2024-12-31-accounts

The Hugo Burge Foundatlon SCIO (a Scottlsh Charllabje Incorporated Organlsatlon (fornierly kno￿ as Marclbnont Makers Foundatlon SCIO) Trustees. report and flnanclal stalements 31 Decem￿ 2024

Th• 8wy• SCIO 31 CI•Lwthr %)24 Contents IndeP￿d•￿ Athlilofs rwt 10 Not•¥ ** tb• fin•ndal •latsm•rts 11

Scottish Incorporated Organisation infornxtion incWI offic•: P.0. Bax 250 Sknp Offic• 10- 14 Wat•th FY•¢• Etsn EH1 1EG

Tru5tses' report Hugo Bury•119r2- 2024) Burge. the fouth cl the SCIO. very say passed awwi In W 2023. A wcczS￿I techm Ithtrew￿eur arKI investor. VAS al￿ passicmth ofts wts. crafts •)Jall aSFds0f(¥eab￿. Burge F￿rda110n and Its Trustees VAI ¥trlh¢ to keop hls trrnU￿ knsplrlrvj Cre*￿ty in every one of •nl•atlon {SCIO). It i• a r•Cogra￿l dwrty (Scclllgh Chwity MJrrtJw SC0489811. It Is g0vorn￿ by • TnMts• Indudlon tr•lnl

Trust•es' report rtffjITetstk￿ materials tr tho Burge Cdledlon and made wowes8 in c&uing the SCIO'S p￿n kn ih• Iwur• marlty from th• Estste al Hthjo 8urg•. Tlw¢ d(knMI Al￿¥ Ihts FfAXKlthn to #WlfKanlly •xpwd its eh•rlt•bkn knpact ac0￿ Sc(4Jand Iha UK To hdp d•fver thL8 goal * has Ihe SCIO'$ wt fimdwvJ Launch C￿￿¥• Hub in E•lton. Fln•neld rnvlow The surpl . lor the year £31.911.299 (2023: £XI.430) ¢kn to fff•m E•tat•¢ of Bury. Inv•strnMt poll drtW￿ by the ne•d lo ge￿al• a healthy r8twn tofi#)d ctrwllat4e ￿ Op￿￿ing acthll•8 and £32,397,468 Q023: £488.109) ofwllth £3Z391,858 was (2023.. £480.429

Trustees. report (￿1￿U#d) langble assets free reswve5? by Ihe dwity (x)verng commitled re(yJrrenl exp￿11yre. ongcthg ¢aylal e¥pendiknre and unkn¢M) Mks be a mnimum of £1,500,tKIO Wd 4n IiqL•d ¥￿tMentS. This ￿lGY mwrtains a level dexpeTrYitUTe to cover 12 dopera11r￿. ¢harilable and Oxwdllure. In addi11(￿. the SCIO dm5 to del￿￿ btal trNestrneThl rel￿r￿ year to cov•r annual exwiditurn and S￿l￿n ils eaw bage. Incthrkngeratetrelwns nwl tomaintain tataireserve af b•￿een £25 arKI £30 million. statement ol tn￿tee5. responslbllltles •ppllcable Law un￿ GerAIty k¢ept•d (UK GAAPI. Under the SCIO'• stituuon. the Tnmtees aTt reqthred to enjU￿ that lull wth•l ** yep•r8d in x¥>rd4wK the Charlts and TNstee Investrnent (Sc<Alar￿) knt 2(M)5 las anwthd) and Ihe Chaiih'es (S¢olland) Rewla¢1￿$ 2006 (as •n•Trdedl. The Tnth•es al￿ have r•gardto the Slatement ofReAxnmended Practice (SORP)'A¢¢wntwy arKI RepcAtrw by Chaiiti'es-. UThler tras Jegisiatson, the Trwte•s are Tequed to epare Ittsff￿1S lor eath finanall Jw gve a true and tsir vxw oflhe slat• d •ffairs of t SCIO and ofth• inckyniry rewjrcw ¥•J aprAl¢alcffi of YescAxces oe lh• clwffly kn th•1 r￿)d. <th•rve the metsds and prirKiF4es fAth• ch￿Ille$ SCARP IFRS 1021 make l￿￿OtM￿ts and estimates that re r•a8onable arml W￿lent ftAl<ywed. to any deF4rtyres thsdosed expl•ned in Ihe fin￿¥1 slatements prepare the￿n￿￿•1 stalemwts concun bagis It 15 in•Fpropriate to the SCIO ¢onflrnx in owtkn at Ime the financkngl olthe SCIO aTrd enable them lo enswe thal the fin¥Kaa stat•ments comply Ih the Ch•ilieg a￿1 Trustee Irfi￿nI ISctsnd} Act 2C#J5 •KI the Chilies {Scotlandl Regulaticfig 20￿ las ameThled) arKI the Cortstiluik)n. Try ￿ alw responskn￿ safeguarding Ihe asselg ol Ihe eharfty heTh for ￿TIj r￿SOnth st•ps knr the deteclicn of fr¥￿1 and olhar

