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 & Acc￿ntancY 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. finan￿al hardship or other disadvantage
O - the advancement of animal weffare
Achievements and perfomiance
a. Reviow of activltles
During the year the tha￿ty 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 regUla￿Y 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 inf0m￿tion 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 finan￿al 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 Activi￿es. 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 appIl￿ble 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 Un￿rtaInlieS 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 y￿h the finanryal statements or our knth￿edge 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 y￿th 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 frameWo￿S 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 0￿umng due to fraud rather than error, as fraud involves
intentional conr*almenL 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
nsibili￿es. 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 A￿lJ
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 Finan￿al 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 othe￿iSe
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 f￿d 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 bet￿een 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 depo￿1 is included when receivable and the amount can be measured
reliably by the Charity; this is norynally upon n01th￿tion 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.
PrePa￿ents 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 (￿lI98￿0n 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 se￿8 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 finan￿al 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
rcUmstan￿s.
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 re￿ived 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