Scotll8h Charlty Nth 8C027532 E HUNTER F DATI TR STEES REPORT AND FINANCIA TATEM r8 31 MARCH 2025
THE HUNTER FOUNDATION CONTE OF FINANCIAL STATEMENTS F THE ENDED 1 MARCH 2025 Page Reference and Administrats've Delails Report of the Trustee8 2to4 Report of th• Ind8pendent Auditor8 5t08 Stat8mént of Financial Activiti8S 9t010 Balancx Sheet 11to12 Cash Flow Statement 13to14 Notes to the Cash Flow Ststements 15to18 Nota8 to the Financial Statements 17to34
THE HUNTER FOUNDATION REFERENCE A D ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES CHIEF EXECUTIVE REGISTERED CHARITY NUMBER SC027532 PRINCIPAL ADDRESS Blair Castle Blair Estate Blair Road D81ry I(A24 4ER REGISTERED OFFICE Marathon House Olympic Busine&8 Park Drybridge Road Dundonald 1142 9AE AUDITORS Henry Brown & Co 26 Portland Road Kilmarnock K412EB BANKER8 Royal bank of Scthnd 4th Floor 110 Queen Street Gla8gow G13BX Pagc I
THE HUNTER F UNDATION REPORT OF THE TR STEES F THE YEA ENDED RCH2 The trustees present Iheir report logether with the con501idated tln8nclal statements for the charrty and its subsidiary for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charitie8: Statement of Recommendod Practice applicable to charrties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms The Foundalion's objectives are to Invest in th6 intèrconnecting spheres of education, entrepreneurship and poverty allevialion underpinned by leadershlp development to deliver systemic change predominantly in the UK. In essence, our fundamental belief is that the best social policy èver invented is a dscently paid job. creating Jobs through entrepreneurial endeavour and equipping our young peop for thos8 jobs through education is a virtuous circle that impacts directy on povgrty alleviaiion, but to be effective rt require8 lelership at all levels. In temi8 of supporting Job cre8tlon, our expanded portfolio of investments including our Pre-SCar prcgramme for naSnt, high growth businesses and the Changemaker programrrfi supporting SOGial entrepreneurs arKI Chantiès with tha 8mbition to scale have proven incredibly popular. These 8re, as we are seeing prOdIng decent plpeline of companles succ888fully transrtioning into our WIW.8caleUP8cotland.co.uk mature programm88. To d810 between our Scaling Up programmes and Sc0tt18h EDGE wa have supported entrepreneurs to create in ex¢a88 of 8,500 newjobs and adding In exce8s of £2 bllllon of addltlon81 turnover. Our acqul8ltion of Blalr Estate h88 proven potal to our goals and ambrtbns around leadershlp development and thu6 all of our investments. The Foundation continues to invest significantly in the Castle'8 upgrading 88 befits Scotl8nd'8 olde8t continually inhabited Castle. V.blalre8tata.cO.uk We contlnue to Inve81 In programmes and projects that we regard 88 8C818ble and sustainable in regard to delrvering 'opportunty for all.. In general, the Foundation will only invest in a programme where there are Glear and tangible KPI'S and a wefi-deflned ex slrategy. No investment will be made that ancourage8 any fom of depend8ncy on funding from the FourKlation or Indeed any other donor. In deciding upon any investment, assuming these criteria are met. the Foundatlon then weKJhs up the c081 benafrts of any proposal and makes a judgement on investment based upon impact per W invested. ACHIEVEMENT AND PERFORMANCE Achlevements and p•rformance During the year we focused on strategicalty linking muitiple inve8tmen18 to maximi8e impacts. At a fundamental level we also recognised we needed to increase our investment in leadership In order to support systemic change and double down on enabling custo1r led policy design. Page 2
THE HUNTER F NDATION REP RT TEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Flnanclal r8view The results for the year are presented in the St8tement of Flnancial Actlvities on pages 9 to 34. Further analysis of income and expenditure during the year is detailed in notes to 2 to 15 of the financial 8tat8mant8. Th8 trustè8s have prudentty established and retained funds to satiate on-going financial plan8 8nd obl8Ctlve8. Endowment Funds repr8s8nt 74% of reseNeA and ar8 held in Investments to be used for the k)ng-term objectlves of the Foundalion. Unrestrict&l re8eNes are predominantly held in cash balances and can be applied as required to approved projects. The Trustees have assessed the m4.or ri8k8 to which the charity 18 exp08ed and are satisfied thal Systems are in place to mitigate exposure to these risks, which are principally failu of a grante8 or programme to deliver against pre-agTred KPIS. Given the Foundation invests in major pro3ramme8. against 8aKI delivery on a "drip food, basis those ri8k8 are managed. FUTURE PLANS We will continue to inv88t in our core area8 of entrepreneurship, education and povety alleviation all underpinned by leadershlp developrnent. We have èngaged wrth the Scottish Government to ask them to reconsider partnerlng with us In dellvering Head Teacher Leadership Academies for our school readers. We will continue to leam, adapt, extend and upgrade our portfolio programmes where we se8 significant ROI and focua on 8UPPOrting public Sector refomi and policy change that puts the customer al the heart of what is delivered to them i.e. that it is what they need, not what the system offers them. Blair Castle sees continuing growth in our usage and we will continue to invest In that exception81 resou8 that supports all our investments and many other partner organisations. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its goveming document, a deed of tru8t. and constSlutes an unincorporated charity. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustee8 are responsible for preparing the Report of the Tru8tee8 and the financial statements in accordance with applicabl8 law and United Kingdom Accounting Stand8rds (Unrted Kingdom Generally Accepted Accounting Practical. Thè18w applicable to charities In Scotl8nd, and the Chariti88 and Trustee Investment (Scotland) Act 2005, Charities Accounts {Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution requires the trustees to prepare flnanclal statements for each financial year whth give a true and fair view of the state of affairs of the charity and of the incoming re80urces and appllcatlon of resources. including the income and expendiiure, of the Charity for that period. In preparing th08e finanGb818tatement8, thg trustee8 are required to Select suitable accounting policies and then appty them consi8tentty' observe the methods and principles in the Charity SORP. make judgements and estimat68 that are reasonable and prudent., state whether applicabFe accounting standards have been followed, 8ubject to any material departure8 disclosed and explained in the financial statements., prepare the financial statements on thè going concern basis un18S8 it is inappropriate to presume thst the charity will continue in buslness. Pag¢ 3
E HuKfER FOUNDATI REPORT OF TH TE FORT D31 The trust88s are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements ¢(xnply with the Charitie8 and TNstee Investrnent (Scotlandl Acl 2005, the Chafities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the chanty's constitution. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable Stsps for the prevention and detection of fraud and other irregularitie8. Approved by order of the board of trustée8 on 11 D8c8mber 2025 and signed on it8 beha by: Page 4
THEH rER FOUNDATION IN EPEND ORS, REPORT T THE TR TEES OF HE HUN UNDA ON Oplnlon We have audrted the financial statements of The Hunter Foundation (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and not8S to the financial statements, including a summary of signrficant accounting policies. The financial reportlng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 120 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financlal 8tstement8.' give a true and lair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including it5 Income and expenditure, for the year th8n ended,. have been properly prepared in eLcordance wrth United Kingdom Generally Accept&Y Accounting Pr8ctie8' and have been prepared in accordance with the requir8ment8 of the Charitles and Trust88 Investment (Scotland) Act 21J05 and regulatlon 8 of th6 Charities Accounts (Scotland) Regulations 2008. Bag18 for oplnlon We conducted our audit in accordance with International Standard8 on Audiling (UK) (ISA8 (UK)) and applicable18W, Our r88ponsibiliti88 under those standardg are further described in the Auditors, re8ponsibilrties for the audit of the financial statements section of our report. We are independ8nt of th6 charity in accordance with the ethical requirements that are relev8nt to our audrt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fuIlled our other 8thal responsibilities in accordancè with these requirement8. We believ& that the audit evidence we have obtained 18 suff18nt and appropriate to provide a ba818 for our opinion. Conclu8lon8 rnlatlng to golng concern In audlting the financial staternent8, we have concluded thal the tru8toe8' use of the going concem basis of accountlng in Ihe proparation of the financial statements 18 appropriate. Based £ ttr work have p8rfomied, we havo not Identlfied any rnaterial uncert8intie8 relating to events or condltions that, Indlvldually or collectivety, may ¢ast significant doubt on the charitls abilty to continue as a going concwn for a perl¢)d of at least twelve mnths trom when the financial statement8 are authorised for i$8ue. Our respon8ibilkles and the re8ponsibilltlgs of the trustees wtth respect to going concern are de8cribad in the relevant sectlons of thi8 réport. Other Infomiatlon The trustees are rgspon8ible for the other Infomation. The other InfomiatN)n comprises the infomiation Included in the Annual Report, other than the financial 8tatement8 and our Report of the Independent Auditors thereon. Our opinbn on the financial statements does not cover the other inform8tion and, except to the extent otherwise explicrtly st8ted In our report, do not express any form of assurance conclusion thereon. In connection with our audit of the financLg1 statements, our r8sponsibilrty 18 to read the other infom?ation and, in doing 80, consider whether the other informath)n 18 malerlally inconsistent with the fi'nanclal statements, or our knowledge obtained in the audit or othelse appears to be materlalty mlsstated. If we identify such material inconsistencie8 or apparent material misstatements, we are required to determlne whether this gtve8 rise to malerial misstatement in the financial statements themselves. If, ba88d on the work we have performed, we conclude thal there is 8 material misstatement of this other infomtIon, we are required to report that fact. We have nothlng to report in this regard. Pag¢ 5
THE HUNT OUNDA PENDENT AUDITORS, REPORT TO THE TRUSTEE FTHE NTE FOUNDATI Matters on whlch wo are requlred to report by exceptlon We have nothing to report in respect of the followlng matters where the Charities Accounts (Scotland} Regulations 2006 requires us to report to you rf, in our opinion". the information given in the Report of the Trustees Is inconsistent In any materlal respect wrth the financial statemants. or proper accounting record8 have not been kept; or the financial statement are not in agreement with the accounting records and returns., or we have not rec8ivèd all the infomiation and explanations we require for our audit. or Responslbllltles of tru8te88 AS explained more fully in the Statement of Twste88' Respon8iblllties, the trust8aS are responsible for the preparation of the financkql statements which give a tru8 8nd fair vi&w, and for such int8mal control 88 the trustees dotermine is necessary to enable th8 preparation of financial statements that are free from material misstat8ment, whether due to fraud or error. In preparing the financial 8tstement8, the tru8tee8 are re8pon8ible for assessing the charlty's abllty to contlnue as 8 going concern, discloslng, a8 applicab5e, matter8 releted to going Goncem and using the going concem basts of accounting unless the trusteeg eithar intend to liquidate the charity or to ¢ea8e operation8, or have no reallst attemative but to do 80. Page 6
