DoG￿569n Envkn ID.. 4542CAC>69ED424&BeoE-30593F48FE86 Provost James Rae Trust Scottish Chari Number SC044208 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2022 BoDkl R04723.0001 LNK Charityacc Docusiw Enwelopg ID.. 45I2cA¢3.G9E￿4246.B6OE.3O59SF46FEB6 Page 2 VQST JAMES RAE TRUST GENERAL INFORM TION AND REPORTOF THE TRUSTE FOR THE YEAR TO 3 CH 202 The Truslees present ih8w annusl report and Ihanclal statements for the chsdty for the year 8nded 3181 March 2022. The flnanci￿ slalemenh htV8 b88n prepargd in accordance wlth the accounting ￿lIc￿8 Sel rArt in Note 110 the linancial statèments and complyvdth the Charitvs Tiusl Deed, the Charilkn and Trust89 Inv881ment {Scol&nd} kn1200S, Ihe Charit￿$ Accounts Iscotkandl Regulat￿fts 2006 las amendèd) and the Ac¢ounting and Re￿Iting by Cherili88.' StsIEEngnl of Rgwmmended Practiea 8pplicable tr> choFft prepanng their finaneAal ststements in accordan￿ wlh11)e Fina￿1¥1 RepDrtiTra Standard 102 8pplicatA8 the UK and RepubliG of lieland IFRS 102) (effective 181 J8nuary 2019}. è¢Uv08 and IFve& of Trust vi Th8 Trustees are directed ITr terms of the Trust Do6d lo pay vr app￿ tho Irmm8 or Capstal of the Trust Fund for tho bpnefil fxfurll)èr*ne8 of such PUFPOSQS, objocl& or institution8, charitable in law, as the Trustees in Ihelr absc4ule discretion shall delemiinè. The Tru8tees 8re also authorise(J to accumulat8 Income for Ihe twentyone year perlod from 17th June 2013. Although the objectivos as set OLrt in the Tru81 Deed are far rea¢hlF)g, the Trustees favour supporting projects whlch providg public benefit especially, but not limit8d to, tho f￿lowIng a￿a5._ lil Thè advarTrmgnt of arts, herliage and culturè,. (ial Th*> adv8ncam(4nt of 8ducatKJn lo inclltde flnanclally supporting young artiS'LS. emerglng artlsts olany ag8 and strI￿gI￿,g artists workln9 In ScotlÈnd as wéll a5 facilifating eXhI￿lIonS of tha work of Ihe artists n ScodarKI. The pdndpal activlty is grant makiryg. By support of prtle(*5 wi the favoured fl8ldslar888 It is aim of tha Tru81ees lo prov¢de a Fund from which young a￿Sts. ernorging artists of any age Bnd $trug91ing arl8ls working in Scotland can be 5UPPOrted al erudal polnls in their arti8tic careerB. The funds will aL80 h8lp to la¢llitate exliibitlons of tha work of artists working in scot￿1)d. 11 is hoped lliat Ilie Tiu?I wll èvontually bg ￿7 8 wsition to provlde grants ond endowments to polenli&l benoficlartas of thé ¢h8rity aThl, in doing so, strengthen, support and build the artLsUc Culture in Scotland. It should be roled that the TrE4Stees are not bound to contlnufy SUPPOTNng these areas and may wi the fulurtr favour ollpT araas. Grant Makl Polic The T￿￿teeS havo opted for a wlicy ol making donations to *h06e individuals th8y rèquir8 fftost 5UPPOrt and whos& purposes fall within the $p8cINm of thè Trust Dgod, and also within the TTUSt?os' ourrwtly fav(￿red 8rèas of supFxJrL n lh6 Acllvlties During the perfod the Tnjst rec¢fved cash donations of £97,640.00, tncludlng glft aid ¥epaymènt12021 £31.291.25, includNig gttl aldl, alory wlh the iftof a Flece of artwork, worth an èstimat8d valuo of £5,000. from Trttstee Two other sm811 cash (k)nalK)ris wsr8 also rgceived. The Truste￿ awarded ong donation of £5,000.00 durlng lh8 current y$ar 12021 Nill. No fuknre. Ix)wmilm8nls were agr8gd during this flnanclal 81atem8nt. During th& fr'nBno81 ygaT. a patiitiny was Sold lo raise funds for the TrLBL Dow$￿￿ EnvWope10.' 