The R J Larg Family Trust Charity Ref: SC004946
Accounts for the year ended 5" April 2025
Contents Reference & Admin Information Report by Trustees Report by Auditors Accounts Notes to the Accounts Appendices of Investments
Thorntons Law LLP, Solicitors, Whitehall House, 33 Yeaman Shore, Dundee DD! 4B) Telephone: 01382 229111 Fax: 01382 202288
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The R J Larg Family Trust
Year ended 5S" April 2025
Reference and Administrative Information
Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee DD1 48)
Investment Managers Rathbone Investment Management Ltd (‘Rathbones’}, George House, 50 George Square, Glasgow G2 1EH
Principal Bankers
Auditors
Findiays Audit Limited, 11 Oudhope Terrace, Dundee DD3 6TS
Charity Reference No $C004946
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The R J Larg Family Trust Year ended 5" April 2025
Report of the trustees for the year ended 5*" April 2025
The trustees present their report and accounts for the year ended 5" April 2025. The report and accounts have been prepared in accordance with the charity’s trust deed and 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) and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
Structure, Governance and Management
Constitution Trust Disposition and Settlement byEENdated 24 July 1970 and registered in the Books of Council & Session on 24 August 1970. Following the winding up of H Adams Trust, assets with approximate value of £900,000 were transferred to the Larg Trust in May 2022.
Appointment of trustees
Trustees are nominated by the then existing trustees and their appointment confirmed by forma! Deed of Assumption, Janette A Bell was assumed as Trustee by Deed of Assumption dated 3 July 2024.
Trustee induction and training
The trustees deal appropriately as regards induction and training on any new trustees appointed. This includes awareness of a trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. New trustees receive copies of the previous year’s accounts, minutes of recent trustee meetings and a copy of the OSCR booklet “Guidance for Charity Trustees”. Appropriate training is offered to current trustees as and when required.
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. Apart from sustained downward stock market movements, the trustees do not consider that there are any major financial risks to which the Trust is exposed.
Organisation
The day-to-day administration is carried out by Thorntons Law LLP, as agents for the Trust. The trustees meet bi-annually to consider grant applications and to review any other relevant aspects of the Trust’s affairs.
Objectives and Activities
The Trust Deed states that the trustees shall hold the trust fund for the following purposes:
“ to pay, apply or appropriate the whole income received from the Trust Fund and, if they deem it desirable, also the capital of said Fund and that to the extent of the whole of the capital if need be, to charitable, religious, educational and other such organisations in the United Kingdom as shall in law be deemed to be charitable”.
The application or appropriation of the Trust funds is in the absolute and uncontrolled discretion of the trustees.
The trustees meet regularly to assess grant applications. These are received mainly through the Trust’s inclusion in various charity directories.
Grant making policy
The trustees are empowered to apply the income and capital of the Trust funds to registered charitable organisations in the United Kingdom. In so doing the trustees give consideration to the known interests of the settlor(s) and give considerable weight to applications for assistance from local community organisations and, to an extent, from similar organisations in Scotland. Applications for donations, which must be submitted via post or email, addressed to Thorntons Law LLP.
Achievements and performance
The trustees have pursued their policy of making donations in the main to locally based charities to an extent which absorbs as nearly as practicable the whole incoming resources of the year.
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The R J Larg Family Trust
Year ended 5‘ April 2025 ee eaeee
Report of the Trustees for the year ended 5" April 2025 (cont)
Financial Position The results for the year are set out in the Statement of Financial Activities (SOFA) on page 9.
Investment income from dividends and interest decreased by £9,361 in the year under review. Donations made from revenue funds, with their related costs, decreased by £13,420 and other resources expended decreased by £73 resulting in an overall surplus of £22,828 on Net Income. Realised gains on investments of £379,772 and a decrease in unrealised appreciation of investments of £713,896 have been recognised in the SOFA and transferred to Capital. Particulars of the movement in investments In the year are summarised in note 7 to the accounts which shows a decrease in the valuation of the portfolio of £351,134 (- 6.69%).
