## Clark (Mile-End) Bursary Fund REPORT AND ACCOUNTS For the year ended 30 April 2025
Scottish Charity No $C004959
www.clarkmileend.co.uk
## Clark (Mile-End) Bursary Fund
## Report and Accounts
## For the year ended 30 April 2025
||Contents|PageNo|
|---|---|---|
|1.|Governors’ Report|1|
|2.|Independent Examiner’s Report|4|
|3.|Receipts and PaymentsAccount|5|
|4.|Statement of Balances|6|
|5.|NotestotheAccounts|7|
## Clark (Mile-End) Bursary Fund
## Report and Accounts
## For the year ended 30 April 2025
## Introduction
The Governors present their report and the financial statements of the Charity for the year to 30 April 2025.
## Structure, Governance and Management
The Charity is constituted in terms of the Clark (Mile-End) Bursary Fund Scheme 1974 (Statutory Instrument No 598 S.50) as amended by a Minute of Variation dated 5 March 2013 and a Minute of Amendment dated 10 June 2019. These documents replace the provisions of the original Trust Deed which was dated 1 August 1866 and registered 19 December 1868, and also various earlier amendments to the Scheme.
The Constitution provides for five ex officio Governors as noted below and five nominated Governors. Details of the Governors who served during the period of these accounts are noted below.
The Governors have wide investment powers and meet once a year in order to review the financial position of the Trust and make decisions on the award of grants out of the Charity’s income.
## Objectives and Activities
The Governors are directed to apply the income of the Charity for the purposes set out in Sections 22 and 23 of the 1974 Scheme namely:
- (a) The award of scholarships to graduates of the Universities of Glasgow or Strathclyde who are proceeding to undertake research work or advanced or special study at a university in the UK or abroad. .
- (b) The award of bursaries to students entering a faculty of the University of Glasgow or Strathclyde for the first time who have not previously been matriculated students of a university, and for subsequent years.
- (c) The award of grants to graduates of the Universities of Glasgow or Strathclyde to enable them to obtain a second or subsequent degree at a university in the UK or abroad, or graduates of other universities seeking a second or subsequent degree at the Universities of Glasgow or Strathclyde.
Awards are made out of the available annual income of the Charity after expenses and dependent on the quality of the applications received.
## Achievements
Grants totalling £8,000 were awarded among eight students (£1,000 each) during the period of these Accounts (2024 - £5,400 among six students).
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## Plans for Future Periods
The Governors intend to continue to provide grants in the future in a similar way to the way in which they did in the period of these accounts and have done in previous years.
## Financial Review
During the period of these accounts, income from donations and investments was received by the Charity and professional fees incurred.
Total receipts for the period were £58,294 (2024 - £64,764) which included £36,033 from the sale of investments. Total expenditure was £72,260 (2024 - £57,765), including £57,971 of investment purchases, resulting in a deficit of £13,966 taking into account the investment purchases (2024 — surplus of £6,999).
The total value of the funds held by the Governors at 30 April 2025 amounted to £382,903 (2024 - £375,993).
## investment Policy and Performance
The annual income generated from the Charity’s funds provides the means whereby the Charity is able to fulfil its purposes.
The Governors have delegated the management of their stock exchange investments to Rathbone Investment Management who report to the Governors on a regular basis as to the performance of the portfolio. The investment objective of the Governors in relation to the share portfolio is to achieve a balance between capital and income growth. Approximately 20% of the fund is invested in good quality fixed interest stocks and bonds or held in cash with the balance invested in equities, a reasonable proportion of the equity content of the portfolio being allocated to investment/unit trusts in order to provide a good spread of risk.
## Reserves
The Governors have chosen not to designate any of the capital funds of the Charity. They regularly review the level of reserves of the Charity, and consider the grants to be made based on the funds available, after allowing for the annual operating costs of the Charity. The Governors are satisfied that adequate funds were available at the year-end for the Charity to be able to continue to fulfil its charitable objectives.
