Miss Anne H Cruickshank Special Trust (Charity Number SC006614) Financial Statements For the year ended 20 August 2024
Miss Anne H Cruickshank Special Trust Trustees Annual Report for the Year Ended 20 August 2024 Contents Pagg Report of the Trustees, including Stslement of Trustees, Responsibilities Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet Cash Flow Slalemenl Notes to the Financial Slalemenls
Miss Anne H Cruickshank Special Trust Report of the Trustees for the Year Ended 20 August 2024 Oblectlves & Activities The Miss Anne H Cruickshank Special Trust I'th8 Trusl'l was created by Miss Anne Hamilton CruiGkshank who resided at 20 Rose Street, Aberdeen in temis of her Will dated 19th March 1898 and Codicils dated 20th February 1903 and 23rd November 1905, all registered in the Books of Council and Session on 1 Oth June 1911. The purpose of the Trust is lo assist the University of Aberdeen in promoting or advancing any of ils interests or objects, and also of perpetuating the memory of her late father, Professor John Cruickshank, with funds specifically sel aside for.. the endowment of a Lectureship or Chair of Astronomy lin¢luding Navigation and Meleorologyl,. lo found and 5UPPOrt a S¢ien¢e Library, to be known as Ihe'Crui¢kshank Science Library and to provide an annual prEe or pr¥zes in Connection with the Faculty of Law to be known as the 'Cruickshank Law Prvze, or 'Crui¢kshank Law Prvzes, in memory of her late brother John Forbes Cruickshank. During the year, the Trustees continued lo manage the Twst with regard to f(s founding purposes. The Trust's investment portfolio is monitored by stockbrokers, RBC Brewin Dolphin. who provide regular reports and valualions for the Trustees. These reports form the basis of investment decisions. Achievements & Perforniance Grants awarded to the Universty during the year amounted to £9,600, being £400 towards the Science Library, £200 towards the Cruickshank Law Prize, and £9.000 towards the Lectureship in Astronomy. Financial Review Total income of the Trust for 2024 was £30,22412023". £32,767) which was all investment income, as per the prior year. Funds granted in the year amounted to £9,600 12023.. £19,2001. There were investment proceeds of £371,30812023." £104.1051 against investment purchases of £372.96912023'. £120,422). These resulted ln realised gains of £15,52012023'. £8891. Net incoming resources were £14,721 in the year compared to £6.904 in the previous year. Cash levels increased during the year to £112,544 12023." £98.6461. Unrestricted funds as at 20 August 2024 amounted lo £108,74412023.' £88,508). Restricted funds were £892.26212023.. £808,157). Investment Performance The Trust's investment portfolio ha5 continued lo perform robustly given the challenging economic circumstances of the past few years. The portfolio was valued at £885,581 as at 20 August 2024 compared with £792.837 in the prior year lexcluding cash held for inveslmenll, with the growth having been driven by the strong performance in the year. as well as the Trustees, decisions throughout the year lo divest of underperfomiing holdings and reinvesting proceeds in aernatIVe funds. Trustses, responsibilities in latiOn to the financial statements Under charity law, the Trustees are responsible for preparing a Trustees, Annual Report and financial statements for each fiscal year which show a true and fair view of the slate of affairs of the charity and of the excess of income over expendrture for that period. The Trustees have elected lo prepare the financial slalemenls in accordance with UK Accounting Standards, including FRS 102 The Financi81 Reporting Standard 8ppli¢able in the UK and Republic of Ireland. In preparing these financial staternents, generalty accepted accounting practice entails that the Trustees. select suitable accounting policies and then apply them consistently., make judgments and eslimales Ihal are reasonable and prudent., state whether the recommendatn8 of the Slalement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements,. state whether the financial slalements comply with the applicable conslilulional documents and rules. subject lo any material departure5 disclosed and explained in the financial slalemenls," assess the charity's ability to continue as a going concern, dis¢losing, as applicable, matters related to going concern," and use the going wncem basis of accounting unless they either intend lo liquidate the charity or lo cease operations or have no realistic allemalive but to do $0.
