Charity registration number.. SC006632 The Mailler & Whitelaw Trust Annual Rewrt and Fina411 Ststements for the Year Ended 30 June 2024
The Mailler & Whitelaw Trust Contents Referen and Administrative Detsils Trustees, ReFQrt 2to6 ststement of Trustees, Responslbilities IndeFendent Auditors, Report 8t012 statement of Flnancial Activitles 13to14 Balan Sheet 15 Cash Flow Statement 16 Notes to the Flnancial Ststements 17to29
The Mailler & Whitelaw Trust Referen and Administrative Details Senior Management Team Principal Offlce Glencairn House Auchterarder PH3 IAD Charity Registrati{ Number SC006632 Solicitors Mccash & Hunter PO Box 17 25 South Methven Street PERTH PHI IAA Investment Advislxs Brewin Dolphin Securty Limited Sixth FILX)r, Atria One 144 Morrison Street EDINBURGH EH3 8BR Auditors Morris & Young. Ststutory Auditor Chartered Accountants 6 Atholl crent PERTH PHI 5JN Page I
The Mailler & Whiteiaw Trust Trustees. Report The trustees psent the annual report together with the financial statements of the charity for the year ended 30 June 2024. The financial statements have Èeen prepared in accordan with the accounting policies set out in note I to the financial 5tstements and comply with the trust's governing dc(ument, the Charities and Trustee Investmerst (Scotland) Art 2005, the Charities Accounts (Scotland) Regulations 2006 and the ststement of Recommended Practi, 'Accounting and Reporting by Charities", applicable to charities preparing their accounts in accordance with the Financial Rep)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Objectives and activities Objects andaims The Trusvs objects and principal activtties are to provide accommc#Jation for the elderly who are unable to maintsin themselves whether by reason of infimity or otherwise. The Trust has continued during the past year to act within these objective5. The Accounts disclose that Sufflent resetves are available to continue in business for the next 12 months and beyond. The Trustees aim to maintsin the home, known as Glencaim House Care Home. to a high stsndard and ensure residents receive proFer care & attents'on. Achievements and perfomance ResenCY income for the year ending 30 June 2024 increased by £163,083 following increased room rates but a150 higher occupancy rates overall. Expenditure was still higher than income for the year, impacted by the ongoing cost of living crisis and higher stafFing costs. Cashflow from operating artivities was F*)Sitive by £14,329 this year (2023 negative by £33,098) and the Trust continues to maintain sufficient reseNes and investments. Relative5 and Residents continue to express their appreciation of the stsndard of Gire that the Home provides. The Trustees believe the Home should presented to its highest level and regular maIntenan/upjradlng is undertaken to achieve this. It's the opinion of the Trustees that capital investment to improve the fabric is important to attratt new resmlents. Risks are continualty reviewed & managed by the Trustees. The biggest challenges teing faced are stsff recruitment and significant overhead increases (wages l utilities l Insuran / repairs). This is not exFected to ease in 2024-25. Page 2
The Mailler & Whitelaw Trust Trustees. Report Flnanclal revlew The home incurred a deficit of £5,44 {2023 £32,932 deficit). The Trust made a realised gain on Investments of £47812023 - £2,221 loss) and an unaliSed gain on investments of £19,295 (2023 £2,055 galn), There was an overall unrestritted fund surplus of £18,043 for the year (2023 £29,384 defidt), At the end of the year totsl funds of the TrLbSt amounted trj £1,374,686 (2023 - £1,360,357) of which £281,961 are Restricted Funds (2023 - £285,675). The Trust is committed to setting rwm rates to a level that provides sufficient Income to safeguard the future of the home & ersables reinvestment in the fabric to maintsin its staThJards. It is the policy of the Trust that unrestricted funds, which have not been designated for a specific use should be maintsined at a level to provide enough income to allow the charity to pursue Its objectives. Prfnclpal fundlnq sour The main funding Sour of the Trust is that of Residents, Board Income. This income enable5 the Trust to fulfll Its objects and alms to operate a Care Home for the Elderly to a hlgh standard. Investnwntpollq and objertlves The Investment powers of the Trust are governed by Its Constltutk*n. The Trust engages Brewln Dolphin Securlties Llmited as Investment managers. The investment pollcy Is to adopt a medium rlsk strategy based on obtsining a balanced return from income and capitsl over the medium term. Plans for future perlods Alms andkeyobjertlves forfuture perfods The Trust's objectives for the year ahead a to maintsin satisfactory residency levels and to contlnue Up-grading and improving the property and facilitles. Page 3
