TURCAN CONNELL
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
Scottish Charity Number.. SC036637
REPORT AND FINANCIAL STATEMENTS
YEAR TO 31 ST MARCH 2025
S.6430.001-AGMF-2910512025

Page 2
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF
THE TRUSTEES FOR PERIOD TO 31ST MARCH 2025
The Trustees present their annual report and fin8ncial statements for the charity for the year ended 31 st March 2025.
The financial stalements have been prepared in accordance with ttte accounting policies sel out in Note 1 to the
ffinancial ststemenls and comply Y￿h the Charity's Trust Deed, the Charities and Trustee Investment (Scotlandl
Acl 2005, the Charitiès Accounts (Scotlandl Regulations 2006 (as amended) and the Accounting and Reporting
by Charities.. Statement of Recommended Practice applicable to charities preparing their financial slatements in
accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102)
(second edition issued October 2019 and effective 1 January 20191.
Ob-ectives and actlvfties
Ob'ectives of Trust
The Trustees are directed in tefms of the Trust Deed to pay or apply
the Income or Capital of the Trust Fund for thè benefit or furttrerance
of such purposes, objects or insb'lub'ons, charitable in18w, as the
Trustées in their absolute discretion shall detemine.
In exercising their discretion the Trustees shall give primary consideration
lo the wishes of those persons who gift or lend fjjnds to the Trust but
this proviso shall impose no binding obligation on the Trustees.
CurrenUy the primary aims of Ihe charty are to support the Scottish
Council of the Scout Associats'on both direcUy and indiredy through
The Donald Seade Outdoor Activities Charitable Company. It is hoped that
this support will assist in the growth of the Scout movement.
Grant-makin
The Trust does not engage In direct charitable activities but makes grants
in furtherance of the aims and objectives of the Trust, subject lo available
funding.
As the Trusts oty'ectives are broad the Trustees have opted for a policy
of making donations to charitable organisations who the Trustees
believe can make significant fronl line impact as a result of that support.
Re
ort on the activities
of the Trust
During the period, the Trust paid grants amounting to £367,355.94
(2024 £135,526.63) as detailed in note 4 of the financial statements.
Of that figure £20,000 00 (2024 £20.000 001 relates to prior commitments
and £224,564 62 relates to new commitments.
Achievements and Performance:
Investment olic
rformance
and
In accordance with the Trust Deed, the Trustees have power to invest in
such stocks, shares. investments and propety in the United Kingdom or
abroad as they in Iheir sole discretion think fit During the year
the Trustees engaged Close Bros Asset management as investrment
managers as a replacement to ABRDN Capital plc.
The Trustees investment policy is geared towards a balanced return be￿￿0n
capital and incom8. There are no constraints as to the investments comprising
the portfolio at any b'me.
In the year to 31st March 2025 the fair value of the inveslrnents ha5 depreciabj
by 5.34%.
Capital depreciation is after net disposals of approximately £235,000.00 and also
reflects lower market prices at the account date as evidenced by unrealised losses of
approximately £55,000.00 at the close of the account
Dividend inoome decreased by 2.76Wo due to changes in the portfolio in the current
and previous years.

