THE STEWART FUND Re istered Scottish Charit SC007987 Statement of Accounts For the ear ended 5th A ril 2024 THE STEWART FUND istered Scottish Charit SC007987 REPORT BY THE TRUSTEES FOR THE YEAR TO 5TH APRIL 2024 Names and Addresses of Trustees Manner of A oinlmenl Hugh Derek McKay, 136-138 Nelhergale, Dundee Murray Andrew Clark Dalgety, 144 Nethergate, Dundee Laura Catherine McDonald, 136-138 Nelhergate, Dundee Ross Graham, 144 Nelhergate, Dundee Assumed 1986 Assumed 2006 Assumed 2008 51h February 2020 Administrators and Le alA ents Lawson, Coull & Duncan, 136-138 Nethergate, Dundee. Stockbrokers Redmayne Bentley, Perth. Inde endent Examiner Neil S. Young, BK Plus Limited, 144 Nethergate, Dundee. Charit Reference Number Income Tax Reference.. Scottish Charity.. Ed.C.R.3 9390 SC007987 THE STEWART FUND Re istered Scottish Gharil SC007987 REPORT BY THE TRUSTEES Cont'd YH FOR THE YEAR TO 5 APRIL 2024 Details of Trust Deed and Notès Re ardin Beneficiaries Ob'ectives and Activities of the Trust The Trust Deed provides that free income of the Trust is to be paid for the relief of indigent maidenl widow ladies who ar8 native of, or reside in an area within a given radius of Dundee. The original Deed as amended by the Court of Session Decree in 1976 permils payments of between £20 and £150 per annum to beneficiaries Wlth income of less than £1,000. The maximum level of income and level of annual payments are to increase in line with the retail price index at the discretion of the Trustees. Grant Makin Polic This is set out in the Deed of Trust as described above. Achievements and Performance The Trustees have paid a half yearly annuity to selected Annuilants. There are presently 11 Annuitants, 11 ofwhom received £650.00 in June and December. Financial Review At 5 April 2024, the Stewart Fund has a balan￿ available for dislribulion of £215,4Q8.29 and a capital balance of £460,627.73. Investment Polic and Performance Th8 Trust investments are managed on a policy of medium risk to achieve a balanced return from income and capital. Reserves Polic The funds of the Trust derive from an original capital donation together with a growth in value of investments and the periodic accrual of revenuo. The Trustees do not encroach upon capilal wh8n making charitable donations and have a policy of retaining aocrued revenuè excoss of two years gross income. The Trustees note that currently accrued revenue eX￿ed$ nine years gross income. Structure Governrnenl and Mana emant The Trustees meel on an ad-hoc basis to consider matters of the Trust business. The Administrators circulate the Trustees where appropriate for decisions or for information and routine administrative mallers. The Trust has no employees and administrative work is carried out by the Administrator. THE STEWART FUND Re istered Scottish Charit SC007987 REPORT BY THE TRUSTEES Cont'd TH FOR THE YEAR TO 5 APRIL 2024 ointment of Trustees Trustees are appointed by existing Trustees taking account of their view of the suilabilily of any new Trustee given the principles encompassed in the Founding Documents and the background skills of any new Trustee relative lo the skill base of Ihe existing Trustee. The Adminislralors provide an induction process for the new Trustees. Accountin Policies These are set out in the notes to tho Accounts. Risk Mana ement The Trustees have assessed the major risk to which the Charity is exposed and, in particular, those related to the operations of finances for the Trust. They are satisfied that systems are in place that miligale their exposure lo major risk. The Trust Accounts are subject to independent examination on an annual basis. Plans for the future The Iruslees expect that the trusl will continue lo operate as it currently is, and they will seek lo identify potential additional annuitants in the near future. THE STEWART FUND istered Scottish Charit SC007987 REPORT BY THE TRUSTEES Cont'd TH FOR THE YEAR TO 5 APRIL 2024 Trustees, Res onsibililies for the re aration of Financial Statements The Trustees are required by law to prepare financial statements which give a true and fair view of the state of affairs of the Trust at the end of the financial year and of its results for the year. In preparing those financial statements, the Trustees are required to'.- Select suitable accounting policies and then apply them consislenlly., Observe tha methods and principles in the Charities SORP- Make judgements and estimates that are responsible and prudent., State whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that Ihe Trust will continu6 in business. The Trustees are required to act in accordance with the Trust Deed and within the framework of trust law. