APPENDIX 1 trus1.￿*, An￿Ual R•p.ort for the period Period start dale Period end date onth Monlh i Year 12 24 oscr,- Dty Year 23 30 Office of the Scottish Charlty Regulator Reference and administration detslls Charlty namo Other names Charity is known by Reg151gred eharlty number Charlty's prlnclpal addr•s$ W.A Cargill Charitablè Trust SC012076 190 St Vincent Street Glasgow Postcode G2 5SP Nam￿ of the Gharity truslees on date of approval of Tru8tee8' Annual Report . Name of ￿￿0￿ lor body) entlued to appolnt tru¥to• Ilf any) Trustee name offi￿ (If thy) Dates acted rf not for whole year Trustee Trustee Trusteè Trustees Appointed 2410912024 Appointed 0311212024 Appointed 2510312025 Trvstso Trustee 11 12 13 14 15 16 17 18 19 20 APPENDIX 1 Reference and admlnistration detalls Names of all other charfty trustees during the period. if any, (for example, those who resigned part way through the flnan¢lal perlodl Name Datss actod rf not for whole yèar Deceased 30.01.24 Structure, governance and management Type of governing document Deed of Twsl Trustee recrultmont and appolntment Serving TNst869 are 8ppolnted as required taking Into account their skills 8nd knowledge. Objectives and activities Charkable purposes The Trustees are empowered to retain the whole or part of the residue of the means and estate of the fund for such time a8 they may think fit, or permanently, and to apply tho whole or Such part of the incomg of saKI retained portion {lo bo ca110d The W.A Caryill Charitable Trust} tor such charitable purpos•s a$ th& Trustees in their absolute discrglion may d8cide. Paym8nls m8y be lo or on beham of any Hospitals, InstitUt￿j￿$ or Societies or othots whose work In the oplnlon of the trustees is likdy lo be benefi¢ial to the communty- 11 is not the Trustees current policy to give grant$ to individuals. The Trustees have resolved to relain th8 capital meantime 8Tr to apply only the income for the foregoing charitable purpose. The Trustees award grants in accordance with the charitable purFK)ses During the year the Income from Investments totaled £174.265 for use in our Charitable activities. Ralhbone Investment Management Ltd act as Investment Managers in respect of the share portfolio and the Retum of Investments is in accordance with tho benchmarks agreed with the Trustees and them. Summary of the maln actlvltles In relallon to thes• oblects APPENDIX 1 Achievements and performance Summary of the maln achlevements of The Trust awarded grants which totalled £122,500 in the year lo the charlty durlng the financlal perfod Charitable Institutions and Societies that the Trustees felt required the most support and whose purppse$ fell within the spectrum of the Trust Financial review Brlef statement of tho Charlty's pollcy on resorv•s As the charity has no recurring 8XP8ndilure on an annual basis the Board of Trustees consider the current level of resgrves to be sufficient. Detai18 of any deficlt None Donated facllltles and services Ilf any) None APPENDIX 1 Other optlonal Information Declaration The tru¥tsès d•¢l•re Ihat they have approved the tru8tees' report above. Slgned on behalf of the ¢haritV6 tru8tee8 8lgnatur•lsl Full namelsl Posltlon {•.g. Chalr) Chalrman Trustee Date REGISTERED CHARrrY IYUMBER: SC(112076 McLay McAlist¢r & M¢GibiK)n LLP Chartered Accountan15 and sta￿lOry AuditOT5 145 St Vinceni Street Glasgow 25JF Pag¢ Report ofthe TTU5tee5 I to 3 Rcport ofthc Independ¢nt AuditQT5 Statement ofFinancial Artivities Bal¥n¢¢ Sh¢d Not¢5 to th¢ financial St*rneDts 9 to 16 Detailed Statemcjhi of Finan¢ial A¢iiviti¢s 17 The