Mlss Anne H Crulckshank Speclal Trust Report of the Trustees for the Year Ended 20 August 2024 The Trustees are requiied to act in accordan with the constitution and the rules of the charity, within the framework of ¢harrty and other relevant laws. They ore responsible for keeping proper accounting records, sufficient trj disclos¢ at any time, with reasonable accuracy, the financial posf(ion of the charty atthal lime, and to enable the Trustèes lo ensure that, where any statements of accounts gre prepared by them under the Charities and Trustee Investment (Scollandl Act 2005, those slalemenls of accounts comply with the requirements of regulations under Ih8t Act. They are responsible for such internal control as they detemiine is necessary to enable the prepaiation of financial slalements that are free frtym material misstatement, whether due lo fraud or error, and have general resF)onsibilily for laking stjch steps as are reasonably open to tham lo safeguard the assets of thè charity 8nd to prevènt and dele¢t fraud and other irregulaill$. The Tiustees are responsible for the maintenance and integrity of the financial and other information included on the charity's website. Legislation in the UK governing the preparation and dissemination of linanckn21 statements may differ from legislation in other jurisdKtions. Trustees and Key Management Personnel The Trustee¥ who served during the financial year or theregfter to the date of this report are.. Reference and Administrativ8 Details The Miss Anne H Cruicksh8nk Special Trust has been ente1 into the Scottish Charty Register and is enlill&J, in accordance with section 13111 of the Charities and Trustee Investment (Scollandl Act 2005, to refer lo rtself as a charity registered in Scotland (Scottish Charity number SCOC66141. Principal Advisors and Proles$•onal SeNices Investment AdVOr. RBC Bwin Dolphin Sixth Floor, Atria One 144 Momson Street Edinbuuh EH3 8BR B8nker.' B8nk of Sttotlènd 39 Albyn PlaGg Aberdeen ABIO IYN Principal Address.- IBS Anne H CruiGkshank Special Twst Glo Principal's Office King's College UniverEity ofAberdeen Abordeen AB24 3FX
Mi93 Anne H Cruickshank Spe¢lal Trust Report of the Trustee$ for the Year Ended 20 August 2024 Structurè, Governance & Managgm8nt The Miss Anne H Cruickstrank Special Trust is a charity registered with the Office ofthe Scottish Charity Regulator IOSCRI It is governed by rts Trust Deed. ensuring that its activities align wf(h ils charrtable purposes as articuLated therein. and detailed here". Being desirous olass&gfing thè Univorsty of Aberdeen andpromoting OT a(fvancing any orits int8resls or objects and also of perpetuating Ihe memory of h9r lat8 father, Professor John CruKkshank, Miss Crnickshank instructed hèr Trustees to sel aside funds from heresÈale for. (a) Ihe end(Trwmenl of a Leclufvship or Ghair of Astronomy (including Navigation ond Meleorologyj (b) to found and support a Science Librnry, to be known as the 'Cruickshank Science Library, and lo pn)vth an annualpnze orpnzes Connection wilh the Faculty ofLaw lo be kiiovii? (7$ Ihi., 'Cniirk.8hank Lav/ Prize. or'CmKkshank Law Wizes Trusts& Recrultment and Appointment There are three Ex-officiis Trustees and three Lrfe Trusteès appointed under the Trust Deed. The Ex- Officiis Trustees are the Principal. the Professor of MathemaliGs and the Professor ol Botany at the University of Aberdn, and their successors in office. On the death, resignation or incapacity of any of the Lrfe Trustees. the remaining Life Trustees musl aPPnt a new Trustee so that the Lrfe Trustees are kept up to, but do not exceed, three in number All Trustees give their time fr*ly and no Tnjsiee remuneration was paid in the year. Details of Trustee expenses are disclosed in note 5 to the accounts. The Trust has no direct staff and slaff time is donated to the Trust by the University ofAberdeen. Reserves Pollcy Reslricled funds comprise those funds donated to the TNSI by Mis5 Anne H Cruickshank and are held for specific puipose in acc?rdance with the terms of her will and the slated objectives of the Trust. Grant awards are made upon applic81ion and are subject lo approval by the Trustees and dependanl on the resources available lo ensure that the Trust can maet rts commitments. The Trust has no specific target level of reserves, and the51 are held until awarded. The Trust musl also consider the unre51ricled reserves of the charity. The Trustees are of Ihe opinion that the level of unrestricted funding Is sufficient for operational expenditure. Approved by the Trustees on 19th May 202S and signed on their bahatF by..