4542CAC>69ED4248-B80E-30593F48FEB8 Page 3 PROVOST JAMES RAE TRU ENERAL INFORMATION AND REPORT OF THE TRUSTEES 31 20 Ob ectlve an ttvitlès Rè rt on the Activities of the Trust In November 2019. the Trust8e8 acquired a studio which can be used lo exhibil the artwork8 owned by tho Trusl and ft)r other proiocts aimed at furthering the Tiust's chariiable objectives. In De¢ember 2019, the Trustees r¢quested the assists￿¢ of Mi¢hael Waight th the collation, cataloguing and digitally recordin9 the Trusfs work which 1$ stored afitt displayed at the ngw premises. DLtrfng tha ￿ar. thè TnJst688 startèd thè proeèsg of 8equiring a flat wh would be available for use by the TNSI for accommodating its beneliciariesl to redLSCè (he cost of accommod8ting porsons pioviding sgrvtces to th9 Trust. and 88 a mean¥ of obtaining a reluTn on the Trust's cash deposits. Futur8 Pl8nS Thé Sèltlor has tran8fèryad to th8 char6ty $evoral works of art since 31st Nfjarch 2015 to dale, worth an e51imaled value of £315,000.00. These works of art will be used to generale a cash fund to enablg the charily to fulfil ils charitable purposes but no decision h8s yet been taken by the Trustees In relation lo a timeline for carrying out sales of the works. This is likely to be a long-term str8tegy and It may bo that additional works will bo transferred to the charity during the Setllo¢s life and the Trust also èxpects to pigces in the event of the Sgtdor's death. Once a more substantial cash fund is available, the Trustees expect to be in a position to make morg ular d8clslons #bwk grant$. vi Flnandal Re￿eW Thè Trusfs 8blllty to make meaningful donatK>llS is rglianl on cash donaltons from the Trust's Settlor or sale of ariwork donatsd by the Settlor. Thèrè are net total assal$ of £760,305.2912021 £712,940.79) and current assets of £519,736.11 12021 £473,985.311- Th6 Trust recelved inwm8 of £102,703.8012021 £31,334.02), induding a donations of £97.640.00 (including gift aid) during the fSnanclal pèriort {2D21 £31,291.25 including gffl ald). Thè Tftjstéés 8w8rded one donation of £5,000.00 durfng the current year 12021 Nill. No lulure commitments were 8gr$od during this financial statemen lan Sheet Events On 13th April 2022. tha Trust awuired a flat which would be available for use by the Twsl for accommodaiing its ben&ffc18ri6slto rèduce the Izst of accommodatlng petsons providing services lo the Trust, and as a means of obtainlng 8 r8turn or* the Trust's cash deposlls. Reserves P It is the policy of the Tru3tees lo use the funds of thè Trust to boih rnake grants and donation$ and to support the charitable aclivitles of the Tnjst. The Tw8lee8 will consider the fteed to retÉin a rg$PTve balanco at the close of each f&nanGial yg8r for its tulure activities having regard lo thelr dutÉes 88 harilable trusl88s. The Trustees intend that any surplu8 cash following this aSSè8grnent