GR
Mrs Williamina McLaren’s Trust Scottish Charity Ref: $C003233 Accounts for the year to 31 December 2025
Contents Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments
Thorntons Law LLP, Brothockbank House, Arbroath DD11 1NE Telephone: 01241 872683 Fax: 01241 871541
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Mrs Williamina McLaren’s Trust
Report of the Trustees for the year ended 31 December 2025
| Date/MannerofAppointment | |
|---|---|
| NamesandAddresses ofTrustees | |
| John Michael Greene Blair | Appointed under Will |
| George John Muir Dunlop | Resigned 21.09.2023 |
| Alison Margaret Reith Stedman | Resigned 21.09.2023 |
| Dr Anderson Dan McKendrick | Assumed 10.08.2018 |
| Victoria Forrest Peterkin | Assumed 13.09.2021 |
| Alistair David Kenneth Hutchison | Assumed 21.09.2023 |
| AnneJanetteMcKeown | Resigned27.09.2025 |
Appointment of Trustees:
Trustees are nominated by the then existing trustees in the usual manner.
Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Brothockbank House, Arbroath, DD11 1NE.
Independent Examiner:
Alan Tucker, 40 Rowan Avenue, Kirriemuir, Angus, DD8 4TD
Charity Reference No:
Scottish Charity No: SC003233
Investment Managers:
Thorntons Investment Management Ltd, Whitehall House, 33 Yeaman Shore, Dundee DD1 4B)
Nominee Company:
Lawshare Nominees Limited, or such other nominee company as A J Bell Securities may appoint
Constitution and Objects:
The Charity was set up by Will by Mrs Williamina McLaren dated 16 September 1988. The date of commencement of the Trust was 6th July, 1989 (date of death)
The trust's purposes are:
To make payments from the income of the Trust Fund to Charitable Organisations (being organisations corporate or unincorporated recognised by the Inland Revenue as having charitable status) operating in the District of Angus and assisting in the provision of housing and other necessities for the elderly, infirm, needy or disabled in that District, in such way and manner as the Trustees in their absolute discretion may decide upon. If such Charitable Organisations in the District of Angus have less need of support due to a lack of suitable projects or otherwise payments may be made from income or capital of the Trust to such Charitable Organisations operating elsewhere in Scotland.
Organisation:
The day-to-day administration is carried out by Thorntons Law LLP as agents for the trust. The trustees usually meet once a year to review all aspects of the trust's affairs.
Risk Management:
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the trust, and are satisfied that systems are in place to mitigate exposure to those risks.
Activities and achievements:
During the year grants totalling £6,200 (2024 - £6,350) were paid to various organisations in furtherance of the stated objects of the charity.
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Mrs Williamina McLaren’‘s Trust
Report of the Trustees for the year ended 31 December 2025 (cont)
Financial Position:
The results for the year are set out on pages 5 and 6. In line with market conditions, both the capital value and the income of the trust have fallen significantly during the year. However the Trust is still in a stable financial position having a capital value at 31% December 2025 of £435,336 and an accumulated revenue surplus of £172.
Investment policy and performance:
The policy is long term maintenance of the capital value of the fund while generating sufficient income to support the Trust's ongoing work.
Reserves Policy:
The reserves of the trust originate from the initial bequest, together with movement in the value of investments and accumulated revenue. The trustees have adopted a reserves policy that should ensure the continuing ability of the trust to meet its objectives.
Future Strategy:
No changes are presently envisaged in the trust's policies as outlined above.
As the Trust is predominantly a grant giving charity and has no material ongoing commitments Covid 19 has not materially affected the Trust's operations. However the Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income and will manage the Trust's affairs in a manner that will ensure the Trust's ability to achieve its charitable objectives in the medium to long term can be met.
Approved by the Trustees and signed on their behalf:
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JMG Blair Date
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Mrs Williamina McLaren's Trust
Independent Examiner's Report to the Trustees of Mrs Williamina McLaren's Trust
[report on the accounts of the charity for the year ended 31 December 2025 wheth are set out am pages $ to 8.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the acccunts. in accordaie with the terms Of the Chantes and Trustee Investment (Scotland} Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement af Regulation 10(1} (d} of the Accaunts Regulations does not apply. ft is my responsib'ty to exams the accounts as nequieed unddr section 44( 1) (c} of the Act and to state whether particular matters have come to my attenton.
