Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST REPORT OF THE TRUSTEES and FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 SCOThISH CHARITY NO. SC045474 Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST ANNUAL REPORT and FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PAGE CONTENTS Report of the Trustees Statement of Flnancial Activlties Balance Sheet Notes to the Financial Statements 6-12 Independent Auditor's Report to the Trustee5 13 Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Report of the Trnstees for the year ended 31 March 2025 The Trustees have pleasure in submitting their Annual Report for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out sn note I to the financial statements and comply with the charity's trvst deed. The Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 (a5 amended} and Accounting and Reporting by Charities- Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 las updated through update bulletin I published on 2 February 2016). Issued in October 2019. Objectives and artlvities The Objettives of the charity are to expend the Trust Funds from time to time (whether Income or Capital) for such charitable purposes. in term5 of the Trust Deed. as the Trustees in their uncontrolled discretion shall 5elert. The main focus of the Trustees are as follows:_ Advancement of education in particular for children up to the age of 18 within 8eographlc areas with which Basil Death had a close personal association and with priority to Suitable applications within those areas. These include the parts of Perthshire covered by the postcodes PH8. PH9, PH15. PH16 and PH18. The Trustees can also. at their discretion. allocate funding out with those areas if they see fit. Advancement of the Roman Cathollc Faith Relief of those in need by reason of age, ill-health, dtsability, financlal hardship or some other disadvantage. particularly those who have served or are servin8 in the British Armed For￿S, and their familie5. Saving lives at Sea Grant makins policy The Trustees meet twi￿ a year nonnally in March ond September. They aim to distribute the net income each year in line with the donations policy. All applications are made using the application form found on the charity's web51te. A review of the achievements and performan The objectives of the charity durlng the year were to support those charities mentioned in the objective5 and activitie5. The Trustees fulfilled these objectives by making donations a5 detailed on note 5 of the financial statements. Flnancial revlew The financial position of the charity at 31 March 2025 is as disc105ed in the Statement of Financial Artiwtie5 and Balance sheet on pages 4 and 5. The results for the year show income of £89.178 12024: £81,699). expenditure of £220,89012024.' £282.2251 and gains on investments of £38,080 (2024: gains of £195.0211. After transfer from endowment to investment fund. year end reserve comprise 1£1.915) (2024: £63.728 of unre5trlrted funds and £3.362,281 {2024.' £3,390,270> of endowment fundk At the year end, unrestricted revenue reseNes show a temporary deficit of £1,915. Thls arises due to timlng differences between the recognition of income and the expenditure incurred for ongoing commitments. There are no concerns regarding the charity's ability to continue operating. Investment policy and performance The investrnent managers appointed by the Trustee5 have over the year followed an Investment pollcy in line with the agreed strategy for the charity's investments as set out in their investment policy statement. The investment managers report to the Trustees on a regular basis. with progre55 and policy reviewed twice annually. The performance of the investments was in line with the objectives. Risk management The Trustees have assessed the major risks to which the Charity Ès exposed. in particular those related to the operations and finance of the charlty. and are satisfied that system5 are in place to mitigate their exposure to the major risks. The Trustees consider the major risks to be fluctuation5 in the value of its investment portfolio and investment returns. Reserves policy The Trustees can make di5tributlons from both income and capital galns Benerated from Investments, while recognisin8 the importance of preserving the re31 value of the investment portfolio over time. They are prepared to use further capital, as determined by the trust deed. in eX￿ptIOnal arcumstan￿% Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Report of the Trustees tor the year ended 31 Marth 2025 Plans for the future The Trustee5 wish to preserve the capital of the fund against inflationary pressures, taking due account of risk. to enable them to optimise funds for the charity's objectives. Strurture. governance and management The charlty was constituted by the Will