TrE JOPP TIIOIASON FUND
CHARITY NUMBER. SCOO91Q$
RECEIPTS AND PAYIIENTS ACCOUIITS FOR THE
YEAR ENDED 11 NOVEM8ER 2024
TAWSE AND PARTNÉRS
18 K)RTH SILVER STREET
ABEROEEN
AB10 1JU

THE JOPP THOM50N FLWID. SC¢IQg11S
REPORT OF THE fRVSTEES FOR ThE YEAR TO 11 AOVE¥BEfl 21
Pthclpl• Adt L•*rY4hwTb Chaknws ILP
52. $4 Ro¥e Str
AB101fr
Cwr•ni Tii•itsas.'
Th? Fffij w&s est4lts￿J th• +*myWmJopp FuThJ arKI IheJe55N? Am
Thonwn Truslwn>v•J by OffK* ￿s￿￿1¥h Chtrty R•JthtorlOSCRI ar*J i59)￿j ty vi1ue ofa Dted olTnMt
daled 28 •nd 7 JurY 2010.
The FuThJ Li *n¥n4iter•Joi b￿01the TnMtee¥ tr>TLtsthryfvm LLP. Aberd
InteM$ ol lh8 Tnol De•Y. th Truil¢•s 4rwJ of*• F￿] ofthe forb￿ wr￿S..
lil The Or￿￿101 and ts r•klol trosè ￿ ne•d by r9•*1 ol•a¢ I heolh wdioabihty by makiTrJ
av8ilatle finanul assotsrfe to benefwries f￿lI¥j $￿cIfIed h•w a￿1
regar(I b) Ihe tha orwi T1￿ D••O4'
Iwl And preN**e h) Ihe b) m&t* the fb7•KI￿ SLth ￿n0￿t as th Tru8*0$ Shal
benefil ol indiqerrt *e efwdo*ed reathnl Cty aTrJ Lcul Govwnmert ￿th￿ary of
Abtréeenshire la5 may trs defined of 0thug￿r8phiCal areas Scotknd 85 the Tw$*8$
*011 determine aTrJ tht Tft￿tees thal C￿￿kd￿a￿lca1￿)r$ re(•vthl fvryn anyp•rton wth the maKlen ¥um•mB of
Thtwrson ￿ VJ¢Motononty in cthr in ts Wiof ￿ otherthrcumsthw otcompeting
I￿8￿0n$ by a0￿1 bJt nothw this provwn th•n Imiil ol th• Trl￿lee5 In del•mthlr
anyor all rncewj. to the re>Jurw TnxL
Iwl conlaSwJ*thn tPe 3h8l T[wI￿ from m•kiThJ fi￿￿11 8SSSlarKe aVa￿•b
s￿h benefiriwes *th•lher 8ThJk. or married •Trl mala (rfl￿1* wth)ut (Jlscn'minth"on w lo
￿￿1r age, relvJffJn oi dinw. wo¥ttJed that the TnJ¥thes are fvt ￿ app&t•l*)n5 ￿1¥￿1 Wirvd
the temw ¥idl ofthe orw Deed5 have¢fen e￿W￿l•j th* regard b the vBswrre5 ofl
Trust futher￿Ls1anc• avai￿)1# knsu¢h C•knwyon •$ th• Trusts•$ ¢Jthwmine. thov
ab501¥ie d￿(re1￿ a5
livl It is wre$slYd￿l8reII that bya t*MfvJ"•yd￿emTh￿ a5SiStwce certr4 6¥)vemlr￿ or

THE JOPP THOIISON FiWIO. SCW91•6
ftEPORT OF TRUSTEES F(* THE YEAR TO It IthWER 2024
In the uvrneofthe tw$¢y•¥ ￿ 11th Nov•mi>w ￿24. the tr￿•1 made grants E28.1c￿l2O23.. £26.4001 in respe
01thg sangkn arnual pay￿1 0128 beJtharies recep•1￿ agWt12023.' 331. ThBse uyarts mode p)s$ibfe
in n 2024 due to a kwlhergenertxt¥ (kniatson frtsm the Iro Scclt Sulherfar>J ChorItab￿ r￿ve￿ dunrga the
¢ounliTra Per￿ th• XCUTMtsied r8serves. be m•* to provth futher#ranl 88*n¢e on
a"ontroif bas* rA>$W4￿￿ a5 have t•eTr previou5 y￿.
In lh• rAyneol th& y•¥ undgr Ihe advre ￿ Th*jan￿￿ WDlessthal Invests￿ 1kna9￿, ¢0.. the In￿tsMents
fveld by Ihe fiv51 Iwve been rei•ned aThJ su&WeThnt•Y as a r*￿ olw divenu? balahce and the dcffjatson
m•nbcmd •bove. wwe¥trn¢nts ¢kAed year al a ¥akn ol £813.642 I20rJ E742.7241. invesh)ents continue to
perfcrfm wdl ni a IL¥b￿ert mwket du• b a rnmbwol fxby% th¢on9L*TrJ warin lkne the uNe51 in Ihe
￿l￿1e East. The Tn￿te•S Colllknue *) tske a kjno termTrfftf and a rw•v LY Ln4ertaken by Trvs*os wAh the
RewThu¢ from Inv8thwi• *JW theyeffts ft•venue dN•JsTrJs wa5 £32.319 C2023..
31.9271. With Ihe inue•se in of EryJLaThJ b45e ra* ￿eSt h•vo W ov•r5% fr* fv year. wlh Rvenug Ir¢)M
b•nk Int•re81 increas•d to £99612Q23'. £Z91. 9ty4wr•*•¥nd th• h•5 rn￿¢•d
slihlywth Pro￿V5
The rese￿8 •t tho yeai.eNr it1￿led U65.79312023". t794.8971.
wilhin the lerffth olihe Chartw Inves1ft￿ts Tnthe5 (Scth￿l Act 2rfO.
Sl•n•d b•h•¥￿th• ¢lwrtY• InMIM•
Trust88
24AwO 2025
T￿$t￿e
24Aw"12025

Ind•p•nd•nt EX•Thth•r￿ Rwortto th• fnMts•• dTh• Jopp Th•m••h Fund
Indgp•nd•nl •YAnin￿8 r•port on The Jopp ThornKm FuTh1. SC009106 for th•
yèar4ndo¢ 11 Nmmb•r 2024 *+*h w• ••1 tsfpoges 4 to g.
RMp•cll¥•iMp•)n•lblkn• •fln&•i••• •nd
The eharty's trLBlees *• re6wrrf*le for the weFaratbn ofthe ac¢ourrts m aC￿rd￿¢* tA4th the t•rrr£ olthe
and Trus1•• In¥￿In￿th ISc•U•nd) 200S •nd the Ctharitig¥ IS(¥)tLqndl Regul•th>)$ 2006
lay Jmend•dl The th•r1ty1ntst￿ congd•r that the ￿dit w￿19m8rt of 10(11 Idl ol th• Accounts
Rewlath)n¥ do•s not appty. 11 is ry r•$ponsibiliiy io •xamThw I￿ K¢￿JntS 8• raqw•d undgr fj•Glion 441111¢)
ofthg Ad and to st•1• whth P￿￿1•1 matters ha¥• ¢tyne kn ry
14fy examknatbjn Is camed out In accordan￿ wlth Rw1a1￿ 11 ofth8 2006 An
•x•rnlnalh)n In¢fLth$ a re￿•*oftl￿ a￿O￿tI￿a wv¢otds k•0 byim arttl a ¢wrtson ofthè *courts
PF•Sgnl¢d hlth Il*)w rgcord& It alw ￿￿￿deS ctsnsldw**n olany unuwal h•ms fm Olsd08uw In tho accoun
and 8e•ks ¥xpknalions Irorn twsl••s concerriry any m•tt•rs. Thg proc&luf•s ￿n￿rtak￿li do
prnvld• al th••vhJ•nc• I￿1 WA)￿d b• rO￿Ted in an authi and. c￿se￿￿￿y. I do not •*pr•ss an autht0p1￿Qn
on th• ty th• •ca>urls.
Ind•p•nd•nt •x•rnlTrw's •tstsm•nt
to kaep •ccountkng r•cords kn •ccwd•Ko Tth 5gciw 44(1) 141 rfth• 2005 Ad and RW8tk)n
tho 2(#)6 Ac*thnts RewlatI￿$
hw• Mt been meL or
wthlth, In my oplnbn. at￿l￿n b• In onobkn • olth•
N8me'.
Pfof•s*Mal ¢knIfi¢￿￿?
ProhMlon* 8ody
Tawso and Partner5. Chartared Accovw**
18 Norlh Sknr Stroet. Ab•r(kn¥L. AB10 IJU
24 Awl 2025