THEH NTER FO DATIO INDEPENDENT AUD ORS. REP TTOTH STEE FTHE UNTER F NDATI Our responslbllttles for tha audlt of th8 flnanclal statements We have been appointed as auditors under Section 44(1)(c) of thè Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereundar. Our otyectives are to obtain rèasonable assurance about whether the financial statements as a whole are free from material misstaternent, whether due to fraud or error, and to issue a Report ol the Independent Auditors that includes OLK opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance wrth ISAS {UK) will afrways detect a material misstatement when it exists. Misstatements can arise from fraud or error and ara considered material if, Individualty or in the aggregate, they could reasonably be expected to Influ8nc8 the economic decisions of users taken on the ba818 of these financi81 statements. The 8ent to which our procedums are capabl8 of detectlng irregulartti88, IrlUdIng fraud 18 datailed below: Irregularities, including fraud are instances of non-cornp16ance with laws and regul8tions. We désign procedures In line with our re8pon8ibillties, outlined above, to dett material mlsststements In respect of Irregularit$. includlng fraud. We assessed whether the engagement team collectivety had the appropriate competence and capabl1leS to Identty or recognise non<ompliance with law8 and regulation8 by con8idèrfng their experience, past p8rfonnan¢e and support available All engagement team members were bri8fed on relev8rrt identified laws and r•gulation8 and potential fraud rlsks at the planning stage of the audlt. Engagement team memb8r8 were reminded to remain alert to any Indications of fraud or non-compliance with laws and regulatlons throughout the audii, We obtained an understanding of the legal and regulatory framewort(s that are applble to tha charty and tho sector in which it operate8, focusing on those provisions thal had a direct effect on the detèmination of mater181 amounts and disclosures in the financial statements. Tho most relevant framework8 we identffied Include: UK GAAP; The Charities SORP (FRS 102), The Chartties and Trustee Investm8nt (Scotland) Act 200S', and The Charttles Accounts (Scotland) Regulations 2006. We gained an understanding of how the charrty is complying with these18ws and regulations by making enquirie8 of management and those charged with governance. We corroborated these enquiries through our review of relev8nt correspondence wrth regulatory bodies and board meeting minutes. Wa assessed the susceptibilty of the flnancial ststements to rnaterial misstatement, Includlng how fraud mlght occur, by meeting with management and those charged with govemance to understand where it was considered there was SU8CaPtibility to fraud. This evaluation al80 considered how management and those charged with govemance were remunerated and whether thi8 provlded an incentive for fraudulent 8Ctivty. We considered the overall control enwronment and how management and those chargèd with govèrnanca oversee the impthentation of controls. We ,KlentifEd a heightened fraud risk In rel8tK)n to.. Management override of controls Income recognrtion Iln addition to the above, the folk)wlng procedures were perfonned to provkle reasonable 88sufdnces that the financial statements were free of material fraud or error: Raviawing minutes of meatings of those charged with governanca for reference to.. breaches of laws and r8gulation or any indication of potential lrtigation and claims; and trrfents or conditions that could Indicate or incentP4P or pressure to commit fraud or provide an opportunity to commit fraud., Revi8wing the lev81 and reasoning behind the charty'8 procurernent of legal and profe$sional seNices' Page 7
THE HUNTER FOUNDATI NDEPENDENT TO TEES HU TER FO NDATIO Perfoming audit work procedures over the risk of mansgement override of controls, including testing of journal entnes and other adjustments for appropriateness, evaluatlng the business rationale of significant transactions (xjtside the nomial course of business and reviewing judgement made by management in their calculatDn of attounting estimates for potential management bias. Perfoming audit Wofk procedure8 over the risk of misstatement in incorre recognition, Includlng the testlng of Income completaness cut-off Completion of appropriate chacklists and usa of our experience to assess the charity's compliance with charities SORP (FRS 102); and Agr88ment of the finand81 statement disclosures to supportlng documentation. Our audri procedure8 were d89igned to re8pond lo the ri8k of mat8Tial misstateménts in the financial 8tatemant8, recoanising that risk of not detectlng a material mlsstatement due to fraud is hhar than the ri8k of not detecting one re8ulting from error, a8 fraud may invofve intention81 concealment, forgery, collus]on, omlsslon or mlsrepresentatk)n. There are inherent limrtations in the audit procedures performed and the further remover non¢ompliance wrth laws and regulations is from the events and transactions reflected in the financi81 slatemenls, the less likely we are to becom• aware of it. A further das¢ription of our re8pon8ibilitTr88 for the audit of the financial statements 18 located on the F5nancial Reporting Council's websrtè at ww.frc.or . uklauditorsres the Independent Audltors. onsibililies. This de8cription forms part of our Report of Use of our report This report is made solely to the charity's truste8s, a8 a body, In accordanc8 with Regulation 10 of the Charrties Accounts {S¢otland) Regulations 2006. Our audit work h8s been undertaken so thai wa mlght slat8 to the charity's trustee8 those matter8 we are required to state to them in an auditor's report and for no other purpose. To the full88t extent pemiitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charlty, trustees a9 a body, for our audit work, for this report, or for the opinions we have formod. Henry Brown & Co Chartered Accountant8 & Registered Audr8 26 Portland Road Kilmamock Ayrshire KA12EB 11 December 2025 Page 8
