Charrty regi$lr*ion number SC046848 IS¢otlandl THE ELIE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 AiEXANDEIt SLOAN TC Group Business Advisors & Ac(x)untants 180 St Vincent Street Glasgow G2 5SG THE ELIE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste95 lan Wats Linda Watson Lynsey McKinnon Stephen Watson Rulh Box Charlty numbèr Iscotlandl Prlnelpal addrtss 2 Whit*uaKJs Lawns GiffrKJck Glasgow G46 6AW Ind•p•nd*nt •x•mln•r Kevin G Bwth F.C.CA TC Group Businèss Advisors & Acec4Jntants 180 Sl Vincent Street Glasgow G2 5SG 8ank•r$ 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 p￿pa￿ 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 advanc*mènt ol religion Idl the advan￿ment 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 Indiv￿￿81S 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 un￿aliSed 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 er￿ed 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¢te￿j was est8tJishenditions 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 reCOvera￿e 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 t￿rt $ubs8qu8nUy m88sur8d 8t th8 bèst estim8t8 of the amount required to setllè Ihe obligation at the reporting date. The excepts.on is that certain financlal instruments must be adjusted to their presenl value., these include financial liabilities where settlement is d8f8rr8d for mr• than 12 monlhs after the reporting dat•. Al expenditure is accounled for on an accruals basis. Ml expenses induding support costs and governanc C05t5 are alIC￿ted or apportioned to the applicable expendrture headings. Inv•stm•nt manag•m•nt Costs Expenditure on raising funds indudes all expenditure incurred by the charity io raise funds for its charitable purposes and indudes investrnenl managemenl wsls. ex￿ndIt￿r• on Charltsbl• Actlvltl•s Expenditure on charilabb acbvitses indudes all cmls incurred by Ihe charity in underiaking activities that further i¢s charitsble airns lor the benefil of its benefiryaries. induding those support costs and costs relating to govemance of the charity apportioned to tharilable activities. The costs of charitable activities presented in the Statement ol Financial A¢tivities indtKle tx)Ih dire¢l Ihe payments of grant awards and payrnents lo Consultants who arg engagèd to help lurther the Try$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 act￿￿tabilIty 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