The Leng Charltable Trust Charfty Ref: SC009285 Accounts lor the year to 31 December 2024 Contents Referentt & Admln fnformatlon Report by Trustees Rewrt by Audltors Aecounts Notes to the Accounts Appendkes of Investments Tek*rone.' 01382229JlJ Fax." 01382202288 The Leng Charltable Trust Report of tho Trustees for the year to 31 December 2024 trtsst4e5 wesentthe1rrewrta￿# accounts forthe yearended 31 December 2024. The reportané accounts have Leen prepar In accor(bnce Imth chariV5 trusr deed and wlth the accouneing p￿ICleS set out on pages 18 & 19. AqentsandAdmlnlÉtratorsAorthe Tntst{andprln¢I￿0ddrO￿ olthe Charlty) T￿rntOrt5 Law LLP, WNtehdl Hwse, 33 Ye&man Shore, I￿ndee ODI 48J. rhoilltons In¥e5tsment Minagement Lté, Whltehall House, 33 YeaTr*n Shore, Dundee DDI qBJ The pjrtlollo Ls managed ￿ a dscreuonary basls. Lawshare Nominw Umrted, or such uther nomlroe company as A J Bell setsjr￿es may ¥Jpolnt. PrfndpalOJnkerN Royal Bank of *otL4nd 3 HEgh Streel Dundee DDI 9LY. Audltorn Thomson Cthper, 3 Castte Court Carnégle Campvs, Durferrnllno, KYII 8P8 SCOD9285 Con5tltutlon Oeed of Trust by Eleanor Leng. 35 Leonard Court, Ktrdngtorn Lf￿dOn dated 30(ktober, 1986. Appointment of tnmte Trustees are nomknated by the then exithg tsurtee5 and their apontment confirmed by fonnal Deed of A55￿[￿on. Truste• Indurtlon and tralftlng The trustees deal apprcprtatdy as regards indLLtlon and tralnlrg on any new trustee5 appolnted. Thls incknJe5 awarene55 of a tn&ee's responslbllltles, the gOv￿rn9 dLKumenL admlnistrayve procedures, and the h15tory and phllosophleal approach of charity. New trustees re￿Ne coiye5 of the pmlous year'5 accounts, mlnute5 of recent twstee meetings and a copy of the OSCR bookIet"Guhl4n￿ forcharity Truste&-. If akyoprtate. N¥proprlate tralning Ss offered to CLtrfent trustees as aTr# whe) rewiied. The Leng Charitable Trust Report of the Trustees for the year to 31 Do¢ember 2024 (Cont) Tr￿stee Interests Thorntons Twstees Ltd Is 3 norninee company adminlster8J by Thorrtons Law LLP. Oryanisation •nd grant-making policy The dw.day adrnlnlstrauon ￿ carrle(t colt by Thorrknn5 Law LLP, a5 agents for the TrusL The trustees meet three ttrnes a year, in February May and SepterntrEr. to reviewthe grant5 I￿￿tion and any other releydnt a5PEcts of the TrusV5 affrdlrs. main meeknng Is in February and generalty this rneeting wlll revlew and consider larger grants,- with Smal￿rgrantS being considered at the other M￿tIng5. The Truste* curwt rolicy Is that the split of the total ftjnds available annually for d1str5￿t[0n should be approximately45% towards larger grants, 2IP/o towards mediwn syed grants and 35% towards al￿r grants. stated In the Deed ofTrust, beneficlaTJes a￿ to te drawn from follo￿n9. y one or rn0￿ tharitaLle institutions tt)at trustees may selecL The MaIntenar￿ of the Leng Memorkl thapel. st. Mary Abbots Church, Wicarage Gate, LtsF￿0n, in prefererKe to any othw churth. The Eklscopal Church In ScotlaNJ. Royal Natronal Ufeboat fn5btuUon. The Sa1￿￿ty0Th Army. Any I(￿1 charftable organisatkn or Charitab￿ wrpose, or any tsal tharitsNe appeal tAJnde2 or Tayside whtch the trustees In thelr may conslder deseNlng crf supwrL {vl {w) (vfil In respect of smaller grants the Trust￿$ nwma51y only glve conslderation to applkatyons for asslstsrKe from LJJndee and Tayside Community organisations. In general, the Trustees favour those organisavons which WDrk in the soaal and welfare areas, persons stnJog41ng to cope wlth day-ti)day Ilwing or suffering from dlsabli ity, for projects or purth)ses where the Trust's donation will be an appredabte help. The trustees may atso support11) Na￿onal Scottlsh Charlbes who wish financlal assistano for their Ywrk in the kKal Durthe and Tay5ide community, and lill oryanisation5 in Dund& and Tay5ide who* activities can be enjoyed by a slgn1flcant prwortlon of the loca) popula￿On. average kvel of grant to local communlty cKganlsaUons Is arou £1,500. I￿1¥1duOls 90ing to work overseas on behalf of a charty ￿11 ty)t N)nna1￿ be consldwed, ￿11 appitcatrons by or￿￿è￿(4)S to ratse fuThls just forone indi￿dual. Rlsk Management The trustees have asse55ed the rnaior risksto whKh the charity 15 exp05￿J, in particularthose rehryted to the (wations and firnan￿s of the trust, and are satisfied that systems are in pla￿ to mitigate exposure to those risks. The tr￿tee5 con51der varlability of investment return5 to CQll5titute the charws major financ￿1 rL4k. This Is mit(s*ed by retaining expert inve5trnent manager5 arnj having a dfversrflaj Inve51ttRnt portrofio. The trustees have continued to pwsue their pJicy of grants to ch8rlttes Orawn from the categ)rfes nrted atkwe to an eKLert whKh aLEtrbs, as nearly as ￿￿t1(ab￿, the ne¢ revenue for the