Independent Auditorfs Report to the Truslees of The Hugo Burge Foundation scio Opinlon We have audlod the sta1￿￿ts SCIO (thfr'thWI fix th• rfflanwl reporUr¥J fr¥mwth thal been applied in thelr preFwicffj 15 applcatle Iw and Un6ted Kkng¢xn In our OPInk￿ lh• Ilnand•l stateffi￿. gSw a trut f•r ViV4V dth• stst• •ls at 31 2024, •nd d Ib BA￿• for ophilon We ccndu¢t¢d OLr Standvth on IUKI (ISA IUK}l and •pplkabl• lthy. Cts Y•¥>cMItrAllll•s under ttK4e Atsnd•rth m fwttror desulbed Ir tt wdltor rn•pL￿￿bIl1 the audt of the fln•nd•l statwnents Sec1k￿ Lrf ow rwL We ar• IrKl•p•rvJ•rt irfth• (arlty in aco)rth¢• lth ethi￿￿ requhmwts that ¥• rd•v•rt to ¢xK audit d the finfficial st•temèth In the UK. lThSudlng I FRC'S EIN¢•l St•￿Td, ow (ther ellleal re8w￿￿lI￿e8 In ac%￿darKe th thè Concluthn• r•l•tlng lo golng oonc•rn eondtkn• lThIl￿dUl1fy or elst •lgr4flcant thwbt cm tho dHr?W# *bility to ¥• • materfally Incl￿￿￿￿tenttyfjth Ih finandal statermnts (Y d)taln•d in the ts)urge oflhe We rewl In tim5 rtgwd

Independent Audltorfs Report to th• Trustees of The Hugo Burge Foundation SCIO (contlnued) IAatt•r8 on whlch w• r•qulr•d lo by •xc•ptlon the firond•l stalemerrt8 we 4reerMnt Il r•cuth: ¢y R•spon81blltle• of tNsto•• rnSp￿S1b1e for the w•paralk>n ol the IlrAndal ¥latwnts gi￿ a •TrJ far view, nd ft>r such tr￿¥• no Mall Ixrt * do We hwe bwn app)Intad under ge¢lkn H(1Kcl oflhe Chwth• •rnlThtstse In￿81￿ (Scctsnd) fr¢e from m•lertal mknlqlemert vhthw due or enty. and to an aud1￿# raF￿ that Ind Ixtr oplnh)n. R•I￿nabl0 4ssw•nM i• a hlgh l•v•l ol * guw•ntee Ih•l ￿ wdlt oonductsd In •¢tdrd)c ￿ ISA• IUKI de￿￿ • m•teri•l rrdJstslemEnt thr tt exth. r￿statem•nts rie frc¥n tsjd w •rrt¥ and ar• m•l•rW l. kndmduaty or ￿ th• •9gwat•, fin•ndal stat•M￿. trTegularlt•, In¢lyJlng fra￿, w• inth¢es ol r￿￿￿lIanc •rrfl rtyli￿10n$. W• d•sikvk proceduTe9 In Ihe wilh ¢ur reSpuMIk￿IIjeI. •bove. to d•tect m•terW ft¥Mt•tn•nts In re•p•et A• wtof our FAaMlng pm¢e￿. aNI eomipuon P We c¥nshd•red the IncenlfvM <>ppcbJnMes Ihat exist In the ¢h¥ty. in¢* the exlent

Independent Audltofs Report to the Thlstws of The Hugo Burge Foundatlon SCIO (continued) r￿1800￿ and fraKI: ow wdltorf• TewL U•• of our r•port Th• r•FMt is m•Je •c4•ly to th• chwKy'J tnMt•ts. u • t•), In acwrdKK• with Rtyd•thJn 10 dth• pwpN•. To th• fullest •xknnt pwnitt•d ty knv. w• ￿ not •c• ty Mume re>w￿￿6ty to aryor• clh +I•nder¥(￿ LLP Slamp Offlce 10~ 14 Watwlw Pl•c• nbur EH13E 2025

It4%1 11- xe%1 SX

Balance sheet 48 •t31 2024 TvJible fix•J •s¥•ts Heiitsga Assets InvpJtrnents 10 11 12 1￿5,167 gW1n 14986.430 155.553 I￿77,769 155,553 13 IOJU137 14 70.882 1411161 286.312 131,583 3FI.194 Cr•dftor• 15 032) 126578) 13,425,551 330,616 IK•llltl•• 32M1320 486.169 Cr•dltor• 148521 Total n•1 A•••i• W97.460 488,189 Fund• 17. 18 17, 18 ,858 480.429 6.740 31397AO1 486,169 The financial sLiiements were approv￿ by Tnt•¥ on ...........-...... 2025 and SW on they b•h&Yby.

