THE ARBROATH IMPROVEMENT TRUST
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2025
SCOTTISH CHARITY 005622
: :
ARBROATH IMPROVEMENT TRUST
Independent Examiner's Report to the Trustees of Arbroath Improvement Trust
Year ended 31 December 2025
| report on the accounts of the charity for the year ended 31 December 2025 which are set out on the following four pages.
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 ("the 2005 Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) ("the 2006 Regulations").
The charity trustees consider that the audit requirement of Regulation 10(1)(d) of the 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 is carried out in accordance with Regulation 11 of the 2006 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 | 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;
- 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 Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations
-
have not been met, or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name
David L Langlands C.A.
Address: 18 Ethie Terrace
Arbroath
DD11 4AB Date 20/03] 2ork
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‘ “ LAMAN
No [_ BC \
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ARBROATH IMPROVEMENT TRUST
LEANNUAL REPORT OF THE TRUSTEES FOREE THE YEARRAR ENDEDENVED 3191 DECEMBER,DECEMBER, 20252025
DEED OF CONSTITUTION
The Deed of Constitution was registered in the Books of Council and Session of 20 March, 1936.
ORIGIN OF DEVELOPMENT
The Trust was set up by the Trustees of the late George William Lyon Sturrock, 6 Alexandra Place, Arbroath, whose will had contained a Bequest of £10,000 to the town of Arbroath, to be administered by an Association or Trust composed by representatives of all sections of the Community. At the time of the local Government Reorganisation in 1975, Arbroath Town Council contributed a substantial Capital sum from the Common Good Fund to the Trust. At the request of the Town Council, three members of the Angus Council representing Arbroath were assumed as Trustees. Down through the years there have been other Bequests and Donations to the Trust's Capital.
PURPOSE AND OBJECTS QF THE TRUST
Mr Sturrock specified in his will that the purpose and object of the Trust might include ‘the improvement and beautifying of the Town: acquiring works of art for the Art Gallery: purchasing books for the benefit of local students in supplement of those provided out of the Library Funds: encouragement of promising pupils from the Town Schools in any way not provided for by Educational Authorities: encouragement of Youth Movements: in fact, anything on these or similar lines that wiil make the Town a better place to live in, and tend to give to the inhabitants a greater pride and produce a greater interest in the Town’.
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|---|---|---|
|TRUSTEES|
|Allan|D|Massie|
|Stephen|Gilbert|
|Charles|Grant|
|Alex|King|
|Mrs|Maureen|Beedie|
|Alexander|C|Smith|
|Karen|Thompson|
|Dr|Rebecca|Wheater|
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The Trustees are appointed at half-yearly meetings in March and September. The Trustees did not receive any remuneration or expenses during the year.
SECRETARY & TREASURER Stephen Gilbert, 39 Hill Street, Arbroath. DD11 1AG INDEPENDENT EXAMINER David L Langlands, C.A., 18 Ethie Terrace, Arbroath, DD114AB ACTIVITIES DURING THE YEAR The Trustees approved the payment of Grants totalling £5,250 to 9 local Organisations.
FINANCIAL POSITION
The financial position of the Trust at 31 December, 2024 is fully set out in the following Accounts. The Funds available at the year end amounted to £16,243 (2023 - £20,463)
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Signed on behalf of the Trustees
‘
Chairman Date OST lo 2/2520
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ARBROATH IMPROVEMENT TRUST
RECEIPTS & PAYMENTS ACCOUNT FORTHE YEAR ENDED 31 DECEMBER. 2025
| RECIEPTS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | ||||||||
| Investment Income | Appendix | Funds 2025 | 2024 | |||||
| £ | ||||||||
| Company Dividends | (2) | £ | 10,327.54 | 10,407 | ||||
| Interest & rebates | 382.30 | 749 | ||||||
| Investments Sold | (2) | 23,387.30 | 49,212 | |||||
| Equalisation receipts | 0.00 | 0 | ||||||
| TOTAL INCOME | £ | 34,097.14 | 60,368 | |||||
| PAYMENTS | ||||||||
| Grants To Organisations | ep) | £ | 5,250.00 | 3,500 | ||||