The trustees are satisfied that the trust remains in a sound financial position.
Investment Policy and Performance There are no restrictions in the Trust Deed on the trustees’ power to invest. The primary investment objective is to achieve a balance of income and capital growth subject to a medium/high degree of risk. The performance of the portfolio is measured against a bespoke benchmark defined as 80% FTSE All Share Index and 20% FTSE All Gilts Index
The investment portfolio is considered to have performed satisfactorily over the year having regard to the above criteria.
TheReservesreservesPolicyof the trust originate from the imitiai and subsequent capital donations, together with growth in the value of investments. The trustees aim to distribute the whole of the annual net income of the trust and, if need be, to encroach on the accumulated revenue balance. Realised and unrealised capital reserves are retained primarily to meet any significant requests for financial assistance and stock market risks
Future Strategy:
The trustees intend to continue the policy of support in line with the objectives and activities stated earlier in this report.
Auditors:So far as each trustee is aware, there is no relevant audit information of which the auditors are unaware. Each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the auditors are aware of it.
Approved by the Trustees and signed on their behalf:
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Date
Trustee
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The R J Larg Family Trust Year ended 5‘ April 2025
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the Trustees are required to:
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. select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the Charities SORP;
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. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
2 prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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.
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The RJ Larg Family Trust Year ended 5‘ April 2025
Independent Auditor’s Report to the Trustees of the R J Larg Family Trust
OpinionWe have audited the financial statements of The R J Larg Family Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)
In our- opinion,give a truethe andfinancialfair viewstatements: of the state of the charitable company's affairs as at 5 April 2025 of it's income and expenses _ forhavethe beenyear properlyended, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Chanties Accounts (Scotland) Regulations 2006 (as amended)
BasisWe conductedfor opinionour 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 !s sufficient and appropriate to provide a basis for our opinion
ConclusionsIn auditing therelatingfinancialtostatements,going concernwe have concluded that the trustees’ use of the going concern basis of accounting In the preparation of the financial statements Is appropriate Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authonsed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are descnbed in the relevant sections of this report
OtherThe otherinformationinformation comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon Our responsibility is to read the other information and, In doing so, consider whether the other information |s materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated if we identify such material inconsistencies or apparent matenal misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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
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The R J Larg Family Trust Year ended 5*" April 2025
Independent Auditor's Report to the Trustees of the R J Larg Family Trust (cont)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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- proper accounting records have not been kept; or - the financial statement are not in agreement with the accounting records, or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 maternal 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.
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 the Act and relevant regulations made or having effect thereunder.
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 miss-statements in respect of irregularities, including fraud and non compliance with laws and regulations is detailed below.
The audit team has appropriate skills and expertise required and through discussions with management and trustees and knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting instances of fraud that might have occurred.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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e Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations, including GDPR and fraud;
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° Enquire of management & trustees as to where they consider there is a susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur;
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a Reviewing minutes of meetings of those charged with governance:
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° Review of correspondence with regulators including OSCR; e — Review of any areas where there is potential of management bias, large & unusual transactions and the risk of undisclosed related parties,
