S¢ottish Charity No. SC029907
REPORT AND AccouTrrrs
From: 1st April 2024
To." 3181 March 2025

ERA
Reftre
Twem C(nnell, Soli¢ito
PriK¢i ExCh￿&C
l Earl Grey Str¢¢t
EdInbu￿& EH3 9EE
Able & Y(Mm8 Ltd
Aip)rt House
Pwl¢y Way, Su
CRO OXZ
S¢hmts & Co. Limit￿1
Tradkng as C¥ithl Mana8rn1
12 Moor8
Londo
EC2R 6DA
De¢d of Tnth by Nlchol&q P.u#ace H&ldoh Esq and Mrs
Mthrw￿ J￿e DUTh F•rguson 2nd Mnrch 2fy)O and r•8l#ernl In
tIK Book8 orc￿n¢11 and Session on 9th Marth 2000.
By Mlnts* orth¢ Tn¥t¢¢s dattsl 28th Decank 21N)6 the Th4m¢ Of￿ Tvjst
waq Ch￿Sed ￿'ThI Kilfinan Tn￿,.
The power to appoint new Thts*es li vesled in the durln8 their
Jolnt liftlimts w Ions as they retain c*pa¢ity lo exerGi5e Such
All fnthees are actively involved in the deelsloh making pm¢as.
Reql￿ts fLY fimdin8 are revi¢w¢d by the Trustepi ￿ th¢y ¥is¢.
Durln8 the year the frust paid sum of £13200 (2024 £13200) to Solid
Mana8enKnt and Consultartcy Lirnited forthe provision of an odmifftistrativ¢ consufrarf
to the Kilfinan Gn>up. Kiifinan Group 15 1 meniorin
for ih Chief Executive
Officm of Charitics and emblished by
paymeTrt is
re8wded as a thnwtion ¢0 Kilfinkn Group.
I￿ring the year the Tntst made a don*ions of f85iXJQ to Lets Grow Kld8 UK Ltd, A tharity
in ￿1¢h the trusQes

The Trustees hw¢ auessed the major risks to which the Ghrity 1$ exposed,
ift particular those related to the operntions and fin*Kes of the Tnut and are
sitisfied thal sys*m$ are kn place to mitl8ate their exposure ts th¢ major risks.
The TTU5tQe5 we dire¢tsd in taiiij of thr Trust D&d to w or apply
the Incorn¢ or Capitsl of the Trnst Fund for thc b¢n¢fii or fiffthrn¢e
of such purpoge& objects or instI￿lOn$, clwitabl¢ ID law. as the
Th￿te£S in thelr absolute discretion $hall dttermine. The Tntste¢s
akn authori5￿ to ac¢umulat¢ for the twenty one year I￿10d
fiDm 2nd MaTclJ 2(KM). There bave been no mat¢rial d>anges in obJectAves
Olnce the last ann￿1 report
The principal mission of the Tntstees is to inWrO￿ th¢ opportLmities for
young people of Argyll to lead a ￿lfill1Th8 lifr there. In addition the Trnsleex
hope to benefit society In 86n¢rnl by other donaiions ￿1¢h they may make.
The TTU5tees hove adopted a poli¢y of makin8 donations or lo￿$ to those
O￿an1￿ti£￿ they feel require most support and whw pwpw¢s fall wrthin
th¢ spectrum of the Thut Deed.
41
The TTUStees have recelved applications from a number of org4fiisitiMs
thrOU￿out th• ymr £226342 ￿ wlied In makin8 don￿10￿5.
The TTUgt¢e$' Inv¢Jtyneht policy is 8e8red towards I trfal retyrn basi
Investtnent inrome including intereat recelved £61,827 during the y¢
and dpnalions in form of sha￿S in the swn of £209.744
The inYeslmeThts ofthe Trust have & markd value of £2.285,776 (2024 £2,434,489)
and th¢r¢ are net ¢urrent assets of £2.781.957 (2024 £2,848,945).
Th¢ Trust r¢¢eived inwme of £61,827 and £209744 (2024 £46.234) during the year
nd £226,342 {2024 £227,002) 4)plied in m8king donationi.
T1￿¢ are ongoing fvture ¢ommitments.
Clwilable donations paid in the year amount¢d to 8Y• of the adjuqted trus¢ funds.
In xcordanc¢ with the Trwt D¢ed. the Trusttts have power to iTrvest in
$u¢h Sha￿3, inv¢skn¢nts propety in th¢ Unlted Kingdom or
abroad as they in their sole discretion thll)k fit. Th¢ Trnsloes engaged
hrodeTS Priva¢¢ Bank &$ inv¢slmwrt mAnwrs,
TIM are no ¢onstraints pla¢¢d upott th¢ Investm￿ which may b¢ held in ihe portfolio.

