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← The St. Katharine's Fund

2025-04-05-accounts

The St Katharine’s Fund

Financial statements for the year ended 5 April 2025

Scottish Charity Number SC000978

The St Katharine’s Fund

Contents

Page
Charity information 1
Report of the Trustees 2 - 5
Statement of Trustees’ responsibilities 6
Independent auditor’s report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

The St Katharine’s Fund

Charity information

Trustees
Principal office
Auditor MMG Chartered Accountants
78, 84 Bell Street
Dundee
DD1 1RQ
Solicitors Lindsays
Seabraes House
18 Greenmarket
Dundee
DD1 4QB
Principal bankers The Royal Bank of Scotland plc
12 Dunkeld Road
Perth
PH1 5RB
Investment advisors Quilter Cheviot Limited
4th Floor West
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
Charity number SC000978

1

The St Katharine’s Fund

Report of the Trustees of The St Katharine’s Fund

The Trustees present their annual report and financial statements of the Fund for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Fund’s Constitution, 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The Fund information set out on page 1 forms part of this report.

Structure, governance and management

Governing document

The Fund was constituted by a Deed of Trust dated 1 September 1950 and registered in the Books of Council and Session on 22 September 1950. The management of the Fund is the responsibility of the Trustees who are elected and co-opted under the terms of the Deed of Trust.

The Trustees at the date of this report and throughout the year are shown on page 1.

Appointment of Trustees

Trustees are nominated by the then existing Trustees and their appointment confirmed by a formal Deed of Assumption.

Trustee induction and training

The Trustees have formalised their policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new Trustee receives copies of the previous year’s financial statements and minutes and a copy of the OSCR leaflet “Guidance for Charity Trustees - acting with care and diligence”, if appropriate.

Key management personnel

The Trustees consider the board of Trustees to be the key management personnel of the Fund, in charge of directing and controlling the Fund and running and operating the Fund on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year.

Trustees are required to disclose all relevant interests and in accordance with the Fund’s policy withdraw from decisions where a conflict of interest arises.

Organisation

The Fund is administered under the supervision of the Trustees who meet every six months to assess grant applications and to interview individual grant applicants if appropriate. Day to day administration is carried out by the Fund’s solicitors.

Risk management

The principal risk faced by the Fund lie in the performance of investments. The Trustees consider variability of investment returns to constitute the Fund’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

2

The St Katharine’s Fund

Report of the Trustees of The St Katharine’s Fund (continued)

Objectives and activities

Save only as regards administrative charges and costs, the free annual income of The St Katharine’s Fund, and even the capital thereof to such extent as the Trustees shall in their sole and absolute discretion think fit, shall be applied annually or otherwise by the Trustees solely and exclusively to charitable purposes, expenditure on any other purpose being thereby expressly excluded, the Trustees being the sole judges of the particular charitable purposes aforesaid to be benefited from time to time.

Achievements and performance

The Trustees have pursued their strategy of making charitable grants to an extent which absorbs as nearly as is practical the whole incoming resources on a rolling basis and have met their strategic aims.

Grant making policy

The applications are received by the Fund and are reviewed against specific criteria. Projects can be funded for up to three years and are monitored on an annual basis.

Financial review

The results of the year are set out in the statement of financial activities showing net expenditure of £162,709 (2024 – net income of £465,553) with the movement mainly being due to the investment losses of £131,592 this year against investment gains of £465,734 last year. Investment income increased in the year, from £150,021 to £153,455. Grants paid in the year increased from £106,100 to £133,500 and total expenditure increased from £150,202 to £184,572. The Fund’s investment portfolio decreased in value from £5,221,899 to £4,866,170 during the year which excludes the dealing account. See the investment policy and performance section below for more details.

Investment policy and performance

Calendar year 2024 overall was a good year for investors. UK corporate bonds rose by 2.2%, UK, Japanese and Asian/Emerging Market equities rose between 9% and 14%, whilst US equities delivered strong returns (up 26% in GBP terms).

The strength of the US market was mainly attributed to company earnings continuing to beat expectations, as economic growth was bolstered by high consumer spending. Expected interest rate cuts, falling corporation tax rates and positive sentiment also contributed to the US market rally over the calendar year.

