The Leng Charltable Trust Charfty Ref: SC009285 Accounts lor the year to 31 December 2024 Contents Referentt & Admln fnformatlon Report by Trustees Rewrt by Audltors Aecounts Notes to the Accounts Appendkes of Investments Tek*rone.' 01382229JlJ Fax." 01382202288
The Leng Charltable Trust Report of tho Trustees for the year to 31 December 2024 trtsst4e5 wesentthe1rrewrta# accounts forthe yearended 31 December 2024. The reportané accounts have Leen prepar In accor(bnce Imth chariV5 trusr deed and wlth the accouneing pICleS set out on pages 18 & 19. AqentsandAdmlnlÉtratorsAorthe Tntst{andprln¢I0ddrO olthe Charlty) TrntOrt5 Law LLP, WNtehdl Hwse, 33 Ye&man Shore, Indee ODI 48J. rhoilltons In¥e5tsment Minagement Lté, Whltehall House, 33 YeaTrn Shore, Dundee DDI qBJ The pjrtlollo Ls managed a dscreuonary basls. Lawshare Nominw Umrted, or such uther nomlroe company as A J Bell setsjres may ¥Jpolnt. PrfndpalOJnkerN Royal Bank of otL4nd 3 HEgh Streel Dundee DDI 9LY. Audltorn Thomson Cthper, 3 Castte Court Carnégle Campvs, Durferrnllno, KYII 8P8 SCOD9285 Con5tltutlon Oeed of Trust by Eleanor Leng. 35 Leonard Court, Ktrdngtorn LfdOn dated 30(ktober, 1986. Appointment of tnmte Trustees are nomknated by the then exithg tsurtee5 and their apontment confirmed by fonnal Deed of A55[on. Truste• Indurtlon and tralftlng The trustees deal apprcprtatdy as regards indLLtlon and tralnlrg on any new trustee5 appolnted. Thls incknJe5 awarene55 of a tn&ee's responslbllltles, the gOvrn9 dLKumenL admlnistrayve procedures, and the h15tory and phllosophleal approach of charity. New trustees reNe coiye5 of the pmlous year'5 accounts, mlnute5 of recent twstee meetings and a copy of the OSCR bookIet"Guhl4n forcharity Truste&-. If akyoprtate. N¥proprlate tralning Ss offered to CLtrfent trustees as aTr# whe) rewiied.
The Leng Charitable Trust Report of the Trustees for the year to 31 Do¢ember 2024 (Cont) Trstee Interests Thorntons Twstees Ltd Is 3 norninee company adminlster8J by Thorrtons Law LLP. Oryanisation •nd grant-making policy The dw.day adrnlnlstrauon carrle(t colt by Thorrknn5 Law LLP, a5 agents for the TrusL The trustees meet three ttrnes a year, in February May and SepterntrEr. to reviewthe grant5 Ition and any other releydnt a5PEcts of the TrusV5 affrdlrs. main meeknng Is in February and generalty this rneeting wlll revlew and consider larger grants,- with SmalrgrantS being considered at the other MtIng5. The Truste curwt rolicy Is that the split of the total ftjnds available annually for d1str5t[0n should be approximately45% towards larger grants, 2IP/o towards mediwn syed grants and 35% towards alr grants. stated In the Deed ofTrust, beneficlaTJes a to te drawn from follon9. y one or rn0 tharitaLle institutions tt)at trustees may selecL The MaIntenar of the Leng Memorkl thapel. st. Mary Abbots Church, Wicarage Gate, LtsF0n, in prefererKe to any othw churth. The Eklscopal Church In ScotlaNJ. Royal Natronal Ufeboat fn5btuUon. The Sa1ty0Th Army. Any I(1 charftable organisatkn or Charitab wrpose, or any tsal tharitsNe appeal tAJnde2 or Tayside whtch the trustees In thelr may conslder deseNlng crf supwrL {vl {w) (vfil In respect of smaller grants the Trust$ nwma51y only glve conslderation to applkatyons for asslstsrKe from LJJndee and Tayside Community organisations. In general, the Trustees favour those organisavons which WDrk in the soaal and welfare areas, persons stnJog41ng to cope wlth day-ti)day Ilwing or suffering from dlsabli ity, for projects or purth)ses where the Trust's donation will be an appredabte help. The trustees may atso support11) Naonal Scottlsh Charlbes who wish financlal assistano for their Ywrk in the kKal Durthe and Tay5ide community, and lill oryanisation5 in Dund& and Tay5ide who activities can be enjoyed by a slgn1flcant prwortlon of the loca) populaOn. average kvel of grant to local communlty cKganlsaUons Is arou £1,500. I1¥1duOls 90ing to work overseas on behalf of a charty 11 ty)t N)nna1 be consldwed, 11 appitcatrons by orè(4)S to ratse fuThls just forone indidual. Rlsk Management The trustees have asse55ed the rnaior risksto whKh the charity 15 exp05J, in particularthose rehryted to the (wations and firnans of the trust, and are satisfied that systems are in pla to mitigate exposure to those risks. The trtee5 con51der varlability of investment return5 to CQll5titute the charws major financ1 rL4k. This Is mit(s*ed by retaining expert inve5trnent manager5 arnj having a dfversrflaj Inve51ttRnt portrofio. The trustees have continued to pwsue their pJicy of grants to ch8rlttes Orawn from the categ)rfes nrted atkwe to an eKLert whKh aLEtrbs, as nearly as t1(ab, the ne¢ revenue for the year. Flnandal Posltlon The Su5 for the year are Set out in the Statement of FiwcH ActMb"es on p3ge 9. There has been a net decre in funds dijring the year of £340,631 12023- £182,185 Increase) due malnly Lo an Increase In t unrealtsed galns on the listed and unlisted Invthents. The trte& a satisfied that the Trust remains in a sojthj fina poon. Reserves Pollcy The reserves of the trust originate from the Snittal trEquest and 5ub5equent capital dunaVorts, together with growth in the dhJe of Investments. The trustees have a(Sopted a reserves policy ihat ernsu the conunulno ability of theTrust to meet its obJectlve9. In gener&, the trustees lookto distrbute grants ata level COMMSUrate the annual net revenue of trust, with onlyoccasTonal grants bang made of capltal ftjnds.