HEH FOUNDATI CONSOUDA TATEMEN F FINANCI L ACTIVITIE FOR YEAR ENDED 1MA 2025 Restricted Funds 2025 Endowment FuThJs 2025 Total Fund6 2024 Total FurKIs NLXes Unrestricted Funds INCOMEAND ENDOWMENTS FROM Donats'ons and grants 186,817 166.817 100.976 Inveslrnent InconN8 608,534 786,520 Other trlIng activities 71 Total 107107 EXPENDITURE ON charitab activitie8 Net gains on imiestments NET INCOMEIIEXPENDrruRE) (3,476,748) (10.919) 692.000 (2.795,68T) (857,745) RECONCIUATION OF FUNDS Total fvnds brought forward TOTAL FUNDS CARRIED FORWARD Page 9
E HUNTE NDAT TY STATEMENT F FINA CIAL ACTIVI R THE YEAR END 2025 Ne$ Unrestricted Funds 2025 Restricted Funds 2025 Endowment FurKIs 2025 Totsl Funds 2024 Total Funds INCOME AND ENDOWMENTS FROM Donations and legacies 263,855 133,627 Inve$trnent incA)m8 688 533 Total 952 EXPENDITURE ON charilab activities 10 91 Net galn8 on Inveslrmnts NET INCOMEI(EXPENDITURE) (3,478,748) (10,919) 692.000 (2,795,667) (857.745) RECONCILIATION OF FUND8 62 TOTAL FUNDS CARRIED FORWARD Page 10
THEH NTER FOUNDATI CON LIDATED STATEMEKf OF FINANCIAL POSITION THE YEA D31 RCH 20 2025 Endowment Totsl Funds fund 2024 Total Funds Unrestrkted fund Restrlcted fund Notes Flxed a88ets Tangible assets Investments 16 17 6.005,691 8,005,691 4441500 5,606,218 44 415 000 6,005.691 44,415.000 50,420.691 49,329,218 CURREINT ASSETS Debtors Investrnent8 Cash at bank and in hand 20 21 595,079 3,696,944 595,079 3.696,944 672.725 10,807,405 10,424,444 10.424,444 14,512.050 CREDITORS Amounts falling due within one year 22 727 NETCURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 15,988.874 44.415,000 60,403,874 63,324,541 CREDITORS Amounts falllng dua after more than one yr 23 NET ASSETS 24 FUNDS Unrestricted fund8 Restricted funds Endowment fund8 15,613.874 19,090.622 10.919 TOTAL FIINDS The financial ststements ware approved by the Board of Trustae8 and authori8ed for issue on 11 Decembw 2025 and were signed on rts behalf by: Pagell
FOUN ATEMENT F FINANCI si ARC 202 2025 Endowment Total Funds fund 2024 Total Funds UnrestiiGted fund Restricted fund Notes Flxed assets Tangible assets Investments 18 19 6,005,691 6,005,691 5,606,218 6,005,891 44,415.000 50,420,691 49,329,218 CURRENT ASSETS Debtors Inv8Stments Cash at bank and In hand 20 21 891,917 3,696,944 691,917 3.696,9M 694,124 10,807,405 10,349,466 10,349,466 14,445,282 CREDITORS Amount8 falling due within one year 22 NET CURRENT ASSErs TOTAL ASSETS LESS CURRENT LIABILITIES 15,988,874 44,415,000 60,403,874 63,324,541 CREDITORS Amounts falling due after more than one year 23 37 NET ASSETS 25 FUNDS Unrestricted funds Restrlcted funds Endowment funds 27 15,613,874 19,090,622 10,919 41 TOTAL FUND8 The financial st8tement8 were approved by the Board ol Trustees and authorised for18sue on 11 Decémber 2025 and were signed on its behalf b Page 12
THE HUNTER FOUNDATION CON DATED CASH FLOW TATEMENT FOR THE YEAR E ED31 CH 2025 2024 Note8 Cash flows from operatlng actlvltlas Cash generated from operation3 Net cash used in operating activitie8 Cash flow from Investlng actlvltl Purchase of tangible fixed ass8t8 Funds placed on deposlt (509.0711 7110461 {270.655) 535 233 Nel cash used in inve8ting actlviti86 88 Chango In ca8h and cash oquivalents In th• rewtlng perlod 3,100,501 (3,033,711) Cash and cash equlvalents at the beglnnlng of the reportlng perlod Cash and ca8h •qulvalents at the end of the reportlng p8rlod Page 13
THE HUNTER FOUNDATION HARI SH FLOW TATEMENT FOR THE Y R ENDE 31 MARCH 2025 2024 Notes Cash flows from opèratlng actlvltleg Cash gen6rated from operations Net cash used in operating activitie6 Cash flow from Invastlng actlvltleo Purchase of tangible fixed assets Funds placed on deposlt (509,071) 7110461 (270,655) Net cash used in inve8ting activitie8 601 90 Chang8 In cash and cash •qulvalgnts In the roportlng porfod 3,016,852 (3,121,877) Cash and cash equlvalent8 t beglnnlng of the roportlng perlod Cash and Gash equfvalents at thg ond of the reportlng perlod Page 14
THE HUNTER F NDATION NOTE TO THE CASH FLOW STATEMENT FOR THE Y ENDE MARCH 2 RECONCIUATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES - GROUP 2025 2024 Nèt Income from the reportlng perlod (ag per the Statement of Flnanclal Activltles) AdJu8tmonts for. Depreclatlon charges Gain on investrnent Decreasellincrease) in debtor8 Increasel(decrea8•) in creditory (2,795,68n (857.745) 109.598 (692,000) 77,646 106,017 (1,971,000) 411,581 Net cash used In operatlons ANALYSIS OF CHANGES IN NET FUNDS-GROUP At 114124 Ca8h fl¢ At 3113125 Net cash Cash at bank and In hand Llquld rajources Deposrts Induded in cash Current asset investments 11 Totsl RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES - CHARITY 2025 2024 Net Income from th• reportlng portod {a8 per the Statem•nt of Flnanclal Actlvltles) Adjustments for: Depreciation ch8rge8 Gain on investment DeLTrasel(increa8e) in debtors Incre8sd{d8creasel in creditors (2,795,667) (857,745) 109,598 (692,000) 2,207 106.017 (1,971.(X)o) 390,162 Net cash used in oporatlon• Page 15
THEH rER FO NDATION OTES T THE CA H FLOW TATEMENT FOR THE YEAR E DED MARCH 025- ntln ANALYSIS OF CHANGES IN NET FUNDS- CHARITY At 114124 Cash tlow At 3113125 Net cash Cash at bank and in h8nd 05 2 943 753 3 016 852 5 960 605 Llquld re8ourco8 Deposits included in cash Current 888et inva81ment8 696 Total Page 16
