Rrytstered number: SC386405 Charitynurnber: SC01428S MAAGGART THIRD FUND (A Charitable Compatly Limited by Guardntee) REPORT AND CONSOLIDATED FINANCIAL ATEmE]¥Ts FOR THE YEAR ENDED30 APRIL2025 illiiiiiiiii *AE83V3T5• A11
14
CCWPANIES KIUSE
MAcfAGGART THIRD Fuf4D (A Charitsble Company Limited by Curn¢et) REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED30 APRIL202S Contents Pagt Reftrcnce arwj administrative Infom Direcwrs. r¢FX)rt Independent auditor's reiKMt CoTbs01idated $eMent of finan¢ia] actitiCS Charity ststement of fithancial xtivitie5 GTOUP and PnI charitable ¢ompany bajancc shcets 10 Consolidated statement of cash flows Notes to the'fu)an¢ial statements 12-22
MAAGGART THIRD FUND (A Charitsble cOmnY Limited by Guarantte) REFERENCE AND ADMJNisfRATIVE INFORMATION Dir¢¢tors Ms Fiona Mactsggart SirJohTL Mactsggart Mrjcthn Ma¢thggart Regi5ter¢d CompAny number: SC386405 Register ¢hxrity number: SC014285 Registered and principal DLA Piper Scotland LLP Collins House Rudand Square Edinburgh EHI 2AA Auditor: Haysmac LLP io ceTr Strttt Place London EC4R IAG
MACTAGGART THIRD FUND (A CharitN¢ C•mp4ny Limiied by Gurnntet) DIRECTORS. REPORT FOR THK YEAR ENDED 311 APIUL 2025 The Directois. (who are Trustecs forthe purp)ses of Charities Legi51ation), present their rwrt gether with the audiied financial statem¢nts of Mathaggart Third Fund (the Company) for the year ended 10 Aprtl 2025. The Directors ¢onfimi ihat th¢ tep)rt and finan¢ial stalcmcnts of thE company wmply with the currcnt slatutory requirements, the reqLLirem¢nis of the eompany's 8overnin8 document and A¢¢ounting and R¢Fx)rting by Chatiti¢s: Ststement of Recommended Practice applicable to charities preparing their accounts in attoidan¢e with the Financial Reporting Standards applicable in the UK and th¢ Ryblic of Ireland {FRS 102) (2tr4 Edilion effeaive l January 2019). STRUCTURE. GOVERNANCE AiYD MANAGEMENT Consiitution The Company. which is a Tecognised charity in Scotland. is rW rcgistered a5aCh8ritable Company Limited by Guarante¢. It was previously a Charitable TTU5t set up by a Trust Deed in 1968. Followin8 th¢ 2010 Annual General Mttting of the unincorp)rat¢d TnsL the Directors decided to folEow suit with many other charL(Ées and voted io change the legal stswsof Mactsggart Third Fwid from ChaTitsblc Trust to acharitable Company Limited by Guarantee. This change limits ihe rSOnal ljability of each Dir¢tior to tneei any105s incurred by tht Company and has been approved by the Office of the Scottish Charity Re8ulator. The new legal status took effcct on l May 2011 and all a55ets and liabilitics wcre passed frorn tht old Charitable TrIt kn this Company by Deed of Assignment on that de. Method olappoinlmertt t)r elecdon of Dirteifjts The mana8ement of the company is ihe rtsponsibility of the Directots wh) ¥e eleued and co-opted undEr the term5 of the TTLlSt deed. The Dire¢tots are drawn frnrn person5 of suitsble professional qualification or business acumen are deemed suitable to admithisier the assets and ihe running of ihe Company. P•lictes adopted for tbe imductiott artd trai1£ of Dir¢¢iois The Directors will. over a FWM)d. review th¢ kWdge base of th¢ Dii#tors and if necc5sary. obtsin training for the Directors Whe appropriate. Org4•i5ationl struetVTe and decision rnakin The Direaors meet foma]ly ort a regular basis review the affaits of the Company under the conrrol of • chairperson. There are Individu sub commillees res1]sIble for the detailed management of invc5tments. property holdings and management. Related party relationships Certain Directors have beneficial and non-beneficial interests in Western Heritabl¢ Limited who ptDvide ikvestsnent management and administration servitts to the Company. Some of the directors of M3ctsggart Third Fund {MTF) are also directors of the lan Mactsggart Charitable Trust. Whilst the Directors overlap between the two charjties. Iart Ma¢t3wrt Chatitable Trust do not excrci5c control over Maclaggart Third Fund. Risk rnanagement The DirectOT5 have examined the major b*inesS and operationaj risk5 which the Company face4 especially in th¢ invtstmtnt in PTopertie5. Ite5 and investments aThd the rdising of financc in connection therewith and have established systems io enable regular reports to be produced so that iht ntccssary steps can be taken to lessen these ri5k5.
MACTAGGART THIRD FUND (A Chritble coMnY Limittd by Guirantee) DIRECTORS, REPORT (eontinlledl FOR THE YEAR ENDED30 APRIL2025 Policies and objeclive5 The objectives of the Comparty are to distribute funds by way of charitable thnations to suithble chari¢ies in th¢ United Ktngdom and abrDail. The Directors havt decided to take a proactive approach to ¢heirgTant-making. Their present policy is to make grants to those charjties whose aims they support and who they believe have demonstraied excellertc¢ in ih¢ir a¢hievements. The Company takes a prudent approach the award of 8Tants each year out of its available resources. Grnt making policie5 Individual Directors nominatc suitsble ¢hariLies mttting with the plice5 noted aiyjvc arwj theseare debaied by th¢ Dir¢¢tor5 before being accepted for award. Going concern After making appropriate cnqubri¢s, the Directors have a reanable expectathin that the company has adequa resour¢es to continue in operational ¢xisten¢r for the fweseeable fuwre. For this reason. they continue to adopt the going cortcem basis in preparing ihe financial stsiemettts. Further detsils re8ardin8 thc adomion of the goiThg rknncem basis CAD b¢ found in the Accounting Policies. Review of activilies The total fund5 of thc gTOUP have decre&sed by £2,284.564 over the year to £17.679.80I. with income increasing from £925.426 to £995,012, aThd expenditure decreing frorn £967.787 to £854.035. All of the funds held. ai the B&lance sheet date. are unrestricted geneTal fvn4ts. Investment p)Ii¢y and performAnce Inv¢sttn¢ni p)licy is closely monitored. and decisions are based on the experience ot.the directOTS and where necessary third-party professional VIce. The directors plan to conlinuc, by pnjdent inv¢simMI. irtcrtase the net worth of the Company so generating more disposable income for the furtheranc¢ of grant making xtivities. Res¢rv¢s policy The group had iotal unrestrictcd fund5 of £17.679.801.ai 30 April 2025 {2024= £19,964,365}. li 15 the rKJlicy of the Company that unr¢sirict¢d funds which have rkot been dcsignated for a specific use should b¢ r¢trined. The directors cot)sider that reseryes held ai theircurrent level are sufficientto ¢n5urc that they will beableto¢ontinue the Company'scurrent activitie5. Prlncip*l Funding for lh¢ aciiviiies of the Company h&s been derived solely frDm the incomc and capital gains generated on the assets of the Company.