| Advertising For Grants Applications | 0.00 | 0 | ||||||
| Investment Management Costs | 3,286.78 | 3,076 | ||||||
| Secretary/Treasurer Honorarium | 800.00 | 800 | ||||||
| Independent Examiner Fee 2022 | 240.00 | 240 | ||||||
| Investments Bought | (2) | 23,943.23 | 56,973 | |||||
| TOTAL EXPENDITURE | £ | 33,520.01 | 64,589 | |||||
| SURPLUS/ (DEFICIT) FOR YEAR | £ | 577.13 | (4,221) | |||||
| STATEMENT OF BALANCES AS AT | 31 DECEMBER. 2025 | |||||||
| FUNDS RECONCILATION | ||||||||
| Cash in Bank and Investments Managers, 31 December, | 2024 | £ | 16,242.90 | 20,464 | ||||
| Surplus/fDeficit) forYear | 577.13 | (4,221) | ||||||
| Funds at 31 December 2025 | £ | 16,820.03 | 16,243 | |||||
| Represented by: | ||||||||
| Balances on Hand | ||||||||
| Bank of Scotland | £ | 5,687.45 | 5,978 | |||||
| Thorntons Investment Services | ||||||||
| Capital | £ | 431.91 | (11,445) | |||||
| Income | 10,700.67 | 11,132.58 | 21,710 | |||||
| Total | £ | 16,820.03 | 16,243 | |||||
| OTHER ASSETS | ||||||||
| Investments, at Market Value 31 December, 2025 | (3) | £ | 391,068.00 | 341,293 | ||||
| Signed on behaif of the Trustees: | Z) | oS | ||||||
| Namey / LLA~ | OC | YY | ||||||
| Date:©)“T/-]ZOZ2, |
APPENDIX 1
ARBROATH IMPROVEMENT TRUST
GRANTS TO ORGANISATIONS DURING YEAR TO 31 DECEMBER 2025
| Arbroath and Montrose Scouts | £ | 500.00 |
|---|---|---|
| 4th Arbroath Guides | 500.00 | |
| Friends of Arbroath Abbey | 500.00 | |
| Mum and Me | 500.00 | |
| Arbroath Christmas Lights | 1,000.00 | |
| The Abbey Theatre | 1,000.00 | |
| Arbroath & Canoustie Band | 500.00 | |
| Arbroath Rifle Club | 500.00 | |
| Café Project | 250.00 | |
| Total | £5,250.00 | 5,250.00 |
ARBROATH IMPROVEMENT TRUST
Notes to the Accounts for the year to 31st December 2025
Appendix 2 - INVESTMENTS SUMMARY
REALISATIONS
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|---|---|---|---|---|---|---|---|---|---|
|Cost|to|Market|Value|Income|
|31/12/2025|31/12/2024|Sold for|Gain(/Loss)|of Year|
|20,000|Bankers|Investment|Trust|9,575.00|23,020.00|23,387.30|367.30|134.40|
|£9,575.00|£23,020.00|£23,387.30|£367.30|
|RETAINED|INVESTMENTS|
|Market|Value|Unrealised|
|at|31/12/25|Gain/(Loss)|
|1,500|Aberforth|Smaller|Cos.|Trust|5,856.00|21,975.00|23,625.00|1,650.00|754.50|
|1,900|Alliance Trust|4,438.00|23,617.00|24,339.00|722.00|531.43|
|10681.931|Atlantic|House|Defined|Returns|13,000.00|12,932.00|13,580.00|648.00|530.48|
|7,600|Blackrock|Frontiers|Mkts|Inv Tr.|9,878.00|12,046.00|13,813.00|1,767.00|571.00|
|7,200|JPMorgan|GBL|Emerg.|Mkts|9,854.40|9,522.00|12,204.00|2,682.00|403.20|
|9,676.90|Martin|Currie|UK|Equity|14,930.00|15,909.00|18,531.00|2,622.00|728.91|
|3,700|Fundsmith|Equity|Inc.|11,965.00|23,793.00|23,924.00|131.00|79.84|
|8,200|HICL|Infrastructure|pic|12,076.00|9,766.00|9,537.00|(229.00)|680.56|
|1,250|ICG|Enterprise|Trust|12,869.00|16,363.00|18,650.00|2,287.00|462.50|
|1,846|Ishares|Core|14,997.16|14,644.00|17,848.00|3,204.00|536.80|
|16367.51|Jupiter|Japan|Income|Fund|17,287.85|19,526.00|22,693.00|3,167.00|471.28|
|32,000|Jupiter|Strategic|Bond|Fund|16,861.56|16,707.00|17,376.00|669.00|927.73|
|7528|Mercantile|investment|Trust|17,999.37|17,917.00|19,403.00|1,486.00|602.23|
|8661.667|Ninety One|Funds|Series|111|11,000.00|9,559.00|25,233.00|15,674.00|0.00|
|14480|Phoenix Fund|Services|16,792.95|15,008.00|14,864.00|(144.00)|906.24|
|12,300|Royal|London|Bond|Funds|11,884.68|11,993.00|11,989.00|(4.00)|522.73|
|13588.44|Sarasin|investment|Funds|19,933.00|27,557.00|28,900.00|1,343.00|688.00|
|2,473|Scottish|Mortgage|Inv Trust|10,058.00|23,511.00|29,324.00|5,813.00|108.30|
|18,903|Schroder|Unit|Trusts|15,396.66|15,928.00|19,130.00|3,202.00|687.20|
|£247,077.63|£318,273.00|£364,963.00|£46,690.00|
|INVESTMENTS|MADE|DURING|YEAR|
|Equalisation|Schroders|(0.02)|0.00|0.02|
|qualisation|Jupiter|Japan|(0.32)|0.00|0.32|
|Equalisation|Ninety One|(39.22)|0.00|39.22|
|329|Xtrackers|23,953.61|26,105.00|2,151.39|
|22.05|Jupiter|Japan|29.18|0|(29.18)|0.21|
|£23,943.23|£26,105.00|£2,161.77|
|UNREALISED|GAINS|
|Unrealised|Gains|for year|£48,851.77|
|Adjustment|on|Investments|sold|during|year|367.30|
|MOVEMENT|IN YEAR|£49,219.07|
|BOOK VALUE|OF|INVESTMENTS|at|31/12/25|271,020.86|
|MARKET VALUE OF INVESTMENTS|at 31/12/24|PY|£341 ,293.00|
|MARKET VALUE OF INVESTMENTS|at|31/12/25|fs|£391,068.00|
|GROSS|INCOME|FOR YEAR|||£10,327.54|
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£10,327.54
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