Page 3
THE SEARLE MEMORIAL
2005
GHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF
TR
TE
FOR PERIOD TO
RCH2
Flnancial review:
Financial re
ort
The investments of the Trust have a fair value of £5.351,278.35
12024 £5,653,419.00} and there are net current assets of £254,918.57
12024 £77.565.731. There arè long term liabilities of £200,054.82
12024 Nil) at the year end.
The Trust re￿iVed investment income of £136,620.36 during the year
12024 £139.687.59)
Reserves
olic
It is the policy of the Trustees to distribute the income of the Trust in the
form of grants or donations. It is anticipated that. where possible, any surplus
income at the close of the account would be so distribLJted in a following year.
As the Trust does not provide d1￿ct charitable services, the Trustees
believe that normal expenditure can be met from income generated.
The funds of the Trust are wholly unrestricted and are represented by a
portfolio of investments and cash balances. Thè Investments are managed
on a discretionary basis by the investment managers. The Trustees have
power to draw upon the investments in furtherance of the Trust's objectives
whilst retaining sufficient fijnds to meet any commitsnents Ihey may
undertake.
As the assets of the Trust are held in a readily realisable form, the Trustees
do not consider it necessary to maintain specific reserves.
Total reserves amount to £5,406,142.10 {2024 £5,730,984.73), all of which is
unrestricted.
Risk mana
emen
The Trustees have assessed the major nsks to which the charity is exposed,
in particular Ihose related to the operations and finan￿$ of the Trust and are
satisfied that systems are in place to mitigate our exposure to the major risks.
As the Trust relies on its investment retums in order to make its donations,
the principal risk faced by the Trust lies in the perfomiance of its investrnents.
The Trustees have mitsgated this by retaining investrnent managérs
to advise them and by having a diversified portfolio.
Goin
concém
The Trustees haNe no material uncertainties as lo the Trust's ability
lo continue as a going concem.
Structure
ovemance & mana
ement
Foundin
histo
documen
and
The Searle fthemorial1200sI Charitable Twst is constituted by a Deed
by
Igned on 18 May 2005. It was principally
funded by the Ir8n5fer of funds on winding up from The Searle Memorial
Trust. of whic￿aS also a Trustee.
ointment of new Trustees
The
ower lo a
int new Trustees is vested in the Serfor,

Page 4
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF
THE TRUSTEES FOR PERIOD TO 31
T MARCH 2025
Related arties
The Trustee
is a partner of Turcan Connell. Turcan Connell
provsde legal, 2nd accounting servi￿$ to the Trust for which fees are charged.
In the yearto 31sl March 2025 Turcan Connell fees amounted to £16,329,00
(including VAD12024 £12.594.001.
Donations amounting lo £36,899 16 {2024 £10,250 01) were made to The
Donald £p.arle Outdoor Activities Charilable Company of which both
re directors.
Mana
ement
All Trustees are active in the management of the Twst and are considered to
be the kèy management personnel.
New Trustees
Irainin
Any new Trustees appointed will receive all relèvant documentation as part
of an induthon. Initial training will be dealt with al the first meeting of the
Trustees they attend.
Em
lo
The Trust has no employees {2024 Non8}. The Trustees engage Turcan Connell to
undertake the administration of the Trust remunerats'on for which is recorded
in the finanaal staternents.
Reference and Administrative Detsils
Scottish Charit
number
SC036637
Address
Turcan Connell
Princes Exchange
1 Ead Grey Street
Edinburgh,
EH3 9EE
Trustees
deedl
inted b
tion
um
dvisers
Solicitors
Auditor
Investrnent Advisérs
Turcan Connell
Whitelaw Wells
Prin￿$ Exchange
Statutory Auditor
1 Ead Grey Street
9 Ainslie Pla
Edinburgh, EH3 gEE Edinburgh
EH3 6AT
Close Bros Asset Management
10 Crowne Pla
London
EC2A 4FT

Page 5
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF
THE TR
ES FOR PERIOD T
31ST ￿RCH 2
Statement of Trustees,
res
onsibilities in
es
cl of the fin
tateme
The Trustees are responsible for preparing the Trustees. Report 8fKI thé financial
ststements in accordance With applicable law and United Kingdom Accx*unting
Standards (United Kingdom Generally Accepted Arxounlin9 Practice).
nci
The law applicable to charities in Scotland requires the Trustees to prepare
financial statements for each financial year which give a true and fair view of th8
state of affairs of the charity and of the incoming resources and application of
reSoUr￿S of the charity for that period. In p￿paring these financial statements, the
Trustees are required lo..
- select suitsble accounting policie5 and apply them consistently..
- observe the melhods and principles in the Charities Ststement of Recommended
Pracbce {FRS1021;
- make judgèments and éskn"mates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subj.ect to any
departures disclosed and explained in the financial stalemenls". and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records thal disclose
with reasonable accuracy at any ts'me the financial pOS￿.0n of the charity and enable
them to ensure that the financial statèments, comply with the Charities arKI Trustee
Investment (Scolland) Act 2005 and the Charities Accounts (Scotlandl
Regulations 2006 las amended}. The applicable law also sets out the Trustees.
responsibilities for the preparation and content of ihe Trustees Annual ReporL
The Trustees are 81so responsible for safeguarding the assets of the charity and
hence for taking reasonable steps for the pr@V8ntion and detection of fraud and
other irregularities.
Financial statements
re
ar
"on
The Trustees confirm that the financial statements for the year
ended 31 st March 2025 have been prepared 50 as to comply wlh current statutory
requirements, the Charity SORP and the Trusf s own goveming document.
li
Date