The Leng tharitable Trust Report of the Trustees lor the year to 31 December 2024 {cont) Inve#ment Polky and Perform*n There are n¢ restrictions In the Deed on the trust&s' power to Invest other than that they te"...reason3bly prudent vITr9 regard to the charitabk trusts on whTch the Trust fund held." The trustees. Inv&stment am Is lorKJ term ststs, secure and increIng Income from the Investments, with a ther emphas on catitsl growth. A large part of value of Trust's rortfollo (ojrrenly 30.7%) held in thafes In D C Thorn & Co Llmired. a prlvate cornpany whSch lth marketability, and hokllng is to regard&1 as an equfy holding when looking at overall portfollo proportiTrns. Up to 25% of the portfollo should be InVted in ol or corporate tx)nds. 5% of the txytfolkn Can invested In srnalkr (apltal cortpanles wth good welds. The benchmark agaTnst whlch portfolb rneasured Is a combined ce consi5tino 50% MSCI PIMFA Growth Index and S0 PIMFA bbfancol Inctex. The investsnent Fortfdk) b consldved to have Ferformed 5aU5fartorfty hawng regard to the abo Crr. No charw are presenrfy envtsagwj in the trusvs pollties ¥ OU1ned akne. A#t0. Th0rn50n Cooper were apkh)InteJ altOr to the Trnst and a $dUtIon rrfowslng that they tse -aPpoIntj 11 be wt to a future Trustees Meeti. So far as each trustee is are, there is rK) relevant audtt lrformation of whlch the wjdrtors are unaware. Eh tW5tee has taken all the 5tet6 fhatrhey owht to have taken as a rrustee to make thernse aware of any re1evarntaUd irforMaOn and to eslabl that altorS are awa of it.
The Leng Charltable Trust Statement of Trustees. Responsibilities trustees are resFX)n%ble fDr preparing the Trustees. Rert and the accounts ITr accordance th applicable and Unit KiTr4dorn AccDunting Standards (Unrted n9Drn @nerally Ace Accounting Practice). TIE Low awIcab to ch¥lbes In ScoUand requlres the twstees to prepare acwjnts fDr ead) ftnandal year whKh give a true and falr view of the stste of affairs of the charlty and of the Incomlno resourcs appfiotion of resources of the charity for that perithy. In prepariThJ these accounts, the trustees are requirtd to.. sdett sultsble accounJng poe5 and then apply tt)em consistenty; observe the rnetfv)ds and prinoples in the Charihe5 SOKP; make ludgrnents and estfjmate5 that are reonable and prudent,. state whether appllcableaccowbng StaThJards have been fd[ow, gJbJetttoany rnaterial departu5 disdtxdandexplained In the accounts; and pparethe accotsnts on goingconcem tkiS unkn it is inapproprhite fo presume Ihatthe charitywill continue in trAJsinÈss. The tnt are resprffislb for keeplng proper accountir& recorts th dlsclose with reasorty8Ne accur3¢ any Urrethe financlal po%tion of the charity and enable thern to erUre that the accounts comply with thÈ Charit&es and Tnjstee Investment Iscovandl Att 2005, the Charitles AUnts lolandl Regulabr)ns 2006 las amended) and the W0510n5 of the Char,5 constituti. Trey ère also resronsible for safeguarding the assets ¢f the chty and hence for ting reasonaNe step5 for the preventlon and deteclion of fraud and other irr8Jul¥ltles.