trusiees present tlieir report with the financi21 staterncnts of the charit), for the year endEd 30 November 2024. The tnjstces havc adopted th¢ Provisions of Accounting and Reporting by Charilies.. Siaiemeni of Recommend¢d Practice applicable io ¢hariiies pryaring th¢ir a￿oUnts in a￿rdance with the Fin&ncia] Reporting Standard applicable in the UK and R¢public of Ireland {FRS 102) (cffective l January 2019). OBJECTIVES AND ACTIVITIES Objectives find ain The trust¢¢s are ¢mpower¢d to retaijj the ththole or part of the residue of the means aThl esthte of the fund for such time as they may think fit, or pern)anently. and to apply the whole or such part of the income of said retained portion (to be called "The W.A. Corgill Charitsble Trust ) for sueh chwitsble putyoses as the tn￿letS in their absolu* diKretion may decide. Payments rnay be mad¢ to or on behalf of any Hospiials, Institutions, Societies or others whose work in the opinion of the trustees is likely to be beneficial lo the community. It is not the tNste¢s ¢urrettl p)li¢y lo giv¢ grants to individuals. The trnstees have resolved to retain the cppital meanlirne and io apply on]y the income for the foregoing ¢h8ritable puwse5. Report on artlvltles ofthe irnsi Th¢ trusi¢¢s hav¢ ¢¢)niinu¢d to suprA)rt a wide range of rharitabl¢ cau5cs in the year under r￿]ew, ￿￿￿15 patd tothlled £122.500 {2023.. £168.000). Grn￿t aw*rding PL)Ii¢y The Iru5tees apply the fi￿d$ of thc charity #t their dis¢retion and in accoffdance with the Trnst lknrposes estsblithed under the Trust Deed. In awarding grants. the t￿Ste¢S will gpply the following principles= Th¢ trustees will con5id¢r any request from #my geographical aTea. The t￿tee5 will out suffi¢i¢ttt due diligence to ensure that the request meets the Trnst Purposes. The decisiott$ of the trusiees on whether w award a grant is final. The tru5teC5 arc not obligcd to provid¢ an explanation to appli¢ants in thc evcnt thai their application is not successful. Plans for the future Th¢ tnjsiees plan to follow a policy of making grants to those organi5#tions they feel require most svpport a￿1 ths¢ purpose fa]1 within the SPe¢trum of the Trust De¢d. FINANCIAL REVIEW FSnin¢ig1 ￿$1¢10]) The Unrcstri¢t¢d In¢on)¢ F￿nd at th¢ b¢gimiing of the Ye￿ am(MLnted to £1,085,813 to which was added r¢ceipi$ of £174,265 aDd from which was d¢du¢ted pajinethts of £183.754 in¢luding don4tKJn$ of £122,500 leaving a balance of £1,076,324 ¢arri¢d fonvard. The Eypendable Et￿0wment Fund at the be8inning of the year amounted 10 £5.272.596 frorn which investment of gains £680.026 were added leai'in% a balan¢¢ of £5,952.622 Carried forward. Reserves policy As th¢ ¢harily has no recurrin8 expcnditure on an annual ba515 th¢ Board of TN5tr¢5 wn5id¢r th¢ cutretrt level of re5¢r¥￿ to b¢ suffiritnt. InwtstD)ent ptslicy Thc inveslmcnt policy. which is reviewrd by the tnjstees from lim¢ to time is aimed at maintaining the real vJ]N¢ of the Trusi ov¢r a period of y¢ar5 and thercby providing a TeasoDable level of income tor ¢harffit&ble th)nAiions. As shown in Notc 9, th¢ market valu¢ of listed investments at 30 November 2024 amounted to £6,097.185. Pagc I FINANCIAL REVIEW Risk$ The tru$te¢s ￿nSider variability of investmffl]I returns IO ¢OllSlituie Ihe charity's major financial risk. 13 D]Itigated by retaining expcrt inve5thJertt managers and h#viDg a diversified portfolio. sTRU￿uRE, GOVERIYAiYCE AND MANAGEMENT Governing do¢uJDent The charity is eontrolled by its governing do¢umeDt, A ded of th15t and constilutes an UDincorporated ¢hariry. Recrnitment #Dd Appoffintmettt frf ￿eW