MACTAGGART THIRD FUND (A Charii#ble Compny Limiied by Grat> DIRECTORS. REPORT {contittued) FOR THE YEAR ENDED30 APRIL2025 Events since the End of the yex There have been no SL8nifJcant events sin¢e th¢ y¢ar ertd. DIRECTORS. STATEMENT OF RESPONSIBILITIES The thredors are resFA)nsible for preparing the Directors. R¢pon and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (Uniied Kingdom Generally A¢¢epted A¢UtIng Prdcticel. Company law require5 the Direc[5 to prepare financial statements e¥h fi]wJ¢iai yearwhith give a true and fair view of the state of the affairs of ihe chariiable company and the group and of the incoming r¢sour¢¢s and application of resources. including the income arKi expendhlur& of the charitable 8mup for thai pernd. In prwanng these fancIal statements the Directors are required to.. select suitable accounting wjlicies ar apply them consistently observe methods and principles in the Charities SORP make judgements and estimates that ar¢ r¢ason8bl¢ and pnjdeni state whether applicable UK Aecouniirtg StsThdards havc be¢n followed. subject to any maierial departures dis¢losed and explatned in the firtancial statem¢rtts prepare the financLai staiements on the going covcern basis unle5$ it is inappropriate to assume tha¢ the charitsble company wÉll coniinue in opemion. The Directors are responsible for keepin8 uate accounting records dilose with Tea50nable xcuracy a( any time the financial tK)sition of ihe charitable eompany •)d enable them to ensuTe that thc fiThancial 5tstements comply with th¢ Compantes Act 21J06. the Charities and Trustee Investmenl IS0)iland) A¢t 2005 and the Charities Accounts (Scotland) R¢gula¢¥on5 2006. They are also r¢sp)n5ible for Safeguarding the assets of the charithbl¢ company and the group hence for taking rea)nable steps for the prevention and dekaion of fraud a other iff¢gulariU¢S. PROVISION OF INFORMATION TO AUDITOR Each of the persons who are Directors * the lime when this D1Ctors. Rcwt is apwoved h&$ confim)ed that.. so faras thai ihe Directorisawe. there is no relevant audit infonnatx)nof which the ¢haritabl¢ c¢(xnpany's auditors arr unawar¢, and that the Directorhastaken all the&eps thatoughtto have been tsken &%a Direaorin ordu be aaOFanY infonnation needed by the charitable ¢company'sauditor5 in connection with prtwin8theirretKJrtat)d to ewblish thatth¢ charitable ompany'5 auditor5 are aware of that inf¢xmation. 1¢) pt¢p¥iog th¢ Report of lh¢ Tmsiees th¢ trust¢¢s have taken advantsge of the exernptiorks availabl¢ small compaJ)ie This report was approv¢d by the Directors and signed on their behr by: SirJohn Mctagyrt Date: 19 July 21125
INDEPENDENT AUDITOR'S REPORT TO THE DIRE05 AND MEMBERS OF MACTAGCART THIRD FUND Opinion We have audited tk financial statrnents of Mactw Third Fw)d forthe yearerKkd 30 April 2(J25 which comprise the Cong)lidated and Pwent Stsitmeni of Financi AoiViri. the Group and Parerti Charttsble Company 8alaThce the Con5Dlidatrd Sratement of Cash Flowsgnd notes to the finattciai stsments, iftcludin8 8swnM ofsi8nifiurLt XC4)unisng roltcies. Tr rLCial reponiog frgrnework thai has applied in tlTpreparatIon is aFoli¢ablt law arKI United KiDgd(Mn A¢ni]ng swid4 in¢ludiAg Finan¢ial Repoflithg Styidard 102 rhe FtMKcial Reptriing Sthkndi7nlthble the UK and Republ of IreloTh4 (Urtited Kingth Crtnernlly Aceepted Accouniing PTa¢tice). In ow4)pinl. the finellI give a trut aod fair vi¢w of the state ofthe group's and of th¢ p2rent charitable company's affairs a5 ¥ 30 April 2025 or the groups arKi partni ch8rritsblc Company's rtt movemeni in fund& including lh¢ ittwmc and eXpditu. for th¢ y¢ar then h•v¢ t¢eTh proF¢rly pr¢pared in aCrdot with Unid King&)m GeneTally Accepted At¢4)witing Pr8cti£e' and have en prrpared in a¢¢ordsn¢¢ WLth th¢ rtquirtmenis tsf th¢ Companies Act 20[ and the Charitie5 and TTUSt¢¢ Inve51ment IS¢oilandl A¢t 25 and r¢guknr¢on 8 of & Chariiies AXbnrs (S1]) R¢gu]ations 2(MJ6. BsrA for opinio We conducted OUTaudit in acCOrdar with Intern#al Srand¥dsth) AuditiDglUKI OSAslUK)l applvbk law. 0r Tesponsibiliii¢5 derthose 5tandard5 3Te fijrtherdescrilxd in the AlI10r.5 5j51bIll17Es for the auditof the finan¢i•l yattments sediop ofour report. We are independent ofthe group in ¢ordan(t wih the eihitd rtqUiTementsthai 8t¢ relev1 ioour Jditofthe financial stsmet)ts in the U including th¢ FRC'5 Ethlui Stsndd and have fuifillEd our Ott ethical rtSFK)nsibililies in aceordantt wth rtquirements. Wt t¢li¢v¢ that the audit evidence have obtained is SuffnI bd 3rwpri ts) Fxovide a basis for¥y]r opinion. CooelMwn$ reltinito goi¥ tODcern In auditing the financial yatement& hllve Lxmcludtd th Itr, of lrIn FA%isof Sog in the prepaTatioth or the fin¢)9[ statements is appropriatr. Based on the w)rk we h•v¢ F¢rfrt have Mt idlfd any matiial urtertsint5 events OT ¢ondition$ thaL lrtdivu•1IY