The Leng Charttable Trust IndèpeNlent Auditor's Yeport to the tnthes of the Leng Charltsble Trust Oprrrion We have audited the finarKlal 5tateffits ofthe Leng Ctharitae Trust for tIE perifyl en 31 Decernber2024 which comprfse the Ststsment of Flnancial ActIti. the Balan Sheet, and the related notes, IncIling a summary of Signifnt accounting [11(]&$. The flnandal repotung frarrEwork that been applied in thr preparatbn 15 appilcable law and Unlted ngdo[[) Accountln9 Stsndards, induding FRS 102 ThE F/n&noal Rewrthg stand the UKand Repu ofJreland {United bSngé( Generally AThpted Accwnting FacU1. In our the financkHI statem&)ts.' a true and falr eW of the state of the charivs affalr5 as at 31 0mber 2024 and cl Its Inco and eXndre f the year then ended,. have been woperfy prepared in accordance Unlted Kingdom GerallY Apted Accounting Pract1,. have been prepa in accoroance the requlrernents of the Charitie5 and Trust fThvestrnentI5ttandl ALt 2005 and ReguL4tion 8 of the Charfbes Accounts {Scolandl RegulatK)ns 2D(16 las amended) Basts of opinion We conducted (xjr aud In accordance vrith Intemaknonal Standards on Auditing IUKI (tSAs (UK)) and aprlltsbfe law. r re5pwslbl1& under those standards are furtherdesuiLEd In the A1$ responsibilitles for the audit of the financial statements section of oJr iepDrt. We are Independent of the charity in accordanTr wlth the ethKal reoulrements that are relevant to our audit of the finanaal Staternts in the UK, I[UdIng the FRCS EthKal Stsndard and we have rum11 twr other ethtsl spOn%lieS In accordance wlth these reoulrements. We belleve that the alit den we h3ve obtain& 15 suffiaent and appropriate to bas15 for our opnlon. emphasls of Malter As thls is our first year a5 Trusys we have not alIted the cornparauve Information for the prior year. Our Wnion rwx mo(fified In respect of th& matter. co1U510ng relatlng to gn9 concern We have nothing to rewrt in respert of the fo]lowing matter5 In relaUon to whlch the Isk (UK) require us tr pOrt to yw Wre.. the Twstee5' Use of the ]ng concem ba of accounting In the yeFOfatlon of the finandal ststements Is not wpmpriate.. the Trustee5 have not dlsclosed in the flnancial statements any Identlfi&8 material UrtaltieS that may cast sigNftcant doubt about the chan$ abil¥ to continue to ack)pt the golng concern of acc(¥Jnting ft>r a perFod of at least twelve months from the date when fin8ncLIl statemts we aUthOred for L$5ue. Other Information The other comprlse5 the InfoTmatTon Ind1& in the Rep¢%t of the Trustees. otrRr than the financval 5tstenRnts aThJ our auditoKs report ttwecn. The Trustees are re¥wJn&ble for the other information. Our oplnkjn on the financial statwts d not cover the other Informat and, expt to the extent otherwi exlatIV slated in tr reFort, we do not expl any fonn tsf aSsUrare Condusn thereon. In connection w1th ouraudtof the finandal siaternents, our respwsibillty is to the other information and, In doln9 $0, con51der wheykr the other infomiation is rnaterfally inconsistent with the financlal statements or our knOrtedge obtsined in the audlt or otherwise aFvears to be materlally misstated. If we identify such materlal Incortsistencle5 or app3nt materièl ffltsststents. we are required to determine whether there i4 a material mi55t3tement In the financkil staterrÉnts or a mterial misststement of the other informatson. If, based on the work we have perforThth, we co)ude that there is a material mi5Statement of thls other Information. are required to wort that fact. We have ry)thlng tt) report In thls regard. Matters un whlch we ara required to report by ex¢eptlon We have nothlrvj to report in re5pertof the followng matters wh&e thwftfe5 Ind Twstee Investment (knand) Act 2005 a th2 Charity Accounts (Scodandl RegaOn5 2006 (as amended) oquire us to POrt to you if, in our oplnion: The Inforfflatknn glven In the finarLdal statements is irronsistent in any matertal respert wf(h the trustee5' report: or proper accountlng recryds have not been kepi Or the financial 5tatetnents are rKtt In agreement Wtth the ac(Dting records and returns,. or we have r#)t CeNed all the infvrmatTon and explanat(cns we rU(re for our audlL
