TURCAN CONNELL
THE HUGH FRASER FOUNDATION
Scottish Charity No . SC009303
Report of the Trustees and Audited Financial Statements
For year to 31 March 2025

Page 2
THE HUGH FRASER FOUNDATION
General Information and Re
ort of the Trustees
for the
ear ended 31 March 2025
The Trustees present their annual report and financial statements for the charity for the year ended 31 March
2025. The financial statements have been prepared in accordance with the accounting policies set out in
Note 1 to the financial statements and comply with the CharIt￿S Trusl Deed, the Charities and Trustee
Investment (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended} and the
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charittes
preparing their financial slalements in accordance with the Financial Reporting Standard 102 appllcable in
the UK and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January
2019).
Ob
ectlves and Actfvitles:
Ob'ectives of the Trust
The Foundation was established on 26 February 1960 by Sir Hugh Fraser. Bt..
later Lord Fraser of Allander and endowed by him with shares in House of
Fraser and Scottish and Universal Investments (SUITS), the West of
Scotland based companles Nthose fortunes he directed. It was established for
charitable purposes.
The fijnds of the Foundation. both capital and income, are to be applied at the
sole discretion of the Trustees for charttable purposes generally in Scotland and
elsewhere.
The Truslees do not engage directly in charitable activities or projects.
It should be noted that the Twstees are not bound to continue supporting
organisations in these areas and may in the future favour other areas of benefit
whilst remaining within the objectives of the Trust Deed.
Grant Makin
Polic
The Trustees. policy is to support a broad range of charitable projects
particularfy in Scotland bLrt also elsewhere at the discretion of the Trustees.
The Trustees consider that grants to large, highly-publicised national appeals
are not likely to be as effective a use of funds as grants to smaller and more
focused charltable appeals.
The Trustees also consider that better use of funds Gan be made by maklng
grants to charitable bodies to assist them with their work, than by making a
large number of grants to individuals.
The Trustees are prepared to enter into commitmenls over a period of time by
making grants in suGGessive years. often to assist in new initiatives which can
maintsin their own momentum once Ihey have been established for a few years.
The Foundation makes donations to charities working in many different sectors
principally hospitals, schools and universities, arts organisations and
organisations working with disabled people, the underprivileged and the aged.
The Trust8es are nevertheless prepared to consider applications from charities
working in other fields.
rt on the Activities
of the Trust
The Trustees have received applications from a number of organisations
throughout the year.

Page 3
THE HUGH FRASER FOUNDATION
General Information and Re
ort of the Trustees
for the
ear ended 31 March 2025
Ob
ectlves and Actlvltles:
Re
ort on the Activitses
of the Trust (Contd.)
In the curreni year, the Trustees made grants, including futtsre commltments and
pledges, of £3,302,735 (2024 £2,550,341) to charities. principally in the field of
medical and health, the relief of poverty and assistance to the aged and infirm,
education and learning, encouragement of personal development and trainlng
of young people and the provision of better opportunlties for the less privileged
and the vulnerable, and the encouragement of music and the arts. The largest
grant paid during the year was to the Retail Trusl (£21)0,000).
Details of grants, commitments and pledges paid and unpaid are set out on
pages 19 to 20. this comprises of note 8 where tables are laid out. in explanation
of the above.
The Foundation does not engage in charitable activities directly.
Achlevernents and Performance:
Investment Polic
In accordance wilh the Trust Deed, the Trustees have the power to invest in
and Performance
such stocks. shares and investments In the Uniled Klngdom or abroad as they
in their sole discretion think fit.
The Trustees engaged Evelyn Partners, UBS AG and Cazenove Capital
Management as investment advlsors.
The Trustees, investment policy with Evelyn Partners is geared towar(Is
enhancing capital. wtth a mediumlhigh risk. In the year to 31 March 2025,
capitsl values increased by 0.240/9 to £66,018,860 {2024 £65,859,989).
This small capital Increase is due to an uptum in the market. along with the
uncertainties in the global market worldwide, which has resulled in a increase
in value of a some stocks. The gross income collected has decreased by 4.50/0
to £2,022,402 (2024 £2,117,859} during the year. The decrease is mainly due
to the economic and geopolitical uncertainty that continues.
The Trustees, investment policy wth UBS Is for the portfollos to be managed
for maximum capital gr0￿h, with a high over811 risk level within the conlext of
the portfolios.
At present, the asset allocation in the original fund is approximately 3.54 /0 in
cash and 96.460/0 in equities. As for the investment preference, this has been
agreed to be a global strategy. In the year to 31 March 2025. capital values
increased by 3.46 % to £10,799,048 (2024 £10,438,180). The capltal value
increase has been mainly attributed to changes made to Ihe portfolio during the
year, along Viith the uncertainties in the global market worfdwide, which has
resulted in an increase in value of some stocks. The gross income collected
has also increased by 25.02¥0 to £152,91412024 £122,305) during the year.
At present, Ihe assel allocation in the UBS SustainablelESG Fund is
approximately 2.67 % in cash and 97.33 /0 in equities. As for the investment
preference, this has been agreed to be solely in global strategy. on
a sustainable investing basis. Sustainable investing mandate solutions
larget positive environmental and social impact alongside financial retum.
In the year to 31 March 2025, capital values increased by 1.08 % to £3,286,976
(2024 £3,252,000). The capilal value increase has been mainly attributed to
changes made to the portfolio during. along with the uncertainties in the global
market worldwide, which has resulted In a small increase in value of some
stocks. The gross income collected has decreased by 1.950/0 to £10,825
(2024 £11,041 1 during the year.