EN
ND
TO
The Trust funds ar¢ unTEStricted and repremted by a portfolio of inve5tmcntsand
¢￿h balances. The invalments ￿¢ maDa8ed on a discretionary basis by the investsnent
managers. The Tnwtees have Power lo drnw upon Ihe fimd$ in filltherwKe of the
Trusfs obi￿tIVeS wljllrt ret•ining suffl¢l￿t funds to meet any Mmmitinonts
tlw may undcrtake.
It IS the policy of the TThstc¢s to distribute the ffi￿d$ of the Tn￿t in the
forni of don*t￿nI.
The ThMte￿ Jr¢ responsibb for pr¢pariTh8 the RgpLYt and the Accounts
a¢cordance with applicable law and re8ul#tions.
The Thariti¢$ Ond Trustee inve8th)ent (Scotland) Ac¢ 2005 and The
Charities Accounts (Scotland) Regulations 21x16 Tequirc the Tnmees to
prepare a Sts¢ement ofa¢counts exh financial year whi¢h 8iv¢ a tru¢ and
falr vlew of the stht¢ of 4ffair• of the Th18t and of its rwults for that period.
In prep￿Ing those xcowit4 the ThMteeJ are rquired to follow bell prn¢tice
- 8ele¢t $ultabl¢ a¢wuntiDg policies and then Papply them ¢cfflsist¢ntly>
- obseTht the method$ and principl¢s in the Charities SORP.
. make iudg¢mffits estim#eg thnt are re•sonabl¢ and PTiMlent'
- stale whether applicable accounling standardj and ststements of
recomM￿ed practice have b¢¢n followed, Jubject ￿ thy departu
dixlosed explained in the x¢ounts' and
- prrpar¢ th¢ accounts on the goin8 coftrxrn basil unle$$ it is
iii•pproprial¢ to •sgun* that the TTUSt wlll rA)ntinu¢ on thii basi&
The above nthed kgislition also rtquirtt the Thistees to be Tespmsible foT
keeping proper ￿coUntIng rewds whith disclos¢ with re&wnable ￿cur￿Y
* Nny time the financial p05i¢lon of the trltht to enable them to ¢n5ure that th¢
accounts ¢omply with th¢ le8isl&tion. They are also responsible
saf¢8uarding the assets of th¢ Ttusi hen¢¢ for tsking reasonable steps
for the pr¢v¢nI1￿ and detrction of fraud Oth￿ hregularities.
Accounts preparalio
The Trustees confinn that & a¢¢ounts for the year ended 31 st Mwch 2025
have been prepared so as to comply with current ststutory r¢quirement& the
Charity SORP and the TntsV3 own governing document.

