2025-04-05-accounts

Charity number: $C009012

THE CARMONT SETTLEMENT 1980

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE CARMONT SETTLEMENT 1980

CONTENTS

	Page
Reference and administrative details ofthe Charity, its Trustees and advisers	1
Trustees’ report	2-4
Independent auditors’ report on the financial statements	5-8
Statement of financial activities	9
Balance sheet	10
Statement of cash flows	11
Notestothefinancialstatements	12-27

THE CARMONT SETTLEMENT 1980

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

• ee Charity registered number $C009012 —_ a

Independent auditors Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Bankers Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB Solicitors Murray Beith Murray LLP 3 Glenfinlas Street Edinburgh EH3 6AQ Investment Manager Evelyn Partners LLP 177 Bothwell Street Glasgow G2 7ER Administrators EQ Accountants Limited Pentland House Saltire Centre Glenrothes KY6 2AH

Page 1

THE CARMONT SETTLEMENT 1980

TRUSTEES' REPORT

FOR THE YEAR ENDED5 APRIL 2025

The Trustees present their report and financial statements for the year ended 5 April 2025.

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 Trust Deed, the Charities and Trustee Investment (Scotland) Ad 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The Charity's objects are for the advancement of the Roman Catholic religion, the relief of poverty and suffering and particularly the poverty of Roman Catholic priests on retirement.

The Trustees are instructed by the Deed to apply the income of the Fund, in the first place, in providing an adequate income for any retired priest who has served in Scotland, or supplement his income if it is inadequate. The Trustees have power to buy heritable property for occupation by priests on such terms as the Trustees may decide.

The main objective for the year was to continue to make financial provision to priests in need.

Applications are invited by the Charity to enable the Trustees to assess the individual priest's financial circumstances, one off payments are also considered with the Scottish Dioceses highlighting the profile of the Settlement.

Trustees consider applications at Trustee meetings where grants are awarded and paid. Principal expenditure has been payment of grants made by four quarterly payments during the year.

Grants are available to retired priests in the Scottish Dioceses whom the Trustees consider are in need of financial assistance, this policy reflects the purposes of the founding Trust Deed. The implementation of this policy and the level of grant is constantly under review. The last review being carried out in 2023 meant all priests were assessed on the same basis with the majority receiving an increase in the grant being paid to them.

Achievements and performance

a. Financial review

The Trustees are satisfied with the financial position of the Charity. The Charity reported a deficit of £14,834 (2024 - surplus of £237,198). An unrealised loss on Investments of £141,135 and a realised gain of £89,704 arose in the year (2024 - unrealised gain of £176,660). The Trustees have made awards totaling £58,188 (2024: £62,850) to nineteen (2024: twenty) priests during the year.

Principal funding comes from shareholdings in the way of capital growth and dividend payment.

As at 5 April 2025 the Charity had total reserves of £4,471,943 (2024 - £4,486,777), including general funds of £823,442 (2024 - £792,916) and permanent endowment funds of £3,648,501 (2024 - £3,693,861).

Page 2

THE CARMONT SETTLEMENT 1980

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

b. Reserves policy

Reserves consist of the Permanent Endowment Fund together with Revenue Reserves representing surplus income over the life of the Settlement. Revenue Reserves are mainly held as investments and are just over five times the annual expenditure. Trustees seek to ensure that every priest who is entitled to a grant applies for one. The Trustees are committed to distribute as fully as possible the income from the investments for the benefit of the retired priests. The grants paid overall have decreased by £4,662. There were three deaths during the year and one new benificiary.

c. Investments policy

Investment objectives are currently set at a target of reaching £110,000 income per annum. The policy and investments are kept under constant review. The Trustees have instructed Evelyn Partners Investment Management (Europe) Limited to manage the charity's investment funds on a discretionary basis. Investment objectives included a target of generating at least £110,000 income per annum while maintaining a balance between income and capital growth. This was achieved in the past year. The Trustees regularly review the investment performance and objectives, including at biannual meetings with the Investment Manager. The Trustees have noted the investment performance over the past year and are discussing with the Investment Manager how that may be improved.

d. Risk Management

The Trustees have assessed the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to mitigate those risks. The most significant risk to which the Charity is exposed is investments in shareholdings. Trustee meetings are every six months in which investment business is discussed with the Investment Manager in attendance. There are also quarterly reviews by the Investment Manager.

