APPENDIX 1 Trustees, Annual Report for the period Period start dale Pertrod end date Morth Year Day_ Month Year 12 23 30 24 oscr,- Day To Office of the Scotli8h Charity Regulator Rélèrence and administratlon details haiity name Other names ¢harity is known by Reglstered charlty number Charity's principal address D.W.T. Cargill Fund ' SC012703 190 Sl Vincent St Glasgow Posttode G2 5SP Names of thg charity trust•es on date of approv31 of TTUStee$' Annual Report Twustse namg OffiGe16f any) Dates acted If not for whole year Name of pgrBon {or body) entitled to appolnt trusteg Ilf any) Trustee Trustee Trustee Trustee Appointed 24.09.24 Appointed 03.12.24 Appointed 25.0325 Tru8lee Trlee 10 11 12 13 14 15 16 17 18 19 20
APPENDIX 1 Referencg and admlnlstrdtlon detalls Names of all other charity trustee5 during the period. rf any. (for example, th080 who resigned part way through the flnanclal perlod) Name Dates acted If not for th01e year Deceased 30.01.24 Slructure. govemance and management Typ• of 90mIng document Deed of Trust Truste? r•Gruitment and appolntmènt SeNing Trustees are appotnted as required taking into account their skills and knOedge. Objectives and activitles Charltable purposes The Trustees are emF)oweied lo retain the whole or part ol the resKJue of the means and estate of the fund for such lime as they may IhMk frt, or permanent, and lo apply the whole or such part of the income of said retsined portion Ito called The D.W.T Cargill Fund) for such charitable purposes as the trustees in their absolute discretion may decide. Payments can be made to or on behaw of any Hospltals, Instltutk)ns. SocEties or others whose work in the opinion of the Iruslees is likdy to be beneficial lo the Community. It is not the Trustees current policy to give grants lo indimduals. The Trustees have agreed the npdium-temi objecllve of retaining the capital and applying the Inco for the fNegcrfng CharItsb purposes recognising the position may vary from year lo year_ The Trustees award grants in OrdanCe wlh the choritable purposes. During the year the Inccrne from Investments lotslled £322,923 for use in our Charitsble aclivili8s. Rathbones Investment Management Ltd t as Investment Managers in respect ol the share portfolo and the Relum on Investments is in a¢w[dan with their benchmarks agree(I with th8 Trustees and Ihem. Summary of the maln actlvities in relation to these obl•cts
APPENDIX 1 Achlevaments and perforniance Summary of the maln achlevements of The Trust awarded grants whlch totalled £369,281 in the year lo the charlty during thg flnanGial period Charriable In$lilulions and Socleties that the Trustees frfi required the most 8UPPOrt and whose Purposes fell wilhin the ¥pectNm of the Deed Trust. Flnanclal revlew 8rf•f statoment ofthe charlty's policy on roser¥e8 As th9 charity has no recurring eypendlure on an annual bas15 the Board of Trustees consider th8 curiènl lévèl of rè$8rves to be Suff18t. Detai15 of any deficit None Donated facllltles and sgNl¢•s Ilf any) None
APPENDIX 1 Other optlonal Infomiauon Declaration The ttee9 declare that they have approved the trustev4' report above. Signod on bohalf of th• ¢harlty's trustees Slonaturelsl Full namelsl Position {e.g. ChaiT) Chairman and Trustee Datg 240S2S
REGJsfERED C.HARITY NUMBER: 1)12703 IXSKECar£ill Fund McLay McAlister & McGibbon LLP Charte1 Accotants and Statutory AdIS 145 St Vi]Kent Sljyet Cl0 G2 5JF
Page Rewrtof the TtiJstee5 RerA)rt of the Ind•)endeni Audito Stsiement of Fin2ncia] Activities Balance Sheet Ntstes the Financial Statem¢nts 9 to 15 Detsild Stst¢rn¢nl of FinwKial Actiwities 16