dated 8 February 1999 and Codicil dated 2 July 1999 of the late Basil Samuel Death, both of which were registered in the Books of Council & Session on 13 August 2007 following his death on 28 June 2006. A supplementary trust deed dated 15 April 2015 was re8iStered in the Books of Council and Se55ion on 22 April 2015. The trustees have discretion on when the trust should bewound up and there 15 no end dateforthe trust. The charity does not actively fundraise and seeks to undertake the charitable work desired by the donor through the careful stewardship of its existing resources. Any decisions relating to assumption and resignation of Trustees will be ratified at the annual meeting held in September each ye3r. Trustees are asked to provide a brief paper outlinin8 their skills and experience, Training needs will be assessed and met by the servSnB Trustees. Key manaE@ment pÈrsonnel remuneration All Trustee5 give of thelr time freely and no Trustee remuneration v￿5 paid in the period. Detsils of trustee expenses and related party transactions are disclosed in note 2 to the financial statements. Trustee5 are required to disclose all relevant interests and register them with the Chairnian and, in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises. Reference and administrativ Prlnclpal Office Anderson Strathern LLP 58 Morrison Street Edlnb￿rRh, EH3 8BP Charity Number: SC045474 Auditors MHA Chartered Accountants 6 St. Colme Street Edinburgh EH3 6AD Imiestment Managers Rossie House Investment Management 50 Moray Place. Edinburgh, EH3 6BQ Banker5 TDWCS LLP Canterbury House, 85 Newhall Street Birmingham, B3 ILH Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BA51L DEATH TRUST Report of the Trustees for the year ended 31 March 2025 Trustees, responslbilities in relation to the financial statements The charity Trustees are responsible for preparing a report of the Trustees and financlal statements in accordance with applicable law and United Kingdom Accounting Standards {United Kin8dom Generally Accepted Accounting Practice). The Law applicable to charities in Scotland requires the charity Trustees to prepare ftnancial statements for each year which Eive a true and fair view of the state of affair5 of the charity and of the incomlng resources and application of resources, of the charty for that period. In preparing the financlal statements, the Trustees are required to: select suitable accounting policie5 and then apply them consistently: obseTve the methods and principles in the applicable Chartties SORP 2019 (FR5 1021: make judgements and estimates that are reasonable and prudent; state whether applicable accounting stsftdards have been followed, subjett to any materlal departures disclosed and explained in the flnanclal statements." prepare the financial statements on the golng concern basis unless ft Is Inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeplng proper accounting records that dlsclose with reasonable accuracy at any time the financial position of the charty and to enable them to ensure that the flnancial statements cornply wlth the Charities and Trustee Investment (Scotland) Act 2005. the Charity Accounts (Scotlandl Regulations 2006 (as amended), and the provlsions of the Trust deed. They are also responsible for safeguarding the assets of the charity and takinE reasonable steps for the preventlon and detection of fraud and other irregularities. Approved by the trustees on IiTr JF£I Mf&fL 2025 and signed on thelr behalf by: TRUSTEE Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Statement of Flnanclal Activities fcr the year ended 31 March 2025 REVENUE FUND CAPITAL FUND (Expendable IUnre5trirted) (endowment) REVENUE FUND CAPITAL FUND {Expendable (Unrestrirtedl (endowment) Total Total 2025 2025 2025 2024 NOTE 2024 2024 Income Investments Capital received Total income 89.178 89.178 81.699 81,699 89.178 89.178 81,699 81.699 Expendlture on: Raising fund5 ,600 19.600 19,225 19,225 Charitable activities 192,747 8.543 201,290 257.535 5,465 263,000 Total expenditure 192.747 28,143 220,890 257,535 24,690 282.225 Net (expeftditurel before gain5 and losses on investments and investment properties 1103.569) (28,143) 1131.712) 38,080 1175,8361 124,6901 (200.5261 195,021 195.021 (s￿05) Net gainl(lossl on Investments Net Income/lexpenditure) 38.080 (103,5691 9J37 (93.632) (175A36) 170331 Transfers between funds 37,926 137.926) 173,371 1173,3711 Net movement In funds (65,6431 (27.989) (93.632) 12.4651 13.0401 (5,5051 Total fund brou8ht forward Total lund5 carried forward 63.728 3.390,270 3.453.998 11.9151 3362281 3360366 66,193 3,393.310 3,459,503 63,728 3.390270 3,453,998 The notes on pages 6 to 12 form part of these financial statements Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Balance Sheet As at 31 Mprch 2925 2025 2024 Flxed ?5sets: Investments