Charfty number: SC045467 THE TRADES WIDOWS. FUND CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE TRADES WIDOWS. FUND CHARITY CONTENTS Page RefeT•nce and Admlnlstratlvo D8tall$ of the Charity. its Trustse$ and Advi$grs Trustees. Report Trustegs. Responsibilities Statsment Independent Audltor's Report on tho Flnanclal Statoments Statement of FinanGial AAivities 10 8alance Sheet 11 Notes to the Flnanclal Statomonts 12-22
THE TRADES WIDOWS. FUND CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees Mr E C Matheson. Trustee Mr N Armour Mr M Helheringlon (appointed 29 October 2024) Mr B D Donald Mr C A S Duncan MrA D Hunter Mr R Leith {resigned 29 October 2024) Mr A Leiper Mr I W Logan Mr G Main Mr A Sainsbury Mf E Shaw Mr G S Stevenson Mr G Thomson Mr J Stralhdee Mr l Maclntosh Mr G Leslie Charlty roglstered number SC045467 Prlnclpal office The Seven Incorporated Trades of Abwdean Trinty Hall, Trinty Comer, Holl)um Stroet Aberdeen AB10 6DA Ind8p•ndont audltor AAB Audit & AccntancY Limited Kingshill View Prime Four Business Park Kingswells Aberdeen AB158PU Bankers Bank of Scouand 39 Albyn Pla¢ Aberdeen A810 1YN Sollcltors Ledingham Chalmers Johnslone House 52-54 Rose Street Aberdeen AB10 1HA Page 1
THE TRADES WIDOWS. FUND CHARI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report logethgr the audrted financial statements of the Charity for Ihe I January 2025 to 31 December 2025. The tnjstegs confirm that th& annual report and financial statem8nts of the charity comply wth the current statutory Tequirements. the requirements of the d)aritWs goveming document and the provisions of the Stslement of Recommended Practice (SORP). second edition - October 2019 ('SORP'I, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019)- Objectlves and artlvlllo$ Pollcles and obJoCtIv•$ The charity wll Promote, advance and furfher tharilabte purpos85 and aclivibes through operating as a "grant giving. charity {providing support financially and otherwise to charities, individuals and others) to support projects. activities and individuals predominantiy and around Aberdeen or those with a connection lo Aberdeen. b. Strategles for achlevlng obJeGtIv•s To cary out and monitor the various investment vehicles used lo maintain a reasonable investment retum lo enabling grants to be paid on a regular basis to worthy causes within the locality of Aberdeen, but not necessarily restricted lo this area. . Grant4naklng pollcles The charity trustees wlll make bequests in the followng when funds are available.. A- the prevention or relief of poverty B - the advancement of education c - th8 advancement of religion D - the advancement of hea E - the saving of lives F - the advancement of citizenship or community development G - the advancement of the arts, heritage. culture or science H - the advancement of public participation in sport I the provision of recTealional facilities. or the organisation of recreational activities, with the oblecl of Improving the conditions of life for the persons for 0M the faolities or activities are primarily intended J - the advancement of human rights, conflict resolution or reconciliatic K- the promotion of Teligious or raryal hamK)ny L - the promotion of equalty and diversity M - the 8dvancemenl of enwTonmentsl protection or improvement N - the relief of those in need by reason of age, ill-health. disabilty. finanal hardship or other disadvantage O - the advancement of animal weffare Achievements and perfomiance a. Reviow of activltles During the year the thaty made donations totalling £419.310 to 8 number of local charitable organisations. Page 2
THE TRADES WIDOWS. FUND CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Financial rgview . Going concgrn After making appropriate enquiries. the Truslees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reasim. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the acu)unting policies. b. RaseThes pollcy Reserves at 31 December 2025 were £16.474.154 (2024 - £15.9,215) . Risk Manag•ment The charitys main asset is an investment portfolio. The principal risks and uncertainties faced by the tharity lie in the Performan of the stock market. Structurgi govgrnance and management Constltutlon The Trades Widows. Fund Charity is a Scottish Charitable Incorporated Organisation (SCIO), a recognis8d charity in Scouand (charity number SC0454671 govern8d by its Constitution. The charity was registered with the Office of the Scottish Charity Regulator on 9 March 2015. b. Methods of appointment or el•ction of Trustees Only full members of the tharity are eligible for election or appointment as tharity trustees. The charity trustees shall comprise 111 on an ex offiao basis, the Irustees of the Trades Widows & Beneficiaries Fund of the Seven Incorporated Trades of Aberdeen (Ihe Trades Widows. & Beneficiaries Fund") and (21 on an ex officio ba&s, the manager5 ofthe Trades Widows & Beneficiaries Fund. In addition. a maximum of three persons may be appointed to act as charity trustee. determined by way of a resolution passed unanimosjsly at a charity trustees, rneeting. Trustees appointed in this way are appointed for a maximum term of two years and eligible for re-appointrnent on one further occasion, leading lo a maxirnum foLtr years in office. The minimum number of charity tnjstees is three, induding the chaimian. Page 3
