2025-12-07-accounts - Miss Janet Thompson Anderson Post-Graduate Scholarship

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Miss Janet Thompson Anderson’s Post-Graduate Scholarship Trust

REPORT AND ACCOUNTS

For the year ended 07 December 2025

TRUSTEES:

Callum S Kennedy WS Peter D Tweedie WS

LEI: 2138001GS5C6MU6CCD63

—

Caledonian Exchange 19A Canning Street EDINBURGH EH3 8HE

Scottish Charity No SC007929

LCK/JAN444/1

Miss Janet Thompson Anderson’s Post-Graduate Scholarship Trust

Report and Accounts

For the year ended 07 December 2025

	Contents	Page No
1.	Trustees’ Report	1
2.	Independent Examiner’s Report	2
3.	Receipts and Payments Account	3
4.	Statement of Balances	4
5.	NotestotheAccounts	5

Miss Janet Thompson Anderson’s Post-Graduate Scholarship Trust

| |

Trustees’ Report For the year ended 07 December 2025

Introduction

The Trustees present their report and the financial statements of the Charity for the year ended 07 December 2025.

Reference and Administrative Information

Scottish Charity Number: SC007929

Trustees

Callum S Kennedy WS Peter D Tweedie WS

Structure, Governance and Management

The charity is controlled by the Trust Deed created by the Trust Disposition and Settlement of Janet Thompson Anderson dated 13 December 1977, registered in the Books of Council & Session on 20 November 1981.

There are no changes to the Trustees during the period of the account. The Trust Deed provides for a minimum of two Trustees.

The Trustees, who have wide investment powers, meet annually to review the financial position of the Trust and make decisions on the application of income for charitable purposes. Callum Kennedy, as one of the Trustees, administers the charity on a day to day basis. Rathbones manage the investment portfolio on behalf of the Trustees —

Objectives, Activities and Achievements

i

The free annual income of the Trust shall be paid to the University Court of the University of St Andrews for the provision of a post-graduate scholarship which shall be awarded at the discretion of the Bursaries and Schools Committee of the said University or such other succeeding committee thereof as may deal with the provision of the post-graduate scholarships.

Financial Review

Total income for the year was £ 50,783 which included £41,537 from sales of investments. Expenditure was £ 66,270 which included investment purchases of £ 38,720 resulting in a deficit of £ 15,487 in the year

Reserves

The Trust aims to hold cash at the end of each financial year which equates to the expected costs for the following year. The amount is taken into account when the Trustees meet to consider the grants to be made in the following year.

Approved by the Trustees on ... PEC udeLAK ie, 2026 and signed on their behalf by:

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Callum S Kennedy WS
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Miss Janet Thompson Anderson’s Post-Graduate Scholarship Trust

Independent Examiner’s Report to the Trustees

For the year to 07 December 2025

| report on the Accounts of the Charity for the year ended 07 December 2025 which are set out on pages 3 to 5.

Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s trustees consider that the audit raquirament of Regulation 10(1)(d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements:

° fo keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations

have not been met, or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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| Miss Janet T. Anderson's Post-Graduate Scholarship Trust | Account for year to 7th December 2025

CAPITAL

Credit	balance at the close oflast account			210,932.01
	Gain on Realisation ofInvestments			6,083.94
	Gain on Revaluation ofInvestments			18,173.07
				235,189.02
Deduct:-
	Administration Expenses(Independent	Examiners Fee
	re 2024 Accounts)		150.00
	Investment Management Fees		3,000.00
	Agents’ Capital Fees		1,170.90
			wonennnnne	4,320.90
Credit	balance atthe close ofthis account			230,868.12
ofwhich, Investments at market value:-				241,955.00
Capital over-invested				(11,086.88)
REVENUE
Credit	balance atthe close oflast account		48,715.64
Add:-	Investment income		9,245.63
			57,961.27
Deduct:-
Donations		22,000.00
Agents’	Revenue Fees	1,229.10
		woeeeneee	23,229.10
Credit	balance atthe close of this account		macnn	34,732.17
				23,645.29
Represented by:
Lindsays Funds			21,977.99
Rathbones		Capital	822.09
		Income	845.21
			wenn	23,645.29

| Miss Janet Thompson Anderson Post-Graduate Scholarship Trust | Receipts & Payment Account for the year to 7 December 2025

