2025-04-05-accounts

The Evelyn Ferris Mudie Charitable Trust (Charity Ref: SC026194)

Accounts for the year to 5 April 2025

Contents

Reference & Admin Information Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices

Thorntons Law LLP, Solicitors, Whitehall House, 33 Yeaman Shore, Dundee DD1 48] Telephone: [phone] Fax: [phone]

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The Evelyn Ferris Mudie Charitable Trust

Reference and Administrative Information

Names of Trustees

Date/Manner of Appointment Trust Deed Assumed 29.11.2006 Assumed 27.08.2007 Resigned 25.06.2024

Charity Reference No. S$C026194

Termination Date 31 December 2050

Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee DD1 4B)

Investment Managers Thorntons Investment Management Limited, Whitehall House, 33 Yeaman Shore, Dundee DD1 4B)

Nominee Company

Lawshare Nominees Limited, or such other nominee company as A J Bell Securities may appoint

Principal Bankers

Royal Bank of Scotland, 3 High Street, Dundee DD1 9LY

eeIndependent Examiner Henderson Loggie LLP, The Vision Building, 20 Greenmarket, Dundee DD1 4QB

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The Evelyn Ferris Mudie Charitable Trust

Report of the Trustees for the year to 5 April 2025

The Trustees present their report and accounts for the year ended 5 April 2025. The report and accounts have been prepared in accordance with the charity’s trust deed and with the accounting policies set out on page 14.

Structure Governance and Management

Constitution

Deed of Trust by Miss Evelyn Teresa Ferris Mudie of 25 Oakbank Crescent, Perth, dated 12 February 1997 and registered with OSCR.

Appointment of Trustees

Trustees are nominated by the then existing Trustees and their appointment confirmed by a formal Deed of Assumption.

Trustee induction and training

The trustees deal appropriately as regards induction and training on any new trustees appointed. This includes awareness of a trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. A new trustee receives copies of the previous year’s accounts, minutes of recent trustee meetings and a copy of the OSCR booklet “Guidance and Good Practice for Charity Trustees”, if appropriate.

Trustee Interests

Thorntons Trustees Ltd is a nominee company administered by Thorntons Law LLP

Organisation The trustees meet annually to review all aspects of the trust’s affairs. The day-to-day administration is carried out by Thorntons Law LLP.

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Risk Management
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The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and
finances of the trust, and are satisfied that systems are in place to mitigate exposure to those risks. The trustees consider
variability of investment returns to constitute the charity's major financial risk. This is mitigated by retaining expert
investment managers and having a diversified investment portfolio.
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Objectives and Activities

Purposes

Beneficiaries are “...such charitable institution, or institutions, as the Trustees in their uncontrolled discretion shall determine.”

Grant-making policy etc

The trustees have agreed that as Miss Mudie had expressed the wish that support be given particularly in the fields of medicine, tertiary education and social welfare, support meantime should be given to these 3 areas. It was also agreed that such support should be given in the Tayside area.

Grants totalling £55,000 were paid or committed during the year (2024 - £101,000).

Financial Review

The results for the year are set out in the Accounts on pages 7 to 9.

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The Evelyn Ferris Mudie Charitable Trust

Report of the Trustees for the year to 5 April 2025 (cont)

Financial Review (cont)

Investment Policy and Performance:

There are no restrictions in the Deed on the trustees’ power to invest. The policy is, long term, to adopt a medium/high risk investment strategy, including equity investments, to produce a balance of income and capital growth. In principle, the Trustees are agreed that around 20% of the portfolio should be in gilts or in corporate bonds via an Investment Trust, 30% in Investment Trusts, approximately £40,000 held in cash, and the balance invested in direct equities.