THE TRADES WIDOWS. FUND CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 structure. governanGg and manag•ment {conllnued) c. Organlsatlonal struclurg and docislon4naklng pollclos The charity operates as a single tier entity where there musl be a coin¢hJgn¢e of the identity of the charity tmstees and full members. The legal structure of the charity consists of.. The charity trustees. who hold regular meetings. (MMUniCate with each other regUlaY and generally control the a¢livilies of the charity. The charity trustees are referred to collectively as the Board. The fLEII members. vtho have the right to attend full members. meetings. induding annual general meetings. In addition, the charity trustees may, if they Sh. grant 5UPPOrter membership. Supporter members are not "mernbers. for the purposes of the Charities and Trustee Investment {Scotlandl Act 2005 and the Scottish Charitable Iri¢orporated Incorporations Regulatiws 2011. The affair5 of the ¢harity are managed by the tharity trustees. The charity trustees are required lo attend both the annual general meeting and the half arfY meeting of the Trades Widows, Fund. where the chaimian of the charity provides a report to the Trades Widows, Fund on the activity of the charity in that period. The Iruslees have begn given appropriate inf0mtion and training regarding their legal roles and responsibilities upon appointment to the Board. Dl8closure of Informatlon to audltor Each of the persons who are Trustee$ at th8 time when this Truste8s' Report is approved ha5 eonffimed that: so far as that Tnjstee is aware, there is no relevant audil infonnation of whith the chariws auditor is unaware, and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order lo be aware of any relevant audit inforrnaticffl and to estsblish that th8 charitys auditor is aware of that infomlation. Approved by order of the members of the board of Trustees and signed eir be If by.. Mr l Maclnto$h Trustee heson Trustee Date. 115 L Page 4
THE TRADES WIDOWS. FUND CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEIABER 2025 The Trustees are responsible for preparing the Trustses. Rgport and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th8 law applicable to charities in Scotland requires the Tru5teg5 to prepar9 financial statements for eath rinancial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including its incom8 and expenditure. for that perio(l. In preparing these financial statement5. the Trustees are required to: select suitable accounting polioes and then apply them cxsnsistently. observe the methods and principles of the Charities SORP {FRS 102)- make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Stsndards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the finanal statements; prepare the financial statements on the goirvJ concern basis unless it 15 inappropriate to presume that the Charity will continue in business. The Twslee$ are responsible for keeping adequate accounting records that are suffiaent to show and explain the Charitys transactions and disclose wu) reasonable accuracy at any time the financial position ol the Charity and enable them to ensure that the ffinanoal statements comply with the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts {Scotl8ndl Regulations 2006 (as amended) and the provisions of the Trust deed. They are also resF)onsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the t*)ard of Truste6s and signed its beh Mr l Maclnlosh eson Dale: It. S.IG Poge 5
THE TRADES WIDOWS. FUND CHARITY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRADES WIDOWS. FUND CHARITY Opinion We have audited the financial statements of The Trades Widows, Fund Charity (the 'chariV) for the year ended 31 December 2025 which comprise the Statement of Finanaal Activies. the Balance She8t. the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Finanoal Reporting Stsndard appIlble in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a tnJe and fair wew of the state of the charitys affairs as at 31 December 2025 and of Its in¢oming resources and application of resources for the year then ended; have been property prepared in accordance with United lfjngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities and Truslee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Ai>x)unts {Scotlandl Regulations 2006. Basis for oplnlon We conducted our audft Sn accordance wlth Intemational Standards on Audittng (UK) IISAS (UKII and applicable law. Our responsibilities under those stsndards are hjrther described in the Auditorfs resF)onsibilities for the audit of the financial statements section of our report. We are independent of the tharity in accordance with the ethical requirements that are relevant to our audit of the finanaal statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have hjlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate lo provi(Je a basis for our opinion. Concluslons rolating to golng ¢on¢em In auditing the financial statements, we have o)nduded that the Trustees, use of the going concem basis of accounting in th8 preparation of the financial ststements Is approwiate. Baged on the work we have perfomRd, we have not identified any material UnrtaInlieS relating to events or conditions that. individually or collectively. may cast Slgnfficant doubt on the charitys ability to continue as a going concefn for a period of at least e1ve months fn)m when the financ4al statements are authorised for issue. Our responsibilities and the responsibilitses of the Trustees ryth re$ped to going )ncern are descrfbed In the relevant sections of this rewrt. Page 6
THE TRADES WDOWS. FUND CHARrrY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRADES YIIDOWS. FUND CHARITY (CONTINUED) Other Inforniatlon The other infomiation comprises Iho information induded in the Annual Report other than the finanryal statements and our Audltorfs Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other infomiation and. in doing so. ¢sider whether the other information is materially inconsistent yh the finanryal statements or our knthedge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we hdenbfy such material inconsistencies or apparent material mi5slatements. we are required to determine whether this gives rise to a material misststemenl in the financial statements themselves. If. based on the work we have perforrned, we condude that there is 8 material misstalemenl of thi5 Other infomiation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in resFect of the following matters where the Charities Accounts (Scotlandl Regulations 2006 (as amended) requires us to to you rf. in OUT opinion: the infomiation given in the Trustses, Report Is inLX)nsistent in any material respect yth the finanaal stalemenls. or proper accounting recor(Is have not been kept.. or the finanual statements are not in agreement with the accounting records and retums; or we have not receivgd all the infomiation and explanations we require for our audit. Responslbllltles of trustees As 8xplain8d more fully in the Trustees. Responsibilibes Statement. the Trustees are responsible for thg preparation of the financial statements which give a true and fair wew. and for such intemal control as the Trustees determine is necessary to enable the preparation of finanraal sLqtements thal are free from material misstatement. whether due to fraud OT error. In preparing the fin8naal statements. the Trustees are responsible for asse55ing the charitys ability to continue as a going concem. disclosing. as applicable, matters Telated to going concern and using the going concem basis of accounting unless the Tnjstees either intend to liquidate the tharity or to ase operations. or have no realistic alternative but to do so. Page 7
THE TRADE8 WIDOWS. FUND CHARITY INOEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRADES WIDOWS. FUND CHARITY (CONTINUED) Audltorfs r88ponslbllltles for the audlt of thg financial statamènts We have bean appointed as auditor under Secti 44(11(Gl of the CharFbes and Trustee Investment {Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or hawng effect thereunder. Our obje¢tive$ are to obtaln reasonable assurance about wtsther the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Audito¢s Report that includes our opinion. Reasonable assuranr is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alwa detect a material misststement when il exists. Misstalemenls can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected lo influ8nce the ewnomic decisions of users taken on the basis of these finanoal statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo detect material misstatements in respect of irregularities. induding fraud. The exlenl to whith our procedures are capable of delecling irregularities. including fraud is detailed below- We obtained an understanding of th8 legal and regulatory frameWoS within the charity operates, focusing on those laws and regulations that have a direct effed on the detemlnation of material amounts and disclosuros in the financial statements. We Identified the greatest risk of material impact on the financial statements from irregularities induding fraud to be-. Management override of controls to manipulate th6 charitys key perfonnance Indicato to meet targets Timing and c>)mpleteness of revenue r8cognibon Compli8nc8 with relevant laws and regulations wthich directly impact tha financ4al statements and thos¢ that the charity needs to comply with for the purpose of trading Our audit procedures to respond to these risks included- Testing of joumal entries and other adjustments for appropriateness Evalvating the business rationale of signrficant transactions outside th? normal CAJuf5e of business Reviewing judgments made by managemenl in their calculation of aG(Unting estimates for polenlial managefnent bias Enquiries of management about litigation and claims and inspection of relevant coThespondence Reviewing legal and professional fees to identtfy indications of actual or potential litigation, claims and any non-compliance with laws and regulations Because of the inherent limitations of an audit. there is a risk that we will not detect all irregulariti85, inGluding those leading to a material misstatement in the ffinancial ststements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we wll be less likely to become aware of instanc8s of non-compliance. The risk is also greater regarding irregularities 0umng due to fraud rather than error, as fraud involves intentional conralmenL forgery, collusion, offussion or misrewesenlation. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councll's website at: v#ww.frc.o .uklauditorsres nsibilies. This description fomis part of our Audilorfs Report. Page 8
THE TRADES WIDOWS. FUND CHARITY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRADES WIDOWS. FUND CHARITY (CONTINUED) Use of our r•port This report is made sdely to the charitys trustees, as a bc*Jy. in ac(#)rdanc8 Tegulation 10 of the Charities Accounts Iscouandl Regulations 2006. Our audtt work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an Auditorfs ReFM)rt and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body. for our audit work. for this reporL or for the oplnions we have fonned. AA9 AlJ AAB Audlt & Accountancy Llmhgd Slatulory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU Dale.. A48 Audit & Accountancy Limited are eligible to act as auditors in term$ of section 1212 of the Companies Act 2006. Page 9
THE TRADES WIDOWS. FUND CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted funds 2025 Totsl funds 2025 Total fvnds 2024 Note Incomg from: Donations Investments 4.950.000 473.053 532.412 532,412 Total Incomo 532.412 532,412 5,423,053 Expendlture on: Charitable activities 459.909 459,909 314,256 Total expendlture 459,909 459.909 314.256 Net Income before net galns on Inveslments Net gains on investments 72.503 411,436 72.503 411.436 5.108,797 89.477 Net mov•mont In funds 483.939 483.939 5,198,274 Reconciliatlon of lunds: Total funds brought forward Net movement in funds 15.990,215 483,939 15,990,215 483.939 10.791.941 5,198,274 Total funds ¢arri•d forward 16,474,154 16.474.154 15.990.215 The Statement of Finanal Activibes indudes all gains and losses recognised in the year. The notes on pages 12 to 22 fom part of these financial ststements. Page 10
THE TRADES WIDOWS. FUND CHAR BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note Flxed assgts Tangible assets Investments 10 12 6,389 3.524.575 4,950.000 8,519 3,113,139 4,950.000 Inveslrnent property 11 8.480,964 8,071,658 Currnnt assets Debtors Cash at bank and in hand 13 7,472.331 530.719 7,485.415 444,945 8.003.050 7.930.360 Current Ilabllities Creditors.. amounts falllng due within on8 year 14 {9.860) (11,803) Net current assets 7,993.1 7.918.557 Total not assets 16.474,154 15,990,215 Charlty funds Restricted funds Unreslricled funds 16 16 16.474.154 15,990,215 Total funds 16,474,154 15.990.215 The financial statements were approved and authorised for issue by the Trustees and signed on their b8half by: Mr l Maclntosh MrECMath son Date.. It. f. Zts The notes on pages 12 to 22 form part of these financial statements. Pa98 11
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 General inft>rmation The Trades Widows, Fund Charity is a Scottish Charitable Incorporated Organisation (SCIO), a recognised charity in Scotland. Accountlng policies 2.1 Basls of prgparation of financlal statemgnts The financial statements have been prepared in accordance the Charibes SORP (FRS 1021- Accounting and Reporting by Chartties: Statement of Recommended Practice applicable to charities pr8paring their accounts in a(xordance with the Finanaal Reporting Standard applicable in the UK and RepLtblic of Irelarbd (FRS 1021 (second edition - October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The Trades Widows. Fund Charity meets the definitic of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. 2.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources lo ntinue in operational existence for th8 foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial stat9m8nts. 2.3 InGomg All incom9 1$ recognised once the Charity has entitlement to the income, f( is probablg that the ncome wll bg reL%ived and the amount of incomg receivable can be measured reliably. Where the donated good is a fd assec tt is measured at fair value. unless it is impractical to measure this reliably. in whith case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and deprecAated over the useful economic life in accor(lance with the Charitys accounting policie5. On receipL donated professional serwices and facilities are Tecognised on the basis of the value of the gift to th8 Charity whith is the amount il would have been wlling to pay to obtain seNices or facilities of equivalent economic benefit on the open market" a c0fre5ponding amount is then recognlsed in expenditure in the peric*J of receipt. Income tax recoverable in relation to investrnent income is recognised al the time the investment inwme Is receivable. Page 12
