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← Netherton Trust

2025-04-05-accounts

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust Scottish Charity No. SC028262

Annual Report and Financial Statements

5 April 2025

Ref: AIG/SAMG/N1386.1/JSH

Shepherd and Wedderburn LLP 1 West Regent Street Glasgow G2 1RW

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Contents
Trustees' Annual Report
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes
Independent Auditor's Report to the Trustees		 Page No.

3-6
7
8
9-10
11-17
18-20

Page 2

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Trustees' Annual Report

Year ended 5 April 2025

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006, the Charities SORP (FRS 102) "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) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives, Activities and Achievements

The objectives of the Trust are widely drawn and allow payments of income or capital to, or for the benefit of, such charitable objects as the Trustees in their absolute discretion may select.

The Trust primarily furthers its charitable purposes through making donations annually and invites applications/appeals from relevant bodies co-ordinated through its registered office.

The Trustees have considered all the appeals received during the year and resolved to make 31 donations totalling £185,000.00 (2024; 29 donations totalling £146,000.00) for a range of charitable purposes. Details of the donations are shown in Note 6 to the accounts.

The Trustees are comfortable that the objectives of the Trust continue to be met.

Financial Review, Investment policy and Reserves

The Trust is reliant on the income from donations, investments and cash and the receipt of Gift Aid Payments and Investments for its incoming resources, the income from which was £878,762.10 in the year to 5 April 2025 (2024: £888,379.00) No income is raised from the public.

The financial position of the Trust and the activities during the period are stated in the attached accounts. The Trustees consider the financial position to be sound.

The Trustees note the performance of the trust portfolio over the period. Overall investment losses for the period were £629,454.75 (2024: £506,709.31 overall gains) which reflects the general market and economic sentiment over the year. In particular it is noted that President Trump's Liberation Day Tariff announcement had a significant impact. The Trustees will continue to monitor the performance of the trust portfolio and take action as necessary.

The Trustees have wide investment powers. They adopt an investment strategy aimed at generating both income and capital growth in the medium to longer term. The investment profile is largely equity based and as such, is termed high risk, however, the Trustees mitigate the risk by receiving advice from professional investment advisers regarding implementation of this strategy.

Total reserves as at 5 April 2025 amounted to £7,083,106.62 (2024; £7,065,186.01). The Trustees retain sufficient reserves, all unrestricted, to ensure that the Trust is able to meet its objectives.

Page 3

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Trustees' Annual Report

Year ended 5 April 2025

Structure, Governance and Management

The Trust was established by Deed of Trust by dated 21 September 1998 and registered in the Books of Council and Session on 15 October 1998.

Trustees are appointed by Deed of Assumption in accordance with the terms of the Deed of Trust. The Settlors have reserved the right to appoint new trustees during their lifetimes. The Trustees seek to follow good practice and ensure that there is a broad and diverse mix of skills and experience within their number. The Trustees keep succession planning under review and when needed will seek to recruit new trustees based on their skill, experience and knowledge of the sector. On appointment, new trustees will be provided with a welcome pack including a history of the Trust, Trust Accounts, constitutional documents, a note on trustees duties and any other Codes of Conduct applicable at that time.

The Trustees have assessed the risks to which the charity is exposed, in particular those related to the financial and investment operations of the Trust, and are satisfied that systems are in place to minimise exposure to these risks. The most significant areas of uncertainty are the level of investment return and overall performance over time of the mix of assets in the portfolio in volatile markets. The variability of investment returns is mitigated by retaining investment managers and having a diversified portfolio.

The Secretaries to the Trust, to whom all applications should be made, are Shepherd and Wedderburn LLP, 1 West Regent Street, Glasgow, G2 1RW. Applications are passed to the Trustees for consideration, usually at an annual meeting when donations are agreed.

The Trustees are aware of their general duties as defined in the Charities and Trustee Investment (Scotland) Act 2005 and receive training from Shepherd and Wedderburn LLP as appropriate.

Related Parties

, one of the Trustees, is a Director of Rathbone Investment Management. Rathbone Investment Management are the Investment Advisors. Investment management fees of £25,827.54 (2024: £22,358.74) were paid during the year and £6,361.24 (2024: £6,333.74) is outstanding at the year end.

The Trustees have not received any remuneration, other benefits or reimbursement of expenses during the year ended 5 April 2025 nor the year ended 5 April 2024.

Two trustees donated investments with a value of £714,101.25 to the charity during the accounting period. In the previous period the same trustees donated investments valued at £711,649.50. These investments are managed by Rathbone Investment Management and the trustees in question have not retained any other interest nor receive any benefit relative to the donated investments.