at ma.rket Value 3,420,502 3,447,584 Current a$sets: Income tax repayment and accrued dlvidend income Float Qsh at Bank 9,45.8 62Q 55,362 9.276 503 157,689 167,468 Liabilitles Amounts falling due within one year redltor4 125,57.6 161,054 tyet ¢urreht as$ets Total assets less current liabllttles 10 3,360,366 3N53,998 The funds of the tharlty: ReveDUQ * unrestricted Capital- expendable eftdowment (1.915) 3,362 2a1 .63.728 3,390,770 Total funds 3,360.366 3,453,998 behalf by 2025 and are slqned on their The notes on pages 6 to 12 form part of these financial ststements Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 Notes to the financial statements Accounting Policie5 (a) Basis of preparation and assessment of golng concern The financial statements have been prepared under the historical cost convention with Items recognised at cost or transaction value unless otherwise stated in the relevant notel5} to these financial statements. The financial Statements have been prepared In accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued in October 2019, the Charities and Trustee Investment (Scotlandl Act 2005 the Charities Accounts (Scotland) Regulation 2006 (as amendedl, Financial Reporting Standard {FRS) 102 and UK Generally Accepted Accounting Practice. The trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The most significant area5 of adjustment and key assumptions would be from multi-year grant commitments, the Trustees only do this in exceptional circumstances, With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that effect the carrying value of assets held by the charity are the level of investment return and the performance of Investment markets (see the investment policy and performance and risk management sections of the tru5tees' annual report for more inforniation). (bl Funds Structure Unrestricted income funds comprise those fund5 which the trustees are free to use for any purpose In furtherance of the charitable objects. Capital funds held as an expendable endowment are retained for the benefit of the charlty but with the Trustees havtng the power to convert capital into income. Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 (c) Income recognitlon All Income is recognised once the charity has entitlement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are recognised when the charty has been notified in writing of both the amount and Settlement date. In the event that a donation is subject to conditions that Yequlre a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those condFtlons are fully met. or the fulfilment of those conditions Is wholly within the control of the charity and it is probable that those conditions will be fulfilled in reporting period. Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest pald or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This 15 normally upon notification by our investment advi50r of the dividend yield of the investment portfolio. (d) Expenditure recognition Llabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliabty. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more Information on this attribution ￿ler to note (gl below. Grants payable are payment5 made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaining to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant ha5 been communicated to the recipient but there 15 uncertainty as to the timing of the grant orthe amount of grant payable. The Trustees do not normally make multi-year grants but encourage recipients to reapply where there ts a particular interest. {el Allocation of support and governance costs Support Costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include cost5 related to statutory audit and legal fees together with an apportionment of overhead and support costs. Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRU5r Year ended 31 March 2025 {f) Costs of ralsing funds The costs of generating funds consist of investment managernent costs and certain leeal fees. (g) Charltable attivitles Costs of charitable activitie5 include grants made. governance costs and an apportionment of support costs as shown in note 6. {h) Flxed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction Value and subsequently measured at their fair value as at the balance sheet date uslng the closing quoted market price. The statement of financial activities includes the net gains and105se5 arislng on revaluation and disposals throughout the year. The main form of financial risk faced by the charFty is that of volatiltty in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equtties and within particular sector5 or Sub sectors. {1) Realised galfts and losses All galns and losse5 are taken to the Statement of Financial Activities a5 they arise. Realised gains and losses on investments are calculated as the difference between sale5 proceeds and their openln8 carrylng value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and theiT carrylng value. Realised and unrealised investment 8ains and losse5 are combined in the Statement of Financial Activities. Ul Debtors Debtor5 are measured at their recoverable amount and are included when reasonable certainty exlsts over receipt. Ik) Cash at bank Cash at bank includes cash and highly liquid short term investments with a maturity of 3 months, or less from the date of opening of the deposit or slmilar account. 