Scottish Charity No SC046817 GRAHAM AND HENRIErrA SOMERVELL'S WILDLIFE TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Brodies LLP Brodies House 31-33 Union Grove Aberdeen AB10 6SD Ref.. MSTE.CEF.GD.SOM0065 GRAHAM AND HENRIETTA 8OMERVELL'S WILDLIFE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Refelence and Administration Infomation Scottish Charity Numb8rSC046817 Contènts Pag Reference and Administrativ2 Information Annual Report ol the Trustees Independent Examiner's Report Slalem>nl of Receipts Payments Slatemxnl of Balances Notes ID the Financial Slalements Trustèes Registered Office. Solicitors, Secretaries & Treasurers Biodies LLP Brodies House 31-33 Union Street Aberd&n A810 8SD Investmgnt Njanagers Rathbcnes incoipcrating Invest￿ Wealth & Invesknent Ltd Quarte-mile One 15 Lau"ieslon Place Ediinburgh EH3 gEN Indopandarnt Fxaminar Charte'ed Accountant Brodies LLP Capital Square 58 Mowison Street Edinbwgh EH3 8BP . Acc 2024 Som_65 31Dec2024 R+P{77042040.11.xls¥ Brodles GRAHAM AND HENRIETTA SOMERVELL'S WILDLIFE TRUST ANNUAL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DEGEMBER 2024 The trustees present their report along wllh the flnancial sialements for the year ended 310ecember2024. structure. (3wernanctr and Management Eslabllshn*nt of tnjst The trust M?s established by a deed ol trust by dated 23 June 201e. 11 was registered as a Scottish charity on 31 Augus12016 with registration nurrber SC046817. TN5tse m￿ting$ and appointment New trustees are appointed by the existing trustees. and are briefed on the trust's aims. objecltves, grant making policy and purposes. Al Ihe annual trustees, meeting, Brodies LLP inform the trustees of any changes In the law Itrat may affect the charity and the inv2strnent manager provKJes a detailed presentati)n or report on changes in ￿arket conditions. The Iruslees then ￿ree the broad strategy and areas of sctivity for charity. including ojnsideralion of grant making, Investment. reserves and risk management pjlicies and perfomiance. QblgGtlves and Aciivltles Charitable purposes The Irusl's charilab1e purpose 15 the advancement of environmentsl protection or improvement and the trustees op4rate as a 'granl giving" charity f￿ the benefit of that charitat￿e purpose by making grants to appropriate institutions and individuals. Regarding he criteria used by the IrLJslees to asse55 success, the trustees monitor the perforMa￿e of the trust's investment portfolio lo measure the grourth of capital and Income. The trustees are able to diaribute all of the generated income to support the chosen beneflclarles. Grant making policy Grants are awarded in accordance wilh the objectives set out in the trust's purpose8 above. The trustees, poScy 15 to consider applications forgrants at an annual Iru8lee¥' meeting. A¢hievements and Perfonnancè No voluntary income was received this year12023.. £nill. The trustee$ rnade donations amounting to £22,920.0012023.' £6,800.00) during the year, of which £7,SOO.00 12023.. £4,OJO.001 were agreed in the previous year. Financial Review The Investment portrolio market valLt as al the end of the accounting year on 31 December 2024 was £554.525.00 (2023.. £564,124.00). Investment income received during the year arnounted to £21,167.37 (2023.. £19,290.23). The revenue account cuffenlly shows a balance Df £1,06I.9812023'. £14,519.41). Reserves policy 11 is the pjlicy of the trust lo maintain unrestricted ftjnds at a levd suffici￿1 to cover rnarfigement, adminislrali)n and donations. Reserves at 31 December 2024 wwe £565,412.11 12023= £569,505.22), shomring that the tru51 holds sufficient fttnds to cover Ihese expenses. Investfflent