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- — Auditing the risk of management override controls, including through testing of journal entries and other adjustments for appropnateness
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The R J Larg Family Trust Year ended 5** April 2025
Independent Auditor’s Report to the Trustees of the R J Larg Family Trust (cont)
Because of the field in which the charity operates In, we identified the following areas as those most likely to have a material impact on the financial statements
Direct Impact on the Financial statements e Charities Trustees and Investments (Scotland) Act 2005 and the «The Charities Accounts (Scotland) Regulations 2006 e SORP—-FRS102 Indirect Impact on the Financial Statements e GDPR and Data Protection Act 2010 e Charities Constitution « OSCR requirements Because of the inherent limitations of an audit, there is a risk that we will not detect ali irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation This risk increases the more that compliance with a law or regulation 1s removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance The risk 's also greater regarding irregularities occurring due to fraud rather than error, as fraud invoives intentional concealment, forgery, collusion, omission or misrepresentation A further description of our responsibilities Is available on the FRC's website at httos /Awww fre org uk/aud itors/auditascurance/auditor-s-resoonsibilties-for-the-audit-of-the-fi/description-of-the-auditor aE 2%80%99s-responsibilities-for 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 Charties Accounts (Scotland) Regulations 2006 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 auditors’ 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
Findlays Audit Limited Chartered Accountants Statutory Auditor 11 Dudhope Terrace Dundee DD3 6TS
1A OCTOBER ROD
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The R J Larg Family Trust
Year ended 5" April 2025
Statement of Financial Activities for the year ended 5" April 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|Funds|Funds|
|Note|2025|2024|
|£|£|
|Income|from:|
|Investment|and|deposit|income|2|166,111|175,472|
|Total|income|166,111|175,472|
|Expenditure|on:|
|Charitable|activities|and|governance|3|111,180|124,600|
|Managing|funds|6|32,103|32,176|
|Total|expenditure|143,283|156,776|
|Net income|for year|before gains/ (losses) on|
|Investments|22,828|18,696|
|Adjustment|to|book|cost|from|previous|Accounts|7|941|-|
|Realised|gains|on|disposals|of|investments|7|379,772|354,860|
|Net|decrease|in|unrealised|appreciation|on|investments|7|(713,896)|(161,035)|
|Net|income|/|(expenditure)|for year and|net movement|
|in|funds|(310,355)|212,521|
|Fund|balances|brought|forward|5,339,578|5,127,057|
|Total funds at 5®|April|2025|5,029,223|5,339,578|
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All activities relate to continuing operations
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The R J Larg Family Trust
Year ended 5" April 2025
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Balance Sheet as at 5" April 2025
| Note | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixed Assets Investments |
7 | 4,896,936 | 5,248,070 | |
| Current Assets Cash on Deposit andon hand |
214,542 | 103,048 | ||
| 214,542 | 103,048 | |||
| Current Liabilities Creditors due within one year |
8 | (82,255) | (11,540) | |
| Net Current Assets | 132,287 | 91,508 | ||
| Total Net Assets | 5,029,223 © | __5,339,578 | ||
| Unrestricted reserves Capital account Revenue account |
5 5 |
__ | 4,705,496 323,727 |
5,078,562 261,016 |
| TotalFunds | __5,029,223 | 5,029,223 | 5,339,578 |
The notes on pages 12 to 17 form part of these accounts
Approved by the Trustees and signed on their behalf:
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Date
Trustee
"1
The R J Larg Family Trust Year ended 5'" April 2025
Statement of Cash Flows for the year ended 5" April 2025
| 2025 | 2024 | |
|---|---|---|
| £'000 | £'000 | |
| Net cash used in operating activities (as below) | (72) | (189) |
| Cash flows from investment activities: | ||
| Dividends and interest | 166 | 175 |
| Proceeds from sales of investments | 1,784 | 1,260 |
| Cost of purchases of investments | (1,766) | (1,317) |
| Net cash from investment activities | 184 | 118 |
| Movement in year | 112 | (71) |
| Cash brought forward | 103 | 174 |
| Cashcarriedforward | 215 | 103 |
Reconciliation of net movement of fund to net cash flow from operating activities
| 2025 | 2024 | |
|---|---|---|
| £000 | £'000 | |
| Net movement in funds | (310) | 212 |
| Deduct: Investment & other income | (166) | (175) |
| Add/(Less): (Gains)/Losses on investments | (380) | (355) |
| Add/(Less): (Increase)/Decrease in unrealised appreciation | 713 | 161 |
| Increase/(Decrease) in Creditors | 71 | (32) |
| (72) | (189) |
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The R J Larg Family Trust Year ended 5* April 2025
Notes to the Accounts
1. Accounting Policies
Basis of Preparation and assessment ofgoing concern
The accounts are prepared under the historical cost convention as modified by the revaluation of investment assets and include the results of the charity's operations as indicated in the financial report, all of which are continuing.