Future Plans

The Trustees intend to build up the funds of the Trust by adding any investments gifted to the Trust, and a one half of any Gift Aid Payments received, to the Capital of the Trust. The trustees have power to make payments of capital for charitable purposes, and they will consider on an annual basis whether it is appropriate to do so in order to supplement/maintain the level of donations.

There is presently no intention to alter the current strategy.

Page 4

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Trustees' Annual Report

Year ended 5 April 2025

Reference and administrative details

Reference and administrative details
Charity Name: Netherton Charitable Trust
Scottish Charity No: SC028262
Legal Entity Identifier (LEI) 2138006GY14OZF5VKE27
Trustees:
Principal address: Shepherd and Wedderburn LLP
1 West Regent Street
Glasgow
G2 1RW
Bankers: Bank of Scotland
33 Old Broad Street
London
PO Box 1000
BX2 1LB
Solicitors: Shepherd and Wedderburn LLP
1 West Regent Street
Glasgow
G2 1RW
Investment Advisors: Rathbone Investment Management
George House
50 George Square
Glasgow
G2 1EH
Independent Auditor: Wbg (Audit) Limited
168 Bath Street
Glasgow
G2 4TP

Page 5

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Trustees' Annual Report

Year ended 5 April 2025

Statement of responsibilities of the Trustees

The Trustees are responsible for preparing the Trustees' Annual 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 or have prepared on their behalf accounts for each financial year which give a true and fair view of the state of affairs of the Charity at the end of the year and of its financial activities during the year then ended. In preparing or arranging preparation of those accounts, the Trustees are required to

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

In so far as the trustees are aware:

==> picture [206 x 64] intentionally omitted <==

24 November 2025

… ........................................................................ Date

Page 6

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Statement of Financial Activities

Year to 5 April 2025

Year to 5 April 2025
Unrestricted Funds
Capital Revenue Total Total
Note Fund Fund 2025 2024
£ £ £ £
Income from:
Investments 3 - 137,160.85 137,160.85 149,229.50
Other
- Donations - Quoted shares settled 4 714,101.25 - 714,101.25 711,649.50
- Gift Aid Payments received 13,750.00 13,750.00 27,500.00 27,500.00
Total income 727,851.25 150,910.85 878,762.10 888,379.00
Expenditure on:
Raising funds
Investment management costs 5 25,827.54 - 25,827.54 22,358.74
Charitable activities
Grants and donations 6 30,000.00 155,000.00 185,000.00 146,000.00
Support costs 7 8,097.00 12,462.20 20,559.20 21,151.00
Total expenditure 63,924.54 167,462.20 231,386.74 189,509.74
Net income and net 663,926.71 (16,551.35) 647,375.36 698,869.26
movement in funds before gains and
losses on investments
Net (losses)/gains on investments 12 (629,454.75) - (629,454.75) 506,709.31
Net income 34,471.96 (16,551.35) 17,920.61 1,205,578.57
Transfers between funds - - - -
Net movements in funds 34,471.96 (16,551.35) 17,920.61 1,205,578.57
Reconciliation of funds
Total funds brought forward 12 6,956,417.70 108,768.31 7,065,186.01 5,859,607.44
Total funds carried forward 12 6,990,889.66 92,216.96 7,083,106.62 7,065,186.01

Page 7

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Balance Sheet
As at 5 April 2025
Fixed assets :
Investments
9
Cash held for investment
10
Total fixed assets
Current assets :
Debtors
11
Cash at bank and in hand:
Sum held by Rathbone Investment Management
Sum held by Shepherd and Wedderburn LLP
Total current assets
Current liabilities:
Creditors falling due within one year:
Glasgow Disabled Scouts
Shepherd and Wedderburn LLP
Rathbone Investment Management
Wbg (Audit) Limited
Net current assets
Net assets
The funds of the charity:
Unrestricted funds:
Capital fund
12
Revenue fund
12		 £
5,124.66
6,545.37		 2025 £
5,663.63
4,802.73		 2024
£
7,013,294.00
54,755.49		 £
6,987,558.00
49,951.04
7,068,049.49 7,037,509.04
27,148.34
11,670.03		 38,894.35
10,466.36
5,000.00
5,100.00
6,361.24
7,300.00		 -
8,400.00
6,333.74
6,950.00
38,818.37
23,761.24		 49,360.71
21,683.74

15,057.13 27,676.97
7,083,106.62 7,065,186.01
6,990,889.66
92,216.96		 6,956,417.70
108,768.31
7,083,106.62 7,065,186.01

The statement of accounts set out on pages 7 to 17 were approved by the 24 November 2025 Trustees on ......................…………...…………….

==> picture [245 x 40] intentionally omitted <==

The notes on pages 11 to 17 form part of these accounts.