Independent Examlnerfs Report to the Trustees of the Mlss Anne H Crulckshank Special Trust for the Year Ended 20 August 2024 Independent examinerfs report on the accounts Repjrttothe trustseslmwnbgrs of Chgrity nBrrE Miss Anne H Cwickshank Special Trust Registered charity number On the accounts ofthe charty for the perK>d SC004654 Period start d9te Period end date 21 08 2023 08 2024 Setouton pages Bto 14 Respect&ve The charity's trustees are responsible for the preparation of the ac¢ounls in responsibilities of a¢cordance with the lernis of the Chari(ies and Trustee Investment Iscotlandl 2005 trustees and examiner Act and the Charities Accounts Iscollandl Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10111 Idl of the Accounts Regulations does not apply. 11 is my responsibility to examine the accounts as required under se¢lKJn 44111 Icl of the Act and lo state whether particular matters have come to my attention. Basis of indgpendont My exarnination is carried out in accordance with Regulation 11 of the Charities examiner's statement Account5 (Scotlandl Regulations 2006. An examination includes a review of the accounting records kept by the charrty and a comparison of the accounts presented wfth those records. It also Includes consideration ol any unusual i18ms or disclosures in the accounts and seeks explanations from the trustees Concerning any such mallers. The procedures undertaken do not provide all the evidence that woukl be required in an audit and, eonsequentty. I do not express an audit opinion on the accounts. Independent examinerfs In the course of my examination, no matter has ccffle to my attention statement which gives me reasonable cause to believe that in any material respect the wuirements.. lo keep accounliro records in accordance with seclion 44111 {al of the 2005 Act and Regulation 4 of th8 2006 Accounts Regulations, and to prepare accoijnls which accord with the accounting records and comply with Regulation 9 of the 20C6 Accounts RegLtlations have been mel, or lo which, in my opinion. attention should be Llrawn in order to enable proper understanding of the accounts to be reached. Sw3ned: Date.. 20th May 2025 Name.. Rèlevant profèssional qualificationlsl or body ICAS Address: Finance Section University of Aberdeen University Office Aberd*n, AB24 3FX
Mi$$ Anne H Cruickshank Special Trust statement of Financial Activities for Year Ended 20 August 2024 Total Funds 2024 Total Funds 2023 Unrestrictsd Restricted Funds Funds Note Income from: Donaliotls and Legacies Investments Total Income 30,224 30,224 30,224 32.767 32.767 Charitable Actlvltles: Grants Awarded . 9,600 9.61)0 9.600 9,600 19.200 19,200 Operating Expenditure: Investment Management Fees Other Expenditure 5.903 5,903 6,663 5,903 5,903 6,663 Total Expenditure 15,503 15,503 25,863 Net (Expenditurelllncorne before Gains & Lo$$es on Investments 14,721 14,721 6,904 Net Galnsl{Los$esl on Investments 91.620 91.620 197,1091 Transfefs 10 S,515 15,5151 Net Incomelmovement In Funds 20,236 86,105 106,341 190,2041 Total Funds at 21 August 2023 88,508 806,157 894.665 984,869 Total Funds at 20 August 2024 892.262 1,001006 894,665
Mlss Anne H Crulckshank Speclal Trust Balance Sheet as at 20 August 2024 Note 2024 £000 2023 £000 Fixed Assets Investments 885.581 885.581 792.837 792,837 Current Assets Debtors Cash held for investments Cash at bank and in hand 3.730 6.681 105,863 116,274 3,982 13.320 85.327 102.629 Liabllitles Credrtors.. amounts falling due wrthin one year 801 Net Current Assets 115425 102,828 Total Assets less Current Liabilitigs 1,001.006 894,665 Ngl Assgts 1 001,1)06 894,665 Represented by: Funds of the Charlty un$tCted Funds.. General Designated Total Unieslricted Funds 45.118 63,626 108.744 33.922 54,586 88,508 Rest[ed FuTrJs 892.262 806,157 Total Charty Funds 11 1 001.006 894.665 The financial slalements oflhe Miss Anne H Cruickshank Special Trust (Registered Charity SC0046541 on pages 6 10 14 were approved by the Board of Twstees and signed on rts behalf on 19th May 2025 by..