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||||||| |---|---|---|---|---|---| |2025|2024| |Receipts| |Investment|Income|9,245.63|10,721.41| |9,245.63|10,721.41| |Proceeds|from|sale|of investments|41,537.49|27,662.12| |Total|Receipts|50,783.12|38,383.53| |Payments| |Charitable|Donations|22,000.00|0.00| |Investment|Management|Fees|3,000.00|3,000.00| |Administration|Expenses|150.00|125.00| |Agent's|Fees|2,400.00|2,155.80| |27,550.00|5|280.80| |Purchase|of Investments(inc|Equalisations)|38,720.48|27,152.46| |Total|Payments|.|66,270.48|—|32,433.26| |Surplus|/|(deficit)|for year|(15,487.36)|5,950.27|

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Miss Janet Thompson Anderson's Post-Graduate Scholarship Trust Statement of Balances as at 7 December 2025

			2025	2024
Investments
Opening balance			220,515.00	210,427.00
Purchases & Equalisations			38,720.48	27,152.46
Sales			(41,537.49)	(27,662.12)
Gain / (loss) on sales			6,083.94	(464.15)
Increase(Decrease)	in unrealised		18,173.07
appreciation				11,061.81
MarketValue as at	7 December		241,955.00	~ 220,515.00
		.
Bank and cash in hand
Opening balances
Lindsays Funds			37,074.74	29,147.89
Rathbones			2,057.91	4,034.49
			39,132.65	33,182.38
add: Surplus / (deficit)			(15,487.36)	5,950.27
Closing balance			23,645.29	39,132.65
Represented by:
Lindsays Funds			21,977.99	37,074.74
					.
Rathbones			1,667.30	2,057.91
		Oe	23,645.29	39,132.65

All funds are unrestricted.

Approved by the Trustees and signed on their behalf

Signed Cys~ZLLittttOO Date Zist-efa ro 7o26.

;

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,

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,

,

|

|

Appendices

:

| | |

;

:

Income

Investment Income

Aberdeen StandardFundManagers GlbILBondS

06-Jan-2025 Dividendon9250 51.25

01-Apr-2025 Dividendon9250 58,08

01-Jul-2025 Dividend on9250 33.48

01-Oct-2025 Dividend on9250 44.11

ArtemisFundManagers GlobalInc Units

01-Apr-2025
01-Oct-2025 Dividendon 10000
Dividend on 7200 146.90
242.69 :

03-Mar-2025 ASMLHoldingsNVEur0.09(PostSplit)
Dividend on4 4,25

06-May-2025 Dividendon4 5.30

06-Aug-2025 Dividend on4 4.72

18-Nov-2025 Dividendon4 4.78

AssaAbloy NPV SerBShs

30-Apr-2025 Dividendon 150 23.90

14-Nov-2025 Dividend on 150 24.79

Astrazenecaple

24-Mar-2026
10-Sep-2025 Dividendon40
Dividendon40 67.20
30.68

BHPGroupLtd

01-Apr-2025 Dividend on250 96.96

BluebayFundsManagement

09-Jan-2025 Dividend on 120 148.42

08-Apr-2025 Dividendon 120 134.50

08-Jul-2025 Dividend on 120 138.10

07-Oct-2025 Dividend on 120 135.42

BuyMellonAssetManagement

04-Mar-2025 Dividend on2700 36.77

04-Jun-2025 Dividend on 2700 39.65

03-Sep-2025 Dividend on2996.735 76.19

04-Dec-2025 Dividend on 2996.735 44,18

BPPle :

20-Dec-2024 Dividend on 1000 62.96

; _ + 28-Mar-2025 Dividend on 1000 61.76

27-Jun-2025 Dividend on 1000 58.99

19-Sep-2025 Dividend on 1000 61.94

BritishAmerican Tobacco

03-Feb-2025 Dividend on200 117.76

07-May-2025 Dividend on200 120.12

01-Aug-2025 Dividend on 200 120.12

07-Nov-2025 Dividend on200 75.08

CityofLondonInv Trust

28-Feb-2025 Dividend on 1875 98.44

30-May-2025 Dividend on2425 130.95

29-Aug-2025 Dividend on2425 130.95

28-Nov-2025 Dividend on 2425 130,95

Diageo

24-Apr-2025 Dividendon 200 62.96

04-Dec-2025 Dividendon200 95.82

GreencoatUKWindplc

28-Feb-2025 Dividend on 2750 68.75

30-May-2025 Dividend on2750 71.23

29-Aug-2025 Dividend on2750 71.23

28-Nov-2025 Dividend on2750 71.23

GuinnessAssetManagement

04-Feb-2025 Dividendon275 81.70

Appendices

01-Aug-2025 Dividend on 275

96.39

us

oo

|

Henderson Intl Income Trust 28-Feb-2025 Dividend on 6800 132.60 16-May-2025 Dividend on 6800 265.20 HSBC Holdings ple 19-Dec-2024 Dividend on 320 25.05 HICL Infrastructure Co Ltd 31-Dec-2024 Dividend on 3500 55.52 08-Jan-2025 Dividend on 3500 16.58 31-Mar-2025 Dividend on 3500 21.63 31-Mar-2025 Dividend on 3500 50.47 30-Jun-2025 Dividend on 3500 55.79 30-Jun-2025 Dividend on 3500 16.66 30-Sep-2025 Dividend on 3500 29.12 30-Sep-2025 Dividend on 3500 43.68 J P Morgan Glb Growth & Income 07-Oct-2025 Dividend on 2229 : 128.17 Legal & General Group ple 05-Jun-2025 Dividend on 1600 245,76 26-Sep-2025 Dividend on 1600 97.92 M&G Corporate Bond PP Inc 05-Mar-2025 Dividend on 9855.74 99.26 02-Jun-2025 Dividend on 9855.74 98.92 01-Sep-2025 Dividend on 9855.74 101,74 28-Nov-2025 Dividend on 9855.74 102.60 ME&G Ple Ord 5p Shs 09-May-2025 Dividend on 1400 189,00 17-Oct-2025 Dividend on 1400 93.80 Murray International Trust ple 17-Feb-2025 Dividend on 4700 117.50 19-May-2025 Dividend on 4700 , 202.10 15-Aug-2025 Dividend on 4700 122.20 18-Nov-2025 Dividend on 4700 122.20 Persimmon ple 11-Jul-2025 Dividend on 150 60.00 07-Nov-2025 Dividend on 150 30.00 _ Polar Capital Fund 06-Aug-2025 Dividend on 280 12.12 31-Oct-2025 Dividend on 280 12.74 Primary Health Properties 21-Feb-2025 Dividend on 4658 18.63 21-Jan-2025 Dividend on 4658 64.05 09-May-2025 Dividend on 4658 18.63 09-May-2025 Dividend on 4658 64.05 Prudential 14-May-2025 Dividend on 390 47.78 Rio Tinto ple 25-Sep-2025 Dividend on 95 103.15 Rightmove ple 23-May-2025 Dividend on 510 31.11 24-Oct-2025 Dividend on 380 15.39 Shell ple 19-Dec-2024 Dividend on 280 75.68 24-Mar-2025 Dividend on 280 77,81 23-Jun-2025 Dividend on 280 73.95 22-Sep-2025 Dividend on 280 74,54

|

Appendices

:

:

Ruffer Investment Co 08-Apr-2025 Dividend on 1850 52.73 27-Oct-2025 Dividend on 1850 61.98 Sarasin Global Higher Div P Inc 26-Feb-2025 Dividend on 5000 51.48 28-May-2025 Dividend on 5000 60.74 28-Aug-2025 Dividend on 5000 94,95 25-Nov-2025 Dividend on 5000 46,00 Scottish American Investments 12-Dec-2024 Dividend on 1800 66.60 11-Apr-2025 Dividend on 1800 75.15 19-Jun-2025 Dividend on 1800 65.25 18-Sep-2025 Dividend on 1800 67.50 Siemens 19-Feb-2025 Dividend on 35 110.46 Smith & Nephew ple , 28-May-2025 Dividend on 300 52.44 07-Nov-2025 Dividend on 300 33.78 SPDR Series Trust 02-Jan-2025 Dividend on 132 36.88 03-Jul-2025 Dividend on 132 41.15 03-Apr-2025 Dividend on 132 42.41 01-Oct-2025 Dividend on 152 45,37 Temple Bar 30-Dec-2024 Dividend on 3000 — 90.00 02-Apr-2025 Dividend on 3000 90.00 27-Jun-2025 Dividend on 3000 112.50 26-Sep-2025 Dividend on 3000 78.75 The Renewables Infrastructure Group 03-Jan-2025 Dividend on 3900 72.83 01-Apr-2025 Dividend on 3900 72.83 , 01-Jul-2025 Dividend on 3900 73.61 02-Oct-2025 Dividend on 3900 73.61 | ‘Treasury 125% Treasury Gilt 31/01/25 31-Jan-2025 Gross Interest on £3500 , 4.38 Treasury 4.25% Stock 07/03/2026 07-Mar-2025 Gross Interest on £3800 80.75 09-Sep-2025 Gross Interest on £3800 80.75 Treasury 3/8%% Stock 22/10/2026 22-Apr-2025 Gross Interest on £3700 6,94 22-Oct-2025 Gross Interest on £3700 6.94 Unilever 28-Mar-2025 Dividend on 130 49.08 16-Jun-2025 Dividend on 130 50.53 12-Sep-2025 Dividend on 130 50.91 05-Dec-2025 Dividend on 130 51.06 Rathbones Funds 23-Dec-2024 Gross Interest 8.37 26-Mar-2025 Gross Interest 3.74 25-Jun-2025 Gross Interest 2.57 25-Sep-2025 Gross Interest 6.09

:

Appendices

: |

:

| |

LindsaysFunds

03-Jan-2025 Paymentinlieuofclientgross interest duefortheperiod

between 04/02/22 and 31/12/24 251.50

01-Apr-2025 Payment in lieuofclient gross interestdue fortheperiod

between 04/02/22 and 31/03/25 109.16

01-Jul-2025 Payment inlieuofclient gross interest due for theperiod

between 04/02/22 and 30/06/25 108.43

02-Oct-2025 Payment in lieuofclient gross interestdue fortheperiod

between 04/02/22 and 30/09/25 110.68

9,245.63

| |

:

:

|

|

:

| :

Appendices

: |

|

Revenue Payments

Donations

18-Dec-2024 University of St Andrews Appeal Fund-funding for 2 new Phd Students

22,000.00

—[22,000.00] _

Revenue Payments

Agents Revenue Fees

07-Dec-2025 Lindsays fee for administration of the trust for year to date, applicable to revenue 1,024.25 07-Dec-2025 Vat at 20% 204.85 1,229.16

,

|

.

Appendices

Capital Payments

Administration Expenses

Administration Expenses

16-Jan-2025 MichaelMarwick examinationfee for 2024 Accounts 150.00

150.00

InvestmentManagement Fees

01-Jan-2025 Rathbonesmanagement fee 750.00

06-Apr-2025 Rathbonesmanagement fee 750.00

01-Jul-2025 Rathbonesmanagement fee 750.00

01-Oct-2025 Rathbonesmanagement fee 750,00

3,000.00—

Agents Capital Fees

07-Dec-2025 Lindsays fee for administrationofthe trustforyearto date, applicable

to capital 975.75

07-Dec-2025 Vatat20% 195.15

1,170.96

)