Page 4
THE HUGH FRASER FOUNDATION
General Informatson and Re
ort of the Trustees
for the
ar ended 31 March 2025
Achievernents and Performance:
Investment Polic
The Trustees, investment policy with Cazenove Capital Management is to
and Performance
maximise totsl retum with due regard to risk to be achieved through investment
in a global equty portfolio. In the year to 31 March 2025, capital values
decreased by 1.19°/o to £9,609,37712024 £9,724.8311. The capital value
decrease has been mainly attributed to changes made to the portfolio during the
year. The gross income collected has also decreased by 9.9410 to £124,523
(2024 £138,271 } during the year.
The Trustees, investment objective in the Cazenove SustainablelESG Fund
is to maintain the real capital value ahead of Inflation. over the long term. The
Trustees can tolerate variation in the capital value of the portfolio in the short-
term and are prepa￿d to adopt 8 total return (income and capital growth)
approach to meet Iheir expenditure requirements. The portfolio is invested
in the Responsible Multi-Asset Fund. In the year to 31 March 2025. capitsl
values decreased by 2.93 % to £2,975.223 (2024 £3.065,051). The capital
value decrease has b8en mainly attributed to an downturn In the market value of
the MultilAsset Fund the portrolio has invested in. The gross income collected
has increased by 0.52 % to £126.903 (2024 £126,246) during the year.
Flnanclal Review:
Financial Re
ort
The Foundation's ability to make meanlngful donatlons is reliant on income and
investment returns from its investment portfolio.
As at 31 March 2025, the Foundation held investments with a market value of
£92,689,484 (2024 £92,340,051) and held net assets of £94.454,63312024
£94.932,404).
The Trust received income of £2,701,384 (2024 £2,655,593) durin9 the financial
year. The Trustees also provided grants of £1.967,674 (2024 £1,715.095>, made
new future commitments of £444,430 (net) (2024 £401,924 Inet)), paid out future
commitments committed in previous years of £424,22712024 £375,000), made
new pledges of £1.205,07212024 £767,521) and paid out pledges of £944.563
(2024 £647,108).
Reserves Poli
11 is the policy of the Trustees to distribute the income of the Trust in the form
of grants and the Trustees are prepared to enter into commitments over a period
of time by making grants in successive years. The Trustees are also prepared
to pledge funds to organisations, with a date for the payment to be released
still to be agreed. It is anticipated that any surplus income at the year end would
be distributed in the following year.
As the Foundation does not provide direct charitable Servi￿S, the Trustees
believe that normal expenditure can be met from income generated. The funds
of the Foundation are wholly unrestn'cted and are represented by a portfolio of
investments and cash balances. The Trustees are advised by Evelyn Partners.
UBS AG and Cazenove Capital Management. The Trustees have power to
draw upon the fund in furtherance of the Foundation's objectives ￿lIst
retaining sufficient funds to meet any commitments they may undertake.
As the assets of the Foundation are held in a ready realisable form. the
Trustees do not therefore consider it ne￿$Sary to maintain specific reserves.