Miss Anne H Cruickshank Special Trust Cash Flow Statement for the Year Ended 20 August 2024 Note 2024 £000 2023 £000 Cash Flows from Operating Activities: Net Cash provided by operating activities 12 115,203} {27,7591 Cash flows from Investing Actlvltles: Bank Interest Dividends received Proceeds from the Sale of investments Purchase of inveslrrTrenls Net cash provided by Investlng Actlvltles 2.596 27.628 372,185 373,309 29.100 972 31,795 104,105 120,422 16,450 Cash flows from Financing Activities.. Change in cash and ¢ash equivalents 14 13,897 111,3091 Cash and cash equivalents at the beginning of the year 98,647 109,956 Total cash and cash equivalents at the end of the year 112.544 98,647
Miss Anne H Cruickshank Special Trust Notes to the Financial Ststements for the Year Ended 20 August 2024 Note 1 Principal Accounting Policies The financial statements for the year ended 20 August 2024 have been prepared in accordance wfih applicable Accounting Standards in the Uni(ed Kingdom, the recmendatIonS set out in the Slalement of Recommended Practice - 'Accounling and Reporting by Charities IFRS102 effective 1 January 20191°, the Charities and Trustee Investment (Scollandl Ad 2005 and regulation 8 of the Charities Accounts Iscotlandl Regulations 2006. The accounting policies set out below have. unless otherwise staled, been applied consistently to all periods presented in these financial statements. The financial statements are prepared in accordance wrth the historical cost ¢onvenlion, apart from investments which have been stated at marf(el value. The Trustees have made judgements, eslimales and assumplK)ns that 8ffecl the amounts reported for assets and Iiabililies as al the balance sheet date and the amounts reported for revenues and expenses during the year. Notable judgements pertain to the Tecognf(ion of legacies and investment 5ncome amounts. The cash value obtsined could differ from any estimates made. Golng Concem The financial slalements have been prepared on the going concern basis. As al 20 August 2024, the Trust held net asset balances of £1,001 k, including investments of £885.6k and cash balance5 of £112.5k. As a result, the Trustees, main concem is lo ensure that only funds held can be awarded, and that the awards process detailed on page 4 is upheld lo ensure thal sufficient conlrol is in pla. Consequently, the Trustees are confident that the tTLisI will have sufficient funds lo meet their liabilf(ies as they fall due for al least 12 months from the dale of approval of the financial stalemenls. The Trustees consider that there are no material uncertainties about the Trust's abilty to continue as a going COnrn. Investments Investments are staled al market value al the balance sheet dale and are stated al bid prices where available. The Trust's investments are managed on the basis of achieving the best overall return from the portfolio wf(houl regard for the proportion of return that derives from income or capital. The funds are managed with ethical reStrlI0n$ preventing investment in companies Whe more than 100A of lumover is derived from military or tobacco, and where any proportion of a company's tumover is derived from pornography. INCOME Income is recognised when the charity has enltilement lo the funds, any performan conditions attached to the ilemlsl of income have been mel, it is probable that the income will be received, and the amount can be measured reliably. Donations or legacies notified lo the charity, bul which do not meet the criteria are disclosed, where material. as a contingent asset. Specffic income sources are recognised as follows.. Donations Donations and gifts are recognised in the statement of financial activities in the year of reipl. Where there is sufficient evidence to provide the necessary probability that a donation will be received and the value of the incoming resources can be measured wrth sufficient reliability, the donation is accrued for. Legacies Legacies are credited lo the statement of financial activities in the year of receipt. whe there is sufficient eviden lo provide the necessary probabilty that a legacy will be received and the value of the incoming resources can be measured wrth sufficient reliability, the legacy is accrued for. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject lo the value of the gift being reliably measLJrabl8 wf(h a degree of reasonable accuracy and the title lo the asset having been tranSferd to the charity.
