OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← James Allan Of Midbeltie's Fund For Widows

2025-07-31-accounts

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 JULY 2025

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees: Assumed: Alison J Cuthbert (Chairman)
Donald H M Farquharson
Edward C M Humphrey
Fiona Willis
Richard J Strang Steel
John G Sutherland
Ex Officio: The Lord Provost of the City of Aberdeen
The President of the Society of Advocates in Aberdeen
Charity Number: SC003865
Address: Suite A, 1 Albyn Place, Aberdeen,
AB10 1BR
Auditors: Hall Morrice LLP, Aberdeen
Bankers: Bank of Scotland plc, Aberdeen
Solicitors: Burnett & Reid LLP, Aberdeen
Stockbrokers: Brewin Dolphin Limited, Aberdeen

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

The Trustees submit their annual report and the financial statements for the year ended 31 July 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accountancy and Reporting by Charities" issued in 2019 in preparing the annual report and financial statements of the trust.

The Trust is a Scottish charity registered with the Office of the Scottish Charity Regulator No. SC003865, and is governed by its Trust Deed dated 20 February 1844, as amended by Interlocutor of the Court of Session (Lord Marnoch) dated 18 November 2004, varying the trust purposes.

The original Trust Deed, as varied by the Court Interlocutor mentioned above, directs the Trustees out of the income of the Trust to “either yearly or half-yearly, as they may deem expedient, apportion and divide the said rents, issues, interests, and annual profits after deducting the necessary expenses of management, and pay the same to, and among, such widows of good character, and in reduced or indigent circumstances, and resident within the local government area of the City of Aberdeen, as my said Trustees shall select and consider fit objects of this bounty, and standing in need of the same".

The Trust maintains a Roll of Annuitants to whom an annuity is paid half-yearly on 1[st] May and 1[st] November, together with a Christmas bonus if revenue permits.

Reference and administrative details of the charity, its trustees and advisers

The Trust owns the landed Estate of Midbeltie, Torphins, Aberdeenshire, consisting of four holdings which are let on secure agricultural tenancies, one farm which is let on a seasonal basis, one former smallholding which is let on a limited duration tenancy, five houses which are let on short assured tenancies, and an area of forestry which is in hand; and the Estate also yields an income from the sporting lease of the shootings, and the lease of a small storage area used as an adjunct to a quarry operated by Aberdeenshire Council. The Trust also owns a portfolio of quoted shares, commingled investment funds and bonds.

The Trustees rely for the day to day administration of the Trust on their solicitors, who include among their staff an agricultural factor who manages the Estate, and upon their stockbrokers, who manage the share portfolio on a discretionary basis, and make regular reports to the Trustees.

Objectives and activities

The Trustees seek to carry out their role as landlords in a responsible manner, and to ensure that they meet their obligations under the various leases and the provisions of the Agricultural Holdings (Scotland) Act 1991, as amended, and the Agricultural Holdings (Scotland) Act 2003. In particular, therefore, they seek to maintain the houses and farm buildings on the Estate in a good and proper state of repair, and to provide the tenant farmers with the appropriate buildings and equipment to enable them to run the holding. During the year, an ongoing programme of repairs and refurbishments was carried out on the houses and farm buildings.

The stockbrokers administer the share portfolio on the basis of medium risk and with an investment objective which is balanced between income and capital growth.

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

REPORT OF THE TRUSTEES (CONT’D) FOR THE YEAR ENDED 31 JULY 2025

Achievements, performance and reserves policy

The years 1998 to 2005 saw a falling roll of annuitants, with a resultant accumulation of undistributed surplus income. Steps were accordingly taken by way of application to the Court of Session for a variation of the Trust purposes to widen the catchment area for annuitants, and to publicise, by way of pamphlets and mailshots, the availability of annuities from the Trust among carers and other agencies within the City of Aberdeen. As a result the Roll rose steadily until 2011 when the number of annuitants fell. However, the annuitants Roll has recently stabilised and the Trustees continue to try to attract new applications.

In 2007 the Trustees set aside a Reserve of £30,000 to cover the likely expenditure on farm buildings which were their responsibility to maintain, partly because of general wear and tear and partly because of the possible need to remove asbestos from buildings. An Asbestos Report had been obtained which revealed that although there was an asbestos content in most of the farm steadings, it was for the most part not in a hazardous state and did not require immediate removal. Nevertheless the asbestos content does constitute a contingent liability for which the Reserve will continue to be held as a matter of prudence.