Thistees S¢rviDg twste¢s ar¢ appointed &s required, takin¥ inlu a¢cow]t their skills Whd knowledge. Organisationil Stn￿l￿re The Trust is a registered charity, numb¢r SC012076 and is consi1￿1¢d wid¢r a Trusl D¢¢d dated 23 NoV￿￿ber 1954. Th¢ Trusi was tr¢gisi¢red in the Books of Council Session on 25 November 1954. The Trust was established by a 8ift from W.A. CaT8iII. Inthiction 2nd trdining of Trustees Generally iruslees are familiar With th¢ wvrk of th¢ charity prior to their appointfftent. Training is providrd a5 TIY4Ulf¢d. REFEREP4CE AND ADMIP41STRATIVE DETAIIS Regtittrtd Charity rtumber SC012076 Pritttipal addre Mill¢r B¢¢k¢tt& Ja¢kson Lirnit SoliGito 190 St Vincent Street Glo$8OW G2 SSP TTUStees Audlton McLay M¢A115t¢r& McGibbonLLP Charter¢d A¢¢outttatJts aT￿ Ststub)ry Audittts 145 Si Vincenl Street G14sgow G2 5JF FAc1073 and 14al advisors Miller B¢¢kett & Ja¢kson Limited Solhcitor5 190 Si ViD¢¢nt Sir¢et Glasgow G2 5SP Page 2 rEn REFEREJYCE AND ADMIIYISI'RATIVE DETAII InvtstmeMt Advisers Rathbon¢s Jnve5tment Management Limited Geoig¢ House 50 G¢org¢ Squar¢ Glasgow G2 IEH STATEMENT OF TRUSTLES. RESPONSIBILrriks The trustees are responsible for preparhng the Report of the Trustees 2nd the financial sthiemenis in a¢wrdanc¢ ivith applicabl¢ law and Unl￿d Kingdom Accounling Siandards (Uniied Kingdom Q¢nerally Accepted Accounting Pra¢ti¢e) inGluding FinanGial Reponing Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. The law applicable to chaTit1¢5 in Scotland. the Charities and Trvslee Inv¢simenl {ScotlaThd) Act 2005, Cbarities Aewuthts (Scoiland) R¢giilaiions 2006 (as amended} and the Provisions of the charity'$ ¢thn$tittttii)n. requires the trustees to prepare flnancial statemellts f(Y each financial year which give a Iru¢ and fair vi¢w of th¢ stat¢ of affairs of the chariry and of the incoming retsourc¢s and applicthion of r¢sourc¢s. including the ittcome and expenditw¢, of ihe ¢harity for thpt period. In pr¢paring (￿se financial stateNKnty thE tN5t¢Es are r¢quiT¢d to seltct Suitablc arcounting poli¢i¢s and th¢n apply ihem ¢onsist¢ntiy' obs¢tve the m¢thods and principles in the Charity SORP. make jud8ements a]yJ estimates ihai are reasonable and prudent. PT¢pare the financial ststernents on the going concern basis w￿¢9$ it is inappropriate to presume that ihe charity will Continue in business. The tru51ees aie responsibl¢ for k¢¢ping prop¢r accounting record5 whicli disclose with r¢asoJJable accuracy at any time th¢ fJn&ncial position of th¢ ch8Tity rttd tg enable tlxem to et)sure thai the financial staiernents comply with the Charities and TTUSt¢r Investment (Seotland) Act 2005, the Charities Accounts {S¢otland) Re8ulalions 2￿6(aS amended) and the provision$ of the Charty's tonstittjtion. They are also responsible for safe8uarding the asseis ofthe Charity and hence for tsking yeas￿n2b1e steps foT the preventioh and d￿tell0￿ of fraud and other irregularities. ApprDv¢d by ord¢rof the board of trustees on..... . and signed on its b¢half by.. Page 3 Oplnion We have auditcd the financial stst¢m¢nts of WA. Cargill Charitsble Trust (the 'charity) for the year ¢nded 30 November 2024 thich comprise the Statement of Financial Activities, the Balan¢¢ Sheet and noles to the financial strdtemcnts. including a 5umm#rY of significant accoiinting policies. Th¢ finan¢i¥l Teporting framework that has been appli¢d in their preparation is applicable law and U]]ittd Kingdom Acrounling Standards Iuniied Kingdom Generally Accepted Accounting Practic¢). including Financial R¢wiing Standard 102 Th¢ Finan¢ial Ryrtitt8 Stsnd*d oppli¢abl¢ in ihe UK and R¢p￿b]I¢ of Ireland,. ouropinion the financial stalements: give a true and fair view of the state of the ¢horitys affairs as at 30 November 2024 a]NJ of its incoming resour¢¢s and application of resources, for ihe year then ended. have been properly prepared in accordance with Uniz¢d Kingdom Generdlly Accepted Accounting Praciice, including Financiol Reportin8 Stsndard 102 The Financsal Reporting Stsndard applicable in ihe UK aml Republi¢ of Ireland; have been prepared in accordancc with the requircrnents of the Chwities Ind Trusi¢¢ Inv¢stm¢ni Iswtland) Act 2005 amd R¢gulatioM 8 of the Chariti¢s Accounts IS¢otlatyJ) Regulations 2006. Basis for opinion We c4)nducted our audit in ac￿rdanCe with International Standa￿$ on Auditing (tJKI IISAS (Ln(l) and applicablc law. Our r¢sponsibiliti¢s under those standards are fjjrther d¢scribcd in the Auditors, responsibilitlC5 for the audit of the financial $iatements Section of our re￿rt. We are lude￿ndent of th¢ charity ilh A¢¢ordan¢¢ wilh the ethical requirements that are relevanl to our audkt of th¢ financial stat¢m¢nts in th¢ UK including th¢ FRCS Ethical sta[￿ard, and th¢ provisions availablc for small entitlC5. in thc CRr¢umstan¢¢s set out in not¢ 13 to th¢ fin4n¢ial statements, and w¢ have fidfilled our oiher ethiral r¢sponsibiliti¢s in a¢¢ordance wth these requirernents. We believe that the audit tvid¢nc¢ we have obtained is sufficient and appropri*e io provide a bgsis for our opinion. ConelDsions relgtino to Eolng eontern In auditing the financial stai¢m¢nts, we have wncluded that the trn5tees' use of the going c(¥L¢ern btsis ofaccouniing in the PT¢pardtion of the financial 5tat¢ll]￿ts 15 appropriate. Ba￿d on the work w¢ have perfomi¢d, we have identtfied any material uncertainties relating lo even15 or wnditions tlrf indiwidually or collectively, may cast si¥nifJcani doubt on ihe charity's ability to wntinue as a going concern for a period of ai leasi Iiitlve n￿nthS from when the financial slatenients are authoTised for i&suc. Our rewnsilTrilities and the responsibiliti¢s of the tru8tees wÉih respect lo going CoT￿ern are described in the r¢l¢vant x¢t10115 of this report. Other iuform*tion Th¢ trust¢¢s ¥r¢ responsible for th¢ other inforniation. The other irfomiation ¢ompris¢s the ithfonnation included in the Anllual ReporL other than the fmancial ststem¢nts and our RewFrt of the Independenl Auditors thereon. Our opiwon on the financial statements does not rover ihe other infornYd1iOn an& except io the extrnt otherwise ¢xpli¢nly S￿¢d in our Teport, we do not express ally forni of assurance ¢on¢lusion thereon. In eonnection with our audit of th¢ financial staionbenis, our r¢sponsibility is to read the other infomiation and, in doing so. consider whaher the other Inforn￿tion i5 materially inconsistent with the fingncial slai¢menls or our know]edge obtsined in the audit or othen¥is¢ •pp¢ars io b¢ materially mi5Stated. If wt identify such material incon515t¢D¢ie$ or apparent malerial misststernents. we are requird lo dcteThiine wknctl*r this gives rise to a material misstalement irt the financial statcJnEn15 themselves. If, bas¢d on th¢ work w¢ hay¢ p¢rfoThed. we ¢onclude that there is a material mis51at¢nKni of this other irtforniation. we are required to rcpDrt ihat fxl. We have nothing lo r¢port in this ￿gard. Matters whith we are rtquirtd to report by ¢x¢¢ptio W¢ hav¢ nothing to r¢pDrt in respecl of the following matters where thc Chariti¢S Accounts (Scotland) R¢gulations 2006 rcquires us to report to you if, in opinion." inform8tion given in the Report