Charity reglstratlon number SC037699 IS¢otlandl THE CAMERON TRAVEL SCHOLARSHIP TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 OUNT www.thonisoncooper.com
THE CAMERON TRAVEL SCHOLARSHIP TRUST CONTENTS Independent examinerfs r8F Staternrt ofthandal adi Balan s )tes to Ihe finwal ststements 9-17 Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY2025 The tnleeS present their annual reprt aKI finarKiaJ Statemw for Ihe year endeA 31 JarMJary 21Y25. The ffnanrial statements have been pYepar&J in accordance wfth the aco)unting wlioes set out In r¥)le 1 to Ihe financaal statements arKI comply with the charitW5 govemirwj dctumenl. th8 Charities and Tntee Investment Iscouandl Act 20)5, Ihe Charilies Acnts (ScoUaTrJl Regulations 2CrfJ6 las amended) and 'Accounting aTh Reporting by Chariltes.. Statement of Recommended Pracilce apF4icaUe to chartli&s preparing thr accounts in accordance with the Financial R8rtirvj StaThlard applicabte the UK ar Republic of Ireland IFRS 1021" leffectNe 1 January 20191. Objectives and actlvltles The aims of the Trust are to provkle fiJndlThJ for agrlculbjral SdenIS domidted in Scoljand and tralning In Scodand for 8 career in agr1bjre for the Pur[ of broadenirvJ their education and understanding of agrtcuKure In other countries.. an(t to prowde furKling to assst pupts ftc Dollar Academy, Dollar, Clackmannartshire lo travel abroad fLY the purpose of broadeniro Iheir education and uThJerstsnding of the world. The Trust aims to meet the above oliectives by inviung applicants to appty lo the Trugt through exposure In the media, trIness contscts arKJ adVertIng. In DdL3r Academy regutar anrnceMents are made to 8noxJrage plls to apply. Twstees gNe th8ir lime voluntsrity to help meet the oecbyeS of the TnJsL They r1ve rK) remuneralh)n or expenses. and the Trust empk)ys no stsff. th& TrLtst rel entY the Trustees to fvnoon. Grant making Pollcy The Trustees make grants to Doltar Aczdemy pupils and to Agriajllural students where they b8fie¥e that th8 ontribuEion will make a al differen. Wiolions for gr8nts are nle elther In wrfllng lo the board or by presentation. AptAicants L7n be champky)ed ty a tM)8rd member in trlf appltcakn. Eath grant application L8 revievd ty all Trustees and Is approved or rejected at Ihe meetings. The Trustees ded with all applications from start lo finish. The applicalion guidelines www.camerontravethJst.txg.uk. avaiLable the Tnjsys webslte: Achlevements and perforniance The year lo 31 January 2025 VAS a disappointtng for appnts wilh r1CJ numbars applying for both Agri(yJilural a1 D(AlarAcademy Grants. Flnanclal rgvlèw The results for the year are set Cmjt on page 6 of Aoxxjnts. The T[lee$ (¥)nsider stat8 of affairs of Ihe tharity to be salSsfactory. Reserve5 Policy The unrestricted fvnd 8 at 31stJanuary 21Y25 amounted to E347.537 (2024 - Q09.458) which wll be used fuba years lo pay grant to students. Investtnent Pollcy and Capltal amounts held by Ihe Trust are held on depo1 local banks. Trustees research ILKal saving5 rates and offers to maximise interest income for the Trust. In addition. furKls have been Invested In a broad range of UK equities for long term capital grcwth. aThJ in Ihis connedM)n. Trustees, tske a fimi of StcbrOke. Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Rlsk Ihnagem•nt Th8 Board advety remews the major risks lh8 tharity faces on a regular basls and believes that maintaining reserves at current levds, tMined wrth regul8r review6 of cortro]s over key financial systems, will prode suffident resources in the event of thrse condiliorL8. The Board has atso examin8d other operational and buslness risks faced by the 1th8rity and Lxkn that it has estabJi5hed systems to mitigate the signthcant Tisks. Plans for tho Future The Trust aims lo continue to meet lh8 ob5erves s8t CMJt In the Trust deed as explalned In the "objecÈlv8S' se1) above. To enable the Tnjst to do so. Trusteeg wtll use tr cortscts wth the Scottish Agriculturdl Col and Young Farm8rs AssouatK)ns to eno)urage applThtknns fr[ the farming sIr. In a(klitson the merits of Ihg Trust are discussed at DolL4r Acadèmy ambty and in the newsfetter and Trustees are discussing how best lo'encourage mc¢e Qua applkatiCrf from the s(1 wilh the Reclcf. Trustees l¢Jok forward to receing grant appli¢21k. structureg governan¢• and managemenl The Cameron Trav81 olarship Tntsl is a CJWItsb TnJsL number SCO37. whlth was estat4i8hed and govemed by tts Trust de&1. It was granted thorilable slatus by OSCR 4th January 2Tr)7. The charity is ganisad so that the Trustees megt regularty lo manage Its affafjrs. During the year the Trustees met tw1. There have teen tarMJes to Tnjstees durwu the yw. As a charitable Trust. The Cameron Tr8vel s(43h1P TrLtst is administered by a Board of nlna unpahj Truskn. The induction and trainiThJ of Trustees is c3rried wl duTirwJ their lemi of swice. Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 The tnjstees wtKJ served durlng the yew and up to ts date rf Sithre ofthe fnancial slaternents were: Prfnclpal 0ffl¢o CIO ThcScffi CcopEr 3 Casue C(rt Camegie Camws Dlferrnrlne Frfe KY11 8PB Independent Examlner 3 Castl& C(MJrt Dunfennline Frfe KY118P8 Banknrs Royal Bank of Scouand Fk Bank of ScoUaTrJ Broxden House 18 Cr055gate Lambath Drh Cupar Frfe KY15 5HL PH1 1RA Gharlty Regl3tratlon Nurr*2r SC037699 19 Mars1 Ptace Perth PH2 BAG Thomson Coopcr
THE CAMERON TRAVEL SCHOLARSHIP TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Key rnanagement personnel remuneratlon The Trustees consider the board of TnJsls as comprising the key management personnel ol the chanty in charge of directing and controlling the chanty and running and operdting the chanty on a day lo day basis. All Twslees give of Ilir lime IelY aThJ no TnEtee ierr.urEratirm was paid in the year. Detsils of TnJstee expenses and relalett FM3ty transa¢ticS are disck)sed In note 6 10 the &counts. TiusieES t requiieij its disclose all reÈvant inieresls armj register thn wslh the Ghaitman and in accordance the Twst's poliGy withdraw frorn decis7n5 where a wnflict of interest arises. Statement of trustees. responsibilities The trustees are responSie for prepariryj the Trustees. Rewrt and Ihe financ4al slaternents in accordan with appluble law and Unite(J +Q"nOM AcUnty.ng Standards (United Krydom Generalty Apted Ac¢ounts'ng Practice}. The law appIble to chartlies in Scodand requi5 the tru5teeJ to prepare finanoal statements for each financAel year which give a true and fair view of the State of èffars of the tharity and of Ihe incoming resovrc8s and appltIon ol resources of the charity for that year. In prgparing Ihese finanual statements. thè trusteès are u*d to.. - sele¢t suilable awunl'ng pdicEs then apply them consislenuy.. - observe the meltrk)ds and prinoples in the Charibes SORP: - make judgements and asth'mates that are rea9)nab and pwdgnt., state whelher apFAicable aco)untirg stsndafds have i)een TlJ. slect to any material dèpartu disdosed and explairEd in the finarcia skiemenis- an(J prepare the fmancial slatements on going ccncern basis it 13 inryproprrate to presLme that the charity will continue Trn operatK)n. The tru5t8&s are responsible for ke•ping suffioent accountin9 records that disclosé wrth reasonable accuracy at any lime the financial tx)sition of thè ehanty and enable them lo er6ure Ihal the financial Statemènts