The performance of the portfolio is measured against the WMA Balanced Portfolio Index and a composite benchmark comprising 20% Gilts, 30% overseas equities, 40% FTSE 100, 8% FTSE 250 and 2% cash. The geographical split of investments is currently 36% UK equity and 48% Global equity. Any collective investments should help give exposure to markets and geographical regions which the direct equities do not cover

Reserves Policy

The reserves of the trust originate from the initial bequest and additional estate received under Miss Evelyn Mudie’s Executry, together with movement in the value of investments and accumulated revenue. The trustees have adopted a reserves policy that should ensure the continuing ability of the Trust to meet its objectives. The level of free reserves held at 5 April 2025 Was £2,236,765 (2024 - £2,377,651) The Trust is predominantly a grant giving charity and has no material ongoing commitments. However the Trustees are nindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future nvestment income and will manage the Trust’s affairs in a manner that will ensure the Trust's ability to achieve its charitable objectives in the medium to long term can be met.

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The Evelyn Ferris Mudie Charitable Trust

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the accounts 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 accounts 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 period. In preparing these accounts, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgments and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and

prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. 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.

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The Evelyn Ferris Mudie Charitable Trust

Independent Examiner’s Report to the Trustees of the Evelyn Ferris Mudie Charitable Trust

I report on the accounts of the charity for the year ended 5 April 2025 which are set out on pages 7 to 14

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept cr assume responsibility to anyone other than the trustees, as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

1. which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or;

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Partner

For and on behalf’ of Henderson Loggie LLP The Vision Building 20 Greenmarket Dundee DD1 40B

2025

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The Evelyn Ferris Mudie Charitable Trust

Statement of Financial Activities for the year ended 5 April 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Schedule|UnrestrictedRevenue|UnrestricCapi|t|edal|Total2025| |Fund|Fund| |£|£|£| |Income &|Endowments|from:| |Investment|income|f|70,141|:|70,141| |Total|Income|70,141|-|70,141| |Expenditure|on:| |Charitable|activities|and|governance|2|60,686|7,253|67,939| |Management|of|funds|4|:|17,329|17,329| |Total|Expenditure|60,686|24,582|85,268| |Net|income|/|(expenditure)|for year| |before|gains|/|(losses)|on|investments|9,455|(24,582)|(15,127)| |Gains|on|disposal|of|investments|-|43,895|43,895| |Decrease|in|unrealised|appreciation|on|-|(169,654)|(169,654)| |investments|5| |Net movement|in|funds|9,455|(150,341)|(140,886)| |Total|funds|at|5|April|2024|108,920|2,268,731|2,377,651| |Total|funds at 5|April|2025|Z|118,375|2,118,390|2,236,765|

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The Evelyn Ferris Mudie Charitable Trust

Statement of Financial Activities for the year ended 5 April 2024

	Schedule	Unrestricted Revenue	Unrestricted Capi al	Total 2024
		Fund	Fund
		£	£	£
Income& Endowments from:
Investment income	1	71,751	:	71,751
Total Income		71,751	-	71,751
Expenditure on:
Charitable activities and governance	Z	108,878	8,895	117,773
Management offunds	4	-	16,347	16,347
Total Expenditure		108,878	25,242	134,120
Net expenditure for year before gains on
investments		(37,127)	(25,242)	(62,369)
Gains on disposal of investments		-	31,936	31,936
Increase in unrealised appreciation on
investments	5	-	98,425	98,425
Net movement in funds		(37,127)	105,119	67,992
Total funds at 5 April 2023		146,047	2,163,612	2,309,659
Totalfundsat5April2024	7	108,920	2,268,731	2,377,651

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The Evelyn Ferris Mudie Charitable Trust

Balance Sheet as at 5 April 2025

	Schedule		2025	2024
			E	£
Fixed Assets
Investments at Market Value	5)		2,169,079	2,291,806
Current Assets
Cash on Deposit and on hand			127,192	140,800
Current Liabilities
Creditors due within one year	6	;	(59,506)	(54,955)
Net Current Assets			67,686	65,845
Total Net Assets			2,236,765	2,377,651
Represented by:
TotalFundsat5April2025	7		2,236,765	__2,377,651_