bMII be distributed in a followlng yoar The funds of the Trust are wholly unrestrlct6d and arè represented by mainly the works of art but also funds held in a bank account. The Trustees havè power to draw upon tho fund in furtherance ol the Trust's objectives whilst rètaining sUffic￿nI funds lo meet any ¢ommitm$nts Ihay may undertako. ￿M￿lon Ewgkye ID. 4542CACWEi)4248-88OE-305W48FEU6 PAge 4 ROVOST AMES RA NFORM po THE FOR THE YEAR TO 31ST MARCH 2022 TRU Flnancla Rlsk Mana ment The Trustees have as8e8sed the m4or ri8k8 to whKh th8 charily 18 eXP03ed. in particvbr th08e related to Ihe oper8tlons and Ilnancos of tho Trust and ar salis1￿d thot systoms arg In pl#¢a to mi119ale our exposttre to thè major dsrts. As th6 Trust relies on donal#)ns from the Settl¢r in ordw to make its donallort5 aftd to meet iunnlng Costg, the prfneipal rlsk fseed by the Trust Is whether donallons are made to tho Trust. Howovor, the Truslaes believa thal suffici?nl fU￿S frorn dlsposal of investments can be realised lo meet runnin9 costs and any award of donations be made onty wh£re fiinds permit. The Covid-19 panderniG has had a very k)w impacl on the Trusl.Thg Tru8tse5 coniinue to assess and Gonsider th8 impact of the pandemir its effeGt o ¢urronl and fLrtura ￿an8. oin Concern The TFu5tees havE nts material uncertainli6s a6 to Iha Tru8Vs ability to ¢onlinue as a gomg ¢oncem. Gov•rnan¢o & Man tmènt Document Doed of Trust dat￿ 17th Junè 2013 and r&gislered kn th& Books of the Lor are actwe in Iho mano98mant of tha Tnjst Rpference and Admllllstrattva Dètalls Number SC044208 Address Turcan Connell Princes Exchanoe 1 Eart Grey Street Edinburgh EH3 9EE Docuslgn Enve￿& ID.. 4f42CAf3.6*D-424646OE-3O593F48FEB8 Pa9e 5 ROVOST JAMES RAE TRUST OFT T MARCH 2022 GENE RU TE FORT EA TO vSsers Solicitors TLtrcan Connell Princos Exchan 1 Earl Qray Straat EdinbuTgh EH3 9EE Inde eThlenl Examiner Whitslaw We￿$ Chartor&d Aecounlants 9 Ainslie Place Edinburgh EH3 8AT OaxkggThEllvekyp ID.. ￿￿42cAG3.wED424￿￿aDE-8￿5F4oFEB6 Page 6 GENERAL INFORMATION REPORT OF THE TRUSTEES FO at Res t of Trustea The Trust885 are rasponslble for preparlng the Twslees. Annual Report and financial stat?m6nts in accordanc6 appllcablo law and th F[nancI￿ R8porling 8iandard$ 8ppllcabb in Ihtt United lQngdom and Republk of Ireland. ct of th8 Aeeounts The law applKable lo Charities in Scotland requires the Trustee& lo prepsre financi¢il 5tst8meFIts for each financkil year whiGh gEve a Irue falr vlew of the 8tale of affairs ol th8 Trust and ol the incoming resources application of tesources of Ihe Tw81 lor Ihat paADd. In preparing these fnanclal statements, the Tnjsteès Jrè required to fdlow best practice snd- - select sui18ble 8ceour>tkng poticles and then apply them consistenty., - obseNe the methods and prlnelplès in lh8 Charities SORP,. - maKe judgem8n18 and gStimale8 Ihal are r8a8onabte and prudent.. - stale whether applicab￿ accoulllng standards and statements of recommended prartice hp.ve beep followed. subj￿1 lo any departures di￿108ed and explained in the financlal ststemenls. and - preparè tra ffnan¢lal statan)ènls on the ￿n9 concern basls. ￿n￿sS il inaiwropi iale lo