I/scA CA107NYJOI MAS CAIiOUNE J B CUTHIERfs CHARITABLE TRUST IThE'CARAM TRusri CHARITY NO. SC013S49 REPORTOFTHE TRUSTEE5 Ind From.. l Ortober 1023 To: 30S•pt•mb•r 2024 ft•port ofthe trusteeslortr* V¢•retsd￿ 3DS•pt•mbw 2024 Tho Trustees present th*r annual rqport and finaTrcial ststsment5 of the charr(able irust for the year ended 30 Seprember 2024. The fin4n¢lal statemtnt5 have been prepared in a¢cordarK wlih the accountlt)8 policies Set out in note I tothe accounts and Comply With the charSty's trust deed. thè Ch4ritlq% and Trustèo Irw•stment Ikotl•ndl Act 2005, Thé Charitie5 Accounts (Scotlandl ReguLiiion5 20C6 las ameNJedl ènd Accounti￿ 3Thd Reportlng by Charrties.. Staromont of Recommended Practite appllcable locharltles preparlngthelr accounts in accorda•ce ¥Ylth the the Flnancial Reportlng Standard *ppll¢able In the VK ind RepublK ol Ireland (FR5 1021 IEffe£tNe l January 20191 The obiectivè$ of the Trust and an indlcltlon of its wlde remlt m•y perh•ps be best expl￿sed by quotln¢from Clause I￿£QU￿OI the Trust Deed lise￿..- "IS££LQi TheTrustees thèll hold, manaie and adminlstertht Trusi E$i4te 0$ 1 CHARITABLE TAUST for the purpose ol maklni donations subscrSptlons or grants or p4yrnents or bentfSts lo •nyother wayfrorn the inccrne •nd if thouaht fi¢ olso from the e•pit•l to such charitable bodie5 or or8anisation5 or purp05e5 IS the Trusiee5 may decidg which Ire r•co8nis•d at the tlm• ol plymtnt as charitable byth¢ Cornm1s51oners of Inland Rewnue DECLARING thar th* Trustees shall have sol* llscreiion is to which ol the benefKiailes shall benelll from tlme to lime and In what manneror way and io pay out the whole Income of the Trust Estaie In anv ve•r or Ivcirry it lorwafd In whole or In part io latei ￿ar$.. Grmi m•klty polkv Grants afe paid nom)allyfrom tht trust Income to a wlde varlety of charltable bodles Inot indnfidualsl in response to appllcations received and in Implement ol the trust purptrses. Ou￿nI the yearto 30September 2024 the rru$tee$ •w•rded 278rintstatallini £48,000, r4nii from £I.0￿ta £3,00D. Ourtni th• y•irto 305+pt￿61r 2023 th¥ tru5tO45 awaid•d 24 orints totlllinq E43,cixI, r4n8ih8 from £l.CWto £2,QOD. Th¢ Trysi has undertaken and wlll coThtlnue toundertake Its ¢¥$ityn•ry r•n8¢ 014ctiwties al ol%thkh ire in actordanc¢wlih Its oblectlves. Detallsof transactlons on the Char*tlesAJd Foundatlon ¥¢wnt durini the year to 30 September 20248r• d*t•il•d ￿ followlni pale.. ReP￿01th•￿￿KO1slofth1 ￿1￿qno•d3oSePlernb•r2024 Icontd.) Balance stlll to be ut111￿ a5 èt 30 september 2024 No Paym•nts mide Inthe yeor to 30 S•ptember2024 370. N.8. Th•Caram Trust wlll makg no hJrthqrpaym•nts Intothg abuv• 4CCDunt. The fvnd5 oftheTrust WÈfeestabllshed by In orl8lnal donatlon tythel•te Mrs Cuthbert and subsiaTrUally Sntreased followi￿ the final dlstrlbuilon of Caplt•l from another Trusr known Is the Mltchell Settlement la vne-tenth share olwhkh hid bten 1$5Sined to thÈQiam Trusil. Funds are In¥*51￿ under prof￿$lOn•1 adWc•. IDve5trnent