Page 8

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Netherton Charitable Trust
Cash Flow Statement
Year to 5 April 2025
Note
Cash flows from operating activities
Cash (used in) operations
1
Cash flows from investing activities
Dividends and interest received
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the beginning
of the reporting period
2
Cash and cash equivalents at the end
of the reporting period
2		 2025
£
(190,063.23)
137,160.85
1,217,556.91
(1,158,646.41)
196,071.35
6,008.12
60,417.40
66,425.52		 2024
£
(191,238.75)
149,229.50
1,603,110.36
(1,869,940.55)
(117,600.69)
(308,839.44)
369,256.84
60,417.40

Page 9

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Cash Flow Statement

Year to 5 April 2025

1.Reconciliation of Net Income/ (Expenditure) to Net Cash
Flow From Operating Activities
Net income for the reporting period (as per the statement
of financial activities)
Adjustments for:
Dividends and interest received
Gift of shares received
Decrease/(Increase) in debtors
Increase in creditors
2.Analysis of Cash and Cash Equivalents
Notice deposits (less than 3 months)
Total cash and cash equivalents
3.Reconciliation of Cash and Cash equivalents
Fixed Assets - Cash held for investments
Current Assets - Cash at bank and in hand		 2025
£
647,375.36
(137,160.85)
(714,101.25)
11,746.01
2,077.50
(190,063.23)
66,425.52
66,425.52
54,755.49
11,670.03
66,425.52		 2024
£
698,869.26
(149,229.50)
(711,649.50)
(33,394.35)
4,165.34
(191,238.75)
60,417.40
60,417.40
49,951.04
10,466.36
60,417.40

Page 10

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts

Year to 5 April 2025

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to these financial statements.

(a) Basis of Preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006, the Charities SORP (FRS 102) "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) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The financial statements have been prepared under the historic cost convention, modified to include the revaluation of investments at market value.

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

(b) Investments

Investments in quoted shares, traded bonds and similar investments are included initially at cost and subsequently at fair value (their market value). Realised gains and losses, representing the difference between sale proceeds and market value at the previous financial year end, or cost if acquired during the financial year, and unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from their date of purchase if acquired during the financial year, are aggregated in the Statement of Financial Activities.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Gifts made to the Trust are recognised when they have been communicated to the Trust in writing containing both the amount and the settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Page 11

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts

Year to 5 April 2025

1 Accounting policies (Cont'd)

(d) Expenditure recognition

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

All expenditure including grants, donations, support costs and governance costs, is recognised on an accruals basis. Expenditure is allocated in the Statement of Financial Activities under headings that aggregate all related costs.

Grants and donations are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the Trust.

(e) Funds

The Trust maintains Capital and Revenue funds.

The Capital fund represents gifts by the Settlors (less any capital sums applied for charitable purposes) together with realised and unrealised gains and losses on the Trust's investments, less any costs, attributable to the Capital fund. Any investments gifted to the Trust are added to the Capital fund. Gift Aid Payments received are divided equally between the Capital and Revenue funds.

The Revenue fund represents the excess of income over expenditure which has arisen and has not yet been distributed.

There are no restrictions imposed by the Trust Deed in relation to expenditure of capital.

(f) Raising funds

The costs of raising funds consist of investment management costs.

(g) Charitable activities

Costs of charitable activities include grants and donations made and support costs, including governance costs.

(h) Taxation

The charity is exempt from tax on its charitable activities.

(i) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 12

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts (Cont'd)

Year to 5 April 2025

2 Key Estimations and Judgments In the application of the charity's accounting policies

The Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Support costs are allocated between capital and revenue based on the time spent by senior management on undertaking the charity's activities.

3 Investment Income

Interest - fixed interest securities
Dividends - equities
Interest on cash deposits		 2025
2024
£
£
5,838.75
5,572.50
129,510.41
137,763.06
1,811.69
5,893.94
137,160.85
149,229.50

4 Donations - Quoted shares settled

Donations include capital donations of £714,101.25 being donated fixed asset investments (2024: £711,649.50).

5 Investment management costs

Investment management fees
Grants and donations
Donations made during the year were as follows -
Medical Research & Support
Anthony Nolan Bone Marrow Trust
Alzheimer Scotland
Beatson Cancer Charity
British Liver Trust
Forward		 2025
2024
£
£
25,827.54
22,358.74
2025
2024
£
£
5,000.00
5,000.00
5,000.00
5,000.00
10,000.00
10,000.00
5,000.00
5,000.00
25,000.00
25,000.00

6 Grants and donations

Page 13

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts (Cont'd)