The Leng Charltable Trust IndependertAudltorf5 ts) the trustees ofthe Leng Charliable Trust {cont) Responsibilities of Trustees A5 expLned mDre fully in the Statementof Trustees, SPOnsibl1e$ the trustees a responslble forthe kyaration of the financi statements for belw sTsfied that they gwe a true and falr Mew. and for such internal control as the twstees deterrnlne ts necessary to enabje the prqKratth of financlal statements that are free from matsrfal rn19ststemen¢ whether to fraud In preparfng the flnandal 5takmerts, tsTrustee5 &e resPNlbk for a55esslng the tharfvs alylity to ctinue a gng corKem, di5closings as applkable, matters reL3tetS to going conrn and using the gCNng concem basts of accounbng Unl the Tnjstees elther intend to cease operatyons or have no realistic alternative but to do so. Auditorfs rt5ponsibilities for the audlt of the flnandal 91atemenls We have been apw)inted as auditor under settTon 44llllcl of the Charities and Trithe Investrnenl IScotL3ndl Att 2(1)5 report in accordan with the Act and relevant regulatio made or having effect tkereunder. r obJveS are to oblaln reasonable assuran about whether the flnandal ststements as a whole a free from fnaterfal mlssi3teEnt, whether due to fraud CY error. arKI to IUe an auditorfs report that Includes our opinion. Reasonable assurance 15 4 hlgh level cl assuranEe, but is not a guarantee that an alIt conducted In accordance wlth ISAS IUKI wlll always de a material mlsstètement when It exTsts. Misstatements cèn arise from fraud or error and are COldered materlal ff, Ir1vIdUallY or in the gregate, they Lwld reasonably be expectaj to Influ the econornic dls1O[l4 Lf usets takai on the basS5 of these finar181 5t&ements. The extenrto whlch our procajures are (apaNe of detectTrq Irregu13rtts, inckndlng fd 15 detrdll6YJ bek)w: Irregularities, inclL¥Jlng fraud, are Instance5 of non-compl5an laws and regUlaNC5. We delgn FKwEures In th our responsitmlities, oulllned ale, to detect materlal misstatements in respect of irreguLHriks, induding frdud. The extend to ¥¥h¢ch our procedures are tapabTe of detecong irr8Jula4lties, Indudlng fraud Is delailed below- As part of our pL3nnirLg proces5 we.. Enquiry of management and those charged th goveTrnance around acbJal and potenttal Iwtlon arK8 dalTn%. . Enqulry of entlty staff in complIan funLtkns to identify any irstsnces of non-complian wlth L3w5 and reguSaYMs. Rewewng financlal statement dlsdosures and testir#J to SUPPOTbng d0ujrnt8ti0ft to assess conw11 with apFlicatAe law5 and regulalons. . Audibng the risk of management overrlde of controts, incfudlng throu9h t85tingiwmal entrÈs and other alLtstments for approprlthess, and elUatI[ty the rntK)nale of slgnlficant trarL5aC)"ons outside the course of iw9iness. The speclflc kiws and regulatk)rE that ha%E a SPEcrfK i1npOn thus COInY and the acccAJntiro wepaTation of the aCcOts wJll Include.. . Tre Choribes and Trustee Inve5trnent lkntlandl Act 2tlJ5 The Charitie5 Acwnts Iscodandl RegulatiorG 2006 la5 arnendedl . OSCR requlrements. . GDPR laws We have assessed the Infomiation in the audlt and have not found any s¥nlflcant ISSU w5th non-comrllarKe th laws and regulatyons, The rnèln SFth rtsk5 relating to audit of tkE finarKlal Statts we trustees not followlng the aim5 of the charlty, harder to aTt sectrons gjch as private company Sha valuations and the Yaluati$ ut listeo Investments. Speclfic procedur& to tlp verify the accurary of these sectK)n5 have bn used in each case as was needed. These rlsks have been hTghlighted and have been deared. This charity has litue rLsk of errors and fraud even though management have the potential of Itduding incorrectioumal entr5. As a of the size of the chaity can Irease the % of tesung purnal entrfe5 to redu risk of irregularities to very low especlally tlw>* the yeaTrend. No irreguri& have baen found in the alIt of thLs ch¥ty. Because of the Inherent limitat10t of an audil there 15 an urnavddae risk that some material misststemersts in the financh Svdtements may not deteLted. even Mgh the audlt ts properly Janned and performed in accordan with the ISA'S IUKI. Fff Instan,, the further rermvaj non-complh4nce is from the events and transacknors refiected In the flnandal statements, the less Iety 8r is to trwme of or to recognise the nOn-[DmarKe. A further descrfpti¢)n of our responsibilities fcy the audit of the financial ststements located ¢)n the Financval Reryjrting Coundl's Weite at s. ThLs de5crlOlon forms part of ow auditor's report.
The Leng Charltable Trust Indep&nnt •ludltOT'S report to thtr trstee9 of the Leng Charitsblè Trugt (cont) Thls rrport i% made to the tntstees. as a body. In accordance wlth Secuon 44111(c) of the TnLStee InvesbTEnt tscotlandl Act 2CM)S and Wulaticn 10 d the Charities Accounts (Scotland) Regulations 2006 las amended). Our audlt work ha5 urthrtaken so that we might #ate to the tntstees th matters we are rewired to state to them ID an auditors repurt and for no other purpo*. To the fullest extent permiited by law, we do mt accept or assume responsibinty to anr ¢)ther than the charity and Its trustees as a trx)dy for our zudlt work, for thls repoi¢ or lor wnK)ns we have fOrEd. For dnd on behallof Th(Knson Cooper, Strdknjtory ALtdltors Dunferrnline