oretslle¢ii¥ely. may ¢asi signifKami &)ubi w th¢ gto¥¥ ability tinue lls a gowg o)JK¢rn for a wKxl of at leay tyv¢lv¢ tnonths from knn the financi Ststrrnents art authori for Issue. OUT tesp)nsib¢liiiesand the reSFothsibiliSOrth¢ tnjyees wlthw goin8 concern •Je d¢$crild in ts relevaRrs¢aion$ofthis lert Other bnfom•iioTr The tyuglees are resnSIble for otrr informatton. Tr othr inforTnat)n conwst5 th¢ inforn)atn includcd in the Directors. Annual Report. Oor opinion on the flnancial stsiem¢ntsdo¢s coverts ofvr informM)n excew w thr exteMOthEn¥iseexplicitly 5trtcd in ourTe¢ WE do [lex&saY forrn ofasA¢an¢e wnclusron there0. Incozbnt¢lion with ourauditofthe fNwKial (YJTrtvbIlity istort&J theothtrinfom)H in d(bthgso. WDsi¢kn wheth¢r the other inforniwion is materially sn¢onsinL f)atIll stanw orOUrkwkdge otrfwned in tr audit oroth¢Ms¢ appears to bE materially misstated. Ifwe identifysuth matrwial iKon5isIEnciesorappartnt m8tr1i mis5Uments, wtare Itquiled lodttermintwthtthtr thete is a tnarerial misstatcment in the finan¢ial s[nents or a 1¢ttOr thE Otlr information. If. bad on the WOTk we have rrOrr¢d. we colde thai theTe is a material mi55wernenl of this othr informdion. wt art required to that fa¢1. W¢ havt nothi¢sg to tep)rt in Ihis rc83rd. Opinions oll other mailers prRseribed by Ile Companbts Act 20( In our opinion, bwd tht work und¢nakM in the cows¢ofthe ar. Ihe inforniatitin giveth in the DirethLif5' Annual Rewi for the financial ye¥ forwhsch ihe fanclI Statements pr¢par¢d is consiMent with the financial swem¢nts", arld the direc[5, report has been prtpared in •t¢ordt with applicable k8al rE4uirements. Matter5 0• wt rtqwired to by txceplml In the light ofthe knowi¢d8e And undEf51andinBofthe 8roupand the parcnl CharItabmPHThY its envient0btsinCd in thv L¥JUTse ofth¢ audiL we have IdlIfd ma¢uial mi55ratments ITh Ik Dir¢a0. Annual &ry. We have nothing to rew1 in Te5[1 of the folk)wing matreys in l)n to tt comp$ Aa 21N)6 ond the Ch•rity A4xounts Istotlandl Regulalioths Iarneded) rrquue us 10 tOyOU bf. sn ow opirtiort." adequate accounting rcord5 have not been kepr by the parent chwi(abk wmpAny' or the parent charitable conwany financial styemtnis are 1101 in agreetnenL with the 0¥Aling I0¥d5 aj returns: or enain disclosu$ of rnL5tr¢5' remU[lIn ycifi¢d by Law are not Mje. or wt have not Teceiwed all Ihe iNfoTmaiion ¥fyJ expla[l0S ttq¥ire forour audit- oi d Directors wete iiot entitled to ppart the financial 5taterrbEDts Tn *COTdance with the small ¢ompanits' rtgimt and tak¢ xdvants8e tsf the small c4m)pEnics' exernpii(xJs in preparing the twstees. report atMI from the tequbrement to prtpgtt a siraregic report
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS AND MEMBEIS OF MAcfAGGART THIRD FUND ResptyAsibililies of Irurtets fortht fin#Thcil s¢tttts Asexplained more fully in the 51ee$. re5rrt)n$ibililS swemthi out on page 4. the 1nb1eeS{wl are alw the dit0[S ofth¢ ¢harir8bie company for th¢ purp05e5 of company lawl arc rr5FK>nsiblt foT prwxrdtK>n of the financi 5ratements and for Ing satisfied that tky 8tve atrue and fair view, arKi foTgJch inkrnal corbtrol %the trllsddernJ] to enabktr Prepara of rman¢i swements thai are free from material mi$4ateitien¢ thther due kn fraL¥I orerrDr. In pr¢paring th¢ finarK y¥t¢m¢nts the tyu#tts rrt r¢n$Ibk for IS5 gJ)d tht ptrtt thble ¢ompany's ability to Lx>ntinue gs a going conccm. di%lostng. &5 applicable, rnat rele41 to going Wid usithg going b&sis of acwunting unless ¢h¢ rwseseitherinnd 10 liquidate the w)uporthe pam¥¢¢h¥sithble compamyorkn or have realistic aJiernativ¢ but so. Auditor's wtspottsibililits for iht ¥dii ofihe fthtytil sthitMtts Ihr obje¢iives a 10 obtwn re%onabk araTe alul wthether the finKiaJ ststenttts a% a otE frEe from material mi5a¢m¢nE whethEr due to fraud or errpr, and to i55ue an auditor'5 fcpDrt that incluth5 our opinH)n. RenIb assurantr is A hjgh level of asswatttt. bul is noi a guarantee that an audii ndUcted aLwrdance with ISAS (UK) will always d2tru a material mi$yamcDf it exisis. Misstsiements¢4n arise from ftaudorerrorajd art¢onsidertdmarial if. jndjviduallyotinthEag8fEgate, theyix>uld re&wnsbly be¢xpected to iTh1luece the CLY))1 &cisK)nsof tsken on ts blS0f the fJnaThcial atcments. IrreÉularitie& inCludll fraud, #re instsrKYs of rK>n-cornplianLY wth laws arnl 8]lI(S. We design PTocedwes in line with our rcstx>n5ibilitiek outlined alx>ve. to detru McrI in tespeci of inEKularitK in¢luding fraud The ¢xieni which OUT prDLrth]lr5a wabk ofdeIn i5dEtailed belov. Bd0 our uJMJer&andingofthe group and the envirDnment in thich li iden11fd dthe prsncipi risks of non-¢ompliaJKe with law5 and regulatH)ns lated to compliance with the requirementsofthe OffKe of the Scottish Ch•rity Regulwor. and consideted theextent to wthich non<0mplian might have a ffbatevialeffecton the financial SementI We also cortsidtrtd thost L4wsarvJ Tcgulations that have a direct imrActon thc rwtion of the financial sakmEnE5 sh a5the compaTh Aa at)d the Charilies AU 2011. We evaluated management'5 incentives and opwrhjnit5 for fraudukni mlputl0 of the fJnanci21 wemtftts lin¢ludin8 the risk of override of controls), and deterniittd tha1 principal risks wcre related rothe rffjingof ir•ppropriatry)umal entries OT the manipulation f wLxbunring ¢5timJt¢s. Audit drtSF¢rfornd by th eDg98emeni am Jthcluthd: InsPt¢ling ¢orTeswrthnce with rtgUlav5 ad ludnties. Discussions with managemtni in¢ludi Mrbsthwaiion of knowb or SUS in5tanc<$ of nonmPlI4n( with laws. we8ulaiion, and frdwj., Assessment of fraud risk factor5. Performitl8 artalylical wo¢edurts th thniify athy urtusual or urtxF¢d rellonshi including related party traCtiOnS which may indic4 risksof material misstatemethi due fAwJ. Confirmation of relaied partie5 ]nanagemenl and revitwof D3ns&dions throughourthe period w enTify any previ01151y dis£k)d tr3n5acuons with related partie$ outyide the wurs¢ ofbmsiness: Readin8 minutes of medin8s ofthos¢ ch8¢d 8overnan¢t' Evaluating managemeDt'5 controls deSigd kn PTevcntarKI detect iTregularitte5- Review of significant and uThusual M5actions'. Id¢Thisfy¢ng dieIngi0Urn¢nth In F4rticuIarY manual eDtrsmJeai Iheyearnd forfiThan¢ial statement preparntion. Challenging aTrJ jud8ennts ma¢k by management in their Gritical xcounting estimates. Bee•tsse of the inhtreni limiiaiions of ath awJiL tht is a risk wll rnt de¢eu all irTeguiariii4 includi[ th05c leading to a mat¢ri•l iSStaiement in th financial 5talcrrts or wn-(xJrnplianLY with ryulation. risk inc&eS the rnre that compliance with a law or Tegulation 15 rcnK)vcd from the ewcnts and transacrions reflecd in the finJLcial rnen Rs 11 be less liktly to bttome awart of inst#nres of tK)n.compliance. The risk is al gtethr rcwding irttgularities (¥ccuThinK to rnther than eThor, os frdud ittvolves iThtenlional L¥)n¢ealtnenL forgery? Collusio om15sM OrmisrErrfetsl(1. A fuTther (kscripnon of our re5rA)nsibilities for the audttof the financial tementS is locad on thc Fin11 Rerting Coun¢il'$ w%bsite ai.. www.f This thwiption fortDS PHnofour audifof'5 t¢p)rt
INDEPENDEPU AUDrroR'S REPORT TO THE DIRECTORS AND MEMBEILS OF MACTAGGART THIRD FUND Ust of our report This rep)rt is made soty th¢ tharitable members a5 • ix%ly. iTh llccord Chapter 3 of Part 16 of the Cornw$ Act 2(K)6. section 44(1ll¢}of the Chari¢its and Tnjske Inve4ment IScorland} Act 2005 and re8ulation 10 of the Chariii¢s Accounts ISLX)tlandl Regulations. Our awJiT work h&$ been und¢rtak¢n Soth wt might ¢0 dnb0)MpanY'S mcmb¢TS tho5t mafters ¥vt ar¢ required 10 to theTh in an Auditofs rwrt and for pu4. To the fulk5t extent wnhifte4J by law. do Mi a¢cto or gs5um¢ r¢swn5ibility to anyone ttwi the ¢hitable CODryY charitsbk merntS as a t4>Jy. for tyJr a4]¢ for this rt, or for the opinions we have formed. L£e Stokes Senior StatUry Atyjiwr for on lhalf of H•ysMa¢ LLP Statutory Awjitors lOQ Stfttr Pla¢¢ Lon(k)n EC4R IAG DBte.' 31 July 2025
MACTAGGART THIRD FUND (A Charitable CompADy Limited by Gurntee) CONSOLIDATED STATEMENTOF FINANCIAL ACTivrriES FOR THE YEAR ENDED30 APRtL2•Z5 Unrestrieted funds Totsl Totsl 2025 2024 INCOME FROM: 492,835 S00.(KIO 2.177 673.782 250,720 924 Other pmperty related incom¢ (hher income.. Exchange Gain1(1$} TiyfAL INCOME 995.012 925.426 EXPENDITURE or4: Costs of raising funds: . Property txpen5eS . Investhient rnanagemeni expenses Ch#ritble xctiwilies 297256 130.564 426215 298,435 142,408 526,944 TOTAL EXPEIYDITURE 854.035 967,787 NET INCOME BEFORE IIYVESTMEKf iA)SSFS 140.977 (42.361) Net losses on inveslment {2,425,5411 (631,450) NET MOVEMENT IN FUNDS (2,284,564) {673,811) T¢Jtal fimds at l May 2024 19,964,365 20,638,176 TOTAL FUIYDS AT 30 APRIL 2025 17.679.801 19.964.365 All gmounts r¢le cotltynuing Op¥I0ns. The notes on page5 12 to 22 fonn of these xcounts.
MACTAGCARTTHIRD FUND (A Charilalth Cornp#ny Limited by GuArntee) CHARITY STATEMEwf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED30APIUL2025 Unrestrided lunds Total Total 2025 2024 Notes INCOME FROM: Gift aid donation from trading subsidiary InStmentS Other property related ]rtme Other Income: Exchange Gainl(tnS5) I40,0 268,851 5W,000 2,177 lJl.271 421.911 250,720 TOTAL INCOME 911.028 804.826 EXPENDITVREON: Costs of rAising fund5: . Prop¢tty expenses - Investment management expenses CTharitble attivities 84556 130,564 426215 100,298 142,389 526,944 TOTAL EXPEIYDITURE 641J35 769,631 NET INCOME BEFORE INVEsfMEKr tAtsSLS 269,693 35,195 Net losses on investhieni assets (2,425,541) 1631.450) NET mOVEMEr IN FUNDS (2.155.848) (596.255) Total fvnds at l May 2024 20.609.181 21.205.436 TOTAL FUNDS AT 30 APRIL 2025 l8.453.333 20.609.181 All amounts relate to ¢oiitiThuirtg operations. The note5 on pages 12 w 22 fomi ofthese xcounts.
