Charity Registration No: $CO03913 (Scotland)
THE COLVILL CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 18 JUNE 2025
CONTENTS
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|---|---|---|---|---|
|Legal and|Administrative|information|1|
|Trustees|Report|2-4|
|Independent|Examiners|Report|5-6|
|Statement|of Financial|Activities|7|
|Balance|Sheet|8|
|CashFlow|Statement|9|
|Notes|to|the|Financial Statements|10-13|
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LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity Number (Scotland)
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|||
|---|---|
|Principal|Address|
|Independent|Examiner|
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Bankers:
Investment Managers:
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|---|---|---|---|---|---|
|Dr|JS|Cherry|Ex|Officio|
|Mr|lan|Ballantyne|Ex|Officio|
|Mrs|Lyla|Martin|Ex|Officio|
|Rev|Peter|Mead|Ex|Officio|
|Mr|Fraser|Bews|Ex|Officio|
|Rev|Christine|Hay|Ex|Officio|
|§C003913|
|Thorntons|Law|LLP|
|Whitehall|House|
|33|Yeaman|Shore|
|Dundee|
|DD1|4B)|
|Jason|Condie CA|
|Condie &|Co|Ltd|trading|as|Dains|
|10 Abbey|Park|Place|
|Dunfermline|
|KY12|7NZ|
|Royal|Bank of Scotland|
|3|High|Street|
|Dundee|
|DD1|SLY|
|Thorntons|Investment|Management|
|Whitehall|House|
|33|Yeaman|Shore|
|Dundee|
|DD1|4B)|
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TRUSTEES’ REPORT
The Trustees present their annual report and financial statements for the year ended 18 June 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 charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Constitution
The Trust was set up by Deed of Trust by John Colvill dated 7th July 1823 and Cy-Pres Scheme dated April 1985,
Organisation and grant-making policy
The day to day administration is carried out by Thorntons Law LLP, as agents for the Trust. The Trustees meet twice a year to review all aspects of the Trust's affairs.
The purposes of the Trust is to be distributed to such persons being domiciled in the Town of Arbroath or Parish of St Vigeans and their environs, or failing a sufficient number of such persons in that area then to such persons domiciled in the District of Angus as appear to be worthy and in need of assistance by reason of poverty, age, illness, infirmity disability or other similar circumstances.
Annual payment of £1,000 to the vestry of the St Mary's Episcopal Church, Arbroath.
Net annual income is to be divided into equal shares of £50 each and distributed twice a year in May and November.
Any income not distributed to be credited to "The Colvill Special Fund" from which the Trustees may at any time in their discretion make payments of any amount to such persons for the time being resident in the Town of Arbroath or Parish of St Vigeans and their environs or failing them to such persons being resident in the District of Angus.
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TRUSTEES' REPORT (Cond)
Achievements and Performance
During the year grants totalling £3,560 (2024 - £4,900) were paid in accordance with the above policy.
Amalgamations which have taken place in recent years:
Miss M B Carnegie's Trust - Fund of £7,875 were transferred into the Trust
George Anderson's Trust - Investments with a book value of £26,406 and cash of £6,001 were transferred. (The Colvill Charity continues to make monthly payments of £12 to beneficiaries for George Anderson's Trust).
James Jamieson's Trust - investments with a book value of £2,204 and cash of £1,919 were transferred. {The Colvill Charity continues to make half yearly payments, currently £100, to beneficiaries of James Jamieson's Trust). Renny Strachan's Trust - Investments with a book value of £987 and cash of £43 were transferred.
The Brander Fund - investments with a book value of £5,450 and cash of £7,100 were transferred.
Financial review
The results for the year are set out on pages 7-13.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that systems are in place to mitigate exposure to those risks.
Appointment of Trustees
Trustees are all ex officio Trustees connected to local churches and medical practice.
Trustee Induction and Training
The Trustees deal appropriately as regards induction and training on any new trustees appointed. This includes awareness of a Trustees' responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the Charity. A new Trustee will receive copies of the previous year's accounts, minutes of recent trustee meetings and a copy of the OSCR booklet 'Guidance and good practice for Charity Trustees’, is appropriate.
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TRUSTEES' REPORT (Cond)
Future Strategy
No changes are presently envisaged in the Trust's policies as outlined above.