Basis of independent examiner's statement
My examundtion -$ carméd out om accordance with requiahoa 11 of the Charities Accounts (Scotiand) Reguiatons 2006. An exafingban iNncigdes a renew of the accounting records kept by the chanty aad a commpanson of the accounts presented wet® those records. {t aise includes considavanan of any urmusual items of dsclosufes in the accounts, and seeks explanations from the trustees concesning any such matters. The procedures yndertaken co not provide ali the exsdence thal woud be required In Gm aud, and consequently I do net express am audit opinion oa the wiew given by the accounts
Independent examiner's statement
in the course cf my exanmunaton. no natter has come to my attention
1 wrich gives me reasoname cause to believe thal 9 any matendi respemet the requirements. te ketp accounbay records om accordance with section 44(1) (ayof the 2005 Act and Acguiater 4 of the 2006 Accounts Réqulatares, aad
to presare accounts winch accéed wth the accounting recerds ard campy with Regulatras 9 at the 2006 Accounts Regulator how O00 bxsen smeL, oF
- te which, i9 pry opinion, attention shows be drawn in orger to enable a proper urderstanding of the accounts to be reac had.
Alan Tucker 40 Ruwan Avenue Kienemuir Argus O08 47D
as Ay ‘l 2026
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Mrs Williamina McLaren’s Trust
Receipts and Payments Account for year ended 315t December 2025
| Schedule/ | 2025 | 2024 | ||
|---|---|---|---|---|
| Appendix | £ | £ | ||
| Receipts | ||||
| Investment income | Sch. 1 | 11,458 | 11,409 | |
| Sale proceeds of investments | App. I | 62,057 | _ | 87,952 |
| Total receipts | 73,515 | 99,361 | ||
| Payments | ||||
| Charitable activities | Sch. 2 | 11,936 | 11,923 | |
| Governance | Sch. 3 | 5,737 | 5,693 | |
| Costs of generating funds | Sch. 4 | 3,537 | 3,390 | |
| Purchase cost of investments | App. 1 | 45,043 | 83,771 | |
| Total payments | 66,253 | 104,777 | ||
| (Deficit)/Surplusforyear | 7,262 | (5,416) |
Note. All funds are unrestricted
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Mrs Williamina McLaren’s Trust
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Statement of Balances as at 31% December 2025
Schedule/ 2025 2024
Appendix £
Cash on deposit and on hand
Opening balance 13,189 18,605
(Deficit)/Surplus for year 7,262 (5,416)
Closing balance 20,451 13,189
Reserves
Unrestricted Funds 20,451 13,189
Investments
As valued at 31.12.25 App. 2 415,057 371,953
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Approved by the Trustees and signed on their behalf:
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JAY ISAPE 26
JMG Blair Date
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Mrs Williamina McLaren’s Trust
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Schedule|1|£|é|
|Investment|Income|2025|2024|
|Dividend|income|&|Interest,|per|Thorntons|Investment|Management|Ltd|11,441|11,394|
|Deposit|interest|received,|per|Thorntons|17|15|
|11,458|11,409|
|Schedule|2|
|Charitable|Activities|
|Distributions|made|in|year|-|
|Mar|2025|Angus|Riding|for|the|Disabled|500|
|Kirrie|Connections|500|
|Home|Start|Angus|1,000|
|Forfar|Open|Garden|400|
|Angus|Upcycling|Project|500|
|Re-Engage|500|
|Sept|2025|Poppy|Scotland|700|
|Carnoustie|Trinity|Church|of Scotland|700|
|Producers|of Angus|Markets|700|
|Glens|&|Kirriemujr|United|Parish|Churches|700|
|6,200|5,055|
|Support|Costs|(Schedule|3)|5,736|5,393.|
|11,936|10,448|
|Schedule|3|Charitable|
|Support Costs|Governance|Activities|
|Thorntons|Law|LLP,|balance|of|their|fee|for|Trust|administration|for|the|
|year|to|31.12.24|as|assessed|by|Auditor|of Court|(inc|VAT)|4,837|4,836|
|Thorntons|Law|LLP,|to|account|of|their|fee|for|Trust|administration|for|
|the|year|to|31.12.25|(inc|VAT)|900|900|
|5,737|5,736|
|No|trustees|received|any|remuneration|or|expenses|from|the|trust during|the|year.|
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Mrs Williamina McLaren’s Trust
| Schedule 4 | £ | £ |
|---|---|---|
| Costs ofgenerating funds | 2025 | 2024 |
| ThorntonsInvestmentManagementLtd,portfolioadministrationfees | 3,537 | 3,390 |
| Schedule 5 | ||
|---|---|---|
| Statement of Revenue balance as at 31.12.24 | 2025 | 2024 |
| Income received in year | 11,458 | 11,409 |
| Distributions paid in year | (6,200) | (6,350) |
| Support costs | (5,736) | (5;973)_ |
| Surplus/(Deficit) for year | (478) | (514) |
| Balance as at 31.12.23 | 650 | 1,164 |
| Balanceasat31.12.25 | 172 | 650 |
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Mrs Williamina McLaren’s Trust
Notes to the Accounts and General Notes regarding Financial Services Act 1986, Law Society Rules and related matters
4. Accounting Policies
Basis of Preparation
The Accounts are prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).
