The Waddell Music TnLSt
Reglstered charfty number SC1100954
Tn4Stees' Annual Report and Acc(￿nts
Slxteen months ended 31 Marth 2022

The Waddell Muslc Trust
Trustees, Amual Report and Accounts the slxteen months ended 31 March 2022
Tnstees:
Clxrtart address:
Governlwd th￿nent. Deed of Trust by the late Dr Ruth Waddell
Re¢ruitment and appointment of tnLStees: The trustees are appointed to give a spectrum of
knowledge of music teachlng relevant to the trust purposes and buslness skllls. The appointment of
new trustees is by resolution of the present trustees.
Charltable purpo$es.' To advance education in mLfjSiC by provlsion of facilities and assist the teaching of
String instruments to young persons. Making facllitles available and assisting young ￿rsOn5 to play
together with primacy given to Edinburgh and South East Scotland but at discretion in the whole of
Scotland. There Is a secondary purpose to extend the same to other than string instruments If the
primary purposes do not give adequate employment of trust funds.
Acthiltles In the flnal accounting perlod.. The totsl spent on charitable purposes was £8,300. Thls
assisted young people to continue their muslcal studles and also helped a music school and two
childrens, orchestras. Admlnistration costs were £1.617.
During 2021, following disCU55ions and by a special meeting and ResolLrtion dated l November 2021
the Trustees agreed that the assets and activities of the Waddell Trust would be merged with the
Hope Scott Trust. The malorlty of the Trust's investments were sold in early 2022 and the remaining
cash balances totalling £80.117. plus two b1￿kS of shares ￿dIUed at £7,382, transferred to Murray
Asset Management, which mana8es the Hope Scott Trust investments.
Tru5tees' remuneratlon and expenses: No payments a￿ made for Se￿[ce as a twstee.
Flnal A¢¢ixMrtIwd Perlod: The Trustees resolved to extend the Trust's final accounting period to
accommodate the sale of its investments and the transfer of the resultlng funds, plus two blocks of
shares to Murray Investment Management at valuation. The sale of investments and transfer of funds
was achleved In February and March 2022 and a final loss on disposal/tran5fer recorded totalling
£8.292. Accordingly the Trustees agreed by decision on 11 April 2022 that the f inal accounting period
should be for sixteen months ended on 31 March 2022.
Approved by the trustees and signed on their behalf:
Chairtnan of Trustees
12 May 2022
Page I

The Waddell ￿￿1¢ Trust
Recelpts and Payments Account forthe slxteen mwths ended 31 Marth 2022
RECEIPTS
Cur￿nt account
Investment income
Total Current Account Re￿ipts
Capitsl Account
Sale of investments
2020 (year)
3,290
3,717
3,717
3,290
90,032
35,243
38,960
93,322
PAYMENTS
In furtheran￿ of Charitable Purposes
Waddell Scholarship and bursaries
3,5C(J
Open bursaries for Scho)l LeaNErs
St Ma￿5 Music School
5(K)
S(N)
Grants, bursaries and contrlbutions to students
1.5iXI
3.250
Orchestra5 and Schools
Waddell Orthestra
Diana Catherine Tuition fees
2,LN)O
2,800
6,550
2,800
8.300
Totsl payments for charitsble purp)ses
for Admlnlstratlon and Governance
Investment portfollo fees and bank charges
Total current attount payments
1,607
9,907
1,200
7,750
Capital A¢¢ount
Purchase of Investments
5,927
31.335
39,085
11251
15,834
77,488
5urplus1lDeficit) for year
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The Waddell MLLSi¢ Trust
Statement of Funds as at 31 March 2022
3￿N0¥-20
Bank and cash in hand
Investments at Market Value
Total funds - all unrestricted
2,629
IIX),237
102,866
Bank and cash In hand- movement In year
Opening balan￿5
2.629
2,754
Receipts - Current Account
Receipts - Capital Account
3.290
90.032
3.717
35,243
38,960
93,322
Les5'.
Payments - Current Account
Pa￿nentS - Capital Account
19,907)
15,927}
17,7501
131.3351
39,0851
11251
115,8341
Surplus/{deficit} for year
Balance before final transfers to Murray Asset Management
Balance transferred to Murray Asset Management
aosing balancelsl at 31 March 2022130 November 20201
77,488
80.117
{80,1171
Investments - movement In year
Opening balance at l December
Purchase of investments Ipage 21
Sale of investments Ipage 21
Investments transferred to Murray Asset Management
Realised and unrealised gains/llossesl
a05ing balance at 31 March 2022130 November 20201
100,237
5,927
{90,0321
17,3821
18,2921
98,321
10,465
114,5901
6,041
100,237
Investments - holdlrgs summary
UK bonds
UK equities
Global investments
Property
Total
16.897
53,013
25.344
4,983
100.237
Page 3

The Waddell Musi¢ Tntst (reglstsred charlty number SC0009541
Independent examlnerfs on the accounts
Rep(Yt to the Trustees of The Waddell m￿1¢ Tr￿t ￿ the accounts of the charlty for the slxteen
mcxrths ended 31 March 2022 as set aut on pages I to 3
Resixtlve responslbllltles of trustees and examlner
The charivs trustees are responsible for the preparation of the accounts in accordance with the temis
of the Charities and Trustee Investment1Scotlandl Act 2015 and the Charities Accounts IS¢otland)
Regulations 2￿6. The charity trustees consider that the audit requirement of Regulation 10111 al to
cl doe5 not apply. It is my responsibility to examlne the accounts as required under section Wll of
the Art and to stste whether partlcular matters have come to my attention.
Basis of independent examlnerfs ststement
My examination is carried out In accordan￿ wlth Regulation 11 of the Charities Accounts {Scotlandl
Regulations 2CK)6. An 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 dlsclosures in the accounts and Seeks explanations fro the trustees conceming any
such matters. The procedures undertaken do not provide all the evidence that would be required in an
audit and, eon5equently, I do not express an audit oplnlon on the accounts.
IndepeNlent examiner's statement
In the course of my examination. no matter has come to my attentlon whlch glves me reasonable
cause to believe that in any material respect the requirement to keep accounting records in accordance
with sectlon 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to
prepare accounts whlch accord with the accounting ￿CordS and comply with Regulation 9 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 understandlng of the accounts to be reached.
Chartered Accountant
12 May 2022
Page 4