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← Jeffrey Charitable Trust

2025-04-05-accounts

CHARITY REGISTRATION NUMBER: $C015990

:

Jeffrey Charitable Trust Unaudited Financial Statements 5 April 2025

NELSON GILMOUR SMITH

Chartered accountants Mercantile Chambers 53 Bothwell Street Glasgow G2 TB

. Jeffrey Charitable Trust

Financial Statements

Year ended 5 April 2025

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. Jeffrey Charitable Trust

Trustees’ Annual Report

Year ended 5 April 2025

eee The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial statements and comply with the charity's Constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and FRS 102.

Reference and administrative details

Registered charity name Jeffrey Charitabie Trust

Charity registration number SC015990

Principal office Mitchells Roberton George House 36 North Hanover Street Glasgow G1 2AD The trustees a (Resigned 14 November 2024) Independent examiner examiner Po Partner, Nelson Gilmour Smith Chartered Accountants Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB

Independent examiner examiner

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. Jeffrey Charitable Trust

Trustees’ Annual Report (continued)

Year ended 5 April 2025 eee Structure, governance and management

The charity was established by a Trust Deed on 21 July 1972. The principal objective of the Trust is to help charitable causes as directed in the Deed of Trust and as determined by the trustees.

The Trustees, who served during the period from 06 April 2024 to the date the financial statements were approved were as follows:

The trustees will ensure the continuity of the Trust by the assumption from time to time of additional trustees to maintain a reasonable number (considered to be three or four) with a range of expertise and experience appropriate to the activities of the Trust.

The day to day operations of the Trust are managed by Mitchells Roberton Solicitors, George House, 36 North Hanover Street, Glasgow, G1 2AD. Ms Lauren Booth, Solicitor is the Trust Correspondent and Ms Booth reports to the trustees on a regular basis.

The present practise of the Trustees is to meet formally at least twice a year to review the financial position of the Trust, consider appropriate investment parameters for the discretionary management of the portfolio and to consider grant applications. The investment portfolio is managed by Rathbone Investment Management.

Objectives and activities

The trustees’ objectives are to support ongoing projects to which the Trust has been committed, most particularly in relation to medical research and the welfare and education of children. The Trust will distribute, after deducting management and governance expenses, the majority of the income generated each year whilst also maintaining capital to generate income for future distribution.

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. Jeffrey Charitable Trust Trustees’ Annual Report (continue)

Year ended 5 April 2025

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Achievements and performance

Annual income is derived exclusively from the investment portfolio which is managed by Rathbone Investment Management on a discretionary basis. Income for the year was higher than that generated in 2023/24.

Management costs are shown at note 8 where it is appropriate to note that General Fund Administration fees have been assessed by Independent Law Accountants. The charity's Deed of Trust enjoins and directs the Trustees to disburse grants for the following purposes, provided that they are of a charitable nature: * medical research and other charitable services concerned with medicine * support of elderly, poor, disabled or handicapped persons * — maintenance and education of disadvantaged children * social work within the Church of Scotland and other religious bodies , ° assistance to sailors, lifeboatmen and their dependents

This broad range of grants is typical of the JCT work over the course of a year.

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, Jeffrey Charitable Trust Trustees' Annual Report (continued)

Year ended 5 April 2025

eee Financial review The financial results of the Trust for the year ended 5 April 2025 are given in the Statement of Financial Activities on page 7. The assets and liabilities are given in the Balance Sheet on page 8. The financial statements should be read in conjunction with the related notes which appear on pages 9 to 16 and have been prepared in accordance with relevant law, regulations, SORP (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. During the year total income amounted to £54,705 (2024 - £53,738), total expenditure amounted to £95,008 (2024 - £95,304) and after accounting for the net losses on investments of £50,037 (2024 - £9,518 net gain), there was a deficit for the year amounting to £90,340 (2024 - £32,048 deficit).

The trustees are satisfied with the financial performance of the Trust during the year and of its financial position at the year end. Reserves policy The Trust's reserves, which are all unrestricted, are predominantly invested in bonds and equities. The balance on unrestricted reserves at 5 April 2025 totalling £1,608,010 (2024 - £1,698, 350) is available for investment and the generation of income sufficient to meet the charitable objectives of the Trust.

The Trust's investments have been managed under full discretionary investment powers granted to Rathbone Investment Management for the implementation of investment decisions and for managing the portfolio. The investment parameters for the management of the portfolio are discussed, reviewed and agreed regularly by the Trustees.