year. Flnandal Posltlon The ￿Su￿5 for the year are Set out in the Statement of FiwcH ActMb"es on p3ge 9. There has been a net decre￿ in funds dijring the year of £340,631 12023- £182,185 Increase) due malnly Lo an Increase In t unrealtsed galns on the listed and unlisted Invthents. The tr￿te& a￿ satisfied that the Trust remains in a sojthj fina￿ po￿￿on. Reserves Pollcy The reserves of the trust originate from the Snittal trEquest and 5ub5equent capital dunaVorts, together with growth in the ￿dhJe of Investments. The trustees have a(Sopted a reserves policy ihat ernsu￿ the conunulno ability of theTrust to meet its obJectlve9. In gener&, the trustees lookto distrbute grants ata level COMM￿SUrate the annual net revenue of trust, with onlyoccasTonal grants bang made of capltal ftjnds. The Leng tharitable Trust Report of the Trustees lor the year to 31 December 2024 {cont) Inve#ment Polky and Perform*n There are n¢ restrictions In the Deed on the trust&s' power to Invest other than that they te"...reason3bly prudent ￿vITr9 regard to the charitabk trusts on whTch the Trust fund ￿ held." The trustees. Inv&stment am Is lorKJ term ststs￿, secure and incre￿Ing Income from the Investments, with a ther emphas￿ on catitsl growth. A large part of value of Trust's rortfollo (ojrrenly 30.7%) ￿ held in thafes In D C Thorn￿ & Co Llmired. a prlvate cornpany whSch lth marketability, and hokllng is to regard&1 as an equfy holding when looking at overall portfollo proportiTrns. Up to 25% of the portfollo should be InV￿ted in ol or corporate tx)nds. 5% of the txytfolkn Can invested In srnalkr (apltal cortpanles wth good welds. The benchmark agaTnst whlch portfolb ￿ rneasured Is a combined c￿e consi5tino 50% MSCI PIMFA Growth Index and S￿0 PIMFA bbfancol Inctex. The investsnent Fortfdk) b consldved to have Ferformed 5aU5fartorfty hawng regard to the abo￿ Cr￿r￿. No charw are presenrfy envtsagwj in the trusvs pollties ¥ OU￿1ned akne. A￿#t0￿. Th0rn50n Cooper were apkh)InteJ ￿ a￿ltOr to the Trnst and a ￿$dUtIon rrfowslng that they tse ￿-aPpoInt￿j ￿￿11 be wt to a future Trustees Meeti￿. So far as each trustee is a￿re, there is rK) relevant audtt lrformation of whlch the wjdrtors are unaware. E￿h tW5tee has taken all the 5tet6 fhatrhey owht to have taken as a rrustee to make thernse￿ aware of any re1evarntaUd￿ irforMa￿On and to eslabl that ￿ a￿ltorS are awa￿ of it. The Leng Charltable Trust Statement of Trustees. Responsibilities trustees are resFX)n%ble fDr preparing the Trustees. Re￿rt and the accounts ITr accordance ￿th applicable and Unit KiTr4dorn AccDunting Standards (Unrted ￿n9￿Drn @nerally Ac￿￿e￿ Accounting Practice). TIE Low awIcab￿ to ch¥lbes In ScoUand requlres the twstees to prepare acwjnts fDr ead) ftnandal year whKh give a true and falr view of the stste of affairs of the charlty and of the Incomlno resourcs appfiotion of resources of the charity for that perithy. In prepariThJ these accounts, the trustees are requirtd to.. sdett sultsble accounJng po￿￿e5 and then apply tt)em consistenty; observe the rnetfv)ds and prinoples in the Charihe5 SOKP; make ludgrnents and estfjmate5 that are re￿onable and prudent,. state whether appllcableaccowbng StaThJards have been fd[ow￿, gJbJetttoany rnaterial departu￿5 disdtxdandexplained In the accounts; and p￿parethe accotsnts on ￿ goingconcem tk*iS unkn it is inapproprhite fo presume Ihatthe charitywill continue in trAJsinÈss. The tn￿t￿ are resprffislb￿ for keeplng proper accountir& recorts th* dlsclose with reasorty8Ne accur￿3¢ any Urrethe financlal po%tion of the charity and enable thern to er￿Ure that the accounts comply with thÈ Charit&es and Tnjstee Investment Iscovandl Att 2005, the Charitles A￿Unts l*olandl Regulabr)ns 2006 las amended) and the W0￿510n5 of the Char￿,5 constituti￿. Trey ère also resronsible for safeguarding the assets ¢f the ch￿ty and hence for t*ing reasonaNe step5 for the preventlon and deteclion of fraud and other irr8Jul¥ltles. The Leng Charttable Trust IndèpeNlent Auditor's Yeport to the tnthes of the Leng Charltsble Trust Oprrrion We have audited the finarKlal 5tateffi￿ts ofthe Leng Ctharita￿e Trust for tIE perifyl en￿ 31 Decernber2024 which comprfse the Ststsment of Flnancial ActI￿ti￿. the Balan￿ Sheet, and the related notes, IncI￿ling a summary of Signif￿nt accounting [￿11(]&$. The flnandal repotung frarrEwork that been applied in th￿r preparatbn 15 appilcable law and Unlted ￿ngdo[[) Accountln9 Stsndards, induding FRS 102 ThE F/n&noal Rewrthg stand￿ the UKand Repu￿￿ ofJreland {United bSngé( Generally AThpted Accwnting F*acU￿1. In our the financkHI statem&)ts.' a true and falr ￿eW of the state of the charivs affalr5 as at 31 0￿mber 2024 and cl Its Inco￿￿ and eX￿nd￿re f the year then ended,. have been