111 Credltors Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Im) Flnancial instruments The charity only has financial assets and financial liabilities of a kind that quallfy as baEic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their settlement value. Related party transartion5 and trustees, expenses and remuneration The Trustees all give freely their time and expertise without any form of remuneratlon or other benefit In cash or kind. Investment Income Unre5trlcted 2025 Unrestrttted 2024 Dividends and fixed interest securities Interest on cash deposits 85.535 3.643 89,178 79,632 2.067 81,699 Ralsin8 fund5 Endowment 2025 Endowment 2024 Investment management fees 19.600 19,225 Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 Charitable donations 2025 2024 Aberfeldy Community First Responders Aberfeldy Gaelic Choir Aberfeldyjunior Golf Aberfeldy Parish Church - Breathe Projett Aberfeldy Rugby Football Club Active Schools Swim Success Active Schools Highland Perthshire Air Ambulance Charity Kent Surrey Sussex Army Benevolent Fund Scotland Answer Project Bertha Park Cluster Beyond the Wire Birnam Arts Blair Atholl Baby & Toddler Group Blair Atholl Golf Club {Peat N Pig) BlairAtholl Primary School Blair Atholl and Struan Initiative Treasurer's account Branch Out Together (Lothian Autistic Society) Breadalbane Academy School Fund Breadalbane Canoe Club Breadalbane Men's Shed Breadalbane & Strathtay Youth FC British Liver Trust British Red Cross Society Callander Youth Project Trust Camanachd Bhraghad Alainn - Breadalbane Shinty Capa First Response CIC Care for Carers Care of Veterans (Queen Alexandra Hospital Home) Carers of West Lothian Compassionate Friends Culture Perth and Kinross Cyrenian5 Dean and Cauvin Young People's Trust Dementia Frlendly Aberfeldv Diocese of Argyll and the Isle of Skye- Our Lady of Assumption Diocese of Argyll and the Isles Arisaig Mission Diocese of Argyll and the Isles St Columba, Kingussie Diocese of Argyll and the Isles Morar Mission Diocese of Leeds Music Dr Imogen Stephens- Parkrun Aberfeldy Dogs Trust Dunkeld, Birnam & District Community Development Trust Dunkeld & Birnam First Responders Dunkeld & Birnam Traditional Youth Music Group Edinburgh Headway Group Edinburgh Science Edinburgh Young Carers c.fwd 3,000 3,000 2,000 3.000 3,000 1,500 1,500 4,100 2,000 2,000 2.000 1,500 1.000 2,100 3,000 1,000 2,500 1.000 3,000 2,500 2,000 2,000 3,000 3,000 1,720 3.000 3,000 3,000 3,000 3,000 1.500 650 3,000 2,954 3,000 3,000 1,500 1,000 3,000 2,000 1.500 1,000 I,ooo I,ooo 3,000 3,000 3,000 3,000 3,000 2,000 2,000 1,000 3,000 3,000 2.000 2.000 1,500 3,000 78,700 58,324 Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 Charitable donations (Cont'd) 2025 2024 B.fwd Equi-Power Central Scotland Fei5 Thatha GO Youth Trust Grandtully Primary School Parent Council Healthiest Town Aberfeldy Heartlands Film Society Hearts and Minds Ltd Highland Perth5hire Plus Highland Perthshire Yoga & Wellbeing Horizon Lunch Club Horseback UK Kenmore Primary School Kinloch Rannoch Primary School & Nursery Kirkmichael School PTA Lady of Mercy RC Church. St Bride Parish, Pitlochry Light Up Learning Linda Tremble Foundation- SupportED Locus Breadalbane Ltd Logierait Primary School Lucky2BHere Money Advice Scotland Moulin Kirk Trust Murthly Primary School Music in Hospitals Myeloma UK National Schools SinEillE Programme. Diocese of Paisley National Youth Choir Navigate Netherton Church Building Community Group NT Feldy Crew- Feldy Ramblers & Rascals NT Feldy Crew- Mischief Club Nursery Food Bank (Sunshine Wishes) Ocean Youth Trust scotland Our Holy Redeemer RC Church. Stornoway PAMIS Pegasus Vaulting Group Perth & Kinross Association of Voluntary Service Ltd Perth & Kinross Council Perth & Kinross Council- Kenmore Prtmary School Perth & Kinross Council- Royal School of Dunkeld Perth & Kinross Council- Pitlochry High School Perth & Kinross Countryside Trust Pitlochry & Blair Atholl Pipe Band Pitlochry Community Action Trust Pltlochry Festival Theatre Pitlochry Garden Share Pitlochry Town Hall Pit & Dist Choral Society Playlist for Life Playworks Isimply Play) C.Fwd 58,324 1.000 2.000 2,000 2,500 1,500 1,500 78,700 3,000 3,000 1.500 3,000 3,000 3.000 1.000 2,000 2,000 2,500 3,000 3,000 2,500 1,500 3,000 