assume that the Trust Iv411 ¢onts"nue on that basls. The Trustees arè responsib18 for kaeplng prop6r a¢roJnlN)g records that tjlscloso Wlh roasonakle accuracy at any lima tha flnaneial rKJgltion of th8 Trust and 6nablè thom tts en5u¥e ￿￿1 the flnancial slalemants ￿)mPlY the Charities and TNslo8 Inv6stniwl {Swtlandl Act 2005, Ihe Charltles Accounts (Scotlandl R8giJlgtions 2006 {as am8nd8dl ejnd tlit) provision5 of the Trusl's constitutlon. They afe £150 responsib￿ foF $8feguardin9 the Ssels 91 tho Trust and hence for taking reasonable steps for th6 prevéntltsn ond detection of fraud ènd olhvr irwularilies. The Trustee8 are responsible for the mBlntenan¢e and inl8grlty of the chaiity. LegIs￿tioN in the Untied Kingdom governing the prepayalion and dissenination of the financiRI slsjtements may d*ffer fr(Hn18gisktion in Other F￿7￿￿￿81 st aration Thè Trustees confimi thal thtl fin8n¢ial 81al8m8nts forthe year ended 3181 Marth 2022 havg boen prepared SD as lo comply wllh curTonl 81atulory rwuirern8nts, the Charlly SORP and the Trusvs ConstlttJlk)n. App￿0ved on bèhalf ol th8 Trust988 12 February 2024 Date Trustee Prlnl Name DocUS￿J￿ ID.. 4542CACM9ED.42464BOE.3O593F48FEB6 Page 7 ames Ra DENT EXAhAINER'S REPORTTO THE TRUSTEES I report on the financial statamènts of th6 Trust lor the y&ar ended 31s1 Marth 2022 whlch are set out o paggg 8 10 13. This repotl is mad& to thè TrusLe•s, as a body, in accordance wilh tho termy ol my èngsgèmèni. My work has be8n undertaken lo enablE* ma t(J r8por% my oplnion as s8t out ￿10￿ and for no other puryx)se. To the full881 èxtant pèmilltèd by lÈw, I do nol accept or assume responslbllity lo anyone other than the Trust and the Trusloes, as a body, for my worti or for this le￿rt. Rèspectlve responslblllues of trustees and examinei Th8 eh8rily's Truslaès ara 18sponslbla for the p¥¶lion of ihe 1Snandal slalemenls acc￿lance with Iha larms ol the Chailllos & Trustee Investment (Scotlandl Act 2005 {'Ihe Act") and the Charrf£ies Accounls (Scotlafidl Reoulatlons 2006 las amended) (. the Regulations"). The char¢ty Trustees consKJer that the audit requirement of RegulalKtrn 10(11 la) to IGI ol the Regulaliorbs doe8 not apply.11 is rny respo￿31b11l{Y to 9Xatlllnv th& financLql sl3lements 89 reqLNFed under sectlDn 4411} Ic} of the Act and lo state whether partiCLilar fftati&rs havè tx)me tts my thnI￿n. Ba$1$ of Ind•p•nd•nt •xamSnorf8 roport y examlnallon Is carrlod out In a¢cordan¢e wSlh Rogukgtlrjn 11 of the RegUtallon$. An èxamlnatlon includ68 a fo￿6W of th8 aecounlng reeorijs k6Pt by th& charlty and a comparlson of the finan￿al 5tatemenEs present8d with those rewrds. 11 also includes consid8rgtion of any unusual Itgtns or dlBclosures117 Ihg fingnolal slalomgnts, and s86ks explanations from you as Trustegs roncerning any Such mattéls. Thè protèdures undértakèn do not providè th8 èvklènce that would be required In an audlt, and consequently I do not expres5 an audtt oplnlon or the vlew given by Nnanclal statements. Indèp•nd•nt •xamln•r's stat•m•nt In the COUTse of my examination, no maller has Gome to) my attenlitrn - 1> which mo r￿80Tha￿e c8use to believe that in any matsFial rtrspecf