2. Investment Managers
The Trustees approve the continued appointment of the Investment Managers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.
3. Independent Examiner
The Trustees approve the appointment/continued appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.
4. Nomineeship:
The trustees approve the appointment of the nominee company as detailed in the General Information section in these Accounts to continue to hold certain or all of the investments owned by the trustees, and that an the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.
Appendix 1
Mrs Williamina McLaren Charitable Trust Year ended 31 December 2025
investment Transactions
Purchases -
| Date | Name | Qty | Transaction | Cost |
|---|---|---|---|---|
| 01.07.25 | Jupiter Strategic Bond | 25,832.1 | Purchase | 13,999.99 |
| 29.08.25 | Jupiter UT Mgrs Inc | 13.96 | Purchase | 18.47 |
| 25.09.25 | Artemis SMTGARP | 5,998.075 | Purchase | 10,000.00 |
| 30.12.25 | Xtrackers S&P 500 | 265 | Purchase | 21,024.00 |
| 85,042.46. | ||||
| Disposals - | ||||
| Date | Name | Qty | Transaction | Proceeds |
| 28.02.25 | Janus Henderson UK&EUR Strat Bond | Equalisation | 0.01 | |
| 31.03.25 | Jupiter UT Mars Inc | Equalisation | 0.02 | |
| 30.04.25 | Ninety One Global Gold | Equalisation | 47.10 | |
| 21.05.25 | Fundsmith Equity | 801.09 | Sale | 5,000.00 |
| 27.06.25 | Janus Henderson UK &EUR Strat Bond | 11,594.68 | Sale | 13,014.02 |
| 02.09.25 | BT Group | 4,060 | Sale | 8,469.12 |
| 25.09.25 | Ninety One Global Gold | 4,424.394 | Sale | 10,000.00 |
| 30.09.25 | Jupiter Strategic Bond | Equalisation | 109.70 | |
| 10.12.25 | Magnum Ice Cream | 40 | Sale | 439.12 |
| 17.12.25 | Unilever | Cash Fractions | 37.55 | |
| 27 1222S | Xtrackers Russell 2000 | 73 | Sale | 20,400.13 |
| 30.12.25 | AstraZeneca | 33 | Sale | 4,515.72 |
| 31.12.25 | FundRebates2025 | 25.08 |
_ 62,057.57
| Portfolio - Willtamina McLaren Charitable | Trust | ||||||
|---|---|---|---|---|---|---|---|
| (JP000221A) | Investments: | Cash | Total: | ||||
| 22-01-2026 15°45:00 | £415,056.92 | £17,663.79 | 432,720.71 | ||||
| Valuation date: 31-12-2025 | |||||||
| Investment | Quantity | Price | Cost(£) | Value(£) | Profit&Loss ms (e) |
Change(%) | |
| ALLIANCE WITAN PLCORD GBP0.025 (SEDOL:811V7W9) |
2,000 | 12.81 2.81 |
GBP | 7 A 232.41 |
J 25,620.00 |
1 i 8,387.59 |
. 254.24 |
| ARTEMISHNCOMEsISS MING (FUND.B2PLJJ3) |
6,467.006 mee |
3.3769GBP : |
GBP | 14,835.06 one |
21,838.43 _e |
7,003.37 inte |
47,21 : |
| tsa AS WTAE keIIa EMS EQT |
GBP D (FUND:BWS9HL24) | 5,998.075 a |
4.789GBP , |
GBP | 10,000.00 — |
10,730.56 — |
730.56 , |
| ROTRAZENEE ©FLOIGRONIGDNS (SEDOL:0989529) |
114 | 137.89GBP ‘ |
GBP | 3.483.77 ; : |
15,719.46 ‘ , |
12,235.69 : : |
351.22 . |
| ATLANTIC HOUSE DEFINEDRETURNS |
OIS (FUND:BF2ZW34) | 12,295.687 :295.6879 |
i 1.2713GBP |
GBP | 15, 3 5,000.00 |
13,631 5,631.51 |
51 631.5 |
| Ce neaae,(ee Em NET INC (FUND:B8BQG48) |
8.027.014 ‘ : |
2.5635GBP , |
GBP | 13,592.37 : r |
20,577.25 ‘ , |
6,984.88 ‘ . |
51.39 5 |
| BIAGEDELE ORDRESPOrer tiiui08 (SEDOL 0237400) |
