THE JOHN W1150N RO3ERTCHR15TIE BEQUEST FUND Scottish Charity Number: SC000465 ReF1t of ihe Board of Management and Flnanclal Statemènts For the year to 30 September 2020 S((rtith (INlY RW,1111Y ¥WW.051r.orK.wk leststered Chjrrty
THE JOHN WILSON ROBERTCHRISTIE BEQiIEST FUND Report ofthe Board of Management and FInala1 Statements For the year to 30 Septembw 2020 Contents Pa8es Report of the Board of Management Independent Examinerfs Report statement of Financial Activilies Balancè Sheet Notes to the Financial Statements 7-12 Reference and AdminbStrale Detall& Board of Mana ement NomSnated by Institute of Chartered Accountant5 of Scotland The Royal College of Physicians, Edinburgh ly of Edinburgh Council Principle Olfice Address Clerks and Secretaries Geoghegans Chartered Accountants 6 St Colme street Edinburgh EH3 6A0 IndÈpeTtdent Examlners Jeffrey Crawford & Co 25 Castle Terrace Edinburgh EH12ER Bankers The Royal Bank of Scotland plc 36 St Andrew Square Edinburgh EH2 2AD Investment Advlsers Rathbones Investmeni Management George House 50 George Square Glasgow G2 IEH Scottlsh Charlty Numbèr..
THE JOHN WILSOM ROBERTCHRlSfiE BEQUEST FUND Report of the Board of Management and FInala1 Statements Icontlnuedl Fortheyearto 30 Seplembèr 2020 The Managers have pleasure In submitting their annual report for the year ended 30 September 2020. Oble¢tfves and AdSvltles The objectives of the Fund are to assist and promote the comfort and relief of men and women above the age of sixty years. resident in the City of Edinburgh, East LothÉan. MÈdlothiari and West Lothian who are dÈsÈrving and in Indlgent cFrcumstances. In addition, a proportion of the Fund will be allocated to those who are sufferin8 from acute and p8lnful diseases. The Fund invites applications for funding by advertising and contacting medical practices and other professionals in the area. Beneficiaries over 6rJ years who receive an allowance from the Fund are visited by lady visitors who ensure the recipients continue to meet the criteria for allowance5. The lady visitors also visit new applitants and the trustees grant allowan based on their ieports. To satisfy the provisions to make Brants to other charitie5. the trustees invite applltation5 from approprFate charities to fund their activitie5. Grants will also be paid to individuals who are engaged as misslonaries by any Protestant Church in Scotland whilst they are at home on tempofary leave or furlough. The Managers also disiributÈ funds lo other charilies whose main purposè 1% foi the assistance of the deserving poor or the alleviation of suffering or restoration to health of the sick and infirm including instvtutions which offer special assistance QT relief to wounded or disabled ex-5eTvice personnel. Achlevements and Perfomian The Fund does not undertake any fundraising activities apart from the portftslio management. It utllises the funds earned by the investment portfolio to donate to the beneficiaries, missionaries and othei registered charitles whF¢h qualrfy under the funding criteria outlined above and of whlch the Trustees approve. Investment policy Is based on a need to achEe growth of income to maintsin the real value of the incomè available for distribution and thereby be able to maintain the real value of grants and charitable distributions. This has been achieved largety by equity investment. The Board of ManaEement Teque5ts Rathbones to make omment on the portlolio on an advisory basis. It 15 the alm of the Fund to distribuie as much of the income reived. after dÈduction of administration expenses. as is practical. It should be noted Ihat in the curnent year, a surplus (before losses on investmenlsl L)f £6,759 ar05e and it is the intention to carry this forward for the benefii olfuture beneficiaries. The admini5tTation costs remain similar to the previous year and thls has allowed the Fund to distribute £nil to mis5ionaries12019.. £9rA)1, £20.(W to variou5 tharities12019= £23.8001 and £76.750 t¢J individual beneflci3rie5 12019.. £84,4CX)l. The distributions to tharities include awards of £6.QiNJ12019.. £9,800) whlch were made to onè-off applicants during the year in light ol brought lopward surpluses. The Managers are sailsfied with the Fund's athievements this year and with its perforFnance. Flnantlal Revlew The results for the year Show net Income of £6,75912019: £46.2951 before losses on Invèstments of £438,9CQ 12019= gains on investments of £89.6861- The aggregatè P051tion shows Total Funds carried forward ol £3,141.75712019- £3,573.8981.