Ind•pendent Auditor's Report to th• TruBt•M of The S•arl? M•morlal12005I Charilablg Tru$t
Opinlon
We have audrted the financial slalemenls of Ihe Searfe Memorial {20051 Charitable Trust for the year eThJed 3151 March 2025,
which Comprise the Slalement of Financial Actiwties, Ihe 8alance Sheet. Slalemenl of Cash Flows and notes to the financlal
51alements, incI￿lIng a summary ol significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicaNe law the Financial Reporting Standard applicable in UK arKI Republic of Ireland IFRS1021
(effective 1 January 20191 and A¢counlirKJ arKI Rep)rting by Charities.. Statement of Recommended Practice applicable to
chants'ès preparing their accounts in aecordanee wlth the Financial ReportivJ Standard appllcable In the UK and Republlc of
I￿land IFRS1021 (effective 1 January 20191.
In our opinlon the financial slalemenls..
give a true and fair ol the slate of Trust's affairs as al 31st March 2025 arKI of ils Income and
expenditure for the year then ended,.
have ￿en properfy prepa￿d In ac¢ordance with United Kingdom Generally Accepted Accounting Praclice. and
have been prepared In accordance the ￿qUIrementS of Charities and Trustee Investmerbl (Scollandl
Act 2005 and regulatlon 8 of the Charities Accounts Iscollandl Regulations 2006 las amonded).
8asls for opinion
We Conducted our audit In aeeordance wlh Inlemalional Standards on Audiling {UKI IISAS UK) and applicable law. Our
responslbilllies under those standards are further desC￿bed in the Audllors, responsbbililles lor the audll of the financlal
slalemenls se￿10￿ of our report. We a￿ indep*ndenl of the Trusl in accordance wlh the ethical requirements that a
re*vanl lo our audit of the financial slalemenls in the UK. in¢ludirvJ the FRC'S Ethical SlaThJard, and we have fulfilled our
ethical responsibilities in accordance wlh these requirements. We belpve Ihal the audit ethdence ￿ have obtsined is
sufficlenl and approprlale to pmwde a basls for our oplnlon.
Con¢lu$r¢ns rolating lo golng con¢ern
We have nolhlng lo ￿port In respect of the following mallers in relation lo vknich the ISA5 (UK) require us lo report lo
you vknere".
the trustees use of the going con￿r￿ basis of accountiThJ in the preparalion of Ihe financlal statements is not
approprSale,' or
the Iruslees have not dlselosed in the financial slalemenls any identlfied malorfal uncertainlles that may cast
5ignificarit doubl about the Trust's ability lo coniinue lo a(Jopl the going concern basis of accountin9 for a period of
at least twelve months from the date %then the financlal statements are aulhorised for issue.
Other Inlorniatlon
The other information ¢ompris¢s the infom)ation in the annual r8Wrt, olherthan the financial slaternenls aThJ ￿Jr auditorfs
port Ihereon. The ttuslee5 are responsible for the other infomialion. Our opinion on the financlal statements does not cover
the other infoffliation aTrJ do not express any fom) of assurance condusion thereon.
In connection wlh our audit of It￿ financial slalernenls, our iesponsibilily is to read the other informalion and, in doing so.
consider vA)elherthe other information is materially inconsislenl wlh the financial slalemenls or our kno￿edge obtained in the
audit or olhewse appears lo be malerialty misslaled. If we identify such material inconsistencies or apparent malerial
misstatements, V￿ are required lo determine vhether the￿ Is a material misslalernenl in the financial slalemen15 or a fftaterial
misslalemenl of the other information. If, based on Ihe work ¥￿ have performed, ￿ conclude that there is a material
mbsslalemenl of this other infomiats'on. we afe required to report that fact.
We have nothing to report kn Ihls regard.
Pllatters on whlch w• roqulred to report by •xcoption
We hav8 nolhlng lo report In ￿SpeCt of the lollowng matters in ￿la￿On to thich the Charlt*S 8nd Trustees Inveslmerrt
(Scollandl Act 2005 and the Chaiilie¥ Accounts (Scotlandl Regulalions 2006 la¥ amended) requires u8 to report to yfAJ If.
in OUT opinion..
the informalKJn given in the financial stslemenls is In¢￿51$t¢￿t in any material respect wth the Rewrt of the Trustees.:
Proper aecounliNJ records have not been kept.. or
The fin8nci81 slalemenls are not in agreement WTth the accounting records., or
we h8ve not received all the informallon and explanallons V•* require for our a￿j11
Rè5pon¥lbllltlo8 of trustees
As explained rnore fully in thg St81emenl of trustees. responslbililigs set out ￿ page 5, the Irustees are respyJnsibl8 for lh8
preparallon of the financial slalemenls vthich give a true aThJ fair wew, and foi such inlemal control as the trustees determine
18 necessary to enable the preparation of financial stslements that are free from material misstalemenl. thelher due lo fraud
or effor.
In preparing the financial slalemen15. the trustees 8re re5w)nshble for assessing the Trust's ability lo continue as a going
concem, disclosing, a5 applicable, matters related Io going COn￿M and using the goiro ¢onom basis of accounting unless
the Iruslees either Inlend lo liquidate the TIu51 or lo cease operations. or hab* no realistic allemalive bul lo do so.
Page 6

