OST
MURRAY USHER FOUNDATION
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 5™ APRL 2025
SCOTTISH CHARITY NUMBER:- SC000266
CARSON & TROTTER CHARTERED ACCOUNTANTS 123 IRISH STREET DUMFRIES DG1 2PE
Murray Usher Foundation
Trust information
Y P| Managing Agents a a Scottish charity number SC000266 Principal address fF |[CCS]
(Retired on 5th April, 2025)
Independent examiners Carson & Trotter Chartered Accountants 123 Irish Street Dumfries DG1 2PE
f
Murray Usher Foundation
Contents
| Page | |
|---|---|
| Trustees report | 1-2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notestothefinancialstatements | 6-10 |
‘
Murray Usher Foundation
Report of the Trustees for the year ended 5th April 2025
The trustees present their report and the unaudited financial statements for the year ended Sth April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 published on 16 July 2014.
Objectives and activities
The objects of the Foundation are to expend the Trust Fund on such public charitable or benevolent purposes, or to make payments to such bodies or organisations which are constituted for charitable purposes, as the trustees may decide. The wishes of the settlor, in respect of the Foundation, indicate that the principal beneficiaries should be the community and people of Gatehouse of Fleet, and the parishes of Girthon and Anwoth.
Achievements and performance
During the year the Foundation continued to support other local and national charities.
In accepting in 2006 the transfer of the assets of the Gatehouse of Fleet Library Trust, the trustees agreed to award grants annually for educational purposes to applicants living within the Parishes of Gatehouse of Fleet, Girthon and Anwoth; the amount of the annual grant to be not less than 10% of the net income derived from the assets of the Library Trust, with priority being given to applications received for the benefit of children of Gatehouse of Fleet Primary School. Grants in respect of this year amounting to £0 have still to be allocated (2024 - £630).
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that the necessary steps have been taken to mitigate those risks. Financial review The results for the year to 5th April 2025 showeda deficit on the General Fund Revenue of £32,143 as against a deficit of £9,344 for the previous year. Total reserves carried forward are £1,342,099 Reserves policy
It is the policy of the trustees to retain sufficient cash on deposit to ensure that necessary expenditure on maintenance of[the][Trust][property][will][be][met][as][it][falls][due.] Restricted fund There were no restricted funds during the year.
Structure, governance and management
The Foundation was established by Trust Deed by the late Mrs Elizabeth Murray Usher, OBE and is governed by a board of trustees. The trustees have discretion to apply the funds of the Trust to such charitable purposes as they see fit. They have regard to, but are not bound by, the wishes of the settlor.
Trustee - Recruitment and appointment
New Trustees are appointed by the existing Trustees, taking into consideration the suitability of any potential new Trustee with regards to the principles encompassed in the Trust Deed and the background and skills that any new Trustee would contribute to the skill base of the existing Trustees as a whole.
Page 1
Murray Usher Foundation
Report of the Trustees for the year ended 5th April 2025
Reference and administrative information Trustees The trustees at the date of this report were:
GRE (Retired on Sth April, 2025)
Except where indicated, each trustee served throughout the year. Charity number SC000266.
Principal address
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Charities Accounts (Scotland) Regulations 2006 (as amended) require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the end of the financial year, and of the incoming resources and application of resources for the year then ended. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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- observe the methods and principles in the Charities SORP; * 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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment (Scotland) Act 2005 and the charity's Trust Deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
Connected bodies
There are no other bodies connected to the Foundation.
Independent examiners
Messrs Carson & Trotter, Chartered Accountants, have expressed their willingness to continue in office, and a resolution re-appointing them for the ensuing year will be submitted to the Annual General Meeting.
COa Trustee Page 2
:
Murray Usher Foundation
Independent Examiner's report to the Trustees of Murray Usher Foundation
I report on the unaudited accounts of the charity for the year ended Sth April 2025 set out on pages 4 to 10.
