Charrty regi$lr*ion number SC046848 IS¢otlandl THE ELIE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 AiEXANDEIt SLOAN TC Group Business Advisors & Ac(x)untants 180 St Vincent Street Glasgow G2 5SG
THE ELIE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste95 lan Wats Linda Watson Lynsey McKinnon Stephen Watson Rulh Box Charlty numbèr Iscotlandl Prlnelpal addrtss 2 WhituaKJs Lawns GiffrKJck Glasgow G46 6AW Ind•p•ndnt •x•mln•r Kevin G Bwth F.C.CA TC Group Businèss Advisors & Acec4Jntants 180 Sl Vincent Street Glasgow G2 5SG 8ank•r$ Bank ol Scotland Teviot House 41 South Gylè Crgs¢ont Edinburgh EH1290R Sollcltors Holmes Mackillop 109 Dougla5 Streel Glasgow G2 4HB Investrnent advisors Evelyn Partners 177 Bolhwell Street Glasgow G2 7ER
THE ELIE TRUST CONTENTS Page Trustees. report Independent ex8mrnerfs reK St8tèm$rnl of finan(>al a¢tiviti$s Balancè sheèt Not9$ to thg financial stat?nts 7-14
THE ELIE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST2025 Thè Trustees present their annual report and financial statements for the year ènded 31 August 2025. The finanr#al statements have been ppa in accordance wih ihe accounting Fdiaes set out in note 1 to the financial statements and comply with Ihe charily's goveming document. the Charities and Trustee Investment Iscouandl Act 2005. the Charities Accounts IS¢otlandl Regulat)ns 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounting and Reporting by Chariti8s.' Stat8ment of R8comrnended Practice applicabl8 to ch8rib'8s pr8p8ring their accounts in accordance with the Financial Reporting Standard applirable in the UK and Republic of IrelarKI IFRS 1021". ObJèetlv•s and aetlvltl•s The charitable objectives of the Trust are as lollows:. lal the prevents'on or relief ol pov8ty Ibl the 8dvan¢ement ol education lel the advancmènt ol religion Idl the advanment ol health", an lel the relief ol those in ne8d by reason of age, illtheallh. disability, finanaal hardship or other disadvantage. The above are achieved by providing funding to other charitsble organisations to facAlitate health and welfare projects in the United Kingdom and abroad., by providing opportunities lor educ3lion and educ3tional resources in the United Kingdom and abroad,. advanrjng the Chn5tian faith by the provision of funds for Churches. individuals in full ts'ma or part limè Christian ministry ol any kind and Chrislian projects ol all kinds in thè Unitèd Kingdom and abroad," by providing proparty or propertiès lor thè usè of Indiv81S who arè In Christian ministry on a lull timè or part lime basis lor accommodation or respite lon short lem) long tem) basis on such terms as the Trustees may decide).. by providing funding lor health and welfare projects of all kinds in the United Kingdom and abroad lincluding. wlhout prejudice lo ¢he foregoing generality. hosptsls. orphanages and other projects promding healthcare assistance and protection of any kn'ndl.. and generally seeking to relieve the needs of the elderfy, the sick, the disabled, the poor and any who are disadvanlaged in any manner. Gr•nt maklng poll¢y Grants ara awardad at th8 discrètion of Ihè Twslè8s in accordancè with thè critèria of thè Trust Dèad. Grants paid during the penod reflect organisations and indmduals who a known to the Trustees and in which they have a particular Interest. Achlevemont8 and p•rfomian¢• During thè year. th* Trustèès ware Plèas to 111 award grants to b•nèfiuanès tsf £47,751 12024.. £52,250) as listed in Note 7 and 121 make payments of £63,500 to Consuttants who assist the Trustees in furthering tho Trust's charitable objectives of which further details ar& prowded in Note 17. Flnanclal revlow Per thè Statèm6nt of Financial AetivrtJ'6s on pagè 5, the Trust rewrted Nèt Expenditurè li.e. a Defieitl and a negative movement In funds of £31,989 12024 - £1,263 Dtrficttl after unrealised and realised gains of £53,820 and £7,257 respectively12024 - combined unaliSed and realised gains of £92.0831. At 31 August 2025, the Trust had lolal Unrestricted Funds of £1,040,383 12024 £1.072.3721. ol which £1,032,373 199.2%) was presented by investments. Reserves Pollcy The Tru5tees' policy is to hold a 18vel of r8serv8s wthin Unreslricted Funds sufficient to tne8t the Trust'5 8nnLJal cotnmitments to grantees and Consuttants which, for the year ered 31 August 2025, amounted to £111,251. At 31 August 2025, the Trust's Unrestricteil Funds las shown on page 61 amounted to £1,040,383 12024 £1,072,372) which was acceptable lo the Trustees.