The Mailler & Whitelaw Trust Trustees, Report Strurturei govemance and margennt Ivature ofgoveming document The Trust was esiabllshed by e charitable trust d&d on 26 April L978. The Trust's objects are to use and maintain a home and to provlde accommoKiation for the elderly who are unatle to maintsin themselves whether by reason of Infirmlty or otherwise. The Trustees who served during the year were.. Trurtees RecnKtment andappolntment of trustees ProsFrtive Trusts are prO[sed by mnber5 of the Board of Trustees afKI formally appointed at a full mtIng of ttre Trustees. The Trustees Ick for a person who has knowledge of the care sthr together with associations in the hxal community. They are looking at people who have experien in finance, medicne, nUing. proFerty maIntenare or C(Mnity affairs. Indudion andtrainlnp of tmstees An Infom7atbn pack wlll be provld&d to new Trustees to Include coples of the foundlng 1978 Trust Deed and Minutes of Meetlngs of the Tnjstees for the previous year. In addltion, copies of the Trusys last three yea. Annual Reports Accounts will be made available, toJether with a copy of t Office of the Scottish Charity Regulator's (OSCR) publicabon "Guidance and Good Practice for Charty Trustees". Arrangements for5en9 keymana9ementpersonnel remuneratlon the Manager of the Home an is the Finan Managerjsecretary. The Manager of the Home has reswnsbility for the day to day operational management of the Home, individual supeNision of the staff team and also ensuring the team continue to (*velop th8r stills and worknng prattlS in lir with g(x)d practice. The Manager is supported in this role by the Finance Manager and they collettively act in accordance wth Instructior provithd by the Tnjstees, who have fMal meetings with them on a quarterly basis. Their salaries are reviewed on an annual basls ty the Trustees. Page 4
The Mailler & Whitelaw Trust Trustees, Report Oryanlsauonal strnrture The Board of Trustees consists of 7 Trustees who meet at least 4 times per year and are resrx)n5ib for the strategic direction and p)licy of the Trust. They take SponsIbl11ty for the Maintenan of the Home and manage the finances of the Trust. Objertlves andwlides The Charity's attivitles expose It to a TruMr of financial risks Sncluding cr&Jit risk, cash flow risk and Ilquidity risk. The Trustees have assessed the major risks to which the charty is exSed, and are satlsfied that Systems are in place to mitigate exposu to the major rlsks. C•sh flow The Trustees have retalned sufficient cash resour to meet the immediate requirements of the Trust. Credlt rlsk The Charity's prlncipal financlal assets are bank balances and cash, residents, board Income and investsnents. The Charity's credit risk is primarlly attributable to its resldentS' t*)ard Sncome. The amounts presented in the balan sheet a net of allowan for doubttul receivables. An allowan for impairment Is made where the Is an Identifled loss event whlch, based on prevlous experien, is eVIden of a reductlon Sn the recoverablllty of the cash flows, The credlt rlsk on Ilquld funds is limlted tecau5e the counterparties a banks with hlgh credtt-ratings assigned by Intematlonal credit-ratlng agencle5. The Charity has no significant ConntratIon of credit risk, wlth exposure spread over a number of counterparties and customers. Uquldlty rlsk In order to malntaln Ilquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Trust's Ilquid funds a kept In a combination of a non-lnterest-tsearing bank account for servicing the Trust's everyday financial needs and also in an interest-bearlng account in order to balance the need to have rea access to those funds against the desire to maxlmlse the return or¢ those funds. Dlsdosure of Inforniatlon to audltor Each trustee has taken steps that they ought to have tsken as a trustee in order to make themsefves awa of any relevant audit infomiation and to establish that the charity's auditor is aware of that information. The trustees confimi that there Is no relevant infomiation that they know of and of which they know the auditor is unaware. Page 5
The Malller & Whitelaw Trust Trustees. Report Reappolnknollt of a4Klltor A $01tiOn prop)&ng that Morris and Young be reapIrthd auditors of the TnJ5t wlll be put to the Amual G*ral Meeting. The annual [ort was approved by the trustees of (harity on 20 February 2025 and on tts Page 6
