OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Inchcape Foundation

2025-04-05-accounts

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

Charity Registration No. SC017964 (Scotland)

THE INCHCAPE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

ELI MURRAY BEITH MURRAY

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

- a
Charitynumber (Scotland) SC017964
Principal address 3 Glenfinlas Street
Edinburgh
EH36AQ
Auditor CTAuditLimited
61 Dublin Street
Edinburgh
EH3 6NL
Bankers RoyalBankofScotland
36 StAndrewSquare
Edinburgh
EH2 2YB
Solicitors Murray BeithMurrayLLP
3 Glenfinlas Street
Edinburgh
EH36AQ
Investment advisors Rathbones InvestmentManagement Ltd
10 George Street
Edinburgh
EH22PF

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

CONTENTS

Page
Trustees’ report 1-4
Auditor'sReport 5-8
Statement of financial activities 9-10
Balance Sheet 11
Statement ofcash flows 12
Notestothefinancialstatements 13-24

IFT064

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their report and financial statements 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 Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: 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) (Second Edition - October 2019)” .

Objectives and activities

The Charity's objects are established in its constitution, and these are such charitable purposes as the Trustees may determine at their sole discretion.

To these ends, the charity awards grants to eligible institutions and individuals ranging from £100 to £10,000 (exceptionally the charity may award a greater sum). The grants are generally intended to further one of the following three charitable objectives:-

The Trustees monitor the performance of each institution supported by the charity. Where appropriate the charity may require institutions that receive grants to provide a copy of their Annual Report and Accounts to facilitate the consideration of support in future years. Where material sums are involved, individual beneficiaries may also be obliged to demonstrate progress against agreed objectives to facilitate further support.

To sustain the charity’s activities, the Trustees maintain an endowment fund, the income from which is used to finance the charity’s grant-making activities.

Achievements and performance

In this reporting period, the charity awarded grants to 125 institutions (2024: 135) wortha total of £211,033 (2024: £213,167). The grants were generally awarded to finance such activities as those institutions receiving funds deemed appropriate.

In addition the charity awarded grants to 4 individuals (2024: 7) worth a total of £11,735 (2024: £21,258).

-1-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Financial review

The financial statements, presented overleaf, show that the charity's gross income in the unrestricted fund amounted to £250,821 in this reporting period (2024: £237,225), which was wholly composed of investment income generated by the expendable endowment fund.

Gross expenditure from unrestricted funds amounted to £260,427 (2024: £269,186) in this accounting period.

The value of the charity's endowment fund stood at £5,718,571 at the end of this reporting period (2024: £5,916,807). This includes two motor vehicles at a cost of £10,990 to be used by beneficiaries.

The cost of managing the expendable endowment fund amounted to £14,092 in this reporting period (2024: £9,881) and were wholly composed of investment management costs and custody charges.

Reserves Policy

The charity's unrestricted reserves at the end of this reporting period stood at £84,897 (2024: £94,503).

The Trustees generally seek to apply the whole free income of the charity, making reasonable provision for professional fees and outlays where appropriate.

The Trustees retain unrestricted funds at a level to manage cashflow requirements of the charity. Endowment funds are held in order to provide a return for future grant making.

The Trustees keep under review the key risks to which the charity is subject to including investment performance for which a professional advisor has been appointed.

Investment Policy

The Trustees have instructed Investec Wealth & Investments UK Ltd to manage the charity's investment funds on an advisory basis. Investec Wealth & Investments UK Ltd, a subsidiary of Rathbones Group from 21 September 2023, transferred the portfolio into Rathbones Investment Management on 12 April 2025. The Trustees have advised that they are prepared to accept a medium level of risk and their investment objectives is a balanced return between capital growth and income with a bias towards income.

The Trustees have considered the risks to which the charity is exposed. These relate in the main to investment management and therefore the Trustees have employed an investment manager to advise them. Another risk to which the charity is exposed is fraud. However, the Trustees consider that the process of application for donations made by the Trust reduces this risk.

The Trustees protect against the risk of financial mismanagement by the appointment of Solicitors, who are bound by the Law Society of Scotland Solicitors’ Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compliance with regulations governing charities.

-2-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Plans for the Future

The Trustees intend to continue the charity's operations and have no plans to substantively to change the charity's priorities, operations or sponsorship schemes in the foreseeable future.