Tli¢ irusl¢¢s pr¢5enl their rewrt with the fJDancial s(akmenls ofihe charity for the year ended 30 Novthntxr 2024. Thc tru5t¢es hav¢ adopt¢d the prowi5ions of Accounting and Reporting by Ch)riti¢s.' Statcmcni of Rceommcndcd Prncti¢¢ applicable to charities preparing their accounts in accordance with the FirtaJKi RelIng Standard opplKable in the UK a7 Republicof Ir¢land (FRS 102) (effective l January 2019). OWEIvEs Af+JD ACTIVI'I"IES Objectives and aims The trustee5 are eMwered to rthin th¢ whole or part of the re5iduE of the means w)d eswe of the fund for sud] titlle as thcy may think fiL or permarwtly , and to apply the whole or surh pan of the incom¢ of said rthned wtion (to be Iled 'The D.W.T. Cargill Fund") for su¢h ¢haritsble PurSe$ th¢ trust¢es in their absolthe discretioJJ may decide. Payments may be made to or on behalf of any Hospital4 Institutions, Socieiies or othetE whose wowk in the qlinic of the tmstees is likely to be beneficial to the comrnunity. It is not ihe trnstees CUTrenl y)liry 10 8Lve 8rnnis 10 individuals. The trnstee5 have agreed ihe medium-mi objective of retaining the czpital applyi the income for the foregoing charitsble purrA)se4 reco)Is1g ihai the rrJsi(ion might vary from ycarto year. Report on the Activities of ihe Trust Th¢ tJiJst¢es have continucd to SUPFQrt & wide range of Charitsble causes in the year under revi¢w. grwits poid totail¢d £369,281 (2023.. £486,898). Gnnt AwsTding Poliey Thc trusttes wply th¢ fund5 of the ¢hority ttt their dIS¢tiOn amd it) accordance with Trust PurrK)5es established under the T]vst Deed. In awtrding gTWJts, the In¢5 will opply the following principles.. Thc truses will consider any r¢quesi from any Beographic81 area. The trusitts will carry oul suifJ¢i¢nt due diligence kn ensure that ihe requesi rneets ¢h¢ Trust Purposes. The d<%ision of th¢ inJsteÈs on WhetIr to award a g¢ is fbnd. The tnJstee5 are notobliged io provide an explanation to applic8nls in the event thattheirapplication is not successful. Pln$ for the Future The truqteeq plan to fc*llow a tx)licy of rnaking grants to tJM)se organisations they fr¢1 quir¢ most SUPPOrt sthd whose purpose fall withkn the specllum of ihe Trust tk¢d. FINANCIAL REVIEW Finaneial positio The Unrestricted Incixne Fund at the begInnig of th¢ y¢ar amounted to £1.129.800 to whi¢h was ded receipts of £322,923 and fivm whi¢h was deducted pa)rynents of £399,201, including wts of £369,281 leaving a balance of £1,053.522 earrie41 fon¥aDJ. The EXpdAble EndoWMr Fund al the beginning of the year arno1ed 10 £10,722,678 fn)m whh inveslmeni gain5 of £1.420J88 were added and payrncnls of £109.142 deducted, Irdving a balanLf of £12,034.124. Reserve5 polity As the chariiy has Jwu1nS ex[rture on an annual b&sis the Board of Tnjstees consider the currEnt level of reserves to be sufficicnt. Investment policy The investment w)licy, whith is r¢vi¢wed by tbc trustee5 tiwnr to tinie is aim¢d 0¢ maintsining th¢ rui valu¢ of the Trust funds ovcr a period of y¢aJs and ihereby providing ar¢anable l¢vel of in¢om¢ for ¢haritsbl¢ donation As shown in Not¢ 9, th¢ m¥ket value of listed investments at 30 November2024 amounted to £12,188:194 Poge I
FINANCJAL RFVIEW Ri5k5 The trusltts consider Variability of Jnveslrncnt turnS to nStitUte tl)e ¢harity's rnajor flnancial risk. This 15 mitigated by Tetaining eXrt illV¢5ttnenl managers and having a div¢tsified p)rrfolio. srRucfuRE, COVERYANCE AND MANAGLMENT Governing dotUMt The chhiity is controlla by its gov¢n)ing documerti a deed of tru and o)nstitut¢s lOrpoTa[¢d charity. Recruitment of New Membel Serving truste¢s are appointed &8 Jf9ui]rd,t&king into a¢wuAJt Iheirskiljs and knowJedg¢. Org4ni$4tion#l $trUrtre The Trust is a rewstered chority, numter SC012703 rf is ¢onstilud under a Trust t)eed dated 6 May 1938. The Trusi was registwEd in the BLTh)ks of Council and Session M 12 September 1939. The frust was estsblished by a gift fM D.W.T CEiII. Inductioo and TrdiMinE of New Trnstees GeTKraily tTUStees are familiarwth Ihc work of the charity prior their apw>tnlm¢nt. Training is provided rquired. REFERENCE AND ADMINisfRATIVE DETAILS Registtred Chgrity nuffiber SC.Q12703 Prfncipsl gddre55 Mill¢r B¢¢k¢tt & Jackson Lirnitoj Solic5tors 19) 8t Vincent Stsret Glasgow G2 5SP Audilijrs McLay M¢Alistcr& McGibbon LLP Chartered Accountantsand Statutory Auditors 145 St Vin¢ent st Gl&%gow G2 5JF F4CtOTS and W adviso Miller Beckett & Jo¢kson Limiiexl &Trlicitors 19) St Vinc?ni St¢ Glasgow G2 5SP Pa8e 2