Approved by the Trustees:

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The Evelyn Ferris Mudie Charitable Trust

Statement of Cash Flows for the year ended 5 April 2025

	2025	2024
	£’000	£'000
Net cash used in operating activities (as below)	(81)	(85)
Cash flows from investment activities:
Investment income	70	72
Proceeds from sales of investments	146	241
Deduct: Cost ofpurchases of investments	(149)	(221)
Net cash from investment activities	67	92
Movement in year	(14)	7
Cash brought forward	141	134
Cashcarriedforward	127	141

Reconciliation of net movement of fund to net cash flow from operating activities

	2025	2024
	£’000	£'000
Net movement in funds	(141)	68
Deduct: Investment& other income	(70)	(72)
Deduct: Gains on investments	(44)	(32)
Decrease/(Increase) in unrealised appreciation	170	(98)
Increase in Creditors	4	49
	(81)	(85)

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The Evelyn Ferris Mudie Charitable Trust

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2025 2024
Schedule 1 £ £ £
Investment income
Total net income, per Thorntons Investment Management 69,646 71,363
Deposit interest, per Thorntons Law LLP 495 388
70,141 __71,751_
Schedule 2
Charitable Activities
(1) Grants paid in year:
Grampian Society for the Blind (Dundee Branch) - 40,000
Dundee Sea Cadets - 2,000
Dundee Museum of Transport - 2,000
Spectrum - 2,000
Morgan Academy School Fund : 5,000
- 51,000
(2) Grants committed and accrued during year but
not yet paid
Alexander Community Development — Transition to Trade 5,000 -
Culture Perth & Kinross — Mary Queen of Scots exhibition 50,000 -
University of Dundee — MRI-Guided Focus Ultrasound
Treatments : 50,000
55,000 50,000
(3) Support costs, per Schedule 3
Revenue costs 5,686 7,878
Capital costs (Governance) 7,253 8,895
12,939
67,939 117,773
Schedule 3 Charitable 2025
Support Costs Governance Activities Total
Thorntons, administration fees 5,686 5,686 11,372
Henderson Loggie LLP, Independent examination fee 1,117 - 1,117
Audit Services North — independent fee assessment 450 - 450
7,253 5,686 12,939
Charitable 2024
Support Costs Governance Activities Total
Thorntons, administration fees 7,879 7,878 15,757
Henderson Loggie LLP, Independent examination fee 1,016 - 1,016
8,895 7,878 16,773
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No trustees received any remuneration or expenses from the trust during this or the preceding year.

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The Evelyn Ferris Mudie Charitable Trust

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2025 2024
Schedule 4 £ £
Management of Funds
Thorntons Investment Management Limited, portfolio management 17,329 16,347
fees
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A majority of the shareholders in Thorntons Investment Management Limited are partners in Thorntons Law LLP.

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Schedule 5
Summary of Investments
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	2025
	£
Book value as at 05.04.24	1,719,656
Unrealised appreciation as at 05.04.24	572,150
Market value as at 05.04.24	2,291,806
Movementin year:
Purchases, per Appendix 1	148,842
Sales - proceeds per Appendix 1	(145,810)
realised gains per Appendix 1	43,895
Decrease in unrealised appreciation	(169,654)
MarketValue as at 05.04.25 perAppendix 2	2,169,079
Book value as at 05.04.25	1,766,583
Unrealised appreciation as at 05.04.25	402,496
	2,169,079
	2024
	£
Book value as at 05.04.23	1,708,600
Unrealised appreciation as at 05.04.23	473,725
Market value as at 05.04.23	2,182,325
Movementin year:
Purchases Sales - proceeds	220,579 (241,459)
realised gains	31,936
Decrease in unrealised appreciation	98,425
Market Value as at 05.04.24	2,291,806
Book value as at 05.04.24	1,719,656
Unrealised appreciation as at 05.04.24	572,150
	2,291,806

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The Evelyn Ferris Mudie Charitable Trust