Mlss Anne H Cruickshank Special Trust Notes to the Financial Statements for the Year Ended 20 August 2024 Note 1 Principal Accountlng Polici8$ - Continued Investments DNidends and interest are credrted in the year in which they are receivable. EXPENDITURE All expenditure is accounted for on an accrualg basis. All expenses including support and governance costs are apportioned to the applicable expenditu heading as detailed below. Grants Awarded Payments of grants are recognised when an approved offer is communicated and are charged direct lo the appropriate designated lund. Support Costs Management & administration costs are charged lo unrestricted funds, these include the Cost of administration, and any other costs associated with the general operation of the Trust. Realised and Unrealised gain5 and lo$s¢$ Realised ancs unrealised gains and kjsses are allocated to Restricted Funds. which represents the investment Capital. Trade and Other Debtors and Credltors There are currently no Trade Debtors in the Trust. Other debtors includes accrued investment income and dividends payable, accounted for on the basis of reports issued by the investment managers al the period end dale. Creditors are recognised basect on amounts due to external parties al the year*nd dale. These inelude investment management fees for the period charged after the period end. Taxation The Trust is recogntsed by HM Revenue & Customs as a Charity for the purposes of s505 ofthe Income and Corporation Taxes Act 1988 and is exempl from corporation tax on its charitable aclivilies. Cash Cash, for the purpose of the $h flow slalemenl, comprises cash in hand and deposits repayable on demand and cash held for investments, less overdrafts payable on demand. Funds Policy Funds are analysed bebNeen restricted and unrestricted funds There are no endowment funds within the Ttusl. Unrestricted funds represent the Revenue on investments and are used for adminislralive activities and grants awarded. Reslrtcled funds represent Capital invested. Awards are only made where sufficient funds exist or where income is guaranteed in the future. Note 2 Investment Income Unrestricted Funds Restricted Funds Total 2024 Totsl 2023 Dividends & interest on investments Inte$1 on cash deposlcs 27.628 2,596 30.224 27,628 2,596 30.224 31,795 972 32,767 io
Miss Anne H Cruickshank Special Trust Notes to the Financial Ststements for the Year Ended 20 August 2024 Note 3 Charitable Activities Unrestricted Funds RestrFCted Funds Total 2024 Total 2023 Giants Awarded 9,600 9.600 19.200 Note 4 Operating Expgnditure Unreslricted Funds Restricted Funds Total 2024 Total 2023 Investment management fees Other expenditu- Bank charges Totsl oporating oxpenditure 5,903 5.903 6.663 9,600 9,600 19.200 Note 5 Staff Costs & Key Management Personnel The Trust has no direet employees. The Trust receives in-kind support from the Universty of Aberdeen wi(h respect lo staff time lo assist with the administration of ils affairs. In 2024, the value of this donated time was estimated lo be £6,23812023.. £6,158). Trustees were not paid and did not re1ve any other benefrts from employment with the Trust. There were no Trustee expenses in 2024 {2023". nill. Note 6 Net ILosse$VGains on Investments 2024 2023 Realised Gains on Disposal of Investments Unrealised (Losses) on Revaluation of Investment5 15,532 76,088 91,620 889 97,998 98,887 Note 7 Flxed Asset Investments 2024 Cost Market Value 2023 Cost Market Value Equty Bonds Absolute Return Global Property other Altematives 514,676 155.994 19.494 27,263 639,146 155.673 19,880 28,098 434,842 160,529 38,212 25,466 46,243 705,292 565,515 135.489 34,918 21,519 765.990 792,837 All investments ale held at fair value. li