Structure, governance and management

a. Governing Document

The Carmont Settlement 1980 is a Scottish Unincorporated Charity governed by its Trust Deed.

b. Appointment of Trustees

Trustees are appointed by Deed of Assumption, with the Ex Officio being the Bishop of Galloway for the time being.

c. Organisational structure

Trustees of the Charity have overall authority with occasional delegation given to the Administrators, Murray Beith Murray to December 2024, now EQ Accountants Limited.

d. Trustee Induction and Training

Trustees are given a background to the Settlement on their assumption and advised of the terms of the Trust Deed. They are given copies of relevant documents on an on-going basis during their tenure as Trustees.

Page 3

THE CARMONT SETTLEMENT 1980

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Plans for the Future

To continue to make grants to priests who require financial assistance and to consider awards to be made in the current year. The Trustees acknowledge and plan for an increased number of awards over the medium term.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to:

• ° select suitable accounting policies and then apply them consistently;

• 2 observe the methods and principles of the Charities SORP (FRS 102);

• ° make judgments and accounting estimates that are reasonable and prudent;

• = state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Whitelaw Wells were appointed as auditor to the Charity and a resolution proposing that they be reappointed will be put to the Trustees Meeting.

Approved by order of the members of the board of Trustees and signed on their behalf by:

(Chair of Trustees) Dates Di jure 22S

Page 4

THE CARMONT SETTLEMENT 1980

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE CARMONT SETTLEMENT 1980

Opinion

We have audited the financial statements of The Carmont Settlement 1980 (the 'Charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

In our opinion the financial statements:

• e give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ° have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 5

THE CARMONT SETTLEMENT 1980

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CARMONT SETTLEMENT 1980 (CONTINUED)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• ° the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or

• ° proper accounting records have not been kept; or

• ° the financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial 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 continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Page 6

THE CARMONT SETTLEMENT 1980

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CARMONT SETTLEMENT 1980 (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.

Our audit was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We carried income testing and expenditure testing, including grants payable, which was designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

Page 7

THE CARMONT SETTLEMENT 1980

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CARMONT SETTLEMENT 1980 (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 44(1.00)(c) of the Charities and Trustee Investment (Scotland) Act 2005, regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Whitelaw Wells Chartered Accountants & Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT

Date: X\ QUNE ZQRt

Whitelaw Wells is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

Page 8

THE CARMONT SETTLEMENT 1980

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2025

		Unrestricted	Endowment	Total	Total
		funds	funds	funds	funds
		2025	2025	2025	2024
		£	£	£	£
Income and endowments from:
Investments	2	141,484	-	141,484	145,286
Other income	3	1,364	-	1,364	-
Total income and endowments		142,848	-	142,848	145,286
Expenditure on:
Raising funds	4	18,643	-	18,643	17,381
Charitable activities	6	87,549	-	87,549	89,954
Other expenditure	7	-	-	-	186
Total expenditure		106,192	-	106,192	107,521
Net income before net
(losses)/gains on investments		36,656	-	36,656	37,765
Net (losses)/gains on investments	12	(9,192)	(45,360)	(54,552)	199,433
Net movement in funds before other		SNe nen	nn		ES
recognised gains/(losses)		27,464	(45,360)	(17,896)	237,198
Other recognised gains/(losses):
Book cost adjustment	12	3,062	-	3,062	-
Net movement in funds		30,526	(45,360)	(14,834)	237,198
Reconciliation of funds:
Total funds brought forward		792,916	3,693,861	4,486,777	4,249,579
Net movement in funds		30,526	(45,360)	(14,834)	237,198
Totalfundscarriedforward		823,442	3,648,501	4,471,943	4,486,777

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 27 form part of these financial statements.

Page 9

THE CARMONT SETTLEMENT 1980 REGISTERED NUMBER:

BALANCE SHEET

AS AT 5 APRIL 2025

			2025		2024
	Note		£		£
Fixed assets
Investments	14		4,412,094		4,301,119
Investment property	13		-		161,600
			4,412,094		4,462,719
Current assets
Debtors	15	2,229		-
Cash at bank and in hand		67,971		34,604
		70,200		34,604
Creditors: amounts falling due within one
year	16	(10,351)		(10,546)
Net current assets			59,849		24,058
Total assets less current liabilities			4,471,943		4,486,777
Total net assets			4,471,943		4,486,777
Charity funds
Endowmentfunds - permanent	18		3,648,501		3,693,861
Unrestricted funds	18		823,442		792,916
Totalfunds			4,471,943		4,486,777

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Date: Di use 22S

The notes on pages 12 to 27 form part of these financial statements.