## Risk Management
The Trustees review the risks faced by the Charity on an ongoing basis at each meeting and are satisfied that appropriate systems, controls and procedures are in place so as to ensure the satisfactory operation of the Charity and mitigate risk.
## Details of Transactions with Related Parties
The Charity does not directly employ any staff but engages the services of a Clerk to administer the Charity on a day-to-day basis. There were no transactions during the period of these Accounts with related parties.
## Reference and Administrative Information
Scottish Charity Number $C004959
Website: www.clarkmileend.co.uk
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## Principal Office
## independent Examiner
Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE
|Clerk
Solicitors Lindsays LLP Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE
InvestmentRathbone Investment Managers Management George House a fsoorgS Sy uate atid G2 1EH
ApprovedChair: by the Governors on 29 October 2025 and signed on their behalfii
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## Clark (Mile-End) Bursary Fund
## Independent Examiner’s Report to the Governors
## For the year ended 30 April 2025
| report on the accounts of the Charity for the year ended 30 April 2025 which are set out on pages 5 to 7.
## Respective Responsibilities of the Governors and Examiner
The Charity’s Governors 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’s Governors consider that the audit requirement of Regulation 10(1)(d) of the 2006 Accounts Regulations 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 was carried out in accordance with Regulation 11 of the 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 seeking explanations from you as Governors 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 accounts.
## 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:
- e to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the Accounts Regulations, and
- e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 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.
## Clark (Mile-End) Bursary Fund
## Receipts and Payments Account
## For the year ended 30 April 2025
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Unrestricted|Funds|
|2025|2024|
|Notes|£|£|
|Receipts|
|Income from|investments|9,761|9,723|
|Donations|received|12,500|12,500|
|Receipts from asset and investment sales|
|Proceeds from|sale|of investments|36,033|42,541|
|Total|receipts|58,294|64,764|
|Payments|
|Grants|2|8,000|5,400|
|Investment management fees|4|3,242|3,064|
|Support and|governance|costs|5|3,047|3,156|
|14,289|11,620|
|Payments|relating to asset and|investment|movements|
|Purchase|of investments|57,971|46,145|
|Total payments|72,260|57,765|
|Net|receipts and surplus/(deficit)|for year|(13,966)|6,999|
**----- End of picture text -----**
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## Clark (Mile-End) Bursary Fund
## Statement of Balances
## For the year ended 30 April 2025
||2025|2024|
|---|---|---|
||£|£|
|Cash funds|||
|Cash balance at start ofyear|25,367|18,368|
|Surplus / (Deficit) on Receiptsand PaymentsAccount|(13,966)|6,999|
|Cash balance at end ofyear|11,401|25,367|
|Investments|||
|Stock exchange investments, atmarket value|371,502|350,626|
||382,903|375,993|
Approved by the Governors on 29 October 2025 and signed on their behalfDY Chair:
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.
## Clark (Mile-End) Bursary Fund
## Notes to the Accounts
## For the year ended 30 April 2025
## 1. Basis of accounting
These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
## 2. Grants
The charity did not undertake any charitable activity directly during the period of these accounts but met its charitable purposes through grant-making. During the year grants of £1,000 each were awarded by the Governors to eight successful applicants.
## 3. Governors and employees
The Charity does not directly employ any staff but engages the services of a Clerk to administer the Charity on a day-to-day basis.
There were no transactions during the period of these Accounts with related parties. None of the Governors received any remuneration, nor were any expenses reimbursed to any of them during the current or previous year.
## 4. Investment management
The Charity has delegated management of its stock exchange investments to Rathbone Investment Management who charge a quarterly management fee equal to 0.7% of the value of the funds held by them at the quarter end plus VAT.
## 5. Support and governance costs
|Support and governanceand governancegovernance costs|.|||
|---|---|---|---|
|||2025|2024|
|||£|£|
|Clerk’sfee||2,609|2,519|
|Data Registration||40|40|
|Website costs||31|-|
|Independent examination fee||150|150|
|Trustee indemnity insurance||193|422|
|Miscellaneous||24|25|
|||3,047|3,156|
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