Page 5
THE HUGH FRASER FOUNDATION
General Information and Re
ort of the Trustees
for the
ear ended 31 March 2025
Flnanclal Review:
Risk Mana
ement
The Truslees have assessed the major risks to which the chanty Is exposed,
in particular those related to the operations and finances of the Trust, and are
satisfied that systems are in place to mltigate its exposure to the major risks.
The Trustees consider variability of the investment returns on the Fund to
constitute one of the charitys major risks. The Trustees therefore receive
advice and reports from Evelyn Partners, UBS AG and Cazenove Capital
Management on an ongoing basis, in order to monitor the performance of
the portfolio and to therefore minimise the risk of income loss.
A memorandum. reviewed annually by the Trustees, details the risks considered.
Goin
Concem
The Foundation has considerable financial resources, both liquid and
investments. that can be readily converted to cash. The Trustees also have
no material uncertainties as to the Foundalion's ability to continue as a going
concem. Accordingly, the Trustees continue to adopt the going concem basis
in preparing the financial statements.
Structure Governance & Mana
ement:
Foundin
Document
Dated 26 February 1960 and registered in the Books of Council and Session on
19 May 1960.
intment of New Trustee5 The Truslees In off ce have the power to appoint new Trustees.
DeGislon makln
All Trustees are actlvely Involved In the decisSon maklng process.
The Trustees m8et four times a year, where they review any requests for funding
received during the preceding months.
Conflict of Interest
From time to time the Trustees will be asked to consider an application for
finanGial sUPPOrt from a charity which one or more of the Trustees supports in
either a professional or personal capaclty. In such circumstances the Trustee(s>
with an interest in the relevant charity declares thelr interest at the outset of the
Trustee meeting at which the application is to be considered.
Trustees, Trainin
All Trustees are encouraged to attend training in both governance and specific
area5 of interest and relevance to their role within the charily.
The Foundation has no employees (2024 None). The Trustees have engaged
Turcan Connell to undertake the administration of the Foundation, remuneration
for which is recorded in the financial statements.
Ke
Mana
ement
The Truslees conslder thal the diariws Trustees, and Ihe senior management
team comprise the key management personnel of the charity in charge of
directing and controlling, running and operating the charity on a day-to￿aY basis.
Reference and Administrative Details:
A Scottish Charit
Reference No. SC009303
Address
Turcan Connell
180 St. Vin￿nt Street
Glasgow
G2 5SG

Page 6
THE HUGH FRASER FOUNDATION
for th
ar ended 31 M rch 2
25
Reference and Admlnlslratl
Trustees
Turcan Connell
Prlnces Exchang&
1 Earl Grey Street
Edinburgh
EH3 9EE
Amstrong Watson Audlt Ltd
ststutory Auditor
Chartared Accountants
Caledonia Hous8
89 Seaward Streat
Glasgow
G411HJ
Investment Advisors
Evelyn Partners
130 St Vincent Street
Glasgow
G2 5SE
Ca￿rK)Ve Capital
Management
100 Wood Street
London
EC2V 7ER
UBS AG
1 CurLon Streel
London
W1J SUB

Page 7
THE HUGH FRASER FOUNDATION
General Infonnation and Re
ort of the Trustees
for the
ear ended 31 March 2025
Trustees, Res
onsibilities
Statement in Res
ect
of the Financial Statements
The Trustees are responsible for preparing the Truslees, Annual Report and the
financial statements in accordance with applicable law and with the Financial
Reporting Standards applicable in the United Kingdom and Republic of Ireland.
The law applicable to Charilies in Scotland requires the Trustees to prepare
financial statements for each financial year which glve a true and fair view of the
state of affairs of the Foundation and of the incoming resources and application
of resources of the Foundation for that period. In preparing these financial
statements. the Truslees are requlred to .
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards and Statements of
Recommended Practice have been followed. subject to any departures
disclosed and explained in the financial 5tatements-, and
prepare the financial stalemenls on the going ¢oncem basis, unless it is
inappropriate to assume that the charily will continue on that basis.
The Trustees are responsible for keeping proper accounting records that
di5¢1ose with reasonable accuracy at any time the financial posilion of the
charty to enable them to ensure that th8 financial statements comply with
the Charities 2nd Trustee Investment (Scotland) Act 2005, the Charities
Accounts (Scotlandl Regulations 2006 (as amended) and the provisions of the
chartys constitution. They are also responsible for safeguarding the assets
of the charity and hence for laklng reasonable step5 for the prevention and
detecknon of fraud and other irregularities.
The Truslees are responsible for the mainlenance and integrity of the charity.
Legislab'on in the United Kingdom governing the preparation and disseminalion
of the financial statements may differ from legislation in other jurisdictions.
In so far as the Trustees are aware-
there is no relevant audit infomiation of which the Foundation's auditors are
unaware., and
the Trustees have taken all steps that they ought to have taken to make
themselves aware of any relevant audit information and lo establish that the
auditors are aware of that information,
Financial statement5
aration
The Trustees confimi that the financial statements for the year ended 31 MarGh
2025 have been prepared so as to comply with current statulory requirements.
the Charity SORP and the Foundation's own goveming document.

Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUGH FRASER FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2025
Oplnlon
We have audited the financial statements of The Hugh Fraser Foundation (the 'charity') for the year ended 31 March
2025 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes
to the financial statement5. including a summary of significant accounting policies. The financial reporting framework
that ha5 been applied in their preparation is applicable law and United Kingdom AGcounting Standards, including
FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair Mew of the stste of the charitys affairs as at 31 March 2025 and of its incoming
resources and application of reSoUr￿s, for the year then ended.
have been properly prepared in ac¢ordance wilh United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared in accordance with the requirements of Charity SORP Regulations (FRS 102), the
Charities and Trustee Investment (Smtland) Ad 2005 and Regulatlon 8 of the Charities Accounts {SGotland)
Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of
the financial statements section of our report. We are independent of Ihe charity in accordance with the elhical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is suffioent and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing thè financial stalements, we have concluded that the Trustees, use of the going concem basis of
accounling in the preparation of the financial ststements is appropriate.
Based on the work we have performed, we have not identified any material uncertainlies relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going
concern for a peri¢Jd of at least ￿1ve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Truslees with respect to going concern are described in the
relevant sections of this report.
Other Informatlon
The Trustees are responsible for the olher infomation. The other information comprises the information Included
within the Annual Report other than Ihe financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover Ihe other information and, except to the extent otheNise
explicilly ststed in our report, we do not express any form of assurance conclusion thereon.
In connection our audil of the financial statemenls, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statemenls or our
knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to delermine whelher this gives rise to a
malerial misstatement in the financial slatemenls themselves. If, based on the work w6 have performed. we
conclude Ihat there is a material Tnisstatement of this other information, we are required to report thal fact. We have
nothing to report in this regard.

Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUGH FRASER FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2025
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following matters where the Charlties 2nd Trustees Investment
(Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our
opinion:
the information given in the Report of the Trustees is inconsistent in any material respect with the financial
statements., or
proper accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and relums; or
we have not received all the infomation and explanations we require for our audit.
Responsibilltles of Trustees
As explained more fully in the Statement of Trustees. Responsibilities set OLrt on page seven. 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 conlrol as Ihe Trustees determine necessary to enable the preparation of financial statements
thal are free from material misslatemenl, whether due lo fraud or error.
In preparing the financial ststements, the Trustees a￿ responsible for 8ssessing the charitys abllity lo continue as a
going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of
accounting unless the Trustees either Intend to liquldate the charity or to ￿ase operations. or have no realistic
altemative but to th so.
Our responslbllltles for the audlt of the flnanclal statements
We have been appointed as auditor under section 44 (1){c} of the Charities and Trustee Inv@stment (Scotland) Act
2005 and report In accordance with the Act and relevant regulations made or having effect thereafter.
Our objectives are to obtain reasonable assurance about whether the financial statemenls as a whole are free from
material misstatement, whether due to fraud or e￿or, and to issue a Report of the Auditors that includes our opinion.
Reasonable assurance is a high level of assurance, but 15 not a guarantee thal an audil conducted in accordance
with ISAS (UK) will always detect a material rnisstaternenl when it exists. Misstatem8nls 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 statemenls.
I￿egUlaritieS, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatemenls in respeGt of irregularities, including
fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below..
Our approach to identifw'ng and assessing the risks of material misstatement in respect of irregularities. including
fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectlvely had the appropriate competence,
capabilities and skills to identify or recognise non-compliance wth applicable laws and regulations,.
we identified the law5 and regulations applicable to the charity through discussions with Trustees and
other management, and from our commercial knowledge and experience of the charivs industry sedor.
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the charity, including the SORP. taxation legislation, data
protection. anti-bribery, employment, environmental and health and safety legislation.
we assessed the extent of compliance wth the laws and regulations identified above through making
enquiries of management and Inspecting legal correspondence., and
identified laws and regulations were communicated within the audit team regularfy and the team remained
alert to instances of non-compliance throughout the audit.
We assessed the susceptlbility of Ihe charitys financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was suscepiibility to Iraud. their
knowledge of actual, suspecled and alleged fraud- and
considering the intemal controls in place to miligate rfsks of fraud and non-compliance wilh laws and
regulations.

Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUGH FRASER FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2025
Our responsibllltles for the audlt of the financial statements
To address Ihe risk of fraud through managemenl bias and override of Gonlrols, we:
performed analytical procedures to identify any unusual or unexpected relationships;
lested journal enlries to identify unusual transactions;
assessed whether judgements and assumptions made in detemiining the key accounting estimates sel
out in nole 1 were indicative of potential bias., and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures
which included. but were not limited to:
agreeing financial statement disclosures to undertying supporting documentation.,
enquiring of management as to actual and potenkn'al litigation and claims. and
reviewing correspondence with HMRC and the Charitls legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations
are from financial transactions, the less likely it is that we would become aware of nonacompliance. Auditing
standards also limit the audil procedures required to identify non-compliance with laws and regulations to enquiry of
the Trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as Ihey may
Involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FinanGial
Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of
the Auditors.
Use of our report
This report is made solely to the charitys Trustees as a body in accordance with Section 44(1)(C) of the Charities
and Trustee Investment (Scotlandl Act 2005 and Regulation 10 of the Charities Accounts {Scoland) Regulations
2006. Our audit work has been undertaken so that we might state to the charitys members those matters we are
required to stsle to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law.
we do not accept or assume responsibility to anyone other than Ihe charity and the charitys members as a body, for
our audit work, for this report, or for the opinions we have formed.
Statutory Auditor
Chartered Accountants
CaledonSa House
89 Seaward Street
Glasgow
G411HJ
Date:

Page11
THE HUGH FRASER FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
2025
Tolal
2024
Total
Notes
Income from:
Investments
2,701,384
2,655,593
Total
2,701.384
2,655,593
enditure on:
Raisin
Funds
Investment managemenl charges
1211.368)
(175,851)
Charitable Activities
Grants and donations
Support and Govemance Costs
(3,302,735) {2,550,341)
1119,572)
(113,116)
Total
{3,633,675
12.839,308
Net expenditure before other
recognised (losses)Igalns
1932,291)
(183,715)
Other Reco
nised Gainsl
losses
Net (LossesyGains on Investments
454,520
4.069,694
Net Movement in Funds
1477.771)
3.885,979
Reconclllatlon of funds
Total funds brought forward
94,932,404 91.046,425
Total funds carrled forward
94,454,633 94,932,404
Continulng Operations
All income and expenditure ha5 arisen from continuing activities.
Galns and Losses
The Statement of Financial Activities includes all gains and losses recognised in the year.
Funds
I lunds are unrestricted.
The notes on pages 14 to 21 fomi part of these accounts.

Page 12
THE HUGH FRASER FOUNDATION
BALANCE SHEET AT 31 MARCH 2025
Notes
2025
2024
Flxed Assets
Llsted Investments wlth -
Evelyn Partners
UBS AG
UBS AG - SustainablelESG fund
Cazenove Capital Management
Cazenove Capllal Management - SustainablelESG fund
5(a)
5(b)
5(c)
5(d)
5(e)
66,018.860
10,799,048
3,286,976
9,609,377
2,975.223
65,859,989
10,438,180
3,252.000
9,724,831
3,065.051
92,689,484
92,340,051
Current Assets
Debtor5
Bank AcGounts
289.386
4,314,428
344,637
4,676,747
Total Current Assets
4,603.814
5.021,384
Llabllltles
Current Liabilities
Future Commitments due within one year
Pledges due wthin one year
(646.9071
(468,127}
(266,500}
{409.985)
(424,227)
(158,5001
Total Current Liabilltles
1,381,534
992.712
Net Current Assets
3,222,280
4,028,672
Total Assets less Current Llabllltles
95,911,764
96,368.723
Lon
Term Liabilitles
Future Commitments due after more than one year
Pledges due after more than one year
(173,5001
(1.283.631)
(187.197)
11,249,122)
Net assets
94,454.633
94,932,404
The funds of the chari
Unrestricted Funds
94,454.633
94,932,404
94,454.633
94,932,404
Approved by the Trustees and authorised to be signed on their behalf on
The notes on pages 14 to 21 form part of these accounts.

Page 13
THE HUGH FRASER FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Cash flows from operatlng actlvltles
3,168.791
3.176.491
Cash flows from Investlng activltles
Dividends, interest and rents from investments
Proceeds from sale of investments
Cost of investrnents acquired
2,701,384
2.655,593
12.469,753
12.463,215
(12,364,665) (12.926,501)
Net cash provided by l(used in) Investing activitles
2,806,472
2,192,307
Change in cash and cash equlvalents In the reportlng perlod
Cash and cash equivalents al 31 st March 2024
1362,319)
4.676,747
(984,184)
5.660,931
Cash and cash equlvalents at 31st March 2025
4.314,428
4,676,747
Net movement In funds In the year to 31st March 2025
per Ststement of Flnancial Actlvltles
1477,771)
3.885,979
Adjustments for..
Dimdends interest and rents from investments
{Profit)Iloss on the sale of fixed asset investments
(Profit)Iloss on the revaluation of fixed asset investments
Decreasel{Increase) in debtors
Increasel (decrease) in creditors
(2,701,384)
{125,776)
(328,745)
55,251
409,634
(2.655,593)
(133,810)
(3.935,885)
{132,612)
(204,570)
Net cash {used in)Iprovided by operating activities
3,168,791
3,176,491
The notes on pages 14 to 21 fomi part of these accounts.