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng policies (continued) 2.4 Expendlture Expenditsjre is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. tt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of e8ch activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributsble to a single actiwty are allocated directly to that 8ctivty. Shared costs which contribute to more than one acttvity and support costs which are not attributable to a single acknvity are apportioned beteen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenL and depreciation charges allocated on the portion of the assevs use. Expenditure w tharitable acbvilieg is incJJrred on dir• undertaking Ihe activities which further the Charitys objectives. as well as any assotsated supkmxt )sts. Grants payable are charged in the JEar when the offer is made except in those cases where the offer is conditional, such grants being recogni5ed as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not ac(xued as expenditure. l expenditure is indusivg of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on depo1 is included when receivable and the amount can be measured reliably by the Charity; this is norynally upon n01thtion of the interest paid or payable by the institution wilh whom the funds are deposited. 2.6 Tangiblo fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised sthen future economic benefits are probable and the $t or value of the asset can be measured reliably. Tangible fixed as5et5 are initialty reccrfjnised at cost. After recognition, under the cost model, tangible fixe(J assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. Al costs incurred to bring a tangible fixed asset into its intended working conditson should be included in the measurement of cost. Depreciation is tharged $0 as to allocats the cost of tsngible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the follo¥n9 basis: Computer equipment Other fixed assets 33% Strdight line 10% Strdight line 2.7 Investments Fixed asset investments are a forni of finanaal instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Bal8nee Sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Actiwties. Page 13
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcles {contlnued) 2.8 D•btors Trade and other debtors are rewjnised at the setuement amount after any trade dlgcount offered. PrePaents are valued at the amount prepaid net of any trade diw)unts due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes and short-term highly liquid investments a short maturity of three months or less from the date of acquisition opening of the deposit OT sirnilar account. 2.10 Llabllltles and provisions Liabilities are recognised when there is an (lI980n at the Balance Sheel date as a result of a past event. it is probable that a transfer of economic benefft will be required in setuement, and the amount of the Settlement can be estimated Teliably. Liabilities are recognised al the amount that the Chartty antiapates tt will pay to se8 the debt or the amount it has received as advanced payments for the goods or seNices St musl provide. Provisions are measured at the best estimate of the amounts requlred to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwnding of the discount is recognised in the Statement of FinanLaal Aetimties as a finance cost. 2.11 Financial instruments The Charity only has financial assets and finanal liabilities of a kind that qualify 89 basic flnancial instruments. Basic financial instruments are initsally recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised o)st Using the effective interest methcwJ. 2.12 Fund accounting General funds are unrestricted funds whith are available for use at th8 discretion of the Tnjstees in furtherance of the general objectives of the Chaiity and which have nol been designated for Other purposes. Investment income. gains and losses are allocated to the appropriate fund. Critical accounting esllmales and areas of judgffle Estimates and judgments are continually evaluated and are based on historical experience and other factors, induding expectations of future events that are telieved to be reasonable under the rcUmstans. Critical accounting estimates and assumpti(ms'. The Charity makes estimates and assumptions conceming the future. The resulting a)Unting estimates and assumptions wll. by definition. seldom equal the related adual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of ass9ts and liabilities within the next financial year are discussed bebow. Page 14
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Income from donatlons and l•gacle$ Unrestricted funds 202S Total funds 2025 Total funds 2024 Donations 4.950.000 Totsl 2024 4,950,1)00 4,950,000 Invostmenl Income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Income ffom local listed investments Interest receivable 92,031 440.381 92,031 440,381 96.695 376,358 532,412 532,412 473,053 Totsl 2024 473.053 473.053 Analysls of grants Grants to Indimduals 2025 Total funds 2025 Total funds 2024 Charitable donations 419,310 419.310 277.112 Total 2024 277,112 277.112 Page 15