Structure, governance and management The Trust is an unincorporated Trust constituted by Deed of Trust by the latePe EE ated 11 July 1991 and registered in the Books of Council and Session on 24 July 1991. The Constitution has been modernised with the approval of the Office of the Scottish Charity Regulator and adopted on 8 May 2018.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Trustees are assumed (and resign) with the consent of the existing Trustees under Section 3 of the Trusts (Scotland) Act 1921.

On appointment new Trustees are provided with copies of Trust Accounts and a summary of the history of the Trust. The Trustees are made aware of their ongoing responsibilities and any changes in legislation.

The Trustees meet at least twice a year to consider applications for grants, reports from investment manager, to review the charity's affairs and to consider awards to beneficiaries.

The Charity neither remunerates the Trustees nor reimburses the Trustees for any incidental expenses incurred in the discharge of their duties.

-3-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

==> picture [249 x 107] intentionally omitted <==

----- Start of picture text -----
The Trustees’/was- | the Board ofTrustees.
----- End of picture text -----

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE INCHCAPE FOUNDATION

Opinion

We have audited the financial statements of The Inchcape Foundation (the ‘Charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

-5-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE INCHCAPE FOUNDATION

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees' responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

-6-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE INCHCAPE FOUNDATION

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

regulations and fraud;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment , forgery, collusion, omission and misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http:// www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for. This description forms part of our auditor's report.

-7-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE INCHCAPE FOUNDATION

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

CT Audit Limited

eseeaesnsseseeneenseees

Chartered Accountants &

Statutory Auditor

61 Dublin Street Edinburgh EH3 6NL

CT Audit Limited is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

-8-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

Current financial year

==> picture [489 x 411] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total|Total| |funds|funds| |2025|2025|2025|2024| |Notes|£|£|£|£| |Income|and|endowments|from:| |Investments|2|250,821.20|-|250,821.20|236,875.38| |Other income|3|-|-|-|350.00| |Total|income|250,821.20|-|250,821.20|237,225.38| |Expenditure|on:| |Raising funds|4|-|14,092.12|14,092.12|9,881.38| |Charitable|activities|5|260,427.42|1,191.04|261,618.46|270,586.76| |Other|10|-|750.00|750.00|587.07| |Total|resources expended|260,427.42|16,033.16|276,460.58|281,055.21| |Net|gains/(losses)|on investments|11|-|(182,202.66)|(182,202.66)|4,031.38| |Net movement|in|funds|(9,606.22)|(198,235.82)|(207,842.04)|(39,798.45)| |Fund|balances|at 6 April 2024|94,503.42|5,916,806.70|6,011,310.12|6,051,108.57| |Fund balances|at 5 April|2025|84,897.20|5,718,570.88|5,803,468.08|6,011,310.12|

----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

-9-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Prior financial year

Prior financialfinancial year
Unrestricted Endowment Total
funds funds
2024 2024 2024
Notes £ £ £
Income and endowments from:
Investments 2 236,875.38 - 236,875.38
Otherincome 3 350.00 - 350.00
Total income 237,225.38 - 237,225.38
Expenditure on:
Raisingfunds 4 - 9,881.38 9,881.38
Charitable activities 5 269,185.54 1,401.22 270,586.76
Other 10 - 587.07 587.07
Total resources expended 269,185.54 11,869.67 281,055.21
Net gains/(losses) oninvestments 11 - 4,031.38 4,031.38
Netmovementinfunds (31,960.16) (7,838.29) (39,798.45)
Fund balances at6April2023 126,463.58 5,924,644.99 6,051,108.57
Fundbalancesat5April2024 94,503.42 5,916,806.70 6,011,310.12

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

-10-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 12 6,749.24 7,940.28
Investments 13 5,611,256.88 5,794,441
.80
5,618,006.12 5,802,382.08
Current assets
Debtors 14 23,034.65 32,258.62
Cash atbank and in hand 174,536.28 183,951.33
197,570.93 216,209.95
Creditors: amounts fallingdue within
oneyear 15 (12,108.97) (7,281.91)
Net current assets 185,461.96 208,928.04
Total assets less current liabilities 5,803,468.08 6,011,310.12
Capital funds
Endowment funds - general 5,718,570.88 5,916,806.70
Income funds
Unrestricted funds 84,897.20 94,503.42
5,803,468.08 6,011,310.12

06 November 2025

The financial. . statements were approved by the Trustees OM ........:ssssessesesees

