APPENDIX 1
OSC r
| Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period | Trustees’ Annual Report for the period |
|---|---|---|---|---|---|---|---|
Period start date |
Period end date |
||||||
| Day | Month | Year | Day | Month | Year | ||
| From | 06 | July | 2024 | To | 05 | July | 2025 |
Office of the Scottish Charity Regulator
Reference and administration details
| Charity name Other names charity is known by Registered charity number Charity’s principal address |
Sullom Voe Terminal Participants Tenth Anniversary Educational Trust | Sullom Voe Terminal Participants Tenth Anniversary Educational Trust |
|---|---|---|
| SC001616 | ||
| Ludlow Trust Company Limited | ||
| 1stFloor, Tower Wharf | ||
| Cheese Lane | ||
| Bristol | Postcode: BS2 0JJ |
Names of the charity trustees on date of approval of Trustees’ Annual Report
| Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) |
|
|---|---|---|---|---|
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Mrs Margaret Inez Roberts | |||
| Mrs Valerie Margaret L Nicolson | ||||
| Mr Neil Manson | ||||
| Mr Richard Moar | ||||
| Ludlow Trust Company Limited | ||||
1
APPENDIX 1
Reference and administration details
Names of all other charity trustees during the period, if any, (for example, those who resigned part way through the financial period)
| Name | Name | Dates acted if not for whole year |
|---|---|---|
| Structure, governance and management | ||
| Type of governing document Trustee recruitment and appointment |
||
| Trust is governed by the Terms of a Declaration of Trust and a Schedule of Powers dated 28 June 1989 and 5 July 1989. |
||
| New trustees are appointed by the existing trustees from time to time. | ||
| Objectives and activities | ||
| Charitable purposes Summary of the main activities in relation to these objects |
||
| The objects of the trust are to apply the income of the trust for the promotion and encouragement of education of persons resident in Shetland by establishing and maintaining scholarships in a discipline likely to contribute to the social and/or economic development of the Shetland Islands. |
||
| During the year under review the charity made grants to individuals in furtherance of the objects above for the public benefit. In determining the activities undertaken the trustees have had regard to the Office of Scottish Charity Regulator’s guidance on public benefit. |
2
APPENDIX 1
Achievements and performance
Summary of the main achievements of the charity during the financial period
During the year under review the charity made grant payments to 22 individuals totalling £27,500.
Financial review
Brief statement of the charity’s policy At the end of the accounting year the charity had free reserves amounting on reserves to £2,179 (2024: £3,397).
In addition to the free reserves the charity has bank balances of £3,418 (2024: £7,010) and investments of £377,486 within the expendable endowment fund.
The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives, as well as covering future needs, opportunities, contingencies and risks.
Details of any deficit N/A Donated facilities and services (if any) N/A
APPENDIX 1
Other optional information
Declaration ~~_!~~
The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees Signature(s) Full name(s) Chris Thurlow Position (e.g. Chair) On behalf of Ludlow Trust Company Limited (Trustee) Date 11 March 2026 ~~—————~~
3
Sullom Voe Terminal Participants Tenth Anniversary Educational Trust
Enter SC No. below
APPENDIX 2
SC001616
| SC001616 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Scottish CharityRegulator | For the period from ~~_ ~~ |
Receipts andpayments accounts Period start date Period end date to 06 July 2024 Day Month Year Day Month Year 05 July 2025 ~~= S=~~ |
||||||||||
| Section A Statement of receipts and payments | ||||||||||||
| Unrestricted funds |
Restricted funds |
Expendable endowment funds |
Permanent endowment funds |
Total funds current period |
Total funds last period |
|||||||
| to nearest £ | to nearest £ | to nearest £ | to nearest £ | to nearest £ | to nearest £ | |||||||
| A1 Receipts | ||||||||||||
| Income from investments other than land and buildings 7,362 7,362 11,522 Bank interest 328 328 492 A1 Sub total 7,690 - - - 7,690 12,014 ~~SSeSSS~~ |
||||||||||||
| A2 Receipts from asset & | ||||||||||||
| investment sales | ||||||||||||
| Proceeds from sale of investments 170,309 A2 Sub total - - 170,309 ~~IE) ~~ |
170,309 388,498 - 170,309 388,498 ~~gj~~ |
|||||||||||
| Total receipts A3 Payments |
7,690 ~~a ~~ |
- ~~9~~ |
170,309 - ~~Oy~~ ~~ |
~~ | 177,999 ~~ |
~~ | ||||||
| Investment managers fees | 1,816 | 1,816 | 1,753 | |||||||||
| Trust management fees | 3,275 | 3,275 | 2,789 | |||||||||
| Grants and donations | 27,500 | 27,500 | 26,000 | |||||||||
| Cash management fee | 9 | 9 | 13 | |||||||||
| Advertising | 1,016 | 1,016 | 752 | |||||||||
| Other Legal fees | 496 | 496 | - | |||||||||
| Governance costs: | ||||||||||||
| - | - | |||||||||||
| Audit / independent examination 180 | 180 | 780 | ||||||||||
| Preparation of annual accounts 600 | 600 | - | ||||||||||
| AGM Costs 1,605 | 1,605 | 383 | ||||||||||
| 10th Anniversary costs 656 | 656 | 1,980 | ||||||||||
| - | ||||||||||||
| **A3 Sub total ** | 35,337 | - | 1,816 | - | 37,153 | 34,450 | ||||||
| A4 Payments relating to asset and | ||||||||||||