of the Trn$tees is inconsistem in any materi&l ￿Spe¢l with the financial stitements; or proper ¥c¢ountlng r¢cords knave not been kept: or the fina￿101 sthtements ar¢ Iiot in agreemenl witl) the a¢eoumting rrtord$ and r¢iunbS' or we have not received all the iDforniatiott attd explanations we require forour audit. Page 4 Re5POll5ibililies of ¢ruste¢s A5 explained more fvlly in the Ststernent tsf Trustees, Responsibilities. the ttwlees Iwe responsible fot the preparation of the financial statements which giv¢ a tru¢ fair view, 4nd for such iniernal control as ihe trus*es d¢i¢rn)iDe is n¢¢es51uy io enable the preparation of fiTthnrial S￿leMents ihat ar¢ fr¢¢ from mat¢rial misstat¢meDL whether due to fraud In preparing the finot)¢ial mtement4 the tnL8tees are responsible for assessing the charrWs ability to ¢oniinue as a going concern, disclosin& 8s appli¢able, matters r¢lai¢d to going concern and usin8 the 8oin8 Concern basis of accounting nless the trusiees either intend to liquidate the charity or to cease operatitsn¥ or have no realisti¢ 21ternative but to do 50. Our responslbllltles for the 9udlt oftht fJJthnLi#l sl#temeDIJ We have been appointed as audiiors under Setiioij 44{IXc) of the Charitics and Trustee Invcstment (Swtland} A¢t 2005 and report in accordancc with the Act and rele￿nt regulalion5 made or having ¢ff¢¢t (h¢r¢und¢r. Our objectiv¢s are to obtain reasonablc ￿SUr￿nCe about whether t￿ financial statements as a whole are free trom rn&terial rnÈs5tatem¢nt, whether diie to fraud or error, and to issue a Report of the Indep¢￿ent A￿lItorS that ineludes our opinion. RtasL)nable 855urnnce is a hi￿ level of assurance. but is not a guarnnte¢ that an audit conducted in ac¢ordan¢e with ISAS (UK) will always detect a material mi5Statemtnt when it exi515. MisstsleEnents call ￿ls¢ from frnud QT CTror and are considered n￿terial if, iJKlividuallv or in th¢ aggr¢gat¢, th¢y ¢ould r¢asorobly be expected to influen¢¢ ¢he ¢coDoJnic deGision5 of users tsk¢n the basis of th¢5e flnancial statements. Th¢ ¢xt¢nt to which our prwedures capable of detecting irregularities, in¢ludin8 froud is detail¢d below.. In identifying and assessing ri5k5 of ￿aterial misstatement in ￿spe￿ of irregularities. in¢ludin8 fraud and non-compliance wih laws and regulaiions, we ¢onsidered the ftrllowing.. - the narure of the charity and it'5 conTrol enviK)nmeni' result$ oloui ¢lk4Ukli¢S Of ihe Trn51ees about their own tdentifi¢ation and assessment of the ri$ks and I￿¢gularitiCS- any matters we ideThtifJed having reviewed th¢ charity's internal controls established to miti8ate ri5k5 of fraud or noncompliance with laws and Te8ulation4 the matters discussed among the audit engagem¢nt team regardin8 how and where fraud mi8ht occur the finan¢iai statements and any w)tential indicators of fra￿1. We obtained an ￿derStandlThg of the Irgal and regulatory hmework th81 the charity operates in. Th¢ k¢y laws and regulations we Collsideicd rnGlud¢d th¢ Charity SORP and the Scottish awitlC5 regulations. We ass¢ssed th¢ ¢xt¢nt of ¢ompliance with these law5 and T¢gulatioll5 ¥5 pirt of our pro¢¢dur¢s th¢ r¢lal¢d f￿￿L¢l81 St￿ement it¢ms. Ayditin8 Stand￿d5 limit the r¢quired 8udil prO¢eth￿t$ to identify non40rnplign¢¢ with th¢s¢ laws and r¢gulations to enquiry of th¢ truslee5. inspection of regulatory and l¢gal correspondence, if Any, and review of rninutes of meetings. Th¢s¢ limited pro¢edures did not identify or Sus￿ed non-¢omplian¢e. A firther d¢s¢ription of gur respoA%ibiliiie$ for ihe audii of ihe financial statements 15 1o¢ated on the Finallcial Reporti￿% Councifs