Audltor'8 re8pon•lbllltl•$ for the •udlt Of the finan¢l•l statsm•nts
We have beer¢ appointell as aL*Jilor undei section 44111(¢} of the Charities and Tru51ee Inveslrnent IScoUaTrJl Act 2005 aTrJ
rewrt in accordance with Its Act and relevant regulalion8 made or having effect thereuThler.
Our objectives are lo obtain re8sonable assurance *out Ththelher the financial statements a8 8 ¥thole are free from material
mlsstatemenl, whether due lo fraud or error, and to issue an auditorfs report that includes our opini(x). Reasonabl6 assuranc?
is a high level of assurance, bul 15 not a guarantee that an audit conducted in accordance Nbith ISA5 IUKI wll alway5 delect a
material mÉsstalemenl ¥then rt exlsts. Mlsstalements can arise trom fraud or error and are co￿•dered material tl, IndlvKlualJy
or in the aggregate, they could reasonabty be expected lo influence the economic declsions of ugers tsken on the basis of
these flnanclal $ialement8.
lffegularities. includin9 fvaud. are instances of non-compliance wth laws and regulations. We design procedures in line vrtth
our responslbililies. oulllned above. lo delect matèrfal misslalernent5 in ￿spect of iTregularFiies. indwJirvJ fraud. The exient lo
vknich our procedures are capable of delecling irreoularilies, Includinq fraud is detailed below..
Irregularities that resuil from fraud are inherenlty more drffiC￿lI lo delect than irregularit￿$ Ihal resutt from effor.
From enquiries of those charged vAth govemance, it was detem71rwl that the risk of material mlsstatement from fraud was low
th Ilttle scope for fraud lo occur. Our oudil testin9 is designed lo detect malerlal misstatements froffl fraud vtt)ere there is not
high level collusS0n.
Our a(klit testiThJ wa5 de5igw*d lo d¢te¢t malerfal misslatsments from other iNegular5ties that ￿$V1¢ from the￿ is
not high lev61 cOn￿alment of the error. In thi5 regard the following audit VKJrk was undertaken= applicable lav43 and regulations
ere reviewed and discussed vlilh management: senior management rlleeling minutes We￿ ￿VIe5*d.. inlemal controls ￿tre
vlewl.. and journals ￿re revieb*d. From th55 audit testing il was deterni1￿d that the rtsk of malerial misslalemenl in this
regard was low,
We carried income testing and expen(*ture leslir¥J, including grants payable, %thich was designed Its identify any irregularities
88 a result ol slmple mislakes or human error. From this audll testing tt was delemiineil that the risk of malerl81 mlsslatement
In this regard was low.
A further description ol our responsibililies for the audit ol the financial statements is located on the Fina￿la1 ReportStvJ
Council's wtbsile at whth.frc.org.uklauditorsresponsibililies. This desc￿ph"on fr)mis part of our Report of the Auditors.
U•• of our r•port
This report Is made solety lo the Trust's rr*mbers and Iruslees, as a ￿tt￿, In acCOrdar￿ wlh section 44111{cl of the Chathles
Tru51ee Investment (Scollandl Acl 2005. regulation 10 of Ihe Ch8ri1ies Accounts (Scotlandl Regulalitins 2006 las
amended). Our a￿1[t work has been u￿lertaken so that might stale to the TrLLsfs trEM￿r$ arK1 Iruslees those matters
are TequSred to stale to them In an auditor's repcrt and for no other purpose. To the fullest extent pemiltted by law, we do not
accept or assume responsibillty lo anyone other than the Twsl and Ils Iruslees as 8 boty, for our aLtrail ￿rk. for th￿ ￿pOrt. or
for the oolrl¢ns ￿ have fomed.
Whllelaw Vvelis
Stslulory Auditor
9 Mnsl* Place
Edinburgh
EH3 6AT
2025
Whilelaw Wells Is ellgible lo act as an auditor in terms of section 1212 of the Cornpanies Aet 2006.
Page 7