The “magnificent 7” stocks, which now represent around a third of the US market, accounted for the majority of this increase, as the focus on Artificial Intelligence (AI) and its capabilities intensified. Large players such as Amazon and Microsoft continued to increase their AI spend in the search of the latest products, software and services.

Elsewhere in the world, markets benefitted from a similar magnitude of reductions in interest rates from most major central banks, and a generally robust global economy. Some volatility was experienced during the summer months when a US jobs report raised concerns of a US recession and an unwinding of the Yen carry trade (where investors borrow cheap Yen and invest abroad) lead to a sharp sell-off in Japanese markets (-12% in a single day on August 5[th] ). Poor corporate results in technology related companies on the same day further exacerbated the “risk-off” sentiment, intensifying questions over technology valuations. The following days saw a speedy recovery following strong US economic data and a dovish message from the US Federal Reserve Chair which helped to reassure investors.

3

The St Katharine’s Fund

Report of the Trustees of The St Katharine’s Fund (continued)

Investment policy and performance (continued)

September saw the highly anticipated first interest rate cut from the US Federal Reserve at half a percentage point, signaling a strong message away from combating inflation to stabilising the jobs market and protecting economic growth prospects. This followed a 0.25% cut by the Bank of England (BoE) in the previous month and two 0.25% cuts from the European Central Bank (ECB) between June and September. China’s central bank unveiled a significant stimulus package in the same month, including a reduction in lending rates and capital reserve requirements for commercial banks, intended to stimulate credit expansion and support the property markets. These measures were also designed to extend to the wider economy through a reignition of consumer confidence, demand, and spending, with a view of moving to a heavier reliance on domestically driven growth (over exports).

Currency had a notable impact for UK investors during the third quarter of 2024. The dollar fell 4.8% amounting to its weakest quarterly performance in almost two years. The divergence in monetary policy was the key driver of the fall, with the BoE cutting interest rates prior to the US.

During the year, UK government bonds were weaker and had minimal impact on returns, with most of the losses experienced post the Autumn budget as new issuance continued to grow and economic growth projections for the UK economy were revised down. Over the last few months of the year, investor worries grew around rising inflation and softening business confidence, as consumer prices trended higher due to increases in National Insurance contributions and minimum wages.

In contrast to 2024, the first quarter of 2025 witnessed a shift in favour of other markets, with European and UK equity markets up 7.4% and 6.4%, respectively. Against this, US equities were considerably weaker, as investors began pricing in the risk of an economic slowdown as a result of expected tariffs, subsequently announced shortly after the quarter-end.

Meanwhile, government and corporate bonds provided a degree of stability, with total returns modestly positive over the quarter, primarily in the form of attractive levels of income. Bond prices also benefited from an inflow of demand from investors seeking downside protection.

On 2 April 2025 in the White House Rose Garden, US President Trump unveiled his ‘Liberation Day’ tariffs, raising fears of a global trade war and economic slowdown, whilst stating during his announcement that this day would “forever be remembered as the day American industry was reborn.”

US equities had previously rallied strongly on President Trump’s re-election in November 2024, with markets peaking in mid-February on anticipated deregulation and corporate tax cuts. These promised policies took a back seat, with the focus instead switching to the imposition of tariffs. President Trump announced a 25% tariff on all foreign-made automobiles, as well as a 10% baseline tariff on all imports into the US, and sharply higher duties on several key countries. As a result, investor confidence took a considerable knock, with governments and businesses grappling with country and sector specific tariffs that were rolled out by the White House. The MSCI North America Index fell by 9.7% and the MSCI All Country World Index fell by 8.5% over the two days post the tariffs announcement.

It is worth noting that the weeks following the announcements were met by an encouraging recovery in stock markets as President Trump agreed a 90-day pause with most countries on the US reciprocal tariffs.

Performance

The portfolio returned -0.2% over the year to 5 April 2025, net of fees. The benchmark, the MSCI Private Investor Balanced Index, returned +0.5% over the same period, and the ARC Steady Growth Charity Index returned -0.8%. For context, the period of performance to 1 April 2025 – before the announcement of ‘Liberation Day’ tariffs was +4.3%.