Year to 5 April 2025

6Grants and donations (Cont'd)
Forward
Medical Research & Support
Mercy Ships UK Ltd
Scotland's Air Charity Ambulance
Chest, Heart & Stroke
Blind Veterans UK
Leuchie House
Motherwell South Parish Church
Child Welfare
Glasgow Children's Holiday Scheme
Glasgow Disabled Scouts
Scottish Cot Death Trust
Children with Cancer UK
The Boys Brigade
Adult Welfare
Erskine
The Gurkha Welfare Trust
Highland Hospice
Children's Air Ambulane
Adult & Child Welfare
500 Miles
Deafblind
Glasgow Care Foundation
Kilbryde Hospice
Maggie's
The Prince and Princess of Wales Hospice
The Salvation Army
Glasgow City Mission
Street Soccer Scotland
Tenovus Scotland
Duke of Edinburgh
The Prince's Trust
The King's Foundation (capital donation)
Donations for 2025		 2025
2024
£
£
25,000.00
25,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
-
1,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
-
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
-
5,000.00
5,000.00
30,000.00
-
185,000.00
146,000.00
Capital
Revenue
£
30,000.00
£
155,000.00

Page 14

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts (Cont'd)

Year to 5 April 2025

7 Support costs

Governance costs:
Administration costs
Tax Services
Balance of Independent Auditor's fee
Independent Auditor's fee		 2025
2024
£
£
13,203.60
13,206.00
-
990.00
55.60
5.00
7,300.00
6,950.00
20,559.20
21,151.00

8 Related party transactions and Trustees' remuneration and benefits

, one of the Trustees, is a Director of Rathbone Investment Management. Rathbone Investment Management are the Investment Advisors. Investment management fees of £25,827.54 (2024: £22,358.74) were paid during the year and £6,361.24 (2024: £6,333.74) is outstanding at the year end.

The Trustees have not received any remuneration, other benefits or reimbursement of expenses during the year ended 5 April 2025 nor the year ended 5 April 2024.

Two trustees donated investments with a value of £714,101.25 to the charity during the accounting period. In the previous period the same trustees donated investments valued at £711,649.50. These investments are managed by Rathbone Investment Management and the trustees in question have not retained any other interest nor receive any benefit relative to the donated investments.

9 Fixed asset investments

Fixed asset investments
Opening value
Donated investments
Additions during the year
Disposals during the year (at opening market value)
Unrealised (losses) / gains on revaluation of investments
Fair value at 5 April 2025
Investments at fair value comprised:
Equities		 2025
2024
£
£
6,987,558.00
5,502,369.00
714,101.25
711,649.50
1,158,646.41
1,869,940.55
(1,170,707.26)
(1,669,727.12)
(676,304.40)
573,326.07
7,013,294.00
6,987,558.00
7,013,294.00
6,987,558.00

Page 15

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts (Cont'd)

Year to 5 April 2025

9 Fixed asset investments

Investments are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The main form of financial risk faced by the trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors, particularly as the trust is reliant on the dividend yield in part to finance its work. The Trustees have managed the investment risks by retaining expert advisors and operating an investment policy that provides a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchange. The trust does not make use of derivatives and other similar complex financial instruments.

10 Cash held for investment

This represents cash held by Rathbone Investment Management in a capital account for reinvestment.

Page 16

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Notes to the Accounts (Cont'd)

Year to 5 April 2025

11 Debtors

Accrued Income
Gift Aid reclaim 2023/24
Gift Aid Payment
Gift Aid reclaim 2024/25		 2025
2024
£
£
16,148.34
11,394.35
5,500.00
5,500.00
-
5,500.00
22,000.00
-
27,148.34
38,894.35

12 Movement in funds

Analysis of fund
At
movement
05/04/2024
£
Unrestricted:
Capital
6,956,417.70
Revenue
108,768.31
Total
7,065,186.01		 Income
Expenditure
Gains and
losses
At
05/04/2025
£
£
£
£
727,851.25
(63,924.54)
(629,454.75)
6,990,889.66
150,910.85
(167,462.20)
-
92,216.96
878,762.10
(231,386.74)
(629,454.75)
7,083,106.62

Comparatives for movement in funds

Unrestricted funds
Capital
Revenue
Total funds		 At
05/04/2023
Income
Expenditure
Gains and
losses
At
05/04/2024

£
£
£
£
£
5,755,061.13
725,399.50
(30,752.24)
506,709.31
6,956,417.70
104,546.31
162,979.50
(158,757.50)
-
108,768.31
5,859,607.44
888,379.00
(189,509.74)
506,709.31
7,065,186.01

13 Commitments

No commitments have been undertaken.

Page 17

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

The Netherton Charitable Trust

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NETHERTON CHARITABLE TRUST

Opinion

We have audited the financial statements of The Netherton Charitable Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of 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 the 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.

Other Information

The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. 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. The trustees are responsible for the other information.

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 this fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NETHERTON CHARITABLE TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charity Accounts (Scotland) Regulations 2006 requires 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 6, the trustees are responsible for the preparation of 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.