THE JOHN WILSON ROBERT CHRISTIE &EQUEST FUND Report of the Board ol Management and FSnandal Slatements Icontlnuedl For the year to 30 Sewember20ZO Flnanclal Revlew Icontlnuedl The Fund held £3,058.127 I2019- £3.496.1081 in listed investments at the balan sheet date. The Managers have the power to invest as they see fit. This investment pM)licy is kept under general review by the Managers in conjunction with the investment advisers. Rathbones. The movement on the Fund's investment porrfolio is Shown in note 7 to the accounts and indicate5 a decrease of 8.82%12019.' increase of 8.01%) on ihe poitfolio value for the financlal year. The yield on total investments amounted to 4.23%12019'. 3.74%). Reserves Policv The Fund Is requlred to maintain a level of re5er¥es which will be sufficient to meet its commitments. Donations from the Fund are discretionary In naiure and will be granted dèpending on the income received from investments arid the reserves available. Charity requests for donation5 are considered on merit, are aPPToved annually and rEviewed in light of the reserves available. Unrestricted reserves at the year end are £215.39712019: £160,175). Plans for the Future The Managers are satisfied that the Fund is meetlng its objectives through the efftjrts of Rathbones, Geoghegans and indeed their owt7 efforts. There are thwefore no plans to make any changès to the way in which the Fund operates although the Manager5 will continue to monitor progre55. The key aim is to continue to mÈet the objectlves stated above. Following the year end, the Managers have formed a SCIO with the charÉty regulator OSCR. It was the Intentlon of the board to transfer the assets and liabiliiies of the existing Fund over during the year to 30 September 2020 but In light of the Covld-19 pandemic thls was ddayed until 31 January 2021 when thè proces5 wa5 completed. The Fund continues to assess the financlal Smpact of thè Covfid-19 outbreak, speclfically ovÈr its standing obli8ations to it5 beneficiaTies and Ion8Standin8 cha¥ily partners. Although the Fund is anticipatinB a decrease in its investment income for the year to 30 September 2021. the Managers inlend to meet the ongtsing quarterly benefic4aTY payments and will finan any shortrall from tarried fotward unrestricted surpluses. Structure. Governance ond Mana8ennt The Robert Christie Bequest Fund was established by trust disposition and settlement gIStered in 1892 anil changed it5 name to the John Wilson Robert christie Bequest Fund in December 2009 following ihe tran5feT of Funds from the John Wilson Bèquest Fund in accordance with the second supplemental Deed of Trust and the revised constitution boih dated 2010. It 15 rnarhaged by the Board of Management with Geo8hegans CA acting as Secretarles from their office al 6 St Colme Street, Edinburgh. Managers who are shown on the contènts pagè sèrved thiDU8hout the year unle55 indicated otherwise. In accordance wlth the Trust dlsposition. Mana8er5 are nominaied as representatives by the three bodies listed on the contents page and serve for three year terms but may be r&elected. Other ManaEers are not required to retlre and be re-elected. These Managers have the power to appoint new Managers. The Manager5 coniinue to addre55 the major risks to which the Fund is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The Board of Mar¢agement are well aware of the need forTrustees to take note of recent changes in lègislation and are provided with updated information by the Secretarie5 in ordet that they are aware of their responsibilities.
