Charity registration number.. SC006632 The Mailler & Whitelaw Trust Annual Rewrt and Fina￿411 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 cre￿nt PERTH PHI 5JN Page I The Mailler & Whiteiaw Trust Trustees. Report The trustees p￿sent 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 Suff￿lent 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 Res￿enCY 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 un￿aliSed 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 mar￿gen￿nt 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 ProsF*rtive Trust*s are prO[￿sed by m￿nber5 of the Board of Trustees afKI formally appointed at a full m￿tIng of ttre Trustees. The Trustees Ic￿k 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, nU￿ing. proFerty maIntenar￿e or C(￿M￿nity 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 for5e￿n9 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 prattl￿S 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 f￿Mal 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 TruM￿r 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 ex￿Sed, 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 Con￿ntratIon 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 ￿$01￿tiOn prop)&ng that Morris and Young be reap￿Irthd ￿ 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 reS￿nsib￿ for p￿Paring 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 trust*s 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 peric*J. 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 staten￿nts. and P￿pare 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 d￿rity 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 det￿tIOn 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 i*en aPpl￿d in their ?￿ParatIOn is appltible law and Unlted Kingdom Accounting sta￿lards. comprisirKJ Charitses SORP (FRS 102) and The Finanoal Rewrting Standard appluble in the UK and Republic of ]￿land, {FRS 102) (United Kingdom Generalty ACce￿ed 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 f*neralty Accepted Accounting Prattti; and have been prepa￿ in accordan￿ with the requirements of the Charits'es and Trustee Investment (Scotland) Act 2￿15 and wulatkn 8 of the Charities kcounts {ScoUand) Regulations 2￿6 {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 AL￿1t015 reswnsibilities for the aL*Jit 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 bel￿e that the audit eVIden￿ we have obtained is 5uffKient a￿1 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 con￿rn bass of accounting in the preparatth of financial statements is approwkite. Based on the work we t￿rformed, w￿ have not Identified any ffkiterial Un￿rtaIntieS relating to events or conditions that, indivKlualty or colkrtNety, may cast S￿nifIcant 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 tntst*s wrth respett to going con￿rn are descrited in the re￿ant sections of this re￿rt. 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 d￿5 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 appa￿nt 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 dIsclosu￿5 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 ne￿Sary 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 con￿rn 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 a￿￿t whether the finanaal statements as a whole are free from material misststement. whether due to fra￿1 or em)r, and to issue an auditorfs retKsrt that indudes our opin￿n. 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 prc￿JUres 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 fra￿1 Sn the Sector eS￿ch￿l￿ in the current Un￿rtaIn economic environment,. • results of our erquiries of tntstees atM)Ut their own identiftatM)n arKI assessnRnt of the risks of Ir￿ularlties. • any matters we Identif￿ havirKJ obtsined and the Charitvs dccumentatlon of their p)Ities and prcCedu￿5 relatirrfJ to: - identifyings evaluatlThJ aThJ crynplw'w with kiw5 a￿1 regu￿tionS and whether We￿ awa￿ of any instsnces of non-complian￿. . deteCtIr￿ and ￿p)r￿li￿J to ￿ ri5k5 of aThJ Whets￿r they have knowledge of any actual, SUSFected or alleged fraud. the intemal contrcls establlshed to mwte risks of fra￿1 or non-complklrKe with laws and regulatv)ns: • the matters discussed among the a￿lIt engageTr￿nt team regardiThJ how and Whe￿ fraud mlght ¢xcur in the financial ststements arKI any p)tential Ind￿tOrS 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 ￿ op￿rtunItieS 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 0￿rateS in, ft*using on provishy￿ of tfv)se laws and regulations that had a dIr￿t 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-5￿1fiC legislation, including The Charities and Trustee Investment {ScoUand) Act 2LKJ5. Our pr(Kedures to to risks identifvj I￿uded 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 mI￿eMent due to fra￿1,. • reading minutes of meetings of those charged %yith fwvemar£e; . pr(x)f in total of Residents. ENt. Page li The Mailler & Whitelaw Trust Independent Auditor's Report to the M￿nber$ 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 (Scc*land) kt 2CKI5 and Regulation 10 of the lJarities Accounts (Scotlandl Regulations 2006 (as ar*nded). Our V￿rk t￿n 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 Compan*s 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 bro￿ht fOr￿ard 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 pericJni5ed 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 r￿1ved. Investnwntlncon Investment income Is recc•Jnised on a receivable basis. Charftable artlvitles Residents, Board ￿ntaI income represents the invoiced value of serVI￿S 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 alIc￿ted 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 Ir￿rred in attTrctirwJ voluntary i￿orne, the Managen￿nt of investrnents and those incurred in trading attNitbes that rdise furnls. Charitsble e￿ndrtu￿ comprises tIN)se costs incurred by the Charty in the delNery of its activities and serVI￿S for its beneficiaries. It indudes costs that can te alkKoted direLty to such activities and those costs of an iThYirert nature necessary to supwrt t1￿1. Support costs SupFQrt costs indude ￿ntTr1 fvnctions and have tken allocatd to acbvty cost categories on a basis consistent with the use of resour￿5, for example, alhxating wotety costs by flo)r areas, or Fer capits, stsff costs by the time spent and other costs by th￿r 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 depreCIat￿n 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 diffe￿n￿ tetween saks prC￿eedS 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. Un￿lISed gains aThJ bsses represent the ff￿en￿nt 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 rc*3m 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 obl*tk)ns to pay for gc(