woperfy prepared in accordance Unlted Kingdom G￿erallY A￿pted Accounting Pract1￿,. have been prepa￿￿ in accoroance the requlrernents of the Charitie5 and Trust* fThvestrnentI5tt￿andl ALt 2005 and ReguL4tion 8 of the Charfbes Accounts {Scolandl RegulatK)ns 2D(16 las amended) Basts of opinion We conducted (xjr aud￿ In accordance vrith Intemaknonal Standards on Auditing IUKI (tSAs (UK)) and aprlltsbfe law. ￿r re5pwslbl1￿& under those standards are furtherdesuiLEd In the A￿1￿$ responsibilitles for the audit of the financial statements section of oJr iepDrt. We are Independent of the charity in accordanTr wlth the ethKal reoulrements that are relevant to our audit of the finanaal Statern￿ts in the UK, I￿[UdIng the FRCS EthKal Stsndard and we have rum11￿ twr other ethtsl ￿spOn%￿li￿eS In accordance wlth these reoulrements. We belleve that the a￿lit ￿den￿ we h3ve obtain& 15 suffiaent and appropriate to bas15 for our opnlon. emphasls of Malter As thls is our first year a5 Trusys we have not a￿lIted the cornparauve Information for the prior year. Our Wnion rwx mo(fified In respect of th& matter. co1￿U510ng relatlng to g￿n9 concern We have nothing to rewrt in respert of the fo]lowing matter5 In relaUon to whlch the Isk (UK) require us tr ￿pOrt to yw W￿re.. the Twstee5' Use of the ￿]ng concem ba* of accounting In the yeFOfatlon of the finandal ststements Is not wpmpriate.. the Trustee5 have not dlsclosed in the flnancial statements any Identlfi&8 material U￿rtal￿tieS that may cast sigNftcant doubt about the chan￿$ abil￿¥ to continue to ack)pt the golng concern of acc(¥Jnting ft>r a perFod of at least twelve months from the date when ￿ fin8ncLIl statemts we aUthOr￿ed for L$5ue. Other Information The other comprlse5 the InfoTmatTon Ind￿1&￿ in the Rep¢%t of the Trustees. otrRr than the financval 5tstenRnts aThJ our auditoKs report ttwecn. The Trustees are re¥wJn&ble for the other information. Our oplnkjn on the financial statwts d not cover the other Informat￿￿ and, ex￿pt to the extent otherwi* ex￿latIV slated in t￿r reFort, we do not expl￿ any fonn tsf aSsUrar￿e Condus￿n thereon. In connection w1th ouraudtof the finandal siaternents, our respwsibillty is to the other information and, In doln9 $0, con51der wheykr the other infomiation is rnaterfally inconsistent with the financlal statements or our knO￿rtedge obtsined in the audlt or otherwise aFvears to be materlally misstated. If we identify such materlal Incortsistencle5 or app3￿nt materièl ffltsstste￿nts. we are required to determine whether there i4 a material mi55t3tement In the financkil staterrÉnts or a mterial misststement of the other informatson. If, based on the work we have perforThth, we co￿)ude that there is a material mi5Statement of thls other Information. are required to wort that fact. We have ry)thlng tt) report In thls regard. Matters un whlch we ara required to report by ex¢eptlon We have nothlrvj to report in re5pertof the followng matters wh&e thwftfe5 Ind Twstee Investment (kn￿and) Act 2005 a th2 Charity Accounts (Scodandl Reg￿a￿On5 2006 (as amended) oquire us to ￿POrt to you if, in our oplnion: The Inforfflatknn glven In the finarLdal statements is irronsistent in any matertal respert wf(h the trustee5' report: or proper accountlng recryds have not been kepi Or the financial 5tatetnents are rKtt In agreement Wtth the ac(D￿ting records and returns,. or we have r#)t ￿CeNed all the infvrmatTon and explanat(cns we r￿U(re for our audlL The Leng Charltable Trust IndependertAudltorf5 ts) the trustees ofthe Leng Charliable Trust {cont) Responsibilities of Trustees A5 expL￿ned mDre fully in the Statementof Trustees, ￿SPOnsibl1￿e$ the trustees a￿ responslble forthe kyaration of the financi* statements for belw s*Tsfied that they gwe a true and falr Mew. and for such internal control as the twstees deterrnlne ts necessary to enabje the prqKratth of financlal statements that are free from matsrfal rn19ststemen¢ whether to fraud In preparfng the flnandal 5takmerts, tsTrustee5 &e resPN￿lbk for a55esslng the tharfvs alylity to c￿tinue a g￿ng corKem, di5closings as applkable, matters reL3tetS to going con￿rn and using the gCNng concem basts of accounbng Unl￿ the Tnjstees elther intend to cease operatyons or have no realistic alternative but to do so. Auditorfs rt5ponsibilities for the audlt of the flnandal 91atemenls We have been apw)inted as auditor under settTon 44llllcl of the Charities and Trithe Investrnenl IScotL3ndl Att 2(1)5 report in accordan￿ with the Act and relevant regulatio￿ made or having effect tkereunder. r obJ￿￿veS are to oblaln reasonable assuran￿ about whether the flnandal ststements as a whole a￿ free from fnaterfal mlssi3te￿Ent, whether due to fraud CY error. arKI to I￿Ue an auditorfs