THE ELIE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST2025 Inv•stm8nt policy In accordance with the Trust Deed, the Trustees have the FrtY•ver to invest in str)cks, shares. investments and property in the United Kingdom or abroad as they see fit. From the Trust's forrnation in 2016. its investmenls had been POO in a 'Fund of Funds, with an objective of capital growth aided by periodic. significant donations from th8 Trustees. Since Autumn 2023 and with ongoing advice from Investment Managers, Evelyn Partners, lh8 Trust'5 investments have been rnanaged on discretionary basis with the objective of achieving long ierm capital growth. The Trustees have tasked thé Investment Managers with distributs.ng to the Trust's bank account a monthly sum comprising a combination of income yield and capital withdrawal. These lunds are to be used to help finance the Trust's grants and commitments io Consultants. Risk assessment The Trustees carefvlly monitor the principal risks faced by Trusl induding the security and liquidity of the Trust's investrnent5, the ststus of applirants and rg¢ipients and Ihe rec8ipl of fund5 8IIoc8ted by Ihg Trust. The major risk is nSIdered t¢ be a los$ in the value of the Trusf$ invtrstrnents. In ord$r to reduce th& risk, the invèstmants arè profèssionally Manag on a discrètionary basis. stTuc¢uTO, govomon¢o and manag•m?nt Govemlng docum•nt The Elle Trust I'the Trusf'l was established by way of. and is govemed by its Tnjst Deed dated 25 August 2016 and registered in the Books of Council and Session on 6 September 2016 and Deed of Declaration by the Trustees dated 31 May 2019 and registered on 6 June 2019. The Trusl was recognised by the Office ol the Scotlish Ch8rily Regul8lor on 19 September 2016 as a Scotlish Charity, No. SC064846. The Trust Fund lUn$¢n¢tej was est8tJishe<l on 22 December 2016 by a tJon8bty) from lan Watson, Trustee. The TnJst88s who sfjrved durlng thg ygar and up lo the date of $ignatur8 ol thg finandal statgmants wgra.. lan Walson Linda Watson Lynsey McKinnon Stephen Watson Ruth BOx Appolntm•nt of Trust••s Trustees are appointe¢J under the Trust Oeed aThJ specifically by a resolut of a meeting of the Trustees. New Trustees are given a copy ol the Trust Deed and undergo instruction to briel Ihem ol their legal obligations under charity law. Under the terms ol the Trusl Deed. the minimum and maximum number ol Trustees is four and seven respectively. Organisatlonal s¢ru¢ture The Tru5t8es ar8 respon5ibl8 for the manag8mént al 8dministr8tiv8 affairs of tha Trust and ft)r all dè<igions règarding b8nefian8s. The chanty has no employees. Key managèment porsonn•l Given their involvement as described above, the Trustees consider ihemselves as the Trust's key management personnel. in charge of direcling and contrdling the charity and overseeing its daily ac¢ivilies. The Trustees serve voluntarily. No remunerats'on or expenses were paid to the Trustees during the year. Oetails of relaled party transactions are disdosed in Note 17.