Page 14
THE HUGH FRASER FOUNDATION
Notes to the Financial Ststements
1. Accountin
Policies
a) Financial statements
re
aration
The financial statements of the Foundation ar8 prepared under the Historical Cost Convention with items
recognised at cost or transaction value unless otherwise slated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance wth the Ststement of Recommended Practice
(SORP): Accounting and Reporting by Charities applicable to charities preparing their financial statements
in accordance wth the Financial Reporting Standard applicable in the United Kingdom and Republic of
Ireland (FRS 102) (second edition Issued October 2019 and effectlve 1 January 20191, the Charities and
Trustee Investment (Scotland) Act 2005, and the Charltie5 Accounts (Scotland) Regulations 2006 (as
amended}.
The Foundatlon constitutes a publlc benefit entity as defined by FRS 102.
The financial statements have be8n prepared on a going concem basis. The Trustees have assessed
the Foundation's ability to continue as a going concern and have reasonable expeclation that the
Foundation has adequate resources to continue in operational existence for the foreseeable futur8,
ihus they conts'nue to adopt the going Goncem basis of accounting in preparing the financial statements.
The financial statements are presented in Sterling (£).
b) Investments
Investments are a fomi of basic financial instrument and are inltially recognised at their transaction value
and subsequently measured at their fair value at the balance sheet date. The Statement of Financial
Activities includes the net gains or losses arising on revaluation and disposals throughout the year.
c} Gains and losses
All gains or losses are taken to the Statement of Financial Activities as they arise. Realised gains and
losses are calculated as the difference between the sales proceeds and their opening carrwng value or
their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and
losses are calculated as the difference be￿een the fair value at the year end and their carrwng value.
Realised and unrealised gains and losses are combined in the Ststement of Financial Activities.
dl Income
Investment ino)me is induded in the financial statements in the year in which the Foundation beccxnes
entitled to it. it can be reliably determined and there is probability of receipt.
Donations are included in the financial statements together with associated gift ald, where applicable,
when the Trustees have been advised of the donation with notificatson of both amount and the intended
settlement date.
enditure
Expenditure is inclLJded in the financial statements on an accruals basis and recognised in full as soon as a
constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
f} Cost of raisin funds
Investment management charges are included on an accruals basis and recognlsed in full as soon as a
constructive obligation exists.

Page 15
THE HUGH FRASER FOUNDATION
Notes lo the Financial Statements
1. Accountin
Policies {Cont'd)
ort and
overnance costs
Charges for accounting and regulatory compliance are Included in the financial statements and equate to
15ty/0 of the overall fees charged by Turcan Connell. with the remainder being Support Costs.
All govemance costs are shown in the Statement of Financial Aclivities. all accountable to income.
As the Foundation does not provide services directly but by way of grants to other organisations,
support and governance costs are not allocated against individual grants or donations.
h) Grants
Grants payable are payments to third parties in 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 notificab'on gives the recipient a reasonable expectation that they will re￿1ve the one-year or multi-year
grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued
when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to Ihat
grant is outside of the control of the Trust.
Grants aulhorised to be paid in respect of the accounting year or future years are provided for in the
financial statements.
Provisions for grants are made when the intentlon to make a grant has been communicated to the recipient.
i) Future Commltments
The Trustees enter into commitments which are unconditional grants that are payable in instalments over a
specified period of time. These are provided in full once the comrnitment is erbtered into.
As required by FRS 102, the Trustees are required to consider Ihe effects of the time value of money on
their multi-year commitments. Having done so, the Trustees are of the opinion that, in relation to the current
commitments, any adjustment is not material relative to the income of the Trust and therefore no discoLsnting
has been applied.
A provision for a multi-year award is recognised at its present value where settlemenl is due over more
than one year from the date of the award, there are no unfulfilled conditions and the effect of the
discounting is material. In the Gurrent economic climate, the Trustees consider a discount rate of 20￿ lo be
appropriate.
The Trustees also have discretion to enter into pledges to make grants or commitments. These pledges a
subject to certain condiknons being fulfilled. The grants or commitments of this type are provided for in full
as soon as the pledge has been entered into as the conditions fall outside the control ofthe charity- Once
the conditions have been rnet, the grant or commitment will be paid out.
The Foundation is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where
applied, VAT is included as part of the expense.
l} Taxation
The charity is exempt from tsxation provided that Its incorne is used for charitable purposes.