report that Includes our opinion. Reasonable assurance 15 4 hlgh level cl assuranEe, but is not a guarantee that an a￿lIt conducted In accordance wlth ISAS IUKI wlll always de￿ a material mlsstètement when It exTsts. Misstatements cèn arise from fraud or error and are CO￿ldered materlal ff, Ir￿1vIdUallY or in the gregate, they Lwld reasonably be expectaj to Influ￿￿ the econornic d￿ls1O[l4 Lf usets takai on the basS5 of these finar￿181 5t&ements. The extenrto whlch our procajures are (apaNe of detectTrq Irregu13rtt*s, inckndlng f￿￿d 15 detrdll6YJ bek)w: Irregularities, inclL¥Jlng fraud, are Instance5 of non-compl5an￿ laws and regUlaNC￿5. We delgn FKwEures In th￿ ￿ our responsitmlities, oulllned al￿e, to detect materlal misstatements in respect of irreguLHriks, induding frdud. The extend to ¥¥h¢ch our procedures are tapabTe of detecong irr8Jula4lties, Indudlng fraud Is delailed below- As part of our pL3nnirLg proces5 we.. Enquiry of management and those charged ￿th goveTrnance around acbJal and potenttal Iwtlon arK8 dalTn%. . Enqulry of entlty staff in complIan￿ funLtkns to identify any irstsnces of non-complian￿ wlth L3w5 and reguSaYMs. Rewewng financlal statement dlsdosures and testir#J to SUPPOTbng d0ujrn￿t8ti0ft to assess conw11￿￿ with apFlicatAe law5 and regulalons. . Audibng the risk of management overrlde of controts, incfudlng throu9h t85tingiwmal entrÈs and other alLtstments for approprlthess, and e￿lUatI[ty the rntK)nale of slgnlficant trarL5aC)"ons outside the course of iw9iness. The speclflc kiws and regulatk)rE that ha%E a SPEcrfK i1np￿On thus COIn￿Y and the acccAJntiro wepaTation of the aCcO￿ts wJll Include.. . Tre Choribes and Trustee Inve5trnent lkntlandl Act 2tlJ5 The Charitie5 Acwnts Iscodandl RegulatiorG 2006 la5 arnendedl . OSCR requlrements. . GDPR laws We have assessed the Infomiation in the audlt and have not found any s¥nlflcant ISSU￿ w5th non-comrllarKe th laws and regulatyons, The rnèln SFth rtsk5 relating to audit of tkE finarKlal Stat￿￿ts we trustees not followlng the aim5 of the charlty, harder to a￿Tt sectrons gjch as private company Sha￿ valuations and the Yaluati￿$ ut listeo Investments. Speclfic procedur& to t*lp verify the accurary of these sectK)n5 have b￿n used in each case as was needed. These rlsks have been hTghlighted and have been deared. This charity has litue rLsk of errors and fraud even though management have the potential of Itduding incorrectioumal entr￿5. As a of the size of the chaity can I￿rease the % of tesung purnal entrfe5 to redu￿ risk of irregularities to very low especlally tlw>* the yeaTrend. No irregu￿ri￿& have baen found in the a￿lIt of thLs ch¥ty. Because of the Inherent limitat10t￿ of an audil there 15 an urnavdda￿e risk that some material misststemersts in the financh Svdtements may not deteLted. even Mgh the audlt ts properly Janned and performed in accordan￿ with the ISA'S IUKI. Fff Instan￿,, the further rermvaj non-complh4nce is from the events and transacknors refiected In the flnandal statements, the less I￿ety 8￿r is to trwme of ￿ or to recognise the nOn-[Dm￿arKe. A further descrfpti¢)n of our responsibilities fcy the audit of the financial ststements ￿ located ¢)n the Financval Reryjrting Coundl's We￿ite at s. ThLs de5crlOlon forms part of ow auditor's report. The Leng Charltable Trust Indep&n￿nt •ludltOT'S report to thtr tr￿stee9 of the Leng Charitsblè Trugt (cont) Thls rrport i% made to the tntstees. as a body. In accordance wlth Secuon 44111(c) of the TnLStee InvesbTEnt tscotlandl Act 2CM)S and Wulaticn 10 d the Charities Accounts (Scotland) Regulations 2006 las amended). Our audlt work ha5 urthrtaken so that we might #ate to the tntstees th￿ matters we are rewired to state to them ID an auditors repurt and for no other purpo*. To the fullest extent permiited by law, we do mt accept or assume responsibinty to an￿r￿ ¢)ther than the charity and Its trustees as a trx)dy for our zudlt work, for thls repoi¢ or lor wnK)ns we have fOr￿Ed. For dnd on behallof Th(Knson Cooper, Strdknjtory ALtdltors Dunferrnline The Leng Charltsble Tryst ststement of Flnènclal AthTltles f•r the yw wmled 31 Deremb•r 2014 Total 2024 Tctal C•Wtal al fund ftmd Incomo Ivom: 336.655 31WS 310SZ9 310,519 In(D￿￿ trx repoyryW￿t Donotyons 100 750 7SO Totsl IrKomg 317 755 E¥OndI￿ arknble ac￿t￿ govunaKe 439.238 140.9 516,216 230.401 253,7B6 M•rt•glnp fuThJs 610 3•.2•9 1.280 36,7 38,075 Total Ex￿n01th￿ 4311 291861 N*t ItKamèll•xp•hdllUfa} for￿•￿ bkn• {AII093) {1￿.167> (29?J60) 79.5 19hl8 Adlk&thWt to b20k coit Wlfrthn preth •C￿rt G•lD$ cn or 250,971 250.971 4,556 4,556 (Deueaselllnuease In urrnlsed ap￿ty0n on kn¥estments <294536) (294536) 158.211 158211 Increase kn urrt•llsed •ppr¢¢l•*)n m l*rt•t4e opwty N•t Inc(rn