Trustee

-ll-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2025

2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cashabsorbedby operations 19 (261,218.51) (281,329.19)
Investing activities
Purchase of investments (620,042.53) (68,882.30)
Proceedsondisposal of investments 621,024.79 190,121.68
Dividends and interest received 250,821.20 236,875.38
Netcashgenerated frominvesting
activities 251,803.46 358,114.76
Netcash used in financing activities - -
Net (decrease)/increase in cash and cash
equivalents (9,415.05) 76,785.57
Cash and cashequivalents atbeginningofyear year 183,951.33 107,165.76
Cashand cash equivalents atend ofyear 174,536.28 183,951.33
Reconciliation of NetDebt
At6April April 2024 Cashflows At5April April2025
Bankand cash per accounts 183,951.33 (9,415.05) 174,536.28
183,951.33 (9,415.05) 174,536.28

-12-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The Inchcape Foundation is a Registered Scottish Charity No: SC017964. The registered office is 3 Glenfinlas Street, Edinburgh EH3 6AQ.

The financial statements have been prepared in accordance with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: 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) (Second Edition - October 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The funds designated for charitable expenditure represent funding for grants which have been authorised by the Trustees however the award of such grants has not yet been communicated to the recipients.

The expendable endowment fund represents the principal sum settled to the Trust, which the Trustees have invested in accordance with the powers conferred to them by the trust deed for the benefit of future beneficiaries; the trust deed confers on the Trustees the power to apply such funds for charitable purposes at any time and may do so at their sole discretion.

14 Incoming resources

Income is included in the Statement of Financial Activities (SoFA) when: a) the charity becomes entitled to the resources; b) it is probable that the Trustees will receive the resources; and c) the monetary value can be measured with sufficient reliability.

Income from tax reclaims in included in the SoFA at the same time as the gift to which they relate.

Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

-13-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Investment Income is included in the accounts when the investment is quoted XD.

Investment Gains and Losses includes any gain or loss on the sale of investments, (proceeds less purchase cost if purchase in the year or market value at the end of the preceeding year) and any gain or loss resulting from revaluing investments to market value at the end of the year.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Raising Funds

Includes all aspects of Investment Management Costs.

Charitable Activities

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Support and Governance Costs

Support costs are the direct costs associated with administering grants and other support costs in relation to the administration of the charity in general and include governance costs which include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. Direct support costs are allocated to grants awarded on and ad valorem basis.

1.6 Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles 15%

1.7 Financial instruments

Basic financial assets

The charity has only basic financial assets and liabilities comprising investments, income, debtors, cash at bank and creditors for support and governance costs. These assets and liabilities are initially recorded at cost and subsequently at market value in the case of investments and in respect of other asset and liabilities att the amounts expected to be received or paid.

Otherfinancial assets

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

-14-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

2 Investments

2 Investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 247,803.75 234,618.74
Interest receivable 3,017.45 2,256.64
250,821.20 236,875.38
3 Otherincome
Unrestricted
funds
2024
£
TaxRepayment 350.00
4 Raising funds
2025 2024
£ £
Investmentmanagement 14,092.12 9,881.38
14,092.12 9,881.38

-15-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

5 Charitable activities

Grant Shareof Share of Total Total
funding of supportcosts governance 2025 2024
activities (seenote 7) costs (seenote
(see note 6) 7)
£ £ £ £ £
Advancementof ofEducation 27,205.00 1,256.64 - 28,461.64 34,046.35
ReliefofPoverty 35,650.00 1,646.73 - 37,296.73 37,968.43
Advancement ofReligion 14,828.42 684.95 - 15,513.37 12,344.27
Advancement of the arts, heritage,
culture orscience 17,500.00 808.35 - 18,308.35 18,127.07
Advancement ofHealth 24,000.00 1,108.59 - 25,108.59 28,485.39
Relief of those inneed through age, ill-
health, ordisability 47,250.00 2,182.55 - 49,432.55 49,460.99
Advancement ofenvironmental
protection 33,500.00 1,626.01 - 35,126.01 34,495.43
Other 22,835.00 1,075.18 - 23,910.18 27,977.61
Other charitable expenditure - 10,290.00 16,980.00 27,270.00 26,280.00
222,768.42 20,679.00 16,980.00 260,427.42 269,185.54

The charity did not undertake any charitable activities directly but met its charitable purposes by making grants to institutions and individuals. The charity administers three distinct sponsorship schemes:-

In addition, direct support costs represent the time spent by the trust administrators processing applications for assistance and the awards made by the charity.

One Individual grant in the sum of £335.

The above figures does not include amounts expected to be paid to Glenapp Pensioners.