The Leng Charltsble Tryst ststement of Flnènclal AthTltles f•r the yw wmled 31 Deremb•r 2014 Total 2024 Tctal C•Wtal al fund ftmd Incomo Ivom: 336.655 31WS 310SZ9 310,519 In(D trx repoyryWt Donotyons 100 750 7SO Totsl IrKomg 317 755 E¥OndI arknble act govunaKe 439.238 140.9 516,216 230.401 253,7B6 M•rt•glnp fuThJs 610 3•.2•9 1.280 36,7 38,075 Total Exn01th 4311 291861 Nt ItKamèll•xp•hdllUfa} for• bkn• {AII093) {1.167> (29?J60) 79.5 19hl8 Adlk&thWt to b20k coit Wlfrthn preth •Crt G•lD$ cn or 250,971 250.971 4,556 4,556 (Deueaselllnuease In urrnlsed apty0n on kn¥estments <294536) (294536) 158.211 158211 Increase kn urrt•llsed •ppr¢¢l•)n m l*rt•t4e opwty N•t Inc(rn for ywr•nd N•t m0¥•Mq tn funds IiiwJ) (22&53S) P40,6311 79A98 10I5B7 14185 Tctsl fwds at 31 Decertjw Z023 390.3•4 7,9,558 BJ38.942 310,786 7,B45.971 8.156.757 Toiol fvDdB rt31 D•bIr 2024 338 942 TheStatwwlofFfNnclal Athth5 iudeSaI gthon b5sesrW t¢wthw¢tshrfrfymfoJ4knJM¥J
10 The Leng Charitable Trust alance She•t •$ •t 31 D•t¢mber 2024 2024 2023 Irents er4table 7*18,901 7,90a.077 073 077 Loans (d wthln yearl Loans Idw outwth ots I2,0 3,0 Ch on DeFQS(t Iwd 361,750 281,765 Currant L108 Cndfcrys Oue onetrtar 129 23U •ft•r thin y•Hr (wooo) Totsl Nat 11 8 338 9q2 Ttte thancaal Staents were aFwoved trrf Tru#ee5 rm
The Leng Charitablo Trust statement olcash Aows for the year ended 31 December 2024 2024 £'ooo 2023 Net (ash used In operattng athvmes {as bdow) 304 sh flows from investment actiwtyes.. Dfvldends and Interest Proceed5 from sale4 of inve5tm2nts Cost r purchases rf Investments 327 813 567 311 643 Net Cash from invesbment activities 573 Movement year 92 (3791 Cash broughtforward 267 646 Cash carried forward 359 267 Keconcllllon of Det moven*nt of lund to net cash flow from operatln9 activities 2024 £Tho 2023 £00 Net movement In funds Deduct.. Investment & other iOme Deduct.. Gains on investments AddlE)educt'. DeCreasel{IncreI in unreallsed apprecWSon Loans made In year Loan repayThents ¥ecelva Incre85elldecrea5e) in crltorS {340) (327) (251) 294 182 (311) (4) () 12 131 35 304
12 The Leng Charitabl8 Trurt Schedule I Iort from g¢watod fwKIs 2024 20 Dmdends Int¥esL perApFendrx I Rentsl Income (gr05s) rK&¥ed in re5FertrfVKsfI¥d L 324709 306,689 310 529 Sthedule 2 Charltable Actlvlties Payments for rna1ntenan ol Chapel & Loth. 203 18,918 In5tltutional Grants p In year- [jnIe saen ctre RNU S4UKT ial &te FuThJ Launth rr Leisure & Cuknre thJrK5ee for bTIts Obsay Sh¢yAra the Street Ddee Induthal Heritage Tntst gU11Th] aIrg0Wr and R• Dur Itr Lkniversrty ofDundee- MRI F((¢1 kner treatrts 7,7(K 20J 7,OCO 40,000 10,000 10000 io,wo 15,IXX) 10,0 7,5 93,200 66,000 va1wj gwts ofks,000 or less 186,235 150,051 Capital (kant. UnKom 50 329 35 Grants c¢Jmmitted and accrued during year IK n)tyet paid- Bite LeUre & Cufture thJth tr Mil15 ObThafory Ma9Jie's Ixmdee Grove Menzthnl Hothey CILfrJ Fairfield Communty Spc#ts Hub Ho¥ittaifld Unrty rf DUee-Tr Awarts Ter Dundee & Angus Colege- Lery Trt Pri PKAVS Unpcom 5esetvallon SI1ety (to te frrm Cata) Monifleth Befrienders t*af Llnwfaygde DeHf 5,000 .000 3,OC(I s,000 500 2,500 I410 crLS at 31.IZ23 or carKdlal In ar 483rt38 200,499
13 The Leng Charltable Trust Scheflwle 2 CharltabJ¢ A¢tMtle4 {Trt) Balance brought loThMrd 483AJ8 2(KJ,499 pport Costs (per Schedule 3) Revenue costs Cawtal CDsb (&JYernanl 55,800 29,902 io 778 RevenuÈ 439,238 146 978 230,401 Capital 2024 Schedule 3 Support Costs Thorntons Law LLP, admlnlstratK)n fees Thomtons Law LLP, Ra reglstratlon f Mcmlllan Audrc- file assessMt fee Wèlker Dumett 2023 lndependentexam1nat1 Fee (St Mary Abbcrts) Walker Dunnety 2023 adit fee rhLYngon C¢oper, 2024 Jjdsr fee Regster5 of Scotbnd- regi5tFatiOrt du a{table Acti¥ities G¢wernance Totsl 55,800 37,2DO 4ZLI 93.000 420 3,696 600 60D 5,040 5,040 20 55 Chtyrit8b 2023 Totsl Sukyort Costs eman ThorntorLS Law LLP, adrruniatNJn fees Walker Dunnety 2022 dIt fee %ste of Scotland regIstra0ft of Deed assumlng 5 Trustee re". Tru51 fLY Si Mary Church120191 Regiters of Scotfand regIStrnty ol Deed assurnlng Nfck Barday a5 Trustee Regtsters of Scottand registration of Deed assumlng Nick Barcw as Trustee re.. Trust for St Mary AJ)bots Churth 29,902 19,935 3,400 io 49,837 3,400 io 20 20 20 No Irustees recdved any rnunera or exrtrw fM the trk during thls or the pwous year. The tru has rK) eM0Vee5.
