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2026-04-05-accounts

Charity Registration No: SC009431 (Scotland)

HONEYMAN FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026

CONTENTS

Legal and Administrative Information 1
Trustees Report 2 - 3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Cashflow Statement 7
Notes to the Financial Statements 8 - 11
Schedule 1 - Dividend Income 12 - 14
Schedule 2 - Interest and Fees 15
Schedule 3 - Investments 16

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C W Pagan, MBE, FRSA Professor Ali Ansari, FRSE Professor Timothy Greenwod, FBA Charity Number (Scotland) SC009431 Principal Address Thorntons Law LLP Whitehall House 33 Yeaman Shore Dundee DD1 4BJ Independent Examiner Joanne Paul CA Henderson Black & Co 22 Crossgate Cupar Fife KY15 5HW Bankers: Royal Bank of Scotland 3 High Street Dundee DD1 9LY Investment Managers: Evelyn Partners Atria Two, Third Floor 148 Morrison Street Edinburgh EH3 8EX

1

HONEYMAN FOUNDATION

TRUSTEES' REPORT

The Trustees present their annual report and financial statements for the year ended 5 April 2026.

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 charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 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 (FRS 102)".

Origins

The Trust was established by Deed of Trust by the late Professor A.M Honeyman dated 8th April 1985 and registered in the Books of Council & Session on 2nd May 1985.

Objectives and activities

The purposes of the Foundation are the encouragement of education and research primarily in Middle Eastern Language and culture, and the disbursement of awards at Universities, Colleges or other educational institutions in the United Kingdom primarily for these subjects. The Trustees give preference to Arabic studies at the University of St Andrews.

In 2012 the Trustees decided that the best use they could make of the funds available to them was to make grants to enable academic conferences to be held, providing a substantial number of people with the means for further education and research. In that year the Trustees part funded a conference to launch the teaching of Arabic in the School of Modern Languages at the University of St Andrews. Since then the Foundation has provided funding for appropriate conferences at the University each year. Donations are detailed in the Notes to the Accounts.

During the year to 5th April 2026 the Trustees' objectives remained unchanged. However, they recognise that there may be an impact on their plans from the effects of recent turbulence in the markets for some time to come.

Financial review

The Accounts show the overall financial position of the Trust at 5 April 2026 including the net movement of funds during the year. Corresponding figures for the year ended 2025 are also shown.

As shown in the Balance Sheet, the total assets of the Trust, net of liabilities at the 5 April 2026, were £877,093 (2025 - £774,020).

Grants of £5,000 were paid in the year to 5 April 2026 (2025 - £7,270). Income for the year was £23,577 (2025 - £23,168). Investment management costs were £9,298 (2025 - £9,247), with legal and administration costs amounting to £11,336 (2025 - £11,286) giving total general administration costs of £25,634 (2025 - £27,803).

2

TRUSTEES' REPORT (Contd)

Reserves Policy

The reserves represent the funds arising from past operations. The Trustees are satisfied these funds are sufficient for the continuation of the Trust for the foreseeable future.

Investment Policy

The Trustees have issued an investment policy statement to the investment managers. Both the policy and performance are reviewed annually.

Risk Management

The Trustees have assessed the major risks to which the trust is exposed, in particular those relating to the operations and finances of the Trust. They recognise that turbulence in the markets has brought new challenges which will impact the performance of the Trust assets for some time, but they remain satisfied that the systems in place to mitigate the Trust's exposure to the major risks remain appropriate and sufficient.

Legal Status

The legal status of the Trust is a single Scottish Charitable Trust; no company or equivalent exists.

Trustees

The Trustees during the year were:

C W Pagan, MBE, FRSA Professor Ali Ansari, FRSE Professor Timothy Greenwood

The Trustees' Report was approved by the board of trustees.

Charles Pagan Charles Pagan (Aug 11, 2026 21:14:49 GMT+1)

Trustee

11/08/2026

Date

3

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF HONEYMAN FOUNDATION

I report on the accounts of the charity for the year ended 5 April 2026 which are set out on pages 5 to 11.

Respective Responsibilities of the Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine and report on the accounts under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the trustees for my work or for this report.