$C•N101
8ts1•rn•nt•l Fkn•n¢lal A¢iMI*•
fdrP•ffl•d 12 14o¥•mb•r2QJ l• 11 Iltyv•nbw2024
Donalkns
In¢¥rn• from IrNwknertSfAIv
io,ooo
31399
B8rth In￿1
31.927
28
$3
41.955
Pffjtthd$olS•lÈ olFwd Assets
Pro(*$ ofSak8 on ln4%stTr￿l%
Total R•¢•l
53.39$
53.395
28.100
P•ym¢rts ￿ r•¥•GlofC￿i*
Adlv5
9LKI
240
Irthpendert Exa￿nal￿
840
Le981 C+)#s
Olher
72
104
34.784
33.184
Pa>￿t5￿ r•l•ith otAswt8
Inw•skn•nls
Purthise olfirta a55*8
Jrthax oflnby3tn￿l*
10
19.952
19.%2
29.892
Toial
64,676
11
1211
122.7211
21
21
22.721

Th• Jopp Thom•on
scoo￿￿6
Stat•m•nt of 8•lane•s
for P•rlod 12 2023 to 11 Nv4•tr2024
Cash and bank bkn at stsrt olyoar
52.172
52.1T2
74.893
Surphjs I (Drficitl
1211
122.7211
C•Bh ban* bal*nc• at *vl oly•
$2.151
52.151
52,172
ar•st £ kn rwfrst £
10
813.842
742.725
813,642
T*)tal Fund•
165.7•3
794897
Slyn•d on b•haW of all th•iru•lw•
Trustee.,
24 Aprll 2025
Trust
24Pw412025

Th• JOPpn￿I*l
Y••i End•d 11 N•wmb•r a024
1. Taxada
Z Don•tSon•
2024
a123
SfvI•KI Chartabkn
10.0
3. Inerm• In¥•th*rt•oth•rllwi Lmrfand
NY MEIkn N**kn B,Wd.4101
'ty of Lprrflm Tiitstplc.12.AOOrd 259
•geoplc- I.1￿ Ord 28 101110
sn
558
2.514
1.120
2.175
2,394
F & G In¥oJtsnent Twstpk- 0.9400rd 25p
t>ryhlh and Irtt4he Tnjsi pk.5.IiWJ (tyd 2
fyJNfySmrfhiaine pk- 2.080 25p
*. 2.600 Orthr¥xy 1p •hwes
Jwus &*ndv¥sM I3¢￿1 *we4bYSllnw8StI. 3l.W29.17￿
JPM fj1gb• Flmd. 11.(1)O 5p Slwo&
L•g41 & G8Mrd ￿¢- I1.4c￿ Ckd 2.fjp
Uoyd• Bankry lknJp- 9.362 1
•A8r* arwj Sp•nc8r Gw) *. 2.4180nffir￿y 1p shv•s
& G Investmont5. 5.000 ijnls
Morch•nls Tffust ￿c. S.￿) e¥dlwy2*
PJO pk- 1.800 Ord 1Cp
￿- 2.W 8 EuroO.07
SSE rl¢- 1.51Th) Oro S
resco plc. 5.921 Ord 6 11Jp
LI￿18¥*rFÈ. 1.45Q ¢>d 3 1rn1
Vodaforn p*. 10.939 (kd VS$ 0.20 20121
1.042
459
4$1
1.910
2239
236
73
4225
2.047
1.113
5,070
2.728
2.4
716
645
2.136
2,177
853
833
31.927
4. B•￿Int•r•I¢
X+23
Royal B•nk ol S(•iknJ
2th
S. Tr￿1••¥ r•muw
•. R•hl•d p•rtyty•n￿knl
Thtrt ¥• no re￿Ied p*w It*wdh)r*ihxry t•>•W12Q3.. £ r*.