Page 16
THE HUGH FRASER FOUNDATION
Notes to the Financial Statements
1. Accountin
Policies (Cont'd)
m) Finanaal Instruments
BasiG financial assets
Basic financial assels, which include debtors and cash and bank balances, are inrtially measured at
transaction price inGluding transaction costs and are subsequently Garried at amortised cost using the
effeclive interest method unless the arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of inlerest.
Financial assets classified as receivable wthin one year are not amortj'sed.
Basic financial liabililie
Basic financial liabililies, including creditors, are initially recognised at Iransaction price and subsequently
recognised at amortised cost using the effective interest method, unless the arrangement constitutes a
financing transaction, where the debt instrument is rneasured at the present value of the future payments
discounted at a market rate of interest. Financial liabililies classified as payable wthin one year are not
amortised.
n) Critical accountin
ud
ements and ke
sources of estimation uncertaint
In the application of the Trust's accounting policies Ihe Trustees are required to make judgements, estimates
and assumptions about the Carrying amounls of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from these estimates. The eslimates and
underlwng assumptions are reviewed on an ongoing basis.
The estimates and underlwng assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the eslimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current
and future periods.
The trustees consider that there are no estimates and undedying assumptions which have significanl
risk of causing a material adjustment to the carryng amount of assets and liabilities.
o) Fund accountin
All funds are un￿striCted and can b@ used in accordanc8 with the charity's objectives at the discretion
of the Trustees.
2025
2024
Accrued Income
Investmenl Accrued Income
49,490
77,557
239,896
267,080
289,386
344,637
All amounts are due within on8 year

Page 17
THE HUGH FRASER FOUNDATION
Notes to the Financial Statements
3 Creditors
Due in less that one year-
Donations paid after the year end
Investment management charges
Audit Fee
Olher costs
Current Liabilities
2025
2024
595,282
41.125
10.500
357,985
40,825
10,500
675
409,985
646,907
Future Commitments due within one year (Note 8)
Pledges due within one year (Note 81
468.127
266,500
1,381,534
424,227
158,500
992,712
Due after one year-
Future Commitments due after more than one year (Note 8)
Pledges due after more than one year (Note 8)
173,500
1,283,631
1,457,131
187,197
1,249,122
1,436,319
Total creditors
2,838,665
2,429,031
4 Investment Income
2025
2024
Dividends and Bond Interest
Bank Interest
Miscellaneous receipt
2,437,568
262,996
820
2,701,384
2,515,722
139,871
2,655,593
5 Listed Investments
a) Evel n Partners
Market Value at 1 April 2024
Purchases
Dividends Reinvested
Sales
Realised Gains
65,859,989
6,608,571
1,649
16,638,256)
141,778
65,973,730
45,130
66,018,860
Unrealised Gains
Market Value at 31 March 2025
Historical Cost of Investments at 31 March 2025
43,449,725
bl UBS Mana
ed Funds
Market Value at 1 April 2024
Purchases
Dividends Reinvested
Sales
Realised Gains
10,438,180
2.865,471
30,777
12,863,449)
33,146
10,437,833
361,215
10,799,048
Unrealised Gains
Market Value at 31 March 2025
Historical Cost of Investments at 31 March 2025
9,302,905

Page 18
THE HUGH FRASER FOUNDATION
Notes to the Financial Statements
5 Listed Investments
c) UBS Mana
ed Funds - SustainablelESG fund
Market Value at 1 April 2024
Purchases
Dividends Reinvested
Sales
Realised Gains
3,252,000
523,411
6,446
1523.996)
14,198
3,272,059
14.917
3,286,976
Unrealised Gains
Market Value at 31 March 2025
Historical Cost of Investments at 31 March 2025
2,943,041
dl Cazenove Mana
ed Funds
Market Value at 1 April 2024
Purchases
Dividends Reinvested
Sales
Realised Gains
9,724.831
2,324,109
4.232
(2.444,051)
2,945
9,612,066
2,689
9,609,377
Unrealised Gain5
Market Value at 31 March 2025
Historical Cost of Investments at 31 March 2025
6,177,703
e) Cazenove Mana
ed Funds- SustainablelESG fund
Market Value at 1 April 2024
Purchases
Dividends Reinvested
Sales
Realised Gains
3,065,051
3,065,051
89,828
2,975.223
Unrealised Gains
Markel Value at 31 March 2025
Historical Cosl of Investments at 31 March 2025
2,993,069
Individual holdings which exceed 5/0 of the whole portfolio by value, as at 31st March 2025 -
None
6 Em
ees
The Foundation has no employees (2024 None).
7 Trustees, Remuneration
All Trustees act gratuitously and as such receive no payment for their services (2024 £nill-
The Trustees receivod £12,01412024 £11,941) for reimbursement for travelling and other
expenses incurred in attending meetings and carrying out their duties.