for ywr•nd N•t m0¥•Mq￿ tn funds IiiwJ) (22&53S) P40,6311 79A98 10I5B7 14185 Tctsl fwds at 31 Decertjw Z023 390.3•4 7,9￿,558 BJ38.942 310,786 7,B45.971 8.156.757 Toiol fvDdB rt31 D￿￿•bIr 2024 338 942 TheStatwwlofFfNnclal Athth5 i￿udeSaI gth￿on￿ b5sesrW￿ t¢wthw¢tshrfrfymfoJ4knJM¥J 10 The Leng Charitable Trust alance She•t •$ •t 31 D•t¢mber 2024 2024 2023 Ir￿ents er4table 7*18,901 7,90a.077 073 077 Loans (d￿ wthln yearl Loans Idw outwth ots I2,￿0 3,￿0 C￿h on DeFQS(t Iwd 361,750 281,765 Currant L￿1￿0￿8 Cndfcrys Oue onetrtar 129 23U •ft•r thin ￿ y•Hr (wooo) Totsl Nat 11 8 338 9q2 Ttte thancaal Sta￿ents were aFwoved trrf Tru#ee5 rm The Leng Charitablo Trust statement olcash Aows for the year ended 31 December 2024 2024 £'ooo 2023 Net (ash used In operattng athvmes {as bdow) 304 sh flows from investment actiwtyes.. Dfvldends and Interest Proceed5 from sale4 of inve5tm2nts Cost r* purchases rf Investments 327 813 567 311 643 Net Cash from invesbment activities 573 Movement year 92 (3791 Cash broughtforward 267 646 Cash carried forward 359 267 Keconclll*lon of Det moven*nt of lund to net cash flow from operatln9 activities 2024 £Tho 2023 £￿00 Net movement In funds Deduct.. Investment & other i￿Ome Deduct.. Gains on investments AddlE)educt'. DeCreasel{Incre￿I in unreallsed apprecWSon Loans made In year Loan repayThents ¥ecelva Incre85elldecrea5e) in cr￿ltorS {340) (327) (251) 294 182 (311) (4) (￿) 12 131 35 304 12 The Leng Charitabl8 Trurt Schedule I I￿ort￿ from g¢watod fwKIs 2024 20 Dmdends Int¥esL perApFendrx I Rentsl Income (gr05s) rK&¥ed in re5FertrfVK￿sfI¥d L 324709 306,689 310 529 Sthedule 2 Charltable Actlvlties Payments for rna1ntenan￿ ol Chapel & Loth. 203 18,918 In5tltutional Grants p* In year- [￿jnI￿e saen￿ c￿tre RNU S4UKT ial &te FuThJ Launth rr Leisure & Cuknre thJrK5ee for bTIts Obsay Sh¢yAra* the Street D￿dee Induthal Heritage Tntst gU￿11Th] ￿aIrg0Wr￿ and R• Dur** Itr Lkniversrty ofDundee- MRI F((¢￿1 kner treatr￿ts 7,7(K 20J 7,OCO 40,000 10,000 10000 io,wo 15,IXX) 10,0 7,5 93,200 66,000 va1wj￿ gwts ofks,000 or less 186,235 150,051 Capital (kant. UnKom 50 329 35 Grants c¢Jmmitted and accrued during year IK* n)tyet paid- Bite Le￿Ure & Cufture thJth tr Mil15 Ob*Thafory Ma9Jie's Ixmdee Grove Menz*thnl Hothey CILfrJ Fairfield Communty Spc#ts Hub Ho¥ittaif*ld Un￿r￿ty rf DU￿ee-Tr￿ Awarts Ter￿ Dundee & Angus Colege- Lery Tr￿t Pri PKAVS Unpcom 5*esetvallon SI￿1ety (to te frrm Cat*a) Monifleth Befrienders t*af Llnwfaygde DeHf 5,000 .000 3,OC(I s,000 500 2,500 I41￿0 ￿cr￿￿LS at 31.IZ23 or carKdlal In ￿ar 483rt38 200,499 13 The Leng Charltable Trust Scheflwle 2 CharltabJ¢ A¢tMtle4 {￿Trt) Balance brought loThMrd 483AJ8 2(KJ,499 pport Costs (per Schedule 3) Revenue costs Cawtal CDsb (&JYernan￿l 55,800 29,902 io 778 RevenuÈ 439,238 146 978 230,401 Capital 2024 Schedule 3 Support Costs Thorntons Law LLP, admlnlstratK)n fees Thomtons Law LLP, Ra reglstratlon f Mcmlllan Audrc- file assessM￿t fee Wèlker Dumett 2023 lndependentexam1nat￿1 Fee (St Mary Abbcrts) Walker Dunnety 2023 a￿dit fee rhLYngon C¢oper, 2024 Jjdsr fee Regster5 of Scotbnd- regi5tFatiOrt du a￿￿{table Acti¥ities G¢wernance Totsl 55,800 37,2DO 4ZLI 93.000 420 3,696 600 60D 5,040 5,040 20 55 Chtyrit8b 2023 Totsl Sukyort Costs eman ThorntorLS Law LLP, adrruni*atNJn fees Walker Dunnety 2022 ￿dIt fee %￿ste￿ of Scotland regIstra￿0ft of Deed assumlng 5 Trustee re". Tru51 fLY Si Mary Church120191 Regiters of Scotfand regIStrnty￿ ol Deed assurnlng Nfck Barday a5 Trustee Regtsters of Scottand registration of Deed assumlng Nick Barcw as Trustee re.. Trust for St Mary AJ)bots Churth 29,902 19,935 3,400 io 49,837 3,400 io 20 20 20 No Irustees recdved any ￿rnunera￿ or exrtrw f￿M the tr￿￿k during thls or the pwous year. The tru* has rK) eM￿0Vee5. 14 The Leng Charltable Trust Schedule 4 Costs of mana9lny funds 2024 2023 Thornton5 Inve5twent Mawernent itd, [￿0110 Managernt￿t fees lincluthng Dr J E Lend5 Tr{￿fOr St Mary Abknts Churchl enw costs ￿ rert of Ific3rsford Lodge 34Z&9 36,795 610 In 2024 £38,289 P023- £36795) of costs We￿ attrfbutable to Capltal and £610 {2023- £1,280)to Revenue. SCI￿lUIt 5 Herltsble Prop Vkarsford Lodge- Market value a9 at 31.12.23, per valuath)n byTru5tee5 165,000 lustment on revaluatic Market value as at 3L.12.241 per valuabon ty Twstees Sthedule 6 Investments 2024 Tot•1 Llsted Unlisted Book Value a5 at 31.12.23 iknreallsed appreciation as at 31.12.23 4,040.780 1441797 322,452 2 103 048 4,363,232 3 544 845 Market Value at 31.12.23 5082,577 2,425AOO 7,908,077 AdiBtment to book cost Wf from rWI￿J$ Account Purchases at cosL per appendlx 2 Saks- prLKeeds, per appendix 2 re￿￿ed gainsl(Ios5esl, pei appendlx 2 Decrease In unrealised appredati 294 567,141 {813,0461 25Q,971 294 567,141 1813,0461 