THE NTER F NDATI NOTES TO THE FINANCIA STATEM FO EAR ENDED RCH ACCOUNTING POLICIES Charlty Infomiatlon The Hunter Foundation Is a Trust and charity registered in Scotland. The r8Jistered offe address is Marathon House. Olympic Business Park, Drybridge Road, Dundonald, KA2 9AE. The principal charty addre88 18 Blair Castle, Blair Eslaie, Bla5r Road, Dalry. KA24 4ER. Ba818 of pr•parlng tho flnanclal statements The fi'nancial statements of tha charty, which is a public beneflt entity under FRS 102, have been prepawl In accordance wrth tha Chariti8s SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) leffecllve 1 January 2019),, Financial Reporting Standard 102 'The Financlal Reportlng Standard applicable in the UK and Rapublic of Ireland, and the Charitie8 and Trustee Investment (Scotland) Act 2005. The fi'nancial statemen18 hava been prepared under the hlstorlcal cost conventlon, wtth the exceptlon of inv68tm&nt8 which are included at market value, as modff1 by the revaluation of certaln a88ets. The financial statements are prepared in 8t8rling, which 18 the functional currency of th8 charlty. Monetary amounts in thes8 fi'nancial statements are rounded to the nearest £. Group Flnanclal Statsments The financial staternents consolidate the r88utts of th8 charity and its wholty owned 8ub8idiary HGLC Ltd a company ragi8tered in Scotland. Golng concern At the time of approving t accounts, the trustees have a reasonable expectatlon that the charlty ha8 adequate resources to continue in operatlon81 existence for at least the next twelve month8 and have not identffied any material uncertainties about the Foundation's ability to contlnue as a going conrn. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Charltable funds Unrestricted ndS 8re available for u8e at the di8cretion of the tTustees in furtherance of the charlty's objectlves. Restricted funds are subject to specific conditions by donors 8S to how th8y may b8 ugad. The purwses and Uses of rostricted fund3 are 88t out in the ne8 to the finarKial Statements. The end(7ment funds represent those assets gifted to the Foundgtion for which there 1$ no requirement to spend or apply the capttal unless, or until, the truste8s decide to spend rt (expendable erKlowm8nt), Income arising on the endowment funds can be used in accordance with the objects of the charty and is included as unrestricted income. Any capital gains or losses arising on the investments fom part of the fund. Page 17
THEH NTER FOUN ATION NOTES TO THE FINANCIAL STAT NTSF ENDED RCH 20 Income Income is recognSsed when the charlty is entitled to it after any p8rfomiance condrtTrons have been met, the amounts can be measured reliably, and it is probable that Income will be recerved. Grants are recognised when the charity becomes entftled to the Income. unless there are conditions attaching, the meeting of which is relkqnt on external factors outside the charity's control. Fund8 received by the charlty when acting as an agent are not recognised as income, nor 18 the distribution of these funds recogni98d as the charty's expenditure. Agency arrangements reflect where the trustees of the charty have no diration about thé use to which the fund8 r8c8ived 8re put but act only in accordance with the Instructions or dir8Ctions of the principal Cash donations are recogni8ed on rec8lpt. Oth8r donations 8r8 recogni88d once th8 charity ha$ been notified of thè donation, unless performance conditions requlre deferral of the amount. Income t8X recoverable in relation to donations received under Gift Aid or deeds of covenant Is recogn18aJ at the tlme of the donation. Donated s8rvices are recognlsed in the period to which they relate. The monetary v81ue of the donation 18 èstimated and included in the financial statements as both a donation and an expense. Rental Incoma is recognised in the period to which ft relates. Expendlturn Liabilities are rnGognised as expenditure a8 soon as there Is a leg81 or constructlve obligation committing the charity lo that expenditure, it is probabty that a transfer of economic benefits will be required in $8tt1ement and the amount of the obligation can be measure reliabty. Expendrture 18 accounted for on an accru81 basis and has been cla88ified under headings that aggregate all c08t related to the category. Where costs cannot b6 dlrectly attributed to partlcular headings, they have been alkcated to activities on a basis consistent wth the use of resource8. The Foundadon has Charitab status and is èxempt from taxation on its charitabl8 activities. T Foundation Is not registered for Value Added Tax and accordingly any such iac0VrabI8 tax 18 included WFthin expenditure. Tanglbla Flxed Assets Tangible fixed assets are inrtlalty measured at cost and subsequently measurfjd at cost, net of depreciation and any impairment k)sses. Depr8ciation Is recognised so as to writa off ttr cost or valuation of assets 1038 their residual values over their usefijl INes, with the exception of land. which ig not depreciated, on the following bases.. A88et Category Annual rat• Plant & Machinery Fixtures & Fitting3 Motor Vehicles 20% on cost 15°h on reducing balance 25% on reducing balance Page 18
THEH R FOUNDATION NOTE TO THE FINAN IAL STATEMENTS FOR YEAR E D 31 MARCH 202 inu The gain or10&8 arlslng on the dlspos81 of an asset is detennined as the difference betsve8n the sale prcceeds and the carrylng value of the a&set and Is r8cognised in the statement of financial activities. Flxed asset Inv•8tment Fixed assel investments are inltlally measured at transath'on price excluding transaction costs and ara subsequenlty measured at tsir value at each reporting date (see also Note 1.16 Crrtical accounting estimates and judgements). Changes in fair value are recognised in net incomel{expendrturel for the year. Transaction costs are expensed as incurred. A subsidkqry is an entity controllod by the charlty. Control18 the power to govarn the financlal and op8rating policie8 of the entty so a8 to obtain benefts from its activltle8. An associate is an entity, being neither a subsldlary nor a Jolnt Venture, In which the charity holds a long- tem interest and where the charty has significant influence, The charty considers that it has significant influence where it has the power to participate in the financial and operating decisions of th8 a8sociat8 and hold8 diractty or indirectly 20 percent or more of the voting power of the entity. Entities in which the charity has a long-term Interest and sharas control under a contractual arrangement are cla88rfied 88 Jolntty conlrolled entitl85. Impalmi•nt of flxed a88ets At each reporting end date, the charty reviews the carrying amounts of Its tangible a88ets lo detemlne whèther there 18 any indication that those assets have suffered an impairment loss, If any such Indicatbn exists, tha recoverable amount of the a88et 18 estimated in order to determlne the extent of the Impairniont loss (it any). 