The accounts 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) and comply with 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 FRS 102.
The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern. With respect to the next reporting period (2025), the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the ‘Investment Policy and Performance’ and ‘Risk Management’ sections of the trustees’ annual report for more information).
Funds
Capital and Revenue funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for any other purpose.
Income
Income comprises income from investments and deposits which is included in the Statement of Financia! Activities (SOFA) in the year in which IC Is receivable. The Trust is a registered charity and apart from dividends arising from UK equity holdings is exempt from taxation on its income and gains.
Expenditure and irrecoverable VAT
All expenditure is included on an accruals basis and is recognised when there Is an obligation to pay for expenditure. Irrecoverable VAT is Included tn the related expenditure.
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¢ Charitable activities include expenditure associated with grant making.
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Governance costs include those incurred in the governance of the Trust and its assets and are primarily associated with constitutional and statutory requirements.
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« Support costs include central functions and have been allocated on a basis consistent with the use of resources.
Grants
Grants comprise those paid in the accounting period and, when applicabie, include grants payable in future accounting periods where there exists an obligation to make such payments.
Cash
Cash at bank includes cash heid in a deposit or similar account.
Investments
Investments are included at market value. Realised gains and losses, representing the difference between sale proceeds and cost, are treated as capital and are dealt with in the SOFA. Unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from the date of purchase if acquired during the financial year, are shown in note 7.
Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the good or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
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The R J Larg Family Trust Year ended 5" April 2025
Notes to the Accounts (cont)
| Unrestricted | Unrestricted | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| 2. Income from investments | £ | £ | ||||
| Dividends and Interest, perAppendix 1 | 166,111 | 175,472 | ||||
| 166,111 | 175,472 | |||||
| Unrestricted | Unrestricted | |||||
| 3. Charitable Activities | 2025 | 2024 | ||||
| £ | £ | |||||
| Charitable donations - | ||||||
| (i) | Grants paid or committed in year to organisations | for | ||||
| general purposes (£5,000 orover): | ||||||
| High Schoo! ofDundee (Cadet Force) High Schoo! ofDundee(Larg Scholarship) RNLI |
6,000 5,000 - 11,000 |
6,500 5,500 5,000 17,000 |
||||
| Various grantsunder £5,000, per Appendix 2 | 84,000 | 90,500 | ||||
| 95,000 | 107,500 | |||||
| (ii) | Support Costs (perNote 4) | 16,180 | 17,100 | |||
| 114,180 | __124,600_ | |||||
| Note: | all grants paid were for charitable expenditure in | line with the | ||||
| constitution of the various Charities. | ||||||
| Unrestricted 2025 |
Unrestricted 2024 |
|||||
| 4.Support Costs | £ | £ | £ | E | ||
| Charitable | ||||||
| Activities | Governance | Total | Total | |||
| Thorntons, administration fees | 8,800 | 4,420 | 13,220 | 14,400 | ||
| Audit | fee | - | 2,960 | 2,960 | 2,700 | |
| 8,800 | 7,380 | 16,180 | 17,100 |
No trustees received any remuneration or expenses from the trust during either of the two years ended 5" April 2025. The Trust has no employees.
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The R J Larg Family Trust
Year ended 5" April 2025
Notes to the Accounts (cont)
| 5. Funds | Unrestricted | ||
|---|---|---|---|
| Capital | Revenue | Total | |
| 3 | £ | £ | |
| At 5" April 2024 | 5,078,162 | 261,416 | 5,339,578 |
| Surplus/(Deficit) for the year | (372,666) | 62,311 | (310,355) |
| Asat5"April2025 | 4,705,496 | 323,727 | 5,029,223 |
| At Sth April 2023 Surplus/(Deficit) for the year |
4,924,013 154,149 |
203,044 58,372 |
5,127,057 212,521 |
| AsatSthApril2024 | 5,078,162 | 261,416 | 5,339,578 |
Note: the Capital surplus/deficit is comprised of realised and unrealised gains/losses, less the portfolio management costs and governance support costs; the Revenue surplus/deficit is comprised of the income for the period less grants paid and charitable support costs.
| Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| 6. Costs ofmanaging funds | £ | £ | ||
| Rathbones, portfolio management fees | __ | 32,103. | 32,176, | |
| 32,103, | 32,176 | |||
| 7. Investments | ||||
| £ | ||||
| Book Value as at 05.04.24 | 4,236,273 | |||
| Unrealised appreciation as at 05.04.24 | 1,011,797 | |||
| Market Value as at 05.04.24 | 5,248,070 | |||
| Movements in year: | ||||
| Adjustment to book cost from previous Account | 941 | |||
| Purchases at cost, per Appendix 3 | 1,766,307 | |||
| Sales- proceeds, per Appendix 3 |
(1,784,258) | |||
| realised gains/{losses), per Appendix 3 | 379,772 | |||
| Increase/(Decrease) in unrealised appreciation | (713,896) | |||
| MarketValue at 05.04.25, perAppendix4 | 4,896,936 | |||
| Book Value as at 05.04.25 | 4,599,035 | |||
| Unrealised appreciation as at 05.04.25 | 297,901 | |||
| 4,896,936 | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Investments listed in the UK Investments listed outside theUK |
2,719,333 2,177,603 |
4,202,787 1,045,283 |
_ | |
| 4,896,936 | 5,248,070 |
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The R J Larg Family Trust Year ended 5" April 2025
Notes to the Accounts (cont)
7. Investments (cont)
Material interests by value:
The trustees consider individual investment holdings in excess of 5% of the portfolio value to be material. There were no material investments held as at 5" April 2025
Investment Risks
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows: Credit risk. this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Market risk. this comprises currency risk, interest rate risk and other price risk.
Currency risk. this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
Interest rate risk. this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates. Other price risk, this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes __in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded — in the market.
The Charity has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Charity’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Charity’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.
Further information on the Trustees’ approach to risk management and the Charity’s exposure to credit and market risks are set out below.
Credit Risk
The Charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.
Analysis of direct credit risk
Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ringfenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.
Pooled investment arrangements used by the Charity comprise authorised unit trusts.
Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.
Currency risk
The Charity is subject to currency risk because some of the Charity’s investments are held in overseas markets, via the pooled investment vehicles.
Interest rate risk
The Charity is subject to interest rate risk through investments comprising bonds.
Other price risk
Other price risk arises principally in relation to equities held in pooled vehicles. The Charity manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.
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The R J Larg Family Trust Year ended 5* April 2025
| Notes to theAccounts (cont) | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| 8. Creditors | £ | £ | ||
| Grants (due within one year) | 71,000 | - | ||
| Rathbones, portfolio management fee | 7,575 | 8,000 | ||
| Findlays, audit fee | 2,480 | 2,340 | ||
| Thorntons, balance of administration fees | 1,200 | 1,200 | ||
| 82,255 | 11,540 | |||
| 9. Related parties | ||||
| There are no related party transactions that require disclosure. | ||||
| 10. Financial Instruments | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Financial assets | ||||
| Financial assetsmeasured at fair value through statement of financial activities | 4,896,936 | 5,248,070 | ||
| Financial liabilities | ||||
| Financial liabilities measured at fair value through statement of financial activities | 82,255 | 11,540 | ||
| Financial assets measured at fair value through statement of financial activities compnse the total | ||||
| value of investments. | ||||
| Financial {iabilities are measured at fair value through statement of financial activities, comprise creditors | ||||
| and accruals | ||||
| 11. Analysis ofnet assets between funds | Unrestricted | Unrestricted | ||
| funds | 2025 | funds 2024 | ||
| Fixed asset investment | 4,896,936 | 5,248,070 | ||
| Current assets | 214,542 | 103,048 | ||
| Creditors due within one year | (82,255) | (11,540) | - | |
| 5,029,223 | S,339,578 |
Financial assets measured at fair value through statement of financial activities compnse the total value of investments.