The Mailler & Whitelaw Trust Statement of Trustees. Responsibilities The trustees are reSnsib for pParing the Trustees. Annual Rep)rt and the financial statements in accordan with the United lQngdom AccountiNJ StaThJards (United KIngdC Generally Accepted AccountiTrJ Prattl) and applicabk law and regulatv)ns. The law applicabk to charities requi the trusts to prepare financkal statements for each finanaal year which gNe a true and fair view of the state of affairs of the charity and of the incoming resour and application of resources of the tharity for that pericJ. In preparing these financial statements, the trustees are required to.. select sutsble accounting wlicies and then appty them consistenuy; ob5eNe the methc#J5 and prinaples in the Charities SORP; make judgements and estimates that a wsonable and pnxknt; state whether applicable accounting stsndards have tEen follow8J, subject to any material departures disclosed and explained in the financial statennts. and Ppare the financial statements on the goir¥J concern bags unkn it is inappropriate to presume that the charity will continue in busintrA. The trust are resFon5ible for keepin9 proper accountirrfj rtrord5 that disdose with reasonable accuracy at any time the financial tXJSitK)n of the drity and enable them to ensure that the financial statements oxnply with the Charities armj Trustee Investment {knUand) Act 2005, the Charitie5 Accounts (Scotland) Regulations 2(lJ6 (as amended) and the provisK)ns of the Trust Deed. The trustees are also reswnsible for safeguarding the of the tharity and hen for tsking reasonable steps for the prevention arKI dettIOn of fraud arKI other irregularities. Page 7
The Mailler & Whitelaw Trust Independent Auditor's Report to the Members of The Mailler & Whitelaw Trust Oplnbon We have audited the financial statements of The Mailler & Whitelaw Trust (the 'charity') for the year erKled 30 June 2024, which comprise the Ststement of Financial Artivibes. Bakince Sheet, Cash Flow statement, and Notes to the Financial Ststements, indudirrfJ a summary of signifKant accountSng Folicies. The financial reForting framework that has ien aPpld in their ?ParatIOn is appltible law and Unlted Kingdom Accounting stalards. comprisirKJ Charitses SORP (FRS 102) and The Finanoal Rewrting Standard appluble in the UK and Republic of ]land, {FRS 102) (United Kingdom Generalty ACceed kcounting Prxtice). In our opinion the financial ststements: give a true and fair view of the stste of tre charlty's affalrs as at 30 June 2024 and of its results for the year then end&l; have been proFerly prepared in CordarKe with United fneralty Accepted Accounting Prattti; and have been prepa in accordan with the requirements of the Charits'es and Trustee Investment (Scotland) Act 215 and wulatkn 8 of the Charities kcounts {ScoUand) Regulations 26 {as amended). Bas1$ for oplnlon We conducted our audit in accordan wlth International Stsndards on Audtung (UK) (ISAS (UK)) and applkabk law. Our restKJnsibilities under those standards are further descrited in the AL1t015 reswnsibilities for the aLJit of the financial ststeff£nts section of our [. We are independent of the charity in accordan with the ethical requirements that a levant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical p)nsibilities in accordance with these requireffents. We bele that the audit eVIden we have obtained is 5uffKient a1 appropriate to PTovth a bags for our opinion. Conduslons relatlng to golng concwn In auditing the financial statements, we have concluded that the trustees, use of the golng conrn bass of accounting in the preparatth of financial statements is approwkite. Based on the work we trformed, w have not Identified any ffkiterial UnrtaIntieS relating to events or conditions that, indivKlualty or colkrtNety, may cast SnifIcant doubt on the charity's abllty to continue as a going concern for a FericKI of at kast 1Ve months from when the financkil statements are auth0ri5ed for issue. Our resFM)nsibilities arml the re5pjrtsibilities of the tntsts wrth respett to going conrn are descrited in the reant sections of this rert. Page 8
The Mailler & Whitelaw Trust Independent Auditor's Report to the Members of The Mailler & Whitelaw Trust Other Informatlon The trustees are resFx)nsible for the other information. The other informatlon comprlses the infomiation included in the annual rewrt, other than the financial statements and our auditor's rep)rt thereon. Our opinion on the financial statements d5 not cover the other infomatlon and, except to the extent otherwise explicltly stated in our repjrt, we do not express any form of assuran conclusion thereon. In connertion with our audit of the financlal statements, our re5Fonsiblllty 15 to read the other information and, in doing so, consider whether the other Information is materlally inconsistent with the financial statements or our knowledge obtsined in the audit or otheNise appears to be materlally misstated. If we identify such material inconsistencies or appant material mi5ststements, we a required to detemlne whether there is a materlal mi5ststement In the financial ststements or material misstatement of the other infom)atlon, If, based on the work we have Ferfomi&l, we conclude that there is a material misstatement of this other infomiation, we are required to rewrt that fact. We have nothlng to rep)rt In thls regard. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charlty and Its envlronment obtalned In the course of the audit, we have not identified materlal misstatements in the Trustees, Report. We have nothirsg to rewrt in respect of the followlng matters Whe the Charities Accounts (Scotland) Regulat6ons 2006 (as amended) requlres us to rep)rt to you if, In our opinion: adeqyate accountSng records have not been kept, or return5 adequate for our audlt have not teen received from branches not visited by us; or the flnancial statements are not In agreement wlth the accountlng records and returns; or certaln dIsclosu5 of trustees remuneratlon spedfled ty law a not made; or we have not recelved all the Informatlon and explanatlons we requ1 for our audlt, Responslbllltles of trustees As explalned more fully in the Ststement of Trustees, Respx)nsibilities (set out on page 71, the trustees are responsSble for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the trustees determine Is neSary to enable the preparation of flnanclal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to contlnue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basls of accounting unless the trustees either intend to liquidate the charlty or to ase operations, or have no realistic alternative but to do so. Page 9
The Mailler & Whitelaw Trust Independent Auditor's Report to the Members of The Mailler & Whitelaw Trust Audltorfs responslbllltles ftbr the audit of the financial ststements Our objectives are to obtain wsonabk assurantr at whether the finanaal statements as a whole are free from material misststement. whether due to fra1 or em)r, and to issue an auditorfs retKsrt that indudes our opinn. Reasonabk assuran is a high thl of assuran, but is not a guarantee that an aLKlit condurted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraLKI or emr and are considergj material rf, individually or in the aggregate, they could reasonabty be expected tt) Influen the economic decisions of users taken on the basis of these financial ststeffents. Extent to whlch the audlt was considwed Capable of detectlng Irregularftles, Indudlng fraud We identify and assess the risks of material misststement ol the financk?I ststements, whether due to fraud or error, and then design and Ferfom audtt prccedures re5p)nsive to those risks, includlng obtalning audit evidence that Is suffKient and appropriate to provAae a ba515 for our opinion. Irregukarltles, Including fraud, are instarKes of rrfJn-cOmplian with laws and regulations. We design procedures In Ilne wrth our resEM)nsibilities, tyjtlinbj at¢ve, to detlxt material misstatements in SFert of irregularities, induding fraud. The extent to whlch our prcJUres are capable of detectln9 Irregular6tEs, including fraud is detsiled bekiw: • the natu of the regulated Sector, contrd environff*nt and understsndlng of the entity includiThJ, but rsot restrirted to, the prevalen of fra1 Sn the Sector eSchl in the current UnrtaIn economic environment,. • results of our erquiries of tntstees atM)Ut their own identiftatM)n arKI assessnRnt of the risks of Irularlties. • any matters we Identif havirKJ obtsined and the Charitvs dccumentatlon of their p)Ities and prcCedu5 relatirrfJ to: - identifyings evaluatlThJ aThJ crynplw'w with kiw5 a1 regutionS and whether We awa of any instsnces of non-complian. . deteCtIr and p)rliJ to ri5k5 of aThJ Whetsr they have knowledge of any actual, SUSFected or alleged fraud. the intemal contrcls establlshed to mwte risks of fra1 or non-complklrKe with laws and regulatv)ns: • the matters discussed among the alIt engageTrnt team regardiThJ how and Whe fraud mlght ¢xcur in the financial ststements arKI any p)tential IndtOrS of fraud. Page io
The Mailler & Whitelaw Trust Independent Auditor's Report to the Members of The Mailler & Whitelaw Trust As a result of these procedures, we considered oprtunItieS that may exist within the organisation for fraud and identified the greatest tentral for fraud in rektion to revenue reayjnition. In common with all audits under ISAS (UK), we are a150 required to perfom speafic procedures to r&swnd to the risk of management override. We also obtained an understanding of the al and regulakny frameworks that the Charity 0rateS in, ftusing on provishy of tfv)se laws and regulations that had a dIrt eff on the detemiination of material amounts and disck>sures in the financral ststements. The key laws regulations we consider&J in this context indudlxl the chariws own Trust De&l, aThJ various charity-51fiC legislation, including The Charities and Trustee Investment {ScoUand) Act 2LKJ5. Our pr(Kedures to to risks identifvj Iuded fdlowing: reviewing the financial statement disclosu and testing to supkxJrtiThJ d¢xumentstion to assess compliance with provisions of rekvant laws and reguLations described as having a direct effect on the financial ststements, induding, but fM)t limited to revEw, of insttcknon K)rtS and corresFonden with The ca Inspertorate; . enquiring of Trustees and Wl afvisors corKeming