250.971 Market Value at 31.IZ241 per appendlx 3 JrA¢ Value as at 31.12.24 Unrealised 4ppreaatkn as at31.12.24 4.046,140 1398 631 322,452 4,368,592 15 The Leng Charltable Trust Sthedule fj Inve5trnents (cont) 2023 Totrl LL5ted Ilsted Book Value as at 31.12.22 U[￿115￿1 appreciation a5 at 31.12.22 3,649,795 322.452 2 021988 3,972,247 Market Value at 31.12.22 5,014.441 2,344,440 7,358Tr81 mO￿nentrin ye3r.' Purchases at costi per apW{￿X 2 Sale5- pro￿ed$1 per appendix 2 reallsed gains, rEr aprendix 2 Ir￿rease In Un￿alised apprea3tion 1,029,661 (643.1121 4,556 1,029,661 1643.2321 4,556 158 211 Market Value at 31.12.231 tEr apprrMILx 3 5 482 577 2 425 500 Bock Value as at 31.12.23 Unreasised apprec(att)n as at 31.12.23 4,040,780 1441797 322,452 2 103 048 4,363,232 5 4B2 577 Moterf41 thve5bnents lover 5% d portfollo vduel as at31 December 2024 were: 40,7tKI F & C Investment Trust £451991 26,907 ￿lIan￿ Witan Ord £334,454 325,230 Royal London S-T Money Mathet £317,109 30,OW Scottish Mortgège Lnv £285,210 The Trust's unllsted Imfes￿At s a holdln9 c* 21,0Tr) ordlnary £1 shares In D CThonwn & Co Ltd. Thls hddlng represents 28.5% value of the Trusys investment rortrollo. In*5Qment Rlsks FRS 102 requlres the d[sciosu￿ of InforniatSon In ￿l?￿on to certain inVest￿nt risks. These r￿kS are set(yJt by FRS 102 as folbws.. Crethtik¥k. this Is the risk that one party to a financial SnstwrrEnt wlll cau* a flnwdal bss tr the othw party by falllng to scharge an 0￿JgatiOn. ￿ts￿et￿5k th55 comprlses currercy risk, Intew r4te rlsk and other price tfjs Cuirwrfsk. this is the ri* that ihe falr value or fvture cash thws of a finarthl a%et wlll flucttjate tecau5e cl thangES in fr)reTgn exthange rates. Irterest rate nst. thts Is the rfsk that the falr value or ftrture cash fl¢M of a finarKkil asset wlll be£a￿e cl changes in market Interest ratÉs. orherpnce nst. this 15 the rlsk that the falr vakje or fvture cash Ilows of a financtal a￿et fluctu* because of tha in rnarket prlw (other than those ari￿n9 from Interest rate risk or currency risk), whether those change5 are caused by factor5 spècific to the individual flnar￿al Instrurnent or its ifwer, or fattors aftecting &1 slmilar financ￿ Instruments trdded In the market The Charty has exposure to thtse rtsks tEcau* of the Invesfftnts it mokes to Irn￿emeNt its Investsnent strategy. The Trustees manages Investment risks, irthirvj t￿d￿ risk and market risk. wthin agre&l risk limits wthlch are set ts￿ng Into account the Charitys strateglc Investment obieLttves. TfEse investment objecuves and risk lirnlLs are imkrternentEd thr(yJgh the 1mlestm￿l manager agreements in pla￿ with the CharitKs in￿tment managers and rnonitored by the Trus￿ by ￿9￿lar r￿e￿S of the Inve5tmait pothllos. Furthw Inf0M￿tIc￿ on the Trusteeg aptwKh to rfsk managwnent the Charlty's eypc6ure to C￿{t and market ri4ks aE set gut bdow. f6 The Leng Charftable Trust Schedule 6 Investments (tont} fxedlt Rtsk The Charity invests in pwled inve5trnent vehKls and Is therefvre dirW exposed to credlt risk in relakncn to the Sn5truments rc hdds in the pooled inveslrnenl vthicles and Is indlrecty eX[￿Sed to (￿lt rL%k% arisiry on the finamal instnjments hekj by the [￿1￿1 Investment vehlclÉs. Analy515 of dlrert credlt risk Dlrect credit risk arising fr¢)n pooled Investment veh￿1￿$ is rnitigated ty the undethng assets of the pooled arranoen*Trts belng [V-ft￿ed frorn the pooled manag&, the regulatory enwmnments in whKh the pcKJled managers operate and diversificati1￿ of in￿tr￿ents arnongst a nun*er of arrangements. The Ttustees fdrry out due diligence check% on the appointment of new pooled Investment managers and on an ongDlng tssls moniior any to the regLUatory and 0￿rating envlronment of the p0￿e￿ manager. Pooled inYe5tmert arFangen*nts used Ly Ihe Charfty cfyTrwtse authorised unit tjvsts. Tndirect t￿dit risk arises In rdabon to underlying lnvestft￿nts held in the bond woled Investment vehides. Thls rlsk Is mitlgated by only investTThJ In pooled funds which Invest in at least Investrnenl grade credf( rated 5ecuritie5. Currency rlsk The Charfty is subjett to currency risk bLThL8e SOTe of the CharfV5 Investments a￿ held In overseas markets, vla the ￿01ed Inve5knent vehkk& Interest rnte risk The ￿arity b subject to interest rate rlsk thrwh irwestments comprisiny tond5. Other price rlsk other prfce rlsk arises prfncipally in rekth)n to eqtJltie5 hdd in pooled vehldes. The Charity manages thls exposure to otheJ prf risk ty construcbro a dl¥er* portfolb of inyestrnent5 ￿oSs ￿aUs TTharkets. Sthedule 7 2024 2023 (al Interest free, urt*cured Loan made to ￿jndee Rep and Scottish Dan￿ Theatre Ltd 3￿00 15,000 (a} The loan ￿ to be ￿paId In 60 monthty Instalments d £l,1100, commendrvJ Awll 2020. tKJe