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THE BUTE FAMILY CHARITABLE TRUST
Charity No.: 285226
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE BUTE FAMILY CHARITABLE TRUST CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Report | 2-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| NotestotheFinancialStatements | 7-10 |
THE BUTE FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees:
Anthony Crichton-Stuart Sophia Crichton-Stuart Samantha Embury
Registered office:
2nd Floor 146-148 Clerkenwell Road London EC1R 5DG
Independent Examiner:
Charity Registration number:
Adam Fullerton Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP 285226
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THE BUTE FAMILY CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”.
Objectives and activities
The object of the Charitable Trust is to provide funds for charitable purposes. The income and capital of the Trust are held for the purpose of making donations to any charitable institution, or for charitable purposes generally, as the Trustees may in their absolute discretion think fit. Typically donations are made in the following areas: Community, Medical, Youth and Health and Awareness with an emphasis on charitable support within the area of Bute. There have been no changes in the Trust's objects or policies during the year. The funds of the Trust are held in a managed portfolio and monitored on a monthly basis to ensure the preservation of capital and reasonable rate of return. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The charity's capacity remained relatively constant on the prior year with steady income levels compared to the prior year. The level of grant giving decreased in response to the challenging economic conditions curently. A loss was made during the year of £452 which was planned.
Financial review
The Trustees have an absolute discretion as to the investments that may be made and are given professional advice concerning the charity's investments.
The Trustees have met each quarter throughout the year.
For the year ended 5 April 2025, the income of the Trust amounted to £28,175 (2024: £37,520), which after meeting administration and other costs of £28,627 (2024: £29,086) left a deficit of £452 (2024: surplus of £8,434). Donations of £25,500 were paid or payable in the year (2024: £26,800). There were unrealised gains on investments during the year of £11,928 (2024: £32,190 loss).
The trustees has assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Bute Family Charitable Trust is a lasting testimony to the generosity of the donors, the Crichton-Stuart family. They plan to continue to support charitable institutions on the Isle of Bute in the coming year.
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THE BUTE FAMILY CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED5 APRIL 2025
The trustees who served during the year and up to the date of signature of the financial statements were: Anthony Crichton-Stuart
Sophie Crichton-Stuart
Samantha Embury
The Trust is an unincorporated trust, constituted by a trust deed dated 15 September 1981 and is a registered charity, number 285226. The Trust does not actively fundraise and seeks to continue its work through the careful stewardship of its existing resources.
The trustees are eligible, in committee, to appoint additional Trustees under the terms of the trust deed.
The trust deed was amended on 11 June 2013 to incorporate the name change from The Bute Charitable Trust to The Bute Family Charitable Trust.
The trustees’ report was approved by the Board of Trustees.
Mtoe\ . Mavee Sophie Crichton-Stuart Trustee Dated: (o/ o6/ 25
Prawn, Samantha Embury Trustee Dated: lb fo 6/25 :
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| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
THE BUTE FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2025
| Unrestricted | Funds | ||
|---|---|---|---|
| Total | Total | ||
| Note | 2025 | 2024 | |
| £ | £ | ||
| Income from: | |||
| Investments | 3 | 28,175 | 37520 |
| Total | 28,175 | 37520 | |
| Expenditure on: | |||
| Charitable activities | 4 | 28,627 | 29086 |
| Total | 28,627 | 29,086 | |
| Net gains/(losses) on investments | 8 | 11,928 | (32,190) |
| Net profit/(loss) | 11,476 | (23,756) | |
| Total funds brought forward | 657,802 | 681,558 | |
| Totalfundscarriedforward | 669,278 | 657,802 |
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THE BUTE FAMILY CHARITABLE TRUST Balance Sheet as at 5th April 2025
==> picture [505 x 466] intentionally omitted <==
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Note 2025 2025 2024 2024
£ £ £ £
Investments 9 554,730 542802
Current Assets
Debtors 10 6,799 7,069
Cash at bank and in hand 122,029 116,911
128,828 123,980
Creditors: Amounts falling due
within one year 11 (14,280) (8,980)
Net Current Assets 114,548 4115000
Net Assets 669,278 657802
Funds
Unrestricted funds 669,278 657802
Total funds 669,278 657802
The financial statements were approved by the Trustees on | A |O¢ /2S
: ae Sir
Vin bUUlLAIWT
Sophie Crichton-Stuart Samantha Embury
Trustee Trustee
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THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting Policies
Charity Information
The Bute Family Charitable Trust is a Charity registered in England and Wales.
- 1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of ninety five days or less, and bank overdrafts.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled.
- Critical accounting estimates and judgements In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
3. Investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 1024 | ||
| £ | £ | ||
| Income | from listed investments | 26,209 | 35,658 |
| Interest | receivable | 1,966 | 1862 |
| 28,175 | 37,520 |
4. Expenditure on Charitable Activities
| 4. | Expenditure on Charitable Activities | ||
|---|---|---|---|
| Charitable | Charitable | ||
| Expenditure | Expenditure | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Other interest payable and similar charges | 547 | 306 | |
| Grant funding of activities (see note 5) | 25,500 | 26,800 | |
| Share of governance costs | 2,580 | 1,980 | |
| 28,627 | 29,086 | ||
| 5. | Grants Payable | 2025 | 2024 |
| £ | £ | ||
| Grants to institutions: | |||
| RothesayAcademy | - | 1,250 | |
| Other grants | 25,500 | 25,550 | |
| 25,500 | 26,800 |
6. Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7. Employees
There were no employees whose annual remuneration was more than £60,000.
8. Net gain/(losses) on investments
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ £ |
||||
| Revaluation | of | investments | 11,928 | (32,190) |
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THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
| 9. | Investments | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Market value at 6 April | 542,802 | 574992 | |
| Net realised/unrealised losses | 11,928 | (32,190) | |
| Market value at 5 April | 554,730 | 542,802 | |
| Historical cost | 571,769 | 571,769 | |
| 10. | Debtors | ||
| 2025 | 2024 | ||
| Amounts falling duewithin one year | £ | £ | |
| Other Debtors | 6,799 | 7069 | |
| 11. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grant Creditors | 12,000 | 7,000 | |
| Accruals and deferred income | 2,280 | 1980 | |
| 14,280 | 8,980 | ||
| 12. | Relatedpartytransactions |
There were no disclosable related party transactions during the year (2024: none).
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