Basis of Independent Examiner’s Statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent Examiner’s Statement

In the course of my examination no matter has come to my attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

  2. To keep accounting records in accordance with Section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. To prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

  1. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Joanne Paul CA 22 Crossgate Partner CUPAR Henderson Black & Co Fife Chartered Accountants KY15 5HW

14/08/2026 Date:

4

HONEYMAN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5th April 2026

Notes
Income
Investments
3
Total Income
Expenditure
Raising Funds
4
Charitable Activities
5
Total Expenditure
Net expenditure before gains/(losses) on investments
Net gains/(losses) on investments
8
Net income/(expenditure) and net movement in funds
Reconciliation of Funds
Fund balances at 6 April 2025
Fund balances as at 5 April 2026		 £
£
23,577
23,577
9,298
16,336
25,634
(2,057)
105,130
103,073
774,020
877,093
2026		 £
£
23,168
23,168
9,247
18,556
27,803
(4,635)
(34,052)
(38,687)
812,707
774,020
2025		 £
£
23,168
23,168
9,247
18,556
27,803
(4,635)
(34,052)
(38,687)
812,707
774,020
2025
(4,635)
(34,052)
(38,687)
812,707
774,020

All income and expenditure for the current and comparative year are in respect of unrestricted funds.

5

HONEYMAN FOUNDATION

BALANCE SHEET

as at 5th April 2026

2026 2025
Notes £ £ £ £
Fixed Assets
Investments 9 802,907 707,075
Current Assets
Cash at bank and in hand 72,745 65,562
Cash held with Evelyn Partners 1,953 1,868
Debtors 10 220 211
74,918 67,641
Creditors: amounts falling due
within one year 11 732 696
Net Current Assets 74,186 66,945
Total Assets less current liabilities 877,093 774,020
Income Funds
Unrestricted Funds 877,093 774,020
11/08/2026
The financial statements were approved by the Trustees on …..........................................

Charles Pagan (Aug 11, 2026 21:14:49 GMT Charles Pagan +1)

Trustee

6

HONEYMAN FOUNDATION

STATEMENT OF CASHFLOW

For the year ended 5th April 2026

2026
Net cash used in operating activities (see below)
(25,607)
Cash Flows from Investing Activities
Interest & Dividends
23,577
Proceeds from sale of investments
164,859
Purchase of investments
(151,846)
Changes in cash held for investment
(3,715)
Net cash provided by investing activities
32,875
Changes in cash & cash equivalents this year
7,268
Cash & cash equivalents brought forward
67,430
Cash & cash equivalents carried forward
74,698
Reconciliation of net movements in funds to net cash flow from operating activities
2026
Net movement in funds
103,073
Deduct gains/add back losses on investments
(105,130)
Deduct investment and interest income
(23,577)
Decrease in debtors
(9)
Increase in creditors
36
Net cash used in operating activities
(25,607)
Analysis of cash & cash equivalents
Cash on Deposit
72,745
Cash held with Evelyn Partners
1,953
Total cash and cash equivalents
74,698		 2025
(27,521)
23,168
39,181
(31,390)
1,456
32,415
4,894
62,536
67,430
2025
(38,687)
34,052
(23,168)
186
96
(27,521)
65,562
1,868
67,430

7

HONEYMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026

1) Accounting Policies

Charity Information

Honeyman Foundation is a charity registered in Scotland. The registered office is Thorntons Law LLP Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.

1.1) Basis of Preparation

The Accounts are prepared under the historical cost convention, modified for the revaluation of investments, and in accordance with 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 (FRS102) (effective 1st January 2019).

The Accounts are also prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Honeyman Foundation meets the definition of a public benefit entity under FRS102.

The Trust's transactional currency is pounds sterling, and rounding is to the nearest pound.

The Trustees consider that there are no material uncertainties that would lead them to question the Trust's ability to continue as a going concern.

In the application of the charity's accounting policies the Trustees are required to make judgement, estimates and assumption about carrying amount 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 estimates and underlying assumption are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

1.3) Funds structure

All of the charity funds are unrestricted. Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

1.4) Income

Investment and other income represent amounts receivable in the accounts year.

1.5) Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal and constructive obligation to pay for expenditure. Irrecoverable VAT is included in the related expenditure.

Charitable activities included all expenditure associated with grant making.