THE JOHN WILSOP4 ROBERT CHRisllE BEQUEST FUND Report of the Board of Management and Financial Statements lcoirtinuedl For the y to 30 September 2020 Statement of the Responsibilities of the Board of Management The Managers Iwho aTe the trustees of the charity for the purFM)ses of charity lawl are Te5ponsible for preparing the Report of the Board of Management and the finanaal statements in 3ccordance with applicable law and United Kingdom Accounting StandaTds Iunited Kingdom Genernlly Accepted Accounting Practice). The law applicable to charities in Scotland requires the Managef5 to PTepare financlal statèmènts for each financial year which give a true and fair view of the state of affairs of the Fund and of the income and expÈndlture of the Fund for that period. In preparing Ihese financial statements, the Managers are required to: select suitable actounting policies and then app them consistèntly- observe the methods and prinoples in the Charities SORP IFRS 1021- make judgements and e5timate5 thal are responsible and prudent- state whether applicable accounting standard5 have been followed, subjert to any materÉal departures disclosed and explained in the financial statements- PFepaFe the financial statements on the Éoing concern basis unless it is inappropriate to presume that the Fund will continue in opeiation. The Manager5 are responsible fof keeplng adequate accounting records that ale sufficient to show and explaln the Fund's transactions and disdose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure thal the financial statements comply with the Charities and Tru51ee Investment Iscotlandl Aci 2005, the Chèrities Accounts Ikotlandl Regulation5 2006 las amended) and the provisions of the Fund's constitution. They are also responsiblè for safeguarding the assets of the Fund and bern for taklng rèasonable step5 for the prevention and detection of fraud and other irregu13ritie5. Approved for issue by the Board of Mana8emenl and signed on their behalf by- Chairman
THE JOHN WIL50N ROBERTCHRisnE BEQUEST FUND Independent Examlb)erfs' Report to the Board of Management of The John Wilson Robert Christie Beguest Fund thèyear Ènd 30 September 2020 I report on the accounts for the year ended 3D September 2020 set out on pages 5 to 12. Respective rÈsponybilities of managers and tndeperKlent emaminer The fund's managers are responsible for the preparation of the accounts in accordance with the terms of the Charltles and Trustee Investment Iscotlandl Act 2005 and the Charities Account$15¢otlandl Regulations 2006 las arnendedl. The fund managers consider that the audit requirement of Regulalion 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility io examinè ihe accounts as rÈouirèd undèr sèction 44111 Icl of the Act and to state whether particular mattws have come to my atlention. Basts of Independent examlnerfs statement My examination is carried out in accordance wÈth Regulation 11 of the 2006 Account5 Regulations. An examination indudes a Teview of the accourhting recor(ts kept by the fund and a comparison of the accounts presented wilh those records. It also include5 consideration of any unusual items or disclosure5 in the financial statements, and seeks explanations from the managers concerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audlt. and consequently I do not expres5 an audit opinion on the view given by the accounts. Independent examlner'5 ststement In the course of my examination. no matter has come to my attention- which give5 me reasonable tause to belÉeve that In any material respect the requirements-. to keep accounting records in accordan with Section 4411> lal of the 2005 Act and Regvlation 4 of the 2006 Accounts RegulaEion5- and to prepare accounis which accord with the accounting records and comply with Regulatlot) 8 of the 2006 Accounts Regulations- have not been met- or to which, in my opinlon, attentlon should be drawn in order io enable a proper understandlng of the accounts to be reachecl. 30 June 2021 Independent Exaniiner Jeffrey Crawford & QJ 25 Castle Terrace Edlnburgh EHI 2ER