THE ELIE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST2025 Ind•pendent Examlner Kevin G Booth F.C.C.A. is the independent examiner of the charity as a Partner of TC Group. Business Advisors & Accountants responsible for this eng8g8ment. Th8 Trustees recommend that he remain in office as independent ex8min8r until fijrther notice. Thè Trustées, report was approv by thè BoaNI ofTrust6es. Jkn Llnda Watson Trustee Dal$d'. 301112026
THE ELIE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELIE TRUST I report on the finantsal statements of the charity for thè year ended 31 August 2025, vthich afe sèt out on pages 5 to 14. Respectlve responslb511tles of Trustees and examlner The charity's Tru5t88s ar8 respon5ibl8 for the preparabon of th8 financial stal8m8nt5 in aceord8nc8 with the terms of lh8 Charitiès and Trustee Inv85tment (Scotlandl Act 2005 and the Charit185 Accounts Iscotlandl Regulations 2006. The charity Trustees consider that the audit requirement ol Regulats"on 1(M1 KaHcl ol the Charities Accounts Iscouandl Regulations 2006 does not apply. It is my responsibility to examine the financial ststements as required under section 4411llcl of the Charits'es and Trustee Investment IScoll8ndl Act 2005 and to slate whether parbcular malters have come to my attents'on. 8asls of Indgpendgnt •xamlner'¥ ¥ts1grn?nt My examination is carried out in accordance with Regulabon 11 of the 2006 Accounts Regulations. An examinats'on includes a review of the accounting records kept by the chanty and a comparison ol the financial staternenls presented vmth those CordS. It also incjudes considerats'on of any unusual Items or disclosures in the financial slalernents, and seeks expl8nation5 Irom the Trustees conceming any such matters. The procedur85 undertaken do not provide 811 th8 8vidence that would be requir8d in an audit and consequently I do not Èxpr8$$ an audit opinion on Ihg vlèw givèn by th$ flnan¢ial ststgments. Ind•p•nd•nt oxamln•rf8 8tst•m•nt In the course ol my exarnination. no rnatter has rne to my attention 1. whl¢h gives me rèasonabl$ cau$& to bèlievè that in any matrial resp th roquirom$nts'. lo kèap accounting records in accordancè with Section 4411 Ilal of thè Charilias and Trusteè Inv8stmant (Scollandl Act 2005 and Regulation 4 of the CharitiesAccounts Iscotlandl Regulations 2006. and lo prepare financial statements which accord with the accounting records and CoMY wth Regulats'on 8 of the Charities Accounts IS¢oUandl Regulations 2006 have not been met, or 2. Its which, in my opinion, attenlkn) shoukl drawn in order lo ¥nabl¥ 8 proper un¢J¥rstanding ol the finan¢l81 st8tèm6nts to be reach. K•vln G Booth TC Group Business Advisors & Accountat)ts 180 St Vincent Street Glasgow G2 5SG 301112026 Dat8-.
THE ELIE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Unrestrleted fvnds 2025 Unrestrleted fvnds 2024 Notes Ineomè from: Donations Investments 12.474 17,755 10.932 16,638 Total Income 30,229 27,570 Expendlture on.. Raising funds Charitable actiwties 9,248 114.047 6,466 114.450 Total oxpendltur? 123.295 120,916 Nel gains on investments 11 61,077 92,083 N•t •xp•ndlturè and movém•nt In funds 31,9891 11,2631 R•concillatlon of lunds.. Fund b8lances a11 September 2024 1.072,372 1,073,635 Fund balon¥ •131 Augu$1 2025 1.040,383 1,072,372 The stslement of financial activities inclu(les 811 gains and losses recKfjniseLI in the year. Ml income and expenditure derive Irom continuing activities. Thè not6s on pagès 7 tr) 14 fom part of th8sè fin8n(x81 statèmènts.