NOTES

,

| |

1 The Investments are shown in the account at valuation.

2 Income from Investments is credited to the Income and Expenditure account in the year in which it is received.

3 No Committee Member received any remuneration during the period (2024 none). |

|

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				Aberdeen StandardFundManagers GlbILBondS
			06-Jan-2025	Dividendon9250		51.25
			01-Apr-2025	Dividendon9250		58,08
			01-Jul-2025	Dividend on9250		33.48
			01-Oct-2025	Dividend on9250		44.11
				ArtemisFundManagers GlobalInc Units
			01-Apr-2025 01-Oct-2025	Dividendon 10000 Dividend on 7200		146.90 242.69	:
			03-Mar-2025	ASMLHoldingsNVEur0.09(PostSplit) Dividend on4		4,25
			06-May-2025	Dividendon4		5.30
			06-Aug-2025	Dividend on4		4.72
			18-Nov-2025	Dividendon4		4.78
				AssaAbloy NPV SerBShs
			30-Apr-2025	Dividendon 150		23.90
			14-Nov-2025	Dividend on 150		24.79
				Astrazenecaple
			24-Mar-2026 10-Sep-2025	Dividendon40 Dividendon40		67.20 30.68
				BHPGroupLtd
			01-Apr-2025	Dividend on250		96.96
				BluebayFundsManagement
			09-Jan-2025	Dividend on 120		148.42
			08-Apr-2025	Dividendon 120		134.50
			08-Jul-2025	Dividend on 120		138.10
			07-Oct-2025	Dividend on 120		135.42
				BuyMellonAssetManagement
			04-Mar-2025	Dividend on2700		36.77
			04-Jun-2025	Dividend on 2700		39.65
			03-Sep-2025	Dividend on2996.735		76.19
			04-Dec-2025	Dividend on 2996.735		44,18
				BPPle	:
			20-Dec-2024	Dividend on 1000		62.96
;	_	+	28-Mar-2025	Dividend on 1000		61.76
			27-Jun-2025	Dividend on 1000		58.99
			19-Sep-2025	Dividend on 1000		61.94
				BritishAmerican Tobacco
			03-Feb-2025	Dividend on200		117.76
			07-May-2025	Dividend on200		120.12
			01-Aug-2025	Dividend on 200		120.12
			07-Nov-2025	Dividend on200		75.08
				CityofLondonInv Trust
			28-Feb-2025	Dividend on 1875		98.44
			30-May-2025	Dividend on2425		130.95
			29-Aug-2025	Dividend on2425		130.95
			28-Nov-2025	Dividend on 2425		130,95
				Diageo
			24-Apr-2025	Dividendon 200		62.96
			04-Dec-2025	Dividendon200		95.82
				GreencoatUKWindplc
			28-Feb-2025	Dividend on 2750		68.75
			30-May-2025	Dividend on2750		71.23
			29-Aug-2025	Dividend on2750		71.23
			28-Nov-2025	Dividend on2750		71.23
				GuinnessAssetManagement
			04-Feb-2025	Dividendon275		81.70

	LindsaysFunds
03-Jan-2025	Paymentinlieuofclientgross interest duefortheperiod
	between 04/02/22 and 31/12/24	251.50
01-Apr-2025	Payment in lieuofclient gross interestdue fortheperiod
	between 04/02/22 and 31/03/25	109.16
01-Jul-2025	Payment inlieuofclient gross interest due for theperiod
	between 04/02/22 and 30/06/25	108.43
02-Oct-2025	Payment in lieuofclient gross interestdue fortheperiod
	between 04/02/22 and 30/09/25	110.68
		9,245.63

Administration Expenses
16-Jan-2025 MichaelMarwick examinationfee for 2024 Accounts	150.00
	150.00
InvestmentManagement Fees
01-Jan-2025 Rathbonesmanagement fee	750.00
06-Apr-2025 Rathbonesmanagement fee	750.00
01-Jul-2025 Rathbonesmanagement fee	750.00
01-Oct-2025 Rathbonesmanagement fee	750,00
	3,000.00—

Capital Fees
07-Dec-2025	Lindsays fee for administrationofthe trustforyearto date, applicable
	to capital	975.75
07-Dec-2025	Vatat20%	195.15
		1,170.96