The UK equity exposure was the strongest contributor to performance, returning +3.5% over the year, and contributing 0.9% of the total return. The portfolio’s UK gilt and corporate bond exposure also provided a degree of protection and contributed 0.3% of the overall return. The US equity exposure was the largest detractor over the year, taking -1.3% off the total return.

4

The St Katharine’s Fund

Report of the Trustees of The St Katharine’s Fund (continued)

Investment policy and performance (continued)

Throughout the year, we implemented several tactical changes within the portfolio to adapt to market conditions and position appropriately for the outlook ahead. We further increased our Fixed Interest exposure to take advantage of the continuing attractive yields on offer while interest rates remained elevated. We also increased diversification in the portfolio by adding to the absolute return exposure to provide a further element of downside protection.

In addition to this, we took some profits out of the UK in areas that had performed well previously, such as the industrials and financials sector (RELX, IMI and 3i Group). We also trimmed positions in the US which had done well, prior to the tariff announcements, for example, the JPMorgan American Investment Trust and the KBI North America Equity Fund.

Dividend levels remained strong over the year, with the portfolio’s natural yield now estimated at 2.9% or £151k per annum as at 5 April 2025.

We understand that the core investment objective for the fund continues to be a balance between capital growth over the long term and a reasonable current income level which is distributed to support charitable purposes. The attitude to risk of the fund is “medium” with a “moderate” ability to bear investment losses. We are comfortable that the current portfolio positioning is in line with the agreed objectives and risk profile.

Reserves policy

The reserves of the Fund originate from original and subsequent capital donations together with the growth in value of investments. The Trustees have adopted a reserves policy that ensures the continuing ability of the Fund to meet its objectives. Capital and revenue balances are retained primarily to meet significant requests for financial assistance and stock market risks. The Trustees have power to encroach upon capital however seek to minimise any such encroachment unless required. The level of free reserves held at 5 April 2025 was £5,212,705 (2024 - £5,375,414).

Future strategy

No change is presently envisaged in the Fund’s grant making policy as outlined above.

Auditors

So far as each Trustee is aware, there is no relevant audit information of which the auditor is unaware. Each Trustee has taken the steps they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the auditor is aware of the information.

The report and financial statements were approved by the Trustees on ………………….2025 and 23-Dec-2025 were signed on their behalf by:

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5

The St Katharine’s Fund

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the Fund and the incoming resources and application of resources of the Fund for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Fund’s constitution. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

The St Katharine’s Fund

Independent auditor’s report to the Trustees of The St Katharine’s Fund

Opinion

We have audited the financial statements of The St Katharine’s Fund (the ‘charity’) for the period ended 5 April 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities, in the circumstances set out in note 12 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

7

The St Katharine’s Fund

Independent auditor’s report to the Trustees of The St Katharine’s Fund (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities and Trustees Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below.

As part of our planning process:

8

The St Katharine’s Fund

Independent auditor’s report to the Trustees of The St Katharine’s Fund (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed noncompliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of this report

This report is made solely to the Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body for our audit work, for this report, or for the opinions we have formed.

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23/12/25 …………………………2025

9

The St Katharine’s Fund

Statement of financial activities for the year ended 5 April 2025

Unrestricted Unrestricted Unrestricted Unrestricted
revenue capital Total revenue capital Total
Fund fund 2025 fund fund 2024
Note £ £ £ £ £ £
Income
Investment income 153,455 - 153,455 150,021 - 150,021
_ _ _
_		 _
_		 _
_____
_		 _
Total income 153,455 - 153,455 150,021 - 150,021
_ _ _ _ _ _
Expenditure
Raising funds 21,912 - 21,912 20,222 - 20,222
Charitable activities 2 162,660 - 162,660 129,980 - 129,980
_ _ _ _ _ _
Total expenditure 184,572 - 184,572 150,202 - 150,202
_ _ _ _ _ _
Net expenditure and net movement in
funds before gains and losses on
investments (31,117) - (31,117) (181) - (181)
Net (loss)/gain on investments 4 - (131,592) (131,592) - 465,734 465,734
_ _ _ _ _ _
Net (expenditure)/income and net
movement in funds (31,117) (131,592) (162,709) (181) 465,734 465,553
Funds reconciliation
Total funds at 5 April 2024 (338,139) 5,713,553 5,375,414 (337,958) 5,247,819 4,909,861
__ ___ __ __ ___ __
Total funds at 5 April 2025 9 (369,256) 5,581,961 5,212,705 (338,139) 5,713,553 5,375,414

All activities related to continuing operations.