THE ELIE TRUST BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Notes Flx•d assèts Inv8Stments 12 1.032.373 1,039,281 urrènt assèts Debtors Cash at bank and In hand 14 1.162 9.632 2.187 59,604 10.794 61.791 CredltOTS: amounts falling du? withln ong ygar 15 12,7841 128.7001 Ngt ¢urr•nt as¥el¥ 8.010 33,091 Total a88•ts1•8$ currènt Ilabllltlès 1,040.383 1.072,372 Thg fund¥ of the charlty unStricted funds 16 1,040.383 1.072,372 1,040,383 1.072,372 The notas on pages 7 to 14 fom part ol th8s& finawal statamènls. 301112026 The financial statements were approved by the Twstees on......................... Woh lan Watson Trustee
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Aecounting poliei•s Charlty Inforniatlon The Elle Trust is a registered Scothsh Charity INO. SC0468481. The charitys principal address 15 2 Whit8crai95 Lawns, Giffthodt, Glasgow G46 6AW. 1.1 Accounting eonventlon The financial slatements have been prepared in acurdance with the charitys goveming document. the Charities and Trustee Investment IScoUandl Act 2005, the Charities Accwnts IScoU8ndl Regulations 2006, FRS 102 Financial Reporting Standard applicabl8 in th8 UK and R8public of Ir81and' and th8 Ch8rit18S SORP 'Aecounting and Reportjng by Charities". Stalement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charity is a Public Benefit Entsty as defined by FRS 102. The charity has taken advantage of the provisions in th8 SORP for ch8ritses not to prepare 8 Statement of cash flows. The firn8ncial $18lem&nts affj par in s¢&rfirwJ. whid) is th8 fun¢tion81 (xjrroncy of Ihg th8rity. Mon8tsry amounts In these finandal $tat$mnts are r¢)undsil to the nearest £. The financial statements hav6 been prepared undèr the historical cost convention. with items recognised at cost or transaction value unless otheiSe ststed in Ihe relant Not&s to these financial stalem&nts. The principal accounting policies adopted are sel out below. 1.2 Golng conc•rn At the time ol approving th8 finanual slal•m8nts, the TnJsla•s hava a réasonabl8 axp8ctatlon that tha charlly has adequate resources lo continue in opera(•)nal existen for the foreseeable fvture. The Trustees consider there are no material uncertainties about the charity's ability lo conlinue as a going concern. Thus the Trustees continue to adopt Ihe gjing concem basis ol accountsng in preparing the financial statements. 1.3 Charltabl• funds Unreslricte¢J lunds are availabl8 for use at Ihe dis<xetion ol the Truslo0$ in ftJrther8n¢e of their ¢h8ritable obJ'6etivès unless th6 funds havè bèen dÈsignat6d lor othér purptssès. Reslrpcted funds are subjeci to speofic conditions by donor5 or grantors as to how ihey may be used. The purposes and use5 01 the re51ricted funds are set oui in the noles to the financial 5taternents. 1.4 Income Inctsme is recognised whon the charity is legally entiued to it aftèr any performance c<>nditions have bèèn mat, the amounts can bè mèasured reliably. and il is probat4& that income will be received. Don8tions are recognised when the charity has evidence of entTUement lo th8 gift, receipt Is probable and ils amount can bè measured reliably. Entiljement usually arisès immediately upon Ceipt, however, in the 6vent that a donation is subject to conditions that require a level of perfomance before the charity is entitled to the funds, the income is deferred and not recognised Unt either those conditions are lully met, or ihe lulfilment of those conditions is wholly wlhin Ihe control of the charity and it is probable that those conditions wll be fulfilled in the PortIng per. Income tax recoverable on Gift Aid donats.ons is recognised when the respective donation has been recognised and the reCOverae amount of income tax can be measured reliably.. this is normally when the donor has completed the relevant Gift Aid declaration fom). Income tax recoverab on Gift Aid donations is allocateil to Ihe same fund 85 the respecb¥e donation unless specified by the donor.