Schedule 6	2025	2024
Creditors	£	£
Other -
Grants due within one year	55,000	50,000
Thorntons Law LLP, administration fees	3,389	3,939
Henderson Loggie LLP, Independent Examination fee	1,117	1,016
	59,506	54,955

Schedule 7
Unrestricted	funds
						2025
	Fund	balances			Gains/ (Losses)	Fund balances
	Broughtforward		Income	Expenditure	on investments	carried forward
		£	£	£	£	£
Revenue		108,920	70,141	(60,686)	-	118,375
Capital	—____2,268,731		a	—(24,582)	_(125,759)__	2,118,390
Total Funds		2,377,651	70,141	(85,268)	(125,759)	2,236,765
						2024
	Fund balances Broughtforward		Income	Expenditure	Gains/(Losses) on investments	Fund balances carried forward
		£	£	£	£	£
Revenue		146,047	71,751	(108,878)	-	108,920
Capital		2,163,612	:	(25,242)	130,361	2,268,731
TotalFunds		2,309,659	21,751	(134,120)	130,361	2,377,651

14

The Evelyn Ferris Mudie Charitable Trust

Notes to the Accounts and General Notes regarding Financial Services and Markets Act 2000, Law Society Rules and related matters

1. Accounting Policies

Basis ofPreparation and assessment ofgoing concern

The accounts are prepared under the historical cost convention as modified by the revaluation of investment assets and include the results of the charity's operations as indicated in the financial report, all of which are continuing.

The accounts have been prepared in accordance with the Statement of Recommended Practice: “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. With respect to the next reporting period (2025), the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the ‘Investment Policy and Performance’ and ‘Risk Management’ sections of the trustees’ annual report for more information).

Funds Structure

Unrestricted capital and income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Income and Expenditure

Investment income is accounted for in the period in which the Trust is entitled to receipt. Expenditure is included on an accruals basis.

Legacy Receipts Funds receivable as a legacy under a will are accounted for in the period in which the Trust actually received such funds. Grants

Grants comprise those paid in the accounting period and, when applicable, include grants payable in future accounting periods where there exists a legal obligation to make such payments.

Investments

Listed Investments are included in the balance sheet at market value.

Gains and losses on disposal and revaluation of investments are charged or credited to the SOFA. Realised gains and losses on investments representing the difference between sale proceeds and cost are dealt with in the SOFA. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

VAT

Irrecoverable VAT is charged against the cost of resource expenditure for which it has been incurred.

2. Investment Managers

The trustees approve the continued appointment of the Investment Managers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.

3. Independent Examiner

The trustees approve the continued appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.

4. Nomineeship

The trustees approve the continued appointment of the nominee company as detailed in the General Information section in these Accounts to continue to hold certain or all of the investments owned by the trustees, and that on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.

5. Going Concern

The Trustees continue to monitor performance, particularly investment performance, post year end. Given the level of investments held and planned expenditure going forward, the Trustees consider that there are no material uncertainties about the Fund's ability to continue as a going concern.