Page 8
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
BALANCE SHEET A
AT
RCH 2025
Notes
2025
2024
Fixed as
ets
Inv
5,351,278.35 5,653,419.00
Current assets
Debtors
6.442.23
5,630.04
Cash at bank
.' current account
investment deposf(s
52,704.10
233,682.04
55,081.36
49,562.17
292,828.37
110,273.57
Less..
Current liabilities
Amounts due in less than Iwelve monlhs
(37.909.80)
(32,707.84)
37,909.80
32,707.84
Net current assets
254,918.57
77,565.73
Total assets less current liabilities
5,606,196.92 5,730,984.73
Long term liabilities
Creditors
Amounts due in more than twelve months
(200,054.82)
Net Assets
5,406,142.10 5,730.984.73
resented b
Unrestricted funds
5,406,145.63 5,730,984.73
5,406,145.63 5,730,984.73
Approved by the Twstees and authorised to be signed on their behalf on
Trustee
The notes on pages 11 to 16 form part of these accounts

Page 9
THE SEARLE MEMORIAL
2005
CHARITABLE TRU
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31st MARCH 2025
2025
Total
2024
Total
Income and endowments from:
Investments
10
136,623.89
139,687.59
Total Income
136,623.89
139,687.59
8nditure on:
Raisin
funds
Investment management charges
(34,365.53)
(29,265.07)
Charitable Activrties
Grants and donations
Support and govemance costs
(347,355.94) (115,526.63)
(18,792.00) <16,080.00)
Total Expendlture
400,513.47
160,871.70
Net expenditure before Investment gainsllosses)
(263,889.58)
(21,184.11)
Net gainsl (losses) on investments
(60,949.52)
484,936.74
Net income/(expenditure} and net movement in funds
(324,839.10)
463,752.63
Reconciliation of funds
Total funds brought foThvard
5,730,984.73 5,267,232.10
Total funds Garried forward
5,406,145.63 5,730,984.73
All activrties are conlinuing
All funds are unrestricted
The notes on pages 11 to 16 fonn part of these accounts

Page 10
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
STATEMENT OF CASH FLOWS
YEAR TO 31ST MARCH 2025
Cash flows from o
eratln
activities
2025
2024
Net cash used In operatlng actlvltles
196,068.88) (175,198.79)
Cash flows from investing activities
Dividends and Interest from investments
Purchase of investments
Sale of investments
136,623.89
139,687.59
(556,598.40) (1.228.397.27)
797,789.53
1.239.074.83
Net cash provlded by Investlng actlvltles
377,815.02
150,365.15
Change In cash and cash equlvalents In the porlod
181,746.14
(24,833.64)
Cash and cash equlval8nts at the beglnnlng of the reportlng perlod
104,643.53
129,477.17
Cash and cash equlvalents at the end of the reportlng perlod
286,389.67
104,643.53
Reconclllatlon of net Incomelex
to net cash flow from o
eratin
endlture
activities
2025
2024
Net incomel(expenditure) per statement of financial actrvities
(Gains)ILosses on investments
Dividends and interest from investments
Decrease in debtors
(Decrease) in creditors
(324,839.10)
463,752.63
60,949.52
(484,936.74)
(136,623.89) (139,687.59)
(812.19)
4,180.29
205,256.78
(18,507.38)
Net cash (used in) operating activitles
196,068.88
175,198.79
Anal
sis of cash and cash e
Deposit accounts
ulvalents
current account
investment deposits
52,704.10
233,682.04
55,081.36
49,562.17
286,386.14
104,643.53
Analysis of changes in net debt
Cash and cash equtvalents at the beginning of the reporting period
Change in cash and cash equivalents in the penod
104,643.53
181,746.14
129,477.17
(24,833.64)
Cash and cash equivalents at the end of the reporting period
286,389.67
104,643.53
The notes on pages 11 to 16 form part of these accounts