incorne arlslni dvrlni the yeai totalled £60,77512023,. £5Q,428.41I Ind 8•ln$ l•ll unrealisedl of É216.22212023.. Gains of E54,5901 were Incuffed. TheTrusiees meet •nnually folk￿1￿1 pr•p•railon olihe annu•l Trust kcounts to 30 kpt•mb¢r. Certiln chawitible don•tionJ ire eon51dered at thJt mettln8 and 181in in lh* Summer yew when Trust••$ 4r¢idvls•d of the th•Tr currlrt capitil ind r•v•nu• ¢•sh b4linr•5. Ineidènt•l don•iions rnay b• m•d• at Olh+rtlmes Sn t￿¥4￿ at lh• IDstlBatlon ol InthvidualTru$t•rt. poll¢ywd p•rfwffl•￿• lffi termsof the Oeed. the TnJstees4re empowered ta INest the trust t￿0$ ITh or¢end th• saffl• on th* s•curity ol any hedtable or rpal property or Irty stock5 or sh*rtt arother 5•curlil•s whetherJuthorSsed bylaw for Investment by the tru5tees01 not. The lrtvestment rA)Ilty Is to m•lntaln a balance 6etweÈn Income and ciprtal irv•Ah. subject to a medlurn deiree oi ￿Sk. The Irwuiment t*rform•nth1s rth•wtd r•8ulorty bv Ihe twsiees. Rtyort olthe trus¢¢¢s th• yw1•d￿ 505•pteTh*•i1024 Icotthl.) The Trustees have con51dEred the rnèjor r15ks to which theTfu5tls exposed and con55der thai there were sufflclent saleguards In place to rnltl8ateiho5e rlsk5. The malor rlsk Is th4t all the fund5 4re hebj by Sjrosirsond thoi ihe asseis are hekl theii n(ynifflEe ILWnPallY. Sar45in have provided the tru$tets w￿h an ASAE 3402 report thot coTrfirm3 the naminee 1> separ•te from the trading entity. Any ¢ash f¥rsds held by Mitche115 Reberton are proterted under the Law Society of Scotland Prartite Rules 2011 Incorporatini thè SolleltC*s IAteountsl Rules 2fpJl. •Mi poII¢y Th• Tfustees retain sufliclent res2r¥e5 toen>ure thot il is•bl•to m¢•t its ov•rh•ids ind objective5. ThÈCbrJm Trust Is a Charli•b￿ Trust set up by the latekrs Carollne J e Cuthbert. by Oeed of Trust dated 2nd june 1969 a*d Yellstertd in the 8trDk5 01 Council & Se35ion on 10th July 1969. Is rocrrfdEd thai in july 2024, Standlake, Oxloidshiie. OX29 w)$ I¢rmali￿d on 8th February loa4, Actordin8ly, duriil8 ihe accounlinÉ yeaT repvitL'd Ihe TIv51ee5 were... MTR A•portaf th•tiiiii••sforih• y•*r •nthd Jo sw•mb•r2024 IContd.I A•fw•nr••nd *dmlthlstr*iiw Inlomiaiiah TNI¢ pr￿£# Mitchells Roberton Sollcito Georie House 36 North Hanower Street Gla4owfjl ZAD l Ollk• and Sollt Ch•rty N¥mb¢r.' SC013549 Arm5rron4 witson LLP 1st Fbor 24 &lythswood Sqwre Gl•$8OW G2 48G Royal Bank of scotland PLC Gla4ow City 8ianth 10 Gordon Street Glasgow Gl 3PL Sora5in & Partner5 LLP Juxon House 100 St. PaUl'5Chu￿lw¥r London ec4M 8811 THE CARAMTR Réwtolth• tNstttsforth•y•*r•hd•d 30 ￿p¢1Mb•* 2024 ICoThtd. Trustees, re¥￿￿￿11111es In ￿14150￿ tothe fimn¢1￿ st4t•m•nts The Trv51ee5 are responsSble foi preparln8 an annuol repDrt ond fi￿nCIal 5tarements In acco¢dancc with appts'cjble IJW and Unired Klnidom Aiiountln¥ Standards IUnlie¢J Kln8dom ienerally A£cepied Accountini Prilticel. Ch•rity law requlre5 the Tru5tee5 ¢0 prepareor have prepèred on thtlrbehalf Arcount5 for each fln•nti¥l yeirwhich 8i¥e a twt and falr ¥4ew of st*te of affairs of The tsram Trusi and of the income and expendituièof The Caraffl Trust for that period. IA prep•rln8 thoie •teaunts, the T(￿le¢S arq r•quired to".