Plans for future periods

The Trustees intend to continue to seek to increase the Roll of Annuitants by way of mailshots and the circulation of leaflets among carers, doctors’ surgeries, churches and the like; and to continue to maintain the Trust's heritable and investment assets in a state capable of generating a balance between yield and capital growth.

Structure, governance and management

The Trustees meet twice a year, in April and October, and also meet to carry out an annual inspection of the Estate in June, during which they discuss with the tenant farmers and tenants of let houses.

The stockbrokers submit regular investment reports to the Trustees and deliver an annual presentation of the portfolio.

Recruitment and appointment of trustees

Trustees have the power to nominate persons as they think fit to be a Trustee. A Trustee ceases to act upon death, resignation, incapacity to act or departure from Scotland. The number of Trustees should be no fewer than seven.

Induction and training of new trustees

When new Trustees are appointed they are given an introduction to the work of the Trust and provided with the information they need to fulfil their roles, which includes information about the role of Trustees and charity law.

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

REPORT OF THE TRUSTEES (CONT’D) FOR THE YEAR ENDED 31 JULY 2025

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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

Disclosure of Information to Auditors

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the author is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Auditors

A resolution proposing that Hall Morrice LLP be reappointed as auditors of the charity will be put to the Trustees for consideration.

The Trustees have prepared this report in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ and in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).

On behalf of the Trustees

Alison J Cuthbert

Trustee 8 April 2026

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF JAMES ALLAN OF MIDBELTIE’S TRUST

Opinion

We have audited the financial statements of James Allan of Midbeltie’s Trust for the year ended 31 July 2025 which comprise of 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland. In our opinion the financial statements:

Basis for 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF JAMES ALLAN OF MIDBELTIE’S TRUST

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities 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 Trustees’ Responsibilities Statement set out in the Trustees’ Report, the trustees are responsible for the preparation of financial statements which 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.

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF JAMES ALLAN OF MIDBELTIE’S TRUST

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 regulations made under that Act.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE TRUSTEES OF JAMES ALLAN OF MIDBELTIE’S TRUST

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hall Morrice LLP Statutory Auditors Aberdeen 8 April 2026

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR YEAR ENDED 31 JULY 2025

Notes
Income from Investments:
Rents of Lands of Midbeltie
Forestry Income
Interest and Dividends
Total Income
Expenditure on:
Raising funds
2
Charitable activities
3
Total Expenditure
(Loss)/Profit
Gain on Sale of Land
Gain on Investments
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds 2025
£
55,432
4,050
21,142
80,624
82,245
34,224
116,469
(35,845)
-
36,648
803
3,938,109
3,938,912		 Unrestricted
funds 2024
£
52,976
68,930
15,910
137,816
86,623
31,353
117,976
19,840
151,000
52,662
223,502
3,714,607
3,938,109

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

BALANCE SHEET

AS AT 31 JULY 2025

2025 2024
Notes £ £ £ £ £
Fixed assets
Estate 6 3,185,415 3,185,415
Investments 7 747,607 560,030
3,933,022 3,745,445
Current assets
General Bank Account 23,628 187,340 187,340
Debtors 8
22,136		 22,136 38,540 38,540
45,764 225,880 225,880
Current Liabilities:
Due within one year
Creditors 9 39,874 33,216 33,216
Net current assets 5,890 192,664
Net assets 3,938,912 3,938,109
Represent by Funds:
Unrestricted Capital Fund 10 3,933,022 3,745,445
Unrestricted General Fund 10 (24,110) 162,664
Designated Estate Repairs Reserve 10 30,000 30,000
3,938,912 3,938,109

Approved on 8 April 2026 on behalf of the Trustees

Alison J Cuthbert Trustee

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 JULY 2025

1. Accounting Policies

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity constitutes a public benefit entity as defined by FRS 102.

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

The charity has adequate resources and is well placed to manage future risks. The charity’s planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue. The financial statements have therefore been prepared on the basis that the charity is a going concern.

The estate is revalued on a regular basis by a suitably qualified individual. The revaluation is uplifted into the financial statements through the capital reserve.