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 the relevant regulations made or having effect thereunder.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;

Based on our understanding of the charity and the sector it operates in we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NETHERTON CHARITABLE TRUST

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006. We evaluated management and trustees’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to;

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor’s 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.

Wbg (Audit) Limited Statutory Auditor

24 November 2025

168 Bath Street Glasgow G2 4TP

Date; ………………….……..

Wbg (Audit) Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The following pages are for management purposes and do not form part of the Statutory Accounts

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Netherton Charitable Trust

Schedule 1

Investments

(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
Abbot Laboratories
1,800 NPV common stock
158,687.00
100shares purchase 14/06/24
1,900 revised holding
Aberdeen Standard Global Smaller
Companies Fund
95.000 I accumulation units
171,760.00
Accumulated dividend 30/04/2024
Revised value
95,000shares sold 10/12/24
Accenture
350 New A Class shares
92,401.00
100shares purchased 06/12/24
450 revised holding
Allianz Technology Trust
84,000 Ordinary 2.5p shares
291,900.00
Alphabet
2,000 Common A US$0.001 stock
241,804.00
Amazon Comm Inc
1,200 Common USD0.01 stock
176,068.00
100shares purchased 14/06/24
1,300 revised holding
ASML Holdings NV
200 Euor0.09 shares
155,358.00
50shares purchased 17/06/24
250 revised holding
50shares purchased 09/12/24
300 revised holding		 Revised
Value
£
166,802.97
172,215.91
120,527.00
190,641.62
196,565.85
225,260.87		 Purchased
£
8,115.97
455.91
28,126.00
14,573.62
41,207.85
28,695.02		 Gifted by
Ian A
Gifted by
Janet H
Gemmell
Gemmell
£
£		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
190,000.00
172,215.91
17,784.09		 Market
Value at
5 April 2025
£
182,724.00
-
99,136.00
269,220.00
225,047.00
171,800.00
143,714.00		 Unrealised
Gain/(Loss)
£
15,921.03
-
(21,391.00)
(22,680.00)
(16,757.00)
(18,841.62)
(81,546.87)

Page 22

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Netherton Charitable Trust

Schedule 1

Investments
(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
AstraZeneca
2,100 Ordinary USD0.25 shares
223,020.00
BHP Group
2,000 NPV Ordinary shares
45,700.00
2,000shares sold 09/12/24
BP
28,000 Ordinary US$0.25 shares
141,708.00
13,000shares sold 07/02/25
15,000 revised holding
Berkshire Hathaway Inc
Class B Common USD0.0033 stock
300 shares purchased 06/02/25
Blackrock Smaller Companies Trust
9,000 Ordinary 25p shares
119,160.00
Blackrock Inc
200 Class A Common stock
126,461.00
- conversion into Common USD0.01 stock 01/10/24
Booz Allen Hamilton Hldg Corp
Class A Common USD0.01 stock
900 shares purchased 18/10/24
British American Tobacco
2,500 Ordinary 25p shares
58,225.00
2,500shares sold 07/02/25
2,700 shares gifted by Janet 18/02/25
4,625shares gifted by Ian 18/02/25
7,325 revised holding		 Revised
Value
£
75,915.00
221,581.25		 Purchased
£
113,293.43
114,636.52		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£
81,675.00
139,906.25		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
41,392.00
45,700.00
(4,308.00)
55,165.50
65,793.00
(10,627.50)
80,815.04
58,225.00
22,590.04		 Market
Value at
5 April 2025
£
226,968.00
-
55,605.00
114,426.00
103,500.00
127,149.00
75,953.00
-
227,148.00		 Unrealised
Gain/(Loss)

£
3,948.00
-
(20,310.00)
1,132.57
(15,660.00)
688.00
(38,683.52)
-
5,566.75

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Netherton Charitable Trust

Schedule 1

Investments

(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
CME Group
650 Common A USD0.01 stock
108,774.00
650shares sold 13/06/24
Compass Group
6,800 Ordinary 11 1/20p shares
151,028.00
Cooper Cos Inc
1,400 Common USD0.10 stock
109,438.00
Diageo
6,000 Ordinary 28 101/108p shares
170,970.00
Digital 9 Infrastructure
79,325 NPV Ordinary shares
17,927.00
79,325shares sold 09/12/24
Experian
6,000 Ordinary US$0.10 shares
203,460.00
500shares sold 09/12/24
5,500 revised holding
Ferguson
400 Ordinary 10p shares
70,400.00
-restructure into Common USD0.0001 stock 01/08/24
-name changed to Ferguson Enterprises Inc 05/08/24
Fidelity Special Values
37,500 Ordinary 5p shares
107,625.00
Gore Street Energy Storage
75,000 Ordinary 1p shares
46,800.00
75,000shares sold 10/12/24		 Revised
Value
£
186,505.00		 Purchased
£		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
98,818.60
108,774.00
(9,955.40)
11,925.41
17,927.00
(6,001.59)
18,672.22
16,955.00
1,717.22
39,251.84
46,800.00
(7,548.16)		 Market
Value at
5 April 2025
£
-
170,680.00
79,816.00
120,720.00
-
178,530.00
48,088.00
114,750.00
-		 Unrealised
Gain/(Loss)