THE JOHN WILSON ROBERTCHRlSllE BEQUEST FUND Slatement of finandal Actfvltles For the year to 30 SÈptÈmber 2020 Notes Ihwestrktal Endowment Funds Funds 2020 Total 2019 Total Income and endowments from: Inve51ments 129,235 129,235 130,842 Donation 50,149 Total income 129.235 129,235 180,991 Expenditure on: Ra18 funds- Investment aifvisers. fee 3,086 3,086 6.172 6.926 Charltable activity-donation5 %.750 96,750 109,100 support costs 19,554 19,554 18,670 Total èxpèndlturé 119,390 3.086 122.476 134,696 Net Incomelleypendlturel beforegalns and losses on Investments 9,845 13,0861 6.759 46,295 GaÈnslllos5e51 on investment5 45,377 1484.2771 1438.9001 89,686 Net income and movem?nt in fvnd5 55.222 1487.3631 1432,1411 135,981 Furids balances brou8ht fotward 160,175 3,413,723 3,573,898 3.437,917 Fund5 balances carried forward 215.397 2,926,360 3,141,757 3,573.898 The results for the year relate enlirety to continuin8 activitie5. The notes on pages 7 to 12 forrn part of these financial statements
THE JOHN WILSON ROBERT CHRISTIE BEQUEST FUNO Balan Sheet As at 30 September 2020 Notes 2020 2019 Investments 3,058,127 3.496,108 Current Assets Debtor5 6.144 Cash at bank 85.661 79.285 88,844 85,429 LlabllStSes Creditors= amr)unrs fallin8 due within one year 5.214 7.639 Net Current Assets 83,630 77,790 Net Assets 3.141,757 3,573,898 Funds Permanent endowment funds ioiii 2,926,360 3,413,723 General unrestricted fund5 Iolii 215.397 160,175 3,141,757 3,573,898 02(. AppToved by the Board of Management on .............. - and signed on its behalf by.. Chairman The notes on t)ages 7 to 12 form part of these financial statements
THE JOHII WlL50N ROBERT QIRISTIE BEQUEST FUND Notes to the Flnandal Slatements For theyear to 30 September 2020 Accountlng Policles General Information These financial staternents are Presented in pounds sterlin@ IGBPI a5 that is the currency in which the Fund'5 tTan5actions are denominated. They Comprise the finanaal Statements of The John Wilson Robert Chrislie Bequest Fund. The objective of The John Wi150n Robert ChTi5tie 8equest Fund is to assist and promote the ¢omfo¥t and relief of men and women above the age of sixty, resident in the City of Edinburgh, Midlothian, East Lothian, and West Lothian who are deserving and in indigent arcumstancès. The john Wilson Robert Christie Bequest Fund is an unincorporated charity, iecoEnised as a charity for tax purposes by HMRC and registered with the Office of the Scottish Charity Regulator IOSCRI under charity number SCQ00465. Oetails ol the principal addre55 can be found on the contents page of these financial statements. Accountlng Comientl( The financial statements have been prepared in accordano with the Statement of Recommended PTaCtlce'. Accounting and Reporting by Charlties preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Repvblit of Ireland IFRS 1021 issued in October 2019, the Financial Reportin8 Standard 3pplÈcable in the United Kit7gdom and Republic of Ireland IFRS 1021, the Charltles ar Trustee Investment Ikotlandl Act 25 and Charities Accounts15cotlandl Regulations 2006 las amended). Thè John Wilson Robert Christie Bequest Fund meets the definr¢ion of a public benefit entity. Going Concern The Managers are of the OPFnion ihat the Fund Can continue to meets its obligations as they fall due for the foreseeable future. As a consequen. the Managers have prepared the financial ttatemertt5 under the golng concem basis. Intomè Intome is recognised when the fund has entitlement to the income, when it is probable that thè Sncorne will be rece¢ved and the amount Can be measured reliabfy. Donations and similar incoming TeSOur are induded in ihe perlod In which they a recoverable, which is when the f4bnd becomes entitled io the re50EErce. Interest on funds hdd on deptssit is induded when received. Diwdends are reci)gni5ed once the dividends have been declaTed and notification has been received of the dividend due. Empenditure All expenditure És induded on an accruals basls and is recognised when there is a legal or constructive oblieation to pay. wt 15 probable that 5etdement will be required and the monetary value can be measured rellably. All costs have been directty attributed to one of the functional categorie5 01 resource5 expended in the Statement of Financial Activities. The Fund is nol registered for VAT and ateordingly expenditure is shown gross of irrecoverable VAT. Expenditure in raising funds indude5 those costs associated with Eeneratlng Intome for the Fund through its Investment portfr)lio.