the rwwirements '. to ketrp aCcoun￿ng records Ir) a¢ctrdaAce wrfh Section H11 Ila) of the Ad and Regulation 4 of the Regulations,. and . to prep&re finÈMciAI gtatemènts which #ceord wrth thè accoun1￿9 record8 and comply with Regulation 8 tsf the Regulats'ons. hav8 nol b8gn mel.. or 2) lo which. In my C*plnlon, altehlh)n should ba drawn In ordèr lo 6nAbt8 a m?8r uTh*•istanding of tho fknancla statements to bo roached. Ex￿Iner D&t8 Whlttslavi Ivells Charlered Acwuntanls 9 Ahslle Place Edinburgh EH3 6AT 0￿u5￿￿En¥• ID". 4642tyA¢3.6StD.424&1180fr.-3059JF48FEB8 Paga 8 ET SAT 1ST MARCH 2D22 Notès 022 021 Land al￿ Buiwitvjs Fixlures ai)d fittings 232,350.00 8,21Q 18 240,569.18 225,750.00 13,205.48 238,955.48 Cash on dÈwsll and In hand Dabtors Inv8Stm6nts held for 8aT 205,098.28 19,28S.23 305,000.00 197,sse.30 3f15,000.0() Total Curnnl AssfrtS 529 383.61 502.558.10 LkLx'llUgs'. Crèditors- Amounts faRln9 éuo wlthiri tw8￿9 tnonths 9,647.40 28,572.79 9,647.40 28 572.79 Nel Cur¥•nt A¥s•ts 519,726.11 4n,985.31 Not Assets 780,30S.29 712,940.79 resent8d b . LknrestriGtod Funds 760,305.29 712,940.79 7f￿,305.29 712,940.79 All funds &rè unrè$ériGted in tM)th Ihe cutTent andp￿vIOUS ars. Approve(J by the Trustees and aulhorisgd lo be sigr*d on 12 February 2024 r behalf .Dats . Twslee . ￿1n1 Name Do￿SIgn En￿knpe ID.. 4542CA¢M9ED42464aoE40593F48FEB6 P8g8 91 OVOST JAMES E TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31st MARCH 2022 2022 2021 Income an do ro Donallons Investments 102,640.00 31.291.25 63.80 42.77 Total 102.703.80 31,334.02 dl Acdvitlès Operating Expense - Depreclalion Donations Direct Expgndrturg Support and Gtsvernance Costs 14,986.301 {4,986.301 15,OW.001 138,710.401 198,096.721 17.642.601 {8,261.801 10 Toial 56,339.30 111,344.82 46.364.50 180,010.801 other reco Nfyt galns on imiestments 1.000.00 Not Incomg1{•x￿nd]ture) and nol movomants In fund 47,364.50 180,010.80} Reconclllatlon of funds Totsl funds brought fomard 712,940.79 792,951.59 Tatal funds earrièd torwArd 760,305.29 712,940.79 All funds are Un￿$1￿Cted In bolh tho currenl endptsvious yeers. Dorusign Envok)pB ID.. 4542CAC3.69EN24&B80E-30593F48FEB8 Page 1 PROVOST JAbAE THE YEAR TO E TRUST T MARCH 20 Noltrs To The Accounts In B) Finanaal statemènts rè Tho financial statements ar& prepared under the historical transaction value unless olheTWiS8 stsled in the relevant n have been prepared In accordance with the Statement of by eh8rlt18s preparing their financial stalements In ac¢or(S the United Klngdom and Rapubll¢ of Ireland IFRS 1021 èxemptions available to Small Entities under section 1A of Iscollandl A¢1 2005, and thg Charlbes Accounts IS¢otlan Cost convèntion wrfh items recognised at cost Ix 18{sl to thes6 aeoounts. The financlal slalemenls ecommellded Practice.. Accounting and Rtrporting e wlh the Financial Reporting Standard app￿table èffe¢tlv8 1st Janaury 20191 subject to th8 r8portlng that Slandard. the Gharthes and Trustee Inv6Stmant R6gulations 2006 (as amendodl- The Trust conslilut8s a W￿¢C bèn8fit èntty- finanttlal statgmenls have been prepared on a going ablllty to continue as a going con¢grn and have reasonabl lo ¢onlinuo in