£
-
19,652.00
(29,622.00)
(50,250.00)
-
(7,975.00)
(22,312.00)
7,125.00
-

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Netherton Charitable Trust

Schedule 1

Investments

(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
Halma
7,000 Ordinary 10p shares
158,900.00
1,000shares sold 07/02/25
6,000 revised holding
Hermes Investment Management US SMID
110,000 Equity L Inc
10,000shares purchased 19/06/24
120,000 revised holding
equalisation 01/08/2024
200,464.00
revised value
Intuit Inc
250 Common USD0.01 stock
126,004.00
JP Morgan Japanese Investment Trust
15,000 Ordinary 25p shares
79,500.00
4,500shares purchased 09/12/24
19,500 revised holding
JP Morgan Chase & Co
800 Common USD1 stock
125,231.00
Jupiter Unit Trust Managers
50,000 Japan Income ZH Dist
80,725.00
equalisation 30/09/2024
revised value
15,000shares purchased 10/12/24
65,000 revised holding
65,000conversion into Japan Income U4H Inc 16/12/24
108,541.34 Japan Income U4H Inc
LVMH Moet Hennessy SA
200 Eur0.30 shares
137,193.00
100shares purchased 17/06/24
300 revised holding		 Revised
Value
£
136,200.00
218,488.00
218,451.51
105,792.35
80,509.55
105,918.05
199,419.32		 Purchased
£
18,024.00
26,292.35
25,408.50
62,226.32		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
29,340.30
22,700.00
6,640.30
36.49
36.49
-
215.45
215.45
-		 Market
Value at
5 April 2025
£
150,120.00
191,256.00
108,491.00
99,450.00
130,008.00
101,161.00
135,026.00		 Unrealised
Gain/(Loss)

£
13,920.00
(27,195.51)
(17,513.00)
(6,342.35)
4,777.00
(4,757.05)
(64,393.32)

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Netherton Charitable Trust

Schedule 1

Investments

(held by Rathbone Investment Management)

Lloyds Banking Group
225,000 Ordinary 10p shares
60,500shares sold 09/12/24
164,500 revised holding
Londonmetric Property
25,000 Ordinary 10p shares
Marsh & McLannan Co Inc
Common USD1 stock
500 shares purchased 18/10/24
150shares purchased 06/12/24
650 revised holding
Meta Platforms Inc
Class A Common USD0.000006 stock
250 shares purchased 06/12/24
Microsoft
700 Common US$0.00000625 stock
100shares purchased 14/06/24
800 revised holding
Netflix Com Inc
Common USD0.001 stock
130 shares purchased 06/02/25
Pantheon Intl
Ordinary 6.7p shares
25,000 shares purchased 10/12/24
Persimmon
8,000 Ordinary 10p shares		 Market
Value at
5 April 2024
£
119,970.00
49,525.00
236,147.00
102,240.00		 Revised
Value
£
87,711.40
116,099.22
270,860.83		 Purchased
£
89,048.85
27,050.37
121,407.54
34,713.83
103,068.32
84,912.57		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
32,192.78
32,258.60
(65.82)		 Market
Value at
5 April 2025
£
106,925.00
44,875.00
115,638.00
97,517.00
222,475.00
85,986.00
68,625.00
93,240.00		 Unrealised
Gain/(Loss)

£
19,213.60
(4,650.00)
(461.22)
(23,890.54)
(48,385.83)
(17,082.32)
(16,287.57)
(9,000.00)

Page 26

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Netherton Charitable Trust

Schedule 1

Investments
(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
Polar Capital Technology Trust
9,950 Ordinary 25p shares
298,003.00
9,950subdivision into 2 Ordinary 2 1/2p shares 13/09/24
99,500 Ordinary 2 1/2p shares
RIT Capital Partners
Ordinary £1 shares
7,500 shares purchased 09/12/24
Reckitt Benckiser Group
1,750 Ordinary 10p shares
74,813.00
Relx
5,000 Ordinary 14.44p shares
165,900.00
Renewables Infrastruture Group
70,000 Ordinary NPV shares
69,300.00
Renishaw
4,275 Ordinary 20p shares
1,000shares sold 07/02/25
181,474.00
3,275 revised holding
Rentokil Initial
15,000 Ordinary 1p shares
68,070.00
15,000shares sold 21/10/24
Rio Tinto
3,000 Ordinary 10p shares
149,235.00
S&P Global
500 Common US$1 stock
171,083.00		 Revised
Value
£
139,023.94		 Purchased
£
150,531.28		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
35,224.91
42,450.06
(7,225.15)
55,695.00
68,070.00
(12,375.00)		 Market
Value at
5 April 2025
£
262,183.00
134,400.00
88,935.00
190,800.00
52,640.00
75,489.00
-
127,170.00
174,466.00		 Unrealised
Gain/(Loss)