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysls of expendlture by actlvltles Grant funding of activities 2025 Support costs 2025 Total fvnds 2025 Total funds 2024 Charitable activities 419,310 40,599 459,909 314.256 Total 2024 277.112 37,144 314.256 Analysls of support costs Total funds 2025 Total funds 2024 A¢tivibe$ 2025 Depreciation Legal and professional fees Governanc8 costs Rent Bank charges Office running costs Staff costs Advertising Insurance 2,130 3.500 S,547 3.686 104 2,130 3.500 5.547 3,686 104 2,130 3,520 5.891 3,900 197 937 937 993 21,105 2.503 278 809 21.105 2.503 278 809 18.495 822 1.196 Sundry expenses 40.599 40,599 37.144 Total 2024 37,144 37,144 Auditorfs remuneration 2025 2024 Fees payable to the Charitys audii(Y for the audit ofthe Charitys annual accounts 6.500 6,250 Fees payable to the Charitys auditor in respect otr. All non-audit services not included above 3,500 3,500 Page 16
THE TRADES WDOWS. FUND CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees. remun•ration and expenses During the year, no Trustees reived any remuneration OT Other benefits {2024- £NILI. During the year ended 31 December 202S. no Trustee expenses have been in¢urred {2024- £NIL). 10. Tanglble fIX assets Computer equipment Other ffixed assets Total Cost or valuation At 1 January 2025 975 21.299 22,274 At 31 December 2025 975 21,299 22,274 Deprnciatlon Al 1 Jantjary 2025 Charge for the year 975 12.780 2,130 13.755 2.130 At 31 De¢ember 2025 975 14,910 15,885 Net book valuo At 31 D9Gember 2025 6,389 6,389 At 31 December 2024 8.519 8,519 Page 17
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11. Investmgnl prop•rty Investment property Valuatlon Al 1 Jarbuary 2025 4,950,000 At 31 December 2025 4,950.000 Investment property represents land donated to the charity in the yaar. Thi5 land wa$ valued at £4.950,000 per (pen market valuation on 19 September 2024. 12. Flxgd assot Invgslmtnts Investments Cost or valuatlon At 1 January 2025 Revaluab'ons 3,113.139 411,436 At 31 December 2025 3.524,575 Ngt book v•lu• At 31 December 2025 3.524.575 Al 31 Decembgr 2024 3,113,139 Pag8 18
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. Dèbtors 2025 2024 Duo within one year Loan and accrued interest Prepayments and accnjed income 7,451,259 21.072 7.448,960 36.455 7,472,331 7,485,415 The loan balance is due for repawnent Juty 2026. Interest accrues at 6% per annum from July 2024 {Up lo July 2024- 4%). The loan is Se(red by a parent company guarantee and ffirst ranking security over land. 14. Credltors: knounts falling due within one year 2025 2024 Accruals and deferred income 9,860 11.803 15. Flnanclal In$trumènts 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 530,719 444,945 Financial assets measured at fair value through incorne arKI expenditure cornprise of cash at bank and in hand. P&3e 19
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. Statement of funds Staterngnt of fvnds - curr•nl year Balan¢9 at Balan at 1 January 2025 31 Gainsl (Losses) December 2025 Income Expenditure Unrostrlcted fvnds General Funds - all funds 15,990,215 532.412 (459.909) 411,436 16,474,154 Statsment of ndS - prlor year Balance al 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Unr8$tricted funds General Funds- all funds 10.791,941 5.423.053 {314.256) 89.477 15,990,215 Page 20
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17. Summary olfvnds Surnmary of funds- currenl year Balancg at 31 Gainsl December (Losses) 2025 Balance at 1 January 2025 Income Expenditure General funds 15,.215 532.412 (459.9091 411.436 16.474.154 Summary of funds - prior year Balance al 31 December 2024 Balance at 1 January 2024 Gainsl (Losses) Income Expendilure General funds 10.791.941 5.423.053 {314,2561 89,477 15,990,215 Analysls of not assèts between funds Analysls of nel a8$9ts bétwtsn funds - current year Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments 6.389 3.524,575 4,950,000 8.003.050 (9,8601 6.389 3,524.575 4,950,000 8.003,050 19.8601 Investment propety Current assets Creditors due thin one yaar Totsl 16,474,154 16,474.154 Page 21
THE TRADES WIDOWS. FUND CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of net assets bgtwggn fvnds (continued) Analysls of net assets bgtween fvnds - prior yoar Unrestricted ftjnds 2024 Total funds 2024 Tangible fixed assets Fixed asset investrnents Investment property Current assets 8,519 3.113.139 4,950.000 7,930,360 {11.803} 8,519 3.113.139 4.950,000 7,930,360 111,8031 Creditors due wthin one year Totsl 15,990,215 15,990,215 19. Grants lo Inslllutlons The Charity has pledged £221,000 to local dwribes. The amounts are subject to cert8in perfomiance conditions and the donations 11 only be made upon meeting the Conditions. As a result these have been disclosed as a contingent liabilty rather than as a provision. 20. Relaled party transactlons The Charity has not entered into any related party tTansaction during the year, nor are there any outstanding balances owing b8tsveen related parties and the Charity at 31 December 2025. Page 22