ccmply with CharitS and TrLSteè Investmt IScotLqndl Acl 2005. the Charities Accounts (Sl3nd) Regulations 2006 (as amended) the provisions ol the trust deed. They are a150 responsitrAe for saleguarth'ng Ihe assets of the chanty and hence lor taking reasonable steps lor Ihe preventDn arKI delectDn of fraud and other irregularit'es. The trustees are reswnwbk for Ihe Maintenan and integrity of the charity and financ4al infornatvn included on charity's website. LegislatK)n in the United lfjngdom goveming the prepardts.r and di55emmalion ol finanoal statements may differ from legislation n olher jurtsdidl(s. The trustees are resJn$lb for Ihe Maintenan and integrity crf the charity and financial infomiatrjn included on charity's website. LegislatK)n in the United lfjrtyom goveming the preparats. and di5sernnalson ot finanoal statements may differ from legislation wi other IunsdKty'(s. Thomsoti Cooplr
THE CAMERON TRAVEL SCHOLARSHIP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAMERON TRAVEL SCHOLARSHIP TRUST I rOrt M the flnancial slat8m8nts ofthe cthaiity for Ihe ythr erMJed 31 January 2025. whKh are sel out cn pages 6t017. Rgsp•dlve rnsponsknlllttes of trust8os and eIn The chariVs tn[S are resp$1 le for the preparation of the financial statemènts in 1rdance wth the terms of the Charitles and Trustee Investments (Sand} A(X 2(N)5 a1 the Charities {Scot&ndl Ragulatlons 21N)6. The charitys Irustses c6Jar that audtt requlrement of Regukqtlon 1011lla} to {¢) of th8 20C Accounts Regulallons does ap[. It 15 ry p(ibIlIty to exaffline th8 sl£tements as requi0 under sectrjn 44(11(c) of the Act and to state wfther partiojlar mattars have come to rny ntil. 84sls of Indèpendent exon•8 statempnt My examin811on is carti8d In aC£yJrdan with Regulation 11 of the Charflles AucyJnts Ists)ttand} Regulatrjns 2006. An axarnlnation includes 8 revlew of acnmmtlng rnrds kept by the chanty 8fKI 8 rmParfSan of the financial stat8rwits presented wth th recrxds. It also indudes cyMsiderakn of any unusual Stsms or dCloSureS Sn the ftnancBI statements. arKJ seeking explanat#)ns from Ihe trustees concerning any such rnattew5. The pftjcedures uTrJertaken do not provije all tITe evKlence that would be requir8J in an aucfrt and consequenty I do not exwess an audri opinKJn on the gwen by the finanaal ststemen Indapgndgnt examlnofs statemont In conn8eJKJn with my examinatiM. no matter IS C))n to my attentborL (al whith glves me reasonable Cau lo telieve that in any malw1 r8SP8Ct the requirements: 01 to k88p accounting records in atxordanL¥ *rylh $8dion 44(11 la) of th8 2005 Act and RegulalK)n 4 of the 21K16 Accwnts Regutallons; and (111 to prepare llnandd st8tsmgnts which accorrl with th8 a¢)))untiw rocords aTrJ crynFly Regulat 8 of fv 2006 Acwjnts Regulalions" have not been mot or Ibl to whtth, hi my okmnion. attentrjn Shk1 be dravm in order to enable a prwer understanding of Ihe finanaal st8temgnts to be reached. Independenl Exarniner 3 Castte c(rt Camegie Campus Dunfemilln8 Ftfe KY118PB Dat". 31 July 2025 Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTNMES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 JANUARY 2025 Current fInda1 year Total Total funds 2Iy25 2025 2025 2024 Income from: Investrnents 67.$30 67.530 58,1)98 Raising funds 11.926 11.926 11.071 Charitable actsmties 17.525 17,525 45.398 Totsl resources •xpondod 29.451 29.451 56.469 Net gainsl{lossesl on VestrneTrts 48,922 133,565) Net movgmgnt In fvnds 38.079 48,922 87,001 131,936) Fund balances at 1 Febnwry 2024 309,458 2.1S4.533 2.463.991 2.495.927 Fund balances at 31 January 2025. 