£
(35,820.00)
(16,131.28)
14,122.00
24,900.00
(16,660.00)
(63,534.94)
-
(22,065.00)
3,383.00

Page 27

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Netherton Charitable Trust

Schedule 1

Investments

(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
Schindler Holdings
620 CHF0.10 P shares
122,180.00
620shares sold 17/06/24
Shell
4,700 Ordinary €0.07 shares
130,660.00
6,300 shares gifted by
18/02/25
5,600shares gifted by
18/02/25
16,600 revised holding
Siemens AG
1,100 NPV shares
163,422.00
Smith & Nephew
13,650 Ordinary US$0.20 shares
133,060.00
13,650shares sold 21/10/24
Steris
689 Ordinary US$0.001 shares
116,611.00
Thermo Fisher Scientific
380 Common US$1 stock
174,571.00
30shares purchased 17/06/24
410 revised holding
Unilever
3,500 Ordinary 3 1/9p shares
134,295.00
3,500shares sold 09/12/24
2,500 shares gifted by
18/02/25
1,500shares gifted by
18/02/25
4,000 revised holding
United Kingdom
60,000 4 1/8% Treasury Gilt 29/01/2027
60,327.00
30,000shares sold 22/10/24
30,000 revised holding		 Revised
Value
£
449,580.00
188,220.45
173,600.00
30,163.50		 Purchased

£
13,649.45		 Gifted by
Ian A
Gifted by
Janet H
Gain/(Loss)
Gemmell
Gemmell
Realised
Base Value
on Realisation
£
£
£
£
£
125,953.27
122,180.00
3,773.27
168,840.00
150,080.00
153,621.15
133,060.00
20,561.15
163,690.04
134,295.00
29,395.04
108,500.00
65,100.00
30,346.14
30,163.50
182.64		 Market
Value at
Unrealised
5 April 2025
Gain/(Loss)
£
£
-
-
411,929.00
(37,651.00)
170,631.00
7,209.00
-
-
113,210.00
(3,401.00)
138,756.00
(49,464.45)
-
-
187,760.00
14,160.00
30,326.00
162.50

Page 28

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Netherton Charitable Trust

Schedule 1

Investments

Investments
(held by Rathbone Investment Management)
Market
Value at
5 April 2024
£
United Kingdom
60,000 4 1/4% Treasury Stock 07/06/2032
62,186.00
30,000shares sold 22/10/24
30,000 revised holding
Visa
725 A shares
159,295.00
250shares purchased 14/06/24
975 revised holding
100shares sold 06/12/24
875 revised holding
Worldwide Healthcare Trust
45,000 Ordinary 2 1/2p
148,500.00
6,987,558.00		 Revised
Value
£
31,093.00
212,503.71
190,708.46		 Purchased
£
53,208.71
1,158,646.41		 Gifted by
Gifted by
Ian A
Janet H
Gemmell
Gemmell
£
£
355,086.25
359,015.00		 Gain/(Loss)
Realised
Base Value
on Realisation
£
£
£
31,076.65
31,093.00
(16.35)
24,124.12
21,795.25
2,328.87
1,217,556.91
1,170,707.26
46,849.65		 Market
Value at
5 April 2025
£
30,636.00
211,746.00
126,450.00
7,013,294.00		 Unrealised
Gain/(Loss)

£
(457.00)
21,037.54
(22,050.00)
(676,304.40)

Page 29

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Netherton Charitable Trust

Schedule 2

Investment Income

Investment Income
Rathbone Investment Management Tax Report
Interest
Dividends		 Sum Received
or Receivable
5,838.75
129,510.41
135,349.16		 Inclusive of Tax
Recoverable
-
-
-

*tax recoverable is a debtor figure

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Netherton Charitable Trust

Schedule 3

Deposit Interest (Gross)

05/04/2024
Rathbones
Debtor figure
05/04/2025 Interest
17/04/2024
Shepherd and Wedderburn LLP
Interest
16/05/2024 Interest
18/06/2024 Interest
26/07/2024 Interest
21/08/2024 Interest
20/09/2024 Interest
30/10/2024 Interest
21/11/2024 Interest
20/12/2024 Interest
29/01/2025 Interest
18/02/2025 Interest
21/03/2025 Interest		 £
-
1,173.45
5.24
4.44
5.04
5.48
1.76
2.02
42.46
109.55
144.52
214.37
87.05
16.31
1,811.69