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuraGy at any time the financial position of the Trust and to enable them to ensure th81 the financial statements comply with applicable law, regulations and the Trust Deed. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. Approved on behalf of Ihe Trustees Lc >5 Date..ii.l.u'.l.?¢y....... THE STEWART FUND Istered Scottlsh Charit SC007987 Inde endenl Examinels Re ort to the Trustee on the Unaudited Accounts of The Stewart Fund I report on the accounts of the Charity for the year ended 5 April 2024 sel out in the report and notes on pages 5 to 8. Res eclive res onsibililies of Trustees and Inde endent Examiner The Charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts {Scotlandl regulations 2006. The Charity Trustees consider that the audit requirement of Regulation 10(1 Ila) to {cl of the Accounts Regulations does not apply. It is my responsibility lo examine the accounts as required under section 44(1 Ilcl of the Act and lo state whether particular matters have come to my attention. Basis of Inde endenl Examiner's Statement My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with Ihose records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do nol provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts. Inde endent Examiner's Slalement In the course of my examination, no malter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 4411) of the 2005 Act and ReguSation 4 of th6 2006 Accounts Regulations. and to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations. have not been met, or to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Neil S. Young, Esq., Chartered Accountant, 144 Nelhergate, DUNDEE. DD14EB. Dated.. THE STEWART FUND Re istered Scottish Charit SC007987 STATEMENT OF FINANCIAL ACTIVITIES TH FOR THE YEAR TO 5 APRIL 2024 Current Financial Year Unrastrlcted Unrestrlcted Total 2024 Revenue Capital Fund Fund Total 2023 Incomlng Resourcès Income from Investments (Pèr Schedule 11 18,904.38 18,904.38 19,204.47 Income from Deposlts (Per Schedule 21 4,807.29 4,807.29 1,571.91 Income Tax Repayment from Earlieryoars Total Incomlng Resources 23.711.67 23,711.67 20,776.38 Resources Expended Payments to Beneflclarles (Per Schedule 31 14,300.00 14,300.00 13,200.00 Expenses of Admlnlstratlon (Per Schedule 41 7,273.84 &,415.48 13,689.32 16,798.75 Total Resources Expended 21.573.84 6,415.48 27,989.32 29,998.75 Net Ioutgolnglllncomlng Servlces for the year 2,137.83 (6,415.481 14,277.651 19,222.37) other Recognlsed Galns and Losses GainllLo$s) on Reallsatlon of Investments 4,723.05 4,723.05 15,272.421 Galnl{Lossl on Unrealisod Appreciation 26,929.25 26.929.25 110,835.021 31,652.30 31.652.30 116,107.441 Net Movement in Funds for tha yoar 2,137.83 25,236.82 27,374.65 125,329.811 Total Funds as at 5th Aprll 2023 213,270.46 435,390.91 648,661.37 873,991.18 Total Funds as at 5th April 2024 215,408.29 460,627.73 676,036.02 648,661.37 THE STEWART FUND istered Scottish Charit SC007987 STATEMENT OF FINANCIAL ACTIVITIES TH FOR THE YEAR TO 5 APRIL 2024 Prlor Flnanclal Year Unrestricted Revenue Fund Unrestricted Capital Fund Total 2023 Incomlng Resources Income from Investments (Per Schedule 11 19,204.47 19,204.47 Income from Deposlts (Per Schedule 21 1,571.91 1.571.91 Income Tax Repayment fyom Earller Years Total Incomlng Resources 20,776.38 20.778.38 Resources Expended Payments to Beneflclarles (Per Schedule 31 13.200,00 13,200.00 Exponses of Administration (Par Schedul 41 7,170.30 9,628.45 16,798.75 Total Resources Expended 20,370.30 9,628.45 29,998.75 Net IOutgoing)Ilncoming Services for the year 406.08 (9,628.451 19,222.37) othèr Recognlsed Galns and Losses GainllLossl on Realisation of Investments 15.272.421 15,272.421 GainllLoss} on Unrealised Appreciation (10,835.021 110,835,02) 116,107.441 116,107.44) Net Movement In Funds for the year 406.08 {25,735.891 {25.329.811 Total Funds as at 5th Aprll 2022 212,864.38 461,126.80 673.991.18 Total Funds as at 5 Aprll 2023 213,270.46 435,390.91 648,661.37 THE STEWART FUND istered Scottish Charit SC007987 BALANCE SHEET TH FOR THE YEAR TO 5 APRIL 2024 2024 2024 2023 2023 Fixed Assets Investments 569.717.06 539.614.00 Current Assets Virgin Money 114,073.98 73,917.30 Barclays Bank 32,057.41 Monies Held in LCD Client ledger Redmayne Bentley- Funds held in their ledger 12,006.88 13.254.42 Redmayne Income account debtor 126.080.86 119,229.13 Current Llabilities Sums due to Agents 15,201.90 7,961.76 Sums due lo BK Plus Limited 4.560.00 2,220.00 19,761.90 10,181.76 Net Current Assets 106,318.96 109,047.37 676,036.02 648,661.37 The Funds of the Charlty Unrestricted Capital Funds 460.627.73 435,390.91 Unreslricted Revenue Funds 215,408.29 213.270.46 676,036.02 648,661.37 These accounts were approved by the Trustees on.A5-.,.i.l.