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Portfolio - Miss Evelyn T F Mudie Charitable Trust	Portfolio - Miss Evelyn T F Mudie Charitable Trust
(JP000229A)		Investments:			Cash:		Total:
23-05-2025 16:15:24		£2,169,079.21			£24,517.72	£2,193,596.93
Valuation date: 05-04-2025
						Profit & Loss
Investment	. Quantity		Price	Cost (£)	. Value (£)	(e)	Change (%)
31GROUPORD GBP0.738636 (SEDOL:B1YW440)	2,720	35.295GBP	GBP	13,982.46	96,002.40	82,019.94	586.59
ABERFORTH SMLR COS ORD GBP0.01 (SEDOL:0006655)	i a	12.38 ae	GBP	67,962.16 -	69,947.00	1,984.84	2.92
ABRDN OEIC IIABRONEMGMKTS INC EQ INS (FUND:87VX3J6)	430. 87,430,083	.711 0.	GBP G	2,510.7. 62,510.73	2,162.7 6 2.79	-347.94 4	-0.5€ 6
ALLIANCE WITAN PLC ORD GBP0.025 (SEDOL:811V7W9)	11 ,600	10. 0.83	P GB	42,470. 470.50	125,628. 5 00	83,157.50 3,15	195.80
ASTRAZENECA PLCORD USD0O.25 (SEDOL:0989529)	6 =	108.07GBP .	GBP	1 : emma	73,487.60 ,	53,601.00	269.53
HP P LTD NP’ ahullneeaiteiipyeltiaial te (SEDOL:0144403)	2,600	16.5125GBP	GBP	36,061.50	42,932.50	6,871.00	19.05
BLACKROCK FM LTD BLACKROCK
EUROPEAN DYNAMIC	11,000	2.631824	GBP	18,096.44	28,950.06	10,853.62	59.98
(FUND:BCZRNM2)
DIAGEOPLCORDGBP0.28 101/108 (SEDOL:0237400)	1,800 pa	20.125GBP	GBP	17,697.19	36,225.00	18,527.81	104.69
FIDELITY EUR TRUSTORDGBP0.025 (SEDOL:8K1PKQ9)	11 ,000	¥ 3.555GB!	P GB!	7,904. 37,904.50	105, 39,105.00	1,200.50 ‘00	3.17
FPFORESIGHTOEIC FPFRSGHT UK INFRSTRINCA(FUND:BFOVS81)	_—	.7687 P aeaaiiiees		497.32 mnatie	9,183. aes anaes	-29,314.32 ne	-29.76
GOLDBULLIONSECSGOLDBULLION SECS (GBS) GBP (SEDOL:B291NZ3)	580	214.88GBP	GBP	79,529.97 ’	124,630.40	45,100.43	56.71
HICL INFRASTRUCTU. ORD GBPO.0001 (SEDOL:BJLP1Y7)	a 30,000	1.07: 079	P GB	48, , 8,602.36	370. 32,370.00	-16,232.36	; -33.40
ICGENTERPRISETRUORDGBP0.10 (SEDOL:0329200)	ra =	11.45 GBP oes		79,511.41	89,882.51 x	10,371.09 as	13.04
IMPAXENVIROMKTSORDGBP0.10 (SEDOL:3123249)	17, 500	; 3.2625	P GBI	169.75 69,169	57,093.7 3.75	-12,076.00	-17.46 6
INVESCOASIADRAGO ORDGBP0.10 (SEDOL:0453530)	10,000	3.155GBP	GBP	34,731.50	31,550.00	-3,181.50	-9.16 ;
JANUSHEND UK&EUJHSTRATEGIC BONDDIS(FUND:0750208)	1.41 ia	1.107 GBP ao		119.4! soealiee	75,864.27	-13,255.22 °	-14.8
JOHNSON MATTHEYORD GBP1.109245(SEDOL:B248QC7)	1 sis	ab P mnie		7,448.04 z Ad	19,796.51 a eee	-7,651.53 °	-27.88
JPM EMERG MARK INVES TRUST (SEDOL:BMXWN18)	23,500	z 0.969	GBP	4,973. 24,973.60	771, 22 50	-2,202.10 2,2	-8.82

