The Follo Trust- Scottbh Charity Number SC027763 Trnstees, Annual Rert for the year ended 31$1 March 2025 Current Irustees There were no changes to the trustccs during thc ycar. Contact address Deed of Trust. Trustee recruitment and appointmenl Trusiees as appointed by origina] settlor. Trustees have power to apwint successors. Charitable purposes Our purposes, &s recorded in the trust dee(t are to hold the Trust Fund and apply the income of the Trust Fund in furtherance of pwyft8es, ol)iects or ItItutIOnS that are charitable in law. The current policy of the trustees is to focus support a8 far as possible on small innovative charities operating in Scotlan(L Aehlevements and performanee The trustees tiri1 the charitsble PUTposes through provision of grant supprt to Televant organisations. The trust supported the following organisations during the year- Edinburgh Union Canal Society - £5000 Linda Norgrove Foundation - £20000 Breakfast Bothy - £5000 Bridge8Hub- £5000 Buth Bharraigh - £5000 Barra Running Club - £5000 Flnanclal revlew Total income rose slightly during the year. Charitable expenditu was well short of income due to timing iSsS and is excted to be ahead of income for 202_$126. Trustee remuneration and other expenses The trustKs did nol receive any remuneraiion or cxpenses during the year. All administraiion was Caled out by one of the trustees (Andrew Thin) on a pro bono basis. Assets and Reserves The market value of the Trust Fund rose slightly during the year but has since fallen due to market uncertainty relating to US tsriff intentions. In nornMI titncs thc t1¢¢5 airn to maintain a modest cash reserve of c.£20,000 to enable grant support in exce&s of annual income to be offered in exceptional circumstances. Cash reserves rose shaTplv due to timing issues and are exCted to fall again in 2025126. Approved by the tn]stees 2fKI signed on their behalf T3rL
Independellt Exawiner's Report to the Trustees of The Folio Trnst sc027765 I report on the accounts of the Trust for the y&qr ended 3 l March 2025 which are set out on page 3. Resp¢¢tive responsibilitie8 of trustee8 and examiner The charity's trustces are responsible for the pr¢pardtion of the accounts in accordance with thc t¢rTns of the Charities and Truslee Investsnent (Scotland) Act 2005 and th¢ Chariiies Accounts (Scotland) Regulations 2006. The charity ttustees consider that the audit requirement of Regulation 10(1) (d) of t 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1 Xc) of the Act and to State whether particular matters have come to my attention. Basis of independ¢nt ¢xamiDer's stateD]ent My examination is carried out in accordance with regulation I l of the Charities Accounts (Scotland) Regulations 2006. An eXamItion iludeS a review of the accounting records kept by the Chlty and a ComplSOn of the accounts presented with those records. It also includes consideration of any unusual items or discln8ur&8 in the ac£ounts and seeks explanations from the trnstees Concerning any such matters. The procedures undertsken do not provide all the eN'idence that would be rcquircd in an audi( and consequcntly I do not cxprcss an audit opinion on thc view given by the accounlb. Independent examiner's Statement In connection with my ekqrnination, rK) matter has corne to my attention which gives me reasonable cause to believe that, in any material respecL the requirements To k¢cp accounting records in accordance with section 4411) (a) of the 2005 Act and Regulation 4 of the 2(K)6 Regulations, and To prepare accounts M"hich accord with the accounting records and comply with Regulation 9 of the 26 Regulations have not been mel or to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Narne: Jacqueline Taylor Rclcvant profcssionat qualification/body: charter AccounLinL Institut¢ of Chart¢r¢d AcL0un&ts of Swlland Address: Ramqay Crnft, Old F.dinbiwgh Roa4 Dalkeid¥ EH22 IJD Signature: Date:
The Follo Trust R•c•ipts and Payrnonts Account for th• y•ar ended 31st March 2025 2024125 2023124 Income receipts {appendlx A) Income from investments Donabons Tax recovered 67,494 60.523 376 7,500 68.399 67,494 Capital receipts Cash surplus on investsment restructuring 1.121 Total rnc•lpt8 67,494 69.520 Paymont• Grants to Charitable Causes 45,OlXI 70.000 Total payments 45,0(NJ 70,000 Net surplusl(deflclt) lor thè year 22,494 (480 The Folio Tntst ststem8nt of Balan¢•• a8 at 31st March 2025 31.3.25 31.3.24 Cash fund8 Opening b8lance8 SuTpluslldeficrt) for year BaLance at year end 53,513 22 494 76,007 53,993 480 53,513 Investments {appendlx B) Trust fund (market value) 2,553,245 2.398.$82 All funds are unrestricted Approved by the truStS arnl signe(l on their behalf