Page 10

THE CARMONT SETTLEMENT 1980

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

==> picture [465 x 372] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|(111,737)|(108,408)| |Cash|flows|from|investing|activities| |Purchase|of|other|investments|(683,456)|(298,000)| |Proceeds|on|disposal|of|other|investments|533,646|101,866| |Interest|received|142,848|145,286| |Proceeds|on|disposal|of|investment|property|161,600|-| |Rights|issue|(11,584)|-| |Net|movement|(1,012)|-| |Book|cost|adjustment|3,062|-| |Net|cash|provided|by/(used|in)|investing|activities|145,104|(50,848)| |Cash|flows|from|financing|activities| |Net|cash|provided|by|financing|activities|-|-| |Change|in|cash|and|cash|equivalents|in|the|year|33,367|(159,256)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|34,604|193,860| |Cash|and|cash|equivalents|at|the|end|of the|year|67,971|34,604| |The|notes|on|pages|12|to|27|form|part|of these|financial|statements|

----- End of picture text -----

Page 11

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Trust Deed, 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity.

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity 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. Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Resources expended

Liabilities are recognised when there is a legal or constructive obligation committing the Charity to pay out resources, and it is probable that the liability will be settled and the monetary value can be measured with sufficient reliability.

The Charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Costs of generating funds are those incurred in investment management fees required to raise the Charity's investment income.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs include those costs incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs have been allocated between cost of charitable activities and governance costs as shown in the Notes to the Financial Statements.

Page 12

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

1. Accounting policies (continued)

1.5 Fixed asset investments

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

• 1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash and cash equivalents

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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Charity has only basic financial assets and liabilities comprising investments, income debtors, cash at bank and creditors for support and governance costs. These assets and liabilities are initially recorded at cost and subsequently at fair value in the case of investments and in respect of other asset and liabilities at the amounts expected to be received or paid.

Investments are included in the Balance Sheet and all investment gains and losses are recognised in the Endowment Fund and Unrestricted Fund.

Fixed Assets relate to Heritable Property and are shown in the Balance Sheet at fair value. Gains and losses on revaluations are recognised in the SOFA.

Expenditure which is required to preserve or prevent deterioration of the properties is recognised in the SOFA when it is incurred.

The Heritable Property is deemed to have a useful life in excess of 50 years and given its estimated residual value no depreciation is charged to the Heritable Property on the grounds of immateriality. It is the policy of the Charity to state the Heritable Property at valuation and any depreciation charged would be considered immaterial both in the year and in aggregate.

1.8 Fund accounting

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

Page 13

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Investment income

		Unrestricted	Total
		funds	funds
		2025	2025
		£	£
Income	from listed investments	140,308	140,308
Interest	receivable	1,176	1,176
		141,484	141,484
		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
Income	from listed investments	144,207	144,207
Interest	receivable	1,079	1,079
		145,286	145,286

3. Other incoming resources

			Unrestricted	Total	Total
			funds	funds	funds
			2025	2025	2024
			£	£	£
Swiss	withholding	tax	1,364	1,364	-

Page 14

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

4. Expenditure on raising funds

Costs of raising voluntary income

Investment management

==> picture [111 x 68] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Unrestricted|Total| |funds|funds| |2025|2025| |£|£| |18,643|18,643|

----- End of picture text -----

Costs of raising voluntary income (continued)

Investment management

==> picture [108 x 68] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Unrestricted|Total| |funds|funds| |2024|2024| |£|£| |17,381|17,381|

----- End of picture text -----

1. Analysis of grants

==> picture [434 x 68] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Grants|to|Total| |Individuals|funds| |2025|2025| |£|£| |Grants|to|individuals|(19|grants)|58,188|58,188|

----- End of picture text -----

20 grants were paid at the start of the year, falling to 18 grants at the end of the year. Grants totaling £58,188 were made in the year ended 05 April 2025 for the benefit of individuals. The range of these grants £800 - £8,250. (2024 - £62,850).