MACTAGGART THIRD FUND (A Charitfible CompAny Limited by Gwgr•ot¢¢) Registered Number. SC386405 BALANCE SHEETS AS AT 311 APRIL 1025 2025 2024 Grnup arity Group Charity Note FtXED ASSETS Investsn¢nt Properties- Fffehold Investmertl Propety- Leasehold Investments InVeStt¢ftts in SUbdiary 12.820.th)0 42.689 386226 6.800.IK)O 42.689 6J86.226 1.400.001 13,966,337 50,962 7265.446 7,946.337 50,962 7,265,446 1,400.001 19248.915 14.628.916 21.282.745 16.662,746 ' CURREKf ASSETS tkbtor5 Cash at bank 270,745 493.871 3.587243 470,gM 188.426 851.360 3.517.532 687.069 764.616 4.058,147 1,039,786 4204.601 CREDITORS". amrtts falling due within one year (233.730) (233.730) (258,1661 (258,1661 NETCURRENT A&SETS 530,886 3.824,417 781.620 3.946,435 TOTAL ASSETS LESS CURREiYT LIABILITIES 19.779,801 18,453 J33 21064,365 20.609.181 CREDITORS: amowits falling due afier more than one y¢ar 10 (2.11.1)) {2.100,WI IYET ASSETS 17,679.801 18.453.333 19.964,365 20.609.181 CHARITY FUNDS Unre5trict&l fund5 12 17,679,801 18,453 J33 19.964.365 20.609,181 TOTAL FUNDS 17.679.801 18.453.333 19,964,365 20.609.181 The Directors acknowledge their resw)thybiliti¢s forromplying with the rquirEments of the Act with Te5peu to accounring record5 and preparaiion of the finan¢ial sw¢m¢nts. The flnancial statements were atf¥roved and authorised fw issue by th¢ Dir¢$ and signed on their behalf by: Slr John M4ttsgg*rt Dite- 19 July 2025 The notes on pages 12 10 22 forni wt of the5¢ accoun 10
MAcfAGGARTTHIRD FUND (A Charitable Comwny Llmited by Gu8ranttt) CONSOLIDATED STATEME OF CASH Finws FOR THE YEAR ENDED 3• APIUL21ll5 2025 2024 Cash flows from operating artivitie5: CP0vIdtd by (used in) opernling ocl¥wlwes (450.340) (731.607) Cash flows frorn investing activities: Dividend5, ¥riterest and renis from investments Procceds from lh¢ sale of investments Purchase of investments 492.835 204.402 (604.386) 673,782 142,300 (434.365) Nel cashprowided by (Msed) in aclivilies 92.851 381,717 Change in rath and tx$h eqlliv]ents in the rep)rtiTrg period (357,439) (349.890) Cash and cash equivalent$ t the beginning of the reporting period 851,360 1,201.250 Cash thd ¢A$h equivAJent5 at the end of the reportiwg period 493,871 851.360 Rwoneili#tion of Net incomt to net eash flow from optrting e¢ivitieS 2025 2024 Net expemditure f•r the reporting period {a$ per the statement of financial activities) (2.284,564) (673.811) Adjustment$ Cor: Net losses on investmenis Depreciation of le&sehold property Dividend5, interest and rents from invesknents (IncreaseydeCreC in debtors Decrease in creditors 2,425.541 8.273 (492.835) (82.319) (24.436) 631.450 8.271 (673,782) 9,244 (32.979) Net Cash provided byl(used) iw optrting #rtiviiies (450.340) (731,607) Analysis ofcash and c35h equivalents 2025 2024 Cash in hand 493,871 851.360 Tot1 c$h tAsh eqwivxlents 493,871 851.360
mAACGARTTHvRD FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED30APRIL2025 ACCOUWflNG POLICIES General infomiion MactrggartThird Fund is a chaTitsble¢ompany rtgistered in stIaTrd. The regi5tesed office is DLA Piper S¢oiland LLP, Collins H(e, Ruiland Squor¢, Edinburgh. The principal &tivities of the Company are Set out in the Trustees Repoo io page 3 of these fiN8n¢ial eMents. B$is of preratIon The fJn8n¢ial statemethts haye been pr¢partd in acwrdanr¢ with the Companies Act 2006 and Accountin8 and Rep)rting by Chi¢i¢s: Ststem¢nt of Recommended Practice applicable w charities preparing their ¥counts in aordanCe wilh th¢ Finan¢12] R¢px)ning Standawd applicable in the UK and Republic of IrelarKI {FRS 1021 {2hy Edition effeciive l January 2019}- Ichariiies SORP (FRS 102)}. the FinaTKial Reportin8 Standard arvlicable in the UK and Republic of Ireland {FRS 102)- The comparty meets the definition of a public benefit entity under FRS 102. AsseL% and liabilities are iniiially recOlSed at hiSl¢al cost or transaction value unless otherwise s&ted in thc levant accounting y)Iicy TK)tels). The financi statements are pSentsd in UK strrling. which is the Company's functiona] curretKy. and are rounded to the nearest pouThd. Prepgrxtion of 8cc•MDts on * going concern SiS The dIror5 ¢onsidtTthcwr arc rw) material uncertaiThries alxjui the c(xnpany's ability to ¢ontinve as a going concem. The review ofourfinancial rM)siiion. reserves levels and future plansgiv¢s dKIecTS ¢onfidethcethe company remains a going £oncem forthe ftsre5eeable firture. Critiul eeoynting judgetnents key sources of e5timatioN uneertinty In th¢ applicatkon of the accountbng policbes. director5 are required to make judgemeni eslima. and assumptions about the ¢arrying value of 3ss¢ts and liabilili¢5 that a not readily apparent from other Sources. Th¢ estimates and derlying assllmptions ar¢ b8s¢d on histori¢al ¢xp¢ri¢n¢e other faLyrsthatarecon5Ldered be relevant. Achjal results may iknffer from thes¢ ¢Mimas. The estimaie$ ond urmledying assumptions are Thiewed on an ongoing basis. Revisions io accounling estimates are re¢ognise41 In the period io whi¢h the emimaie is rtvised if the rtwsion afftcts only that ptricd, or in the period of the revision and futsre Fricds if the revision affected current and fllre periods. Jud8ements made by the directors in the applicatiort of thes¢ aCVnI1ng policies that have significant effect on the financial Aatements and estimates with a SI1r1¢an1 risk of mateti31 adjusthient in the next year are deemed to be in relation to the valuation of investment properties. See no 5 & 5a for fvrther dthils of the estimation uncertainty in relation to the valuati. Company 5tatws The Company is a Charitable Company Limited by Guaranttt. The members of the Company art the Directois narned pagt l. ITh the evcnt of thc CompaThy bein8 wound up, tht liability in respect of the guarantee is limited to £1 pcr rnembcrof the Company. 12