Trustees
The Trustees during the year were:
Dr JS Cherry Ex Officio Mr tan Ballantyne Ex Officio Mrs Lyla Martin Ex Officio Rev Peter Mead Ex Officio Mr Fraser Bews Ex Officio Rev Christine Hay Ex Officio
The Trustees’ Report was approved by the board of trustees. \ SHAf VD: ALK
Trustee
SeLA~\ Aad Zo2 6 Date St
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INDEPENDENT EXAMINER'S REPORT
| report to the Charity Trustees on my examination of the financial statements of the charity for the year ended 18 June 2025, which are set out On pages 7 to 13.
memeResnectiveresponsioilitiesctive responsibilities of trusteesof trustees andand examinerexaminer
The Charity's Trustees are responsible for the preparation of the financial statements 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) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
SeotsBasisindependent ofOT independent examiner'sexaminer's statementstatement
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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 | do not express an audit opinion on the view given by the financial statements.
independent examiners statement
in the course of my examination, no matter has come to my attention: (a) which gives me reasonable cause to believe that in any material respect the requirements: {i) to keep accounting records in accordance with section 44(1) (a) of the (ii) 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and to prepare financial statements which accord with the accounting have not beenrecordsmet: andor comply with Regulation 8 of the 2006 Accounts Regulations; (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding if the financial statements to be reached.
Use of our report
This report is made to the charity's board of Trustees, as a body, in accordance with the terms of engagement. My work has been undertaken to enable me to undertake an independent examination of the charity's financial statements on behalf of the charity's board of Trustees and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity's board of Trustees as a body, for my work or for this report.
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INDEPENDENT EXAMINER'S REPORT
21 3 / 207 b
Date
6
STATEMENT OF FINANCIAL ACTIVITIES
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Income | |||||||
| Investments | 3 | 18,319.15 | 17,833.00 | ||||
| Expenditure Raising Funds Charitable Activities |
4 5 |
4,648.40 14,012.00 |
4,396.00 12,870.00 |
||||
| Governance Costs | 7 | 6,378.00 | 3,985.00 | ||||
| Total Expenditure | 25,038.40 | 21,251.00 | |||||
| Netgains/(losses)on investments | 10 | 23,898.18 | 22,641.26 | ||||
| Netincome/(expenditure) beingnetmovement | movementin | infunds | 17,178.93 | 19,223.26 | |||
| Reconciliation ofFunds | |||||||
| Fund balances at 19June2024 | 523,639.59 | 504,416.33 | |||||
| Fundbalancesasat18June2025 | £ | 540,818.52 | £ | 523,639.59 |
All income and expenditure for the current and comparative year are in respect of unrestricted funds.
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:
BALANCE SHEET
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2025 2024
Notes £ £ £ £
Fixed Assets
Investments 11 518,359.01 501,203.46
Current Assets
Cash at bank and in hand 9,717.50 10,387.41
Cash held with Drumnor 13,492.01 12,048.72
Add: Adjustments on Previous Account 513.00
Creditors 12 750.00 -
Net Current Assets/ (Liabilities) 22,459.51 22,436.13
Total Assets less current liabilities 540,818.52 523,639.59
Income Funds
Unrestricted Funds 540,818.52 523,639.59
540,818.52 523,639.59
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The financial statements were approved by the Trustees O1 ..........:sccesesereeeeteteetsteseereees
YU M |} > \ \ \
Trustee
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STATEMENT OF CASHFLOW
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|---|---|---|---|---|---|---|
|2025|2024|
|Net cash used|in operating|activities|(24,288.40)|(21,251.00)|
|Cash|Flows from|Investing|Activities|
|Interest|&|Dividends|18,319.15|17,833.00|
|Proceeds from|sale|of investments|152,580.81|33,351.23|
|Purchase|of investments|(145,838.18)|(44,355.97)|
|Changes|in|cash|held|for|investment|
|Net cash|provided|(used|in) investing|activities|25,061.78|6,828.26|
|Changes|in cash & cash equivalents|this year|773.38|(14,422.74)|
|Cash & cash equivalents brought forward|22,436.13|36,858.87|
|£|23,209.51|£|22,436.13|
|Reconciliation|of net movements|in funds to|net cash|low from|operating activities|
|2025|2024|
|Net movement|in|funds|17,178.93|19,223.26|
|Deduct gains/add|back|losses|on|investments|(23,898.18)|(22,641.26)|
|Deduct|investment|and|interest|income|(18,319.15)|(17,833.00)|
|(Increase)/Decrease|in|debtors|-|-|
|(Decrease)/Increase|in|creditors|750.00|-|
|Net cash used|in|operating|activities|(24,288.40)|(21,251.00)|
|Analysis|of cash & cash|equivalents|
|Cash|on|Deposit|9,717.50|10,387.41|
|Capital|Cash|13,492.01|12,048.72|
|Total cash and cash|equivalents|f|23,209.51|£|22,436.13|
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NOTES TO THE FINANCIAL STATEMENTS
1) Accounting Policies
Charity information The Colvill Charity is a charity registered in Scotland. The registered office is Thorntons Law LLP Whitehall House, 33 Yeaman Shore, Dundee, DD1 4B).