Investment policy Rathbone Investment Management report on the investment position for the year: The Charity’s investment portfolio delivered a total return of -0.5% over the year to 5 April 2025. During this same period, its ARC Charity Equity-Type Risk reference point returned -1.8%,

During the year to 5" April 2025, perhaps the key investment event came very near its end on 2nd April 2025. This was President Trump’s announcement of sweeping new trade tariffs — referred to as “Liberation Day.” This announcement incorporated a 10% universal tariff on all imported goods to the US and additional tariffs targeting specific countries. It triggered significant market volatility and drove equity markets lower during April 2025.

Just at the end of Jeffrey Charitable Trust's accounting year end, the US ‘Liberation Day’ pronouncements led to significant market weakness. The Broad US equities market measure — the S&P 500 index - fell by over 10% in just three days, marking one of the steepest short-term sell-offs in recent market history. The largest US Technology companies — often collectively labelled the Magnificent Seven — which have been the most significant medium-term positive contributors to markets were hit particularly hard by negative sentiment surrounding US tariffs. Markets were unsettled by the scale and unpredictability of tariffs which have sparked fears of a global trade war, stagflation, and recession.

Over the year to 5 April 2025, the most positive portfolio contributors within the Jeffrey Charitable Trust were Fidelity Special Values Investment Trust, Unilever, and CME Group. All three benefitted from valuations-ratings improving. During a mixed period for equities, Fidelity’s value-investment approach helped its Special Values trust make good progress while both Unilever and CME also held up well. CME serves as a counterweight to market volatility. It operates the world’s largest financial derivatives exchange and this tends to benefit from periods of heightened volatility as investors increase their use of derivatives to navigate market troubles.

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. Jeffrey Charitable Trust Trustees’ Annual Report (continued)

Year ended 5 April 2025

More generally, enthusiasm surrounding artificial intelligence (Al) developments has been central. within major tech companies. But during the year the December 2024 launch of a Chinese-based Large Language Model (DeepSeek) raised questions about whether US tech leaders could continue their dominance and — as highlighted above — the April 2025 US tariff announcements meant additional uncertainties. Over the year to April 5, 2025, Estée Lauder, Spirax Group, and Diageo were weaker contributors within the portfolio. Each faced their own, distinct challenges. Estée Lauder experienced declining sales and earnings - particularly in Asia - due to weak consumer sentiment and headwinds agin international travel outlets. Despite cost-cutting efforts under a new CEO, investor confidence remained subdued amid disappointing guidance and restructuring charges. Spirax Group was impacted by foreign exchange pressures and softer demand in the Asia region, which affected its high-margin steam segment. Though other divisions within the group were more resilient, overall Spirax earnings forecasts had to be revised downwards. With its valuation following suit. Diageo reported falling volumes and revenues, especiaily in North and Latin America. One reason has been consumers substituting to other, more affordable brands. Others have included concerns around US tariffs, the rise of obesity drugs, and changing alcoho! consumption trends among younger Western society “Gen-Z’ cohorts.

Estee Lauder was sold during the year. Other sales included Rentokil and Cordiant Digital Infrastructure Fund, BlackRock, Jupiter Japan fund, Capital International Corporate Bond Fund, JP Morgan Chase, RELX, and Hermes US Small and Mid Cap Equities Fund led new purchases. Looking forwards, the portfolio has strong balance. Its largest equity sector exposures are to technology, industrials, financials, and healthcare. The investment approach stresses companies with high quality characteristics; strong balance sheets, robust cash flows, ongoing pricing power and defendable competitive advantages. Alongside, the portfolio’s fixed interest investments are intentionally positioned with short durations to help protect against price volatility linked to interest rate changes.

The trustees' annual report was approved on PMA trustees by:

TS..... and signed on behalf of the board of

Trustee

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Jeffrey Charitable Trust Independent Examiner's Report to the Trustees of Jeffrey Charitable Trust

Year ended 5 April 2025

! report to the trustees on my examination of the financial statements of Jeffrey Charitable Trust (‘the charity’) for the year ended 5 April 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (the ‘2005 Act’) and the Charities Accounts (Scotland) Regulations 2006 (as amended). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.

| report in respect of my examination of the charity's financial statements as carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination | have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Independent examiner's statement

Since the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). | can confirm that | am qualified to undertake the examination because | am a registered member of ICAS which is one of the listed bodies.