RTO
MAR
Approved on behalf otthe Thistees

KILFINAN TRUST
rNDEPENDEMf EXAMINER'S REPORT TO THE TRUfftES
I Iwt on Ihe d>*ity tho)wended Jllt M*t¢h 2025 which we ￿ out&va
6th12.
tenusof ThaTrilM & TrusteE InvestrAen¢ (S&￿ Aa 2005. the LTr*it￿ Acth
(s￿11￿￿ Re8ulAtirni th# Tnjst lknl. Th¢ dwity Iht the I￿111
reguifftncnt of r•8ul*lon 10(1> <4) 10 (¢ ) Df thi M6 A(¢¢unl R4ul)tknns thx9 noi ￿pIy.
It 15 T¢SwA¥ibility lo fA•rniN¢fv I￿￿￿1 uNkr seetion 44(70) {¢ ) of th¢
OF
My ex•filnthtk)n ts In at￿rdIn￿ with ReBul￿on I l ofthc 21Th A¢￿￿nts Rwl•tioM
An VAarnin￿1on Inrluths a rwivw uf tht reqjrth k¢p¢ by the
prcsthba with It al&) o1￿Y ile
dbck)Jures in thr •Jd x¢ks¢xplm*iow frofft tho tyv910M miL¥mwJi NK*
The urtrS>tkn thj Thjt Nov&le ali d% evlthntt &t would t¢ requiMI in m I￿11(
t•wwrAly16) ool wrtsy ￿ iudil opinlon on thtr vi¢w 8ivffl by th¢#￿Ull
IA thfrLy+un¢ of njy ¢XWJthJ￿1O￿. fiD h45)Jnbeb) my tsttenthi
l. 8iva ffle ￿TOn￿bItC1￿*tO bdi¢vt thrt the
. lo in tt<¥rfaJK¢ Mth *Etion Wl) (É) ofth 2MJ Act ￿ Reylth 4
orth¢ 2tsJ6 A(xvJThts W*h)n8
. to prepue ￿¢ouTh￿ twrd the accou￿1￿ r•￿rdS￿d wowly with R4ul#im l ofth•
2. 10 Whi¢￿ In ¥y opiolork aMNHv)o th)uld be in i woper Dfthe
Abk & Young Ltd
Airyt Hoult
PuAcy Way
Sur
CRO OXZ
2026

us
CIAL
20
le8acies
209,744
209.744
Investment Income
61,827
01.827
46234
Total
271571
271571
46.234
Charitable a¢tivities
Custodial fe
226J43
S,J81
3,466
226.343
5.581
3.466
227.002
3,993
J,423
Total
234419
NET EXPENDITURE
36.182
36,182
188.18S
Net sain￿10￿> on investhients
For¢lp CuThew Giin l(Loss)
93,756
2.414
93,756
2,414
219,990
4,508
Net Mov¢mMt in Fw)d$
59,918
S9.988
27,297
*1 At l*t April 2024
2.848,945
2,848.945
2,821.648
8al•nce 45 * 31st M•rch 2025
2,788,957
2.788.957
2,848,945

RCH2
2 454 488
CAqh on d•poslt wd In hand
Sundry debtors
io
475.851
29.728
349,017
47,840
Current Liabili¢
Crt41itors: arnounts due within M¢ y¢ar
2,400
2.4
2.40Q
2.41)0
Net CwTertt A31¢ts
503.180
394.457
Net Asnts
2,788,957
2.848,945
Credltora: wnowts due after one )vr
Totsl As8d8
2 788 957
EudO￿n￿l Fund (UnRstri¢*d)
2,788.957
2.848,945
Utsliitrl￿td iti¢4mi
2 788 957
2 848 945
Apprnved by d% TN*ei and authorised to be s*d on th¢r behalf

