Rrytstered number: SC386405
Charitynurnber: SC01428S
MA￿AGGART THIRD FUND
(A Charitable Compatly Limited by Guardntee)
REPORT AND CONSOLIDATED FINANCIAL ￿ATEmE]¥Ts
FOR THE YEAR ENDED30 APRIL2025
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CCWPANIES KIUSE

MAcfAGGART THIRD Fuf4D
(A Charitsble Company Limited by Cu*r*n¢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] acti￿tiCS
Charity ststement of fithancial xtivitie5
GTOUP and P￿nI charitable ¢ompany bajancc shcets
10
Consolidated statement of cash flows
Notes to the'fu)an¢ial statements
12-22

MA￿AGGART THIRD FUND
(A Charitsble cOm￿nY 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 Charit*N¢ C•mp4ny Limiied by Gu*rnntet)
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 r￿W 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 TrI￿t kn this Company by Deed of Assignment on that
d*e.
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 trai￿1￿£ of Dir¢¢iois
The Directors will. over a FWM)d. review th¢ k￿W￿dge base of th¢ Dii#tors and if necc5sary. obtsin training for the
Directors Whe￿ appropriate.
Org4•i5ation*l 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 res￿1]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. It￿e5 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 Ch*rit*ble coM￿nY 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.
Gr*nt 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 rea￿nable 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 decre￿ing 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 Comp*ny Limiied by G￿ra*￿t>
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¢￿U￿tIng 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 f￿ancIal 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 di*lose 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 D1￿Ctors. Rcwt is apwoved h&$ confim)ed that..
so faras thai ihe Directorisaw*e. 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 a￿a￿OFanY 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 beh￿r by:
SirJohn M*ctagyrt
Date: 19 July 21125

INDEPENDENT AUDITOR'S REPORT TO THE DIRE￿0￿5 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 sts*ments, iftcludin8 8swnM￿ ofsi8nifiurLt XC4)unisng roltcies. Tr r￿L￿Cial reponiog frgrnework thai
has applied in t￿lTpreparatIon is aFoli¢ablt law arKI United KiDgd(Mn A¢￿￿ni]ng swid￿￿4 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 fin￿ellI
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 eXp￿ditu￿. for th¢ y¢ar then
h•v¢ t¢eTh proF¢rly pr¢pared in aC￿rdo￿t with Uni*d 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 2￿5 and r¢guknr¢on 8 of & Chariiies A￿Xb￿nrs (S￿1]￿) R¢gu]ations 2(MJ6.
B*srA for opinio
We conducted OUTaudit in acCOrdar￿ with Intern#￿al Srand¥dsth) AuditiDglUKI OSAslUK)l applvbk law. 0￿r Tesponsibiliii¢5
derthose 5tandard5 3Te fijrtherdescrilxd in the A￿lI10r.5 ￿5￿j￿51bIll17Es for the auditof the finan¢i•l yattments sediop ofour report. We
are independent ofthe group in *¢ordan(t wih the eihitd rtqUiTementsthai 8t¢ relev￿1 ioour *Jditofthe financial sts*met)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 Suff￿￿nI ￿bd 3rwpri* ts) Fxovide a basis for¥y]r opinion.
CooelMwn$ rel*tinito goi¥ tODcern
In auditing the financial yatement& hllve Lxmcludtd th* I￿tr, ￿ of l￿￿rIn FA%isof S￿o￿￿￿g in the prepaTatioth or
the fin￿¢)9[ statements is appropriatr.
Based on the w)rk we h•v¢ F¢rfrt have Mt id￿lf￿d any matiial urtertsint￿5 events OT ¢ondition$ thaL lrtdiv￿u•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 reSFothsibili￿SOrth¢ tnjyees wlthw ￿ goin8 concern •Je d¢$cril￿d in ts relevaRrs¢aion$ofthis le￿rt
Other bnfom•iioTr
The tyuglees are res￿nSIble for ￿ otrr informatton. Tr othr inforTnat*)n conwst5 th¢ inforn)at￿n includcd in the Directors. Annual
Report. Oor opinion on the flnancial stsiem¢ntsdo¢s coverts ofvr inform*M)n excew w thr exteMOthEn¥iseexplicitly 5trtcd in
ourTe￿¢ WE do [￿lex￿￿&sa￿Y forrn ofasA¢an¢e wnclusron there0￿.