Page 11
THE SEARLE MEMORIAL
Financial Statement5 for
2005
CHARITABLE TRUST
ear ende
31 March 2025
es To The Financial Statements
1 Accountin
Policies
The Seade Memonal {2005) Charitable Trust is an unincorporated chanty wilh the regislered address
as stated at page 4.
ial stat
nts
re
aration
The financial ststements have been prepared under the historical cost convention wth items recognised at
cost or transaction value unless otherwise stated in the relevant notels) lo Ihese finanaal statements. The financial
stslements have been prepared in accordan￿ with the ' Accounts'ng and Reporting by Charits"es.' Stslement
of Recommended Practice applicable to charities p￿parIng their fi'nancial statements in accordanc6 With
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102)
(second edition issued October 2019 and effective 1 January 201918nd the Financial Reporting Stsndard
applicable in the United Kingdom and Republic of Ireland IFRS 1021 the Charities and Trustee Investment
(Scotlandl Acl 2005, and the Charities Accounts {Scotland) Regulations 2006 las amended).
The Trust constitutes a public b8nefit enty'ty as defined by FRS102.
The financial statements have b*n prepared on a going COn￿M basis. The Trustees have assessed the Trusfs
ability to continue as a going concem and have reasonable expectab'on that the Trust has adequate resources to
continue in operabonal existence for the foreseeable future, thus they contsnue to adopt the going concem basis
of accounting in preparing thè financial statements and are satisfied that no material uncèrtainty exists in respect
ofgoing concem.
The reporting currency of th8 financial statements is sterling.
tmen
Invesbnenls are a fomi of basic financial instrument and are initially recognised at Iheir Iransaction value and
subsequently measured at their fair value at the balance sheet date. The Statement of Financial Adivibes includes
the net gains or losses arising on ￿Valua￿on and disposals throughout the year.
Fair value revaluation of the portfolio at the account date is done at either mid mart(et Pri￿ or bid pnce
depending on the nature of the investment.
As the Trust relies on its invesknent returns in order to make its donations. the prinapal risk faced by
the Trust lies in the p8rfomance of its investments. The Trustees have mity'galed this by retaining investment
managers to advise them and by having a diversified portfolio.
c) Investment
ains and losses
All gains or losses a￿ taken to the Statement of Financial Activities as they anse. Realised gains and losses are
calculated as the difference between the sales pro￿d$ and their opening carrying value or their purchase value
if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the
difference be￿en the fair value at the year end and Iheir carying value. Realised and unrealised gains and
losses are combined in the Statement of Financial Actlvits'es.
ome
Investrnènt income is included in the financial statements in the year in which it becomes entitled to
it, it can be reliably detemiined and there is probabilty of receipl.
ndilur
Expenditure is included in the financial ststements on an accruals basis and recognised in full as soon as a
constructive obligation exists, the sums payable can be reliably measured and there is probability
of pa￿nent.
Costs of raising funds compnse those costs directly attributable to managing the invesbnent portfolio
and raising investment income. Charitable activib'es are those undèrtaken in furtherance of charitable objèctives.
Govemance costs relate to costs incurred in respect of strategic or conslitutional matters and also compliance
with slatulory reporbng requirements.