1.10 Ca8h and ca•h •qulvalent• Cash and cash equivalents ara basic flnancial asset8 and include deposits held at call with b8nk8 and other short-term Ilquid Investments wlth original maturities of three months or le8$. Iere funds are held on deposlt until a malurSty of more than three months, thèsé are classified as current asset Investments. 1.11 Flnanclal Instruments The charty has elected to appty the provislons of Sectlon 11 'Basi¢ Financial Instruments, and Sectlon 12 '0ther FinanGial Instruments188ues' of FRS 102 to all of its flnanclal instruments. Financial instruments are recognised in the charlty's balance Sheet when the charty becomes party to the contractual provi8ions of the instrument, Ba8lc flnan¢lal as80ts Basic financial assets. whlch Include debtors and cash and bank balances, are inltlalty measured at transaction prlce includlng transactbn costs and ar8 subsequently carried at amortised cost using the effective interest method unless the arr8ngement constitutes a financing trarkqaction, where the transaction is measured at the present valu6 of the future receipts discounted at a market rats of intérest. Financial assets c&ssified as re1vable withln one year arè not amortised. Page 19
THE HUNTER F ATION NOTE TO THE FIN NTSF E YEAR ND D31 RCH in Basic financlal liabllltles Basic financial liabllittes, Includlng creditors, sre inrti'alty recognised at transaction price unless th6 arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fijture payments discounted at a market rate of Interest. Financlal liabilrties clsssified as payable within one year are not amortised. Trade creditors are obligations to pay for good3 or servrAs that have been acquired In th& ordinary course of operations from supplierd, Amounts payable are classified as current liat+lllties rf payment is due within one year or less. If not. they are presented as non-current liabilities. Trade credrtors are recognlsed Initially at transaction price and 8ubsequentty measured at amortised cost U8ing the effecllve interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charty's contractual obllgations expire or are discharged or cancelled. 1.12 Employee ben•flt• The cost of any unused holiday entldement is recognised in Ihe period In whlch Ihe employee's services e received. Termination benefts are recognised immediatety as an expense when the charity is d8monstrably comrnitted to terminate thè employment of an employeg or to provide termination beneffts. 1.13 Retlrnment benafit8 Payments to defined contrfbution retirement benefrt hernes are charged as an expense a8 they fall due. 1.14 Fornlgn 8xchang8 Transactions in currencies other than pounds starfing are recorded at the rate8 of exchange prevaillng at tha dates of tha transactions. At each reporting end date, monetary as8et8 and liabilities that are denominatod in foreign currenciès are retranslated at the rates prevailing on the reporting end date. Garns and losses arising on translation are included in net incomel(expenditure} for the period, 1.15 Conc8#$lonary loans Public benefrt entty ConS1Onary loans include those receivable and payable to a third party which are inlerest free or below market intere8t rate8 and are made to advance charitable purposes. Vthere the ban is repayable on demand within one year, the loan is measured at CO8t, less impairment. Where the loan is repayable rnore than one year, the charity has opted to init1811y recognise and measure the loans at the amount received or paid, with the carrying 8mount adjusted in 8ubsequent years to reflect repayments arKI any accfU8d interest and adjusted rf necessary for any impairment Page 20
RFO NOTES T FINA STATEMENTS FOR THE YEAR DED 31 MARCH 202 1.16 Crltlcal accounting estlmatss and Judgements In the appllcation of the charty's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of certain asset$ and liabilities that are not readily apparent from other sOurs. The estimates and associated assumptions are based on historical experience and other factors that are consM*ered to be rdevant. Actual results may differ frorn these estimates. The estimates and underfying assumptlons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in whlch the estimate Is revised wharé the revision affects only that period, or in the period of the revision and future periods where the rev18ion affects both currant and future period8. In 2020 the Foundation was 9rftl investments by We$t Coast Capital. Th68e investments, which are held wrthin expendable endowments, are measured at fair value using third party fund valuations where these are avaiLable. F¢X Other investments, w8 have u88d a net assets valuation approach. The net assets valuatFon approach involves the valuation of the underlying assets held Sn the8e Investments. The approach has incorporated market data into th8 fair value, such as listed investment prices. In the absence of market data, we applied known and industry standard valuation techniques. Where we detemlned that no market data exi8t8d, the rangé of fair valuè estimato8 was significant and that no reliable estlmate could be made, we used cost less impairment in respect of th8 undertying assets. Sensitivty anatysks has been applied to the over811 net assats valuation approach to reflect any undertying downside risk within certain undertylng unlisted invastments. The trustees are satisfi•d having considered the range that the falr value of the Inv88tsments at 31 March 2025 is not materialty diffgrent from the carying value. Page 21