14 The Leng Charltable Trust Schedule 4 Costs of mana9lny funds 2024 2023 Thornton5 Inve5twent Mawernent itd, [0110 Managerntt fees lincluthng Dr J E Lend5 Tr{fOr St Mary Abknts Churchl enw costs rert of Ific3rsford Lodge 34Z&9 36,795 610 In 2024 £38,289 P023- £36795) of costs We attrfbutable to Capltal and £610 {2023- £1,280)to Revenue. SCIlUIt 5 Herltsble Prop Vkarsford Lodge- Market value a9 at 31.12.23, per valuath)n byTru5tee5 165,000 lustment on revaluatic Market value as at 3L.12.241 per valuabon ty Twstees Sthedule 6 Investments 2024 Tot•1 Llsted Unlisted Book Value a5 at 31.12.23 iknreallsed appreciation as at 31.12.23 4,040.780 1441797 322,452 2 103 048 4,363,232 3 544 845 Market Value at 31.12.23 5082,577 2,425AOO 7,908,077 AdiBtment to book cost Wf from rWIJ$ Account Purchases at cosL per appendlx 2 Saks- prLKeeds, per appendix 2 reed gainsl(Ios5esl, pei appendlx 2 Decrease In unrealised appredati 294 567,141 {813,0461 25Q,971 294 567,141 1813,0461 250.971 Market Value at 31.IZ241 per appendlx 3 JrA¢ Value as at 31.12.24 Unrealised 4ppreaatkn as at31.12.24 4.046,140 1398 631 322,452 4,368,592
15 The Leng Charltable Trust Sthedule fj Inve5trnents (cont) 2023 Totrl LL5ted Ilsted Book Value as at 31.12.22 U[1151 appreciation a5 at 31.12.22 3,649,795 322.452 2 021988 3,972,247 Market Value at 31.12.22 5,014.441 2,344,440 7,358Tr81 mOnentrin ye3r.' Purchases at costi per apW{X 2 Sale5- proed$1 per appendix 2 reallsed gains, rEr aprendix 2 Irrease In Unalised apprea3tion 1,029,661 (643.1121 4,556 1,029,661 1643.2321 4,556 158 211 Market Value at 31.12.231 tEr apprrMILx 3 5 482 577 2 425 500 Bock Value as at 31.12.23 Unreasised apprec(att)n as at 31.12.23 4,040,780 1441797 322,452 2 103 048 4,363,232 5 4B2 577 Moterf41 thve5bnents lover 5% d portfollo vduel as at31 December 2024 were: 40,7tKI F & C Investment Trust £451991 26,907 lIan Witan Ord £334,454 325,230 Royal London S-T Money Mathet £317,109 30,OW Scottish Mortgège Lnv £285,210 The Trust's unllsted ImfesAt s a holdln9 c 21,0Tr) ordlnary £1 shares In D CThonwn & Co Ltd. Thls hddlng represents 28.5% value of the Trusys investment rortrollo. In5Qment Rlsks FRS 102 requlres the d[sciosu of InforniatSon In l?on to certain inVestnt risks. These rkS are set(yJt by FRS 102 as folbws.. Crethtik¥k. this Is the risk that one party to a financial SnstwrrEnt wlll cau a flnwdal bss tr the othw party by falllng to scharge an 0JgatiOn. tset5k th55 comprlses currercy risk, Intew r4te rlsk and other price tfjs Cuirwrfsk. this is the ri that ihe falr value or fvture cash thws of a finarthl a%et wlll flucttjate tecau5e cl thangES in fr)reTgn exthange rates. Irterest rate nst. thts Is the rfsk that the falr value or ftrture cash fl¢M of a finarKkil asset wlll be£ae cl changes in market Interest ratÉs. orherpnce nst. this 15 the rlsk that the falr vakje or fvture cash Ilows of a financtal aet fluctu because of tha in rnarket prlw (other than those arin9 from Interest rate risk or currency risk), whether those change5 are caused by factor5 spècific to the individual flnaral Instrurnent or its ifwer, or fattors aftecting &1 slmilar financ Instruments trdded In the market The Charty has exposure to thtse rtsks tEcau of the Invesfftnts it mokes to IrnemeNt its Investsnent strategy. The Trustees manages Investment risks, irthirvj td risk and market risk. wthin agre&l risk limits wthlch are set tsng Into account the Charitys strateglc Investment obieLttves. TfEse investment objecuves and risk lirnlLs are imkrternentEd thr(yJgh the 1mlestml manager agreements in pla with the CharitKs intment managers and rnonitored by the Trus by 9lar reS of the Inve5tmait pothllos. Furthw Inf0MtIc on the Trusteeg aptwKh to rfsk managwnent the Charlty's eypc6ure to C{t and market ri4ks aE set gut bdow.
f6 The Leng Charftable Trust Schedule 6 Investments (tont} fxedlt Rtsk The Charity invests in pwled inve5trnent vehKls and Is therefvre dirW exposed to credlt risk in relakncn to the Sn5truments rc hdds in the pooled inveslrnenl vthicles and Is indlrecty eX[Sed to (lt rL%k% arisiry on the finamal instnjments hekj by the [11 Investment vehlclÉs. Analy515 of dlrert credlt risk Dlrect credit risk arising fr¢)n pooled Investment veh1$ is rnitigated ty the undethng assets of the pooled arranoenTrts belng [V-fted frorn the pooled manag&, the regulatory enwmnments in whKh the pcKJled managers operate and diversificati1 of intrents arnongst a nuner of arrangements. The Ttustees fdrry out due diligence check% on the appointment of new pooled Investment managers and on an ongDlng tssls moniior any to the regLUatory and 0rating envlronment of the p0e manager. Pooled inYe5tmert arFangennts used Ly Ihe Charfty cfyTrwtse authorised unit tjvsts. Tndirect tdit risk arises In rdabon to underlying lnvestftnts held in the bond woled Investment vehides. Thls rlsk Is mitlgated by only investTThJ In pooled funds which Invest in at least Investrnenl grade credf( rated 5ecuritie5. Currency rlsk The Charfty is subjett to currency risk bLThL8e SOTe of the CharfV5 Investments a held In overseas markets, vla the 01ed Inve5knent vehkk& Interest rnte risk The arity b subject to interest rate rlsk thrwh irwestments comprisiny tond5. Other price rlsk other prfce rlsk arises prfncipally in rekth)n to eqtJltie5 hdd in pooled vehldes. The Charity manages thls exposure to otheJ prf risk ty construcbro a dl¥er portfolb of inyestrnent5 oSs aUs TTharkets. Sthedule 7 2024 2023 (al Interest free, urt*cured Loan made to jndee Rep and Scottish Dan Theatre Ltd 300 15,000 (a} The loan to be paId In 60 monthty Instalments d £l,1100, commendrvJ Awll 2020. tKJe to an adrninthation error at Dundee Reps there was a break In the payrnents made. payments We brought UP-kn4ate In February 2023. {bl In Decembei 2024. the Trustees grnnted Dundee Rep and Scottish Dartt Theatre Litnited an urwured term loan facility of up to £ll)O,000. of31 December 2024, had been no qUest for fuThls from ndee Rep and ScrtUsh Dall Theatre mtted. Loans repayable one yr Loan5 repaYae outwlth one year 30¢M) woo
The leng Charltable Trust 2024 2¢23 Sthedule 8 Debtors Income tax recoverable Sth•dule 9 InstItUonal grants- due wlthlrn one year due after More than or yea 124,300 12,500 142,300 12,500 Thomsm Cooper, audlt fees for year to 31.12.24 tn Decefflber 2024, the Truste gronted Due Rep and Scotttsh Dan Theatre Limiknd an urGecured temi1oan faclllty of up to £IOO,000. As of 31 December 2024, there had been no request for fund5 from Dundee Rep and Scctttsh Oar Theatre Umited.