- svlect 5ultsbl• accouniln8pollcles and then appNf them con51stEnfjyi abser¥ethe rnerhods and prlnciF4es of the Ch•rltles SORP., mak• lud8@mont5 3rdestlm4tes thar ale re•son*ble and piudent.. state wthether arpli£•ble accountln8 Stindard5 and statemèftts of recornm•nd•d praciice have been lollowed. suble¢t io •ry materlal departures dlsclosed and expl•ined In ihe Ilnanclèl statements, prtpart tht linancial stateTh•nt5 orb the goiryl concern basls unless It15 In4pproprlit• to pie5vme that Ihe charli3b￿ trust ￿11 cOntin￿e sn existence. The Trustees are responsible for keepln8 proper accountini iecords which di5c105e wilh rÈa50n•ble accuracy at any dme the flnaN¢i41 position of The Caram Trust and to enable them ro ensure thai the accoun15 ¢ornply wilh the Charilles and Trustee InvestrneTht15¢Oll•ndl Act IOOS and the Ch•rltles Aecounts Ikotlandl Re8ul•tion5 2ts)61•s •mendedl. They ar• also resp¢nslble lor safe-8uardln8 the assets of The Caram Trust Ind hèneÈ fov t•kln8 i•isonaty• 5r•ps for th• pr•v•ntSon ind d•t•rtio# otlr4ud 4nd oth•r irr•8ul•ritl¢5, Appro%*d b¥ th* Trusi•es on ia *WI+ i.)15 ITrusteel on thelrbeh•Wathd as authorlsed ty th¢m IHECAPAM TrUST Stat•M￿l of Artmtkqs lorth• y•*v 30￿P1*mb*r 2024 Not• Unrel¢￿tted Re¥trf¢ied Endovmi¢rt FurAI8 Tot*1 fvjfftds Totsl Funds Iht•m• ind •ndowm•hts trom Investments M15cellaneousRecelpi Total lfyc<¥n• 60.775 60,775 50,428 2.￿0 51.421 60,775 f4),775 E*•ndllur•oTh th•rtt•bl• I￿¥￿1 Charltab* donatSons support ¢0sts & In¥¢s1. Choriv5 48.LlXJ S.L67 43,1￿) L2,876 S•thb 11201 53,167 ioi 55 14•t l•xyndlluv•l b iJ.M•i N•i11055esVialns on Invegirnent5 71b 216.222 216,222 219.196 54.590 N•1 Al•¥qm•fitln 7007 2M,i JL142 Totil Funds brouihl foThv•rd 4,278 1.868.219 1*71,497 2W29J 1.821.35S •72,497 ThECAPAMTAUST 14me•Sh•rt•s•t)O S•pt•mbqr 2024 End￿￿•￿1 Total T0141 Pund* 2024 2023 71bl 2.090.579 1¢gDS 2.090.579 1.674.357 1574,357 Totsl Flx•dA5S•ts Cash at bankand in h•nd 21,051 16.4201 14.632 111,017 Tatsi cutr•TrtA3￿￿ ?L0S2 144101 14.652 Crediiori•nd 4ccru•li f•lllni ¢u• wiihln ney••r 114.1711 198.141 w•1￿1*￿ 076AOB I.172￿96 TIN•fv￿s•1lh•£￿wOty.' Endowment lund RÈst¢i¢led Incomo Funds UThresiiicled Incornefunds 1,076,408 2,076.408 1,868.219 11,È85 11.885 2 088 29J 4.278 1172 497 2 076 4Q8 The Dotes al pai•s 8t0 12 lorm pirt of the5• Iccoun15 Apyoved bYfh•T¢u$tett on I ..T￿rI t￿tIr beh•V lid as¥uthDriied bythEm TMECAPAMTRVST lllltsb pn th• forth*￿￿￿•4 k) So*•mb•r 2024 Tht5e nna￿lI1 #iiementshave been p￿￿1¢¢ In com￿+•nE¢￿Ilh FRS 102. The FIMncl•l ReportlniSt•nd4rd •ppli¢oblt In the UK •nd th¢ Reputyli¢ ol Ire￿￿￿, the Sl•t¢ment ol R•commèn¢lod Prins 21Y)614s •rnend¢dl. Th* atcouhts IIIAAntial tt*tèmÉfbt*l h4ve beÈn preparEd Uhderth• hlstorit toxt tonvilntion, wifh tht eKep¢icrt) Ibai In¥es¢ments ère Included