The charity Trustees approved a list of donations totalling £203,485 at the Trustees' Meeting in February 2025 and these funds have been ring fenced for charitable purposes.

-16-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

6 Grants payable

Grants to Grantsto Total 2024
Institutions Individuals
£ £ £ £
Grants to institutions:
Advancement ofEducation 27,205.00 - 27,205.00 32,868.59
ReliefofPoverty 24,250.00 11,400.00 35,650.00 36,655.00
Advancement ofReligion 14,828.42 - 14,828.42 11,917.25
Advancementofthe arts, heritage, culture or science 17,500.00 - 17,500.00 17,500.00
AdvancementofHealth 24,000.00 - 24,000.00 27,500.00
Relief of those in need through age, ill-health, or
disability 47,250.00 - 47,250.00 47,750.00
Advancementofenvironmental protection 33,500.00 - 33,500.00 33,250.00
Other 22,500.00 335.00 22,835.00 26,984.30
211,033.42 11,735.00 222,768.42 234,425.14
Support costs
Support costs Governance 2025 2024
costs
£ £ £ £
Depreciation 1,191.04 - 1,191.04 1,401.22
Murray BeithMurrayUTAPFees 20,580.00 8,820.00 29,400.00 27,000.00
CTAuditFees - 8,160.00 8,160.00 7,680.00
BankCharges 99.00 - 99.00 80.40
21,870.04 16,980.00 38,850.04 36,161.62
Analysedbetween
Charitableactivities 21,870.04 16,980.00 38,850.04 36,161.62

7 Support costs

Governance costs includes payments to the auditors of £8,160 (2024 - £7,680) for audit fees.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

-17-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

9 Employees There were no employees during the year. 10 Other

==> picture [486 x 139] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Other expenditure|750.00|587.07| |750.00|587.07| |11|Net gains/(losses)|on investments|

----- End of picture text -----

==> picture [465 x 138] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Endowment|Endowment| |funds|funds| |general|general| |2025|2024| |£|£| |Revaluation|of investments|(207,485.70)|17,516.58| |Gain/(loss)|on|sale|of investments|25,283.04|(13,485.20)| |(182,202.66)|4,031.38|

----- End of picture text -----

-18-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

12 Tangible fixed assets

==> picture [462 x 295] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Plant and machinery|etc| |£| |Cost| |At 6 April 2024|10,990.00| |At 5 April 2025|10,990.00| |Depreciation|and|impairment| |At 6 April 2024|3,049.72| |Depreciation charged|in the year|1,191.04| |At 5 April 2025|4,240.76| |Carrying amount| |At 05 April|2025|6,749.24| |At 05 April|2024|7,940.28| |Motor|Vehicles| |Cost|at 5 April|2025|was £10,990|(2024|- £10,990)|

----- End of picture text -----

13‘ Fixed asset investments

==> picture [465 x 252] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Listed| |investments| |Cost|or valuation| |At 06 April|2024|5,794,441.80| |Additions|620,042.53| |Realised|Gain/(Loss)|25,283.04| |Unrealised|Gain/(Loss)|(207,485.70)| |Disposals|(621,024.79)| |At 05 April 2025|5,611,256.88| |Carrying amount| |At 05 April|2025|5,611,256.88| |At 05 April 2024|5,794,441.80| |Historic Cost|at 05 April|2025|was £4,576,836|(2024|- £4,451,905)|

----- End of picture text -----

-19-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

13 _—~Fixed asset investments (Continued)
2025 2024
£ £
Investments greater than5% of portfolio comprised:
Inchcape 856,375.00 1,149,609.00
JPMUS Equity IncomeC2GBP 336,806.00 343,697.00
SarasinGlobalHigherDividendPInc 286,950.00 292,200.00
1,480,131.00 1,785,506.00

-20-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

13 ‘Fixed asset investments

(Continued)

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Securities listed on recognised Stock Exchanges are valued at their closing mid-market price on the last business day of the reporting Period. Unit Trust and Open-Ended Investment Companies (OEIC) holdings are valued at their bid price or, where appropriate, the single quoted price. Gilt Edged securities are valued excluding accrued interest. Where an investment trades or prices infrequently, the actual realisation value may be materially different to the market value indicated.