Page 31

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Netherton Charitable Trust

Schedule 4

Charitable Donations

Medical Research & Support
24/02/2025 Anthony Nolan Bone Marrow Trust
06/02/2025 Alzheimer Scotland
06/02/2025 Beatson Cancer Charity
06/02/2025 British Liver Trust
20/02/2025 Mercy Ships UK Ltd
20/02/2025 Scotland's Air Charity Ambulance
06/02/2025 Chest, Heart & Stroke
06/02/2025 Blind Veterans UK
20/02/2025 Leuchie House
Child Welfare
10/02/2025 Glasgow Children's Holiday Scheme
05/04/2025 Glasgow Disabled Scouts
19/02/2025 Scottish Cot Death Trust
13/02/2025 Children with Cancer UK
06/02/2025 The Boys Brigade
10/02/2025 Children's Air Ambulance
Adult Welfare
06/02/2025 Erskine
19/02/2025 The Gurkha Welfare Trust
13/02/2025 Highland Hospice
Adult & Child Welfare
06/02/2025 500 Miles
07/02/2025 Deafblind
06/02/2025 Glasgow Care Foundation
13/02/2025 Kilbryde Hospice
12/02/2025 Maggie's
13/02/2025 The Prince and Princess of Wales Hospice
14/02/2025 The Salvation Army
06/02/2025 Glasgow City Mission
19/03/2025 Street Soccer Scotland
14/02/2025 Tenovus Scotland
19/02/2025 Duke of Edinburgh
13/02/2025 The Prince's Trust
21/02/2025 The King's Foundation (capital donation)
Donations		 Capital £
5,000.00
5,000.00
10,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
30,000.00
185,000.00
Revenue
£
30,000.00		 £
155,000.00

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Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Schedule 5

Income Tax Repayment

Income Tax Repayment
05/04/2024 Debtor figure
05/04/2025 Provision for Gift Aid reclaim 2024/25
Representing:
Gift Aid reclaim 2024/25		 £
5,500.00
5,500.00
11,000.00
5,500.00
5,500.00

Schedule 6

Gifts Received

Gift Aid Payments:
19/02/2025
19/02/2025
Add:
Gift Aid Reclaim 2024/25
Investments gifted per Schedule 1		 Capital
Revenue
£
£
5,500.00
5,500.00
5,500.00
5,500.00
11,000.00
11,000.00
2,750.00
2,750.00
13,750.00
13,750.00
355,086.25
-
359,015.00
-
714,101.25
-
727,851.25
13,750.00

Page 33

Docusign Envelope ID: 3949576A-AAB9-440D-8FC0-24051FB0C178

Netherton Charitable Trust

Schedule 7

Investment Management Costs

Investment Management Costs
Rathbone Investment Management
05/04/2024 Creditor figure
06/04/2024 Fee to 05/04/2024 (creditor)
01/07/2024 Fee to 30/06/2024
01/10/2024 Fee to 30/09/2024
01/01/2025 Fee to 31/12/2024
05/04/2025 Provision for Fee to 05/04/2025 (creditor)		 Capital

£
(6,333.74)
6,333.74
6,535.28
6,467.69
6,463.33
6,361.24
25,827.54

Schedule 8

Administration Expenses

Shepherd and Wedderburn
05/04/2024 Creditor figure
Relative to 2024:
23/04/2024 Invoice 10484990 £5,000 plus VAT settled 30/04/24
19/08/2024 Invoice 10496821 £2,000 plus VAT settled 23/10/24
Relative to 2025:
03/07/2024 Invoice 10492745 £2,251 plus VAT settled 22/07/24
09/10/2024 Invoice 10501953 £2,251 plus VAT settled 23/10/24
13/01/2025 Invoice 10511703 £2,251 plus VAT settled 24/01/25
05/04/2025 Invoice 10524980 £2,250 plus VAT (creditor)
05/04/2025 Provision for 2025 acc invoice 10535870 £2,000 plus VAT (creditor)
Independent Auditor fee - Wbg (Audit) Limited
05/04/2024 Creditor figure
25/09/2024 Interim Invoice for tax year ended 05/04/2024
21/10/2024 Final Invoice for tax year ended 05/04/2024
05/04/2025 Provision for 2025 accounts (creditor)		 Capital
Revenue
£
£
(2,810.00)
(5,590.00)
2,010.00
3,990.00
800.00
1,600.00
904.90
1,796.30
904.90
1,796.30
904.90
1,796.30
904.50
1,795.50
800.00
1,600.00
(3,475.00)
(3,475.00)
2,806.80
2,806.80
696.00
696.00
3,650.00
3,650.00
8,097.00
12,462.20

Page 34