RF TE "rHE FINANCIA MARCH 2025 - contlnued DONATIONS AND GRANTS. GROUP 2025 2024 Donattons and gffts INVESTMENT INCOME-GROUP 2025 2024 Rents received Interest receivable 45.188 49,186 OTHER TRADING AcnvmES-GROUP 2025 2024 Other trading Income CHARITABLE AcnvmES COST-GROUP Llrect Grant nding of actrvities (see note 6) Suprmjt costs (see notsn Totals CharitabL8 Included wlthln support costs are Estate running costs of £308,334 {2024: £434,864) and operatiNJ Costs of subsidiary undertaking of £118,683 (2024.. £72,507). GRANTS PAYABLE- GROUP 2025 2024 Charitable Page 22
THE HuKfER FO DATI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EN CH20 S - contlnu8d GRANTS PAYABLE- GROUP- contlnued The total grants paid to institutions during the year was as follcws: 2025 2024 Kiltwalk Social Innovalion Partnership Young Persons L8adership Academy stre Soccer Children in Need Youth Endowm8nt Fund The Amber Foundation Benedetti Foundation Scale Up Scotland Adam Smith Serie8 Nora Dochety Charitable Foundation Head Te8cher LeaderJhip Academy Clackmannan8hire Famlly W•llbeing Partner8hip Centreslage Other grant$ awardad 374.999 10.919 144,000 532,525 1,133.228 333,332 230,013 154,420 495.764 1,384.279 77,000 83,084 70.317 66,276 75,162 125,000 175,178 98,157 12,224 58,195 17 suppoKr COSTS Managernnt Finan Other Govemance costs Tota18 Charitable Included wlthln managernent costs are Estata runnlng costs of £308,334 {2024.. £434,864) and operatlng costs of the subsldlary undertaking of £118,683 (2024: £71,00n. DONATIONS AND GRANTS- CHARITY 2025 2024 Donations and gift8 INVESTMENT INCOME - CHARITY 2025 2024 Rents received Interest receivable 125,188 109.186 Page 23
THE ERFO ND NOTE FINANCI TATEMEN R THEY REND 1 MARCH 2 ntin 10. CHARITABLE ACTIVITES COSTS - CHARITY Direct Grant funding of actlvities (see rK)te 11) Support costs (see note 12) Totals Charitable Included wlthln 8UPPOrt costs are Estate running o)8ts of £307,736 (2024.. £434,864). 11. GRAKfs PAYABLE- CHARITY 2025 2024 Charitable The total grants paSd to in81i'tLrtlons during the year was as follows: 2025 2024 KIlalk Social Innovation Partnership Young Persons Leadership Academy Street Soccer Children in Need Youth Endowment Fund The Amber Foundation Benedetti Foundat6on Scale Up Scotland Adam Smith Series Nora Docherty Charitable Foundation Head Teacher Leadership Academy Clackm8nn8n8hlrn Family Wellboing Partnership Centrestage Other grants awardad 374,999 10,919 144,000 532,525 1,133,228 333.332 230,013 154,420 495,764 1,384,279 77,000 83.084 70,317 66,276 75,162 125.000 175,178 98,157 12,224 58.195 12. SUPPORT COSTS- CHARITY Management Flnanca Other Governar costs Totals Charitable Included wthin management costs are Estste running costs of £307,736 (2024.. £434,864), Page 24
E HUNTER F ND TION NOTE TO THE FINANCIAL STATEMENT RTH R ENDED 31 MARCH 2 25- 13. TRUSTEE'S REMUNERATION AND BENEFITS There were no trustees. remuneration or oth8r benefrts for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expon8e8 There wera no trustees, expenses paid for the year ended 31 March 2025 nor for Ihe year ended 31 March 2024. 14. STAFF COSTS 2025 2024 Wages and 8alarie8 Social security costs Oth&r pan8ion ¢ost8 433.837 38.695 388,705 34,397 The average monthty number of emptoyees during thè y68r was 88 follow8: 2025 2024 Managernent and administration Estate staff The number of employees th*hos8 èmployee benefkt (axcluding employers pension costs) exceeded £60,000 was: 2025 2024 £160,001- £170,000 Page 25
THE HUNTERF NDA NOTES TO THE FINANCIAL STATEMEKr R ENDED 3 MAR tinued 15. COMPARATIVES FOR THE FINANCIAL ACTIVIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Funds Rèstrlcted Funds Endowment Funds Total Funds INCOME AND ENDOWMENTS FROM Donation8 and tegacies 133,627 133,627 Investment income Totsl 14 EXPENDITURE ON Charitable acb'vrties 795 Net gains on investment8 71 NET INCOMEIIEXPENDITURE) (2,815,745) (13,000) 1,971,000 (857.745) RECONCILIATION OF FUNDS Total fijnds brought foThvard TOTAL FUN08 CARRIED FORWARD 16. GROUP TANGIBLE FIXED ASSETS ,Freehokl propety Plant and Flxtur8S machinery and fi'ttings Motor vehicles Totals COST At 1 April 2024 Addition8 Di8posa18 4,989,811 385,694 86,277 6,275 695.511 117.102 10,000 5,781,599 509,071 At 31 March 2025 812 92 552 13 6 280 670 DEPRECIATION At 1 April 2024 Cliarge for year Elirninated on disposal 21,342 17,505 144,039 92,093 10.000 175.381 109.598 At 31 March 2025 L£L7 236 132 NET BOOKVALUE At 31 March 2025 At 31 March 2024 Page 26
THE UNTE FOUN NOTES T ANCIAL TATEMENTS F R THE YEAR ENDED 1 MARC 202 on 17. GROUP FIXED ASSET INVESTMENTS Unlisted investment8 MARKET VALUE At 1 April 2024 R8valuations 43,723,000 692 At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 Thero were no Inveslm8nt a88ets outside the UK. Cost or valuation at 31 March 202518 represented by: Unlisted inveslm8nt6 Valuation in 2025 18. CHARITY TANGIBLE FIXED ASSETS Freehold propety Plant and Fixtures machinery and fittings Motor vehicles Totals COST At 1 April 2024 Additions Dl8posal 4,989,811 385,694 86,277 6,275 695.511 117,102 10,000 5,781,599 509.071 At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year Ellmlnated on dispo8al 21,342 17,505 144,039 92.093 10,000 175,381 109.598 At 31 March 2025 236 132 274 979 NET BOOK VALUE At 31 March 2025 At 31 March 2024 Page 27