8

HONEYMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026

1) Accounting Policies (Contd)

1.6) Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial assets (which include debtors and cash and bank balances) and basic financial liabilities (which include creditors) are initially measured at the amount receivable or payable including any transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial assets/liabilities, classified as receivable/payable within one year, are not amortised.

1.7) Investments

The investment portfolio is included in the Balance Sheet at market value. Gains and losses on disposals and revaluation of investments are charged or credited to the Statement of Financial Activities.

1.8) Material Commitments

There were no material commitments at 5 April 2026 other than those already provided for in the accounts (2025 - none)

1.9) Guarantees and Contingent Liabilities

There were no guarantees or contingent liabilities at 5 April 2026 (2025 - none).

1.10) Secured Loans

There were no loans or liabilities secured on the Trust's assets at 5 April 2026 (2025 - none)

2) Critical Accounting Estimates and Judgements

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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. In preparing these financial statements, the trustees have made the following judgements:

Accruals

Trustees estimate the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

3) Investments

Schedule
Dividends Received
1
Bank Interest
2
Income Tax Repayment
Interest on Income Tax Repayment		 2026
2025
£
£
22,366
22,381
767
785
437
-
7
2
23,577
23,168

9

HONEYMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026

4)
Raising Funds
Schedule
Investment Management Fees
2
5)
Charitable Activities
Grants to individuals
Legal and Professional Fees
2
Registration Dues
Independent Examination Fees		 2026
2025
£
£
9,298
9,247
2026
2025
£
£
5,000
7,270
10,560
10,560
20
-
756
726
16,336
18,556

6) Trustees

None of the Trustees (or persons connected with them) received any remuneration or benefits or were reimbursed expenses during the year (2025 - £nil).

7) Employees

There were no employees during the year (2025 - none).

8) Net gains/(losses) on investments

Revaluation of Investments
3
Gain/(loss) on sale of investments		 2026
2025
£
£
90,825
(33,559)
14,305
(493)
105,130
(34,052)

10

HONEYMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026

9)
Fixed asset investments
Schedule
Valuation at 6 April 2025
Purchases
3
Disposals of investments at carrying value
3
Gain/(loss) on revaluation of investments
Changes in cash held for investment
Valuation as at 5 April 2026		 2026
2025
£
£
707,075
750,374
151,846
31,390
(150,554)
(39,674)
90,825
(33,559)
3,715
(1,456)
802,907
707,075

The historical cost of investments at 5 April 2026 was £612,186 (2025 - £594,739).

10)
Debtors
Income tax recoverable
11)
Creditors: amounts falling due within one year
Independent examination fee		 2026
2025
£
£
220
211
2026
2025
£
£
732
696

11

The Honeyman Foundation

Schedule 1

Schedule 1
Dividend Income
09/04/2025 Dodge & Cox Worldwide Funds Plc 74
10/04/2025 GSK Plc 145
22/04/2025 Fidelity Investment Funds Global Dividend 196
24/04/2025 Diageo Plc 98
30/04/2025 BlackRock Continental European Income Fund 73
30/04/2025 Artemis Corporate Bond Fund 307
30/04/2025 Ninety One Funds Diversified Fund 46
02/05/2025 Beazley Plc 426
09/05/2025 M&G Plc 749
15/05/2025 Atlantic House Defined Returns Fund 152
19/05/2025 Fidelity Investment Funds Global Dividend 39
22/05/2025 Aviva Plc 430
23/05/2025 Supermarket Reit Plc 218
29/05/2025 Ishares Core UK Gilts UCITS ETF 368
30/05/2025 Ninety One Funds Series Diversified Income Fund 55
30/05/2025 Rathbone Ethical Bond Fund 155
30/05/2025 Greencoat UK Wind Plc 410
18/06/2025 Fidelity Investment Funds Global Dividend 39
19/06/2025 Relx Plc 206
23/06/2025 Shell Plc 217
27/06/2025 BP Plc 136
30/06/2025 LF Morant Wright Nippon Yield Fund 358
30/06/2025 Ninety One Funds Diversified Fund 51
30/06/2025 Imperial Brands Plc 195
30/06/2025 SDCl Energy Efficiency Income Trust Plc 300
30/06/2025 Vontobel Fund - TwentyFour Absolute Return Credit Fund 170
30/06/2025 Renewables Infrastructure Group 289
01/07/2025 Bellway Plc 55
01/07/2025 S&P US Dividend aristocrats UCITS ETF 250
02/07/2025 Vanguard S&P 500 UCITS ETF 84
04/07/2025 Whitbread Plc 186
10/07/2025 Dodge & Cox Worldwide Funds Plc 108
10/07/2025 GSK Plc 145
11/07/2025 3i Infrastructure Plc 477
18/07/2025 Fidelity Investment Funds Global Dividend 39
30/07/2025 Ishares UK Gilts 0-5yr UCITS ETF 224
31/07/2025 Artemis Corporate Bond Fund 313
31/07/2025 Ninety One Funds Series Diversified Income Fund 50
31/07/2025 Guiness Global Equity Income Fund 400
31/07/2025 BlackRock Continental European Income Fund 486
31/07/2025 Templeton Emerging Markets Investment Trust Plc 408
31/07/2025 United Kingdom Gilt 0.625% 31/07/2035 74
18/08/2025 Fidelity Investment Funds Global Dividend 39
18/08/2025 Atlantic House Defined Returns Fund 157