Financial {iabilities are measured at fair value through statement of financial activities, comprise creditors and accruals
17
The R J Larg Family Trust
Year ended 5" April 2025
General Notes regarding the Financial Services and Markets Act 2000, Law Society Rules and related matters
1, 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.
2. Auditors
The trustees approve the continued appointment of the Auditors as detailed in the Report of the trustees in these Accounts.
R J Larg Family Trust
Appendix 1
Year ended Sth April 2025
Note: This and the following appendices do not form part of the audited accounts
Summary of Dividends and Interest
| Net | |
|---|---|
| Income | |
| UK Company Dividends | |
| per Rathbones | 50,844 |
| UK Fixed Interest | |
| per Rathbones | 20,628 |
| UK Deposit Interest (Gross) | |
| per Rathbones | 1,053 |
| per Thorntons | 1,333 |
| Unit Trust Interest (Gross) | |
| per Rathbones | 12,278 |
| Property Income Distributions per Rathbones |
2,718 |
| UK Investment Trusts Dividends | |
| per Rathbones | 34,843 |
| Foreign income | |
| perRathbones | 42,414 |
| 166,111 |
Appendix 2
The R J Larg Family Trust Year to Sth April 2025
==> picture [369 x 479] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Distributions|under|£5,000|
|Date|Name|£|
|09/12/24|To Sistema Scotland|£2,500|
|09/12/24|To Cruse Scotland|£750|
|09/12/24|To Dundee Community Youth|Orchestra|£500|
|09/12/24|To Scottish Youth Dance|£1,000|
|09/12/24|To Tayside|Opera|£1,000|
|09/12/24|To The|Benedetti|Foundation|£2,000|
|09/12/24|To Dundee Contemporary Arts Limited|£2,000|
|09/12/24|To Grampian Society for the Blind|£1,000|
|09/12/24|To Dundee Museum of Transport|£2,000|
|09/12/24|To Design Dundee|Limited|£3,000|
|09/12/24|To Perth Festival of Arts|£2,500|
|09/12/24|To The Catherine McEwan Foundation|£1,000|
|09/12/24|To Perth|Chamber Music|Society|£500|
|01/04/25|To 6th/8th Oundee|Boys Brigade|£1,000|
|04/04/25|To Friends of Barnhill|Rock Gardens|£500|
|04/04/25|To Dundee Orchestral Society|£1,000|
|04/04/25|To Music|in Hospitals and Care|£1,000|
|04/04/25|To RSNO Society|£1,500|
|04/04/25|To Aero Space Scientific Educational|Trust|£1,000|
|04/04/25|To South Georgia|Heritage Trust|£500|
|05/04/25|To Kanzen|for|Life|£1,000||
|05/04/25|To Jock Neish Scouting Centre|£2,000||
|05/04/25|To Bridge FM|£1,200||
|05/04/25|To British Red Cross (Angus)|£1,750|,|
|05/04/25|To City of Dundee Scouts Association|£2,000||
|05/04/25|To Dundee Age Concern|£1,200||
|05/04/25|To Dundee|Disabled Childrens Association|£2,000||
|05/04/25|To Dundee|Parish Church|(St Marys)|£2,500||
|05/04/25|To Poppy Scotland|£2,500||
|05/04/25|To Helm Training|£1,750||
|05/04/25|To Horne Start Dundee|£1,200|,|
|05/04/25|To Kirrlemuir Day Centre|£3,200||