580 | 16.0375 . |
GBP | 1,431.80 . , |
8,820.63 ‘ . |
7,388 83 . |
§16.05 . |
| ESTsSAA a EQUITY FUND |
DiS (FUND:B4MR8G8} | 3,568.91 ‘ . |
6.466 . |
GBP | 114,391.75 , . |
23,076.57 , , |
11,684.82 ‘ , |
| GarcshoRp.Gemunie (SEDOL:BN7SWP6)} |
790 | 18.2625GBP , |
GBP | 2,421.47 , , |
14,427.38 ‘ ‘ |
12,005.91 ‘ . |
495.81 . |
| HICL INFRASTRUCTU., ORDGBPO.0001 (SEDOL:BJLP1Y7) |
10 9,00! |
: 1.163GB |
P GB |
15,001.96 H |
10,467.00 r |
i -4,534.96 |
+30. 30.23 |
| ICGENTERPRISE TRUORDGBPO.10 (SEDOL:0329200) |
1,40 0 |
: 14.92GB |
iP GB |
15,725. 5,725.00 |
20,888. 0,888.00 |
163. 5,163.00 |
fl 32.83 |
| dS ORE EMGMiSTnORD SEMREES (SEDOL:BMXWN 18) |
14 955 i |
1.375GBP . |
GBP | 12,999.41 : ‘ |
16,438.13 . . |
3,438.72 . , |
26.45 . |
| JUPITERSTRATEGICBONDFUND | INC(FUNO:8544HM3) |
25,832. 832.1 |
a 0.543GB |
P GB |
4 3,890.29 |
14, A 4,026.83 |
136. 36.54 |
| EPP ESSaRSPAUP Ne U2 GBP DIS (FUND:BFF5BH8) |
10,376.57 ar |
1.3846GBP , |
GBP | 11,957.26 ee |
14,367.40 —" |
2,410.14 a |
20.16 . |
| MI CHELVERTON EQTY MI | |||||||
| CHELVERTON UK EQ INCBD | 12,769.677 | 1.026544 | GBP | 14,797.40 | 13,108.64 | -1 688 76 | +1141 |
| (FUNO:B1F D646) | |||||||
| NINETY ONE FDS SRS GLOBAL GOLO | GBPDIS (FUND:BMCR2N9) |
. 4 5.974.828 |
91 2.9132GB |
P GB |
d . 8,016.16 |
17,405.87 7,405.8 |
bs 71 9,389 |
| PRUDENTIAL PLCGBP0.05 (SEDOL:0709954) |
7 00 |
11 447 5GBP |
GBP | 4 4 .029.50 |
013.2. 8,013.25 |
: Bt 6,983.75 |
78. 678.36 |
| EVAL PENDORTERDSe -TERE MONEYMARKETY (FUND:B3P2RZ5) |
12,000 ‘ |
0.974689GBP ' |
GBP | 11,702.56 ain |
11,696.27 a |
6 79 SERS |
One “ |
| SARAGIN FUNDSCVC GARASINGEL DIVDNDP DIS (FUND 8GDF8D2) |
8,585.15 ; . |
2.375GBP . |
GBP | 14,905.59 . . |
20,389.73 ‘ . |
5,484.14 ' . |
36.79 , |
| SGHRODERASIAN TONORDIGHEOIIS (SEDOL:087 1079) |
2.644 ; |
5.64GBP ; |
GBP | 11,939.59 —— |
14,912.16 —— |
2,912.57 —— |
24.27 . |
| lalamali —al TRUST (SEDOL:BLDYK6&1) |
41,700 , |
11,8575GBP : |
GBP | 16,941.33 ‘ . |
20,157.75 , ; |
4,216.42 ‘ , |
26.45 . |
'
'
| investment | Quantity | Quantity | Price | Cost (£) | Value (£) | Profit &L a 4 |
Change(%) | |
|---|---|---|---|---|---|---|---|---|
| SHELLORDEUR0.07 (SEDOL:BP6MXD8) |
580 | 7.397: 27.3975GB |
P GB |
2,776.53 | 15,890. 5,890.55 |
i 118 13,113.96 |
472.30 72.3 |
|
| TEMPLE BARINVESTMENTTRUST PLC(SEDOL.BMV92D6) |
4 | .250 | 3.785GBP | GBP | 5,854.31 | 31,226.25 | ,371.94 es |
433. — |
| UNILEVER PLCORD GBP0.035 ({SEDOL:BVZK7T9) |
177 | 48.5925GBP | GBP | 3,617.11 | 8,600.87 | 4,983.7! 88.8 |
137.7 8 |
|
| XTRACKERS (IE)PLCXTRACKERS S&P500EQLWGHT(SEDOL:BNGMZY9)} |
2 aad |
79. ha |
GBP | 21,024.00 | 21,026.4 ana |
J zat |
0.01 | |
| Total | 280,626.69 | 415,056.92 | 154,430.23 | $6.25 |
Key: * Price not available
Prices shown are the latest closing prices available
The change column represents the difference between book costs and current value only. Income from dividends and interest are not taken into account and therefore these numbers shouid not be considered as ‘the total return’ when assessing the overall performance of your portfolio.