12

Schedule 1 (Contd) Dividend Income (Contd)

22/08/2025 Supermarket Reit Plc 218
29/08/2025 Ninety One Funds Series Diversified Income Fund 51
29/08/2025 Greencoat UK Wind Plc 410
11/09/2025 Relx Plc 90
18/09/2025 Fidelity Investment Funds Global Dividend 39
18/09/2025 SSE Plc 185
19/09/2025 BP Plc 143
22/09/2025 Shell Plc 219
29/09/2025 SDCl Energy Efficiency Income Trust Plc 302
30/09/2025 Vontobel Fund - TwentyFour Absolute Return Credit Fund 173
30/09/2025 Imperial Brands Plc 195
30/09/2025 Renewables Infrastructure Group 289
30/09/2025 Ninety One Funds Series Diversified Income Fund 67
30/09/2025 SPDR S&P US Dividend Aristocrats UCITS 240
30/09/2025 Royal London - Short Duration Credit Fund 232
01/10/2025 Vanguard S&P 500 UCITS ETF 82
09/10/2025 GSK Plc 145
09/10/2025 Dodge & Cox Worldwide Funds Plc 86
16/10/2025 Aviva Plc 237
17/10/2025 M&G Plc 372
20/10/2025 Fidelity Investment Funds Global Dividend 51
28/10/2025 Jupiter European Opportunities Trust Plc 36
31/10/2025 BlackRock Continental European Income Fund 52
31/10/2025 Ninety One Funds Series Diversified Income Fund 50
31/10/2025 M&G Investment Funds 1 - Asian Fund 112
13/11/2025 Atlantic House Defined Returns Fund 157
18/11/2025 Fidelity Investment Funds Global Dividend 51
21/11/2025 Supermarket Reit Plc 221
26/11/2025 IShares Core UK Gilts UCITS 795
28/11/2025 Ninety One Funds Series Diversified Income Fund 53
28/11/2024 Greencoat UK Wind Plc 410
05/12/2025 Whitbread Plc 112
12/12/2025 Amundi UPS TIS Government Inflation Linked Bond UCITS 224
18/12/2025 Fidelity Investment Funds Global Dividend 51
18/12/2025 Shell Plc 221
19/12/2025 BP Plc 144
30/12/2025 Vontobel Fund - TwentyFour Absolute Return Credit Fund 165
31/12/2025 LF Morant Wright Nippon Yield Fund 329
31/12/2025 Ninety One Funds Series Diversified Income Fund 53
31/12/2025 Vanguard S&P 500 UCITS ETF 94
31/12/2025 Renewables Infrastructure Group 289
31/12/2025 SPDR S&P US Dividend Aristocrats UCITS 256
31/12/2025 Imperial Brands Plc 195
07/01/2026 Dodge & Cox Worldwide Funds Plc 58
08/01/2026 GSK Plc 145
12/01/2026 3i Infrastructure Plc 67
12/01/2026 3i Infrastructure Plc 439

13

Schedule 1 (Contd) Dividend Income (Contd)