|05/04/25|To Kirriemulr Scout Group|£3,000||
|05/04/25|To Multiple Sclerosis (Dundee)|£2,200||
|05/04/25|To PDSA Pet Aid|Hospital|£1,750||
|05/04/25|To RNLI Scotland|£4,500||
|05/04/25|To Scottish Wildlife Trust (Angus)|£3,000||
|05/04/25|To SENSE Scotland|£1,500||
|05/04/25|To Ninewells Cancer Fund|£4,000||
|05/04/25|To University of Dundee Students Assoc (Hardship|Fund}|£3,000||
|05/04/25|To Victim Support (Dundee West)|£1,500||
|05/04/25|To MeMillan Cancer Support|£1,000||
|05/04/25|To Guide Dogs for|the|Blind|(Forfar)|£1,500||
|05/04/25|To Samaritans Society Dundee|£1,500||
|05/04/25|To Marie Curie|£2,000||
|05/04/25|To Mary's Meals|£2,000||
|05/04/25|To Funeral|Link Dundee|£1,000||
|05/04/25|To Children's|Classic Concerts|£1,000||
|05/04/25|To Tayside|Deaf Hub|£1,000||
----- End of picture text -----
Tota! * Creditor as at 05/04/25 ** Grant provision included though organisation no longer exists *** £2,250 grant cheque from 23/24 never cashed. Grant to be re-issued
| Appendix 3 | |||||
|---|---|---|---|---|---|
| RJ Larg Family | Trust | ||||
| Investment transactions 2024-25 | Purchase | Sales | |||
| Date | Units | Description | Price(£) | Costs(£) | Proceeds(£) |
| 31/05/2024 05/06/2024 05/06/2024 05/06/2024 05/06/2024 05/06/2024 05/06/2024 05/06/2024 06/06/2024 06/06/2024 06/06/2024 06/06/2024 07/06/2024 21/06/2024 21/06/2024 21/06/2024 01/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 23/08/2024 30/09/2024 05/11/2024 05/11/2024 05/11/2024 05/11/2024 05/11/2024 05/11/2024 05/11/2024 04/11/2024 04/11/2024 20/12/2024 20/12/2024 20/12/2024 20/12/2024 20/12/2024 20/12/2024 20/12/2024 24/02/2025 24/02/2025 24/02/2025 24/02/2025 25/02/2025 01/04/2025 01/04/2028 04/04/2025 |
750NATIONALGRIDPLC 12.43128pOrd(NPD10/06/24) 510JPMORGANCHASE&COUSD1CommonStock 2,300 SSEPLCSOpOrdinaryShares 30,200CITYOFLONDONINVTRUSTPLC25pOrdinary Shares 2,425 PERSIMMONPLC10pOrdinary Shares 850 HALMAPLC 10pOrdinary Shares 130BLACKROCKINCNPVClassACommonStock 485AMAZONCOMINCUSD0,01CommonStock 1,200APTIVPLCUSOO.01CommonStock 3,700COMPASSGROUPPLC11.05p OrdinaryShares 22,000 LEGAL&GENERALGROUPPLC21/2p OrdinaryShares 40,600SCOTTISHAMERICANINVCOPLC25pOrdinaryShares 154 NATIONALGRIDPLC 12.43128pOrd(FPD10/06/24) -RightsIssue 985 RECKITTBENCKISERGROUPPLC 10pOrdinaryShares 600 NOVO-NORDISKASDKKO.1SerB Shares 950 CRODAINTERNATIONALPLC 10.609756pOrdinaryShares 0HERMESINVESTMENTMGMTUSSMIDEquity12Inc(GBP) -Equalisation 950 LONDONSTOCKEXCHANGE GRPPLC679/86pOrdinaryShares 700 BOOZALLENHAMILTONHLDGCORPUSDO.01 Class ACommon Stock 155 MICROSOFT CORPUSD0.00000625CommonStock 295 ESTEELAUDERCOSUSD0.01ClassACommonStock 180AMAZONCOMINCUSO0.01CommonStock 64,900 LIONTRUST INVESTMENTSLTDSustFutureMnthBdPinc 47,750 ROYALLONOONUNITTRUSTMGRSEthicalBondZ Inc 