REFERENCE AND ADMIP41STRATIVE DETAILS Investsn¢NI advi5¢rs Raihbones Jnvesknent Manag¢ment Limited George Housc 50 George Square Glas8OW G2 IEH STATEMENT OF TRVSTEES, RESPONSIBILITIES Th¢ tnL5tees we re5POll5ibl¢ for pr¢paring th¢ Report of the TnKstees ad ihe finamcial ststemcnts in aCCe with appli¢&bl¢ 18w and United Kingdom Attounting St0rI1$ {United Kingdom Generally A¢¢¢pted Attounting Prdctice) including Finwial Re]Thing S18ndard 102 "The Financial Reportin8 Standard applieable iii the UK and Republic of Iland.. The law applicable to chtirilies in Scoiland, the Chariiies and TTUSt¢¢ Investment (Scthland) Act 2005. Ch1t]eS Aecounts (Scotland) Regulwions 2006 {as amendcdl and thc provi5ion$ oftlie cjiarity's n511ttiOn, quIT¢S the trus¢$ 10 prepare fin&icial statenients for each finaTr¢ial year ivhi¢l) give a irue and fair vicw of the 5tAtc of affaiws of th¢ ¢harity and of th¢ incoming r¢sourrx$ 4nd application of Tesourccs, inGluding th¢ itKome expdItU of tke charity for that p¢riod. Jn prerAring those financial stsiem¢nl8 trnstees are fEquired to sel¢¢l suitabl¢ accounting 17¢7¢5 ynd then 8pply them consist¢ntly' Obsce the methods and principles in the Charity SORP. make judganents and esiimates thai are rcasonabl¢ and prlldrnt. prepa¢Y The fman¢i81 stat¢m¢Jrt5 on the going conc¢m basis 1¢$$ it is inappropriale to presume that th¢ charity will ciMtin in busit)es& The tru5tces are resp)nsibl¢ for keeptng proper accounting records whi¢h disclose with reasonable xcuracy at any time the finanaaj position of the charity aTKI to enable Ih¢m to &)sure that the fir]ancial slaiemthts comply with the Charities and 1'nce Investmtht (Scotland) Ad 2¢M15. the Charilies Accounts Iswtlafjd) Regulations 2006 (as amended) and ihc PTovi$ions of the chdTity'S consiiiuiion. They $0 responsible for safeguardin¥ the assd5 orth¢ chaTily and hence for rtasonable sieps for ihe pr¢tI( and detection of fNaud and oih¢r inY¥ulorili¢s. ZI..,.&... ZS .and Appmved by ord¢r ofthe board of trnstees on . SI£d on Rts khalf by.. Page 3
D.W.T Cargill Fulld Opinlon le have aiidited the financial staicments of D.W.T Cargill Fund Ithe charity'i for the vear endcd 30 NovembeT 2024 which comprise ih¢ Sial¢m¢ni of Ftnancial Aaiviiie& the Baldnce Sheei and r>teS to the financial stat¢ments, including a &immary of signifiranl accountijig lIcIeS. Th¢ fin&ncial reporting framrk that has been applied in their pr¢paralioii is applicable law ljnittd Kingdom Accounting standa (Unitd Kingdom Gcncrally Acccptcd Ac¢ounlin¥ Prdclicc}, incluéin8 Financial Reporting Stsndard 102 'The Financi Reporting StaNianl appli¢abl¢ in the UK and R¢publtc of Jr¢land'. In our opinion the financial staiaiients.. giv¢ a twe and 'r eW of the state of Ihe charity's affairs As at 30 Nov¢rntrÈr 2024 and of lis incorning resources and application of resources forth¢ yeaT ih¢n ended. have been pD)p¢rty preparoj in accordancr wilh Uniia KiJEdorn Generdlly Accepted Ac¢ouniii)g Pwlice, includi¥ Finllncial Rtprting Stondarnl 102 'The Financial ReFQrting Standard applicable in rhc UK and RerAJblic of l]Yland'; have been prepared tn a¢e(wknee with the requirements of the Chariites and Tn Investment (Scoiland) Act 2(M)5 and Regulation 8 of ihe Chwiiies Aecoimts {Scotlandl Re¥ulaiions 2006. Bs5is for oplDion We tondu¢ied our audii in aCcOrdae with Intmaiional Siandar(b on Audiling (UK) (ISAS (UK)) ond applicablc law. OUT