actual and ntIal litigation and ckims; perfomiirrfJ anatytical pr(edur to identify any unusual or unexpecied relalionships that may indicate risks of material mIeMent due to fra1,. • reading minutes of meetings of those charged %yith fwvemar£e; . pr(x)f in total of Residents. E<Jard Income was COlUcted. • tested a sample of exttnditure for overststement and other vant prjre5. in addressing the risk of fraud through management override of controls, testir¥J the appropriateness of ioumal entries and other adjustments: a55essing whether the Judggnents made in making accounb.ng ests"mates are indicatNe of a tentIal bias,. and evaluab.ng the business ratlonale of any significant transacb.ons that a unusual or outsKle the r1 course of business. We also communicated relevant identifd laws and regulations and potential fraud risks to all engagement team memters and remained alert to any irKlications of fraud or noncc*nplIan with laws and regulations througlb)ut the audit. Due to the inherent limitatKM)s of an there is an Unavoidab risk that we may not have detected some material misstatements in the financial statements, even though we have proper planned and performed our audrt in accordan with auditing stsndards. For example, as with any audit, there remained a higher risk of rK)n-detection of irregularities, as these may involve collusion, forgery, intentional omissions, m¢srepresentstions, or the override of intemal controls. We are not reswnsible for preventing fraud or non<0mplian with Laws and regulations and cannot be expthl to detert all fraud and non-compliance with laws arKI reguktions. A further description of our respM)nsibilths for tre cl the finarKial Statents is knated on the Financial ReFM)rting Council's website at www.frc.0rg.uklaIitor5re5wnslb1lItie5. This description f0Th5 part of our audito¢s re&>Nt. Page li
The Mailler & Whitelaw Trust Independent Auditor's Report to the Mnber$ of The Mailler & Whitelaw Trust Use of our report Thls report is made to the charity trustees, as a in thnce with Secti Vi (l)(cl the Charibes and Trustee Investment (Sccland) kt 2CKI5 and Regulation 10 of the lJarities Accounts (Scotlandl Regulations 2006 (as arnded). Our Vrk tn Undertak so that we moht stste to the trustees those matters are requirgj to state to tnJst in an auditOfS' repjrt for no oth purpxe. To the fullest extent perniEtted ty law. we do nct xcept or assw resp)nsitA'lity to anyone other than the charity and its trustee5 as a Lh)Jy, for our ajdit work, for this rerort, or for the opinions we have fomied. oac 7sanau or In erms o ion 1212 of the Compans Att 2(MJ6 Chartered Accountants 6 Atholl Crescent PERTH PHI SJN 6 March 2025 Paje 12
The Mailler & Whitelaw Trust Statement of Financial Activities for the Year Ended 30 June 2024 Unrestricted Restrirted Total Totsl funds funds 2024 2023 Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 3,IXJ3 1,329,661 8.420 3,9)3 1,329,661 8,420 7,183 1,166,578 8,729 Total Incc 1188 471 Expendlture on: Raising funds Charltabk actlvitles (1,579) (1,579) (1,752) 1219 651 Totsl Expendlture Net expenditure Grc>ss transfers between funds 1221403 (5,444) (5,4H) (32,932) 3,714 (3,714) Other recognlmd galns and losses Gainslllossesl on nvestments 166 Net movement in funds 18,043 {3,714) 14,329 (33,098) Reconclllatlon of funds Totsl funds broht fOrard 1074 682 285 675 1360 357 1393 455 Total funds carried forward 20 1092 725 1360 357 Page 13
The Mailler & Whitelaw Trust ststement of Financial Artivities for the Year Ended 30 June 2024 Unrestricted Restricted Total funds funds 2023 Income and Endowments from: Donations and legacies Charitsble activities Investment income Other income 7,183 1,166,578 8,729 7,183 1,166,578 8,729 Totsl income 1 188 471 1 188 471 Expenditure on: Raising funds Charitable activities (1,752) 1219 651 (1,752) 1219 651 Total expenditu 1221403 1221403 Net expenditure Gross transfers between funds (32,932) 3,714 {32,932) (3,714) other recognised galns and losses Gains on investsnents 166 166 Net movement in funds (29,384) (3,714) (33,098) Reconaliation of funds Total funds brought forward 289 389 1393 455 Total funds carried forward 1074 682 285 675 1360 357 All of the charity's artivities derive from continuing operations during the above two peric<ls. The funds breakdown for 2023 is slKJWn in note 20. Page 14
The Malller & Whitelaw Tntst (Registration number: SC006632) Balance Sheet as at 30 Jme 2024 2024 2023 Tar¥Jltle assets Investynents 13 14 1,008,053 1272 IC8 1267 952 Debtors Cash & tonk and in haThl 15 16 153,369 141,96Q 167,8 161,938 Credltws: Amounts falllng due wlthln one ythr 17 io 577 1360 357 Funds of th dwrlty: Restrictsd Income funds liestricted ndS 281,961 285,675 Unrelcted hKorn¢ funds unreStn( funds 725 Totsl fund? 20 1360 357 The finarrial 5tstements on pages 13 to 29 were approved by the trustees, auth5 for15sue Page IS
