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← Stenhouse Holdings Ltd Welfare Fund

2025-04-05-accounts

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Charity Registration No $C008799 (Scotland)

THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5th APRIL 2025

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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

CONTENTS

PAGE
Trustees’ Report {to2
independentexaminer'sreport 3
Statement of financial activities 4
Balancesheet 5
Notes 6to11

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LEGAL AND ADMINISTRATIVE INFORMATION

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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

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Page 1
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TRUSTEES' REPORT

FOR THE YEAR ENDED 5th APRIL 2025

The trustees present their report and financial statements for the year ended 5th April 2025

Financtal performance

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 4 January 2019).

Achievements and performance

During the year the income from investments was £65,456 (2024 - £75,240). 7 people ( 2024 - 7} were beneficiaries of the Fund during the year, with the total grants being paid amounting to £49,000 ( 2024 - £55,270 ). A deficit of £1,137 occurred before investment gains / losses.

Financial review

The value of the invesiment!s decreased from £1,776,514 to £1,712,885, Realised losses of £2,568 were further increased by the unrealised losses of £46,566 resulting in the investments decreasing by £49,134 for the year. This along with the deficit for the year of £1,137 ted to a fund decrease of £50,271.

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Reserves

The vatue of the unrestricted funds decreased from £1,840,353 to £1,790,082 during the year. The trustees consider the value of the Fund will provide sufficient income in the forthcoming year along with the existing reserves to enable them to continue to fulfill the objectives of the Fund.

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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

Page 2

TRUSTEES’ REPORT

FOR THE YEAR ENDED Sth APRIL 2025

Objectives and activities

The Trustees distribute grants from the Fund in accordance with the terms of the trust deed, which sets out the purpose of the Trust as being the alleviation of hardship in the case of any employee or retired employes of the Group, or of their dependents, in terms of primary eligibility, "Group" refers to any member of staff or retired staff who is, or was a member of the Aon Alexander & Alexander UK Pension Scheme The trustees also have powers to extend the distribution of grants.

Structure, governance and management

The full name of the Fund Is “The Stenhouse Holdings Limited Welfare Fund" set up in 1964 by the then Stenhouse Holdings Limited ( Aon Group) under a Deed of Trust between the company and the original trustees.

The powers of the Trustees in respect of the investment of the assets of the Fund are set oul in the Trust Deed,

The board consists of not more than seven trustees who meet {wice each year, or more frequently as required. At any time between meetings, cases of hardship can be put to the Trustees with any subsequent grants being ratified at lhe next Trustees’ meeling.

The Fund pays grants to beneficiaries with such payments, In accordance with the Trust Deed, at the discretion of the Trustees, The Fund also pays relevant expenditure, including fees for investment management, advisory fees and independent examiner fees.

aThe trustees who serve i signature of the financial statements were :

The trustees do not receive any remuneration but travel and other expenses are re-Iimbursed by the fund when required, The Trustees’ report was approved by the Board of Trustees on 29th October 2025,

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Trustee
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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

Page 3

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

| report on the financial statements of the charity for the year ended Sth April 2025 set out on pages 4 to 11,

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirements of Regulation 10(+) (a) ta (c} of the 2006 Accounis Regulations does not apply. it is my responsibility to examine the financial statements as required under section 44 (1)(c) of the Act and to state whether particular matters have came to my attention.

Basis of independent examiner's statement

My examination is 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanation from the trustees concerning any such matters. The procedures undertaken do not provide ail the evidence that would be required in an audit and consequently | do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

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

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

have not been met; or

(6) ta which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached,

The AQ Partnership Limited Abercorn Schoo} Newton Broxburn EH52 6PZ

Dated G November 2025

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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

Page 4

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT}

FOR THE YEAR ENDED 5th APRIL. 2025

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|||||| |---|---|---|---|---| |Notes|2026£|2024£| |Income|from:| |investments|3|65,456|75,240| |Total income|65,456.|76,240| |Expenditure|on:| |Raising funds|4|13,055|43,089| |Charitable activities|§|53,538|60,7414| |Total|resources expended|66,593,|73,830,| |Net gains/{losses) on investments|40|(49,134)|86,754| |Net movement|In funds|(50,274)|68,164| |Fund balance|at 6 Aprif 2024|1,840,353|4,772,189| |Fund balance|at § April|2025|~_4,790,082,|4,840,353.|

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The Statement of Financial Activities includes all gains and losses recognised in the year

All income and expenditure derive from continuing activities, All of the charity's funds are unrestricted,

Tha note to these financial statements are set out on pages 6 to 11

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THE STENHOUSE HOLDINGS LIMITED WELFARE FUND

Page 5

BALANCE SHEET

AS AT Sth April 2026

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||||||||| |---|---|---|---|---|---|---|---| |Note|2025|2024| |£|£|£|£| |Fixed|assets| |Investments|41|1,712,885|1,776,514| |Current|assets| |Debtors|13|2,027|§,926| |Cash|at|bank|and|in|hand|80,657|63,686| |Creditors:|arnounts|falling due|wilhin one year|14|§,487|6,752| |Net current|assets|77,197|63,839| |Total|assets|less|current|flabliitles|1,796,082|4,840,353| |Funds|of the|charity| |Unrestricted|funds|4,790,082|1,840,353| |Total|charity funds|____1,790,082|1,840,353|

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The financial stalements were approved by the Trustees on 29th October 2025.

Trustee

The nole lo these financial statements are set out on pages 6 to 11

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Page 6
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NOTES TO THE FINANACIAL STATEMENTS
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FOR THE YEAR ENDED 5th APRIL 2025

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4 Accounting policies
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Charity information
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The Stenhouse Holdings Limited Welfare Fund is an unincorporated charity.