SponSibl7111es under those Stsndards are furtli¢T described in the Auditor5, r¢sponsibilili¢s for th¢ aL1t of the financial 51atemeniS section of our r¢port. We are indepcndent of thc charity ifb ac¢ordaI with the ethical requirenients that a relev&it to our audil of thr financial stat¢ments in the UK. including the FRCS Ethi¢81 Si8ndanl, and the PTDV1510ll5 available f(pr small ¢ntities, in the cirCurnSts¢S Set out in note 13 to the financial st#ternen and we have fulfilled our other dbical re$Yolibl]i1IeS in accordance with these requirements. We believe ihfit the audit evidence we hav¢obtained is suffi¢itt 8nd appropriate ioprovide abasis forour (yinion. CO¢]sID$ rdHtlng w golllg concern In auditing th6 financial stat¢M¢nts, w¢ have cottcluded that the tNstees use of the going ¢onwi knis of a¢Lx>unting in the preparation of the finanuil stst¢ments is appropriate. Bd on the woJl< we have Frfornie¢l we have nol identified any matejial uncertaintie5 relatins¥ to events or conditions th#( individually or colle£tively, may c&st signifiont doubt on the charity's ability to eontinue &$ a going concem for pewiod of at letWelVe Thonths from when ihe finat)cial s¢mlts are autlK&rised for issue. Our 4ESP)]isibilÈtie5 aThl the r¢sponsibilitl¢s of th¢ 1n1sl¢ wilh respect to g¢ing con¢¢m ar¢ dcscribtd in thc rcle¥anl 5¢CtitsJL%of this port. Other informtlon The tru51ees are restx)nsible for the other infoThation. The other 1nfomjati( ¢ompris¢s ihe infomiation includcd the Annual R¢m othrythan thc flnanciai statements and our Rep)rt of the Ind¢p¢ndent Audttots thereon. (hr oplnion on the financial statements docs not ¢oY¢r the oth¢r inforniation an4 exCt to the extent (th¢n¥is¢ explicitly 5tak4J in our report, w¢ do 0t ¢xpress any forni of assuranc¢ ¢on¢lusion th¢re¢)n. In connection with our audit of th¢ fanCial st4tsmtni& our resInsibIlIty is to rvdd the other infomiatM)n arf in doing so, wnsider whether the other information is mÉteria]ly ineonsistenl with the financial ststemenis or ollr knowled¥e obtained in the alldit or otherwise appears to be materially missted. If we idenlify sueh material inconsistencies or apparent material misstatements, we sre requirEd to dthemiine Wheth diis gives rise to 2 malerial Tni5tement in Ihc financial state]neDts th¢ms¥lves. If. based on work we have performrd, we con¢lude that ih¢re is a material misslatememt of this her infomiation, we are required to report thai fa¢( We have nothing to Teport in this regard. MAtters (b whlelk we are requlred to report by exception We have nothing to Teport in respeLI of the following malieJ5 where the ajarities AcCots (ScotlaTMI) Regulations 2(KK) requijes us to re lo you if. in our0p1l0'. th¢ infannation given in the Rep of thc Trusle¢5 is Incmsistent in any Materi respc£t with th¢ finan¢i41 s¢atemeni& or proper accounting rt(Drdb" hav¢ not b¢en kepl. or th¢ financthl statements we not in agreement with th¢ 8¢countin8 record$ and returns: or w¢ h&ve not r¢¢esved all th¢ tnfomiation aDd CXFlatthtions w¢r¢quire for our audit. Page 4
of the Inde Responsibilities •f irustees As explained more fully in ihe Stalement of Trnths, R£s)ns11 )iliiies. Ihe are resJx)nsibl¢ for th¢ pryrdiioll of the financial ÉeMentS whith 82ve a true and fair view. for such intemal (x)ntrol a5 th¢ Iru51¢es detcnnine 15 necessary io enable ihe prcpardTiOn of findniial 5talrmt*ts ihal ar¢ fr¢¢ fronj Jn81erial ini551atein¢nL wh¢tlier du¢ ¢0 fraud OT In the finan¢ial statements, the truste¢5 are sponSible for ass¢ssing the chirity's ability to continuc as a going ncerr4 disc105yng. as Applicable, matters relalcd to going conccrn and using th¢ going concern Iiasis of accounting unless the trustees either intend to liquidate the charity or to eease q)erati(ms, or have no realisti¢ alternative but to do Our responsibilities for