The Mailler & Whitelaw Trust Cash Flow Statement for the Year Ended 30 June 2024 2024 2023 Gish flows from operating actlvltles Net cash IrKomel(expernliture) Adjustments to cash flo¥ from non-cash Items Depreciation Investment IrKome Loss on disPal of tsngible fixed assets (Gain)llo on disFosal of invest]rents Revaluation of investments 14,329 (33,098) 13 18,438 {8,420) 628 (478) 19,587 (8,729) 2,615 2,221 5,202 (19,459) Worklng capltal adjustments Increase in debtors (0ase)/6ncse In cJOr5 15 17 (11,409) {19,974) Net cash flows from OFerating actfvItS Cash flows from Investlng actlvltles Interest receivable and similar income Purchase of tsngible red assets Sale of tangible flxed assets Purchase of investments Sale of investments 8,420 (10,053) 8,729 (34,460) 13 14 (88,113) (41,756) Net cash flows from Investir activibes Net decrease in cash ar cash eQUalents (5,487) (28,627) Cash and cash equants at l July Cash and cash equtvants at 30 June All of the cash flows are derived frn continuing aPrat durirwj the above two pericxls. P)]e 16
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 l Acc£•unting policies Statement of compliance The financial statements have tn ppared In accordance with Accounting and Reporting by Charities: Ststement of Recommended practi applicable to charities preparing their accounts in accordance with the Flnancial RertIng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charltie5 and Trustee Investment (Scotland) Att 2005 and the Charities Accounts (Scodand) Regulations 2006 (as amended). Basls of preparatlon The Mailler & Whitelaw Trust meets the definitlon of a publlc benefit entity Ltnder FRS 102. Assets and liabilities are initially renised at hlstorical cost or transaction value unless otherwise ststed in the relevant accoltnting p)licy notes. The financial statements are presented In sterllng (£). Golng concern Given the level of funds available, the trustees conslder that there are materlal UnrtaIntleS atx)ut the Trust's ability to continue as a going COnrn. Income and endowments Voluntary income Including donations, gifts, legacles and grants that provlde CO fundlng or are of general nature is recc>Jni5ed when the charlty has entitlement to the Income, it is probable that the Income will be received and the amount can be measured wlth sufficient reliability. £on$ andlegades Donations and legacies are rerognlsed on a receivable basls when receipt 15 probable and the amount can te reliably measured. Grnnts recelvable Govemment grants a recognised when there Is reasonable assurance that the charity will comply with the conditlons attaching to the grant and the grant wlll be r1ved. Investnwntlncon Investment income Is recc•Jnised on a receivable basis. Charftable artlvitles Residents, Board ntaI income represents the invoiced value of serVIS supplied by the Trust and is creditied to the Statement of Financial Activities {SOFA) in the year in which it is receivable. Page 17
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Expendlture All experbditure is recognised On there is a Wl or obligation to that exkEnditure, it is probable settlement is required and the amount can Measur 1iabty. All costs are accounted for on an accruals basis and a alkKatoJ to the applKable extend[tU heajing that aggregate similar costs to that category. whe costs canrmx be direcuy attributed to particular headings they have en allc(ated on a bas15 consistent with the use of resour, with ntral staff costs alIcted on the basis of time spent, aThJ depreciation charges altsated on the p)rtion of the asseys use. Other SUPFt)rt costs are alIC(a based on the spread of staff costs. Raising funds These a costs Irrred in attTrctirwJ voluntary iorne, the Managennt of investrnents and those incurred in trading attNitbes that rdise furnls. Charitsble endrtu comprises tIN)se costs incurred by the Charty in the delNery of its activities and serVIS for its beneficiaries. It indudes costs that can te alkKoted direLty to such activities and those costs of an iThYirert nature necessary to supwrt t11. Support costs SupFQrt costs indude ntTr1 fvnctions and have tken allocatd to acbvty cost categories on a basis consistent with the use of resour5, for example, alhxating wotety costs by flo)r areas, or Fer capits, stsff costs by the time spent and other costs by thr usage. Tartion The Tnjst has been accepted as a charity for tsx purtxjses aThJ is not liable to Corp)ration Tax. See Note 12 IEIOW. Tangible fixed assets Individual fixed assets c05ting £50 or more are Initial recorded at cos¢ less any subsequert accumulated depreCIatn and subsequent accumuLated impaimient bsses. Depreciation and amortisation Depreciation is provided on tsngible fixed assets so as to write off the cost or valuation, less any esttmated residual value, over their expectal useful economic lrfe as folh)ws: Asset dass Freehold land Fr&hokl buiklirrfJs Fixtures. fitt]'ngs & equipr[t Motor vehides Depreciation Meth and rate not depreciated 1% stsaight line 20Q/o reduciThJ balan 25% reduarrfj balan Page 18