operational existsnee for the for6s6trable ful basss of accountlng in preparing the financial statements. ncern basis. The T¥uste6s hav8 8$se8Sgd th8 Trust's expèctallon that the Tru81 has adequate rasourcas re. thus they contlnue to adopl the going concer The Covld-19 pandemlc has had a vgry iow Impact on the thg Impact of the pandemic and Its effèct on current and I rust. The Tw$tees ¢orrtinue to a88e8s and consider ture plans. b) rr l Asset Inv&stments The Trust holds a collèctlon of artwork which Is currentty h procgeds lo support charitable aetiviti8s. Tha coUè¢lion Is the Trust8es' és*lm8led rnarket value. Id with the Inlentlon to sell the It&ms and L4Sè thè eported Sn the balance shegt al fair value. based on Expenditure which is required to prasèrvè or prevgnt delgr Ihe Statement of Financial Activib98 when it is inclsrrad. unit on behaW of the Trustees. oratlon of indlvidual ¢o11gclbn items is recognised In l of the 8rlwork is prgsenlly being hold in 8 storage Pro Th8 Tiust acqu1￿￿ a herilabfe property on 20th Novembe impairment review is envisaged and tho property is there buildings as, In the oph)ion of the Trustees, the length of t residual value 18 al least to the book valuè. Having regard suoh buildingy would not be material. Costs of r8pèirg 8n 2079. As this has only rècently bèen acquired, no re included at cosL No depreciation is pmrided on oir gstlmaled useful economle Ilfe and estimated to this. rt is wnsidered that the deprecSafjon of any maintenance are chargod lo revenue as incurred. The Trusl b In tha process of acquirlng a flat. which wll co dude in the next finandal statement. De The Trust acqulrèd a range of f￿1￿￿8 and fittlngs for the p capitalised. FRS102 requires all assèts to be depreclaled any residual value. The Truslge8 have adopted a poliey of 25% on a s*r8ighl line basis. Assets costing in exce68 of perty on initlal purehage, the cost of which has béèn ver thfyir 0$1Smal&d economlc Ilfe. taklng account of eprecialing the fixtures and fitting8 al the rate of 500 are capitalised. Investsnent income Is Induded in the Ilnanclal slatamènts i il can be reliab￿ delemiin8d and there Is probability of re the year In whlch thg Tr(*81 becom&s entitlod to It. Donallons are Includ8d in the Ilnèndal staletnonls logethe Tw$tses have been advisèd of the donation with notificati th associatèd grft aid, whgre appllcabl&. when the ol both amount and intèndad selifement datg. Doe￿51g￿ Envdope ID.. 4542CAC>69ED4246480E-30b93F48FEB6 Pagg 1 vo T JAME ETRU FOR THE YEIIR TO 315r MARCH 2022 1 Aceourltln ndl Expenditur8 is included in th& account on an accfuds b&sl obllgallon exists. the sums paYats￿ can be rdiably n￿&sU pd cles and rownlsed In full as soon 8$ a ¢onstru¢tive d and there is probability of payrnenl 11 Govemance and Su ort Costs Fees by Turran Cunn911 for legal ¥nd aGGounkn"ng fdlows: Govornance {Accountanry C￿ts1- 25% Support (Leg812nd Admlnlstralve Costsl- 75Q These A￿ recorded in support and govemance in Ihe Sta rviG95 arg inGludgd in th? finanaal 5tatemgnts as menl of Flnancia AdNilies. Independent Examination Fe88 are recorded in 8UPPOrt as &ppropAale. gtsvern8n￿ in the