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 sa*y passed awwi In W 2023. A wcczS￿I techm Ithtrew￿eur arKI investor. VAS al￿* passicmth ofts wts. crafts •)Jall aSF*ds0f(¥eab￿. Burge F￿r*da110n 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 ac*0￿ Sc(4Jand Iha UK To hdp d•fver thL8 goal * has Ihe SCIO'$ wt fimdwvJ Launch C￿￿¥• Hub in E•l*ton. 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￿1*1yre. 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. Incthrknger*atet*relwns nwl tomaintain tataireserve* af b•￿een £25 arKI £30 million. statement ol tn￿tee5. responslbllltles •ppllcable Law un￿ Ger*AIty 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 Charlt*s and TNstee Investrnent (SccMItrAllll•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 ¥latw*nts 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 vh*thw 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 *ri*e 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•t*n•nts In re•p•et A• wtof our FAaMlng pm¢e￿. aNI eomipuon P We c¥nshd•red the IncenlfvM <>ppc*bJnMes 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•FM*t 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 T*vJible 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 13*1,583 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 Tn*t•¥ 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 Dx*mbw 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 ff*asw•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 e*h 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•ns*kn 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 per*lon eoMts.Th• (2023: (Thl rec*v*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•lu*Won to b• for at 31 D•C1yottr 2024 1024 Reslrfctad FuTrJ• Gwrnl {unr••trkl•l) SMI0 31391158 18Jn.76• 11419,941 11$77.760 11425,551 15W 31397,4 T•r*A• Fu•d N•t U•bllths du• >1ye*r 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