of the fin#nti&l stst¢m¢nts We have been apsx)inted 85 Auditors under S¢aion 44(IXc) of the ChaTiti¢s #nd TNst¢¢ Invesbnes)I Iswtlandl Act 2)5 and pOrt in accordance with ihe Act fjd r¢levantr¢gulations mad¢ or havin8 thereunder. Our obj¢ctiv¢s are to obtsin ]Easonable assurance a&)lli whether Ihe firwicial stsiements as a whole are free from mawial misstsiement, whether due to frdud or error. and to issw a Report of the ItKlepEndent Audito]5 thai includes our opinion. Reasonable sUrance is a high level of assurance, bui is a guardlltee that an audii Cond¢1 in a¢¢orthn¢e 114fh ISAS IUK) will always detrLi a maierial missiaiemeni when il exists. Misstatem7ts can arise frotn fraud or error and are a)nsidered material if, diVIduallY or in the aggregate, they could reoab]Y be expect io influ¢n¢¢ th¢ tKonomi¢ d¢¢isions of users taken on Ihc basis of these finafbcial stai¢meiits. The cent which our procedures arc Ixpable ofdeiecting iJr¢gularities includin8 fraud is detailed below.. In id¢nlifying and assessing risks of material niissiatement in respect of irr¢gularili¢s, including fraud 8nd non-wmpliance with laws and glatIonS w¢ considered th¢ followin& - tlie iiature of thc indu5ty a]xl s¢¢tor, control enyironmtht and business ornin. - r¢sults of ourcnquirics of managemeth aFKJut ih¢irown identification and assessment of the risks and itY¢gu]1ties. - any matters w¢ idmiified havingreviewed the ¢ornpany's lliiemal controls established to mitl8ate risks of fraudor non- Complia¢ with laws and regulations; - th¢ matiet5 di%cussed among the audit engagement team regarding howgnd wh¢Te fr?j rnight cur in th¢ financial ststements aAd any wten(ial indicators of frdud. We obtaÈned an undetsianding of the le8a] and re8ulatyry frdmew)Jk thai Éhe company ¢)p¢rat¢s in. The kcy laws athj regulations w¢ ¢onsidered included the UK Co]nponies Act and tax legislalion. We &%se55ed the t%ient of ¢4)mplian with these Igws and regulations part of our procedures on the relad financial slatemenl items. In addR¢ion we considered provisions of other laws and regulations that not have a direcl effc¢t on the financial ststements but colnpl1an with which may be fiindllmelllal to the company's ability to operate. Thcse included health and $8fety, GDPR and employnent laws. Auditing stsndwds limit the re4uir¢d audit proc¢durts io identify Trin - MplianCe with these laws and regulations to enquiry of the directors, Insl0n of regulatory lexal corresndeCc. if any, w]d miew of tninules of mceiings. Thce£ li1]1 pro¢¢dw¢s did not identify actual or suspected non-complian¢¢. A further (ks¢iiption of our re5ponstbilities for the audit of the fin4n¢iaI stsi¢m¢nts is located 011 ihe Finan¢iaJ R¢p)rti CouJKil's weEsite at www.fr¢.OTg.ukIauditors$P0n$1biI1t1e5. This deseription fornis part of ow Rew)rt of the Independfflt Audits)23.
D.W.T Caoyill Fund Ilse of our report This rep)rt is made solely K) the chity'S trustees. as a Iy. in attordance with Rcgulaiion 10 of th¢ Chorities Accounts (S¢oilaNI) Regulations 2006. Our audit wot has been undenak'en so tl)ai w¢ might stal¢ lo Ihc charity'5 tTUStCC5 those ]natter5 wc are tequiwvd tv 51dlc to ihrm in audiiors, r¢pot1 for no other puryK>5e. To tIK fulle51 cxt¢nt P¢miitttd by law. w¢ th not accept or assume responsibility lo anyonr othcr ihan the charity and the charity'5 tn]stees 45 a body, for ouraudit work thi5 TCP)rt, or forthe qJinioJs we have forn]¢d. McLay M¢Alist¢r & McGibbon LLP Chartered Accountsnts and Statutory Auditors 145 Stvincent Street Gl&8gow G2 5JF Date.. Pagr 6