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4.1 Accounting convention
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The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland {FRS 102)" (as amended for accounting periods commencing from 4 January 2019). The charity is a Public Benefit Entily as defined by FRS 102, The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not fo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principle accounting policies adopted are set out below.

1.2 Going concern

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At the time of approving the financial statements, the trustees have a reasonable expectation thal the
charily has adequate resources to continue in operational existence for the foreseeable future. Thus
the trustees continue to adopt the going concern basis of accounting in preparing the financial
statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their
charitable objectives unless the funds have been designated for other purposes,
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1.4 — Incoming resources

income is recognised when the charily is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable thal income will be received. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Grants payable are payments made to third parlies in the furtherance of the charitable objects of the Fund. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining conditions allaching to the grant are outside of the control of the Fund.

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NOTES TO THE FINANACIAL STATEMENTS

FOR THE YEAR ENDED 5th APRIL 2025

4 Accounting policies

4.6 Resources expended Expenditure is recognised on an accruals basis as a fiabillly is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates, Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for the beneficiaries. Governance costs include the costs associated with meeting the constitutional and statutory requirements of the charity.

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their setllement amount after allowing for any discounts due,

1.7 -Fixed asset investments Fixed asset investments are initially measured at transaction price excluding trensaction costs, and are subsequently measured at fair value at each reporling date. Changes in falr value are recognised in net income /{ expenditure ) for the year. Transaction costs are expensed as incurred.

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Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities , including creditors and bank loans are initially recognised at transaction price untess the arrangement constitutes a financing transaction, where the debt Instrument is measured at the present value of the future payments discounted at a market rate of interest, Financial liabililes classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of operation from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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Derecagnition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

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Page 8

NOTES TO THE FINANACIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5th APRIL 2025

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considerd to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Investments
2026 2024
UKfisteddividends
Foreign dividendsand interest
Money-marketdeposits
UKFixed interestsecutities		 £
6,307
57,335
802
4,013		 £
9,355
63,356
654
4,875
65,456 75,240
4 Raising funds
2025 2024
Investmentmanagementcosts 43,055 13,089
45,055 73,089

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Page 9

NOTES TO THE FINANACIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED &th APRIL 2025

5 Charitable activitles 2025 2024
£ £
Printing, StationeryandPoslage
Overseaswithholding taxes payable		 0
2,138		 75
2,256
2,138 2,331
Grantfunding ofactivities(see note6}
Share ofgovernance costs (seenole8)		 49,000
2,400		 55,270
3,140
53,538 60,741
6 Grants payable 2025 2024
£ £
Grants toindividuals 14(2024; 15grants }
Grants toinstitutions nil (2024: 4)		 49,000
0		 51,000
4,270
49,000 55,270

None of the {rustees (or any persons connected with them) received any remuneration or benefits from the charily during the year.

Trustee expenses reimbursed amounted to ENil (2024: EN).

8 Governance and Support Costs

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Basis of Support Governance 2025 2024
allocation costs costs
£ £ £ £
Legal Fees Governance - 0 0 740
Independent examiner's fees Governance - 1,200 4,200 4,200
Accountancy fees Governance . 1,200 1,200 4,200
- 2,400 2,400 3,140
Analysed between charitable activilies - 2,400 2,400 3,140
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NOTES TO THE FINANAGIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED Sth APRIL 2025

9 Employees
Therewerenoemployees during the currentor prioryear.
10 Netgains /(losses} on investments
2025 2024
£ £
Revaluation ofinvestments
Gain/ (joss) on saleofinvestments		 (46,568)
(2,568)		 59,569
7,185
(49,134) 66,754
41 Fixed assetinvestments
Cost orvaluation
At 5 April 2024
Additions		 1,776,514
217,698		 1,730,256
153,739
Valuationchanges
Movement incash holdings
Disposal proceeds		 (49,134)
(28,972)
(203,221)		 66,754
25,463
(199,698)
At 5 April 2025 1,712,885 1,776,514
CarryJng amount
Carried forward 4,712,885 1,776,514
Brought forward 4,776,514 1,730,256
2026 2024
£ £
Investments at fairvalue comprise:
Listed equity investments 669,769 716,915
Fixed interest securities
Money market deposits		 4,029,233
13,882		 1,016,744
42,855
1,712,886 776,514

The historical cost of investments at the year end date was £1,494,839 ( 2024: £1,512,565 )

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NOTES TO THE FINANACIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED Sth APRIL 2026

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|||||||||| |---|---|---|---|---|---|---|---|---| |12|Financial|instruments| |2026|2024| |£|£| |Carrying|amount|of financial|assets| |Equily|instruments|measured|at|fair value|through|profit or loss|1,712,885|4,778,514|

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: The charity has a stock market portfolio that is actively managed on a discretionary basis by LGT fund managers with the investment objective of providing an income stream for the charity.

Fair values of the investments are determined based on the mid prices quoted on the London Stock Exchange and provided on LGT investment reports.

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|||||||||| |---|---|---|---|---|---|---|---|---| |43|Debtors| |2025|2024| |£|£| |Accrued|Income|2,027|5,926| |14|Creditors:|amounts|falling|due|within one|year| |2025|2024| |£|£| |Accruats|and|deferrad|income|5,487|5,752| |15|=|Anatysis|of net assets|between|funds|Total| |Fund|balances|at|5|April|2025|are|represented|by:| |invesiments|1,712,886| |Net|current|assets|77,197| |1,790,082| |Fund|balances|at|5 April|2024|are|represented|by:| |Investments|4,776,514| |Net|current|assets|63,839| |1,840,353| |46|Related|party|transactlons|

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There were no disclosable related party transactions during the year (2024 - none).