Th Jopp Th¢xMon Fund
Y•ar End•d 1114ov•mbv 2024
7. Qr•nl• aml D(￿•¢k
P•d Gr￿ts to...
8fy)
800
800
1.09)
I.0￿1
800
800
1.050
1.050
81JO
800
1.050
1,050
1.050
800
800
1.0S0
1.050
1.050
1.050
250
800
800
8(￿j
1.050
1.050
1.050
1.050
8C
800
1.0
1.OX)
1.OXI
1,0￿1
1,050
1.09)
800
8(N)
TrAal Gr•nts to
28,1(N)
26.400

Th• Jopp ThL*nson Fund
YgJr Ended 11 November 2024
Not•s toA¢¢ounts
8. Invoslm•nt managgm•rf ca•ts
2024
2023
'Ner and CD In
strnents ￿"M
Athi$ory Swviee managern￿t Fee for yraw
to 30 April 2024
240
240
. Gow4manGe
2024
2023
ncBw&Sm
lTrJ8pendent E¥arntyuticffi fte
Indemrnty f* re repla(•m￿1Vt>Jaff(￿* sh*e
certifut&
104
ers LLP
Intaiim Fe* for At*ministrab"on
VAT therets)
5,OC
Fina Fe* forAdmwistratron
VAT thewn
1.OJO
200
8,144
2023
hvestmert
IndèFendenl Ex￿1￿10￿ fee
Leg￿ o)st
other
240
420
432
104
3.132
In¢Jepondent Exwnin*ion lett
Legal cost
420
2,232
4.020

6.692AI 8NY Mdlt4lNwr•6￿l
12,350 CItyOfLtrtonlrfrt¥IThfftlr￿tp
r11￿mIl￿ni
16.475
CxdiMrySPW•$0128iomoB
lTrary$￿VIsot21p
Oré&iirySMrnSOf25p
Or<￿•ryS￿IIH0t2S
14.1x2
39.9)0
$1*7
17,WJl
ix•
910 F&¢WllmqfflTnJJtp
S.4tr) FhithryGm*%hifvJirfvrn•Tnnip
IOLU) Su￿SM￿ll+ll
10.018
33.9Jg
fji.¥Js
OtdiNryShDrttoll•
20.Wi.4¢ 1•nwJHoTr*r￿r*prI1*r•rfttS londA
17.412
47,n7
7.1$5
8.745
io
12A55
S?,￿5
lknnaryShMesots
Othwshwttol 14
0￿1￿&*•1912.5p
i),323
ii.js
11.•JO LeVI•￿0•n￿a0r￿pd
5,1
2S.012
72.411
25.J37
67A15
26.811
19,862
Jixj
?Z,750
4453
Ji.973
Oidin•ryShwMolOI?ÉU
•n•rysMfes•15
OrdiMrysf*w**•f• iiJp
OrdiMrySh*•sof3 119?
X¥21c
67.QO
I.SW) SSE Ae
S.921 T•￿p*
UMt¥err
IO* V¢¢•r4TrE#c
12.D311
r13
3,919
a410
2S,973
20.3$1
22,041
.ns
16,443
$72eo
1332
742.T25
19.952
13.612