policy The Iru51 uses ihe services of Raihbones Ircorporaliriy Irive¥leG W¥dlUI & Ilivestiiirnt Lin)ited, as disGretionary investment ed￿lSerS. The policy is to look fcir a balancè of income and capital grovrth wth a medium ris< profile and medium prioTity for incoma ganeration. ACL 2024 SDM 65 31 Dec 2D24 R+PI77042040.11.xlsx r(xlies GRAHAM AND HENRIETTA SOMERVELL'S WILDLIFE TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIJIBER 2024 Risk management The trustees have assessed the risks lo vA)ich the trust is exposed, in particular those rdaled to the operations and finances of the trust and ale sat15fied that systems are in place lo mitigate exposure lo major risks. The Iruslees ¢onsider vari4bilty of investment returns as one of the major T15ks, therefore the trust uses the services of Ralhbones as inveslmenl advisers. Future Plans By Continuing lo invest funds and receive income from these funds the char-ty will build up resources and award funding to charities in the foll0v￿ng yèars, the charitable trust provides a long lemi commitment to meeting its objectives. ststement of the Trustees, Re5ponsibilltles The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance wrth applicable law and United Kingdom Accounting SlarKiards {Uniled lfjngdom General Accepted Accounting practi￿). The law appI￿able to chartlies in Scotland requires the trustees to prepare financial statements for each linancial year which give a true and fair view of the state of affairs of the ITUSI and of the incoming resources and 8ppli¢alim of resources of the trust for that period. In preparing these financial slalemenls. the trustees are required lo.. select suitable accounts'ng poliaes and then apFly them ¢onsislenlly'. observe the methods and princip￿$ in the Chari(ies SORP.. rnake judgments and eslimales that are reasonable and prudent., state ththelher applicable accounting standards have been follow8J, subject lo any material departur&8 di%cbsed and explained in the financial slatemenls. and pre￿re the financial slalements on the going coneem basis unless il ￿ inappropriate to presume Ihal the trust will Ccintinue in business. The trustees are responsible for keeping proper accounting recorcls that disdose wth reasonable accuracy at any lime the financial position of the trust and enab￿ hem to ensure that tre financlal statements comply wth the Charities and Trustee Investm￿1t IS¢ollandl Act 2005, Ihe Charitie5 Accounts {Scollandl Regulations 2006 (as amended) and the provisions of rhe irust's Constitution. They are also responsible for safeguardlng the asseis of the trust ancl hence for taking reasonable 51eps for the prevention and detection of fraud and other1rregularitles. Slatsment of d￿CloSUre of Informatlon lo the independent examiner To the knowledge and belief of eaGh of the persons who are trustees al the lime the report 18 approved.. So far as the trustee is awe, there is rlo relevant information of which the trust's independent examiner i% unavare, and He has taken all the steps that he ought lo have taken as a trustee in order lo make himself aware of any relevant audi( information. and to establish that the trust's guditor is aware of the information. Approved by the trustees and authorised for issue on heir behalf by.. Trustee Date Acc 2024 Som 85 31Dèc 2024 R+PI77042040.11.xlsx Brodies GRAHAM AND HENRIETTA SOMERVELL'S WILDLIFE TRUST INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 I repDrt on the financlal statements of the charity for the year ended 31 December 2024 which are set out on pages 5 10 9. Respectlve r85pon$lbllltles or trustees and examiner The charity's trustees