14/01/2026 Bellway Plc
19/01/2026 Fidelity Investment Funds Global Dividend
28/01/2026 Ishares UK Gilts 0-5yr UCITS ETF
30/01/2026
30/01/2026 BlackRock Continental European Income Fund
30/01/2026 Templeton Emerging Markets Investment Trust Plc
30/01/2026 Ninety One Funds Series Diversified Income Fund
30/01/2026 Guiness Global Equity Income Fund
30/01/2026 SSE Plc
02/02/2026 United Kingdom Gilt 0.625% 31/07/2035
03/02/2026 Federated Hermes Asia Ex Japan Equity Fund
18/02/2026 Fidelity Investment Funds Global Dividend
19/02/2026 Atlantic House Defined Returns Fund
27/02/2026 Greencoat UK Wind Plc
27/02/2026 Supermarket Reit Plc
27/02/2026 Ninety One Funds Series Diversified Income Fund
18/03/2026 Fidelity Investment Funds Global Dividend
27/03/2026 BP Plc
30/03/2026 Shell Plc
31/03/2026 Imperial Brands Plc
31/03/2026 Royal London - Short Duration Credit Fund
31/03/2026 Ninety One Funds Series Diversified Income Fund
31/03/2026 Vontobel Fund - TwentyFour Absolute Return Credit Fund
31/03/2026 Renewables Infrastructure Group
31/03/2026 SPDR S&P US Dividend Aristocrats UCITS
31/03/2026 Vanguard S&P 500 UCITS ETF
Fulcrum UCITS SICAV Diversified Absolute Return Fund		 127
51
231
179
76
251
41
324
92
74
101
51
161
410
221
51
51
143
229
195
428
64
162
289
257
105
22,366

14

The Honeyman Foundation Schedule 2

Interest

Thorntons LLP
Interest to 15.05.25
Interest to 15.11.25
Evelyn Partners
Interest to 30.04.25
Interest to 31.05.25
Interest to 30.06.25
Interest to 31.07.25
Interest to 31.08.25
Interest to 30.09.25
Interest to 31.10.25
Interest to 30.11.25
Interest to 31.12.25
Interest to 31.01.26
Interest to 28.02.26
Interest to 31.03.26
Interest on USD Account
Thorntons Fees
Quarterly Fee to 31.05.25
Quarterly Fee to 31.08.25
Quarterly Fee to 30.11.25
Quarterly Fee to 28.02.26
Evelyn Partners Investment Fees
Investment Fee to 15.04.25
Investment Fee to 15.05.25
Investment Fee to 15.06.25
Investment Fee to 15.07.25
Investment Fee to 15.08.25
Investment Fee to 15.09.25
Investment Fee to 15.10.25
Investment Fee to 15.11.25
Investment Fee to 15.12.25
Investment Fee to 15.01.26
Investment Fee to 15.02.26
Investment Fee to 15.03.26		 201
184
15
19
33
45
37
27
24
45
53
29
29
25
1
767
2,640
2,640
2,640
2,640
10,560
751
718
747
758
772
776
776
790
795
790
802
823
9,298