31 O•c•nlw 2024 statement of cash flows •131 Decern￿ 2024 2024 31.91139 120,U9.3n) 20.430 Loss cfi dIsrA￿al Lrffflxed a*ts 13.561 (Q7.016) q1471ffj 7.418 Investm•nl iTK• 9.518 10.180 (51.658) 110371259 1.831 Invutmtnt Inc( 14,Y10 18181TJ flDT.525 ni874 1155,472) (1SS.472) Tothl ¢a•h •nd kn th• 1124149 (153.841) C••h 4wd ea•h •qU￿1•￿• at b•gIrn￿n9 of 28BJ12 439,953 Cmh and e••h •ryfv•lm¢• at •nd 01> 1411161 280,312 286.312 10

31 Dxmbw 2024 Notes Recc•))mer#J•d Pracllc• FRS102 (SORP FRS 1021 'A¢c￿nty Re￿Ir ty Chvlkn". Tho Regul•lloM 2Cth {asaryvKled)•nd kn ac¢yxd￿thth• FInaTha￿ St•rKlwd 102 FRS {FIIS 11

Notes 25% Slrnlllrt b• Ih• r••l(knl cf th• bu￿LI￿j wll ￿ c￿L Auwiwlicm dOr￿d lo Ih• c¥ Ifll Is that tsy ¥4rf11 Iht (ffj% past ¢vtht th VAI Proba￿ Tesult n a tranthr crffunds ts a pwty It¢ rnnt due to 86tt10 12

Tra SCIO 31 Iknmbw2tJ24 Notes l¢ontinwd) 18es rnsults ol Ihe yw. Flxed •ss•t I￿￿tments valu￿erAtI1￿l suixeqwnty listed bewvJ ffasw•d thwfairvalue as atth• bthc• slwt G•iM arKI k>s•es •tsiry *• sft •nolal •sMts •ndllablllll•s Fix•d assels are agsessed as ￿ WI￿eT Ihat are kndlcatrjra of ¥￿1rn￿nt. •$•￿¥mth1 Invofves eonsldernlon of th• oeonomlc vlabilty of the puw for the asset Is used. 13

31 D•c•Thts 2024 Notes lcontiiiwd) Allwo￿ held by Ihe Trust receivéd frcffi the legictes of Huw Burge are Initlally mea$ur•J * falr value perforn)•d by Sotheb￿3 lor the esthte of Hugo Bwge lo tr•nsfer and are then subsequenty asseyJed for any knpawmtnt at eh rwriing dats. Listed Inv•slm•nts hekl ty the Trust are •(knlnlsternd by th• TnAfs investrnent adviws R•thbon• Investment M•n•gemont Ltd. In kne5￿1bth¢ accounliTrJ the Invéstft￿ts •re 1n1t1￿lY measurod at tran￿¢tIOn wlce. •nd w• suW•nty Meas￿ at f•ir value at e•¢h reporting dale. The transadion tr•nskn costs WKI lalr valu• d th• investrnnts ar• ba￿ upon the r•gulw Inve•lment portlolkj reports obtslned from lh• Inve#tm•nt advlsors. avail•ble from d•tall•d bthts. Thii id•ntsfi¢s co>ts that We exp￿thI lo bè tr￿rred for wvl provid•d by othw part1￿. A¢¢n￿lS ¥e rel•as•d th•r•18 a r•axThbl• ￿P•¢Iati￿ th•t 340 47310 32Q159 291,704 WX944 11,000 ¥346W 357,244 b*A 104 722 8,104 722 2023 004 11,384

Thè Bw9• FtyJr¥Jth 8a0 Notes (etythwd) 2023 4,426 Dlrect Wag•s 10,819 101.726 7.726 4.875 19,3f2 21.131 37,045 28,039 30.830 R•sld•w eosts. r•nt 570 4005 Wehtte ¢4xts f¢ 8.750 528 n,0 1800 7.418 1784 7,725 11.722 43.127 9.618 7A18 1784 7.n5 $91 787 Il149 Legal eXF￿￿$ 111 14,093 la750 16I53 1.7SO 121500 21147 21,729 3.894 2.977 Trnv 915 915 Teleptr￿¢ •r*1 Intern ￿>str (note 8) soo 7.IMO 21435 113.874 1.150 6.083 13.581 Slaff Irninlng •Thl benefft• Dlsalltr•Rd VAT 20.351 361817 1.024623 11.130 1,03&7S3 341233 15