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Flxed asset Investments Fixed asset investments are Ind at matket value at the balan sheet date. Realised gains ar#J losses on Investments a calcuL3tal as ts diffen tetween saks prCeedS and their market value at the stsrt of the year. or their subsequent cos¢ ar a charg&1 or credited to the Ststement of Financial Activitrs in the of dispmjsal. UnlISed gains aThJ bsses represent the ffennt in market values during the year and a credited or charged to the Statement of Finawal Activibes bas&J on the market value at the year end. Trade debtors Trade debtor5 a arrounts due fr residents for the provlsh)n of comMLKlatlon at tmailing rc3m rates. Gish and cash equlvalents Cash and cash equivalents comprise cash on hand and call Ikpjsits, aThl other short-tem highly Itquld investments that are r&id1 convertible to a known amount of cash are subject to an insignificant risk of change in value. Trade credltors Trade creoltors are obltk)ns to pay for gc(<ls or sen46 that have been acqu1 In the ordlnary course of busin frcvn SUpplr5. Trade crgjitors a rG•Jnis&J at thelr Settjeffnt amunt after alk)wiry for any trade dlscounts due. Fund structure Unrestricted income fur•ts a general funds that are avaiktAe for use at the trustees, discretlon In furtherance of the objectives of the chanty. Restricted irKome funds are those donated for use in a particular area or for specific purposes, the use of which is Stricted to that area or purtKJse. Further detalb of each fund a disdosed in Note 20. Penslons and other post retlrement obllgatlons The Charlty operates a defined contribution nSIOn scheme which is a pension plan under which fixed contributs'ons are paid into a Fension fund arKI the Charity has no legal or constructive obligatlon to pay further contributions even rf the fund not hold Sufflent assets to pay all employees the benefits lating to empbyee servKe in the current arKI prior ttritsjs. Contrlbutlons to defir*d contributM)n plans a re(]nISed in the Statement of Financial AttltIeS when they a due. If contribution paynts exceed the contributM)n due for seNice, the excess is reco3nised as a prepayment . Note 18. Page 19
The Mailler & Whitelaw Trust Notes to the Financial Ststements for the Year Ended 30 June 2024 Flnancial instruments The charity onty has financial assets and finarKiJl liabilltes of a klnd that qualfy as basK finandal instruments. Basic financial instruments a initially recogni*J at transacbon value and subsequen measured at their settietrent value. 2 Income from donatlons and le9ades Unrestrlcted funds Genernl Totsl 2024 Totsl 2023 Donatlons and legacle5,' Oonats'ons from indivKluals 3 Income from charltable actlvltles funds Totsl 2024 Total 2023 General Resident care services 1329 661 1329 661 1166 578 4 Investment Income funds General Totsl 2024 Trtal 2023 Interest receivable and slmllar income," Interest receivable on bank derosits Other income from fixed asset investments 107 107 Page 20
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 5 Other Income Unrestricted funds Totsl 2024 Totsl 2023 General Rental income other income 7,650 7,650 3,600 Other Income comprises Perth & Klnross Health and Soclal Care Partnershlp Grants of £nll (2023 £2,381) and an insurance claim for water damage caused by a leaking heating pipe of £11,361. 6 Expendlture on ralslng funds Total 2024 Total 2023 Dlrect costs Invesfftnt management costs 7 Expendlture on charltable actlvltles Activity undertaken dlrectly Artivity support costs Total 2024 Totsl 2023 Resldent care servlces Provisions Staff Costs Premises Costs Administratton Costs Audlt Fees Depreciation Loss on sale of Tangible Fixed Assets 79,556 79,556 1,002,544 213,101 46,393 4,200 18,438 70,372 7,449 176.577 39,541 3,510 19,587 1,002,544 213, 101 46,393 4,200 18,438 628 628 1285 304 1364 860 1219 651 Page 21
The Mailler & Whitslaw Trust Notes to the Financial Ststements for the Year Ended 30 June 2024 Analysis of govemance and support costs funds Genernl Total 2024 Totsl 2023 Audit fees Audit of the finanaal statents 9 Net Incomlngloutgolng resources Net outgoing resour for the year ind. 2024 2023 Audit fees Loss on dlsposal of tsn9[b red assets (Profitllloss on dlsposal of investments DepreciatKJn of fixed assets 4,200 603 {478) 3,510 2,615 2,221 IOTNstees remuneratlon and expenses No trustees, nor any Fersons connected with t, have Tl¥ed any rernUnerat from the charlty during the year. No trustees have r1Ved any reimbursed expenses or any other berrfrts from the charlty durlng the 11 Staff costs The aggregate payroll costs vRre as folh)ws: 2024 2023 Staff costs durlng the year were: Wages and salarie5 ial security costs Other pensK)n costs 928,2% 842,785 52,542 Page 22