to an adrninthation error at Dundee Reps there was a break In the payrnents made. payments We￿ brought UP-kn4ate In February 2023. {bl In Decembei 2024. the Trustees grnnted Dundee Rep and Scottish Dartt Theatre Litnited an urwured term loan facility of up to £ll)O,000. ￿ of31 December 2024, had been no ￿qUest for fuThls from ￿ndee Rep and ScrtUsh Dall￿ Theatre mtted. Loans repayable one y￿r Loan5 repaYa￿e outwlth one year 30¢M) woo The leng Charltable Trust 2024 2¢23 Sthedule 8 Debtors Income tax recoverable Sth•dule 9 InstItU￿onal grants- due wlthlrn one year due after More than or* yea 124,300 12,500 142,300 12,500 Thomsm Cooper, audlt fees for year to 31.12.24 *tn Decefflber 2024, the Truste￿ gronted Du￿￿e Rep and Scotttsh Dan￿ Theatre Limiknd an urGecured temi1oan faclllty of up to £IOO,000. As of 31 December 2024, there had been no request for fund5 from Dundee Rep and Scctttsh Oar Theatre Umited. 18 The Leng Charftable Trust l. Accountlhu Pofici¥ The Ler¥J charitab￿ Trust is a charity reglstwed In Scoiknd and operates as a Scotuth QwrltabkTrust The regtsed ofke 15 Wl*tehall N 33 Yeamèn SK￿e. Dundee, DDI I￿. Thorn￿n5 Law LLP atrs as fts agenL handllny adffll￿trat￿e mattws ￿ its behalf. The accouTts are pr￿r￿1 uThler the h￿t0￿cal c05t convwtlon a5 IT￿￿[2d by the of investment assets and include thE re9JKs of the ch¥iTrs opwation5 a5 indtated h the financLIl rtporr, ￿ ofwhkh are r￿Nn￿lD9. The acEounts have been prepared In aLr0rd&￿ with the Yinanual Repyung stsndard awlrcabie ￿ the UK ènd Republlcof Irdand IFRS 102), the Statement of Recommended Pracuce.. "N£counling and Reporbno by Charitit% preparing twr in accordance ￿th FRS 102" ISORP FRS 1021 and comtAy y￿1h ihe Chwltyes TtLStee In%t5trneM Iscrtlartdl kt 21Y)5 and the thèTitE5 fvxcowts Istuuand) Regulallons las amended). The tharity ha5 fina￿￿1 as5eL% and IwblUt*5 of a that quèfify as bagc finKtial BaK Instrun￿ts *e Inlbally rwThised at tra￿ct10Th value and subseqwuy m*5LYed ￿tth￿r setU*nent value. Thpacccwntsare pre￿r& in tsling wh5ch Is thefU￿bo￿l ojrrery ofthe tnA5t. Mo￿ary afflounrs i) the5Èaccaunts are ￿ded kn th2 rEare5t £ or nearest £ryJw asappropriate The tJLSt (jJn#i￿tes a pubk benefit enbty as defi￿d IOZ The trust&5 cor&der there a￿ rn mottrtl uncerta￿1￿$ about the tru￿$ abifty kn contynue x a m cwcern. Wkh to the next rÉporbn9 period120241, ￿￿Ost5￿￿[ficartéTtaS of untertainty thataffettt￿carrykng value classets held by the tr￿La￿ the level of irNe*rne retum aTrJ tt* performance of 1nYtstM￿t market5 (see the'ln¥e5tfflent Pdlry Perfern￿ncl arKI Y￿k Marogemenv 5ecbllns of annual rep(xt for rnore illfrrnattonl. Unr&ri(led cat4tal a￿] iKLYne runts those fund5 whth the trLStees a￿ f￿2 to Lse for any purpose In fjjrthe￿￿ of the ttsrttknle objects. InVe￿m￿t income 15 accounted for h the PWk)d In wlich the Tr￿ is enUYed to rtt*pt. FxFenditwe Is IncktdEd m an accrwL4 bas& AU (ther corne has beell recagntsed on the basts Df whtknEnr, Certs￿ty ar￿ mea5uremenL Thomton5' fees lodude an ryunt r￿0￿￿9 ￿ th)rk cèrned ￿t for Dr J E i£ruJts TrLL%t fc< 5t Mary Ab￿ Church. The ttustees have that ree5 rdaurva trJ gjth w¢YklE chuged thr(wh The Léng CharftsLle YnL5t. Grants cD[￿￿￿e pa￿1 In the aceountiThJ ￿rfod athj. apph.ubk ItKludegFants pay*Ae ￿ fvture accounb.ng rthys thtre extsts a Wal otrligatlon to make *Jth paYrn￿ts. Debtors indude a￿A)Unts NEd to tsust. t)ebtors are mea￿red at thelr reco%*3bk amnts. the the Intst anthipates ft receivE a debL CretrittK5 are reCOgn￿EdWhere ts tnst has a wesent obNgation resulting fvorrl a past e￿￿1 re5uIi Sn transfèr to a third party and the amojnt dueta 5eitk the 0￿19a1[Dns can be me￿r•I C￿1510￿ are nmlly recognlsed at thew ￿￿ementan￿unL The charity has flnancial è•t5 tbat qLkiUfy a5 basr In5trumeTrts arLd assets qua15fying as itstnjments me4sured at falr value. FlnaThJal Trabiffdts of the tharlty On￿ qu￿lfy a5 ba¥r in5tnJments. Ba*cfinarrial irtstruments are Initlally recogni5￿ at transac￿ value and subsequently rf*èsL￿ed ther Se￿￿￿1t Yalue. F￿￿&?1 iWStrutnents mvd5ured atla￿Val￿ are IrATrIal￿ recogni5ed 4ttr4ys4dTcr Val￿ and ore gJbsequentyffle4gJraY at th* lair value w*h Trmeo9Jram*)ts b*ny taken to thÈ st*emertolffnancièl acbwtles. 2024 2023 car￿￿9 airillwitof Itnatbdal ossets FnarKpl ￿ets meèyjred al falr value through stsrewtofflnandal 901 7 908 077 FIMncW assets rewed at Pdif v8lue ¢FmJgh 5tstemEntof fina￿al 3rt1th comfv of lsted u)vB%tmen 19 Tho Leng Charftable Trust Note5 tothe Acwunts (¢tsnt) Invesrments are5tsMI at mathetvalw. whereivallatrAe. orathuwlse èt111 the lateslav￿rab￿Va￿O￿Qn thown to the tru5tee5(w lill c05t, at ther rh5tte￿On. KealiEed gJln5 or kisse5 we treat￿ as Gip1t￿ and are deblt V41th in the Statemernt of Rnanthl Actiwues. unreal￿ed appre￿at￿n LY dEpredaUon in thE value of Invest[￿ dealtwth In the slatern￿t0[ Ftha￿al The valuatlon cl the herttable prorrfty owned by the tru5t15 r￿, jr a rrdnlmum, every three yew5. nE vokne as at 31 2021 £165,000 and th* Is deantrl approkylare by TrLthe 4re lrnpl￿ts due to ￿e{￿tar5. Llatrilt￿s aTe measur8J at thdr seMt¥nErt attWML A lialxThty is wogntsed the amojnt that the tnst nUclpate5 Itvlll Fey lo Sett￿ the debL VAr IrEec(NeraLrfeVAT iqctsged agalr&t costcl reS￿rtt eKE07d￿re for whkh It has been Ir￿UrrO￿. 