1.1) Basis of Preparation The Accounts are prepared under the historical cost convention, modified for the revaluation of investments, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019). The Accounts are also prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
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The Colvill Charity meets the definition of a public benefit entity under FRS102.
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The Trust's transactional currency is pounds sterling, and rounding is to the nearest penny.
The Trustees consider that there are no material uncertainties that would lead them to question
the Trust's ability to continue as a going concern.
1.2) Judgments and key sources of estimation uncertainty
In the application of the charity's accounting policies the Trustees are required to make judgements,
estimates and assumptions about 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects
only that period, or in the period of revision and future periods where the revision affects both
current and future periods.
1.3) Major Funds
The Trust has only one general fund. Movement on the fund is shown in the Statement of Financial
Activities.
1.4) Income
Investment and other income represent amounts receivable in the accounts year.
1.5) Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal and
constructive obligation to pay for expenditure. irrecoverable VAT is included in the related
expenditure.
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NOTES TO THE FINANCIAL STATEMENTS (Contd)
1) Accounting Policies (Contd)
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1.6) investments
The investment portfolio is included in the Balance Sheet at market value. Gains and losses on
disposals and revaluation of investments are charged or credited to the Statement of Financial
Activities.
1.7) Material Commitments
There were no material commitments at 18 June 2025 other than those already provided for in the
accounts (2024 - none).
1.8) Guarantees and Contingent Liabilities
There were no guarantees or contingent liabilities at 18 June 2025 (2024 - none).
1.9) Secured Loans
There were no loans or liabilities secured on the Trust's assets at 18 June 2025 (2024 - none).
1.10) Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price
including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
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2) Critical Accounting Estimates and Judgements
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In the application of the Charity'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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees consider that there are no estimates and underlying assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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NOTES TO THE FINANCIAL STATEMENTS (Cond)
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3) Investments
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|---|---|---|---|---|
|2025|2024|
|£|£|
|Dividends|Received|17,598.35|17,766.00|
|Bank|Interest|720.80|67.00|
|18,319.15|17,833.00|
|4)|Raising|Funds|
|2025|2024|
|£|£|
|Investment Management Fees|4,648.40|4,396.00|
|4,648.40|4,396.00|
|5)|Charitable|Activities|
|2025|2024|
|£|£|
|Donations (See note|6)|3,560.00|4,900.00|
|Support Costs costs|(See note|7}|10,452.00|7,970.00|
|14,012.00|12,870.00|
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6) Donations
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|---|---|---|---|
|2025|2024|
|£|£|
|Annual Payment to St Mary's Episcopal Church|1,000.00|990.00|
|Special Payment|in terms of third purposes of the Charity|-|2,780.00|
|Monthly Payments|in terms of the George Anderson's Trust|480.00|480.00|
|Half Yearly|Payments|in|terms of the James Jamieson's Trust|
|Martinmas|Beneficiary|780.00|520.00|
|Whitsun|Beneficiary|1,300.00|130.00|
|Donations paid|3,560.00|4,900.00|
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|---|---|---|---|---|---|---|---|
|7)|Support|Costs|
|Governance|
|Support Costs|Costs|2025|2024|
|£|£|£|£|
|Legal and|Professional|Fees|10,452.00|5,148.00|15,600.00|11,955.00|
|Independent Examination|Fees|-|1,230.00|1,230.00|
|eeon|
|£|10,452.00|£|6,378.00|£|16,830.00|£|11,955.00|
|Ss|:)3.:9—0—s=—OoOoo|aa|
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NOTES TO THE FINANCIAL STATEMENTS (Contd)
8) Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits or were reimbursed expenses during the year (2024 - fnil)
9) Employees
There were no employees during the year.
10) Net gains/(losses) on investments
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2025 2024
£ £
Revaluation of Investments (See note 11) 20,669.05 33,646.00
Gain/(loss) on sale of investments a3,229.13 a - 11,004.74
23,898.18 22,641.26
———————
11) Fixed asset investments
2025
£
Cost at 19 June 2024 $01,203.46
Purchases 145,838.18
Sales
Gain/ - 152,580.81
Gain/ (loss) on Sale of investments 3,229.13
(loss) on Revaluation of investments 20,669.05
Valuation as at 18 June 2025 518,359.01
Carrying amount
At 18 June 2025 $18,359.01
At 18 June 2024 501,203.46
12) Creditors
2025 2024
£ £
Independent Examination Fee 750.00 -
SOS
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