18 The Leng Charftable Trust l. Accountlhu Pofici¥ The Ler¥J charitab Trust is a charity reglstwed In Scoiknd and operates as a Scotuth QwrltabkTrust The regtsed ofke 15 Wltehall N 33 Yeamèn SKe. Dundee, DDI I. Thornn5 Law LLP atrs as fts agenL handllny adfflltrate mattws its behalf. The accouTts are prr1 uThler the ht0cal c05t convwtlon a5 IT[2d by the of investment assets and include thE re9JKs of the ch¥iTrs opwation5 a5 indtated h the financLIl rtporr, ofwhkh are rNnlD9. The acEounts have been prepared In aLr0rd& with the Yinanual Repyung stsndard awlrcabie the UK ènd Republlcof Irdand IFRS 102), the Statement of Recommended Pracuce.. "N£counling and Reporbno by Charitit% preparing twr in accordance th FRS 102" ISORP FRS 1021 and comtAy y1h ihe Chwltyes TtLStee In%t5trneM Iscrtlartdl kt 21Y)5 and the thèTitE5 fvxcowts Istuuand) Regulallons las amended). The tharity ha5 fina1 as5eL% and IwblUt5 of a that quèfify as bagc finKtial BaK Instrunts e Inlbally rwThised at tract10Th value and subseqwuy m5LYed tthr setUnent value. Thpacccwntsare prer& in tsling wh5ch Is thefUbol ojrrery ofthe tnA5t. Moary afflounrs i) the5Èaccaunts are ded kn th2 rEare5t £ or nearest £ryJw asappropriate The tJLSt (jJn#ites a pubk benefit enbty as defid IOZ The trust&5 cor&der there a rn mottrtl uncerta1$ about the tru$ abifty kn contynue x a m cwcern. Wkh to the next rÉporbn9 period120241, Ost5[ficartéTtaS of untertainty thataffetttcarrykng value classets held by the trLa the level of irNerne retum aTrJ tt performance of 1nYtstMt market5 (see the'ln¥e5tfflent Pdlry Perfernncl arKI Yk Marogemenv 5ecbllns of annual rep(xt for rnore illfrrnattonl. Unr&ri(led cat4tal a] iKLYne runts those fund5 whth the trLStees a f2 to Lse for any purpose In fjjrthe of the ttsrttknle objects. InVemt income 15 accounted for h the PWk)d In wlich the Tr is enUYed to rttpt. FxFenditwe Is IncktdEd m an accrwL4 bas& AU (ther corne has beell recagntsed on the basts Df whtknEnr, Certsty ar mea5uremenL Thomton5' fees lodude an ryunt r09 th)rk cèrned t for Dr J E i£ruJts TrLL%t fc< 5t Mary Ab Church. The ttustees have that ree5 rdaurva trJ gjth w¢YklE chuged thr(wh The Léng CharftsLle YnL5t. Grants cD[e pa1 In the aceountiThJ rfod athj. apph.ubk ItKludegFants payAe fvture accounb.ng rthys thtre extsts a Wal otrligatlon to make Jth paYrnts. Debtors indude aA)Unts NEd to tsust. t)ebtors are meared at thelr reco%3bk amnts. the the Intst anthipates ft receivE a debL CretrittK5 are reCOgnEdWhere ts tnst has a wesent obNgation resulting fvorrl a past e1 re5uIi Sn transfèr to a third party and the amojnt dueta 5eitk the 019a1[Dns can be mer•I C1510 are nmlly recognlsed at thew ementanunL The charity has flnancial è•t5 tbat qLkiUfy a5 basr In5trumeTrts arLd assets qua15fying as itstnjments me4sured at falr value. FlnaThJal Trabiffdts of the tharlty On qulfy a5 ba¥r in5tnJments. Bacfinarrial irtstruments are Initlally recogni5 at transac value and subsequently rfèsLed ther Se1t Yalue. F&?1 iWStrutnents mvd5ured atlaVal are IrATrIal recogni5ed 4ttr4ys4dTcr Val and ore gJbsequentyffle4gJraY at th lair value wh Trmeo9Jram)ts bny taken to thÈ stemertolffnancièl acbwtles. 2024 2023 car9 airillwitof Itnatbdal ossets FnarKpl ets meèyjred al falr value through stsrewtofflnandal 901 7 908 077 FIMncW assets rewed at Pdif v8lue ¢FmJgh 5tstemEntof finaal 3rt1th comfv of lsted u)vB%tmen