èi mathtwatue. fhellna*)clèl statèrnentsare Prepired In sttdlD& Is hmEthJn•l currency oltht tnt*v. The C￿rIty￿S • Publlc aenefit Enttty osdEfhed ￿ FAS 102. The trustees conjldei thit there Ire ￿tell•l uncertalntle54bout theTrust's •blltyto coTrtln 45 a i¢IN tODt•rn. With r•5wcI to th• r•portifii p•rtDd, 2023-24, th• m05t 511TrIIic4nt *¢*•i ol unt•rtilThty th*t ilf•rt th• carfylni v*lu• of *ss•ts hdd ty IhtTtust •r• th•1•￿1#1 investment reiuinand ihe pErformaDce of In¥e51menrTharket5 l&ee the I￿VestMent pdlcy and p•rtorrn•nrt Dnd rlth mJn¥ement sectbm olthetnMteeJ'4nnual ieport for rnore Inforrn•lionl. Ibl FutyOk51rndUf• D•t•115 of the lund itructuro ire dlKbb•d in nDte 10. All incom•15 r•rwlMd oDc• th4 Charh¥￿S Intl￿•M*￿t 14 tfv• In 54.5 I,8YIM97 141 ThETru5t Oetd Fcr the applK•tsThi byTrustees cf the inroffl• •ndupitilof Tntst Funds ftsrchanta￿e purposes. Icl The unrestilrted Incomefund Isavailab￿l0 tse 5penion anyof ihe purposes olthe Charithb1eT￿$t. -1> THE CPJIAM TRUSr Inthpendent Éxarnlfier'i R•prtt• th•TN#• Th• CarimTN¥l ieport on the accounESof the chanty for the year ended 30 September 2024 whKh Ivmpn5e the Statement olFinan¢rdl kli￿tIes. thE Balance Sheet and the r¢lited wes. Aesp•c¥v• Rewns￿lI1t{e$#171￿$t•￿ EN•mhw The chariiy'strusttes art respon￿bItfor the preparation of tht iccounti In I￿¢rdancel￿￿lh the tetrn5 of ih? CharitSes and Tfustèo Investment ISrott4ndl Art 2005 aThYthe Charities A(cO￿nIs(SCOf18tsd1 R•8ul•tkins 2LK6 las amondAdl. The charlty tr￿St¢l$ consldtrthat the aud rtquirernentof Relulation 10111 (•) lo Icl of the Accountsfleiulatlons does noi •pply It is my responslbilityto e￿rn￿¢ Ihe accountsas reouiredunder Section 4411) Icl ofthekt and to st•t¢wh•thw p•rbcular matter5 have come to my atttntlon. 04￿$01 Ex*mln•r'i Stst•ffl•ni mve1aTr￿naIb0n iscarr￿d Qui In accordancèwith R@4ul¥rion 11 of the Chafltles Aceoutyis IScDrlandl Re6ulat￿920Q6Ia88mÈndedI. An ExarnSnatlon Includes I fe¥lew ofthe ac£ountSni r*¢ord3 kEPt by the ch4ntv •nd • ¢omp•ri$4n Of the accoun15 presented wilh those records. 11 also InclLth$ ¢on51deration of aThy unusuil Items or dixlosyt•s Intfv*•c¢ount5 •nd Joeks expl*n¥tlDTrS Irorn th*tru4tées toTh¢•rniy anysuch mattors. Th• proc•dur•5 und•rt4k•n do not piowlde all the tvlderrfe thai te reoulied In an audit, Ind ton$•qU•nt￿ I donol expres5 ￿ludIt oplnlon on ihÈvlew ilven by the afcouni$. Ir4I•p•od•rtEx•rnh￿rf1 Stst•m•nts In the cours¢ ol my *XArninatlDn. no rnattei tha5 lom4 to rny att•ntkln'. l. wh5¢h il¥e5 mo iea5unab￿ clu%¢ to btllevt Ibai In any maierlal respett th• r•quirtm•nri.' i• ke•p iccountlns r•(0￿1 if4•¢tord•ts¢• wlth Strct4Dn 44111 lal of the 200S Act 4nd Rtiul*ii0Tr4 01 the 20D6Accaunts Reivlations., Ind to piowrtaccotsni$*knkh accord w￿h the a¢ctyJntlni r4Yord5 Ind cornplywlth Rrfuthtlon8 ol the 2006Accounb Reiul•tyonk hx*not b¢en rnei or 2. to whl£h, ITh my O￿n￿rt, attEnt￿n Should bEdrwin in ord•r to •nable è proper DW l$t Fl¢or 24 BIyihs¥vtstsd Sq￿ar• Glas89W GI 48G