The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

The primary risks to the value of the Trust’s investments and the income they produce lies in the prospect of potential recessions or inflationary effects in the major global economies as the United States introduces tariffs on imports at significantly higher levels that previously experienced. Uncertainty prevails in the global economy as prices rises ripple through affected economies, whilst Europe fears the dumping of cheap goods may push the region back into deflation. Central Banks are now in loosening mode as they seek to maintain economic growth as the global economy cools. Concern regarding regional conflicts remain, as the Ukraine war grinds on and conflict in the Middle East escalates. The second main risk lies in the retention of a large position in a single equity by the Trust which represents a higher-than-average stock specific risk for the portfolio. The Trustees regularly review this position and have instructed that this position is reduced over time. To counter these risks the Trust holds a well-diversified portfolio of assets including Fixed Income funds, direct UK equities, collective investments exposed to overseas markets and collective investments exposed to ‘alternative’ areas such as infrastructure, gold and absolute return mandates.

Liquidity risk is considered to be relatively low as all the direct equities are large or mid-sized companies and are constituents of the FTSE 350 index. The Unit Trusts and OEICs held by the Trust are invested primarily in liquid underlying assets, mostly stock market shares traded daily on global exchanges, illiquid assets such as property or infrastructure are held in closed ended funds which will not be required to liquidate underlying assets to meet redemptions. None of the Trust’s holdings are subject to trading restrictions.

The Trust manages these risks by the appointment of Rathbones Group, who are professional investment managers. The Trustees review the investment managers’ performance and transactions by meeting with them and receiving reports from them on a regular basis.

-21-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

14 Debtors
2025 2024
Amounts fallingduewithinone year: £ £
XD Dividends 20,798.33 30,022.30
HMRC Provision 2,236.32 2,236.32
23,034.65 32,258.62
15 Creditors: amounts fallingduewithinoneyear
2025 2024
£ £
InvestecWealth& InvestmentsUK Ltd Fees 4,548.97 -
CT Fees 7,560.00 7,140.00
Other Creditors - 141.91
12,108.97 7,281.91

16 Summary of fund movements

Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Revaluations, Balance at
6April2024 resources expended gainsand 5April2025
losses
£ £ £ £ £
Unrestricted fund 94,503.42 250,821.20 (260,427.42) - 84,897.20
Endowmentfund fund 5,916,806.70 - (16,033.16) (182,202.66) 5,718,570.88
6,011,310.12 250,821.20 (276,460.58) (182,202.66) 5,803,468.08

-22-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

17 Analysis of net assets between funds

Analysis of net assetsnet assetsassets between fundsfunds
Unrestricted Endowment Total
fund fund
2025 2025 2025
£ £ £
Fund balances at 5April2025 are represented by:
Tangible assets - 6,749.24 6,749.24
Investments - 5,611,256.88 5,611,256.88
Current assets/(liabilities) 84,897.20 100,564.76 185,461.96
84,897.20 5,718,570.88 5,803,468.08
2024 2024 2024
£ £ £
Fund balances at5 April 2024 are represented by:
Tangible assets - 7,940.28 7,940.28
Investments - 5,794,441.80 5,794,441.80
Current assets/(liabilities) 94,503.42 114,424.62 190,419.69
94,503.42 5,916,806.70 6,011,310.12

18 Related party transactions

are all directors of Inchcape Family Trustees Limited and also Members of Murray Beith Murray LLP, whom the charity has engaged to perform legal, general, account preparation, and other services.

2025 2024
£ £
Total Remuneration 29,400.00 27,000.00

-23-

Docusign Envelope ID: A1D0412F-0A34-4817-8858-AFBBD4FBC763

THE INCHCAPE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

19 Cashgenerated from operations 2025 2024
£ £
Deficit fortheyear (207,842.04) (39,798.45)
Adjustments for:
Investmentincome recognisedin statement offinancial activities (250,821.20) (236,875.38)
(Gain)/loss on disposal ofinvestments (25,283.04) 13,485.20
Fairvaluegainsand losses oninvestments 207,485.70 (17,516.58)
Depreciationand impairment of tangible fixed assets 1,191.04 1,401.22
Movements inworking capital:
Decrease indebtors 9,223.97 592.89
Increase/(decrease) in creditors 4,827.06 (2,618.09)
Cash absorbed byoperations (261,218.51) (281,329.19)
20 CashandCash Equivalents
Endowment Unrestricted 2025 2024
funds funds
permanent
£ £ £ £
Cash held at Investec Wealth& Investments
UKLtd 19,427.11 - 19,427.11 24,976.19
CashheldbyMurrayBeithMurray 82,782.93 72,326.24 155,109.17 158,975.14
102,210.04 72,326.24 174,536.28 183,951.33

-24-