30.11.24 30.11.23 Ujirestiicted Expcthble EN4owm¢nt Fund Unrestritled Incorn¢ Fund Totsl funds Totsl fun& IIYCOME AND ENDOWMENTS FROM Investment inccrtne 322,923 322923 338.75) EXPENDITURJS ON Raising funds (20) 49,634 49,614 45,306 Charltsble gcdvltles Grts spport co$ 369,281 29,940 369,281 89,448 486.898 74,(M)O 59,508 Total 399,201 109,142 508J43 606,204 Netgains on investments 1,420.588 1.420.588 I20,(5 NET INCOMFJ(EXPENDITURE) {76278) 1,311,446 1235.168 1147,4461 RECONCILIATION OV FUNDS Total funds broug])t fonwd 1,129,8(K) 10.722,678 11.852.478 I l J99.924 TOTAL FUNDS CARRIED FORWARD 1.033,522 11034.124 13.087.646 11,852,478 The note5 fornj part of these statements Page 7
W.T Ca I'II FLmd 3Q.1124 30.1123 Unr¢stiici¢d Exper)dable End0%eTrt Fund Unrestrictcd Income Fund Total ds Totsl funds Nots FIXLD A&SETS Investnients 13,000,804 13,000,804 11.726.052 CURREf4tr ASSETS Cash in hand 1.083,462 (9x19296) 174.166 2,382 CREDITORS Amounts falling th]e wthin one year io 129,940) {57J841 (87,3241 173,956) NET CURRENT ASSETS 1.053,522 1966,680) 86,842 126,426 TOTAL ASSETS LESSCURREwr UABILITIES 1,053,522 12.034,124 13,087,646 11.851478 NET ASSETS l.ts.f_3,522 12.034,124 13.087.646 11,851478 FUNDS UnTEStricted fut5d5'. Unr¢stricted hKomc Fund UnTestiictcd Expendoble Endowm¢nf Fund 1,053,522 12,034,124 1,129,800 10,722,678 13,087.646 11.552.478 TOTAL FUNDS 13,087.646 11,852,478 The financial staiem¢nts w¢r¢ approved bv the Board of TtusteES 8nd A11}nS for i&sue . and were signed on ils bthsifby.. on The no*s fomi part ofthese financial statement5 Page 8
AC.COIINnNG POLICIES Bas1$ of preparingthe finIrIal 5tatvThenls The finatKia] Sh21¢m¢nls of th¢ charity. which is a public bcnEfit entity lln(kr FRS 102, hav¢ been pr¢pgrtd in accordan¢¢ with th¢ C.harilies SORP (FRS 102) 'A¢Gounlin8 and Rewrting by Chariti¢& Siatwnent of ReC0mended Pradirx applIcable lo Charili rrq)aring ih¢ir a¢LYJunts in accordance with the FInela] Reporting Standard applicable in the UK and R¢publtc of Ircland {FRS 102) (cffe¢tiv¢ l January 20191., Fina]91 Reporting Stsndard 102 Tr Financial Reporting &dard applithle in the UK and RUbliC of Ircland. and thc Ch8ri1ies 8J]d Tm51e¢ Envesthnent IS¢otlandl Aei 2rrf15. The fInaClaI siatements have been prcparcd under the hisiorical com conv¢ntion. wilh th¢ excepiion of inVementS whidj ar¢ in¢lwitd at ]natet valu¢, modified by the revaluationof certatn Ossds. Ineome All ]nene 15 rcwised in the St$teml of Fknancial ActiNities (SOFA) on¢e the charity has entitlement to the fimd4 it is pmbsble that ihe incom¢ wll be received gnd the can be measured tyliably. Expenditu Liabditi¢s are recog)ised as e%pendiwrE on therE is a le8al or consthKriYe obligarion aTrminittiny the charity lo that expenditure, it is probalAe thai a transfer of economic benefits will be required in seiilemerbt and the amount of the obligation can Mered reliably. Exptnditute is a¢¢oun¢a f on an arnal$ basis and has been classified under headings thai aggregaie all w$¢ r¢lated to the category. Wh¢re (vsts Gn01 be di¢1[Y attribultd partiwlar ]Kadin8S they have been allocatd to xtivities on a basis wnsistent with the use of rwuree AlJo¢tion and sppurtionThentof c•sts Govcrnance costs comprise all costs involving the public accountabiltty of th¢ thaTity and its Lx)mplion¢¢ with regulation ld good practicc. Th¢5r costs in¢lud¢ wsts r¢lat¢d to statutory audtt omd l¢gal f¢e& TOX•t The chtirity is exemw ftvrn tax on tts charitable gctivitieL Inmtments InYestmLI)ts are recognised initialty ar fair value wliich is llOTtnally the Iran$tIOn price ¢x¢luding transaction costs. Subsequenily. they ar¢ measured at faiT waluE wilh 6hanges r¢wgnis¢d in 'net gains l {losscs) on tnvesttnents, in th¢ SOFA if the shares are publically tred ortheir f8irvalu¢ otherwise be meLsuted reliably. Current a5sel investments are short temi highly liquid inves¢met)ts and are held at f•r value. These include cash on depxit and cth equivalents with a maturity of less than one year. IP4VESTMENT JIYCOME 30.1124 30.11.23 DiMdends Interest etIVed 320.643 1280 336,130 1623 322,923 338,753 Pa8e 9 LY)nlinued...