347.537 2.203.455 2.550.992 2.463.991 The statement of financtal adrvibes ind¥JJes all gal aThJ hjsses reojgntsed in the year. Al irb)Jme arwj explture derNe from (x)nlMlrnJ aclivfjlies. Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTMTIES (CONTINUED) INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2025 Prfor financial year Unbwtricted Endowment fvnds fvnds Total 2024 2024 2024 Income from: Invèsknents 58.098 58,098 nditure on: Rai8ing funds 11.071 11.071 Charllable activltles 45.398 45.398 Total resources expended 56.469 56.469 Net gnSIV05seSI on investments (33.565) 133,5651 Net rnov¢ment In funds 1.629 (33,565) {31,9361 Fund balances al 1 FelThry 2023 307.829 2.188.098 2,495,927 Fund balancos at 31 January 2024 309,458 2.154,533 2,463,991 The statement of finan(xal aciiwtses indudes dl gakns and k)sses rewNsed in the year. All income and 8XP8ndltur8 derive from conUnu1 activlttes. Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST BALANCE SHEET ASAf31 JANUARY2025 202S 2024 Notes Flxed assets Investments 11 1.401.174 1.299.102 Current ass8ts Debtors Cash at bank and in hand 12 1.025 1.158.923 1.175, 1,159.948 1.176.209 CdItors- amounts falllng due within ono year 13 {4.8801 14.8201 Nel ¢ent assets 1.155.068 1.IT1.389 Total assets less current liabilities 2.556,242 2,470.491 PTovlsions for liabilities 15,250) 16,5001 Net assets 2.550.992 2.463.g91 Inc¢m• funds Endowment funds Unrestricted fudS 12 13 2,203,455 347.537 2,154,533 309,458 2.550.992 2,463,991 Tie financia5 sldie'nefil< weie <ipproved by '.hp TrJslees ory l ! . Jls 2025 Thonisoii C-ooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 ACCO19 policies Charlty Inforniatlon The Cameron Travel S¢trthrship Trust is a Charitable TrusL 1.1 Accounting convention The fflnanual statements have prepored in aCCorce fjth ts dwritys 9)V8mirg dCmen¢ Ihe Chariknes and Trustee InveStt {S(y)Uand) Acl 2005, the Charities ALXX)unts {SwUand) Regulations 2 las amended) and 'Accounting 8nd ReFxxb'ng by Chartiies: Slatement of Rewmmended Praclice applicabta to charfues prepariThJ their ac£ourrts in ac£oTdarKe wth the FinarKial Reting Stsndard appIlble in the UK and Republic of IrBt8nd IFRS 102) {effecthe 1 January 20191". The Ltharity ts a Pth1 Benefft Entity &8 defin8d by FRS 102. The financaal statements are prepared in sterfry. whh is the frjncttonal of the charity. Monetary amounts in these financral stsleMts are rounded to th& nearest £. 12 Going concem The Trustees consKler that there are no materid uncertaintie5 about the Tn$ ekntity to ¢tInUe as a golng coneem. The most signtfvxnl areas of Unti]nty that affecl the c8rrying value of assets held by the Trust are the 18vd of Investrftent reium and the performance of invesknent matkets (see the Investment policy aTrJ Pthrman and risk manajement secLTh of the Trustees. annual r8POrt for more irrformation). 1.3 Charllable funds unrestrle fiJThYs 8r8 av8it8bte for LW * the of Ihe trusteos in ffijrthan of their charitable oblectives. EThYowmenl funds relale to the pItal of the dwEty. arKI are rppresented by 0nts held in a high intergst deposit account and equ(ty irwestments. IA Income l income 18 regThsed once th8 charity has entilenl to WKJ)me. it is probable that the kbcome w1 be reNed and th& amount of inrx)Th rgceNable be Measu relity. The followng 5peafic pdlcaes applled to partI[arCotjrie$ of intXTh: . Voluntary inrne Is reIVed by way of donations gtfts arKI Is Induded In full In the Statement of Financtal Actiwbes when receivable. . Interest on fvnds W on d8POSit is induded wthen rl¥able and the amount can be mured reliabty by the charily. thi5 is nornalty upon nobfithon of the Inter paid or payabie by the ban . Dividends are rniSed m the dmdend has been dedared and notiknlion has been reiVed of the dtvidend due. Thts is norn[ upon notification by our Investment advisor of the djend yleld of the investmt pr). Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS {CONT]NUED) FOR THE YEAR ENDED 31 JANUARY 2025 Accounling policles (Continued) 1.S Expendlture abiliti'es are recognisl as expenditure as s(Th as there 15 a legal or rxMstruLthe obllgatlon commltttng thè charity to that expanditsjre. 11 ts prc&able Ihat settfemenl will be requiTrd and the arr4Junt of the obligation can be m&wred rva. Al eXpeThjTiu is a(xounted an accruals basis. Al expense5 indud(ng suprrfyt tx)sts and goveman( rx)sts arè alIcted or apFutioned to the applicable expenolbjre headings. Grants eXpeIllure is recogniwj orKe the grant has been gt¥en the approval of the Trustees arHJ there is a like11hd that the grdllt WMJ be taken up by the re(aplenL The ONreIng w0sn is created and Is reversed when paid. Supwrt c))sts have l)een alk)cated beNveen governar costs and other Supr Costs. Govemance costs include those costs associated wth meeting the constituUonal and statrrtory requirements of the (arity and Indude the o)sts linked to the strategK managerrent of Ihe tharity. 1.6 Flxgd assèt investmènts Investments afe 8 fomi of basic finandal instwment and are initialty recognised al tr1r traraCtIon v81ue and subsequently measijred at their fair as al the balance sheet dale using the closing quoted market wica. The statement of finan(iaJ adivil]es indudes Ihe net gains and losses ar15¥j on revalualion dIspos$ . throLsgh(yJt the year. The Trust not acquire PLrt optbjns. deri or othw cleX fina181 instrumen The main fonn of finanaal rtsk fac8d by the dwity is Ihat of volaliiity in equity markets and Vestment markets due lo der economic condilions. the attibyje of investor5 to investrnent risK and changes sentlment conceming eqeS and ¥thin particular sectors or sub sectors. Realisedgains andloss8s All gains and losses are taken to the Stalernert of Finandal Adivities as Ihey wise. ReJised gwns and 1055es on investments are cCaJIa1ed as th8 drfferen sales proce8ds and their opening carying value or thr purc*)ase value rf ao4uired subsequent to first day of the financial year. Unrealised gain5 and bsses are ¢2lculaled a5 the drffererKe tween the fr value at the year end and their canyng value. Realised unrealisad investment gains and Josses are combined in the Statement of Finala1 Activth. 1.7 Cash and cash equivalents Cash and cash equlvalents indude cash in haTrJ. deFosits hekl al Gall banks. othér short-tem) Ilquid Investments original mabjribes of three months or less, and bank overdrafts. Bank overdrats are shown withln boryowtngs In current Uabllibes. 1A Fkn•nclal Instruments The charity has dec1 to apply lh8 provis of Sec¢K 11 'Basc Finanual bwruments. aThJ Sedon 12 'Other Finanaal Instrurnents15sue5' of FRS 102 to all of its finanrAal in51Turnents. Financial instnjments are recJ)gnised In the charitys baiance sheet vknen the chadty becx)mes paty to the tractual provisions of the inslrumenL Flnandal assets and IEabAlties are offset, vAlh the net amounts preswrted in lh8 finandal statements, when there is a legally enforceab tight to sel off the recc4Jnised arTr)unts and there is an intention to setu8 on a ngt b88ls or to reallse the asset and settle the ablty simultaneousty. 10- Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 JANUARY2025 Acwuntlng polkles (Continued Bask flnanclal assets Basic ffinarKial assets, which indude deblors and c8sh arnj b8nk b818nces, are knltiatly measurad at transaction fv Indudlng trans8ctiLYL t))sts and ar8 subsequenty carried 81 amorbsed u)sl usiryJ the 8ffe¢i Interest method unless the arrangenEnt constitutes a financing transaction. where the transaction is measured at the pr8sent value of the bJbJr8 receipts discountad at a market rate of inleresL Finanaal assets 8aslc flnanclal Ilkn"IIUes Basic ffnancid Irabililies, indudiryJ ¢>editS and bank loans are intlialty recognised at trdnsaclion price unles5 the arrangement CpNtUIes a ffin8fid transaclton. %there the debt instruMt is measured al the present value of the futur8 payments discounted at 8 rwket rate of InteresL Fln8ncl81 Ikgbllliies d&sslfied as payable thln one year are not aMOrti1. Debt Instruments are subsequenty carrled at amortised ct)sL ustrYJ effedive Interest rate method. Trade cs&Jitors are cAigath"ons lo pay for go$ or ye1¢e# that have been acquired in trè ordlnary cc#Jrse of operatvjns from supplie. Aj paydble are daSsifi1 as ¢)Jrrent li8bllities rf payment is due w(thin one year or less. If not. they are presented as n-CUrrent Irabilibes. Trad8 cxedilors are r8cognis8d Inltiauy at transaotth price and subsewentty moasured at amortised cost using Ihe gffectivo intt m8th0d. Dere¢ognitlon of Ilnan¢lai Ftnancial liablktses are derwnised when thg charitYs obllgal¢$ expire or are distharged or cancelled. 1.9 Provlslons Provisons are recognised when the charlty has a Co1 pr?t 0blb3ath as a r8suII of a past ev( it is prObae that the chattty wll be requiFj to setue that obligatk)n and a lable estlmate can be made of the arrmjunt of Ihe (*gati. 2025 2024 Dividgnd income Bank Interest (Received gross) 51.948 15.582 41.196 16,902 67,530 Rai8ing funds 2025 2024 Inveslment management costs 11.Y26 11.071 11.926 11.071 11 Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Expgndlknre on charhable aGtl¥l 2025 2024 Dlre¢l ¢ts 14,450 36,7(Kl Share ol Support and govemance costs (see note Support GovernatKe 1.095 5.938 2.760 17.525 45.398 Analysls by fund unr8s1rid funds 17.525 45.398 The charlty uTr2ertakes Its charftat4e actsvrNes through grant maWTrJ and awarded grants to a number of irxlivKJua15 in furtherdrKe of ils chaiilabSe ac1ivibes. (knts Ere pawj to 9 {2024: 35) indNtduals during th8 Supwxt Goveman 2025 Basls of alloOn Insuran Webske (x)sts 615 615 Direct 480 Dect Independent &xamination Fees 1.980 (>)vemance 3.075 For tho yoar ended 31 January 21r24 2024 Basis of allocation Insuran wete (y)5ts 658 Dlr8ct 5.280 D5rect 5.280 Indepethl Examinatton Fg8S 2.760 2.760 Govemane8 2.7 Net movement In fvnds 2025 2024 net movement in fvnds is 8tated after c*wgIr(c¥e(fiting). Fges payable for the independ1 eXan8th)n of the fmn(xal statements 12 Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 The Trustees all give freety thelr tirne and experttse thut any form of rernLmerati or other bgnefit cash or kind12024.. £nill. There have been other rdated party trarCtionS in the year. Employws The average monthty number ofemknes durty the year was: 2025 Number 2024 Numbgr Total There were no emtAoypes whose annuel remuneration was more than £60.OCrf). Gain5 and1055es on inve5tmor 2025 2024 Gainslllosses) arIng on: Revaluation of investments Sale of Investrnents 20,697 (78,6471 45,082 48,922 {33,565) 10 Taxation The thwity is exempt from tax8tlon on hs activi1$ because all Ms Income ts applled for charttable wrFQS8S. 13- Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 11 Fixed asset investments Llstrd investments Cost or valuatlon At 1 February 2024 Addrtsons Valuation changes Disposa15 1,299,102 248.453 20,697 1167,078) At 31 January 2025 1.401.174 Carrylng amount Al 31 January 2025 1.401.174 At 31 January 2024 1.299,102 lnveStrrts at fair valug all ccKnpris8 of equities listed in Iha UL l investrn8nts are carried at their fair value. Investment