Respective responsibilities of Trustees and the Examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An independent examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) Which gives me reasonable cause to believe that in any material respect the requirements:
(a) to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
(b) to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
ean Carson & Trotter Chartered Accountants 123 Irish Street Dumfries
DGI 2PE
Date: 28th July 2025
Page 3
ne,
Murray Usher Foundation
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Statement of Financial Activities for the year ended 5th April 2025
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| 2024 | ||||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Unrestricted Funds | Total | Total | ||||
| Capital | Revenue | |||||
| £ | £ | £ | £ | |||
| Income: | ||||||
| Income from investments | 2 | |||||
| Income from investments | - | 6,118 | 6,118 | 6,329 | ||
| Interest receivable | - | 807 | 807 | 918 | ||
| Income from property | - | 24,672 | 24,672 | 24,885 | ||
| - | 31,597 | 31,597 | 32,132 | |||
| Total income | - | 31,597 | 31,597 | 32,132 | ||
| Expenditure: | ||||||
| Charitable activities | 5 | - | 63,740 | 63,740 | 41,476 | |
| Total expenditure | - | 63,740 | 63,740 | 41,476 | ||
| Net (expenditure)/income |
and | - | (32,143) | (32,143) | (9,344) | |
| net movement in funds |
before | |||||
| gains and losses on investments | ||||||
| Net gain/(loss) on investments | 7 | 1,652 | - | 1,652 | 2,132 | |
| Net income/ (expenditure) | 1,652 | (32,143) | (30,491) | (7,212) | ||
| Other recognised gains and | losses | |||||
| Gain/(loss) on revaluations | 6/7 | 1,402 | - | 1,402 | 755 | |
| Net movement in funds | 3,054 | (32,143) | (29,089) | (6,457) | ||
| Reconciliation of funds | ||||||
| Total funds brought forward | 1,294,649 | 76,539 | 1,371,188 | 1,377,645 | ||
| Totalfundscarriedforward | 1,297,703 | 44,396 | =1,342,099 | 1,371,188 |
The notes on pages 6 to 10 form an integral part of these financial statements.
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by of E
| Murray Usher Foundation | Murray Usher Foundation | Murray Usher Foundation | ||||
|---|---|---|---|---|---|---|
| Balance Sheet asat5thApril2025 |
; | |||||
| 2025 | 2024 | |||||
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investment properties | 6 | 1,168,100 | 1,168,100 | |||
| Quoted investments | 7 | 137,487 | 138,166 | |||
| 1,305,587 | 1,306,266 | |||||
| Current assets | ||||||
| Debtors | 8 | 1,372 | 1,632 | |||
| Cash at bank | 42,573 | 71,103 | ||||
| 43,945 | 72,735 | |||||
| Creditors: amounts falling | ||||||
| due within one year | 9 | 7,433 | 7,813 | |||
| Net current assets | 36,512 | 64,922 | ||||
| Total net assets | 1,342,099 | 1,371,188 | ||||
| The funds of the charity: | ||||||
| Unrestricted funds | ||||||
| General fund | ||||||
| Capital | 1,297,703 | 1,294,649 | ||||
| Revenue | 44,396 | 76,539 | ||||
| Total unrestricted funds | 1,342,099 | 1,371,188 | ||||
| Totalcharityfunds | 11 | 1,342,099 | 1,371,188 |
The financial statements were approved and authorised for issue by the trustees on 28th July 2025 and signed on their behalf by:
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Trustee
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The notes on pages 6 to 10 form an integral part of these financial statements.
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Murray Usher Foundation
Notes to the financial statements for the year ended 5th April 2025
1. Summary of significant accounting policies 1.1. Basis of preparation of financial statements
The financial statements are prepared in accordance with 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) issued on 16 July 2014, the Charities Accounts (Scotland) Regulations 2006 as (amended) and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling which is the functional currency of the charity.
- 1.2. Investments Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Unlisted investments are stated at market value, in accordance with the provisions of the SORP, unless no market value is readily available, when a value will be attributed by the trustees. Any gain or loss on sale or on revaluation is taken to the Statement of Financial Activities. The Foundation does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity 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
Income from investments is stated net in the Statement of Financial Activities on an accruals basis, together with any related income tax repayment.
- 1.3. Grants Grants receivable and payable are accounted for at the date of receipt or payment.
1.4 Income recognition All income is included in the statement of financial activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
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Murray Usher Foundation
Notes to the financial statements for the year ended 5th April 2025
LS Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources, Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
- 1.6. Fund accounting
Funds held by the Charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds - these are funds which can only be used for purposes specified by the donor.
- Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| Funds | Funds | Funds | |
| 2025 | 2024 | ||
| £ | £ | £ | |
| Income from investments | 6,118 | 6,118 | 6,329 |
| Bank interest | 807 | 807 | 918 |
| Property income | 24,672 | 24,672 | 24,885 |
| 31,597 | 31,597 | 32,132 |
Of the total investment income in 2024, £32,132 was unrestricted.
- Trustees The trustees receive no remuneration or reimbursement of expenses.
4. Employees
The Foundation has no employees.
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Murray Usher Foundation
Notes to the financial statements for the year ended 5th April 2025
5. Charitable activities:
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| Direct costs | 2025 | 2024 | ||
| £ | £ | £ | ||
| Gatehouse amenities, community | ||||
| and organisations | 13,895 | 13,895 | 6,605 | |
| Management services | 2,490 | 2,490 | 2,041 | |
| 16,385 | 16,385 | 8,646 | ||
| Support costs | ||||
| Property expenses | 43,169 | 43,169 | 31,436 | |
| Independent Examination | 1,440 | 1,440 | 1,374 | |
| Management services | 76 | 76 | 20 | |
Legal & Professional |
2,670 | 2,670 | - | |
| 47,355 | 47,355 | 32,830 | ||
| 63,740 | 63,740 | 41,476 | ||
| Of the charitable activities in 2024, £41,476 was unrestricted. | ||||
| Land | ||||
| 6. | Investment properties | buildings | ||
| freehold | Total | |||
| £ | £ | |||
| Valuation | ||||
| At 6th April 2024 | 1,168,100 | 1,168,100 |
||
| AtSthApril2025 | 1,168,100 | 1,168,100 |
Investment properties are stated at fair value and were last valued at Sth April, 2017. The valuation was carried out by Savills, 28 Castle Street, Dumfries. The Trustees believe there has been no material alteration to the fair values of the properties during the year.
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Murray Usher Foundation
| Notes to the | financial statements | financial statements | ||||
|---|---|---|---|---|---|---|
| for the year | ended 5th April 2025 | |||||
| Ts | Investments | |||||
| Total | Total | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Market value brought forward | 138,166 | 138,386 | ||||
| Additions to investments at cost | 10,521 | 19,828 | ||||
| Disposals at carrying value | (12,602) | (20,803) | ||||
| Net (loss)/gain on revaluation | 1,402 | 755 | ||||
| Market value carried forward | 137,487 | 138,166 | ||||
| 8. | Debtors: all receivable within | one year | 2025 | 2024 | ||
| £ | £ | |||||
| Trade debtors | 1,372 | 1,632 | ||||
| 9. | Creditors: amounts falling due | 2025 | 2024 | |||
| within one year | £ | £ | ||||
| Rents Received In Advance | 5,100 | 5,100 | ||||
| Accruals and deferred income | 2,333 | 24:13 | ||||
| 7,433 | 7,813 | |||||
| 10. | Analysis of net assets between | funds | ||||
| Total | Total | |||||
| Unrestricted Funds | Funds | Funds | ||||
| Capital | Revenue | 2025 | 2024 | |||
| £ | £ | £ | £ | |||
| Fixed assets | 1,305,587 | - | 1,305,587 | 1,306,266 | ||
| Net current assets/(liabilities) | (7,884) | 44,396 | 36,512 | 64,922 | ||
| 1,297,703 | 44,396 | 1,342,099 | 1,371,188 |
|
Page 9
Notes to the financial statements for the year ended 5th April 2025
- Movement in funds
Murray Usher Foundation
| Movement in funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 5th April | Gains/ | 5th April | |||
| 2024 | Income | Expenditure | (losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Fund Capital | 1,294,649 | - | - | 3,054 | 1,297,703 |
| General Fund Revenue | 76,539 | 31,597 | (63,740) | - | 44,396 |
| Total unrestricted funds | 1,371,188 | 31,597 | (63,740) | 3,054 | 1,342,099 |
| Totalfunds | 1,371,188 | 31,597 | (63,740) | 3,054 | ~=—-1,342,099 |
Unrestricted funds are available to be spent for any of the purposes of the charity.
12. Related party transactions
There were no related party transactions during the year.
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