Appendix A - Income Receipts Shareholding Investment Type 5803 Ord Shares Diageo 1024 Ord Shares Banco Santander 2538 Ord Shares SSE 584 Ord Shares NatVSt Group 795 Ord Shares IHG 273 Ord Shares Thomson Reuters 960 Ord Shares GSK 2904 Ord Shares Marks and Spencer 1729 Ord Shares BT Group 14860 Ord Shares Baillie Gifford China Growlh 48819 Ord Shares JPM Global Grth and Inc 37647 Ord Shares Schroders 1220 Ord Shares Rio Tinto 6103.74 Units Schroders QEP Global Fund 7100 Ord Shares Personal Assets Trust 6198 Ord Shares RIT Capital Partners 11975 Ord Shares Monks Inv Trust 22250 Ord Shares Scottish Mortgage Inv Trust 13600 Ord Shares Aberdeen Divrsfd Inc and Grth 4500 Ord Shares F&C Inv Trust 4887 Ord Shares Edinburgh Inv Trust 19459 Ord Shares Martin Currie Glbl Ptflo Trust 9450 Ord Shares Legal and General 4475 Ord Shares Brunner Inv Trust 12395 Ord Shares Baring Emerging EMEA Opps 141350 Ord Shares JPMorgan Em Mkts Inv Trust 6324 Ord Shares BlackRock Greater Eu Inv Trust 34816 Ord Shares Henderson Intl Inc Trust 5183 Ord Shares 31 Group 10018 Ord Shares Lloyds Banking Group 8192 Ord Shares Scottish Inv Trust 4086 Ord Shares Scottish American Inv Trust 13249 Ord Shares Alliance Witan Trust 9050 Ord Shares JPMorgan China Inc and Gr*th 18575 Ord Shares Murray Intl Trust 11476 Ord Shares Global Opps Trust Ord Shares Renewi 1200 Ord Shares Haleon 23445 £ Nominal Treasury ill Gilt 2055 20556 £ Nominal Treasury hll Gilt 2062 Company 2024125 2023124 4,601 137 1.553 102 991 357 586 87 140 297 10,066 8,094 4,124 421 511 2,417 251 943 5,446 689 1,349 817 1,950 1,063 2.293 2.686 443 2,695 3,369 291 4,642 102 2.226 91 913 363 535 29 133 253 8,651 8,094 3,941 462 547 2,355 377 912 1,190 635 1,310 817 1,856 1,016 2,107 2.332 427 2,625 2,915 253 619 571 3,339 1,119 2,080 574 592 3,537 994 2,192 574 47 74 588 127 50 62 TOTAL 67,494 60,523
Appendlx B - Investments Sharoholding Investment Type Company PJlark•t Value Market Value on 31.3.25 on 31.3.24 5803 Ord Shares Diageo 1024 Ord Shares Banco Santander 2538 Ord Shares SSE 584 Ord Shares Natwest Group 795 Ord Shares Intercontinental Hotels Group 273 Ord Shares Thomson Reuters 1487 Ord Shares Mitchells and Butlers 960 Ord Shares GSK 2904 Ord Shares Marks and Spencer 1729 Ord Shares BT Group 14860 Ord Shares Baillie Gifford China Growth 6833 Ord Shares Renewi 48819 Ord Shares JPM Global Grth and Inc 37647 Ord Shares Schroders 1220 Ord Shares Rio Tinto 6103.74 Units Schroders QEP Global Fund 7100 Ord Shares Pensonal Assets Trust 6198 Ord Shares RIT Capital Partners 11975 Ord Shares Monks Inv Trust 22250 Ord Shares Scottish Mortgage Inv Trust 13600 Ord Shares Aberdeen Divrsfd Inc and Grth 4500 Ord Shares F&C Inv Trust 4887 Ord Shares Edinburgh Inv Trust 19459 Ord Shares Martin Currie Glbl Pttlo Trust 9450 Ord Shares Legal and General 4475 Ord Shares Brunner Inv Trust 25343.756 Ord Shares FTF Templeton Global Emerging Mks 12395 Ord Shares Baring Emerging EMEA Opps 141350 Ord Shares JPMorgan Em Mkts Inv Trust 6324 Ord Shares BlackRock Greater Eu Inv Twst 34816 Ord Shares Henderson Intl Inc Trust 5183 Ord Shares 31 Group 3777 Ord Shares Unbound Group 11331 Ord Shares Hostmore 10018 Ord Shares Lloyds Banking Group 4086 Ord Shares Scottish American Inv Trust 13249 Ord Shares Alliance Witan Trust 9050 Ord Shares JPMorgan China Grwth and Inc IT 18575 Ord Shares Murray Intl Trust 11476 Ord Shares Global Opps Trust 47485 Ord Shares Edinburgh Wrldwde Inv Trust 1200 Ord Shares Haleon 23445 £ Nominal Treasury ill Gilt 2055 20556 £ Nominal Treasury ill Gilt 2062 116,408 5,253 40,481 2,622 65,397 25,212 3,167 14,074 10,077 2,853 38,933 58,422 255,323 130,635 55,425 11,536 35,855 116,522 138,671 209,373 6,528 48,060 36,017 63,047 22,775 57,996 44,858 79,576 147,711 38,086 60,232 186,329 28 29 7,213 20,103 153,291 22,987 48,481 33,969 75,026 4,692 39,622 20,350 170,434 3,953 41,877 1,553 65,524 33,945 3,346 16,416 7,696 1,902 28,680 39,221 272,898 141,929 61.220 11,048 34,151 109,457 137,114 198,915 9,792 44,820 33,720 76,668 24,003 58,399 41,980 64,826 14,700 40,347 58,491 145,590 38 2,040 5,209 20,593 162,963 19,005 46,252 32,936 70,753 3,996 24,148 16,034 TOTAL 2,553,245 2,398,582