1,810,017| |2,748,770|3,347,072| |Paid|in|the|year|(1,380,246)|(1,345,439)| |Outstanding|commitments|at|5|April|2025|1,368,524|2,001,633|

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No grants were made to individuals during the year.

There were 62 institutional grants payable by the Trust in the year to 5 April 2025 (2024: 68).

There were outstanding commitments at 5 April 2025 of £1,368,524 (2024: £2,001,633).

12

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

~~For the Year Ended 5 April 2025~~

7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 7.
Support costs		 2025 2024
£ £
Accounting and administration fee 15,228 14,661
Bank charges 91 76
Foreign exchange differences (24,562) 271
(9,243) 15,008
8.
Governance costs		 2025 2024
£ £
Accounting and administration fee 1,692 1,629
Audit fee 3,385 3,192
Subscription fees 420 250
5,497 5,071
9.
Fixed		 Asset Investments 2025 2024
£ £
Opening market value at 6 April 2024
13,844,968		 14,048,422
Less: Disposal proceeds (5,815,441) (1,092,723)
Add:
Additions at		 cost 5,213,164 306,677
Add:
Reorganisation		 and equalisations
909		 ~~-~~
Net (losses)/gains on revaluation
(698,587)		 582,592
Market value at 5 April 2025 12,545,013 13,844,968
Historical cost at 5 April 2025 12,507,976 12,956,318
Listed on UK stock exchange 4,382,512 4,256,868
Other investments 8,162,501 9,588,100
12,545,013 13,844,968

The investments held have been acquired in accordance with the powers set out in the Trust Deed. Investment donations are introduced at the market value at the date the investment was received.

No investments exceed 5% of the total portfolio valuation (2024: nil).

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 trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

13

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

~~For the Year Ended 5 April 2025~~

10. Debtors 10. Debtors 10. Debtors 10. Debtors 10. Debtors 10. Debtors and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments and prepayments 2025 2024 2024
£ £
Investment income receivable 37,060 59,960
Donations ~~— ~~ Gift Aid ~~-~~ 50,450
37,060 110,410
11. Creditors: Amounts falling due within one year 2025 2024
£ £
Accounting and administration fee 4,230 4,230
Audit fee 3,385 3,192
Investment management fees 17,355 17,310
Aged creditors ~~-~~ 6,924
Grants payable 856,128 1,086,389
881,098 1,118,045
12. Creditors: Amounts falling due after more than one year 2025 2024
£ £
Grants payable 544,000 978,000
Grant liability discounting (31,604) (62,756)
512,396 915,244
13.
Analysis		 of net assets between funds
2025 2024
Total Total
RevenueEndowment
Fund
Fund		 Net
Assets		 RevenueEndowment
Fund
Fund		 Net
Assets
£ £ £ £ £ £
Investments ~~-~~ 12,545,013 12,545,013 ~~-~~ 13,844,968 13,844,968
Net current assets 326,661 (328,044) (1,383) 463,603 (348,420) 115,183
Long term liabilities (51,239) (461,157) (512,396) (91,524) (823,720) (915,244)
275,422 11,755,812 12,031,234 372,079 12,672,828 13,044,907
Unrealised gains included above on
investment asset 37,037 888,650

14. Transfer between funds

There has been a transfer of £500,543 from the revenue fund to the endowment fund during the year to ensure that there is a balance of £11,755,812 within the endowment fund which represents the initial and subsequent capital sums donated together with realised and unrealised gains or losses on investments.

14

BINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

For the Year Ended 5 April 2025

15. Related party transactions

Most of the directors of Albyn Trust Limited are partners in the firm of CT, Chartered Accountants. CT fees for their administration work amounted to £16,920 including VAT (2024: £16,290). The total amount outstanding at the year-end was £4,230 (2024: £8,250). 10% of this fee is allocated to governance costs and 90% to charitable activities based on time spent. No additional remuneration was paid during the year to Trustees (2024: £Nil).

During the year, £30,000 (2024: £20,000) was paid to Cambridge Literary Festival, a charity which | is a trustee and £20,000 (2024: £20,000) was paid to the Textile Conservation Foundation, a charity which

H's 2 trustee.

The following sums were also paid to entities in which Iilllerved as a trustee during the year: Grassmarket Community Project - £27,000 (2024: £71,200), Greyfriars Charteris Centre - £212,485 (2024: £225,073), and Greyfriars Kirk - £Nil (2024: £10,000).

In the year, the Trustees gifted cash of £Nil (2024: £200,000). A legacy of £13,395 (2024: ENil) was received in the year from a close family member of the trustees.

16. Reconciliation of net income to net cash flow from operating activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net movement|in|funds|(1,013,673)|(525,349)| |Deduct|interest|income|shown|in|investing|activities|(484,097)|(539,049)| |Add|losses/|(deduct|gains)|on|investments|698,587|(582,592)| |Decrease/|(increase)|in|debtors|73,350|(53,466)| |(Decrease)/|increase|in|creditors|(639,795)|471,770| |Net cash|used|in|operating|activities|(1,365,628)|(1,228,686)|

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17. Analysis of changes in net funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |At|6|April|At|5|April| |2024|Cashflow|2025| |£|£|£| |Cash|at|bank|and|in|hand|1,122,818|(280,163)|842,655|

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18. Contingent Obligations

The Trustees have agreed to make an award of £1,200,000 to IMPACT centre for a new Edinburgh concert hall project. The building contract was signed in November 2025, and payments will be made at 12-month intervals, with the first payment in 2025, triggered by signing of the contract.

15

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