are responsib￿ for the preparation of the accounts in accordance wlh the term5 of the Charities and Trustee Investment (Scotlandl 2005 Act and the Charities Accounts (Scotlandl Regulakn"ons 2006. The charity trustees consider that the audit requirement of Regulation 10111 (dl of the Accounts Regulats"orB doès not apply. It is my responsibility lo examine the accounts as required under section 441111¢) ofthe Act and lo state whether palicular matters have come to my attention. Basls of Indep8ndent examlner's statement My examirnation is carrEd out in accordance vlllh Regulaiion 11 of the Charities Accounls IScoilan(fl Regulations 2006_ An examination indudes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also indudes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such mallers. The procedures undertaken do not provide all the ewdence thatwauld be required in an audit and, ccnsequently, I do not express an audit opinion on the accounts. Independont exarniner's stst•mont In the coura¢ of my examinaticn, no m8ller ha8 come to My attention 1. whith gives me reasonabla cJJs6 to believe that in any material respect the requirements.. to keep accounting re￿d5 in accordance wlh section 44111 (al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and to prepare accounts which acwrd ￿t￿ the acct)unting records and comply Regulation 9 01 th8 2008 Accounts Regulations have not been met, or 2. to which, in my dpinion. att￿tion should be drawn in order to enable a proper understanding of the accounts lo be reached. Chartered Accountant Brodies LLP Capital Squ3rÈ 58 f&lorrison Street Fdinburgh EHJ BBP Z OL). Dxle . Act 2024 som G5 31DoG 2024 R+P(77042040.11. 8rtyJies GRAHAM AND HENRIETTA SOMERVELL'S WILDLIFE TRUST STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Fund Expandable Endowment Fund 2024 2023 Revenue Fund Total Total Note Receipts Investment income 21,167.37 21,167.37 21,167.37 21,167.37 18,728.11 19,290.23 19,290.23 6,333.82 Investments realised Inetl 18,728.11 Total receipts 18,728.11 21,167.37 39,895.48 25,624.05 Payments Investment m8nagement costs Donations Administration expenses 4,927.13 4,927.13 22,920.00 15,602.40 4,349.73 6.800 00 3,947.76 10 12 22,920.00 11,701.80 3.900.60 Total payments 8,827.73 34,621.80 43,449.53 15,097.49 Surpluslldeflclt) for yaar 9,900.38 1 13,454.431 1 3,554.051 10,528.56 All activities of the charitable trust relate to continuing operations The notes on pages 7 to 9 form part of these financial statements. Acc 2024 Som 65 31Ckc 2024 R+P(T7042040.11.xLsx 8rodie5 GRAHA•A AND HENRIETTA SOMERVELL'S WILDLIFE TRUST STATEMENT OF BALANCES AS AT 31 DECEMBER 2024 ExpoNlable Endowm•nt Funds 2024 Total 2023 Total Notè Rgvenue Funds Cash Funds Opening eash at bank and in hand 4.721.81 14,519.41 19,241.22 8,714.66 Receipt and Payments surp1￿/(defI￿t) 9,900.38 ( 13,454.431 1 3.554.05) 10,526.56 Closing cash at bank and in hand 14,822.19 1,064.98 15.687.17 19,241.22 Bank And Cash Balances Rathbones - cash Brodies LLP Royal Bank ofscolland SoliGitors Special Deposit Account 5,983.S3 5 983.93 .717.04 6,836.18 3,898.87 3,717.04 8,638.26 1 2,652.06) 5.98S.20 8,708.17 14,622.19 1.064.98 15.687.17 19,241.22 Investments Investmenis a., tnarkel value 554,525.00 554,525.CK) 554,124.00 Llabllltles Brodles LLP fee ourstanding Agreed donation paid wst year end 1.200.00) { 3,600.00) 1 4,8CKJ.001 1 6,360.001 7,500.001 4,800.00) 1 13,86Q.001 1,2QO.001 I 3,600.00 Total Reserv¢¥ 667,947.19 < 2.535.02) 565,412.17 5Sg.505.22 Approved on behalf of the trL6te•s on Trustee A£￿ 2024 Scffl 65 31DeG 2024 R+PI77042040.11.xlsx Brodies GRAHAM AND HENRI￿A SOMERVELL'S NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Basis of Aecounling Thes8 acC￿￿t8 have been prepared on thè Récèipts and Payments basis in aeeordanca With the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Règjlalion 2006 las amended). 