in equrlies are all traded in quoted public markets. prfmarity the London Sle¢k Exchange. Hddings In common Irwestment fijnds. unlt trusts and open-ended irwestment a)mpanies are at the bid prKe. The bags of fair vatue f¢x qwled investments equwalenl lo the mark8t value. using the pri. Ptsset and purchases are reC(nISed al the date of trad8 at cost (that is their transaction value). The SvJnifiCan of financial nstruments to the orwJoThJ.finanCi sustatnabifity of the Trust is consid&r8d in th8 finandaj revlew and investment pdicy gnd performan stiCs ofthe Trustees'Annual ReF(JrL Thg main risk to the Trust frorn financial instiwients lies in thg nb11( of unGin Invethent mark&ts and vulatility in weki. The yidd on t)rKls been abnormal Icrw givro rise to a stgnrficant downside risk of a fall in capital values when interest rates retum to nomwl levds. Liquhlity dsk Lq antlcipated lo be low as all assets are trad&J in markets gwd IkiuKIty and hJh trading volumes. The Trust has investment hoidlngs In mathets yjtyect to exchange urtLTrls OT trddirffJ restrictions. The" Yt mana3es thes8 investm8nt risks by retainiThJ 8>wl a¢fvisors ¢)peraflng an uivestsmenl w)tlcy that provides for a degree of diverslfication of hokjings thIn investment asset da5ses that are quoted on recognised stod( exchanges The Trt does nol make use of dl¥ave$ and SrI18r cOmX flnandal instrument& 14- Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JANUARY2025 12 Dobtors 2025 2024 Amounts falllng due thln one yw. Bank Interest Recwabte 1.025 1.200 13 Creditors: amounts falllng due wlthln one yèar 2025 2024 Ac(xuds and deferred Inccrfne 4,820 Provisions for liabllltles 2024 Grant Commitlmants 5.250 6.500 Movements on pro90nS. At 1 Feb[ry 2024 Addit)nal ProviOn5 in the year 6.500 (1.250) At 31 January 2025 5.250 Provisions consist of grants apwoyed by the TnJst pre 31st Jamjary 2025, not yet paid lo Ihe recipt8nt& Tha grants wll be paid lo the students ¢Mc* they have nkt the dIonS ofthe grant approval. 15- Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 15 Endowment funds The endowment futKI ts Ihe catthal of the dwity. and represontgd by amounts held in bank deposit accounts and equitses. Income arising on the endowment lund can ke ¥Jsed In ac£ordan¢e wlth the objects ol the chaTity and 15 induded as unrp5tr1ded in(J)me. Movemènt In fund$ las8•$ 31 January 2025 EndcNvment fur 2,154,533 48.922 2.203.455 For tho year •ndod 31 January 2024 Movement In funds Bolanat Garns and 105SO5 Balance at 31 January EndcKrnt fund 2.188.098 133.5651 2,154.533 16 Unrnstrlcted funds . The unrestrlcted fijnds ofthe tharity MprISe UneXpend balances of donallons and grants vthlth are not suliecl to spwfic conditions by dOrS and grarth)rs as to how they may be used. These Indude designated fur¥J5 which have been set aside (MJI of unrestricted funds by the trustees for speofic PUTpose& At 1 February Incoming Resources At 31 January 2024 rosources expended 2025 G8ner81 funds 67.530 129.4511 347.537 Previous year At l Febnjary Incoming Resources At 31 January 2023 vÈsources expèndÈd 2024 General ftjnds 307,829 156,4691 309,458 16- Thomson Cooper
THE CAMERON TRAVEL SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 17 Armlysis of nat assets between funds Unrestricted Endvrnt funds funds 21)25 2025 Totsl Unr8Stritted EndowFrErrt nts fvnds 2024 2024 Toial 2025 2024 Fund b818nrxs at 31 January 2025 are represented by: Investrnents Current assetsl{liabiltliesl ProVisn5 1.401.174 802281 1.401.174 1.155.068 {52501 1.299,102 855.431 1.299,102 1.171.389 16,500) 352,787 (S,2> 315.958 {6,5001 347,537 2,203,455 2.550,992 309,458 2.154.533 2.463.991 17- Thomson Cooper