Page 12
THE SEARLE MEMORIAL
2005
Financial Statements for the
CHARITABLE TRUST
ear ende
31 March 2025
Notes To The Financial Statements
(fj Cost of raisin
hjnds
Investment management charges are included en an accruals basis and recognised in full as soon as a constructive
obligation 8￿$15.
ort and
0veMan￿ co
Support costs are the costs associated wilh the direct management of the charity.
Govemance costs are the costs of Complian￿ wrth the statutory and règulatory requirements of
the charity.
Fees charged by Turcan C¢)nnell for legal and accounting senrices are Included in the financial statements as follows..
Govemance (Accountancy Costs) - actual costs incurre(I
Support (Legal and Administrative Costs) - actual costs incurred
These are recorded in support and governance costs in the Ststement of Financial Activities.
Audit fees are recorded in support and governan￿ costs in ststement of Financial Activibes.
All olher support and gobEmanc£ costs are recorded in the Statement of Financial Acti)rities as appropnate.
As the charity does not prowde services directiy but by way of grants to other organisations. support and
governance costs are not allocated against individual grants or donations.
Ihl Grants
Grants payable are payments to third parties in furtherance of the charitable oty'ects of the Trust.
In the case of an unconditional grant offer this is accrued once the recipient has been nots'fied of the grant
award. The nots'fication gives the recipient a reasonable expectation that they will receive the one-year or
multi-year grant. Grants awards that are subjecl to the recipieni fulfilling perfomian¢e conditions are
only accrued when the recipient has been notified of the grant and any remaining unfiJlfille(S condition
attaching to thal grant is outside of the control of the Trust.
Grants aLthorised to be paid in respect of the accounting year or fvture years are provided for
in the financial statements.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient.
A prowsion frjr a multi-year award is recognised at its present value where setuemenl is due over more than
one year from the date of the award, there are no unfulfilled conditions and the effert of the discounting is
material. In the current economic climate the Trustees consider a discount rate of 2Vo lo be appropriate.
lil VAT
The Charity is not registered for VAT purposes and all VAT incurred is therefore iffecoverable. Where applied,
VAT is included as part of the expense.
2 Debtors
2025
2024
Accru8d income
6,442.23
5,630.04
6,442.23
5,630.04

Page 13
THE SEARLE MEMORIAL
Financial Stalemen
for th
2005
CHARITABLE TRUST
nded 31 March 2025
The Financi
I Statem
3 Creditors
2025
2024
Sums d e less than twelve months
Turcan Connell,18gal fee5
Whilelaw Wells. audit fees
Close Brothers, invesbnent fees
Fulham Reach Boat Club
HospI￿S of Hope
2,400.00
2,400.00
8,600.00
24,509.80
2,400.00
2.400.00
8,300.00
9.803.92
9.803.92
37,￿9.8
2.707.84
Lon
term liabilities
Sums due after more Ih
Fulham Reach Boat Club
months
200,054.82
2CQ,054.82
Total creditors
237,964.62
32,707.84
4 Charitsble acbvib'es
nd
onations
2025
2024
Cth"zenshi
and Communi
Donald Searle Outdoor Activities Charitable Co.
Scottssh Council of Ihe Scout Association
London Orphan Asylum
Nepal Youth Foundation
36,899.16
44,500.00
1,(M)O.00
10.250.01
44,500.00
10.000.00
Heal
Charlie Waller Memorial Trust
Fulham Reach Boat Club
Hospices of Hope
Mad8cins Sans Frontières
20,1￿0.00
20,C()O.00
10,Crf)O.00
20,000.00
10.000.00
10.000.00
20,000.00
Othér
CAF {various small donatsonsl {operatsd by Mrs Malim)
10.000.00
10,OC(I.00
Discount finanang applicable to 9rants and donats.ons
392.16
776.62
142,791.32
135,526.63
New Commitment
Fulham Reach Boat Club
Less discount applied
250.000.00
(25.435.38>
367,355.94
135,528.63
Less prior commilments paid in year
Fulham Reach Boat Club
Hospi￿$ of Hope
(10,000.00)
(10,000.00)
110,(K)O.001
110,000.1)01
347.355.94
115,526.63