2 Nlatur• aThd Purpose of Funds Unrestricted funds are those that may be usad at the discretion of the trustees in furtherance of the objects ol the charity. The trust's unreslricled funds comprise of an 'Expendable Endowment FUNI, and a 'Revenue Fund. The Expéndable Endowment Fund represents the eapitsl funds originally received and subsequent tranSact￿nS for investment tc* generate the income Irevenuel less any relevant expenses incurred. The Revenue Fund is the income received from the caF4tal investments also subect lo expenses. Donation5 are Usual￿ paid from the available revenue balance. However the Irusleas are free lo u¢e either fund for any purpose in furtherance of the charitable purposes, if they so delermne. Administration costs have been allocated between capltal and revenue funds on a 25'.75 basis thi5year. 3 VAT The trust is not registered for VAT and ac¢ordinglyexpendiluré includes VAT where appropriate. 4 Taxation The trust is a charity and is recognised as such by H M Revenue & Customs for laxètion pury)oses As result there is no liability lo taxation on any of its income. 5 Employees The trust no employees al any tsme during the year. 6 Trustèas Remuneratlon 2024 .' £ nil 2023 .' £ nil 7 Trustees Expen$e$ 2024 .' £ nil 2023 .' £ nil 8 Related Party Traiisaclions Iruslee. Is a rnember of the fiTrn Brodies LLP, charged fees and experEe5 of £15,542.40 (including VATI durlng the year 12Q23'. £3,869.76) for the rnanagernenl ol Ihe charity Induding preparaiion & Independent exarninalion of the acctrunts. 9 Investments Investments are quoted on Inlernatlonal Stock Exchanges and stated al market value. Investments are ieviewecl at least yeady by stockbrokers and Ghangcs ￿ the portfolio are made on their recommendation. Acc 2024 Scm_65 31Dec 2(r24 R+PI77042040.11.)dsx 7 Brodies GRAHAM AND HENRIETTA SOMERVELL'S NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 Investmants {cont'dl 2024 2023 Opening market value Le5S'. Disposals al opening market value I cost Add.. Acquisitions at cost Nel Ilossesllgains on revaluation al 31 December 564.124.00 549,504.00 18,241.00} { 54,406.001 23,984.64 15,342.641 45,073.29 23,952.71 Closing market value 554,525.00 564,124.00 Cost 493,966.84 502,612.31 Cash movement Investments realised Investments purchased Net investments ¥ealised 42,712.75 23,984.641 18,728.11 51,407.11 45,073.29) 6.333.82 10 Donatlons Mad• 2024 2023 Herts and Middlesex Wildlife Trust 3,500.00 8,160.00 3,000.00 Red Squirrel Trust Scottish Seabird Centre 1,000.00 1,000.00 Individual towards landscape conservation project, specifically hedgerows Scottish Wildlrfe Trust 1.800.00 2.500.00 LEAF (Linking Environment and Farming) The Wildcat Haven 2,500.00 5,000.00 The Barn OWJ Trust 1,260.00 22,920.00 6.800.00 Note... Donations paid in 2024 include donations amountr'ng lo £7,500.00 thich were agreed in 2023. Acc 2024 Som 65 31Dec 2024 R+PI77042040.11.xlsx 8 Brodies GRAHAM AND HENRIETTA SOMERVELL'S NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 Investment Manag&mènt Costs 2024 2023 Ralhbonesl Investe¢ Wealth & Investment Ltd - portfolio management fees 4,927.13 4,349.73 12 Administration Expensès 2024 2023 Brodies LLP- managemet)I fees & expenses + VAT LEI renewal fee 15.542.40 60.00 3,869.76 78.00 15,602.40 3,947.76 13 Guarantèès and Commitments There are no contingent liabilities at 31 December 2024. Ac¢ 2024 Som 65 31D8c 2024 R+PI77042040.11.xlsx 9 Brodie5