==> picture [434 x 67] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Grants|to|Total| |Individuals|funds| |2024|2024| |£|£| |Grants|to|individuals|(20|grants)|62,850|62,850|

----- End of picture text -----

Page 15

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

6. Analysis of expenditure on charitable activities

Summary by fund type

		Unrestricted
		funds	Total
		2025	2025
		£	£
Grant	funding of activities	58,188	58,188
Share	of support costs	19,560	19,560
Share	of governance costs	9,801	9,801
		87,549	87,549

		Unrestricted
		funds	Total
		2024	2024
		£	£
Grant	funding of activities	62,850	62,850
Share	of support costs	19,011	19,011
Share	of governance costs	8,093	8,093
		89,954	89,954

1. Other expenditure

	Unrestricted	Endowment	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Utilities Expenditure	(18)	-	(18)
Home Report Fee	-	204	204
	(18)	204	186

Page 16

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. Analysis of expenditure by activities

	Grant
	funding of activities	Support costs	Total funds
	2025	2025	2025
	£	£	£
Grantfunding of activities	58,188	-	58,188
Share of support costs	=	19,560	19,560
Share ofgovernance costs	-	9,801	9,801
	58,188	29,361	87,549
	Grant funding		Total
	ofactivities	Support costs	funds
	2024	2024	2024
	£	£	£
Grant funding of activities	62,850	-	62,850
Share of support costs	-	19,011	19,011
Share of governance costs	-	8,093	8,093
	62,850	27,104	89,954
Analysis ofsupport costs
	Support	Governance	Total
	Costs	Costs	funds
	2025	2025	2025
	£	£	£
MBM & EQ General Fees	19,560	5,858	25,418
Whitelaw Wells Audit Fees	-	3,720	3,720
Murray Beith Murray Outlays	-	223	223
	19,560	9,801	29,361

Analysis of support costs

Governance costs includes payments to the auditors of £3,720 (2024 - £3,300) for audit fees.

Page 17

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

		Governance	Total
	Support Costs	Costs	funds
	2024	2024	2024
	£	£	£
Murray Beith Murray General Fees	19,011	4,753	23,764
Whitelaw Wells Audit Fees	-	3,300	3,300
Murray Beith Murray Outlays	-	40	40
	19,011	8,093	27,104

9. Auditors" remuneration

	2025	2024
	£	£
Fees payable to the Charity's auditor for the audit ofthe Charity's annual
accounts	3,720	3,300

10. Staff costs

There were no employees during the year (2024 - NIL)

11. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 5 April 2025, no Trustee expenses have been incurred.

Page 18

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

12. Net gains/(losses) on investments

		Endowment
	Unrestricted funds	funds - permanent	Total funds
	2025	2025	2025
	£	£	£
Revaluation of investments - unrealised gain/(loss)	(9,192)	(131,943)	(141,135)
Realised Gain/(loss) on sale of investments	-	89,704	89,704
Othergains	3,062	-	3,062
Gain/(loss) on sale of heritable properties	-	(3,121)	(3,121)
	(6,130)	(45,360)	(51,490)
		Endowment
	Unrestricted funds	funds - permanent	Total funds
	2024	2024	2024
	£	£	£
Revaluation of investments - unrealised gain/(loss)	23,753	152,907	176,660
Realised Gain/(loss) on sale ofinvestments	-	(6,347)	(6,347)
Revaluation of heritable properties	-	29,120	29,120
	23,753	175,680	199,433

Page 19

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

13. Investment Property

	Freehold
	investment
	property
	£
Fair Value
At 6 April 2024	161,600
Disposals	(161,600)
At5April2025	-

Cost at 05 April 2025 was ENIL (2024 - £59,159)

The property is located within the Diocese of Galloway and during the year to 31 December 2013 the Finance Manager and Estates Manager for the Diocese undertook a thorough, in house review of the property and re-valued the in light of current market trends at that time. This was updated in June 2016 and again in June 2021. They were of the opinion that the resultant figures are realistic and in view of the situation, age and condition of the properties involved.

The Trustees were previously happy to accept the Diocesan in house valuation to prevent unnecessary costs to the Settlement which would in their opinion far outweigh any benefit, however, the property was marketed during the prior year and an offer accepted of £202,000 therefore this is the value as at 05 April 2024.