RAISING FUNDS Rg151ng thNgtiOn5 kgatie5 30.11.24 30.11.23 Tru5tee5' ¢xpeibses (20} Investment manieemenl costs 30.11.24 30.11.23 Portfolio managemcrt 49.634 45206 Aggate amounis 49,614 45J06 CHAIUTABLE AcfiviTIES COSTS Grnnl ndingof activities (stt notc Support eosts( tyxe 6) 5) Totsls Grants SuprN)rt costs 369,281 369,281 89,448 89,448 369,281 89,448 458,729 GRAlYtS PAYABLE 30.1124 30.11.23 Grants 369,281 486,898 Thetotal 8ra#ts pid institutions during the year w&% as hllows: 10.11.23 M¢dical Care eic Care of Childr¢n Care in th¢ Coinmunity Carc for thc Elderly Mis¢ellan¢ous Youth oan7$atiOnS 218,0 24.000 62,0(M) 49281 2(O,(M)O 40,0 89.500 68J98 21,(X)O 2,(MJO 16,IMiO 369,281 480,898 GrdDts paid during the y¢Ar We rnode to Vati0 instiiution5 under the aboveheadings. Pa8e 10 n11nl...
aT SUPPORT COSTS Gov¢manc¢ sts Mana¥rm¢nt Ti)tals Supp)n ¢03ts 83,868 5,580 89,448 SuprK)rt eos¢s. included in the atK>ve. are as folbws-. 30.11.24 Support Costs 30.11.23 Tots] activities Sundries Factor5 fees ITKlependtht audilorfees 2,124 81,744 5,580 44 68,640 5,-316 89.448 74,(X)O TRUSTEES. REMUNERATION AND BENEFITS There wer¢ no trusiees. remuneration or other bEnefit5 for th¢ yew eJJded 30 November 2024 rM)r for the year ended 30 Novernber 2023. Trustees. eJpenKs TTU51 fftrmbus may rwcive a in(yJest contrli )utioii low( their Irav¢lling P¢S¢s. During the Y¢ ¢nded 30 NovanE¢r 2024 atotal of £20 was Jrpaid12023.. £100 paid). COMPARATIVES FOR THE STATILMENT OF FINANCIAL AcTIvrriES {30.11.23} Unrestricted Exrkiidable Endowm¥nt Fulld Unr¢srri(ted Incon]¢ Fund T(xal INCOME AND E]YDOWMENfs FROM Inveglrnent Irome 338,753 118.753 EXPENDITURE ON Raising funds 100 45206 45 J06 Charitsble activitit Grdnts Support LU)5tS 486,898 29J60 486,898 74,0(Ml 44,640 Totsl 516,358 89,846 6204 gains on invesmients 120,005 120,005 NET INCOMEI(EXPENDITURF.) (177.605) 30.159 {147.446) REcof4ciLIATION OF FUNDS Totsl funds brou1 fon¥aTd I J07,405 10,691519 11,9)9.924 Page11 continued...
COMPARATIVES FOR THE ATEMENT OF FINANCIAL AcfIviTIES13th11.23)_ tmilnued Unrestricted Exprndabl¢ Endowmcnt Fund Un[ended lTrcome Fund T(rtal fumds TOTAL FUNDS CARRIED FORWARD 1.129.800 10.722.678 11.852,478 FIXED ASSET INVFSTMENTS Listed investsnents Unlisted invesim¢ttis Totals MARKET VALUE At l De¢ember2023 Additions Disposals Revaluations 10,913,442 I J20,762 (1,466,598) 1,420,588 812,610 11,726.052 1,320,762 (1,406,598) 1,420,588 At 30 Nov¢mb¢r 2024 12,188.194 812,610 13,0(K),804 NET BOOK VALUE AI 30 November 2024 12,188,194 812,610 13.0(X).804 AI 30 N0mber 2023 10,913,442 ¥12.610 11,726,052 The inNr5tmthts of the Trust re815¢d on UK. ErOpean and American sto¢k exchang¢%. Th¢cost ofListed Fixed Asset Investments held on 30 November 2024 is £5.532,728 {2023.. £5,169.850). Thematerial inVement5 held wthin the listed portfolio att as follows: Value 21124 Co$t2024 Value 11123 C0512023 Rio finto PIC BAE Systerns PIC JPM Ametican Inv Twsi Pl Marsh & M¢Lcnnan Co Jnc Visa In¢ 708,388 129.885 197,656 256.814 628.602 371,183 774.757 569.279 932.650 129.885 197.6)6 256,814 IJII.OOD 6972 663,105 541375 371,183 The Unlisted Fixed Asset ]nvestments rekntelo.. Bonds in srfurity er. 21)24 2017 D8vid csim Hou5C- St 50/0 812 610 812610 Page 12 continued...