l A¢e•un¢lry Polleles
The Acc<xmts of the trust are prepared undw tk Historfcal Cost Conventioft modified to Me￿￿e
revaluation of fixed to comply with Tn￿t law, The Charities TnLStee inve31meftt
(S¢odand) Act 2005 , and Clwities AC￿￿ts (Scotl￿d) Regulations 2006. The accouxts also ¢omply
with th¢ A¢¢ountin8 and ReWtI￿ by Charlties: stateme￿ of Reccqnmended Prncticz (revlsed 2005),
To compty fulty with the Ststement of Re¢thnrn￿ Practi￿ knvestsiients ￿ included in the Balanc¢
Sheet at markd value at the y¢ar end date, the Unreali￿ sain ￿ I￿S bein8 appli￿ to Capital.
Net realised 8ains losses on sale of investments slThD in the Ststement of Financial Adivlties.
¢) Inveslm¢n¢ income is Included in the accounts in the year in whith It is receivable.
d) Expendlturn Is Included In the Kcoun¢ oft an I¢¢n￿￿ basts and reCo￿lsed in fvll u goon as ony obll8alion
arises. DOn￿On5 are Tetk¢ted in the ￿OUnts oft a paid bjsis.
F¢e$ char￿ by Able & Youn8 for ￿¢0￿￿try berf ¢har8ed lO￿A to othér costs.
The Independeirt Examiners fe¢s have been allo¢ated 100% to other ¢oJts.
Fe¢s charged by Cazepove Capital Mwwymeni for m•ugin& the invesbyxm Portfolio hv¢ be¢n allocate410
Custodial ftts
Support Md other Costs are nol allo￿ted a8ain8t indiviknl yams or donations.
Grants ￿￿OrISed to be paid in rewt of the accountipg or futwe yetrs we provid¢d for
tn the I￿ounts,
I) YAI
The Thllt is not re8iStffed for VAT pu￿oSe8 Ind all VAT incurred is ther¢fore Strecovernble. Where applied.
VAT 15 as part of the expen￿.

cco
2 Debtors
due from S J Noble Thut
Botsnie4 loan
25.92821
44.039,06
47
39.66
3 Credttors
t) Due wlthl• on¢ year
Abl¢ & Youn& Exmnination Feeg
Able & YouD& AccountarKy Fees
1,200.00
1.200.00
1.200.00
I,2￿,00
4 Ch•rltible DoniiloTr•
4) Adv•M¢¢m¢nt of Eduu¢loR
Dunoon School
SoGi¢ty Of Wrilm
Edinbur8h S¢l¢nce Kilfir4n Tntyt
Th¢ Marine Socltty Sea &dets
Internati(M41 D¢ndrology
500.1Y)
100.00
i.000.00
2J,000.00
3,330.00
b) Adv•neemtnt of Rellwon
St Georg¢s Chur¢h
Kilfinth P4riJh Church
St. Mlrtins EpfJcopaT Church
28 330.00
160Q.00
2,730.00
17200.00
2,750.00
2,200.00
3.151.74
19 950.00
8 101.74
c) Adv•nttm¢Nt of Health
Scottlshsplnablf Kllfman
Mid Ar8yII Youth DevelopThKnt Serviceg
I,000.cKJ
3,400.00
3,300.00
d) Adv•ne¢mtnt of Cltlzew&lp or Commialty D*velopnKmt
Cowal Eld¢rly
Burg Hall Trust
The Rediwtld Foundation
Kandc Foundarton
West ithdon Acllon for Children
T￿hTr Dist
Glasgow C41edon7a
Highland Society of London
Youth Impacl
io.000.00
iJo.00
12.694.66
1,000.00
i.000.00
1,000.00
15.OthJ.00
2.000.00
11.040.00
250.00
15.¢)00.00
1,000.00
15,000.1]O
2208.00
250.00
15.000.00