2. Related party tr*JaCtths Thorfit￿s LLP wve a r￿￿ted partyduriryj the ￿￿x1 a% t￿￿tiOnS bakncE% have bEen thsdosed in the tftvestment ￿tsnagers The trusrees approve Ihe tontinL*d appointsneni of the Invesment Managers as detaiL¥J in Rewrt OY tn&ees In these Accwnts, and on the 5amÈ b￿L¥ a5 thntsined in thÈ Invesbrent arml Fmantial Semces Terms of ￿￿￿eSS ￿reement£urre￿￿Y in force. 4. Au¢frtor5 The truste# approve the conbnued c4 the AL&Jkc¢s as det￿￿ In the Reptyt of ihe ttustees h these kcount% 5, Nomln•¢thlp The tyustee5 awove the appolntrngit of the rOrnk￿e company as det*led In the fjEn￿￿ Informa￿0￿ settK￿ In Ihese Acwunt5 to contlnuE to dd ttrta￿ ￿ all ￿ the Investwnts owwj by the Iru5tees, and that on the some bth as conlained In the fnvesbnent arQ FI[￿r¥￿al Sertes Terrf6 of Bu$kneSsAgWn￿t curiwty Icrfc& Leng Charltable Trust Year ended 315t December 2024 AppÈndlM I Summary of Divldends and Interest Apwndi¥ Inc¢ UK Company Dfjvrdends per TIM Ltd per Thorntons IDCT dN51 App I lal 95,898 130,410 226,308 UK Company Interest per nm Ltd App I lal 8,258 UK Unit Trusts & OEIC Di¥idend5 per TIM Ltd App I lal 28,435 UK Vnlt Trusts & OEIC Interest per llm Ltd App I lal 32.S21 UK Gllt & Other InterEst IGrossl per TIM Ltd App I lal 2.900 UK Depos5t Interest (Grossl per TIM Ltd App I (•) 2,Z53 UK Deposit Interest IGros51 per Thorntor15 906 Property Incorne Dlstrlbutlons per TIM Ltd App I lal ForeiKn Dlv5dend Income per TIM Ltd App I lal 12.031 Forelgn UnitTrusl & OEIC Income perTIM Ltd App I lal ForÈiBn Unit Trust & OEIC Interest per Ltd App I lal 8,607 Other Incom• per TIM Ltd Fund rebate5 490 322.709 Lew Char1ta￿eTn￿t Yv8rended 310eeember2024 AppEnth Z ¥esIm¢niTi￿•Us￿7S Date Nam• 08104120Z4 Nineryone Fds Global Gold 0710512024 U LIK Equty Income Z I OSI0612024 èlackrock European DYTh￿l¢ 1011012024 jupiter UTMgrsJap3n IrK Royal London ShortTerm Mow Mark wifft024 R￿1 London Corp Bondz ).0￿ Purch J20.0(¥J Purchase 3S.OL pU￿hOSe 281.45 Purchase 161.0571 Puth5e 187,294.7659 Purch -9S,795.(X) -192,426.OD -107,429.81 -330.45 -160.04 -170,OQK> 00 467.14L30 D15P05ab- Gainl Nwne 3V03Aoz4 Trojan Inv Fds 0510412024 BullK)n Secs Q3105D024 Martkn CtsYri￿ UK Eguity Int 0510612024 Astrazeneca Ord 28106120Z4 Royal London ShortTerni Money Markei 0710812024 CT UK Equw Income Z Inc 2811012024 WS ftuffer D￿￿sifIed Return 061Iy1024 Allian¢eWTtan Ord 3111112024 Rtyal London ShortTerm Morymarket Eq￿lSat 975.36 77.8I6.46 198.443.31 26A14.57 0.85 L105.08 24L128.19 .758.$8 975.36 95.317.04 20L116.73 113.620.18 0.85 I,ios.c 230.>)4.50 l?O.fX)3.74 $70 121055.054 17.470.S8 L673.42 86.80S.21 Sa Sale Equali5atiL SalE 53le E9UatiytbJn 215.1 .69a -10.Z23.S9 154.245.06 562.D7L98 813.045.56 250.970.58 LenKOwrflableTn￿t Ywr to Jtst Derember ZOZ4 APP￿dI￿ Ja S￿￿m8ryoI Itwestr*ent Portfoliv•s•t 31st Oecenknr 2024 Market Val PerAppendL¥ 3 Ibl £5.687,989 less.. cash b•l•n¢t 4243.218 £5J44.771 lThve5tmettts held perThomtgns L•w iLP: 21.C O Cyhomsw L¢d Ord shares e £103.53 £4174,130 Totwls £1￿14901 THORNTONS INVESTMENTS PortfoAty- L¢w chwiiab￿Tfvs1(JPocol?9Aj 07-01-2D2S 1th"38."S% Vaualion dote.. 31-12.2024 £5,4M.TTO.79 £243217.71 . . £4687.98UO PrDfiI8 L055 InV¢$lm@Tht Quantity Change IW.I AeGOt4 AM UK LVC A&GON INV GRD BDSTG S OIS IFUND."BFOW2N71 IIA916 GeP gP,663.79 69.943.$2 4,no.27 .9.75 ALLIANCE WITAN PLC ORD GBPO.025 ISEQ¢X..B11VI￿) ASTWENeGA PLC OFQ LJSDa25 (SEOOL.'0989529) 28.9U7 13AJ G8P .95fj.09 334.4Y.01 3Q3,487A2 9￿￿7 1.WO 104.66 GBP 29.59Y.0g 104.660ffj0 75.062.91 253.62 8N YNELLQN INCOME W NET INC NAV{FUND'.88S UNIL£VER PLC ORD Gepo.031t11 ISEDr￿..81oPIP7} IAENI GROUP ORD GBPO.I ISEDOLffj94658UI 5.348 1&D8￿ GBP 73.44721 86.009.21 11562.00 17.10 160.WO 12386 GBP TOB.382.64 214.176.rN) 15.793.36 7A6 4&47S GBP 46,093.14 134,1512S 88.058.11 191.04 21A9 G8P I1￿&.24 6&,654.50 76.80526 $48.19 WORLDWIDE HLThCMAE ORO GBPO.0251SEOOL.'BN4SSJSI Total 47,740 3.1S75laP 174,W10 150.n9.05 -24.2U.OS -13.86 114414th15 44Km.79 1￿,6￿88 Key.. Pri￿ nDtavalAblE Prke$¥hNn •relh•ktesl{kn￿rSWk1S The chBhg8 represents the ￿l￿￿tÈnts bwkc051s and wty. di¥iderth Èr￿ Intgrost nol l**n accoknni ènd there10￿ ihE5e numbw5 shOL￿d nL4 b&￿￿¥ide￿o J5 Yhe lotsl re￿in. %¥hen asse5Iw perforMancerf￿rpcrfd￿.