The property was purchased jointly with the Diocese of Galloway. The purchase price was £72,500 with the Trustees contributing £60,000 and the Diocese of Galloway £12,500. The sale of this property completed April 2024. The proceeds will be apportioned accordingly, 4/5ths to the Settlement and 1/5th to the Diocese per Minute of Agreement dated 2005. The cost has been adjusted to reflect the correct apportionment (previously 82.8%/17.2%).

Page 20

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Fixed asset investments

			Listed
			investments
			£
Cost or valuation
At 6 April 2024			4,301,119
Additions			683,456
Disposals			(533,646)
Rights issue			11,584
Net movement			1,012
At 5 April 2025			4,463,525
Gain/Losses
Unrealised gains/(losses)			(141,135)
Realised gains/(losses)			89,704
At 5 April 2025			(51,431)
Market value
At 5 April 2025			4,412,094
At 5April 2024			4,301,119
	2025		2024
		£	£
Investments greater than 5% of portfolio comprised:
BNY Mellon Glbl Fds US Equity Inc E		239,370	251,955
JPM US Equity Inc C Inc		224,000	228,950
		463,370	480,905

Cost at 5 April 2025 was £3,796.564 (2024 - £3,527,440).

Page 21

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Fixed asset investments (continued)

Allinvestments are carried at fair value. Investments in equities and fixed interest securities are traded on quoted public markets, primarily the London Stock Exchange. Holdings in open-ended investment companies are at mid-market price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). None of the direct investments represents more than 5% of the total value of the portfolio, following a reduction in the Microsoft holding during the year. Two managed funds, BNY Mellon US Equity Income and JPMorgan US Equity Income are 5.41% and 5.06% respectively. This is not considered excessive as they have a considerable level of diversification through the underlying holdings.

The significance of financial instruments to the ongoing financial sustainability of the settlement is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

The Settlement's investments comprise direct fixed interest securities and equities, together with a spread of collective funds, both closed ended and open ended. The investments are subject to systemic and market risks which could adversely affect global bond and equity markets.

The year to 5th April 2025 has proven to be a relatively turbulent period for global equity markets. Until the end of March, equity markets, generally, produced positive returns. This reflected a period during which inflation continued to fall closer to central bank target rates and long awaited cuts to interest rates were delivered. The announcement by President Trump of wide ranging tariffs unsettled equity markets, prompting a sharp correction in early April, particularly in the US.

The best performing main global equity index was the MSCI United Kingdom NR GBP, providing a total return of 5.64%, reflecting the UK’s relative safe haven status amid current uncertainty. In contrast, the S&P 500 TR GBP provided a negative return of -3.67% as markets expect tariffs to impact the US economy to a greater degree. Bond market returns were modestly positive, with a total return of 1.3% from the Markit iBoxx GBP Gilts TR index over the same period. While not exhibiting the same degree of volatility as 2022, the UK bond market was affected by the budget in October 2024 and subsequent expectation that UK government borrowing may need to rise to fund government spending.

The Investment Manager maintained a relative underweight position in fixed income securities during the year. The weighting was increased through additional investment in UK government securities to secure attractive long term yields from low risk investments. A relative overweight position in equities was maintained through exposure to a spread of direct stocks and collective investment funds. Reductions in holdings which had performed relatively well funded an increase in diversity in the portfolio through purchases of new equity holdings increasing exposure to Emerging Markets, Japan and the US.

The portfolio is, in part, exposed to overseas currency through direct and collective investments, primarily the US dollar. Sterling appreciated against the Dollar over the year, gaining 2.08%. Collectives continue to be used to provide broad diversification to overseas markets and specialist investment themes. Stock specific risk is carefully monitored by the Investment Manager, with the largest direct holding on 5th April accounting for 2.79% of the total portfolio value. None of the holdings is subject to trading restrictions and from a liquidity perspective, the Investment Manager believes the assets could be liquidated on a T+4 basis or shorter under normal market conditions. The Investment Manager continues to hold a diversified range of assets to provide a suitable balance to the portfolio throughout the economic cycle.

The Trustees manage risk by the appointment of a professional Investment Manager, Evelyn Partners Investment Management. The Trustees review the Investment Manager’s performance and transactions by meeting with them and receiving reports from them on a regular basis.

Page 22

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

15. Debtors

		2025	2024
		£	£
	Due within one year
	Prepayments and accrued income	2,229	-
		2,229	-
16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£
	Accrualsanddeferredincome	10,351	10,546

17. Endowment funds - permanent

	Revaluations
Balance at6	,gainsand	Balance at 5
April 2024	losses	April 2025
£	£	£
3,693,861	(45,360)	3,648,501

The Endowment funds - permanent is a restricted capital fund, which may not be expended for the purpose of the Settlement.