D.W.T End CREDITORS: AMOIINTS FALLING DUE WITHIN ONE I'EAR 30.11.24 30.11.23 0¢kr¢dI1orS 87,324 73,956 MOVEMENT IN FUNDS Ai 1.1223 movement in fud5 At 30.1124 Unr&stricted fuTrd$ UnJE$tricted Incornc Fund Unrestrictcd Expendabl¢ Endowment Furjd 1,129,800 10,722,678 {76,278) ,311.446 1,053522 12.034,124 11,851478 1235,168 13.087,646 TOTAL FUNDS 11,832,478 1235,168 13.087,646 Net rnovement in fund4 Includ in ihe alxjve as follows.. Incoming rcsources ReSoUeS vJ¢nded Gains and ]osses Movement In fvnds UTrre5tricted funds Unrc5trictcd bicon]e Fund Unrc5tricted Expendabl¢Endowm¢nt Fund 322,923 (399,2011 1109,1421 176,278) ,311,446 1.420,588 322,923 1508,3431 1,420,588 1,235,168 TO'I'AL Fuf4D 322923 1508,3431 1,420.588 1,235,168 C•mparntiv¢s knr movemen¢ in funds Net ]novement in funds At .12.22 Ai 30.11.23 U•rcstrkted fund5 UDrtsiri¢t¢d Incomc Fund UN3tilctcd Ewndabk Endowment Fund 1,307.405 10,691519 1177.605) 30,159 1,129,800 10,722,678 11.999,924 (147,446) 11.852.478 TOTAL FUNDS 11,999.924 (147,rt146) 11,851478 Pag¢ 13 contlliued...
MOVEMENT Iri FUNDS- continued Compardtivc nct movcmcnt in funds indudtd in the obove are as follow5.' Incoming resour¢es Garns and 1055es Moverne in funds exper)ded Unreslrict¢d funds UnTC5trieted Jncome Fund UnrE5tri¢ied pendable Endowment Fund 338.7J3 1516.3581 189,8461 (177,6051 30,159 120,005 338.753 1606,204) 120,005 (147,446) TOTAL FUT4DS 338,753 {606,204) 120,005 (147,446) A Current year 12 mLYJths and prior year 12 moiiths ¢ombined positÈon is a5 follow Net moYeThcnt in funds Ai 1.1222 At 30.1124 Ilnrostricted fund5 Unrc5tricted Income Fund unStrided ExpeThJable Endowncnt Fund I J07,405 10,692,519 (253,883 } 1341,605 .053J22 12,034,124 11,999924 1,087,722 13,087,646 TOTAL TrUNDS 11.999.924 1.087,722 13,087,646 A Current yvdr 12 OnthS and pyior year 12 mLxJths wmbined net rnoveThnt in funds. in¢lud¥d in the at*)v¢ 4r¢ as follows.. Incoming resources Resources expended Gains aThl losses Movement in fimds Unrestricted funds Unrestiicied Jncome Fund Unrestiicted ExpendableEndowm¢nt Fund 661,676 1915J591 1198,9881 1253.8831 1,341,605 l J4Q.593 661.676 {1.114.5471 154QJ93 1,087,722 TOTAL FUNDS 661,676 {1,114,5471 154QJ93 1,087.722 Page 14 contlljued...
12. REIATED PARTY DISCLOSURES e both diTccts)rs and 5harch)IdeJs of Miller B¢¢k¢tt & Ja¢kson Lt& Factorial Fees of £È1,744 {2023= £68.640) wcre paid to this Company. 13. FRC ETIIICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENfiTIES In common wilh many other businesses of our stze and naiure we use our auditors to assist with the preparation of the financial 5taternenls. Page 15
3Q.11.24 30.11.23 INCOME AND ENDOWMEIYTS IVeStme111 income Diwdends Inier¢st Tlved 320.643 2280 336.130 2,623 322.923 338.753 Totsl incomiThg 0rreS 322.923 338.753 EXPENDITURE R91£ donations and legAri¢s Truste¢s' t11$¢5 (20) IVestment ¢yTrsts Portfolio management 49,634 45206 CTh8rithble setitieS Grants io ins1inttioDs 369,281 486,898 Suppfyrt ¢osts MA119gernent Sundries Factors fees 2.124 81.744 68,640 83.868 68.684 Governaiicecosts Jndcpendent auditQT ftts 5,580 5,316 Total resources expended 508,343 606,204 r4etexpeDditr¢ before gAins losses {185,420) (267,451) Realiswl r¢coEni$¢d gAi]Ls l(tsses Realised gain(lO$s¢s) on red ¢t inveslm#Jts 1,420,588 120,005 in¢omel(expthdltur¢) 1,235.168 (147,4461 This pge &)es noi forni part of the statutory ffinancial statemenls Page 10