15

The Honeyman Foundation Schedule 3

INVESTMENT TRANSACTIONS FOR THE YEAR TO 5 APRIL 2026

Holding
05/04/25
Artemis Corporate Bond Fund
24,793.85
Atlantic House Defined Returns Fund
12,476.81
Aviva Plc
1,806
Beazly Plc
1,705
Bellway Plc
260
BlackRock Continental European Income Fund
8,484.93
BP Plc
2,304
Diageo Plc
310
Dodge & Co Worldwide Stock
1,174.49
Federated Hermes Asia Ex Japan Equity Fund
Fidelity Global Dividend R Inc
15,507.06
First State Asia Pacific Leaders Fund
3,721.469
Fulcrum UCITS SICAV Diversified Absolute Return
Fund
GSK Plc
907
Glencore Xstrata Plc
1,747
GQG Partners US Equity Fund
2,325.7
Greencoat UK Wind Plc
15,831
Guiness Global Equity Income Fund
1,139.96
Henderson Smaller Companies Investment Trust
2,520
Imperial Brands Plc
487
IShares Core UK Gilts UCITS
1,790
Ishares UK Gilts 0-5yr UCITS ETF
Janus Henderson Global Technology
341.59
Jupiter European Opportunities Trust Plc
1,825
LF Morant Wright Nippon Yield Fund
4,044.92
Liontrust European Dynamic Fund
Lyxor Core US TIPS UCITS
190
M&G Plc
5,550
M&G Investment Funds 1 - Asian Fund
Ninety One Series - Diversified Income Fund
14,464.22
Premier Miton US Opportunities Fund
5,520.09
Rathbone Ethical
14,460.53
Relx Plc
460
Renewables Infrastructure Group Ltd
15,325
Royal London Short Duration Credit Fund
SDCL Energy Efficiency Income Trust Plc
18,990
Shell Plc
822.00
SSE Plc
430
SSGA S&P ETFS Europe
800
Supermarket Reit Plc
17,855
Templeton Emerging Markets Investment Trust
12,540
3i Infrastructure Fund
7,538
United Kingdom Gilt 0.625% 2035
23,590
Vanguard Funds Plc S&P 500 UCITS ETF
365
Vontobel Fund - TwentyFour Absolute Return
158.66
Whitbread Plc
307
Capital cash		 Market Value
05/04/25
22,347
14,658
9,489
14,740
5,866
15,924
8,541
6,237
38,347
18,391
36,265
12,857
4,139
36,676
16,623
33,657
17,564
13,758
18,110
16,140
14,363
18,344
20,678
10,231
13,136
21,981
12,317
17,554
11,524
8,621
20,398
6,884
44,000
13,338
19,914
23,255
16,213
27,685
15,754
7,469		 Additions
30,191
6,111
11,144
18,722
11,661
7,951
19,713
25,449
15,284
5,620		 Disposals
(at market value)
22,347
14,740
5,866
6,237
12
36,265
4,139
17,564
14,363
413
12,317
201
8,621
7,469		 Proceeds
22,570
14,509
7,000
5,899
12
40,950
5,047
21,194
16,019
413
12,483
201
11,246
7,316		 Gain/
(Loss)
223
(231)
1,134
(338)
-
4,685
908
3,630
1,656
-
166
-
2,625
(153)		 Cost
05/04/2026
14,658
9,489
15,924
8,541
38,347
30,191
24,490
11,144
12,857
36,676
16,623
33,657
13,758
36,832
11,661
16,140
26,295
19,713
20,678
10,231
25,036
13,136
21,981
17,554
11,524
15,083
20,398
6,884
44,000
13,338
19,914
23,255
16,213
33,305
15,754
6,802
712,082
£		 Historical Cost
Units (sold)/
Holding
05/04/2026
purchased
05/04/2026
-24,793.85
15,152
12,476.814
6,112
1,806
-1,705
-260
15,641
8,484.93
12,589
2,304
-310
22,664
1,174.49
30,191
9,712.4067
9,712.41
20,578
4,826.94
20,334
-3,721.469
11,144
82.5
82.50
2,227
907
-1,747
29,254
2,325.7
18,771
15,831
29,214
1,139.96
-2,520
10,789
487
36,627
1,880
3,670
11,661
90
90
14,664
341.59
-1,825
22,770
1,300.704
5,345.62
19,713
16,808.424
16,808.424
20,420
190
6,966
5,550
24,622
19,329.258
19,329.258
14,493
14,464.22
22,128
5,520.09
-14,460.53
7,594
460
20,330
15,325
14,882
15,476.4271
15,476.4271
-18,990
4,800
822
7,477
430
29,915
800
18,926
17,855
20,087
12,540
11,718
7,538
16,238
23,590
18,743
57
422
16,284
158.66
-307
6,802
612,186
£		 Market Value
05/04/2026
15,683
11,222
18,554
13,621
43,820
31,981
27,187
11,346
19,446
39,769
15,625
36,760
14,985
36,039
11,359
22,456
36,781
20,711
20,867
15,818
29,423
13,268
20,038
11,615
10,115
14,981
29,128
11,730
48,808
14,373
31,664
25,215
16,298
39,691
15,728		 Gain /(Loss) on
Revaluation
1,025
1,733
2,630
5,080
5,473
1,790
2,697
202
6,589
3,093
(998)
3,103
1,227
(793)
(302)
6,316
10,486
998
189
5,587
4,387
132
(1,943)
(5,939)
(1,409)
(102)
8,730
4,846
4,808
1,035
11,750
1,960
85
6,386
(26)
3,087 6,802
707,075
£		 151,846
£		 150,554
£		 164,859
£		 14,305
£		 802,907
£		 90,825
£

16