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accountlng pollcles Icontlnuedl Inveg¢mentincome Dividend5 are recogni5ed when the shareholderfs right to receive payment 15 established, measLJred at the fair value receivable. Generally this is upon nottfirAts"on by the investment advi50r once the dividend has been declared. 1.5 Expgndlture Liabilities are recognised as expenditu as soon as there is a gaI or constructs've obligation committing the charity lo that expenditure. it is probable that settlement will be required and the amount of the obligats'on can be measured or estimaled reliably. Liabilities 8r8 mè85ured on rÈex)gnition at histori¢al u)$t and trt $ubs8qu8nUy m88sur8d 8t th8 bèst estim8t8 of the amount required to setllè Ihe obligation at the reporting date. The excepts.on is that certain financlal instruments must be adjusted to their presenl value., these include financial liabilities where settlement is d8f8rr8d for mr• than 12 monlhs after the reporting dat•. Al expenditure is accounled for on an accruals basis. Ml expenses induding support costs and governanc C05t5 are alICted or apportioned to the applicable expendrture headings. Inv•stm•nt manag•m•nt Costs Expenditure on raising funds indudes all expenditure incurred by the charity io raise funds for its charitable purposes and indudes investrnenl managemenl wsls. exndItr• on Charltsbl• Actlvltl•s Expenditure on charilabb acbvitses indudes all cmls incurred by Ihe charity in underiaking activities that further i¢s charitsble airns lor the benefil of its benefiryaries. induding those support costs and costs relating to govemance of the charity apportioned to tharilable activities. The costs of charitable activities presented in the Statement ol Financial A¢tivities indtKle tx)Ih dire¢l Ihe payments of grant awards and payrnents lo Consultants who arg engagèd to help lurther the Try$l's objèth"ve$. Grant ?xpendltur• Granls payable are made lo third parties in Ihe further8nce of ihe charitable objects. The award of a gr8nl is rg¢0glliS8d 8$ 8 liability only when the critèria for 8 ¢Oll$trueiJv8 obligation is met, P8ymenl is probable, il can ba moasurod reliably and thèm ar8 no condib.ons attachin9 lo rts payment that limrt racognition. Governance costs Govemance (xsts Iwhich ar8 induded as a (xjmponent ol suptxjrt ¢ts in ac(xxdance with SORPI comprise all Costs involving the public acttabilIty ol thè charrty and its o)mpliance with wulation and good practlC6. These costs indude those related to constilulK)nal and statutory requirements, extemal scrutlny (audit or independent examination), strategic management and other legal and professional fees. Irrecoverable VAT Irrecoverable VAT is charged against the expendilure heading for which it was incurred. 1.6 Fixed asset investments Investments are a fom of basic financial insinjment and are initially recognised at their iransaciion value and subsequently measured at their fair value as al the balan sheet dale using the dosing quoted market value. The Ststement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Fair value is deemed to be market valtjg. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in harKI, detK)Sits h8ld at call wth banks, other short-t8tm liquid investments with original maturib'es of three months or less.
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accountlng pollcles Icontlnuedl 1.8 Financial instrurngnts The charity has elected lo apply the provisions of Section 11 '8asic Finanaal Insiruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 lo all of its financial instrurnents. Financial instrurnents are recogni5ed in th8 chariVs balance sheet when the charty bewm85 party to the contr8Ctual provisions of the instrument. Financial assets and liabilities are offsel, wrth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneousty. Basic financial assels Basie financial assets. whi¢h indudg dgbtors and ¢a$h and bank balances, ar¢ initially mea$ure<l at transaction price induding transaction costs an¢J a subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction. where the transaction is measured at the present value of the future receipts disCnted at a market rate of inte$t. Financial assets classified as receivable wilhin one year are rt amorbsed. B4slc Ilnancl•l 114bllltles Basic financial liabilities. including creditors and bank loans are initialty lenISed at transaction price unless the arrangement constitutes a financing Iransaclion. where the debt instrument is measured at the present value ol the future payrnenls discounted at a Mae1 rate ol inierest. FinancAal liabilities classified as payable within one ye8r are not 8morlised. D8bt instrumènts ar• subs8qu8ntty eatried at 8mottisad cost, usin9 thè èffèctivè intarast fata mathod. Trade creditors are obligations to pay frjr gc*)ds or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassrfied as current liabilities if payment is due within on8 year or less. 11 not, ¢hey are presentsd as nonvcurren( liabilits'es. Trade creditors are recognised initially at transaction price and subsequenlly rneasured al arno.$ed c05t using the effeclive interest Method. Derecognitlon of financial li•bilities Financial liabilities are derecognised when the charity's C(tradual obligations expire or are discharged or cancelled. Crltlcal a¢countlng estimatwJ and judgements In the application ol the charity's acwunting p1. Ihtr Truslees arg required to make judg9ments, èstimatès and 8ssumptitsns about thè earrying amount of assèts and liabilitiès that arè not rèadily 8PP8rènt from other sources. The estimates and associated assumpts.ons Ère based on historical experience and other factors that are considered to be relevant. Actual resulis may differ from these estimates. The estimates and underfying assumpIn$ are reviewed on an ongoing basis. Revisions to accounts'ng estimates are recognised in Ihe period in which the estim81e is revised Whe the revision affects only that period, or in the peri(xl of the revision and fviure ri[x1$ where th8 rewsion affects both current and fLJture pwiods.
