THE STEWART FUND Registered Scottish Charity $C007987 Statement of Accounts For the year ended 5‘ April 2025 THE STEWART FUND ## Registered Scottish Charity $C007987 ## REPORT BY THE TRUSTEES FOR THE YEAR TO 574 APRIL 2025 ## Names and Addresses of Trustees ## Manner of Appointment Hugh Derek McKay, 136-138 Nethergate, Dundee Murray Andrew Clark Dalgety, 144 Nethergate, Dundee Laura Catherine McDonald, 136-138 Nethergate, Dundee Ross Graham, 144 Nethergate, Dundee Assumed 1986 Assumed 2006 Assumed 2008 5" February 2020 ## Administrators and Legal Agents Lawson, Coull & Duncan, 136-138 Nethergate, Dundee. ## Stockbrokers Redmayne Bentley, Perth. ## Independent Examiner Neil S. Young, BK Plus Limited, 144 Nethergate, Dundee. ## Charity Reference Number Income Tax Reference: Ed.C.R.3 9390 Scottish Charity: $C007987 1 ; ## THE STEWART FUND ## Registered Scottish Charity $C007987 # REPORT BY THE TRUSTEES (Cont’d) FOR THE YEAR TO 5°! APRIL 2025 ## Details of Trust Deed and Notes Regarding Beneficiaries ## Objectives and Activities of the Trust The Trust Deed provides that free income of the Trust is to be paid for the relief of indigent maiden/ widow ladies who are 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 permits payments of between £20 and £150 per annum to beneficiaries with 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 Making Policy 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 Annuitants. There are presently 11 Annuitants, 11 of whom received £650.00 in June and December. ## Financial Review At 5" April 2025, the Stewart Fund has a balance available for distribution of £218,019.80 anda capital balance of £425,873.85. ## Investment Policy and Performance The Trust investments are managed on a policy of medium risk to achieve a balanced return from income and capital. ## Reserves Policy The funds of the Trust derive from an original capital donation together with a growth in value of investments and the periodic accrual of revenue. The Trustees do not encroach upon capital when making charitable donations and havea policy of retaining accrued revenue excess of two years gross income. The Trustees note that currently accrued revenue exceeds nine years gross income. ## Structure, Government and Management The Trustees meet 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 matters. The Trust has no employees and administrative work is carried out by the Administrator. | | ## THE STEWART FUND ## Registered Scottish Charity $C007987 # REPORT BY THE TRUSTEES (Cont’d) FOR THE YEAR TO 5' APRIL 2025 ## Appointment of Trustees Trustees are appointed by existing Trustees taking account of their view of the suitability of any new Trustee given the principles encompassed in the Founding Documents and the background skills of any new Trustee relative to the skill base of the existing Trustee. The Administrators provide an induction process for the new Trustees. ## Accounting Policies These are set out in the notes to the Accounts. ## Risk Management 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 mitigate their exposure to major risk. The Trust Accounts are subject to independent examination on an annual basis. ## Plans for the future The trustees expect that the trust will continue to operate as it currently is, and they will seek to identify potential additional annuitants in the near future. 3 ## THE STEWART FUND ## Registered Scottish Charity SC007987 ## REPORT BY THE TRUSTEES (Cont’d) FOR THE YEAR TO 5'4 APRIL 2025 ## Trustees’ Responsibilities for the preparation 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:- - e Select suitable accounting policies and then apply them consistently; - e Observe the methods and principles in the Charities SORP; - e Make judgements and estimates that are responsible and prudent; - e State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue 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 accuracy at any time the financial position of the Trust and to enable them to ensure that 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 the Trustees **----- Start of picture text -----**