Incozbnt¢lion with ourauditofthe fNwKial (YJTrtv￿bIlity istort&J theothtrinfom)￿H￿ in d(bthgso. WDsi¢kn wheth¢r
the other inforniwion is materially sn¢onsi*nL f￿)a￿tIll sta*nw orOUrk￿wkdge otrfwned in tr audit oroth¢Ms¢ appears to
bE materially misstated. Ifwe identifysuth matrwial iKon5isIEnciesorappartnt m8tr1i￿ mis5U*ments, wtare Itquiled lodttermintwthtthtr
thete is a tnarerial misstatcment in the finan¢ial s￿[nents or a ￿1￿¢t￿*￿tOr thE Otl*r information. If. ba*d on the WOTk we
have ￿rrOrr￿¢d. we co￿l￿de 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 a￿￿r.
Ihe inforniatitin giveth in the DirethLif5' Annual Rewi for the financial ye¥ forwhsch ihe f￿anc￿lI Statements pr¢par¢d is
consiMent with the financial swem¢nts", arld
the direc￿[5, report has been prtpared in •t¢ord*￿t with applicable k8al rE4uirements.
Matter5 0• wt rtqwired to by txceplml
In the light ofthe knowi¢d8e And undEf51andinBofthe 8roupand the parcnl CharItab￿￿mPHThY ￿ its envi￿￿ent0btsinCd in thv L¥JUTse
ofth¢ audiL we have Id￿lIf*d 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 I￿arne￿ded) 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 I￿0¥d5 a￿j returns: or
enain disclosu￿$ of rnL5tr¢5' remU[￿lI￿n ycifi¢d by Law are not M￿je. or
wt have not Teceiwed all Ihe iNfoTmaiion ¥fyJ expla[￿l0￿S ttq¥ire forour audit- oi
d￿ Directors wete iiot entitled to p￿part 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#Thci*l s¢*tt*t*ts
Asexplained more fully in the ￿￿51ee$. re5rrt)n$ibilil*S swemthi ￿ out on page 4. the 1nb1eeS{wl￿ are alw the di￿t0[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 trll*sddernJ]￿ 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 IS￿5￿ gJ)d tht ptrtt th￿￿ble ¢ompany's ability to
Lx>ntinue gs a going conccm. di%lostng. &5 applicable, rnat￿ rel*e41 to going Wid usithg going b&sis of acwunting
unless ¢h¢ rws*eseitherin*nd 10 liquidate the w)uporthe pam¥¢¢h¥sithble compamyorkn or have ￿ realistic aJiernativ¢
but so.
Auditor's wtspottsibililits for iht *¥dii ofihe fth*tyti*l sthitMt*ts
Ihr obje¢iives a￿ 10 obtwn re*%onabk a￿raT￿e al￿ul wthether the fin*KiaJ ststenttts a% a otE frEe from material mi5*a¢m¢nE
whethEr due to fraud or errpr, and to i55ue an auditor'5 fcpDrt that incluth5 our opinH)n. Re￿nIb￿ 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$ya*mcDf it exisis.
Misstsiements¢4n arise from ftaudorerrorajd art¢onsidertdma*rial if. jndjviduallyotinthEag8fEgate, theyix>uld re&wnsbly be¢xpected
to iTh1lue￿ce the CLY)￿)￿1￿ &cisK)nsof tsken on ts b￿lS0f the￿ fJnaThcial *atcments.
IrreÉularitie& inCludll￿ fraud, #re instsrKYs of rK>n-cornplianLY wth laws arnl ￿8￿]￿lI(￿S. We design PTocedwes in line with our
rcstx>n5ibilitiek outlined alx>ve. to detru M*crI￿ in tespeci of inEKularitK in¢luding fraud The ¢xieni ￿ which OUT
prDLrth]lr5a￿ wabk ofde￿In￿ i5dEtailed belov.
B￿d0￿ our uJMJer&andingofthe group and the envirDnment in thich li iden11f￿d d￿the prsncipi risks of non-¢ompliaJKe
with law5 and regulatH)ns ￿lated to compliance with the requirementsofthe OffKe of the Scottish Ch•rity Regulwor. and consideted
theextent to wthich non<0mplian￿ might have a ffbatevialeffecton the financial S￿ementI We also cortsidtrtd thost L4wsarvJ Tcgulations
that have a direct imrActon thc rwtion of the financial sakmEnE5 s￿h a5the compaTh￿ Aa at)d the Charilies AU 2011.
We evaluated management'5 incentives and opwrhjnit￿5 for fraudukni m￿lput￿l0￿ of the fJnanci21 wemtftts lin¢ludin8 the risk of
override of controls), and deterniittd tha1￿ principal risks wcre related rothe rffjingof ir•ppropriatry)umal entries OT the manipulation
f wLxbunring ¢5timJt¢s. Audit ￿￿d￿rtSF¢rforn￿d by th eDg98emeni *am Jthcluthd:
InsPt¢ling ¢orTeswrthnce with rtgUla￿v5 a￿d lud￿nties.
Discussions with managemtni in¢ludi￿ Mrbsthwaiion of knowb or SUS￿￿￿ in5tanc<$ of non￿mPlI4n(* with laws.
we8ulaiion, and frdwj.,
Assessment of fraud risk factor5.