Page 14
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
Financial Statements for the ear ended 31 March 2025
Notes To Th Financial S
atements
4 Charitable activitie
Future commitments
2025
2024
Balance brought forward
Fulham Reach Boat Club
Hospices of Hope
9,803.92
9,803.92
19,415.61
19,415.61
19,607.84
38,831.22
Less
aid in
ear
Fulham Reach Boat Club
Hospices of Hope
Discount financing
{l0,C￿.00)
(10,OCQ.00)
392.16
110,000.00)
(10,000.00)
776.62
New Commitment
Fulham Reach Boat Club
Discount applied
250,000.00
(25,435.38)
224.564.62
19.607.84
H Id Thus
Fulham Reach Boat Club
HospI￿S of Hope
224.564.62
9.803.92
9.803.92
224,564.62
19,607.84
5 Rèlated
transactions
Payments totslling £16,392.00 (including VAT)12024 £12,594.00) have been made to Turcan Connell for
their acting as Solicitors and Accountants arKI for administering the Trust
is a partner of Turcan
Connell. The Trust has no employees12024 Nil).
are directors of the Donald SearSe Outdoor Activities Charitable Company and Trustees
of The Searle Memorial120051 Charitable Trust. The latter transferred £36.899.16 to The Donald Searte Outdoor
Activitses Charltable Company dunng the period {2024 £10.250.01).
6 Trustees, 8
enses
No fees or expenses have ￿en paid to the Trustees. All Trustses act gratuitously. The Trustees are the key
management personnel of the charity.
7Em
The Trust has no employ6es12024 None). Th8 Trustees engage Turcan Connell to
undertake the administrakn'on of the Trust remuneration for which is recorded
in Ihe financial statements.

Page 15
THE SEARLE MEMORIAL
Financial Statements for th
2005
CHARITABLE TRUST
ear ended 31 March 2025
To Th Finan
ial S
atemen
8Su
ort and
ovemance costs
2025
2024
Su
rtcos
Trust administration fee$
8.196.00
6,297.00
8,196.00
6,297.00
Govemance co
Accounting
Legal expenses
Audit fees
Audit fees
4,098.00
4,098.00
2,400.00
3.148.50
3,148.50
2,400.00
1,086.00
10,596.00
18.792.00
16,080.00
9 Investments
2025
2024
Fair value as at 31103124
Add
Purchases
5,653,419.00 5.179,159.82
556.598.40 1,228,397.27
6,210,017.40 6,407,557.09
Less
Sales
797.789.53
1.239,074.83
5.412.227.87 5.168,482.26
50,271.01
{49,178.28)
483,844.01
Realised gains
Realised losses
Net unrealised IIOs5es)I gains
40,031.38
(46.447.65)
54,533.25)
{60.949.52}
Fair value of investments at 31103125
5,351.278.35 5,653,419.00
UK inveslments
Ex UK investments
3,690,136.36 3,790,253.00
1,661.141.99 1.863,166.00
5,351,278.35 5.6S3.419.00
Hèld Thus..
Fixed Interest
Equrties
Altemalives
Property
Multi Asset
Liquidty
651.406.12
4,234,041.96
179.013.42
143.065.18
120.000.00
23.751.67
12.17
79.11
3.35
2.67
2.25
0.45
5,351,278.35
100.00
All investments are listed on a recognised stock exchange arKI are held within the UK.
The main risk to the Trust from financial instnjments lies in the volalility of the markets.
Th8 Trusfs investrnents are mainly traded in markets with good liquidity and high trading volumes. The
Trust has no malenal investrnenl holdings in markets subject to exchange controls or trading reslricts'ons.
The Trust manages these investment risks by retaining expert advisors and operakn'ng an investment policy
that provides for a high degree of diversification of hoklings within investment asset classes that are quoled on
recognised stock exchanges.

Page 16
THE SEARLE MEMORIAL
2005
CHARITABLE TRUST
Financial Statements for
he
ear ended 31 March 2025
Notes To The Financial Statements
10 Investment income
2025
2024
Investment Income
Bank interest
132,850.56
3,773.33
136.614.76
3,072.83
136,623.89
139,687.59

EDINBURGH
Princes Exchange
i Earl Grey Street
Edinburgh
EH3 9EE
0131228 8111
GLASGOW
180 St Vincent Street
Glasgow
G2 5SG
01414412111
LONDON
17a Curzon Street
London
5HS
020 74918811
enquiries@turcanconneLL.com
turcanconnell.com