stslemont of F￿aTr¢I&l ArtiYrfio3 l other gov8rn8n¢8 and 8UPPOrt C08ts are recorded in th Statement of Financial ActMtie8 as appropriate. As th8 charlty do#s not provide 8ervtces dkectly btrt bywa support ¢o$ts 8r8 not alkxatgd gg&lnst individual grgnts o ol grants to other Organi￿tiDnS, llovernance and nation8. Grants authofiS(>d lo be paid in respect OT th8 accounting stalamènts in the yèar In Mthlch t￿Y ar8 aulhorfsad. ar or futurè yaArB 8ra w)¥idad for in the lin4n¢ial The Charity 1$ not regi$lEred for VAT puiposes and all VA VAT is induded ats parl of tho expense. In¢urred 18 Iherelore ITh￿0¥erab￿. Where appli￿. 202 28nk Int8r981 Recovembk T8X 57.23 19.228.00 19.285.23 202 Turcan CoThngI1 F88S IndrJpend&nl Examinatton Fee Cataloging %vork6 01 art lor Maroh Prcpèrty 8xpensgs Relenlkn ￿ propèrly 6087.40 2,160.00 1,440.00 2,500.00 19,338.59 1000.00 9,647.40 28 572.79 Docuslgn Envobp9 ID.. 4542CACMgED4246480E4059SF48FEB6 Paga 1 PROVOST JAMES FORT E YEAR TO 31 E TRUST CH UTr ntA t)vestment 22 2021 Fair valu8'. 3181 March 2021 (estimet6) Add.. Dona18d artwork Loss: Sale 31st March 2022 (gstlmate) 305.000.00 s,ooo.00 5,000.00 305,000.00 305.000. 305.000.00 Invostments comprise ofwoiks ofart that warg vafued by e Trustsss as at 31 March 2022 Sale proceeds Book value of disposal Gain on Sala 6.000.00 5.000.00 1.000.00 Fumiture Flxtures and ul men Total Cost 811 April 2021 Addltlons In year As at 31 Marth 2022 225.750.00 6,600.00 232,350.00 20.000.00 245.750.00 6,600.00 2S2,350.00 20.000.00 Accumulated dopreclalion a11 April 2021 Charge for year As al 31 March 2022 6.794.52 4,986.30 12,780.82 6,794.52 4,986.30 11,780.82 N&t book valuo At 31 March 2022 232,350.00 8,219.18 240,569.18 NBI book valu6 Al 31 March 2021 225,750.00 13,205.48 238.955.48 6 Invesim and other Income 20¥2 2021 88Ak interest Voluntary Income- Cash donations & glft aid Athork don8titsn 63.80 42.77 97,640.00 5.000.00 102,703.80 31,291.25 31,334.02 Do¢uSlgn En¥elop& ID.. 4fj42CAC.349ED.424648OE-gWF48FeB6 PROVOST JAMES RAE TRUST YEAR TO 31yr M FO 22 2D21 Gra ts and donations Individual cle endilure 8toragelln8urance costs Cat8toguing works of art operty expenditure Other cost8 5,oori.00 2,￿1.86 21,866.67 73,444.19 24.00 15,000.00 23,470.40 240.00 38,71ts.40 43.71Q.40 98,(J96.72 8 Related P£1 TrHns The Trust ha$ AO employees. Durfng thè p8riod, th8 Tru81 reCep￿d donatloN8 of £96,140'.CQ indudlng. grfl ald {2021 £31.291.25 inclUd￿g gift s￿) from the Trustee aid oxpgnsBs of £1,000.00 on behalF of the charzty, all of which was outs yoar 9 Trustees. Ex ens No fees OT expenses h2vs béèn paid lo th8 Trusl86s12021 Nill- All Trustoos act grslurtwsty. 2022 2021 Su ort Costs Adrninlslrètlon Govgrnance Aceountltr)g Independent ExamlnèV$ Fe&s 5,191.95 5,656.35 ,1.no.65 720.00 1,885.45 720.00 2,450.65 7,642.60 8.261.80 11 P vents On 131h April 2022, the Tru8t acqured 8 vthith woukj be avtilablg for use by tho Trust lor aGcommodaUng ts beneticiariesllo r6duc¢ thg Cost of accommodoling persons wovicfing servieos to the Trust. and as a rn&ans of obtauiing a retum on the TTusI's cash depo8its. How8ver, in November 2022 the trustees deiidg to sell tha prop8rty.