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MIVA... SAMAR red 8 Date. Ale Ge, les 8, Gedlvean....... Date...23 | 2 3/ Lb, 4 ## THE STEWART FUND ## Registered Scottish Charity $C007987 independent Examiner's Report to the Trustee on the Unaudited Accounts of The Stewart Fund | report on the accounts of the Charity for the year ended 5'" April 2025 set out in the report and notes on pages 5 to 8. ## Respective responsibilities of Trustees and Independent 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. The Charity Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 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 Charities Accounts (Scotland) Regulations 2006. 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 seeks explanations from the 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: - e to keep accounting records in accordance with Section 44(1) 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 8 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. Neil S. Young, SF Chartered Accountant, 144 Nethergate, DUNDEE. DD1 4EB. Dated... 62fou [aw 5 ## THE STEWART FUND ## Registered Scottish Charity $C007987 ## STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR TO 5'4 APRIL 2025 |Current Financial Year|Unrestricted|Unrestricted|Total 2025|Total 2024| |---|---|---|---|---| ||Revenue|Capital||| ||Fund|Fund||| ||£|£|£|£| |Incoming Resources||||| |incomefrom Investments (PerSchedule 1)|19,018.29|.|49,018.29|18,904.38| |Income from Deposits (PerSchedule 2)|5,030.89|7|5,030.89|4,807.29| |Income Tax Repayment from Earlier Years||||| |||.|_|| |Total Incoming Resources|24,049.18|-|—-24,049.18|23,711.67| |Resources Expended||||| |Payments to Beneficiaries (PerSchedule 3)|44,300.00|7|44,300.00|44,300.00| |i.ofAdministration (PerSchedule|7,137.67|6,900.36|14,077.03|13,689.32| |Total Resources Expended|21,437.67|6,900.36|28,377.03|27,989.32| |roan
IncomingServicesforthe|2,611.51|(6,900.36)|—(4,288.85)|(4,277.65)| |Other Recognised Gains and Losses||||| |Gain/(Loss) on Realisation ofInvestments|.|4,870.83|4,870.83|4,723.05| |Gain/(Loss) on Unrealised Appreciation|_|(32,724.35)|(32,724.35)|26,929.25| ||-|(27,853.52)|— (27,853.52)|31,652.30| |NetMovement in Funds fortheyear|2,611.51|(34,753.88)|(32,142.37)|27,374.65| |th
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Total Funds as at 5"
April 2024|215,408.29|460,627.73|676,036.02|—«648,661.37| |TotalFundsasat5"April2025|218,019.80|425,873.85|643,893.65|676,036.02| 6 ## THE STEWART FUND ## Registered Scottish Charity SC007987 ## STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR TO 5'4 APRIL 2025 |Prior Financial Year|Unrestricted|Unrestricted|Total 2024| |---|---|---|---| ||Revenue Fund|Capital Fund|| ||£|£|£| |Incoming Resources|||| |Incomefrom Investments (PerSchedule 1)|48,904.38|7|18,904.38| |Incomefrom Deposits (PerSchedule 2)|4,807.29|_|4,807.29| |Income Tax Repayment from Earlier Years|||| ||_|.|.| |Total Incoming Resources|23,711.67||23,711.67| |Resources Expended|||| |Payments to Beneficiaries (PerSchedule 3)|14,300.00|.|14,300.00| |ieofAdministration (PerSchedule|7,273.84|6,415.48|43,689.32| |Total Resources Expended|21,573.84|6,415.48|27,989.32| |yea
auincoming Servicesforthe|2,137.83|(6,415.48)|(4,277.65)| |Other Recognised Gains and Losses|||| |Gain/(Loss) on Realisation ofInvestments||4,723.05|4,723.05| |Gain/(Loss) on Unrealised Appreciation|.|26,929.25|26,929.25| ||-|31,652.30|31,652.30| |Net Movement in Funds fortheyear|2,137.83|25,236.82|27,374.65| |th
1
Total Funds as at 5"