3,000 2,500 2,000 2,000 3,000 2,000 2,000 2,000 3,000 2,000 3,000 3,000 3,000 3,000 2,000 2,000 1,000 1,000 1,500 1,500 3,719 2,000 2.100 3,500 3,000 3,000 1,500 3.000 3,000 2,040 1,000 3.000 1,500 5,000 1,500 2,000 3,000 3,000 1,500 1.424 io 16 59 Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 Charitable donations (Cont'd) 2025 121,424 2,000 1.000 3,000 2024 163,959 3,000 3,000 B.fvid Project Northern Lights PLUS Forth Valley Ltd RCDAI Skye Relationships Scotland Tayside and Fife Rock Trust Rosebery Centre SCIO Royal Air Force Benevolent Fund Royal School Dunkeld Nursery Scotland's Bravest Manufacturing Co. Royal Hospital Chelsea Appeal Royal School of Dunkeld School Bank West Lothian Scotland's Charity AirAmbulance SCIAF Shine SIMBA Slngingfor Fun, Netherton Church Spark Spina Bifida Hydrocephalus Scotland St Andrew's Catholic Parish in Rothesay, Isle of Bute St Columba's Primary. Oban St Margaret's Parish Church, Lochgilphead St Wilfred's Hospice Super Power Agency Take a pride in Perth5hire Association The Birk5 Cinema Trusi The Chapter House Museum Trust The Fisherman's Mission The Moira Anderson Foundation The PBC Foundation UK The Poppy Factory The Royal National Mission to Deep Sea Fishemian The Scottish Cot Death Trust The Scottish Crannog Centre Trust The School Bank West Lothian The Vale of Atholl Pipers Association The Workshop Aberfeldy Therapets Together for Short Lives Tourette Scotland Upper Tay Anti-Poverty Support Group Upper Tay Paths Group Wellness Walks West Lothian 50+ Network Wings for Warriors YorkshSre Air Ambulance Young Speakers Scotland YMCA Tayside 3.000 2,000 3,000 3,000 1,000 1,500 3,000 3,000 3,000 (3,0001 2,783 4,500 3,500 3,000 3,000 3,000 1,500 2,000 2,000 1.500 2,000 3,500 3,726 2,000 1,000 3,002 1,000 3,000 3.000 1.500 3,000 2,806 500 3,000 3,000 3,000 2,000 3,000 3,000 3.000 3,000 2,000 3,450 2,000 3,000 1,000 2,000 3,000 1.000 3,000 3,000 181,014 li Docusign Envelope ID. B7B65FFF-557A46B4-8F9B-A24A18E3E48A THE BASIL DEATH TRUST Year ended 31 March 2025 Analysis of charitable expenditure The Charity undertook its charitable adivities through grant making and awarded grants to a number of individuals and institution5 in furtherance of its charitable activities. 2025 2025 2025 Capital Total 2024 Total Revenue Donations- per note 5 Audit fee Trustee indemnity insurance Administration expenses Secretarial fees 181,015 4,342 181,015 8,684 1.124 211 10,257 201,290 249,135 3,576 1,103 607 8,579 263,000 4342 1,124 211 7,180 192.748 3.077 8.544 Fixed Asset Investments 2025 2024 Market value as at l April 2024 Add.. additions to investments at cost Disposals proceeds Add net Eains/{lossesl on revaluation Capital cash movement Market value as at 31 March 2025 3.447.584 3,435,146 825.610 94,991 {892,813} (284,659) 38,080 195.021 2.041 7,086 3,420.502 3,447,584 Historic C05t 2,200,727 2,051,174 Analysis of cash at bank 2025 2024 Royal Bank of Scotland Rossie House Investment Management- income account Total 10,462 44.900 55,362 157,689 157,689 Analysis of current liabllitie5 and long term credltors Credltors under l year 2025 2024 Trade creditor R055ie House investment management fee Auditors remuneration Anderson 5trathern LLP Donations agreed at March 2025 meeting 5,424 4.787 6,600 5.400 103 365 125.576 4,820 3,340 3,799 149.095 161,054 10 Analysis of net assets between funds Unrestricted Fund Restricted Fund Total Funds Investments Net current assets At 31 March 2025 53,434 155.349) 11.915) 3,367,068 (4.787) 3,362.281 3,420,502 160,136} 3,360,366 Investments Net current assets At 31 March 2024 52,494 11.234 63,728 3.395,090 3,447,584 14,820) 6,414 3,390,270 3,453,998 12 Docusign Envelope ID.. B7B65FFF-557A46B44F9B-A24A18E3E48A Independent Auditorfs Report to the Trustees of The Basil Death Trust Opinion We have audited the financial statements of the Basil Death Trust lthe'chari￿l for the year ended 31 March 2025 which comprise the statement of finanaal actwitie5, the balan￿ sheet, and notes to the financial ststements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted Kingdom Accounting Stsndards, including Financial Reportingstandard 102 The FinanciolReportingStandordopplicable in the UKandRepublicof Ireland (United Kingdom Generally Accepted Accounting practi￿}. In our opinion the financial statements.. give a true and fair view of the State of the chaTT￿5 affair5 as at 31 March 2025, and of its incoming resources and application of resOur￿s, indudirE its income and expenditure, for the year then ended; have been properfy prepared in accordance with United Kingdom Generally AC￿pted Accounting Practice; and have been prepared in accordance with the requirements of the Charities and Trustee Investment Iscotlandl Act 2005 and regulation 8 of the Charities Accounts Ikotlandl Regulations 201￿. Basis for opini We conducted our