Depreciation is not provided on the estate. The trustees are of the opinion that the estate concerned is maintained to a high standard through a programme of refurbishment and maintenance. This expenditure is essential to ensure continual upkeep and integrity of the estate upon which the position of the trust depends. As a consequence the life of the estate and its residual value is such that any depreciation charge would be immaterial.

Investments are stated at market value.

Income is included in incoming resources when receivable.

Investment income represents interest entitlements accounted for as they accrue.

1.6 Resources Expended

Costs of charitable activities comprises the costs associated with the charity’s principal activities and are accounted for when payable.

Governance costs are included in charitable activities and represents expenditure associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees and costs linked to the strategic management of the charity.

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

FOR YEAR ENDED 31 JULY 2025

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

Trade debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Creditors are recognised where the charity 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 are normally recognised at their settlement amount.

Further details of the trusts funds are included in Note 10.

2.
Expenditure on Raising Funds
Maintenance of Land & Buildings
Insurance and Rates of Land and Buildings
Investment Management Fees
Forestry Expenditure
Estate Factoring and Legal Fees		 2025
£
40,428
14,746
4,153
2,434
20,484
82,245		 2024
£
37,355
13,472
3,349
10,327
22,120
86,623

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR YEAR ENDED 31 JULY 2025

3. Expenditure on Charitable Activities

Donations to Widows
Support Costs
Subscriptions
Bank Charges
Travel Expenses
Other Expenses
Governance Costs
Auditor Fee		 2025
£
22,350
796
59
-
19
11,000
34,224		 2024
£
23,725
766
89
923
-
5,850
31,353

4. Trustee Remuneration

None of the trustees were paid any remuneration or expenses by the trust during the year (2024 – None).

5. Auditor’s Remuneration

The auditor’s remuneration constituted a fee of £8,500 (2024 - £4,500).

6. Fixed Assets

Valuation:
As at 1 August 2024 and 31 July 2025		 Estate
£
3,185,415

The estate was valued in 2020 by Burnett and Reid Solicitors at £3,177,550. The value at 31 July 2025 is considered reasonable based on this valuation.

7. Investments

Market Value:
At 1 August 2024
Additions
Disposals
Decrease in Market Value
At 31 July 2025
Costat 31 July 2025
Costat 31 July 2024		 £
560,030
289,353
(138,031)
36,255
747,607
637,388
474,932

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR YEAR ENDED 31 JULY 2025

8. Debtors

ebtors
Trade Debtors
Prepayments and Accrued Income
Other Debtors
reditors
Trade Creditors
Accruals
Other Creditors		 2025
£
6,071
14,035
2,030
22,136
2025
£
5,195
30,602
4,077
39,874		 2024
£
21,463
15,047
2,030
38,540
2024
£
-
21,411
11,805
33,216

9. Creditors

10. Movement in Funds

Unrestricted funds
General Reserve
Capital Reserve
Estate Repairs
Reserve		 Balance at
01 August
2024
£
162,664
3,745,445
30,000
3,938,109		 Incoming
resources
£
80,624
-
-
80,624		 Outgoing
resources
£
(116,469)
-
-
(116,469)		 Gain
£
-
36,648
-
36,648		 Transfers
£
(150,929)
150,929
-
-		 Balance
at 31 July
2025
£
(24,110)
3,933,022
30,000
3,938,912

The Capital Reserve of £3,933,022 as at 31 July 2025 has been set aside by the trustees to provide for the future income requirements of the Trust.

11. Analysis of Net Assets Between Funds

The total net assets of £3,938,912 (2024 - £3,938,109) related to unrestricted funds.

Docusign Envelope ID: FACBB07A-A29B-4698-B8E4-C7265118061D

JAMES ALLAN OF MIDBELTIE’S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR YEAR ENDED 31 JULY 2025

12. Contingent Liability

An Asbestos Report was commissioned in 2007 which revealed that although there was an asbestos content in most of the farm steadings, it was for the most part not in a hazardous state and did not require immediate removal. Nevertheless the asbestos content does constitute a contingent liability for which a prudent reserve of £30,000 has been set aside in a designated reserve.

13. Related Party Transactions

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

14. Operating Lease Commitments

At the reporting end date, the charity had contracted with tenants for the following minimum lease payments:

Not later than one year 2025
£
49,443		 2024
£
49,443