100,000M&GSECURITIESLTOGlobalMacro SondPPInc 44,000 JPMORGANGBiGROWTH&INCOME SoOrdinaryShares 130ASMLHOLDINGSNVEURO.09Shares(PostSplit) 0 LIONTRUSTINVESTMENTSLTOSustFutureMnthBdP Inc-Equalisation 550 TEXASINSTRUMENTSINCCommon Stock 400 CADENCEDESIGNSYSTEMSINCUSD0.01CommonStock 35,000 CITYOFLONDONINVTRUSTPLC 25pOrdinary Shares 900 RTXCORPUSD1.00CommonStock 325ACCENTUREPLCNewA ClassShares 16,000 JPMORGANGBIGROWTH&(INCOME SpOrdinary Shares 3,254 NATIONALGRIDPLC12.431289pOrdinaryShares 4,975 SMITH&NEPHEWPLCUSDO.20OrdinaryShares 22 BOOKINGHOLDINGSINCUSO0.008CommonStock 1,200APTIV PLC USDO.01CommonShares 190 ROPERTECHNOLOGIESINCUSD0.01CommonStock 80 PARTNERSGROUPHOLDINGAGCHFO.01Shares{Regd) 600ABBOTTLABORATORIESNPVCommonStock BOTHERMOFISHERSCIENTIFIC INCUSD1CommonStock 98,750 MURRAYINTERNATIONALTRUSTPLCSpOrdinaryShares 50ASMLHOLDINGSNVEURO.09Shares(PostSplit) 2,835 DIAGEOPLC28 101/108pOrdinary Shares 310 MARSH&MCLENNAN COINCUSD1CommonStock 14,500TREASURY41/8%IndexLinkedStock2030 2,550 SMITHSONINVESTMENTTRUSTPLCipOrdinary Shares 28,000 BLACKROCKASSETMGRS(UK)EurpAbsoluteAlphaDAcc 440 NVIDIACORPUSDO.001CommonStock 16,500 TREASURY11/4%1/LStock22/11/2027 19,000 RENTOKILINITIALPLC1pOrdinaryShares |
1.76 198.42 17.87 4.21 14.81 23.00 788.75 180.08 81.73 22.17 2.53 5.11 44.32 986.94 40.34 100.51 15464 417.10 91.88 177.19 0.84 1.01 0.80 5.65 822.10 203,57 293.41 4.23 118.50 342.79 5.66 9,92 9.57 4,777.08 59.07 521.07 1,198.35 112.64 516.69 2.82 669.85 21.96 233.23 3.40 15.44 195 108.45 2.08 3.34 |
1,322.92 79,734.70 41,101.12 127,142.00 35,913.86 19,547.79 80,659.86 68,694.14 77,150.31 82,035.03 $5,572.44 207,466.00 993.30 43,652.47 67,574.73 38,324.50 27.06 95,482.94 82,695.02 49,395B3 20,549.38 24,423.03 54,399.18 48,179.75 80,140.00 248,484.09 91,114.21 227.15 86,51001 90,684.05 147,905.63 82,470.23 85,975.64 90,626.61 32,295.14 47,628.45 81,329.64 56,095.66 79,258.34 85,835.37 54,104.79 33,091.15 248,356.25 27,972.74 62,265.51 57,521.58 49,501.27 39,366.62 54,525.97 37,213.62 34,539.94 63,48850 ee |
||
| £1,766,307 | £1,784,258 | ||||
| Saleproceedsasabove | £1,784,258 | ||||
| -£1,404,486 | |||||
| Less: Book cost of Sales | |||||
| £379,772 | |||||
| GainonSaleofInvestments |
The R J Larg Family Trust Appendix 4 Year ended Sth April 2025
Investments as at Sth April 2025
==> picture [352 x 116] intentionally omitted <==
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Book|Market|
|Cost|Value|
|Totals|per|valuation|attached|£4,751,836|£5,049,737|
|Less:|Capital cash|balance|-£89,312|-£89,312|
|Unsettled|transactions|-£63,489|-£63,489|
|Totals|Investments,|net of cash of cash cash|£4,599,035|£4,896,936|
----- End of picture text -----
Totals Investments, net of cash of cash cash
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