NTER F UNDATIO S TO THE FINANCI AT EKfs FOR THE Y 1 MARCH ntlnued 19. CHARITY FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At 1 April 2024 Revaluationg 43,723,000 692 000 At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investmont a888ts out8lde the UK. Cost or valuation at 31 March 2025 18 represented by: Unlisted inv8stment8 Valuation in 2025 DEBTORS 2025 2024 Group Group Charity Amounts falling due wrthin one year. Other debtors Prepayments and accrued Incoma 25,079 121,917 58.995 90,044 Amounts falllng due after more than one year. Concessionary loans receivable Aggregate amounts 21. CURREKf ASSET INVESTMENT 2025 2024 Grcxjp Charity Group Charity Shar88 in group undertakings Fund8 hekl on depo8it 80 Page 28
E HUNTE NDATI NOT TO THE FI ANCIAL STATE ENT FOR T YEAR ENDE 31 MARCH 025- 22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Group Ch8rTty Group Chanty Taxation and 8oclal Security Other creditors 11.184 4.336 512 23. CREDITORS: AMouKfs FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Group Charlty Group Charty Other cr6dttor8 ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP Unr8strict8d Funds R8Stricted Funds EndrJNment Funds Total Funds Fixed essets Current a88ets Liabiliti88- Current and long temi 8,005,691 10,424,444 44,415,000 50,420,691 10,424,444 ANALY81S OF NEf ASSETS BETWEEN FUNDS - CHARITY Unrestricted Funds Restrlcted Funds Endawment FuTrJs Total Funds Fixed 88s8ts Curmt assets Liabilities- current and I term 8,005,691 10,349,466 41 44,415.000 50,420,691 10,349,466 Page 29
THE HUNTER FOUNDATION TEST THE FINANCIA ST TEMENTS FOR THE YEAR ENDED 31 MARCH 202 -con Inu MOVEMENT IN FUNDS- GROUP At 114r24 Net movement in funds At 3113125 Unrestrlcted funds General fund 19,090,622 (3.476,748) 15,613,874 Restrfcled funds Restricted 10,919 (10,919) Endowment funds Endowment 00 TOTAL FUNDS Net movement in fund8, included in the above 8re 88 follow8,. Incorring R8sourc8S expended Gains and 108ses Movemenl in nds Unreslrlcted fund8 General fund 1,071,070 (4,547,818) (3,476,748) R68trfcted funds Restr& (10.919) {10.919) Endowment funds Endowment Comparatlves for movement In fundg At 114r23 Net movement in funds 3113124 Unrestrlcted funds General fund 21,906,387 (2,815,745) 19.090,622 Restrfctéd funds Restricted 23.919 (13,000) 10,919 Endowmont fund• Endom8nt 71 TOTAL FUNDS Page 30
NOTES T THE FINANCIAL STATEMENTS F R THE YEAR EN IMA CH 202 inu 26. MOVEMENT IN FUNDS - GROUP- Gontinued Incoming ResourE8S expended Gains and bsses Movement in fvnds Unrestrlcted funds General fund 1,052,854 (3,868,399) (2,815.745) Restrfcted funds Restitted {13,000) (13.000) Endowmont fund8 En(lywment 71 71 A current year 12 months and prior year 12 months combined position 18 as follow8: At 114r23 Net movement in fund8 3113125 Unrgstrfctod funds General fund 21,908,367 (6,292,493) 15,613.874 Restrlctod funds Restricted 23,919 (23,919) Endovmlant funds Endowment TOTAL FUNDS A current year 12 rnonth8 and prior year 12 months combined net movement in funds, included in the above 8re as follows: Incoming Resource8 expended Gains arKI Movement In funds Unrestrlcted funds General fund 2,123,724 {8,416,217) (6.292.493) Restrlcted funds (23,919) (23.919) Endowment funds Endthvmerrt Page31
NAN IA MENT R TH YEAR E 25- Inu MOVEMENT IN FUNDS - CHARITY At 114124 Net movement in funds At 3113125 Unrestricted funds General fund 19,090,622 (3,476,748) 15,613.874 Restr1¢t fund5 Restricted 10,919 (10,919) Endowmant fund8 EndLMment 43 723 000 1Qo TOTAL FUNDS Net movement in funds, Included In the above a as follows: IornIng re8ource8 Gains and b86e8 Movement in nd8 expended Unra*lrfct•d funds G8nwal fund 952,388 (4,429,136) (3,476,748) R88ts1ctsd fund• Restricted {10,919) (10.919) Endowment funds Endowment Comparatlves for movoment In funds At 114123 Net movement in funds At 3113124 Unrestrfcted fundg General fund 21,906,367 {2,81S,745} 19,090,822 Rostrfcted funds Restricted 23,919 (13,000} 10,919 Endovmient funds End(ywment 41752 000 71 TOTAL FUND8 Page 32
TE THE FINANCIAL TATEMENT FOR TH YEAR ENDED 1 MARCH 202 ontinued MOVEMENT IN FUNDS - CHARITY- continued Incoming Resources experKl&J Gains and losses Movement in funds UnMtrlct8d funds General fund 980,147 (3,795,892) (2,815,745) Restrfcted fund8 Restricted {13,000) (13,ty)0) Endowment funds Endtmnent 71 A current year 12 months and prior year 12 months combined position 18 as follthvs.. At 114123 Net movement In fund8 3113125 Unrn8trlct•d funds General fund 21,906,367 (6,292,493) 15,613,874 R88trlcted fund8 Restricted 23,919 (23,919) Endowment funds Endcwment 63 TOTAL FUNDS A current year 12 months and prior year 12 months combined net movement in furKls, included in the above are as follows: InccAning Resources expend& Gains and bsses Movement h funds Unyestrfcted funds General fund 1.932,535 (8.225.028) (6,292,493) Restrfcted fund$ R88tnct8d {23,919) (23,919) Endowment furKIs Endowment Page 33
THE FINA 1 MARC 025-co inu RELATED PARTY DISCLOSURES During the year, donations of £100,000 {2024'. £60,000) were recerved from trustges, beft)re Gift Aid, or from entriies under the control of trustees. Donations of £97,037 {2024'. £32,652) were recerved from wholly owned subsidiaries. In ad(*tion, an entty under the control of a trustee donated seNices in kind to the Trust wrth a market vahje of £10,000 (2024.. £10.000) and pald expenses of £2,457 (2024.. £2,446) on beha of the Foundation. There was aL80 services supplied by a direct relation to 8 trustee totalling £11,769 (2024.. NIQ. Amounts were received in the year of £80,200 (2024.. £97,388) for rentsl income and expenses from entitles which are wholly owned Subsidiaries or where a trustee of The Hunter Foundation is also a diredor. Durrng the year, there were also ServIS provided by HGLC Ltd to a company with a shared director of £127.150 (2024: £46,750). Durlng the current year, grants totalling £91,385 (2024: £98.8201 were made to three entrties where a trustee of The Hunter Found8tFon Is erther a trustee or director of the entty, saKI trustee wa8 nol involved in decision m8kln9 In respect of those grants. Grants tot811ing £125,000 (2024.. £50,000) were also paid to an entty where a trustee has a dlred relatlonshlp. Page 34