THE JOH14 WILSON ROBERT CHRISTIE BEQUEST FUND Notesto the Flnanrial Ststements Icontlnued) For the year to 30 September 2020 Accountlng Polides Icontlnuedl Expenditure (continued Chaiitable expendlture comprises the costs incurred by the Fund in the delivEry of its charltable objectives. It therefore indude5 the direct cost of grant eNin8 and those costs of an indilect nature necessary to Support these activities. Grant5 payable arè charged to the Statement of Finanaal Activities wheEE the application is approved and a valid expectation Created with the recipient thai thè grant will be paid. Support costs Include governance costs and other support costs. Governance costs comprise those costs involvine the Fmjblic accountability of the fund and its compliance with reÈu13tions and Bood governancè. It therefore includes the c05t of statutory and other support costs ielate to the administralive cost of running the Fund. FlnancSal Instryments Other than fixed asset investments, the Fund only has financial asset5 and financial li3bilitie5 of a kind that qualify as basic financial instruments. BasÉc financial instruments, including cash at bank, debtors and credltor5 are Initial recognised at transaction valuè and subsequently measured at their settSemènt value. Investments Inve5twents are stated at fair value. whh is taken to be the markei value at the Balan Sheet date. The Statement of Financial Acttvitles includes net gains and losse5 aT15ing on rovaluations at the year end. Gains and losses on dpOSal are dealt wilh as movements In pemianent endowment funds. Debtors Debtors are measured al their retoverable amount and included when reasonable ¥taIntY exists over their receipt. Cash at Bank Cash at bank indudes cash utilised for the day to day a¢tiwties perfomied by the Fund throughout the perlod. Credltors Creditors are recogntsed when the Fund has a present obligation resulting from 3 past event that wlll probably result in the transfer of funds to a thtrd party and the amount due to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement amovnt. Fund Accountlng The Endowment Fund represents the initial Capital donation received by the Fund. A5 the majority of this 15 held In investments, all gains and losses on investments are allocated agalnst this fund. The Unrestricted Funds represent a revenuè fund that is available for use at the discretion of the Managers. All Investment Income, and the subsequent donations and SUPPL)rl costs are recognised through this Fund. S*nlfitant Judgements and Estlmates There were no significant estimates and assumptions made in preparlng these financial statements.
THE JOHN WILSON RObERTCHRlE 8EQUEST FUND Notesto the Flnanci31 Statrments Iconllnuedl For the year to 30 September 2020 Taxat5on The Managers are of the opinion th3t liability to tax arises In the year as all income and gains ale applied for rharktable purposes. Investment Income Unrestrlcted Unrestrlcted 2020 2019 Dividencls Interest on deposited fund5 129,220 15 130,809 33 129,235 130,842 Donatlon Income Unrestricled Unrestrfcted 2020 2019 Oonation income $0,149 Donatlons Unrestrlcted Unre5trlcted 2020 2019 Allowance to missionarie$12019'. 2) 900 Donattons to Charitie> Art in Healthcaie lrfecare Edinburgh Bethany Christian Chufth Contact the Elderly Edinburgh Cyrenians Grassmarket Mission Leith Aged Mariners Leuchie House People Know How Erskinè Almond Mains Initialwe 2,0(X) 3,OCM) 3,OCK) 2,5(M) 3,000 2.000 4,300 1,000 3,000 3.000 20,OOD 23,800 Individual Grants177 BÈnefJc4arses at 30 September X120112019- 761 76.750 84,400 96,750 109,100
