## **SCOTTISH CHARITY NUMBER SC004507**
**THE MORTON CHARITABLE TRUST (DUNDEE)**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
## **YEAR ENDED 5 APRIL 2024**
**THE MORTON CHARITABLE TRUST (DUNDEE)**
## **INDEX TO THE FINANCIAL STATEMENTS**
## **PAGE**
- 1 Trustees’ Report
- 2 Statement of Trustees’ Responsibilities
- 3 Independent Examiner’s Report
- 4 Statement of Financial Activities
- 5 Balance Sheet
- 6 – 7 Notes
## **THE MORTON CHARITABLE TRUST (DUNDEE)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024**
The trustees have pleasure in presenting their report and the financial statements of the trust for the year ended 5[th] April 2024.
## **Charity Name**
The Morton Charitable Trust (Dundee)
**Scottish Charity Number** SC004507
## **Contact address**
## **Current Trustees**
## **Structure, governance and management**
## **Constitution**
The Trust is a charitable unincorporated trust and the purposes and administration arrangements are set out in the Deed of Trust.
## **Appointment of Trustees**
All the trustees are appointed or reappointed by the members at our annual general meeting.
## **Objectives and activities**
## **Charitable purposes**
Our purposes, as recorded in the Trust Deed, are to use Trust funds for the benefit of Charitable Institutions selected by the Trustees.
## **Activities and Performance**
In the year, we continued to make donations to various charities. In the year, we made donations of £47,500.
## **Trustees remuneration**
The trustees did not receive any remuneration or expenses during the year.
## **Reserves**
During the year the Trust had net outgoing resources of £20,115. Combined with an increase in the market value of Investments of £124,377, the Trust held unrestricted funds of £1,272,188 at the year end.
_Page 1_
## **THE MORTON CHARITABLE TRUST (DUNDEE)**
## **YEAR ENDED 5 APRIL 2024**
## **TRUSTEES' RESPONSIBILITIES**
The Trustees are responsible for preparing the annual 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 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Morton Charitable Trust will continue its activities.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of The Morton Charitable Trust 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 charity’s trust deed. They are also responsible for safeguarding the assets of The Morton Charitable Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and Signed on their behalf.
, 26 February 2025.
_Page 2_
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE MORTON CHARITABLE TRUST (DUNDEE)**
## **YEAR ENDED 5 APRIL 2024**
I report on the accounts of the charity for the year ended 5 April 2024 which are set out on pages 4 and 5.
This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the Trustees, as a body, for my work or for this report.
## **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 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulation 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 financial statements.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention
1. 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 8 of the 2006 Accounts Regulations have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Walker Dunnett & Co Chartered Accountants
26 February 2025
_Page 3_
## **THE MORTON CHARITABLE TRUST (DUNDEE) STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2024**
|**Note**
**Incoming Resources from generated funds**
Investment income
Other incoming resources
**_Total incoming resources_**
**Resources Expended**
Cost of generating funds:
Charitable activities
Governance costs
**_Total resources expended_**
**_Net Incoming/(Outgoing)_**
**_Resources before other recognised gains and_**
**_losses_**
**Other Recognised gains and losses**
Gains/(Losses) on Investments
Realised
Unrealised
**_Net movement in funds_**
**Funds brought forward at 6 April 2024**
**Funds at 5 April 2023**|**2024**
**Total**
**£**
33,084
633
33,717
47,500
6,332
53,832
(20,115)
15,270
-
109,107
104,262
1,167,926
1,272,188|**2023**
**Total**
**£**
31,053
-|
|---|---|---|
|||31,053|
|||12,000
6,486|
|||18,486|
|||12,567
14,022
-
(67,994)|
|||(41,405)
1,209,331|
|||1,167,926|
The Financial Statements were approved by the Trustees on 26 February 2025.
_Page 4_
## **THE MORTON CHARITABLE TRUST (DUNDEE) BALANCE SHEET AS AT 5 APRIL 2024**
|**Note**
**FIXED ASSETS**
**INVESTMENTS**
Listed investments at market value
**10**
**CURRENT ASSETS**
Debtors
Cash at Bank
**_Total Current Assets_**
**LIABILITIES**
Creditors: amounts falling due within one year
**_Net Current Assets_**
**NET ASSETS**
**Representing:**
**GENERAL FUND**
**11**|**2024**
**£**
1,225,469
-
47,913
47,913
1,194
46,719
1,272,188
1,272,188|**2023**
**£**
1,114,000|
|---|---|---|
|||-
56,341|
|||56,341
2,415|
|||53,926|
|||1,167,926|
|||1,167,926|
## , Trustee
The Financial Statements were approved by the Trustees on 26 February 2025
_Page 5_
## **THE MORTON CHARITABLE TRUST (DUNDEE) NOTES TO THE FINANCIAL9STATEMENTS YEAR ENDED 5 APRIL 2024**
## **1. Basis of Accounting**
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Trust’s operations as indicated in the Trustees’ report, 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) issued during October 2019 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 Trust constitutes a public benefit entity as defined by FRS102.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
The accounts are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
## **2. Major Funds**
The charity has only one general, unrestricted fund.
## **3. Incoming resources**
The income as shown in the Statement of Financial Activities represents investment income and bank interest receivable, all of which are included in the financial statements when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **4. Material Commitments**
There were no material commitments at 5 April 2024.
## **5. Guarantees and Contingent Liabilities**
There are no guarantees or contingent liabilities.
## **6. Secured Loans**
No security has been given over any asset.
## **7. Remuneration of Trustees**
No Trustees received any remuneration or expenses in either of the two years ended 5 April 2024.
## **8. Investments**
Investment income is credited through the Statement of Financial Activities when receivable. Realised gains on Investments are credited through the Statement of Financial Activities when realised, based on the carrying value of the investment. Investments are included in the Balance Sheet at fair value.
## **9. Cash Flow Statement**
The Trust is entitled to the exemptions available for small charities and is not therefore required to prepare a cash flow statement.
_Page 6_
## **THE MORTON CHARITABLE TRUST (DUNDEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 5 APRIL 2024**
## **10. Fixed assets investments**
|**Quoted Investments**
Fair value at 6 April 2023
Additions
Disposals
Net (losses)/gains
Fair value at 5 April 2024
Historical cost at 5 April 2024|**2024**
**£**
1,114,000
148,000
(160,909)
124,378
1,225,469
1,053,617|**2023**
**£**
1,148,749
154,501
(135,278)
(53,972)|
|---|---|---|
|||1,114,000|
|||1,051,258|
The Trustees consider individual investment holdings in excess of 5% of the portfolio to be material.
## **Material interest by value**
|HSBC Investment Funds (UK) European Index
Legal & General UT Global 100 Index TST I DIS
Vanguard Investment Series Emerging
Vanguard Investments UK Ltd FTSE Dev World
Vanguard Investments UK Ltd FTSE UK
Liontrust Income Bond
Marlborough Global Bond
**unds**
At 6 April 2023
Deficit for the year
Unrealised profit
Net realised profit on disposal
**At 5 April 2024**|**Market**
**Value**
**5 April**
**2024**
**£**
97,798
225,423
135,447
226,351
109,128
126,346
133,123
**£**
1,167,926
(20,115)
109,107
15,270|
|---|---|
||**1,272,188**|
## **11. Funds**
_Page 7_