31 D8c•rfbw 3T24 Notes (C￿1n￿dj 11,000 500 1.060 Ir Wwjej and ••l•d 2e6,74• 104,215 23,025 7.080 1579 2W56 113,874 There wag 1)ne P023: orn) •mth•• In the y•¥ r•cthvkng envJlum8rts In exe•Jg 01 £80,(rf)D. £80,C(KtrI £131 yJ8 (2Q23: £91.8851. Th19 and empby•r perlon eoMts.Th• (2023: (Thl recv*d renxllwth £48,333 W £78.487} fL¥ 16

•(• i It" Iiil l- 1111

Nolas (C￿lIn￿d) 24 gW172 At 31 D•¢•rn￿ 2024 172 • to IoAn the Ift rK ojjtl th• Un•d KW. The lortr temi plan IJ to Ilnd • pemmnert home colxllon kn u ar¢uTrJ th• S¢cdll•h 8ovd•r•. wh•rn il v•luWon to b• for at 31 D•C<m￿ 2024. Total 2023 2024 2024 At 1 J•Nwy 2(r24 12,W37• 4205.909 (638.540) 362202 17,ofa38B (TW741 627,010 Dl•p 264,814 At 31 D•Mmbw 2024 13,OW67 SV29,563 1Q9eoAxi 13.ow 3*29,503 1Q986A30 11Ta2,054 3,567.381 16,359,415 18

Notes laYrtin￿d} Cre(It rfsk: thls is ts rfqk cffl• pxty to a &)%lal caw• • fin￿￿1105 for the o rknk: thbs Is ii¥k that the frvalue orfits• ¢a•h tsla fin￿¢111 a6••twil o Cro¢lt RJBk-Ih• ch¥y tyctto¢r•dlrknk kn fel•lkn to c••h d•poth hekl and th• fwd• Uquidity l• to be IN M tll• Ftxffthlth htslds a nwnber d unll¥lod investr 13 D•btor• propw￿rt• 750 Trthle Rcelvables 854712 47271 VAT recovwat4¢ 18M18 14,328 10YI137 19

C05t ai 1 Jan 2024 1,671110 07.5251 1.67UIO {907A25) Co•t al 31 Dec 2024 Ch•rg• for1￿ yt¥ D•wedkn •t 31 D•e %124 B¢ok V•lu• •t 31 D•c 2024 7•4285 Nat V•kn At 1 J•n 2024 yk was fonTr￿lY v•bMd by on 10 M•y 2023. AM8ts h•kl r•￿• ar• Inckthd ￿1th1n 76 1&556 S016 11184 11.141 N•knnd Insw•nc• & PAYE payab 12J99 9Q032

Notes (￿th￿d) &852 &852 17 R•Mm• G•ln• I 8•lttne• at lJth2W thK¢m• (Lo•M•l 31D•g2024 1024 &740 14550) 1.190 4420 &740 111,1301 4610 ,4X 32A10,762 11.13491 627,MO 4N1a• 328X.762 11.126.34•1 627.MO 32J97MO8 Bthnce al GkMIILoJ•ts) 31 D•0 2023 1th2023 5,740 9.540 13MI) 5.740 FuThl 456.199 ￿1.38$ (345.150) 480.429 Tot•1 Fthjts (318.￿) 486,189 21

Noles lojntinL￿é) 17 AnalyDl¥ ol not b•14n•n fund¥ 31 D•¢omb•r 2024 Total

1yottr 2024 1024 Reslrfctad FuTrJ• Gwrnl {unr••trkl•l) SMI0 31391158 18Jn.76• 11419,941 11$77.760 11425,551 15W 31397,4 T•rA• Fu•d N•t U•bllths du• 1yer Total 5.740 324.876 5,740 ,429 G•ner•l Iuy••tr￿) 15&553 155.553 3x1,616 496,169 1& Analy•l• of In N•t C••h WKI Calh Equl¥•l•n ¥twl ￿Y•ar Not l¢ArtlrM 28S,312 2.12V49 43kl.9&8 1153.641) and dy•ar 1411161 284312 A••11 C•thlkth A••t31 A•A11 C411*w A•&t31 I•V12 112WJ 1411181 439,W (155,6¢11 286,312

31 3J24 Notes {¢ondnind) 19 Fln•ndal In•trw 14W4>) Ourfng th• y•artt SCIOWM In1￿d£8,4I0 (2023: Ér4) ofeyWM by v•n￿mI G th• y•v, a t￿1 cl £2.181 {2023.' £3.350) w•b lo TnNt•M for expwiditsn that th•y pdd th behaff al th• dwvtty. As at 31 X124 wa• to be Wl t* TnMt•• fly •xP￿￿t￿• kncwr•d behdlof clwty12023.' £nl Uknat• oontrolkng p•rty

Notes {contlnwd) 2023 hin1y• 128,SOO 514DOD 1291,5B3 130,( 2,448,333 3,098,333 2024 P4y•blfr wlthkn 1 y•v 1560

Zix 4wa