The Mailler & Whitelaw Trust Notes to the Financial Ststements for the Year Ended 30 June 2024 The rnonth average number of persons (IndLKlin9 senior managen*rt team) employed by the charity during the year expressed as full time equNalents was as follows: 2023 No 2024 No Charitable actNities 38 25 (2023 . 28) of the above employees part1patl in the Mned Contribution Penslon Schemes. Contribution5 to the empbyee rnSk 5dne5 for the year totalled £13,368 (2023 - £12,122}. No employee received erThJuments of than É60,CK(I durlry the year The total empbyee benefits of the W manJJemert personnel of the charlty were £99,056 (2023 . £90,568). Page 23
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 12Taxation The charity is a registered tharity and is therefore exempt from tsxation. The Trust has teen accepted as a charity for tax purposes. Relief is therefo due under Sectlon 505 of the Income armd corTat)n Taxes ILt 1988 under Scottish Charity Number 32. 13Tanglble flxed assets Flxtures, ffttlngs and equlpment Land and tlIdIng5 Motor vehldes Total At l Juty 2023 AdditnS DispJsals 1,224,476 211,567 10,053 18,CK¥) 1,454,rA3 10,053 At 30 June 2024 1219 451 218 026 18 OCQ 1455 477 Depredatlon At l July 2023 Charge for the year Eliminated on disposals At 30 June 2024 252,459 9,055 181,227 7,959 12,304 1,424 445,990 18,438 261514 Net book value At 30 Jure 2024 957 937 4 272 994 040 At 30 June 2023 972 017 5 696 11))8 053 Page 24
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 14 Fixed asset investments 2024 2023 Other investments Other investments Listed investments Cash deposits Totsl Cost or Valuatlon At l July 2023 Revaluation AdditlOnS DisFosals At 30 June 2024 235,668 19,295 88,113 24,231 259,899 19,295 88,113 273 366 278 069 Net book value At 30 June 2024 273 366 278 069 At 30 June 2023 259 899 15 Debtors 2024 2023 Trade debtors Prepayments Other debtors 135,002 17,617 750 141,660 153 369 141960 16Cash and cash equivalents 2024 2023 Cash on hand Cash at bank Short-temi dewsits 451 6,551 507 5,894 Page 25
The Mailler & Whitelaw Trust Notes to the Financial Ststements for the Year Ended 30 June 2024 17Credltors: anw)unts falling due wlthln one year 2024 2023 Trade credit¢fS oth taxati ar sxial security Othw ¢Jeditors 40,304 19,200 42,164 15,229 18 Penslon arnl Other sthemes Defflnal contrlbutlon penslon xheme The CPKlrtty operates a defired contrtbutlon wsbjn ScrMe. The pen c05t charge for the year represents Contr1t?nS payabk ty the thanty to tt scher and amountA to £13,368 (2023 - £12,L22). 19Commltments Capltal c0mm1tvvTrts Boilers fo The total amount contracted for not provhjed in ttt flnancbal ststements was £35,228 12023 - £NII).
The Mailler & Whitelaw Trust Notes to the Financial ststsments for the Year Ended 30 June 2024 20 Funds Unrestricted funds Balance Other at30 Incomlng Resources recognised June resources expended Transfers gainsl(Iosses) 2024 Balance at l July 2023 Unrestricted funds Unrestrirted general funds Unrestricted income fund 1,074,682 1,360,995 {1,366,439) 3,714 19,773 1,092,725 funds Restricted income fund 285 675 281961 Totsl funds 1360 357 1360 995 1366 439 1374 686 Balan Other at30 Incoming Resources recognised June resources expended Transfers gainsl(losses) 2023 Balance at l July 2022 Unrestrlcted funds general fvnds Unrestricted income fund 1,104,066 1,188,471 (1,221,403) 3,714 (166) 1,074,682 Restricted funds Restricted income fund 289 389 285 675 Totsl funds 1393 455 1188471 1221403 166 1360 357 Page 27
The Mailler & Whitslaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 The SFecific Pur[ for which the fuThls a to te appli&J are as follows: The income funds of the Charity ir)dude reStrItt fuThts comprisiThJ unexpended balan of donations and gTrnts hehl on trust frK fiC purp). The balan the grant is to be depreciated over 90 years. 21Analysis of net assets between funds funds Restricted Total funds General funds 2024 Tangible fixed assets Fixed awt investments Current assets Current liabilities 712.079 278.CA9 167,860 281.961 278,069 167,860 Totsl net a 1092 725 1374 686 Unrestricted funds Restrirted Total funds funds 2023 Tangible fixed assets Fixed asset investments Clsrrent assets Current liabilit 722,378 259,899 161,938 285.675 1,008,053 259,899 161,938 Totsl net assets 1074 682 285 675 1360 357 Page 28
The Mailler & Whitelaw Trust Notes to the Financial Statements for the Year Ended 30 June 2024 22Analysls of not funds Atlju 2023 Flnandng cash flows At 30 June 2024 Cash at bank and in lor 19,978 (5.487) 14,491 Net funds 19,978 15,487) 14,491 At l July 2022 Finanang cash flowj At 30 June 2023 Cash at bank and in hand Net funds 23 Related party transa¢tlons Dii., ing tlp ypar the charty made followlng rted p3ty tranCtI0rffj: fui d vdlu¢ o lolfrom fmm enled tr Burrtjalow, whKh is own&1 ty the Trust and koted LEsKle the Care Home, num untll sePternr 2023. At the balan sheet date the amount due was £Nil (2023 - £300). 29