MACTAGGART THIRD FUND NOTES TO THE FINANCIAL sfATEMENTS (tmtinwed) FOR THE YEAR ENDED30 APRIL2•25 ACCOUIYnNG POLICIES {cOTrtintd) Fund 9ttounttng Gelle funds are unre5tri¢ted funds which are aTrrdilable for use * th¢ di%rction of the Dirw¢ors ID fiJrth¢Tan¢e of the general Ob1Ve$ of the comparty and which bave been &si8natrd forother purposes. Incomt tneome Includ in the Ststement of Financial Auiviiies when the coMpY is legalty entitled to tht incorne, thtte is probability of rtteJp4 and the amowjt b¢ quantifted wilh reasonabk accuracy. Expenditsre All expenditllre is accound foron an accrna15 b&sis and been included under expense categories that aggregate a]1 Costs for lOCation to aclivitits. Where colls Ln01 be direc¢Jy auributed kn particular xtivitses. they have be allo¢aied on a basis consistent with the use of the resources. Costs of raising funds are those incurtd in seeking wolunw ¢ontributions and do not include the costs of disseminating infomiion in suptKkrt of the tharitable adivities. Support costs are those cOS incurred direcily in 511PPOrt of expenJitur¢ on the objects of the wmpatsy. Governanee Costs ar¢ those Ineurytd in LX)nneciion with adminisiraiion of th¢ mpat)Y and ¢ompli¥nce with cotlonal and ststytory r4uirements. Grnnts payable char8ed in the year when the offer is made except in those c&%e5 where the offer is ¢onditLona]. such grants being rtcognised as ¢xpendiluTf when the condilions atta¢hing fulfilled. Grat)ts offered subject )nditions which have not bec at the year-end are. noled as a commitmenL but not ar¢rued as expet)diturr. Investments Invcstrnents art a fomi of b&sic finattti21 instruments and are initially shown in the financial mtement5 at market value. Movements in the market values of investments are slM)wn as unT¢atis gains and losses in tht Statement of Fktwjcial Aeitvities. Profits and1055es onthe lilOn0f inveslTnentsareshoTras rt1$¢d gainsand losses in the Sw¢m¢rtiof Financial Auivities. Realistd gains and losse5 on investTDeThts e ¢al¢Uled bth¥een S£S pro¢¢Js and th¢iropenin8 ¢arrying values or theirpurdbase value ifacquired 5ubsequcntto the first day of the financial year. Unr¢aiised gains and bsses are calculated a5the difference trwttn the fairValuethtyearend andthcir carying value. Realised and unrealised invesbneni gains and k)sses are combina in the Ststuneni of Financial A¢tiwiies. Where a market value 15 not readily available. invellments arc Ileld at cost less impairnient. Investment propertie5 InveStmt prnp¢rtirs art ¢wi¢d * fair valuc d¢t¢rmincd annually by directo and derivd fmm the curreni maTk¢t rents and inve5thient property yields for comparable rtai estrte. adjusted if necessary for any differ¢nc¢ in naiure. location COnditION of the wific &wt. Change in fairTO]ue is recognistd in the Statementof Finan¢ial A1vities. Debtors Trade and other debtots •e rwisd at the senlemeni amount. Prepayments art valued ai th¢ amount Prepaid. Cash at bank and in hxAd Cash at bank and ¢ash in hand includes Cath and short terni highly liquid investsnents. Creditor5 and provision$ Creditor5 and provisions are re¢ognised whert the Ccfflpany has a wes¢nt oblig#titsn Tesuliing fiDm a p&st event that will Probably resuli IN the transfer of fijnds a third party and the amount due io settle lh¢ obligation can b¢ measured or estimated reliably. CrediK¥s and provisions are noMllY recognised at their seL¢l¢meni amount aft¢r allowing for any trade diswunts due. 13
MAcfAGGART THIRD FUND NiJfES TO THE FINANCIAL sfATEMEMS (cwtiffjw¢d) FOR THE YEAR EIYDED30 APRIL21125 ACCOUNTINC POLICIES (tODlillued) Foreign ¢urr¢n¢ies Monetsry assets and liabilitie5 denomIt1 in foTeigTh cuThenci¢s a translated inio Merling at rfes of exchange ruling at the balance sheet dth. Tran5action5 in foreign CUTr¢ncies are tsanslated into sterling atthe rdtes rulin8 on the date of the transac(ion. Exchange gains *nd1055es are recognised irb the Ststementof Financi Activities. Fi#an¢i#l instrume¥Jts The Company only has fjnancial wets and finan¢ial liabilities ofthe kind quajify &s basi¢ finan¢ial instNtnents. Basic financia] instnjmentsare initially recogniwl attrdftsl value and stsbsequently measured at th¢irsettlement value. 14