Miss Anne H Crui¢kshank Special Trust Notes to the Financial Statements for the Year Ended 20 August 2024 Note 7 Fixed Assgt Investments - Continued 2024 2023 Market Value as at 21 August Additions Disposals Nel GainsllLossesl on Investment Market Value at 20 August 792.837 373.294 1372,1701 91,620 885.581 873,629 120,422 1104,1051 97,109 792,837 Material Investments Market Value Percentage of Portfolio Cost Fidelity US Quality Income UCITS ETF Vanguard Funds PIC S&P 500 UCITS ETF BlackRock Conlinenlal European Income Fund - D Brown Advisory US Sustainable Growih Fund - Sl 109,791 67,957 34,020 28,213 128,872 96,508 41,020 39.529 14.6 10.9 Other than those disclosed above, no other investments amounted to 4DA or more of market value. The Trust's policy slates that fund$ are not invested in any company where more than 10 /. of turnover is derived from military or tobacco, or where any proportion of turnover is derived from pornography. Note 8 Debtors- Amounts falling due within one year 2024 2023 Accrued income 3,730 3,982 Note 9 Creditors- Amounts falling due within one year 2024 2023 Accrued expenditure 849 801 Note 10 Movement in Reserves Funds at 21 August 2023 Funds at 20 August 2024 Incoming Outgoing Transfors Restricted Funds Unreslricled Funds 806.157 88.508 894.665 91.620 30.224 121,844 15,5151 5,515 892,262 108,744 1.001,006 115,5031 (15,5031 Funds at 21 August 2022 Funds al 20 August 2023 Incoming OLttgoing Transfers Restricted Funds Unreslricled Funds 909,127 75.742 984,869 197.9971 125,8631 123,8601 15.8621 5.862 806,157 88,508 894,665 32,767 33.656 12
Miss Anne H Crulckshank Speclal Trust Notes to the Financial Statements for the Year Ended 20 August 2024 Note 10 Movement in ReseThfes- Continued Restricted funds represent the invested capital. UreStrted funds comprises the Gerteral Fund, which is used to support administration costs, and the Designated Funds listed in Note 16- Movement in Funds, which are used for awarding grants. Transfers refi&t the movement of investment management fees from Restricted lo Unrestricted funds. Note11 Analysls of Net Assets between Funds Funds at 20 August 2024 Funds at 20 August 2023 Fixed Asset Investments Net Current Assets Restricted Funds Unrestricted Funds 885,581 6,681 108,744 115.425 892,262 108,744 1.001,006 8C6,157 88,508 894,665 885,581 Individual funds are listed in Note 16- Movement in Funds . Note 12 Reconciliation of Changes in Resources to Net Cash Inflow from Operating Activities 2024 2023 Nel Incoming Resources for the Year Investment Income Decreaselllncreasel in Debtors (Decreaselllncrease in Creditors Nel Cash Inflow from Operating Activities 14,721 130,2241 252 6,904 132.7671 12.6971 801 127,7591 115,2031 Note 13 Re¢on¢lliatlon of Ngt Cash Flow to Movement in Net Funds 2024 £000 13,898 98,646 112,544 2023 £ODO 111,3091 109,955 98,646 (Decreaselllncrease in Cash during the Year Nel Funds al the Beginning of the Year Nel Funds at the End of the Year Note 14 Analysls of Change In Cash durlng the Year 2024 2023 Movement Cash at Bank and held for Investments 112,544 98,646 13,898 13
Miss Anne H Cruickshank Special Trust Notes to the Financial Statements for the Year Ended 20 August 2024 Note 15 Related Parties The following felated paty transactions have been idenlthed for disclosure for the Miss Anne H CrukShank Trust. 2024 Oryanisatlon Relationshlp Nature Receipts Payments The University of Aberdeen Charity Grants 9,200 2023 Organisalion Relationship Naluie Receipts Payments The University of Aberdeen Charty Grants 19,200 Note 16 Movement in Funds Funds at 21 August 2023 Incomlng Outgoing Transfers Funds at 20 August 2024 Total General Funds 33,922 11.584 15.9031 5,515 45,118 Designated Funds- scien Library Fund Astronomy Fund Law Prize Fund Total Deslgnated Fund$ 2,455 48,191 3,940 54.586 838 16,456 1,346 18.840 {4001 19,0001 12001 19,6001 2,894 55,648 5,086 63,626 Total Unrestricted Funds 88.508 30,224 115,5031 5,515 108,744 Total Restricted Funds 806.157 91,820 15,5151 892,262 Totsl Funds 894.665 121,845 115,5031 1.001.006 Note 17 Subsequent Evonts There are no subsequent events lo report. 14