Performitl8 artalylical wo¢edurts th thniify athy urtusual or urtxF*¢*d rel*lonshi￿ including related party tr￿aCtiOnS
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¢ ch￿8¢d 8overnan¢t'
Evaluating managemeDt'5 controls deSig￿d kn PTevcntarKI detect iTregularitte5-
Review of significant and uThusual M5actions'.
Id¢Thisfy¢ng ￿die￿Ingi0Urn￿¢nth￿ In F4rticuIar￿Y manual eDtr*sm*Jeai Iheyear*nd forfiThan¢ial statement preparntion.
Challenging aTrJ jud8en*nts ma¢k by management in their Gritical xcounting estimates.
Bee•tsse of the inhtreni limiiaiions of ath awJiL th￿t is a risk wll rnt de¢eu all irTeguiariii4 includi[￿ th05c leading to a mat¢ri•l
iSStaiement in th financial 5talcrr￿￿ts 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 reflec*d 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￿ OrmisrErrfe￿tsl(￿1.
A fuTther (kscripnon of our re5rA)nsibilities for the audttof the financial ￿tementS is loca*d on thc Fin￿1￿1 Re￿rting 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 so￿ty ￿ 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 d￿n￿b￿0)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 ¢h*itable CODry￿Y charitsbk mernt￿S as a t4>Jy. for tyJr a￿4]¢ for this
rt, or for the opinions we have formed.
L£e Stokes
Senior StatU￿ry Atyjiwr
for on l*half 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 Gu*r*ntee)
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#rit*ble 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¢l*e ￿ cotltynuing Op¥￿I0ns.
The notes on page5 12 to 22 fonn of these xcounts.

MACTAGCARTTHIRD FUND
(A Charilalth Cornp#ny Limited by GuAr*ntee)
CHARITY STATEMEwf OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED30APIUL2025
Unrestrided lunds
Total
Total
2025
2024
Notes
INCOME FROM:
Gift aid donation from trading subsidiary
In￿StmentS
Other property related ]rt￿me
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
CTharit*ble 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 SUb￿diary
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". am￿rtts 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
(2.1￿1.1￿))
{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:
C￿￿P￿0vIdtd 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$h equivAJent5 at the end of the reportiwg
period
493,871
851.360
Rwoneili#tion of Net incomt to net eash flow from optr*ting *e¢ivitieS
2025
2024
Net expemditure f•r the reporting period
{a$ 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
(IncreaseydeCre￿C 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 optr*ting #rtiviiies
(450.340)
(731,607)
Analysis ofcash and c35h equivalents
2025
2024
Cash in hand
493,871
851.360
Tot*1 c*$h tAsh eqwivxlents
493,871
851.360

mA￿ACGARTTHvRD FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED30APRIL2025
ACCOUWflNG POLICIES
General infom*iion
MactrggartThird Fund is a chaTitsble¢ompany rtgistered in s￿tIaTrd. 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*$is of pre￿ratIon
The fJn8n¢ial statemethts haye been pr¢partd in acwrdanr¢ with the Companies Act 2006 and Accountin8 and
Rep)rting by Ch*i¢i¢s: Ststem¢nt of Recommended Practice applicable w charities preparing their ¥counts in
a￿ordanCe wilh th¢ Finan¢12] R¢px)ning Standawd applicable in the UK and Republic of IrelarKI {FRS 1021 {2hy
Edition effeciive l January 2019}- Ichariiies SORP (FRS 102)}. the FinaTKial Reportin8 Standard arvlicable in the
UK and Republic of Ireland {FRS 102)-
The comparty meets the definition of a public benefit entity under FRS 102. AsseL% and liabilities are iniiially
recO￿lSed at hiS￿l¢al cost or transaction value unless otherwise s&ted in thc ￿levant accounting y)Iicy TK)tels).
The financi￿ statements are p￿Sentsd in UK strrling. which is the Company's functiona] curretKy. and are rounded
to the nearest pouThd.
Prepgrxtion of 8cc•MDts on * going concern ￿SiS
The dIr￿or5 ¢onsidtTthcwr arc rw) material uncertaiThries alxjui the c(xnpany's ability to ¢ontinve as a going concem.
The review ofourfinancial rM)siiion. reserves levels and future plansgiv¢s dKIec￿TS ¢onfidethcethe company remains
a going £oncem forthe ftsre5eeable firture.