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Incom• from donatlons Unr•strlct8d fund$ 2025 Unr•strlct8d fvnds 2024 Donations and gifts other 9,980 2.494 8,745 2.187 12,474 10,932 Income from Investments UnrestrI?d Unrestrl¢ted funds funds 2025 2024 Income from listed investmenls Inlarast r8c&ivablè 17,584 171 16.572 66 17,755 16,638 Exp•ndltur¢ on r•l$lng lund$ Unrè8trlCt Unr•8trlettd fvnds fvnds 2025 2024 Investment management 9,248 6,466 Exp•nditur• on charitsb actitI•$ 2025 2024 Dlrect costs Independent examinerfs f89 Consultancy fees 2,796 63,500 2,700 59.500 66,296 62,200 Grant funding of activities Ise8 note 71 47,751 52,250 114,047 114,450 Analysis by fund Unrestricted funds 114.047 114.450 10-
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Grants payable unstrICted Unrestricted fvnds fvnds 2025 2024 Grants to institutions115 grants1= scriptu Union Sex)dand Flame Trust Open Doors Scottish Bible Society For Life Trust Hope forAddiction UK The Leprosy Mission Scotland Christi8ns Against Poverty Echoes International Cara for thè Family The Inspiration Orchestra Growing Young Disciplès Al Massira Trust Othér 1,800 1.200 6,000 6,000 4,800 4,800 1,800 1.200 6,000 6.000 4,800 4,800 300 750 8.700 4,800 7.200 4,800 1.251 2,800 3,300 1.000 7,600 6,600 47,051 51,050 Grants to individuals11 granll 700 1.200 47,751 52,250 N•t mov•m•nt In fund8 2025 2024 The net movement in funds is slated after chargingl{(TrditiThJl'. Fees payable for the independent ex8minab.on ol the tharitys financial stslernents 2,796 2.700 Trustoes None of the Trustees received any remuneralion or nefits frryn the charty during the year. See Note 17 for detsils about tr8n$8clions wilh related p8rtie$. 10 Ernployees The charity did not have any paid empknyees in the reporling or wior year. 11
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 11 Galns and losses on Invèstmènts Unr•strlct8d Unr•strlct8d fvnds fvnds 2025 2024 Gainslllos5ss1 arising on.. Ravaluation of Investments Sale of investments 53,820 7.257 90,162 1.921 61,077 92,083 12 FSx•d asset Investments Llst•d Invegtm•nts Cash In portfollo Total Cost or valuatlon At 1 Seplernber 2024 Additions Valuation chang8$ Movement in cash Disposals 1,035.719 15.021 53.820 3.562 1.039,281 15.021 53,820 17,532 193,2811 17,532 193.2811 At 31 August 2025 1.011.279 21.094 1.032,373 Carrylng amount At 31 August 2025 1,011.279 21,094 1,032,373 At 31 August 2024 1,035.719 3,562 1,039,281 13 Fln¥n¢l¥l In¥trurnonts 2025 2024 Carrylng amount of flnancSal assets Instrumènts maasur6d at fair valuè 1,032,373 1,039,281 14 Debtors 2025 2024 Amounts fallin9 due within one year.. Other debtors 1,162 2,187 12-