website ai www.frc.or8.uklaudiiorsresponsibilities. Thi5 dcsriiption fo￿n$ part of our Report of the Indep¢ndent Auditors. Page S Use of our report This repoTi is made 501ety to the ch￿tty'StrU$tCes. as a tmidy. in accordance ￿lih Regulation lo of the Charitles Accounts {S￿lIa￿dI Regulations 2006. Ow audit work has been und¢rtak¢n $0 that we might slate io ihe charity's tNstees tljos matter5 W¢ 8T¢ f¢quiTed 10 Stale to them in au auditors, T¢￿rt and for oiher purws¢. To th¢ full¢s1 eM¢nt pemitted by law, we do not accept or a55um¢ respojsibility io anyon¢ oth¢r than th¢ charity and tbe charitys trust¢¢s ￿ a body, for our audit worK for thi5 report, orfor the opinions w¢ have fom)¢ fvlknJ (￿cALl&l￿[ McLay McAIis & M¢GibTrK>n LLP Chartered ACcou￿tantS and Statulury Auditots 145 St Vinceni Strtti Glas8OW G2 5JF Page 6 30.11.24 30.11.23 Unre5tricied Expendable F.ndowrynent Fund Unreslricted Income Fund Total funds Tothl funds Noles INCOME AND ENDOWMENTS FROM Inv¢stm¢nt in¢om¢ 174,265 174,265 161.134 EXPENDITURE ON Raising fvnds 25,414 25,414 24,022 Ch4vhabl¢ 4rtSvi¢l Grants Support costs 122,500 35,840 122,500 35,840 168,000 39,464 Tol#] 183,754 183,754 231,486 Net gains on investtK¢nt5 680,026 680.026 111.680 NET INCOMEI(EXPENDITURE) (9.489) 680.026 670.537 41,328 RECOTrICILIATION OF FUNDS Total thnds bToughr forward 1,085,813 5,272,596 6,358.409 6J17,081 TOTAL FUNDS CARIUED FORWARD 1.076,324 5,952,622 7,028,946 6.358,409 Thr no*$ fornJ part of thrs¢ fJnanGial 5tatcm¢nts Pag¢ 7 30.11.24 30.11.23 UnrestriGtcd Expendable Endowmenl Fund UJwestri¢¢ed I￿orne Fund Total nds Total fvnd5 Notes FIXED A&SETS Inv¢stments 6.097,185 6,097,185 5.748,090 CIJRRENT ASSETS Cash in hand 1,112,144 1144.563) 967.581 649,739 CREDrroRS AmLTrunts failing due Mrythin one year io {35,820) (3S,820) (39,420} NET CURREKf ASSETS 1.076.324 (144.563) 931.761 610,319 TOTAL ASSETS LESS CURRE LIABILITJES ,076,324 5,952,622 7,028.946 6.358.409 NET A&SETS ,076.324 5,952,622 7,028.946 6,358,409 FUNDS Utsrestricted funds.. Unre3tTi¢ted Income Fund Untestri¢t¢d Expendabl¢ EJMlovnn¢nt Fund li .076.324 5.952,622 1,085,813 5,272,596 7,028,946 6,358,409 TOTAL FUNDS 7.028.946 6,358,409 rinancial *ta*m¢nts were approved by th¢ Board of Trustees and authoriscd (or issue aDd were S1￿cd on its beh&lf by.. on Th¢ not¢s fonn pan of these financial ststements Page 8 ACCOUNTING POLJCIFS Basis •f prep9ring the fin*nciBI statements The financial Statements of ihe charity. Mthich is a public benefit eniiry under FRS 102. have been prepared in accordance with the Cliarities SORP (FRS 1021 'Accounltng and RcpDrting by Charities.. Statement of Rewmmended Praclice applicable lo Gharilie5 prrpaTin¥ Iheir aG¢ouTrts in a¢¢or¢Jan¢e with tli¢ Finan¢ial Rcwrtirhg Siandard appli¢abl¢ in thc UK and Republic of Ircland IFRS 102) (cffectivc l January 2019).. Finat)cial Reporting Standard 102 'The Finanrilll Reporting StJJLdurd appli¢abl¢ in th¢ UK and Republic of Ir¢lart& and th¢ Charities Trustee Investsnent Iseotlandl Act 2005. The financial statem¢nt5 hav¢ be¢n prepared under the historical c05t convention. with the ex¢epiion ol- imiestm¢nts Mthi¢h ar¢ in¢luded at market V81ue, ￿ modified by the r¢valuation of certaÉn assets. Ineome All inwtn¢ is r¢co8Dlsed in the Statement of Finan¢ial Activities (&)FA) on¢¢ t]K Charity has ¢ntitlement to the fimds, it is probabl¢ Ihai th¢ income Hryll be rec¢iv¢d and the amount can b¢ rn¢asured reliably. .Exp¢nditure Liabilities are reco8ni$ed as expendittre as soon as there is a legal or tonstnKtiv¢ obligation committin8 the dhariiy 10 ihat