Page 19
THE HUGH FRASER FOUNDATION
Notes to the Financial Slatements
8 Grants Paid
In the year to 31 March 2025 Grants paid which exceeded 20/0 of the gross income were'.-
Retail Trust
In addition, a further 661 Grants to organisations were made totalling
Also, Grants of £6,000 were made lo 2 individuals
200,000
2.923,023
12,000
3,135,023
{414,227)
(748,122)
5.000
1,967,674
Less:_
Commitments provided for in premous years
Pledges provided for in previous years
Donations returned
In the year to 31 March 2024 Grants paid which exceeded 2Vo of the gross income were:_
Ayrshire Hospice
The Lighlhouse Support Centre
In addition, a further 531 Grants to organisations were made totalling
Also, Grants of £6,000 Y￿re made to 2 individuals
100,000
100,000
2,422,595
12,000
2.634,595
(375,000)
(540,500)
4,000
1,715,095
Less:.
Commitments provided for in previous years
Pledges provided for in previous years
Donations returned
Anal
is of Grants
Grants
Total Number
Total Amount
Medical & Health
Conservation and Enwronment
Disadvantaged & Disabled
Education & Training
Eldedy, Homeless & Hospices
Musical, Theatrical & Vlsual Arts
Religion
Youth Organisations
Miscellaneous
88
56
155
63
56
114
10
41
79
662
508,663
278,145
656,825
235,814
485,696
355,032
86,000
146,200
370,648
3,123,023
This analysis of grants excluded ex-gralia payments of £12,000 (2024 £12,000) made to 2 individuals
in the year (2024 2 individuals).

Page 20
THE HUGH FRASER FOUNDATION
Noles to the Financial Statements
8 Grants Paid
Future Commitments
Opening balance
Less -
Paid in year to 31 March 2025
net
611,424
(414,227
197,197
Add-
New commitments in year to 31 March 2025
2024
2025
2026
2027
301,185
300,930
153,500
10,000
765,615
{301.185)
20,000
Less -
Paid in year to 31 March 2025
Withdrawn during the year
444,430
641,627
Outstandin
ommitments as at 31 March 2025
Amounts paid in the year on new grants are included within grants paid in the Statement of Financial
Activities
Future Commitments fall due:
less than one year
between one and three years
468,127
173,500
641,627
Pled
es
net
Opening balance
Less -
Paid in year to 31 March 2025
1.407,622
{748,122
659,500
Add-
New pledges made in year to 31 March 2025
Less -
Pledges made and paid in year to 31 MarGh 2025
Pledges made and withdrawn
Pledges made and became a Fulure Commitment
1,205,072
(196,441)
(3.000)
36.000
969,631
Less -
Pledges committed in premous financial statemenls, now:
Withdrawn
- Became a Future Commitment
(76,OCKJ)
3,000
890,631
1.550,131
Outstandln
led
es as at 31 March 2025
Amounts paid in the year on new pledges are included within grants and donations in the Statement
of Financial Activities
Pledges falling due:
less than one year
more than one year
266,500
1.283,631
,550,131
The gxpected paymont dates for the outstandlng pledges arg not yet known as theirpayment date is
subject to certain conditions being fuffilled by the recipients.

Page 21
THE HUGH FRASER FOUNDATION
Notes to the Financial Statements
9Su
ort and Govemance Costs
202
2024
ort Costs
Legal Expenses (including VAT)
Other Costs
Loss on Currency Conversions
81,855
12,723
49
76,500
12.816
94,627
89.116
Govemance Costs
Audit Fees (including VAT)
Accountancy (including VAT)
10,500
14,445
10,500
13,500
24,945
24.000
113,11

EDINBURGH
Princes Exchange
i EarL Grey Street
Edinburgh
EH3 9EE
0131228 8111
GLASGOW
180 St Vincent Street
Glasgow
G2 5SG
0141441 2111
LONDON
17a Curzon Street
London
5HS
020 74918811
enquiries@turcanconneLI.com
turcanconneLL.com