		Revaluations,
Balance at6	Resources	gains and	Balance at 5
April 2023	expended	losses	April 2024
£	£	£	£
3,518,386	(204)	175,679	3,693,861

Page 23

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

18. Statement of funds

Statement of funds - current year

	Balance at 6			Gains/	Balance at 5
	April 2024	Income	Expenditure	(Losses)	April 2025
	£	£	£	£	£
Unrestricted funds
General Fund	792,916	142,848	(106,192)	(6,130)	823,442
Endowment funds
Endowment Fund	3,693,861	-	-	(45,360)	3,648,501
Total offunds	4,486,777	142,848	(106,192)	(51,490)	4,471,943
Statement offunds	- prior year
	Balance at 1 April2023	Income	Expenditure	Gains/ (Losses)	Balance at 5April2024
	£	£	£	£	£
Unrestricted funds
General Fund	731,193	145,286	(107,316)	23,753	792,916
Endowment funds
Endowment Fund	3,518, 386	-	(205)	175,680	3,693,861
Total offunds	4,249,579	145,286	(107,521)	199,433	4,486,777
Summary offunds
Summary offunds - current year
	Balance at 6			Gains/	Balance at 5
	April 2024	Income	Expenditure	(Losses)	April 2025
	£	£	£	£	£
General funds	792,916	142,848	(106,192)	(6,130)	823,442
Endowment funds	3,693,861	-	-	(45,360)	3,648,501
	4,486,777	142,848	(106,192)	(51,490)	4,471,943

1. Summary of funds

Page 24

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

19. Summary of funds (continued)

Summary of funds - prior year

	Balance at			Gains/	Balance at
	1 April2023 E	Income £	Expenditure £	(Losses) £	5April2024 £
General funds	731,193	145,286	(107,316)	23,753	792,916
Endowmentfunds	3,518,386	-	(205)	175,680	3,693,861
	4,249,579	145,286	(107,521)	199,433	4,486,777

1. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Endowment	Total
	funds	funds	funds
	2025	2025	2025
	£	£	£
Investments	763,593	3,648,501	4,412,094
Current assets	70,200	-	70,200
Creditors due within one year	(10,351)	-	(10,351)
Total	823,442	3,648,501	4,471,943

Analysis of net assets between funds - prior year

	Unrestricted	Endowment	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Investments	768,858	3,532,261	4,301,119
Heritable property	-	161,600	161,600
Current assets	34,604	-	34,604
Creditors due within one year	(10,546)	-	(10,546)
Total	792,916	3,693,861	4,486,777

a i

Page 25

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Reconciliation of net movement in funds to net cash flow from operating activities

					2025	2024
					£	£
	Net (expenditure)/income for the year (as per Statement of Financial
	Activities)	;			(14,834)	237,198
					(14,834)	237,198
	Adjustments for:
	Investment income recognised in Statement of Financial Activities				(142,848)	(145, 286)
	(Gain)/loss on disposals of investments				(89,704)	6,347
	Fair value (gains) and losses on investment properties				-	(29,120)
	Fair value (gains and losses on investments				141,135	(176,660)
	(Increase) on debtors				(2,229)	-
	(Decrease) in creditors				(195)	(887)
	Book cost adjustment				(3,062)	-
					(111,737)	(108,408)
22.	Analysis of cash and cash equivalents
					2025	2024
					£	£
	Cash in hand				67,971	34,604
	Total cash and cash equivalents				67,971	34,604
23.	Analysis of changes in net debt
		At	6	April		At5 April
			2024		Cash flows	2025
				£	£	£
	Cashatbankandinhand			34,604	33,367	67,971

_ 34.604 _33,367 _67,971

Page 26

THE CARMONT SETTLEMENT 1980

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

24. Contingent liabilities

Beneficiaries are offered support which is reviewed regularly or where the beneficiary's circumstances change. Under FRS102 provision should be made for this constructive obligation provided a reliable estimate can be made. The Trustees do not consider that a reliable estimate can be made as they cannot predict either the date of death of a beneficiary nor changes in circumstances. On this basis no provision has been made.

25. Related party transactions

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

Page 27