￿. and signed on their behalf by Trustee THE STEWART FUND Re istered Scottish Charlt SC007987 NOTES TO THE ACCOUNTS TH FOR THE YEAR TO 5 APRIL 2024 ACCOUNTING POLICIES Basis of Pre aration The accounts have been prepared in accordance with applicable 8ccounting standards and recommended practice under the historical cost accounting rules as modified by the revaluation of investments. The financial slalements have been prepared in accordance wilh the Statement of Recommended Praclice, "Accounting and Reporting by Charities" preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014 the Charities and Truslee Investment (Scotland) Act 2005 and the Charities Accounts (Scolland) Regulations 2006 las amended). The charily Is a PLfrblic Benefit Enlity as defined by FRS 102. Investments Investments are shown at market value, where applicable, or otheNise at: the lalesl available valuation known to the Trustees,. or cost, al their discretion. Gains and losses on disposal and revaluation are charged or credited lo the SOFA. Realised gains and losses on investments representing the difference between sale proceeds and opening market value are dealt with in the SOFA. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). The Investment Polic of the Trustee is'.- Balance between Income and Capital growth and regularly monitored by Redmayne Bentley Stockbrokers. Income and Ex endilure Investment income is included in the Statement of Financial Activities in the period in which the Trust is entitled lo receipt. Expenditure is included on an accruals basis and is recognised when there is a legal obligation to pay for expenditure. Risk Mana ement The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place lo mitigate exposure to those risks. STOCKBROKERS The portfolio is managed by the Perth office of Redmayne Bentley. THE STEWART FUND Re istered Scottish Charit SC007987 NOTES TO THE ACCOUNTS Cont'd FOR THE YEAR TO 5TH APRIL 2024 STOCKBROKERS COSTS The cost of managing investments is charged lo the SOFA. Any costs associated with the sale of purchase of investments are accounted for as part of the sale or purchase price of the inveslmenls. INVESTMENTS 2024 2023 Market Value at beglnning of year 539,614.00 564,007.67 Purchases in year 3,371.88 9,928.00 Sales in year- per valuation 51h April 2024 (4,921.12) 119,214.231 Unrealised Gainl{Lossl 31,652.30 16,107.44 Market Value at end of year 569,717.06 539,614.00 FUND ACCOUNTING Unrestricted funds are general funds which are available for use at the discretion of the TrLJStees in furtheranc8 of the general objectives of the Fund and which have not been designated for other purposes. Unrestricted funds are analysed be￿een Capital Reserves and Revenue Reserves as although the Trustees have the power to spend capital il is their curr8nt policy only to encroach on capital in exceptional circumstances. TRUSTEES REMUNERATION Laura C. McDonald is a partner of Lawson, Coull & Duncan, Solicitors. As fund administrators, Lawson, Coupl & Duncan received a fee which was £6,928.14 including VAT for the year ended 5th April 2024. Murray A.C. Dalgely and Ross Graham are senior employees of BK Plus Limited. BK Plus Limited, received a fee for independent examination of the annual accounts which was £2,340.00 including VAT for the year ended 5 April 2024. (0(40) ffj U> 0000 ooc)o ro 000 16 THE STEWART FUND istered Scottish Charit SC007987 SCHEDULE 2 Interest on De osits and Dividends Received Virgin Money Barclays Redmayne Bentley £4,463.13 £127.04 £217.12 Dividends received as per brokers report £18,904.38 SCHEDULE 3 Pa ments to Beneficiaries 11 Beneficiaries Pald June & Dec £650.00 SCHEDULE 4 enses of Administration Ca Revenue Redma ne Bentle Inveslment Management Fees 4,099.18 Sh8riff Court Auditor Fee for assessing Business Account to 5 April 2024 VAT thereon 50.00 10.00 210.00 42.00 Messrs. Lawson Coull & Duncan Business Account VAT thereon 1,149.00 229.80 4,624.45 924.89 BK Plus Limited Independent Examination Fee VAT thereon 731.25 146.25 1,218.75 243.75 Bank Charge 10.00