The notes on pages 13 to 21 form part of these financial statements.

10

The St Katharine’s Fund

Balance sheet at 5 April 2025

Note
Fixed assets
Investments
4
Current assets
Debtors
5
Monies held by investment manager
Short term deposits and bank balances
Current liabilities
Creditors
6
Net current assets
Net assets
Unrestricted funds
Capital
9
Revenue
9		 2025
£
4,866,170
_
21,560
264,330
79,172
_
365,062
(18,527)
_
346,535
_
5,212,705
5,581,961
(369,256)
__
5,212,705		 2024
£
5,221,899
_
21,031
57,756
178,063
_
256,850
(103,335)
_
153,515
_
5,375,414
5,713,553
(338,139)
__
5,375,414

The notes on pages 13 to 21 form part of these financial statements.

These financial statements were approved by the Trustees on …………………2025 and were signed 22/12/25 on their behalf by:

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11

The St Katharine’s Fund

Statement of cash flows for the year ended 5 April 2025

Note
£
Net cash used in operating
activities
7
Cash flows from investing activities
Interest and dividends
153,455
Payments to acquire
investments
(925,481)
Proceeds from sale of
investments
1,149,618
_
Net cash provided by investing
activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents
brought forward
Cash and cash equivalents
carried forward
Being
Monies held by investment manager
Cash at bank and in hand
_		 2025
£
£
(269,909)
150,021
(731,800)
753,980
_
377,592
_
107,683
235,819
_
343,502
264,330
79,172
_
_
343,502		 2024
£
(159,696)
172,201
_
12,505
223,314
_
235,819
57,756
178,063
_
235,819

12

The St Katharine’s Fund

Notes to the financial statements

1 Accounting policies

Fund information

The St Katherine’s Fund is a charity registered in Scotland. The principal address is c/o Lindsays, Seabraes House, 18 Greenmarket, DD1 4QB.

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Fund’s operations as indicated in the Report of the Trustees, all of which are continuing.

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Fund constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the Fund. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

Given the level of investments held and planned expenditure going forward, the Trustees consider that there are no material uncertainties about the Fund’s ability to continue as a going concern.

The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.

Income recognition

All income is recognised once the Fund has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Fund; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Fund to that expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs.

Raising funds

Raising funds consist of investment management costs.

Charitable activities

Costs of charitable activities include grants paid and support costs as shown in note 2.

13

The St Katharine’s Fund

Notes to the financial statements (continued)

1 Accounting policies (continued)

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Allocation of support costs

Support costs include costs related to the statutory audit and legal fees.

Grants

Grants payable are charged in the year when the grant approved by the Trustees is unconditionally committed to the recipient.

Investment policy

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value 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.

The Fund does not acquire put options, derivatives or other complex financial instruments.

Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their cost 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.

Cash at bank

Cash at bank includes cash held in a deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Fund 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 or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Financial instruments

The Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

14

The St Katharine’s Fund

Notes to the financial statements (continued)

1 Accounting policies (continued)

Fund accounting

Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purposes.

Critical accounting estimates and judgements

In the application of the Fund’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. Judgement was used when accruals ascertained and applied, based upon known costs received post year end and the experience of the Trustees.

2 Charitable activities

The Fund did not undertake any activity directly but met its charitable purposes by making grants.