| have completed my examination. [ confirm that no matters have come to my attention giving me cause to believe that in any material respect:

  1. accounting records were not kept as required by section 44(1)(a) of the 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended); or

  2. — the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Partner, Nelson Gilmour Smith Chartered Accountants Mercantile Chambers

53 Bothwell Street Glasgow G2 6TB Independent Examiner 2s fulas

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Jeffrey Charitable Trust

Statement of Financial Activities

Year ended 5 April 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |Unrestricted| |funds|Totalfunds|Total|funds| |Income|and|endowments|Note|£|£|£| |Investment income|4|54,705|54,705|53,738| |Total|income|54,705|54,705|53,738| |Expenditure| |Expenditure on|raising|funds:| |Investment management|costs|5|12,257|12,257|12,500| |Expenditure on|charitable|activities|6,7|82,751|82,751|82,804| |Total expenditure|95,008|95,008|95,304| |Net (losses)/gains|on|investments|10|(50,037)|(50,037)|9,518| |Net expenditure and|net movement|in funds|(90,340)|(90,340)|(32,048)| |Reconciliation|of funds| |Total funds|brought forward|1,698,350|1,698,350|1,730,398| |Total funds|carried forward|1,608,010|1,608,010|1,698,350|

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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 16 form part of these financial statements. EEees eee

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)

Jeffrey Charitable Trust

Statement of Financial Position

5 April 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |eee| |2025|2024| |Fixed|assets|Note|£|£| |Investments|13|1,621,715|1,726,117| |Current|assets| |Cash|at|bank and|in|hand|29,067|23,100| |Creditors:|amounts|falling|due within one year|14|29,772|24,367| |Net current|liabilities|705|1,267| |Total|assets|less|current|liabilities|1,621,010|1,724,850| |Creditors:|amounts|falling due|after more|than|one year|15|13,000|26,500| |Net assets|1,608,010|1,698,350| |Funds of the|charity| |Unrestricted funds|1,608,010|1,698,350| |Total|charity funds|16|1,608,010|1,698,350|

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These financial statements were approved by the board of trustees and authorised for issue on LEMS... and are signed on behalf of the board by:

Trustee

The notes on pages 9 to 16 form part of these financial statements. Ifa eee

&

Jeffrey Charitable Trust

Notes to the Financial Statements

Year ended 5 April 2025 eee

1. General information

The charity is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is Mitchells Roberton, George House, 36 North Hannover Street, Glasgow, G1 2AD.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue,

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make Judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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Jeffrey Charitable Trust Notes to the Financial Statements (continuea) Year ended 5 April 2025 ee 3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attrioutable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

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Jeffrey Charitable Trust Notes to the Financial Statements (continue) Year ended 5 April 2025 a

3. Accounting policies (continued)

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

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. Jeffrey Charitable Trust Notes to the Financial Statements (continueg)

Year ended 5 April 2025 ee 3. Accounting policies (continued)

Financial instruments (continued)

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial : activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ g
Income from listed investments 54,705 54,705 53,738 53,738
5. Investment management costs
Unrestricted TotalFunds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Portfoliomanagement 12,257 12,257 12,500 12,500

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Jeffrey Charitable Trust

Notes to the Financial Statements (continuea)

Year ended 5 April 2025

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6. Expenditure on charitable activities by fund type

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Grants to charitable organisations
Supportcosts		 69,391
13,360		 69,391
13,360		 68,300
14,504		 68,300
14,504
82,751 82,751 82,804 82,804

7. Expenditure on charitable activities by activity type

Grantfunding Total funds Total fund
ofactivities Supportcosts 2025 2024
£ £ £ £
Grants to charitable organisations
Governance costs		 69,391
-		 -
13,360		 69,391
13,360		 68,300
14,504
69,391 13,360 82,751 82,804
  1. Analysis of support costs
Grants to
charitable
organisations Total 2025 Total 2024
£ £ £
General Administration fees
Independent Examination fee		 13,360
1,320		 13,360
1,320		 13,244
1,260
14,680 14,680 14,504

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Jeffrey Charitable Trust

Notes to the Financial Statements (continuea)