Critiul *eeoynting judgetnents key sources of e5timatioN uneert*inty
In th¢ applicatkon of the accountbng policbes. director5 are required to make judgemeni eslima￿. and assumptions
about the ¢arrying value of 3ss¢ts and liabilili¢5 that a￿ not readily apparent from other Sources. Th¢ estimates and
derlying assllmptions ar¢ b8s¢d on histori¢al ¢xp¢ri¢n¢e other faL*yrsthatarecon5Ldered ￿ be relevant. Achjal
results may iknffer from thes¢ ¢Mima*s.
The estimaie$ 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 fll￿re periods.
Jud8ements made by the directors in the applicatiort of thes¢ aC￿VnI1ng policies that have significant effect on the
financial Aatements and estimates with a SI￿1r1¢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 {cOTrtin￿td)
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 Ob￿￿1Ve$ of the comparty and which bave been &si8natrd forother purposes.
Incomt
tneome Includ￿ in the Ststement of Financial Auiviiies when the coMp￿Y is legalty entitled to tht incorne, thtte
is probability of rtteJp4 and the amowjt b¢ quantifted wilh reasonabk accuracy.
Expenditsre
All expenditllre is accoun*d foron an accrna15 b&sis and been included under expense categories that aggregate
a]1 Costs for ￿lOCation to aclivitits. Where colls L￿n01 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 infomi*ion in suptKkrt of the tharitable adivities. Support costs are those cO￿S 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 co￿￿t￿lonal 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 ￿li￿lOn0f inveslTnentsaresho*Tras rt￿1$¢d gainsand losses in the Sw¢m¢rtiof Financial
Auivities. Realistd gains and losse5 on investTDeThts *e ¢al¢Ul￿ed bth¥een S￿£S pro¢¢*Js and th¢iropenin8 ¢arrying
values or theirpurdbase value ifacquired 5ubsequcntto the first day of the financial year. Unr¢aiised gains and bsses
are calculated a5the difference t*rwttn the fairValue￿thtyearend andthcir carying value. Realised and unrealised
invesbneni gains and k)sses are combina in the Ststuneni of Financial A¢tiwiies.
Where a market value 15 not readily available. invellments arc Ileld at cost less impairnient.
Investment propertie5
InveStm￿t prnp¢rtirs art ¢wi¢d * fair valuc d¢t¢rmincd annually by directo￿ and derivd fmm the curreni maTk¢t
rents and inve5thient property yields for comparable rtai estrte. adjusted if necessary for any differ¢nc¢ in naiure.
location ￿COnditION of the wific &wt. Change in fairTO]ue is recognistd in the Statementof Finan¢ial A￿1vities.
Debtors
Trade and other debtots •e rwisd at the senlemeni amount. Prepayments art valued ai th¢ amount Prepaid.
Cash at bank and in hxAd
Cash at bank and ¢ash in hand includes Cath and short terni highly liquid investsnents.
Creditor5 and provision$
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 noM￿llY 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 denomIt￿￿1 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 attrdfts￿l￿ value and stsbsequently measured at th¢irsettlement
value.
14

MA￿AGGART 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 r￿u￿¢￿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 APRIL1￿25
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
Tot*1
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¢sh￿ent
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 d￿reciatiOn. The v3]ue repr￿nts the group'5 share of thc c05t less depreciation figure.
FIXED ASSET INv￿ME￿rS
Group ind ch#rity
M*Tket value or cost
At l May 2024
Additions
Disp)sal p￿ceedS
Loss OD revalu￿100
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 su￿lDIARY-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 Limi*d {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
Ye*r 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 y￿r
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 f*Uing 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
Ch*rtty
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 fi￿d$
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•nv*rd
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
Unru*￿ted funds
Generdl funds- all fiJnds
21205,436
804.826
(769.631)
(631.450)
20.609.181
IJ.
RELATED PARTY TRANSACTIONS
Two dIT￿tOrS 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 d*e an
nount of £l11.739 was due to IMCT{2024.. £108.676 due from tmcr).
The company own$ 50%of Ma¢Charities Limited, a0)mp￿Y in whi¢h ¢¢ttsin dire¢10￿ of the M￿aggart 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 capi￿1 of MTF Ro8er Limited of £1.400.(￿. AI 30 April 2025. the company was due £1,717.746 (2024..
£1,730J531 from NffF Roger Limi*d (arrie5 an interest charge of ?/.
Thecompany established a subsidvdrycornpany. ￿fFCOrnhlll Limited.on 21 Ma￿h 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 A5￿cIatIon
Edmontort Community Foundation
Elmo￿ Community
Exubernni Tnjst
Fawcett Society
FOCAB
Focusing on Philanthropy
Friends of Baark
Game and Wildlife Conservation Trt￿l
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 Tn￿1
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 Associ￿ltsn
The Uoivetsity of Pethnsylvania
The Woodland TfU5t
Trinity College Cambridg
UCSF Fothndaiion
UK M&sters
Wessex Cardiac Tn
Womankind World
Women for Re￿get 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