Revenue grants - for general purposes
Alzheimer Scotland
Asthma Relief
BeFriends
Bumblebee Conservation Trust
Claverhouse Rotary Trust
Capability Scotland
Chest, Heart and Stroke Scotland
Children 1st
Children’s Health Scotland
Crossroads Caring Scotland, Dundee
Deaf Action Tayside
Deaf Links

Dogs Trust
Dundee Age Concern

Dundee Audio News
Dundee Bairns
Dundee Blind and Partially Sighted Society
Dundee Carers Centre
Dundee and Angus Foodbank
Dundee Disabled Children’s Association
Dundee Heritage Trust
Dundee Sea Cadets
Dundee Therapy Garden
Dundee Women’s Aid
Enable
Endangered Species Protection Agency
Fauna & Flora International East African Wildlife Society
Food Train
Forfar Community Football Trust
For The Love of a Child
Giving Back
Grampian Society for the Blind
Headway Tayside
Hearing Dogs for Deaf People
Balance carried forward		 2025
£
2,500
1,000
1,000
1,500
1,500
1,000
2,000
2,000
1,500
2,500
-
1,500
1,000
2,000
1,500
3,000
1,500
5,000
6,000
1,500
2,000
1,000
1,500
1,500
1,000
2,000
2,000
2,000
-
3,000
1,000
1,500
1,500
1,500
61,000
 2024
£
2,000
1,000
1,000
1,000
-
1,000
1,600
1,800
1,100
2,000
1,300
1,200
1,000
1,000
1,100
2,500
1,300
5,000
5,000
1,200
2,000
1,000
1,000
1,000
1,000
2,000
2,000
1,000
1,000
-
-
1,500
1,100
-
47,700

15

The St Katharine’s Fund

Notes to the financial statements (continued)

2 Charitable activities (continued)

Charitable activities (continued)
2025 2024
£ £
Balance brought forward 61,000 47,700
Helm Training 1,000 -
Hillcrest Futures - 1,200
Hilltown Community Larder 2,000 2,000
Home Start Dundee - 1,000
Hope and Homes for Children 1,000 -
Hot Chocolate Trust 1,500 -
Kidney Kids Scotland 1,500 1,000
Lochee Community Larder SCIO 2,000 2,000
Macmillan Cancer Support (Dundee Committee) 2,500 2,200
Marie Curie Cancer Care 2,000 4,000
MND Scotland 1,500 1,000
MS Society Scotland 1,500 1,000
National Trust for Scotland 1,500 1,500
National Youth Choir of Scotland 1,000 1,000
Penumbra 1,000 1,000
Perth Autism Support 1,000 1,000
Pet Fostering Service Scotland 1,000 1,000
Practical Action (Intermediate Technology Development Group) 1,500 1,300
Royal National Lifeboat Institution Dundee Branch 6,000 6,000
Royal Scottish National Orchestra Foundation 2,000 2,000
Royal Voluntary Service 1,000 1,000
Salvation Army 2,000 2,000
Samaritans 2,000 2,000
Scotland’s Charity Air Ambulance 2,000 1,000
Scottish Autism 1,500 -
Scottish Association for Mental Health 1,000 1,000
Scottish Huntington's Foundation 1,000 1,000
Scottish Opera 1,000 1,000
Scottish Refugee Council 1,000 -
Scottish Veterans Residences 1,500 1,000
Scottish Wildlife Trust 1,000 -
ScrapAntics - 1,000
Shelter Scotland 2,000 1,500
Siblings Reunited (STAR) 1,000 -
Tayside Cancer Support 1,000 -
Tayside Council on Alcohol 1,500 1,500
Tayside Opera 1,000 1,000
Team Jak Foundation 1,500 -
The Benedetti Foundation 1,500 1,000
The Gorilla Organisation 1,000 1,000
_ ______
Balance carried forward 118,000 94,900

16

The St Katharine’s Fund

Notes to the financial statements (continued)

2 Charitable activities (continued)

Balance brought forward

The Scottish Cot Death Trust
The Sequal Trust
The Yard
Transform
Unicorn Preservation Society
Victim Support
Wellbeing Support Dundee
Wildfowl & Wetlands Trust
Woodland Trust
WWF-UK

Less: cheques written back
Support costs (note 3)

3
Support costs
Management expenses
Auditors’ remuneration
Trustees remuneration		 2024
2023
£
£
5
4
118,000
94,900
1,000
-
2,000
-
1,000
1,000
1,500
1,000
1,000
1,000
1,500
1,000
1,000
1,000
1,500
1,200
1,000
1,000
4,000
4,000
_
_
133,500
106,100
-
(1,100)
29,160
24,980
_
_
162,660
129,980
_
2025
2024
£
£
22,200
18,020
6,960
6,960
__
____
29,160
24,980

No Trustees received any remuneration or expenses in either of the two years ended 5 April 2025. The Fund has no employees.