MAAGGART THIRD FUND NOTES TO THE FINANCIAL sfATEMEKfs (ntInue) FOR THE YEAR ENDED30 APRIL2025 INVEsfMENT INCOME Group Unrestritted funds 2•25 2024 Charity UnrestTiCted funds 2025 2024 Renial income Int¢reM and dividend in¢ome 386,734 106,101 531.715 142.067 63.533 205,318 178.842 243,069 492.835 673.782 268,85 1 421,911 EXPENDITIJRE Charity Unrestricted funds 202S 2024 UDrtstTiCted fund5 2025 2024 Costs of rnising funds Othcr Property expenses Investhjent management costs 297.256 130.564 298,435 142,408 84.556 130.564 100,298 142,389 427.820 440,843 215,120 242,687 ritable Artivities tknnations made to charittble insututions ( appendix l) 426215 526.944 426215 526,944 854.035 967.787 641.335 769,631 Crotsp CharSty NET EXPENDITURE 2025 2024 2025 21124 This is sw¢d after charging: Auditor's remuneration - Audii fees . Non-audit serviccs 17,OOQ 2,700 15.870 2.530 10,250 2,700 9.570 2.530 Durrng th¢ yfdr. rv) directors received any ru¢tion {2024.. £Nill. During ihe year, directors Tec¢iv¢d any benefits in kind (2024.. £Nil). During the year, ro directors ¢1¥¢ any r¢imburs¢meni of expenses {2024.. £Nil). There We no stsff ¢mployed in the ¢uneni orFM¢¢eding year. 15
MACTAGGART THIRD FUND NOTLS TO THE FINANCIAL ATEM£FITs {CODtiDued) FOR THE YEAR ENDED30 APRIL125 INVESTMEIYT PROPERTIES- FREEHOLD Fre¢hold investment propertles Group At l May 2024 Revaluaiion loss 13.966.337 {1.146.337) At 30 April 2025 12.820.000 Tot1 Charity At l May 2024 RevaluaiKJn loss 7,946,337 (1,146,337) At 30 April 2025 6,81)0,000 The properties are held at market value of £12.820.000 Is at 30 April 2025. The market value has becn d¢t¢rmincd by lh¢ director& on an open market Vdlue for existing use basis. The directors have assessed th¢ markei valu¢ of the inV¢shent properties at 30 April 2025 and have their valuation on a number of &4sumptions including ntaI income and comparisons for salts in the locality. The freehold properties held by thc charity owned equally by Mactaggart Third Fund and lan Macta88art Chariiablt Trust are stst¢d at dJr¢ttors' vaiuatiot) as at 30 Aw]12025_ The abov¢ valuation rcprcs¢nts the Charity's SOYO share of the rnark¢t value. Thc two additionaj invesimcnt properties iu thc group aTr held by the 5ub5idiary entities. MTF Roger Ltd holds one freehold propw jointly with IMT Roger Lld. the valuation iD¢lud&l above represents SIP/ of the market value. Th¢ investment property held by Comhill is IIMl%owed by the ¢ompany. INVEsfMEKf PROPERTY- LEASEHOLD Lta$ehold investrneni property Group & Charity At l May 2024 Depreciation 50,962 (8.2731 At 30 April 2025 42,689 The leasehold property. which isowned equalty by Mxtsggart Thi FUTWJ lan Macia88an Charitable Trust ts sthted at C05t le55 dreciatiOn. The v3]ue reprnts the group'5 share of thc c05t less depreciation figure. FIXED ASSET INvMErS Group ind ch#rity MTket value or cost At l May 2024 Additions Disp)sal pceedS Loss OD revalu100 7.265.446 604.386 1204.402) (1.279,204) At 30 April 2025 6,386,226 16
MACTAGGART THIRD FUND IYIMES TO TH£ FINANCIAL sfATEMEKfs (tontinutd) FOR THE YEAR £ND£D30 APRIL2025 INVESTMEKf IN sulDIARY-cHARlTy 2025 2024 Shares in subsidiary-. MTF Ro8er Limrted MTF Cornhill Limited 1.400,000 1.400,000 The company owns ioifhofthe shore capitslof kn8erLimited{Cornpany Number. 09833528" R¢gis*r¢d Offiee Address.. 2 Babma¢s Str¢e( London. United Kingdom. SW16 6HDI. MTF Rog¢r Lini was incotp)rated OTh 20 October 2015 and its profLts are donated under gift aid to the company. Its trading rtsults, extrackd from its audited accounts wtTe as follows.. Year to 30 April 2025 30 April 2024 Year to MTF Roger Limited Turnover Property Costs Intere payable and expenses 183,201 180,200) 1231,717) 221.602 {63,1371 (236,0021 (LossyProfit b¢fore ttx 1128,716) {77.537) (LossyProfit for ih¢ year 1128,716) {77.537) Share capikl Profit and loss reserves 1.400.000 1371.029) I.4.000 (242.313) Net assets I.IY28,971 .157.687 17
MAcfAGGART THIRD FUND J¥OTES TO THE FINANCIAL SfATEMENTS (cofttity¢d) FOR THE YEAR ENDED30 APRIL2025 INVESTMENT IN SUBSIDIARY- CHARrrY (coAtittuerfJ The company owns 1(K)Yo of the share capitsl of MTF Comhill Limid {Company Nurnber.. 11267288. Registered Offict Addres5.' 2 BabmaesStree¢ Lnndon, United Kingdom, SW166HDI. MTF Cornhill Limikd wa5 incoTporated on 21 March 2019 and its profit5 are (bjnated under 8ift aid to the company. Irs trading result& ¢xts¥ted from its wdit¢d accounts were as follow5.. Yur to 30 April 21125 Yer to 30 April 2024 Cornhill IAmittd Turnover 70,0(M) 70.000 Profit before t& 70.oc 70,000 Profit for the year 70,000 70,0 Gift aid of profits (70,0(KI) (70.000) Share capital Retained earnin85 (402,503) (402.503) Net &ssets (402.5021 (402.502) DEBTORS Group Charity 21J25 2024 2•25 21124 Due withio one yr Other debtors Arnounts due from subsidiaries 270,745 188.426 266.995 3,320,248 184.676 3.332.856 270,745 188,426 3,587,243 3.517.532 CREDITORS: fauillg dwe within year Croxp Charity 2025 21124 2025 2024 Chher crediwrs and ac£nJals Social security and other raxes: VAT Deferred income 111.445 51.593 70.692 92,407 95.067 70.692 111,445 51.593 70.692 92,407 95,067 70,692 233.730 258.166 233.730 258,166
MAcfAGGART THIRD FUND NOTES TO THE FINAiYCIAL STATEMENTS (continued) FOR THE YEAR ENDED3OAPRIL2•25 CREDITORS: amounts falling due withia one year Grwp Chirity 2025 2024 2025 2024 Deferred income Brou8ht forward at 01 May 70,6Y2 70.692 70.692 70.692 Relta5ed in the ycar Deferred in the year (70,692) 70,692 (70.6) 70.692 (70.692) 70,692 (70.6921 70,692 Carried forward at 30 ApTiI 70.692 70.692 70.692 111. CREDtfoRS: amounts fUing due after year Gmup Charity 2025 2024 21125 2024 Bank loans (see not¢ I l) 2,100,IXK) 2,100,000 ii. LOANS The o)mpany have the folbwing commitments to repay Joans." Growp Chrtty 2024 2025 2024 2025 Due within ort¢ year Be¢¢ two and fjve years 2.1.()0 2.100.(0 2.100.(KIO 2,IIKI,¢Y)O The ¢urTent loan fxility is secured over the Ro8tr Strect PfDpty by the group. The Than is repayable in fvll on the date faJlin8 60 months after the datc the Loan is firM th)wTh, 3t art interest Tate of 6.3 IOA perannum. 12. sTATEME[OF FUNDS Current Ye*r Brought fonvard C4rTi¢d forw#rd Income Expenditure Net1os5e5 Group Unre5trided funds G¢Theral funds- all fid$ 19.964 J65 995.012 {854,035) (2,425,541) 17,679,801 Brought Forward Carried Forward EApetsdilure Net losses Charity Unrestricted funds General funds-all funds 20.609.181 911,021 (641 J35) (2.425.541) 18,453,333 19