| investment movements | ||||||||||||
| Purchase of investments 145,656 A4 Sub total - - 145,656 ~~SSIES EE~~ |
145,656 364,653 - 145,656 364,653 ~~EE~~ |
|||||||||||
| Total payments Net receipts / (payments) A5 Transfers to / (from) funds Surplus / (deficit) for year |
35,337 - 147,472 - 182,809 399,103 27,647) ( - 22,837 - 4,810) ( 1,409 26,429 26,429) ( - - 1,218) ( - 3,592) ( - 4,810) ( 1,409 ~~ |
~~ ~~ |
~~ Og~~ |
~~ |
~~ |
~~ ~~A~~ 5~~A~~ fy ~~ES~~ ) ~~EE~~ § ~~DD) Dd~~ ~~ |
~~ ~~ |
~~ ~~ES |
~~ |
APPENDIX 2
SC001616
Section B Statement of balances
| Categories | Details | Unrestricted funds |
Unrestricted funds |
Restricted funds | Expendable endowment funds Permanent endowment funds |
Total current period |
Total last period | Total last period | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| to nearest £ | to nearest £ | to nearest £ | to nearest £ to nearest £ |
to nearest £ | to nearest £ | |||||||
| B1 Cash funds | 3,397 7,010 10,407 8,998 1,218) ( 3,592) ( 4,810) ( 1,409 - - 2,179 - 3,418 - 5,597 10,407 Surplus / (deficit) shown on receipts and payments account Cash and bank balances at end of year Cash and bank balances at start of year ~~——======~~ |
|||||||||||
| (Agree balances with receipts and payments | ||||||||||||
| account(s)) | - | - | - | - | - | - - - |
- | - | - - |
- | ||
| Details | Fund to which asset belongs | Market valuation | Last year | |||||||||
| to nearest £ | to nearest £ | |||||||||||
| B2 Investments | RBSInvestment portfolio ~~=~~ |
377,486 385,745 Total 377,486 385,745 Expendable Endowment ~~==~~ |
385,745 385,745 |
|||||||||
| Details | Cost (if available) Fund to which asset belongs |
Current value (if available) |
Last year | |||||||||
| to nearest £ | to nearest £ | to nearest £ | ||||||||||
| B3 Other assets | ~~= ~~ | Total - - - ~~SS~~ |
- | |||||||||
| Details | Fund to which liability relates | Amount due | Last year | |||||||||
| to nearest £ | to nearest £ | |||||||||||
| B4 Liabilities | Bank fees Independent examiner'sfees Administrative services ~~=~~ |
Total - - ExpendableEndowment Unrestricted Unrestricted ~~==~~ |
- | |||||||||
| Details | Fund to which liability relates | Amount due (estimate) |
Last year | |||||||||
| to nearest £ | to nearest £ | |||||||||||
| Signed by one or two trustees on behalf of all the trustees B5 Contingent liabilities |
Total - - Date of approval Signature Print Name Chris Thurlow on behalf of Ludlow Trust Company Limited (Trustee) 11 March 2026 ~~we~~ |
|||||||||||
| Sullom Voe Draft Receipts and Payments Account 2025 / Statement of balances | 2 | December 2007 |
APPENDIX 2
SC001616
Section C Notes to the Accounts
| C3a Trustee remuneration C4a Trustee expenses C5 Transactions with trustees and connected persons C3b Trustee remuneration - details C4b Trustee expenses - details C1 Nature and purpose of funds(may be stated on analysis of funds worksheets) C2 Grants |
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unresticted income funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. |
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unresticted income funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. |
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unresticted income funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. |
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unresticted income funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. |
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unresticted income funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. |
|---|---|---|---|---|---|
| Type of activity or project supported | Individual / institution |
Number of grants made £ |
|||
| 22 | 27,500 | ||||
| Total | 27,500 |
||||
| If no remuneration was paid during the period to any charity trustee or person connected to a trustee cross this box (otherwise complete section 3b) |
|||||
| Authority under which paid | £ | ||||
| If no expenses were paid to any charity trustee during the period then cross (otherwise complete section 4b) |
this box | ||||
| Trust management fees (VAT inclusive) Nature of transaction |
Number of trustees |
£ | |||
| Ludlow Trust CompanyLimited Nature of relationship |
Transaction amount (£) |
Balance outstanding at period end(£) |
|||
| Ludlow Trust CompanyLimited | Trust management fees (VAT inclusive) |
3,275 | 0 | ||
C6 Other information
Sullom Voe Draft Receipts and Payments Account 2025 / Notes
December 2007
3
Independent Examiner's Report to the Trustees of Sullom Voe Terminal Participants Tenth Anniversary Educational Trust
I report to the charity trustees on my examination of the accounts of the company for the year ended 5 July 2025
Respective responsibilities of trustees and 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. The charity trustees consider that the audit requirement of Regulation 10(1) (d) 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 statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 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 the course of my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations;
-
and to prepare accounts which accord with the accounting records 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 understanding of the accounts to be reached.
11 March 2026 James O’Rourke FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY