Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST REPORT OF THE BOARD OF TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ScO￿lSH CHARITY NUMBER: SC052422 Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST CONTENTS Page Charity Information Report of the Board of Trustees Independent Examiners, Report Statement of Financial Activities Balance Sheet Notes on the Financial Statements 8-12 Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST CHARITY INFORMATION LEGAL NAME: Heron Pickstock Trust SCOThISH CHARITY NUMBER: SC052422 PRINCIPAL ADDRESS: 43 Melville Street12FI Edinburgh EH3 7JF BOARD OF TRUSTEES: Peter Hollis Donald Meekison BANKERS: Handelsbanken Edinburgh East 5 Flr, Waverley Gate 2-4 Waterloo Place Edinburgh EHI 3EG INDEPENDENT EXAMINER: Findlay Paul, CA MHA 6 St Colme Street Edinburgh EH3 6AD Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST TRUSTEES, REPORT For the year ended 30 September 2025 Heron Pickstock Trust was first reElStered with the Office of the Scottish Charity Regulator IOSCRI on 21 March 2023. The Trustees present their annual report and the financial statements for the year ended 30 September 2025. OBJEcfivES AND AcfiviTIES Objectives The principal objectives of the charity are to give back to the community by helping the disadvantaged through education, health or any other purpose that the Trustees think fit. The Trustees have referred to general guidance on public benefit when reviewing the aims and objectives in planning activities. Activities and performance The focus of the charity over the period, given its recent formation, has been to receive funds into the charity from its seed donors. Overthe period, the charity received donations of £455,262. The charity's intention is to continue to attract donations into the charity, and then will start to disburse these funds to make grants to individuals and organisations. FINANCIAL REVIEW Results for the period The results for the year are set out in the statement of financial activities on page 6 and show net income before investments gains for the year of £468,66312024.' £425,6061. After taking account of gains on investments of £77,978 12024.. 1161, the net income for the year was £546,641 12024.. £425,722). At 30 September 2025, total funds stood at £972,363 12024.. £425,722) made up of unrestricted funds. These unrestricted funds represent the free reserves of the Trust. The charity received donations in the period of £455,26212024.. 426,6901, consisting of gifts of shares. Investments and Policy The Trust's sole portfolio investment continues to be Moray Place Investment Company. The Trustees are confident that they have chosen the right portfolio structure and level of risk for the Trust's assets. The aim is that the portFolio will generate an income, which will provide an income stream for grants during the year. The value of the portfolio, which constitutes the main part of the Trust's assets stood at £935,046 at 30 September 202512024.. £401,806). Reserves pollcy Consideration will be given to an appropriate reserves policy once activities have been established. STRucfuRE. GOVERNANCE AND MANAGEMENT Constitution The Heron Pickstock Trust is a charitable trust governed by its Trust Deed dated 11 March 2022. It is registered as a charity with OSCR from 21 March 2023. Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST TRUSTEES, REPORT For the year ended 30 September 2025 Management The Trustees oversee all activities of the charity and all decisions are by majority vote at Board meetings. None of the Trustees receive any remuneration in their capacity as Trustees. Recruitment and appointment of Trustees The Board may, at any time, appoint any person to be a Trustee of the charity, by way of a resolution passed by majority vote at a Board meeting. The Board shall have the power to remove any individual as a Trustee, by way of a resolution passed at a Board meeting, by a majority of those Trustees that are not subject to the proposed resolution. Induction and tralnlng of Trustees Trustees are provided with opportunities for discussion, and received training to ensure that they are aware of, and are able to discharge, their responsibilities. FUTURE DEVELOPMENTS In the near term, the charity's intention is to continue to receive donations into the charity. It will then start to disburse these funds to provide grants to individuals and organisations. Trustees, Responsibilities Statement The Trustees are responsible for preparing the Trustees, Annu31 Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in Scotland requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resoLJrces and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. 2nd prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST TRUSTEES, REPORT For the year ended 30 September 2025 This report was approved by the Trustees on 22 June 2026 and signed or) its behalf by.. Gillian Hollis Trustee Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 INDEPENDENT EXAMINERS, REPORTTO THE TRUSTEES OFTHE HERON PICKSTOCKTRUST I report on the financial statements of the charity for the year ended 30 September 2025 which are set out on pages 6 to 12. Respective responsibilities of trustees and examiner The chariws trustees are responsible for the preparation of the financial statement5 in accordance with the terms of the Charities and Trustee Investment15cotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 4411) Icl of the Act and to state whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements. Independent examinerf5 Statement In the course of my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 44111 lal of the 2(X)5 Act and Regulation 4 of the 2006 Accounts Regulations,. 2nd to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations; have not been met,. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. F4•A&y PAa Flndlay Paul, CA Independent Examiner MHA Chartered Accountants 6 St Colme Street Edinburgh EH3 6AD 22 June 2026 Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST STATEMENT OF FINANCIAL AcfiviTIES For the period ended 30 September 2025 Note Unrestricted Unrestricted 2025 2024 Income from: Donations and legacies Investment income 455,262 15,081 426,690 5,978 Total income 470,343 432,668 Expenditure on: Charitable activities 11,6801 17,0621 Total expendlture 11,6801 17,0621 Net income before gains on investments 468,663 425,606 Net gains on investments 77,978 116 Net income for the period and net movement in funds 546,641 425,722 Funds at l October 2024 io 425,722 Funds at 30 September 2025 io 972,363 425,722 The statement of financial activities includes all gains and losses recognised in the period. Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST BALANCE SHEET as at 30 September 2025 Note 2025 2024 Fixed as5et5 Investments 935,046 401,806 Current assets Debtors Cash at bank 15,081 23,790 5,978 19,438 38,871 25,416 Liabilities Creditors falling due within one year 11,5541 11,5001 Net current asset5 37,317 23,916 Net assets 972,363 425,722 Reserves Unrestricted funds io, li 972,363 425,722 The financial statements were approved and authorised for issue by the Board of Trustees on 22 June 2026 and were signed on their behalf by.. Gillian Hollis Trustee Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 30 September 2025 Accountlng policles The significant accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. al Basis of accounting The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amendedl, Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial ReportinE Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice. The charity meets the definition of a Public Benefit Entity as defined by FRS 102. bl Going concern These financial statements have been prepared on the going concern basis which assumes that the charity will continue its operations. Having made appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. There are no material uncertainties that exist or material changes in the way the charity operates and the Trustees consider it appropriate to prepare financi31 statements on a going concern basis. cl Income Income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, when it is probable that the income will be received and the amount can be measLJred reliably. dl Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not VAT registered. Irrecoverable VAT is charged against the expenditure headinE for which it was incurred. el Fixed Asset Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at theirfair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 30 September 2025 and losses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. All Eains and losses are taken to the Statement of Financial Activities as they arise. Realised gain5 and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. fl Cash at Bank and in hand Cash at bank and in hand include cash and short term highly liquid investments with a short maturity date of acquisition or opening of the deposit or similar account. gl Funds Unrestricted funds are funds that can be used in accordance with the objectives of the charity at the discretion of the trustees. h) Creditors Creditors are recognised when the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. il Judgement5 in applying the key sources of estimation uncertainty In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The Trustees do not consider there to be any Significant judgements in accounting policies, or key sources of estimation or uncertainty requiring disclosure. Donations Unrestrirted Unrestrirted 2025 2024 Donations 455,262 426,690 Investment Income Unrestrirted Unrestricted 2025 2024 Dividends 15,081 S,978 Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 30 September 2025 Cost of charitable activities Unrestricted Unrestricted 2025 2024 Charitable donations Support costs.. Bank Charges Sundry Costs Independent exam fee Legals & Regulatory fees 126 40 1,500 5,521 1,554 1,680 7,062 Trustees, remuneratlon No trustee received any remuneration or reimbursement of expenses during the year12024: nonel. Staff costs and key management personnel The charity had no employees in the year12024.' none) and therefore incurred no wages, salary or pension costs. No employee earned £60,000 per annum or more during the year12024: none). The trustees consider that they comprise the key management personnel of the charity in charge of direrting and controlling the charity. The total remuneration (including taxable benefits and employerfs pension and National Insurance contributions) of key management personnel for the year was £nil12024.. io Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCK TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 30 September 2025 Investment5 2025 2024 Unlisted investment 935,046 401,806 Movement in fixed asset investments Investments Cost or valuatlon At l October 2024 Additions Gains on revaluation 401,806 455,262 77,978 At 30 September 2025 935,046 Carrying amount At 30 September 2025 935,046 At 30 September 2024 401,806 Historical costs at 30 September 2025 857,068 The investment is solely in Moray Place Investment Company. Debtors 2025 2024 AccrLJed income 15,081 5,978 Creditors 2025 2024 Accruals 1,554 1,500 li Docusign Envelope ID". E8954E73-3DOB-8F67-82C8-748C40636FC8 HERON PICKSTOCKTRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 io. Movement in funds 2024125 Atl October 2024 At30 September 2025 Income Expendlture Galns Unrestricted funds 425,722 470,343 11,6801 77,978 972,363 2023124 Atl October 2023 At30 September 2024 Income Expendlture Gains Unrestricted funds 432,668 17,0621 116 425,722 11. Analysis of net assets between funds Unrestricted Funds 2025 Unrestricted Funds 2024 Net current assets 972,363 425,722 12. Related parties A donation of £105,26212024.. £101,690) was received from Gillian Hollis, a Trustee of the charity. A further donation of £350,00012024- £325,000) was received from Hollis Capital Limited, a companv under the control of Peter Hollis and Gillian Hollis, Trustees of the charity. 12