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Investment Quantity Price Cost (£)4 Value (£).. Profit & Loss(e) Change (%),
JPMORGAN GBL GTH & ORD GBP0.05
{SEDOL:8YMKY69) 26,000 4.9354 GBP 116,675.80675. 128,310.28,310.00 11,634.634.20 9.97i
JUPITER UT MNGRS JUPITER JPN INC 40,095.38 1.1111 GBP 42,897.4 44,549, 1,652.53 i
U2 GBP DIS (FUND:BFF5BH8) _ SAT AB seni é os
LEGAL & GENERAL GP ORD GBP0.025 10,000 2.225 GBP 13,360.86 22,250.00 8,889.14 66.53
(SEDOL:0560399)
MERCANTILE INV TRU ORD G8P0.025 45, Lf P .730.97 95,663.7 31,932.78 Bul
(SEDOL:BF4JDHS) 5,500 2.1025 GB 63,730.9 5,663.75 50
MI CHELVERTON EQTY MI
CHELVERTON UK EQ INC BD 56,000 0.903374 GBP 67,789.85 50,588.94 -17,200.91 -25.37
(FUND:B1F0646)
NATIXIS LOOMIS S US EQUITY
LEADERS IA GBPit}FUND:97/2N9)zi 18,725,799 5.846184 GBP 43,596.90i 91,783.77il ; 48,186.8,186.87 110.0.53
PERSIMMON ORD GBP0.10
(SEDOL:0682538) ,370 11.6525 GBP 18,653.04 15,963.93 2,689 2
PRUDENTIAL PLC GBP0.05 3,700 r .71 7,627. 7,747.1 97
(SEDOL:0709954) ¥ 467 GBP 19,880.7 27,627.90 9 38.
RECKITT BENCK GRP ORD GBP0.10
(SEDOL:824CGK7) 665 50.83i GBP 21,552.11 Ft 33,801.95uP 12,249.249.84 56.884
ROYAL LONDON BD FD RL
CORPORATE BOND Z GBP DIS 64,926.0029 0.9262 GBP 68,894.27 60,134.46 -8 81 -12
(FUND:B3MBXC4)
SARASIN FUNDS ICVC SARASIN GBL
HIER DIV P DIS (FUND:8850BN0) 42,000 1.913 GBP 69,374.19 80,346.00 10,971.81 15.82
SCHRODER UNIT TRST SCHRODER 23,481.16 1.764 GBP 48,002.01 41,420.77 5 -13.7
US MID CAP Z DIS (FUND:B7M4CS0) 3, a , ‘
SCOTTISH MORTGAGE INVESTMENT
TRUST (SEDOL:BLDYK61) ‘00 8.555 GBP 35,482.85 65,873.50 30,390.65 85.65
SHELL ORD EUR 0.07 1 4.817: P 582. 40,948. 8,365. i
(SEDOL:BP6MXD8) ,650 24.8175 GB 32,582.89 88 99 25.68
SMITH & NEPHEW PLC ORD USDO.20 3,840 10. P 21,465. 561.60 18,095.91 .
(SEDOL:0922320) 0.3025 GB 65.69 39, 8 84.30
SSE PLC GBP0.50 (SEDOL:0790873) 4,000 16.0125 GBP 55,126.80 64,050.00 8,923.20 16.19
UNILEVER PLC ORD GBP0.031111 r = ‘
(SEDOL:B10RZP7) 1 ,000 “46.6.935 GBP i 25,962.8282 46,935.00A 20,972.18i 80.785
VANGUARD INVS SRS VANGUARD JPN 229.2747 7 440. 409. &
STK IDX GBP DI (FUND:B51KW52) 220 9 GBP 47,031.34 50,440.43 3,409.09 25
VISTRY GROUP PLC GBP0.50
(SEDOL:0185929) 3,095 5.113 GB 29,797.02 15,824.74 972.28 8
WHITBREAD ORD GBP0.76797385 825 4. P 11,047, 20,068.13 020.30 1,
(SEDOL:B1KJJ40) 24.325 GB! 047.83 9,02 81.65
XTRACKERS RUSSELL 2000 17 21 ‘ 2 -10,319.01 -22.5
(SEDOL:BWBXRR7) 0 207.96 GBP 45,672.2 35,353.20 3 22.59
Total 1,766,733.13 2,169,079.21 402,346.08 22.77
Key: * Price not available
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Prices shown are the latest closing prices available

The change column represents the difference between book costs and current value only.

Income from dividends and interest are not taken into account and therefore these numbers should not be considered as ‘the total return’ when assessing the overall performance of your portfolio.