expendituff, it is probable that a transfer of eeonomic benefits will be required in settlemerht and the amount of the obligation can be measured reliably. Expendillire is xcount¢d for on an accruals basis and h been classified under headings (hai oggregate all cost related io the category. Where costs cannol be ditcct]y attributed to particular headings they have been allo¢at¢d io aaiviti¢s on a basis ¢onsiSt¢nt with th¢ usc of resour¢es. Allor4tioTh and 8pportitinment of tosts Governance costs c£xnprise all ¢osts involwng the pllblic acc&*untability of the charity and it5 compliance with r¢gvlation and good practice. These rA)sts include cost5 related to statutory audit and legal fees. Tasaiion The ch&rity ts excmpt from tax OD its ¢h8rithbl¢ a¢tiviu¢s. Jnv05tments Investrnents are recwised initially * fair v￿ue which 1$ norn)Ally the trgttsactiot) price excluding tr8nsaction ¢osts. Sllbsequentty. they are rneasiired at fair value with chaTJges recognised in 'net gains / (losses) on inv¢5ttnent5' in the SOFA if ibe shares are publi¢ally traded or Iheir fair value can oiherwise be measured reliably. Current a&sei invesim¢nis ar¢ short temi highly liquid invesmients and arc held at fair valuc. Thcse includ¢ cash on deposit and cash ¢quivalents Mryih a maturity of less ¢han one year. INVESTMENT INCOME 30.11.24 30.11.23 Dividend income Building so¢iety lot¢T￿t 137.550 36,715 147,041 14,093 174,26S 161,134 Page 9 ontinu¢d... 1141SING FUJ¥DS Investment m*nagement ¢08ts 30.1124 30.11.23 Portfolio manag¢m¢nt 25.414 24.1122 CHARTTABLE AIYIVITtES cosrs fjrdnt runding of activiti¢s (5¢e not¢ Sup5X)rt ¢osts (s¢¢ note 6) 5) Totsls Grants Support Costs 122,500 122,500 35.840 35.840 122,500 35,840 158.340 GRANfs PAYABLE 30.11.24 JO.I1.23 GraAIs 122,500 168.000 Page 10 eontinued... GRAN'IS PAI'ABLF - continued The tolal ryrants paid to inSUWlions during the y¢OT WO$ ¥$ follows.. 30.1 la4 30.11.23 Brainwav¢ Calum's Cabin E•$1 Park Geeza Break Glasgow c.hildren Holiday Scheme Penuntsra Teapoi Trust 3D Drumchap¢l Cornerstone Community Centr CTOq5road5 {Scoiland) Lit¢le Sisters of the Poor (Glasgow) CaTKeT Support Scotland (Tak I'ent) Gla$gow SE Foodbank Glasgow NE Foodbank Glasgow SW Foodbank Glasgow NW FOOdb￿lk Hillhouse Inv¢rclyd¢ Fwm¢ Fund Unrestrided Income Fund T￿] Is INCOME AND ET4DOITrMENTS FROM Investmrnt income 161.134 161.134 EXPENDrruRE OIY Raising fimds 24.022 24.022 aritsbk acti￿ti Grants Support eosts 168.(K)O 39.464 168,01)0 39,464 Tot*1 231.486 131,486 Nei gairts on inv¢5mients 111.680 Illh80 NET INCOMEI(EXP£NDITURE) (70,352) 111.680 41328 RECONCILIATiof+i OF FiJf4DS T(Aal fi]nds brought forwatd 1.156.165 5.100.916 6J17,081 P8ge 12 continu￿... COMPARATIVES FOR THE STATEMENf OF FINANCYAL ACTIVITIES (30.11.22}- continued Unrestrictcd Unre5tri¢ied Expendabl¢ Income Endowment Fund Fund Toial fijnds TOTAL FUNDS CARRILD FORWARD .a85,813 5,272,596 6,358,409 FIXED ASSET If4VESTMENTS List¢d investments MARKET VALUE At l D¢¢¢pJber 2023 Addilions Disposals Revaluations 5,748,090 210,121 1541,052) 680.026 At 30 NovcmbEr 2024 6,097,185 NET BOOK VALUE At 30 Novembcr 2024 6,097,185 AT 30 Novcmbtt 2023 5,748,09(1 Th¢ inv¢stsn¢nls of the tsW5t are reco8ni$ed ott UK, European American $to¢k exchatLges. The cost of the fixed asset investments held on 30 November 2024 is £2.968.844(2023: £3,138.513}. The malerial invc51mcJLts held within th¢ portfolio ar¢ as follows: V*lut 2024 Cost 21124 Vglue 2023 Cost 2023 Allianz Technology Trnsl Allianz Witsn Tn)st AStraZ¢Th￿a Pl JP Motgan Anwican IT PIC Reckitt Benckis¢r Group Pl D¢¢hra Pharniaceuticals