17

The St Katharine’s Fund

Notes to the financial statements (continued)

4 Summary of investments 2025
£
Opening book cost 2024 4,039,009
Unrealised appreciation 1,182,890
__
Opening fair value 2024 5,221,899
Movements in the year
Purchased during year at cost 925,481
Sale proceeds from disposals (1,149,618)
Net gain on realisation 360,046
Net decrease in unrealised appreciation (491,638)
__
Closing fair value 2025 4,866,170
Closing book cost 2025 4,174,817
Closing unrealised appreciation 691,353
__
Closing fair value 2025 4,866,170
Investments listed in the UK 3,628,419
Investments listed outside the UK 1,237,751
__
4,866,170

All investments were held in the UK. The Trustees consider individual investment holdings in excess of 5% of the portfolio value to be material.

Fair value Material interests 5 April 2025 Schroder International Selection FD US Large Cap 265,208 Blackrock Fund Managers Ltd Ishares North American Equity 327,608 Fidelity UCITS US Quality Income 280,084

18

The St Katharine’s Fund

Notes to the financial statements (continued)

4 Summary of investments (continued)

Summary of investments (continued)
Opening book cost 2023
Unrealised appreciation
Opening fair value 2023
Movements in the year
Purchased during year at cost
Sale proceeds from disposals
Net gain on realisation
Net increase in unrealised appreciation
Closing fair value 2024
Closing book cost 2024
Closing unrealised depreciation
Closing fair value 2024
Investments listed in the UK
Investments listed outside the UK		 2024
£
3,939,023
839,322
_
4,778,345
731,800
(753,980)
117,999
347,735
_
5,221,899
4,039,009
1,182,890
_
5,221,899
2,102,730
3,119,169
_
5,221,899

Investment Risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

19

The St Katharine’s Fund

Notes to the financial statements (continued)

4 Summary of investments (continued)

Investment Risks (continued)

The Fund has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Fund’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Fund’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.

Further information on the Trustees’ approach to risk management and the Fund’s exposure to credit and market risks are set out below.

Currency Risk

The Fund is subject to currency risk because some of the Fund’s investments are held in overseas markets.

Interest Rate Risk

The Fund is subject to interest rate risk through investments comprising bonds.

Other Price Risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Fund manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

6
Creditors
Sundry creditors
5
Debtors
Other debtors		 2025
£
18,527
2025
£
21,560		 2024
£
21,031
2024
£
103,335

20

The St Katharine’s Fund

Notes to the financial statements (continued)

7 Reconciliation of net (expenditure)/income to net cash flow from operating activities

Net movement in funds
Investment income shown in investing activities
Net loss/(gain) on investments
Increase in debtors
(Decrease)/increase in creditors
8
Financial instruments
Carrying amount of financial assets
Financial assets measured at fair value through profit and loss
 2025
£
(162,709)
(153,455)
131,592
(529)
(84,808)
__
(269,909)
2025
£
4,866,170
========
 2024
£
465,553
(150,021)
(465,734)
(3,409)
(6,085)
__
(159,696)
2024
£
5,221,899
========

Financial assets measured at fair value through profit and loss comprise of listed investments.

9 Funds
Capital Revenue
2025 £ £
At 5 April 2024 5,713,553 (338,139)
Net movement in funds for the year (131,592) (31,117)
___ __
At 5 April 2025 5,581,961 (369,256)
======== ========
Capital Revenue
2024 £ £
At 5 April 2023 5,247,819 (337,958)
Net movement in funds for the year 465,734 (181)
___ ___
At 5 April 2024 5,713,553 (338,139)
======== ========

10 Non-audit services provided by auditor

In common with many businesses of our size and nature, we use our auditor to assist with the preparation of the financial statements.

11 Related party transactions

There were no disclosable related party transactions during the year (2024 – none).

21