April 2023|213,270.46|435,390.91|648,661.37| |TotalFundsasat5"April2024|215,408.29|460,627.73|676,036.02| 7 ## THE STEWART FUND ## Registered Scottish Charity $C007987 ## BALANCE SHEET ## FOR THE YEAR TO 5" APRIL 2025 ||2025|2025|2024|2024| |---|---|---|---|---| ||£|£|£|£| |Fixed Assets||||| |Investments||532,643.24||569,717.06| |Current Assets||||| |Virgin Money|123,056.14||114,073.98|| |Barclays Bank|-||-|| |Monies Held in LCD Client ledger|-||-|| |Redmayne Bentley— Funds held in their ledger|17,260.91||12,006.88|| |Redmayne Income account debtor|-||-|| ||140,317.05||126,080.86|| |Current Liabilities||||| |Sums due to Agents|22,166.64||15,201.90|| |Sums due to BK Plus Limited|6,900.00||4,560.00|| ||29,066.64||19,761.90|| |Net Current Assets||111,250.41||106,318.96| |||643,893.65||676,036.02| |The Funds of the Charity||||| |Unrestricted Capital Funds||425,873.85||460,627.73| |Unrestricted Revenue Funds||218,019.80||215,408.29| |||643,893.65||676,036.02| These accounts were approved by the Trustees on@2:.3.%© and signed on their behalf by LEALNA GC WOCreakS _ Trustee 8 ## THE STEWART FUND ## Registered Scottish Charity $C007987 ## NOTES TO THE ACCOUNTS FOR THE YEAR TO 5'4 APRIL 2025 ## ACCOUNTING POLICIES ## Basis of Preparation The accounts have been prepared in accordance with applicable accounting standards and recommended practice under the historical cost accounting rules as modified by the revaluation of investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice, "Accounting and Reporting by Charities", preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity is a Public Benefit Entity as defined by FRS 102. ## investments Investments are shown at market value, where applicable, or otherwise at: (i) the latest available valuation known to the Trustees; or (ii) cost, at their discretion. Gains and losses on disposal and revaluation are charged or credited to 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 Policy of the Trustee is:- Balance between Income and Capital growth and regularly monitored by Redmayne Bentley Stockbrokers. ## income and Expenditure Investment income is included in the Statement of Financial Activities in the period in which the Trust is entitled to receipt. Expenditure is included on an accruals basis and is recognised when there is a legal obligation to pay for expenditure. ## Risk Management 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 to mitigate exposure to those risks. ## STOCKBROKERS The portfolio is managed by the Perth office of Redmayne Bentley. 9 ## THE STEWART FUND ## Registered Scottish Charity $C007987 NOTES TO THE ACCOUNTS (Cont'd) FOR THE YEAR TO 5" APRIL 2025 ## STOCKBROKERS COSTS The cost of managing investments is charged to 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 investments. ## INVESTMENTS **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Market Value|at|beginning|of year|569,717.06|539,614.00| |Purchases|in|year|328.64|3|371.88| |Sales|in|year —|per valuation|5"|April|2025|(9,548.91)|(4,921.12)| |Unrealised|Gain/(Loss)|(27,853.52)|31,652.30| |Market Value|at|end|of year|532,643.24|569,717.06| **----- End of picture text -----**
## FUND ACCOUNTING Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purposes. Unrestricted funds are analysed between Capital Reserves and Revenue Reserves as although the Trustees have the power to spend capital it is their current 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, Coull & Duncan received a fee which was £6,664.74 including VAT for the year ended 5th April 2025. Murray A.C. Dalgety 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 2025. **----- Start of picture text -----**
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16 ## THE STEWART FUND ## Registered Scottish Charity $C007987 ## SCHEDULE 2 |Interest on Deposits and Dividends Received|Interest on Deposits and Dividends Received||| |---|---|---|---| |Virgin Money|||£4,667.76| |Redmayne Bentley|||£363.13| ||||£5,030.89| |Dividends received as per brokers report|||£19,018.29| ||SCHEDULE 3||| |Payments to Beneficiaries|||| |11 Beneficiaries Paid June &|||| |Dec £650.00|||£14,300.00| ||SCHEDULE 4||| |Expenses ofAdministration|||| |||Capital|Revenue| |||£|£| |Redmayne Bentley|||| |Investment Management Fees||4,733.29|-| |Sheriff Court Auditor|||| |Fee for assessing Business Account to 5'"|April 2025|55.00|195.00| |VAT thereon||11.00|39.00| |Messrs. Lawson, Coull & Duncan|||| |Business Account||1,217.40|4336.55| |VAT thereon||243.48|867.31| |BK Plus Limited|||| |Independent Examination Fee||731.25|1,218.75| |VAT thereon||146.25|243.75| |||7,137.67|6,900.36|