audit in accordance wtth Intemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements sertion of our report. We are independent of the charity in accordance with the ethical requirements that are relevantto our audit of the financial statements in the UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe thatthe audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Condusions relating to going concem In auditing the financial statements. we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perfomied. we have not identified any material un￿rtaIntieS relatingto events or condttions that. individuallyor collectively. may cast signtficant doubt on the charty's ability to continue as a going concern for a period of at least tWe￿e months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibiltties of the trustees wtth ￿Spectto going concem are described in the relevant sections of this reporL Other infomiation The other information comprises the infomiation included in the report of the trustees, other than the financial statements and our auditorfs report thereon.The trustees are responsible for the other infomiation contained within the reF)Ort of the trustees. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explic1t￿ stated in our report. we do not express any form of assurance conclusion thereon. 13 Docusign Envelope ID.. B7B65FFF-557A46B44F9B-A24A18E3E48A Independent Auditorfs Report to the Trustees of The Basil Death Trust (continued) Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit or otherwise appear5 to be materially misstated. ff we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to rep(¥t by exception We have nothing to report in respect of the following matters in relation to which the Charf(ies Accounts IScotland} Regulation5 requires u5 to reportto you if, in our opinion- the information given in the financial statements is inconsistent in any material respect wf(h the trustees, report; or proper accounting records have not been kept: or the financial statements are not in agreement with the accounting records; or we have n(rt received all the information and explanations we require for our audit. Responsibilitie5 of trustees As explained more fully in the twstees. responsibilities ststement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they grve a true and fair view, and for such internal control as the trustees determine is ne￿SSary to enable the preparation offinancial statements that are free from material misstatement. whether due to fraud or e￿Or. In preparing the financial statements. the tnjstees are res￿nsIble for assessing the charitys ability to continue as a going con￿rn, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity orto cease operations. or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the finanaal ststements We have been apwinted as auditor under section 4411)Ic} of the Charttie5 and Trustee Investment (Scotlandl Act 2005 and report in accordance wtth regulations made underthat Act. Our objettives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs reportthat includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audtt conducted in accordan￿ with ISAS IUKI will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indlwdua1￿ or in the aggregate, they could reasonably be expected to influence the ecOn￿liC decisions of users tsken on the basis ofthese financial ststements. Irregularities, including fraud. a￿ instsnces of non-compliance wtth la￿￿ and ￿gUlations. We design procedures in line with our reswnsibilr(ies. outline abcwe, to detect material misstatements in respect of irregularities, including fraud. The spectfic procedures for this engagement and the extentto which these are capable of deterting irregularrties, including fraud is detailed below: 14 Docusign Envelope ID.. B7B65FFF-557A46B44F9B-A24A18E3E48A Independent Auditorfs Report to the Trustees of The Basil Death Trust (continued) Enquiry of management and those Cha￿ed with govemance around actual and potential litigation and claims,. Enquiry of charity management and those charged with govemanceto identify any instance5 of non- Complian￿ with laws and regulations,. Perfomiing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness. evaluating the rationale of significant transactions outside the normal course of the chariws attivtties and reviewing accounting estimates for bias; Reviewing minutes of meetings of those charged with g0veman￿. Reviewing finanaal statement disclosures and testing to supporting documentation to assess Complian￿ with applicable laws and regulations. Because of the inherent limitations of an audit, there is a riskthatwe will not detert all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transartions reflerted in thefinancial statements, as wewill be less like￿t0 become aware of instances of non