MAcfAGGART THIRD FUND NOTES TO THE FINANCIAL STATEMEN75 (e•#tinued) FOR THE YEAR ENDED30 APIUL2025 11 STATEMENTOF FUNDS Prior Ytar Brought f•nvrd Chrried fonvard IDCOmt XPEpdi¢ure Net gai115 Group Unrestritted funds Genen] funds- all fijnds 20.638.176 925.426 1967,787) (631,450) 19,964,365 Cxrried Fonvard Intome Exptndilu Net Ch4rity Unruted funds Generdl funds- all fiJnds 21205,436 804.826 (769.631) (631.450) 20.609.181 IJ. RELATED PARTY TRANSACTIONS Two dITtOrS of the Company ar¢ also dir¢¢tots of lan Ma¢¢aggart Chatitsble Tnst (tMCT). a separate grant- making charity. The Company hasioint holdings in certain properties with IMCT. As at the balance sheei de an nount of £l11.739 was due to IMCT{2024.. £108.676 due from tmcr). The company own$ 50%of Ma¢Charities Limited, a0)mpY in whi¢h ¢¢ttsin dire¢10 of the Maggart Tbird Fund arc also directors. At the balan¢e sh¢et date. the value of the company's Lnvestment was £295.56412024: £295,564} which Telates solely the investhlent in The Resident LiverwK¥l LLP a limited liability partnership. The company esrablished a subsidiary compaThy. MTF Roger Limited. on 20 October2015. The company owns 1000 of the share capi1 of MTF Ro8er Limited of £1.400.(. AI 30 April 2025. the company was due £1,717.746 (2024.. £1,730J531 from NffF Roger Limid (arrie5 an interest charge of ?/. Thecompany established a subsidvdrycornpany. fFCOrnhlll Limited.on 21 Mah 2019 forthe purposeof acquiring the frechold property known 3$ 5&57 Cornhill. EC3 on l May 2019. The wrnpany owns 10(Vo of the share Capital of MTF Cornhill Ltd of £2. At 30 April 2025, the company Wd5 due £1.602.50212024: £1.602.5021 from MTF Comhill Ltd. 14. LEASES The minimum lease rt¢eipts under non-caJKellable Opmling le$ w be ]r¢eivrJJ: Group Cbarity 2024 2025 2024 21125 WithiTh on¢ year Between tsvo and fi¥e years After five years 276.955 472.862 8.021 243.830 147.834 206.955 402.862 8.021 28.031 7.833 757.838 391.664 617,838 35,864
MAcfAGGART THIRD FUND APPENDIX I NOTES TO THE ACCOUNTS {coDtiTrued) FOR THE YEAR ENDED JII APRIL 21J25 Donations Abercrombie and Kent Philanthmpy A¢tion for Youth Age UK Oxfordshire All May See Foundation Alzar Sch(N)I Amazon Conservation Trdrn Amnesty International Ancieni Forest Alliance Soci¢ty A Oxford Asmolean Museum Asyluln Welcome British Beeketpers Asso¢i*ion British Heart Foundation Buttertly Con5ervalion Cambridge Online Ccntre for Women's Jusii¢¢ Crisis Centre Cutteslowe Community A5cIatIon Edmontort Community Foundation Elmo Community Exubernni Tnjst Fawcett Society FOCAB Focusing on Philanthropy Friends of Baark Game and Wildlife Conservation Trtl Harris Manchester Collcge Health Navigator Helen & Douglas House Highland Danters Holderness Schwl Homeless Peopl¢ artd the Oxford Thurches Impact 100 Colletttve Islay & Jura Highland thncers 151ay Arts As9)C13tion Islay B(x)k Festival Islay Ga¢li¢ Choir Islay Natural Histryy Tn]st 151ay Pipe Band Islay Piping Tnjst Jazz Scotland Joint Council for Welfareof Immigration Jojo Rozga KatheriThe L£sw Sertlemeni Kellogg College Development Fund Lyford Cay Maggie's Centre Oxford Medical Aid for Palestine MS Society Museum of151ay MYCOS Cyber Café My Life Films National Youth Theatsr 10.0 sc 1.000 6.497 4.023 16.009 1.000 8.505 1.000 1.250 2.OLXI 500 750 10,0 3,000 23.031 1,000 1,416 1,000 5(Kl 18.750 2.500 ,250 12.832 8.082 20.tKKI 12(Kl 5.051 9.062 3.031 4,041 3.031 25(Kl 1.250 I7.5) 1250 21
iKACTAGGART THIRD FUND APPENDIX I NOTES TO THE ACCOU1[s (COAtinued} FOR THE YEAR ENDED30 APIUL2025 Don*tions National Youth OTchestra Nirola Murray Foundation Oxford Baby Bank Oxford F(M)d Hub Oxford Hub Oxford Playhouse Tn1 Peeple Centre Penny Brown Centre Fl"ck Ups for Peace Prism the Gift Fund Prison Phoenix Trn Promise Works Ranfvrnly Home5 for Children Restore Rochdale Women's Welfare Association Rowan Morri5 Royal Nalional Institute for Dcaf Pwple Royal Opcra House Cov¢ni Gard¢n Foundation Safety4Sist¢rs Scottish Gamekeepers Associaiion Seeds of Pexe Shakespeare Globe Shelter Box Slough Immigration Aid Uftit St. Mun80 Community Housin8 Star Ranch Fourtdation Suicide & Co The Art Fund The Bee Friendly Twust The Scottish Bttke¢pers Associltsn The Uoivetsity of Pethnsylvania The Woodland TfU5t Trinity College Cambridg UCSF Fothndaiion UK M&sters Wessex Cardiac Tn Womankind World Women for Reget Women Women in Pri50n World Heartbeat Music Academy wpsi Yellowstone to Yukon C0Th5ervation s() 10,(XXI 250 l.O(M) 1.000 1.250 750 1.200 1.000 5,0(Kl 28,082 3.000 2,500 5,000 4,820 5.000 1.981 500 i.oc#i 22.659 17.051 2,113 250 250 6.497 250 1.000 16.245 3.0(M) i.oTh) 3.031 1.500 2,500 5,000 5,000 2208 Foreign exchange variarKes on grant payments 183) Total 426215