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 15 Cr•dltors'. amounts talllng duè vAthln one ar 2025 2024 Accruals and deferred income 2.784 28,700 16 Unr•strlet•d lunds These are th6 unrestricted funds of the charity Income Expendlturn Galns and At 31 August 108808 2025 September 2024 General funds 1,072.372 30.229 1123.2951 61.077 1.040,383 Prèvlou8 year: Incom• Exp•ndltur• Galns and At 31 August 1088•S 2024 S•pt•mb•r 2023 General funds 1,073,635 27.570 1120.9161 92,083 1,072,372 17 R•lat•d party transactlons Tran8adlons wSth r•lat•d partl•s During the year ended 31 Augusl 2025. thtr Trust received donations of £9,980 wthout condilio)ns, from rglated partie$12024.. £8,745). On 26 July 2019, the Trust entered into a Consultancy Agment with CH Music to reflect the provision of particular Ser$ to the Trust by Clifford Haxton. Ihe Consullanl and prinapal of CH Music, in furtherance of the Trust's charitable objeclives. The Consultancy Agreement includes the Consultanl. Clifford Haxton. supporting the work of Praise Galhering (Scollish Charity No. SC03977901 and its trading subsidiary, Praise Gathering Music Limited. Scolts'sh Cornpany SC332845. Along with others. lan Watson, Trustee. and Clifford Haxton, ar8 Dir8Ctor5 01 both 8ntitl85. During thtr ygar trnded 31 August 2025, the Trust paid ¢onsulian¢y fegs of £38,500 to CH Mu5ic12024- £34.5001. 13-
THE ELIE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 17 Related party transactlons Icontlnuedl On 10 June 2024, the Trust entered into 8 Consultancy Agreement, effective from 18 April 2024. with On Axis Ltd Iscottish Company No. SC7092131 whereby On Axi5 Ltd WOLJld provide particular services to the Trust in furtherance ol the Trust'5 charitable objectives. The sole Director of On Axis Ltd is Fraser McLaren. The Consultancy Agreement Indudes the undertaking of services by On Axis Ltd to support the activities of Praise Gathering (Scollish Charity No. SC03977901 and its trading SUbslary. Praise Gathering Music Limited, Scottish Company SC332845. Along with others. lan Walson. Trustee. and Fraser McLaren. are Directors of both entities. During the year ended 31 August 2025. the Trust paid consuttancy fees of £25,000 to On Axis Ltd12024- £25.000 payable). During th8 year ended 31 Avgusl 2025, Ihe Twst provided financi81 support 01 £7.200 12024 £8,700) to Moshi Christian Children's Cenire I'MCCC'I vthich, having chariiablè status in Tanzania, operates in Moshi, Tanzania under a licence from the Tanzanian Social Services Departmenl. Ajthough UK based, Allan McKinnon and his wle, Jacqui, brother-ln-law and sister respeclivety ol Linda Watson, Trustee, are, along with others in Tanzania. Trustees of MCCC which prowdes support to children and young people in northern Tanzania by offering fuge. safety. care. holistic provision and Christian love to those committed to its care. Lynsey McKinnon, Trustee, and daughter4n-law ol Allan and Jacqui McKinnon, is currently serving short lemi al MCCC with her husband, Jonath8n, by assisting MCCC'S man8g8menl team in the delivery of ils v8rious ministries and servi$. The Tnjsl's financial suppgrt for MCCC was routed to MCCC via the rnissionary 89ency, Echoès Intérnalional, Charity No. 1173851. England and Walès and Scottssh Charity No. SC047797, as list8d in Notè 7. There were no other related party transactions in th8 r8POrting period requiring disclosure. 14_