TOT
L*ts Orow Kld8 UK
Nobk Trwt
15.IKXI.00
85,000.fy)
2,OOIlOQ
121608.
145 984.66
e) Advincernent of the Arts, Ikrltsp or CuknTt
Courtauld Institute of Art
The kugby Portthllo TnAt
Newbwy Festt￿l
Bdtlsh museum
Eng NatiNh#l Balk
Tr Royal Opera Hous¢
7,050,IXI
7,050.00
I,cxx).00
2,Q50.QO
2hOD.00
12(Ki.00
5,510,00
10,000.(xi
2.600.IN)
4.820.00
10.orKJ.00
I,￿.00
I,ooo.00
CO￿1$ of Romanc5
British Archaeologiral
26 470.00
O cou￿rWallOn
NOr1w￿ eonservotlve
Ardknont shttp d08
loo.
100,00
I,000,00
10.00
10.
g) Oth•r Ch•rltabk Purpo￿ .
Solid Man•8emeftt (Kilfinan hlenlofing Grw)
Charities Aid Fo￿dItion, Kin8 Edw4rd
Fffids Hollmd Pwk
Historic Sc¢xl￿d
13200.00
300.00
13200.
300.
15.¢X)
73.5
3.075.00
1,225.00
8,087,40
??.00
2.9J2.50
1,575.00
Others vario
1,200.00
ISS.00
9.420.¢0
i.(K)o.00
The GrDb Tnisl
Fi8lKing words
100.00
19
36 395.9)
226
2.50
227 IK12,30
Dth#k)N mpAle In the >tar 3 1st M•rth 2025
226
42.50
227 002.30
5 TT¥*¢ Expenie8
Nll fees OT expenses bav¢ b¢£n pald to the Tr￿te¢S (202￿ nil). All Trustees act grntuitOU81y.
FM$ paid to S¢hroder Priv4tt Bahk for thetr aedmg as Inveslmert M8na8us and for administttlng
the Tn* an￿￿1￿1 th £5.581 (2O24-£3.993) and ks ￿ClUded in the SOFA under ¢oJts of rnlslng fi￿ds.

6 Cost of yn¢rA¢h)i fu•di
Invesiment rnaDigan¢M fees
5 581.07
7 Other Coit•
Examination Fees (hKluding VAT)
AC￿mn14nCY F¢cs (In¢h￿1n8 VAT)
Bank Clwgcs
Legal fe¢5
Substriptio
2,4￿.00
2,$20.00
240.00
388,38
60.QQ
215.00
389.00
6n.00
3 423.38
8 Inv•8im¢Thts
Value of Investmm It Is¢ April 2024
2.454,487.99
Aequtsititms
209,744.38
2.664.232.37
D￿￿511S t¥iiil repayments
284.699.00
Reallsed Gain
Unr¢alis¢d Gain
un￿lIsed L•ss
77,281.00
171,037.00
Mwket Value of Investments at 3 1st MAT¢h 2025
2 285 777.37
Indlvidual holdings whi¢h ex¢¢¢d 5% of portfolio by vijue as at 3 lit March 2023
Visa
Sclwoder Asla Alpha Pl
Man GLG Sterling Corporat¢ Bond Fd
WisdomTr¢¢ Physlcal Gold ETC
Alphab¢t ( Shares C)
Apple
208.311.00
182,198.00
215.425.00
151.013.00
127.427.00
200 367,00
1084 741.00

Foreign Currency Gain l{LosJ)
Exd1￿g¢ difftr¢n¢¢
4 508.00
9 InvMtrn¢iit Ineom¢
Divithnd Inwme
Bank Int0rn81
28251.00
30267.40
08.54
.94
25,260.98
17.645.13
3 327.55
46 233.66
10 Calh on depNIt and In hand
Capitsl )￿O￿￿t
c￿￿ve Income acc(Mint
48297.04
144,967J2
25.756.72
70.55
256 759.70
475 851.33
102,469.54
116,741.70
29,834.07
71.00
99901.00
349017.31
EURO account
USD ac¢ount
10 N¢¢ R•cO￿ll￿tIon
Capital
In¢om•
Totsl
Inveatffl¢nts
2.285,777.00
2.285,777.00
Cwh on •nd In hand
475,851.33
473,851.33
29,728.21
29.728.21
2.791 J56,54
2.791,3S6.54
Crditors
(2,400.(X))
2,400.00
2 788 956.54
2 788 956.$4

I l Doiatl•M from Trustus
txwing the year the tritst received domtions in the forn) of kn fmm the tnisf¢¢S.