Year ended 5 April 2025

Se

9. Analysis of grants

2025 2024
£ £
Grants to institutions
Tenovus Scotland
Glasgow City Mission
Royal National Mission to Deep Sea Fishermen
Sailor's Children's Society
StColumba's Hospice Care
Firth ofForth Lobster Hatchery
Stroma Fraser		 24,891
5,000
3,000
3,000
5,000
-
-		 19,800
5,000
3,000
3,000
5,000
1,000
500
Muscular Dystrophy
.
Charlies Old Codgers Foundation
ArbroathAcademy
Starr in the Community
The National Piping Centre
Cross Reach
The Ridge SCIO
Crohns in Childhood Research Association
Tullochan
The Carrick Centre
The Trussel Trust
Beeslack Family Club
Eczema Outreach
Buckhaven BaptistChurch
Harmeny Education Trust
Hearts and Minds		 -
-
-
-
2,000
-
-
-
-
-
-
-
_
-
=
3,000		 3,000
1,000
1,000
1,000
2,000
1,000
1,000
3,000
3,000
3,000
2,000
3,000
3,000
3,000
1,000
-
Dundee Sea Cadets 3,000 =
Prevent Breast Cancer 2,000 —
The Miracle Foundation 3,000 -
Megan's Space 3,000 -
Seamab 2,000 -
Shared Parenting Scotland 3,000 -
The i88 Project Inverclyde Foodbank 3,000 -
DumfriesYMCA 3,000 ~
The Outward Bound Trust 1,500 -
69,391 68,300
Totalgrants 69,391 68,300

In addition to the above £13,000 was also paid to Morrison’s Academy and £1,000 to Stroma Fraser under muiti-year agreements which have already been provided in previous years accounts.

10. Net (losses)/gains on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Gains/(losses) on other investment
assets (50,037) (50,037) 9,518 9,518

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‘ Jeffrey Charitable Trust

Notes to the Financial Statements (continue

Year ended 5 April 2025

11. Independent examination fees

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Fees|payable|to|the|independent|examiner|for:| |Independent|examination|of the|financial|statements|1,320|1,260|

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12. Trustee remuneration and expenses

Trustees do not receive remuneration for services rendered as Trustees.

During the year no trustees received expenses (2024: £nil)

13. Investments -

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|||||||| |---|---|---|---|---|---|---| |Investments|-|'| |Listed| |investments| |£| |Cost|or valuation| |At 6|April|2024|1,726,117| |Additions|291,409| |Disposals|(342,681)| |Fair value|movements|(53,130)| |At 5 April|2025|1,621,715| |Impairment| |At|6|April|2024 and|5|April|2025| |Carrying|amount| |At 5 April|2025|1,621,715| |At|5|April 2024|1,726,117|

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All investments shown above are held at valuation.

Financial assets held at fair value

All investments shown above are held at market valuation.

14. Creditors: amounts falling due within one year

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Bank|loans|and|overdrafts|20|-| |Accruals|and|deferred|income|29,752|24,367| |29,772|24,367| |15.|Creditors:|amounts|falling|due|after more than|one year| |2025|2024| |£|£| |Other creditors|13,000|26,500|

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; Jeffrey Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2025

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16. Analysis of charitable funds

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|funds| |At|Gains|and|At| |6|April 2024|Income|Expenditure|losses|5|April|2025| |General|£|£|£|£|£| |funds|1,698,350|54,705|(95,008)|(50,037)|1,608,010| |At|Gains|and|At| |6 April 2023|Income|Expenditure|losses|5|April|2024| |General|£|£|£|£|£| |funds|1,730,398|53,738|(95,304)|9,518|1,698|350| |||

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17. Analysis of net assets between funds

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total|Funds| |Funds|2025| |Investments|£|£| |Current|1,621,715|1,621,715| |assets|29,067|29,067| |Creditors|less than|1|year|(29,772)|(29,772)| |Creditors|greater than|1|year|(13,000)|(13,000)| |Net assets|1,608,010|1,608,010| |Unrestricted|Total|Funds| |Funds|2024| |Investments|£|£| |Current|1,726,117|1,726,117| |assets|23,100|23,100| |Creditors|less than|1|year|(24,367)|(24|367)| |Creditors|greater than|1|year|(26,500)|(26,500)| |Net assets|1,698,350|1,698|350|

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18. Related parties

trustTher e e were nountil 23 transactionsNovemberwith2023,relatedwaspartiesan thisInvestment year. LastDir y e ar,ctores...of Rathbone Investment was a Management. As stated in the Trustees’ Report the investment portfolio is managed by Rathbone Investment Management and fees paid during that year amounted to £12,500.

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