PIC ￿ll￿aY Internatio￿] Trust Pl¢ 477.0(M) 527.168 583,660 598.5(Kl 161213 111.203 243,327 137,980 338,4QO 162213 556.930 425.775 353.029 315,480 427.406 243,327 137,980 213,703 157.839 Pa8¢ 13 ¢ontinu¢d... CREDITORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 30.1124 30.1123 oih¢r¢r¢ditors 35,820 39,420 ii. MOVEmEr￿ IN FUIYDS Net moverneni in fvnds Af .12.23 Ai 30.11.24 Uureseriettd funds Unrestricted Incom¢ Fund UnrestriGted Exp¢ndabl¢ EJyioMThent Fund 1,085.813 5272,596 (9,489) 680,026 1,076,324 5.952,622 6J58,409 070.537 7,028,946 TOTAL FIJIYDS 6J58,409 670,537 7,028,946 Net rnovemEnt in funds, included in the abov¢ ore as fol]ow5'. In￿ming r¢sour¢¢5 Resowces &¥peDded Gains snd losses Movemenl in funds UDre51rieted fun(ls Unr¢slTlCted Income Fund Unrestricied Expendable Endowment Fund 174,265 (183,7541 (9,489) 680,026 680,026 174.265 {183,754) 680.026 670,537 TOTAL FUNDS 174265 (183.7541 680,026 670,537 Comparative5 for movement In funds Net movemeni in fi]nd5 At 1.12.22 At 30.11.2J UDre5tricted fullds Uthre5tricted Income Fund Unr¢stri¢t¢d Expendable Endowment Fund 1.156.165 5,16(),916 (70.352) 111.680 1,085,813 5.272,596 6,317,081 41,328 6,358.409 TOTAL FUNDS 6,317,081 41,328 6,358,409 Page 14 continlled... JJ. MOVEMEIYT ITr4 FUP4DS- eontinued Comparative net movernet]t in fimds, in¢lud¢d in the obov¢ are as follows: Incorning r¢sourees Gains and losses Movement irt funds expended UThrestriet¢d funds Unrestricted Income Fund Unrestricted Expendable Endowment Fund 161,134 (231,486) {70.352} 111.680 111,680 161.134 1231,4861 111.680 41.328 TOTAL FUNDS 161.134 1231,486} 111,680 41.328 A current year 12 months and prior yeaT 12 monihs combin¢d wsition is &% follow3.' Net movement in ￿ndS At 1.1222 At 30.11.24 Unrestricted fuDds UDr¢stri¢ted Income Fund Unre￿rIcted Expendable EndowThent Fw 1,156,165 5,160,916 (79.841) 791,706 1.076,324 5,952,622 6,317,081 711.86S 7,028,946 TOTAL FUNDS 6,317,081 711,865 7,028,946 A cuThent ycar 12 months and prior year 12 month5 combined Thet movcmenl in fun(ts. included in th¢ above aTe as follows: In¢oming resour¢¢s R¢sourc¢s ¢xpthd¢d Gains a￿j losses Mov¢m¢ ill funds Unrestrieted Unrestrieted I￿Ome Fund Unrestri¢t¢d Expendabl¢ EDdowmeni Fund 335,399 (415,240) 179,8411 791,706 791,706 335,399 1415240) 791,706 711.865 TOTAL FiJNDS 335,399 (415240) 791,706 711.865 Poge 15 continued... r 2024 12. RELATED PARTY DISCWSURF V E Mii¢hell and A E Soutter are direclors and 5har¢holders in Milkr Be¢kett & Jackson Lin)ited. Factorial fees of kn2,760 {2023.. £36,S04) wer¢ paid to this ¢ompany. 13. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE VOR SMALL EN￿TIEs In common with many other businesses of our size and nature we use our auditors to a55iSt with the preparation of the financial siaiements. Page 16 Detail 30.11.24 30.11.23 INCOME AND ENDOWMENrs Invest￿eThI income Dividend income BuElding society interest 137.550 36,715 147.041 14,093 174,265 161,134 Tothl resothrc¢s 174,265 161,134 EXPENDrruRE Inve51meni m*nagemeJt Costs Portfolio management 25,414 24,022 ChJ)rltxble #ttivities Grant$ to institutions 122.500 168,000 Support tosti Man*gement Sundrie5 Facknis f¢¢3 20 32,76<) 44 36,504 32,780 36.548 Ver￿ante e05ts Independetffi auijiiors fees Ind￿nd¢￿ avditors fees 144 2,916 2,916 3.060 2,916 Total re50ur¢es expended 183.754 231,486 eApenditthre before galTrs (9.489} 170,352) Reg115ed recognised and ltssses R¢ali5¢d gainslllosses) on fixed a55¢t ITIV¢5tm¢nts 680,026 111,680 Net ineome 670.537 41,328 Thi5 page do¢s not forni part of the statutory financial sial¢menfs Page 17