THE JOHN WILSON ROBERTCHRISTIE BEQUEST FUNO Noles tothe financlal Statements Icontlnued} For oheyear to 30 September 2020 Allo¢atloft of governance and other support Costs Unrestrlcied 2020 Basis of Governance apportionmenl Support Visltor fees Secretary's fee Adminisiratit)n expense5 Independenl examinerfs fee Professlonal fees Direct costs DÈrect costs Direct costs Direct costs Dirert costs 6,31X) 7,632 6,300 9.132 597 1,365 2,160 1,5 597 1,365 2,160 5,622 13.932 19,554 Unrestrlrted 2019 Support apportlonment Visitor fees Se¢retarVs fee Administration expenses Auditctrr's fee Dirett ¢osts Direct costs Direct costs Direct t05ts 7,235 6,300 7.235 7,800 445 3,190 i.soo 445 3.190 5,135 13,535 18,670 The Fund has no employees. No Manager received any remuneration or exFbenses during the year12019'. io
THE JOHN WILSON ROBf RTCHRISTIE BEQUEST FUND Notes to the finandal Statements Icont5nuedl For the year to 30 kptember 2020 Flxed Assd Investments 2020 2019 Listed Investment5= Market value at l October Addition5 at cosi Disposal proceeds Investment I1055esl/gains 3,496.108 131.183 1130,2641 1438,9001 3,3S7,888 48,534 89,686 Market value at 30 September 3,058,127 3.496,108 Cost 1.928,823 1,879.431 All investments are quoted in the United Kingdom as follows= 2020 Market value Z019 Market value Aberdeen Asia Income Fund ord NPV Aberforth Small Q)mpanies ord shares Alliance Trust PIC BNY Mellon Newton Asia Inc. ord Shares Dunedin Incorne & Giowth ord 25p share5 InvÈsco Inc.Growth ord shares Merchants Trust ord shares M & G Charifund Inc Units Monks Inve5trrent Trust RIT Capital Partnefs Scott15h American Investment Co ord 25p shares Stotli5h Mortgage Inv Trust Temple Bar Investment Trust ord 2Sp shares Veritas Global Equlty Income D In 138.915 328,941 59.015 211,899 550,025 138,260 156,555 489,678 242,377 606.150 168,020 93,528 508,448 385,194 93.292 195.090 606.375 92,163 224,7 574,063 46,826 89,145 296,618 258,958 3,058.127 3,496,108 Debtors 2020 2019 Rathbones 3,183 6,144 Creditors: Amounts falllng due within one Year 2020 2019 Accrued expenses 5,214 7,639 li
THE JCIHN WILSON ROBERT CHRISTIE 8EQUEsf FUND Notesto the Finanoal Ststements IconUnuedl Fty the year to 30 September 2020 10 Analysls of funds Atlort 2019 fjainsl At 30 sept 110s5esl 2020 E)ndItUre Unrestricted Endowment 160,175 3,413,723 129.235 1119.3901 45,377 13.0861 1484,2771 215.397 2,926,360 3.573,898 129,235 1122,4761 1438.9001 3,141,757 AtiO£t 2018 ILossesl/ At 30 Sept gains 2019 Expendilufe Unrestrlcted Endowment 112,125 3.325,792 .991 1131.2331 13,4631 11,7081 91,394 160,175 3,413,723 3.437,917 0.991 1134,696 89,686 3,573.898 li Analys55 of net assets between lunds UnreMri¢ted Endowment Funds Fund5 Total Investments Net current assets 134.690 80.707 2,923,437 2,923 3,058,127 83.630 Net assets a5 at 30 September 2020 215,397 2.926,360 3,141,757 Analysi5 of net assets bètween funds- Comparative Llnrestrirted Funds Endowment Funds Total Investments Net current assets 86,285 73,890 3,409.823 3.900 3,496,108 77,790 Net assets as at 30 September 2019 160.175 3,413,723 3.573,898 12 Related partytransartlon5 There were no related party traaCtIOnS during theyear. 13 Post balance shÈÈt events The Fvnd'5 assets and liabilities were transferred over to The Wilson Chrlstie Fund same objectives and Mana8er5 as the Fund- on 31 January 2021. a SCIO with the 12