19 Tho Leng Charftable Trust Note5 tothe Acwunts (¢tsnt) Invesrments are5tsMI at mathetvalw. whereivallatrAe. orathuwlse èt111 the lateslavrabVaOQn thown to the tru5tee5(w lill c05t, at ther rh5tteOn. KealiEed gJln5 or kisse5 we treat as Gip1t and are deblt V41th in the Statemernt of Rnanthl Actiwues. unrealed appreatn LY dEpredaUon in thE value of Invest[ dealtwth In the slaternt0[ Fthaal The valuatlon cl the herttable prorrfty owned by the tru5t15 r, jr a rrdnlmum, every three yew5. nE vokne as at 31 2021 £165,000 and th Is deantrl approkylare by TrLthe 4re lrnplts due to e{tar5. Llatrilts aTe measur8J at thdr seMt¥nErt attWML A lialxThty is wogntsed the amojnt that the tnst nUclpate5 Itvlll Fey lo Sett the debL VAr IrEec(NeraLrfeVAT iqctsged agalr&t costcl reSrtt eKE07dre for whkh It has been IrUrrO. 2. Related party trJaCtths Thorfits LLP wve a rted partyduriryj the x1 a% ttiOnS bakncE% have bEen thsdosed in the tftvestment tsnagers The trusrees approve Ihe tontinLd appointsneni of the Invesment Managers as detaiL¥J in Rewrt OY tn&ees In these Accwnts, and on the 5amÈ bL¥ a5 thntsined in thÈ Invesbrent arml Fmantial Semces Terms of eSS reement£urreY in force. 4. Au¢frtor5 The truste# approve the conbnued c4 the AL&Jkc¢s as det In the Reptyt of ihe ttustees h these kcount% 5, Nomln•¢thlp The tyustee5 awove the appolntrngit of the rOrnke company as detled In the fjEn Informa0 settK In Ihese Acwunt5 to contlnuE to dd ttrta all the Investwnts owwj by the Iru5tees, and that on the some bth as conlained In the fnvesbnent arQ FI[r¥al Sertes Terrf6 of Bu$kneSsAgWnt curiwty Icrfc&
Leng Charltable Trust Year ended 315t December 2024 AppÈndlM I Summary of Divldends and Interest Apwndi¥ Inc¢ UK Company Dfjvrdends per TIM Ltd per Thorntons IDCT dN51 App I lal 95,898 130,410 226,308 UK Company Interest per nm Ltd App I lal 8,258 UK Unit Trusts & OEIC Di¥idend5 per TIM Ltd App I lal 28,435 UK Vnlt Trusts & OEIC Interest per llm Ltd App I lal 32.S21 UK Gllt & Other InterEst IGrossl per TIM Ltd App I lal 2.900 UK Depos5t Interest (Grossl per TIM Ltd App I (•) 2,Z53 UK Deposit Interest IGros51 per Thorntor15 906 Property Incorne Dlstrlbutlons per TIM Ltd App I lal ForeiKn Dlv5dend Income per TIM Ltd App I lal 12.031 Forelgn UnitTrusl & OEIC Income perTIM Ltd App I lal ForÈiBn Unit Trust & OEIC Interest per Ltd App I lal 8,607 Other Incom• per TIM Ltd Fund rebate5 490 322.709
Lew Char1taeTnt Yv8rended 310eeember2024 AppEnth Z ¥esIm¢niTi•Us7S Date Nam• 08104120Z4 Nineryone Fds Global Gold 0710512024 U LIK Equty Income Z I OSI0612024 èlackrock European DYThl¢ 1011012024 jupiter UTMgrsJap3n IrK Royal London ShortTerm Mow Mark wifft024 R1 London Corp Bondz ).0 Purch J20.0(¥J Purchase 3S.OL pUhOSe 281.45 Purchase 161.0571 Puth5e 187,294.7659 Purch -9S,795.(X) -192,426.OD -107,429.81 -330.45 -160.04 -170,OQK> 00 467.14L30 D15P05ab- Gainl Nwne 3V03Aoz4 Trojan Inv Fds 0510412024 BullK)n Secs Q3105D024 Martkn CtsYri UK Eguity Int 0510612024 Astrazeneca Ord 28106120Z4 Royal London ShortTerni Money Markei 0710812024 CT UK Equw Income Z Inc 2811012024 WS ftuffer DsifIed Return 061Iy1024 Allian¢eWTtan Ord 3111112024 Rtyal London ShortTerm Morymarket EqlSat 975.36 77.8I6.46 198.443.31 26A14.57 0.85 L105.08 24L128.19 .758.$8 975.36 95.317.04 20L116.73 113.620.18 0.85 I,ios.c 230.>)4.50 l?O.fX)3.74 $70 121055.054 17.470.S8 L673.42 86.80S.21 Sa Sale Equali5atiL SalE 53le E9UatiytbJn 215.1 .69a -10.Z23.S9 154.245.06 562.D7L98 813.045.56 250.970.58
LenKOwrflableTnt Ywr to Jtst Derember ZOZ4 APPdI Ja Sm8ryoI Itwestr*ent Portfoliv•s•t 31st Oecenknr 2024 Market Val PerAppendL¥ 3 Ibl £5.687,989 less.. cash b•l•n¢t 4243.218 £5J44.771 lThve5tmettts held perThomtgns L•w iLP: 21.C O Cyhomsw L¢d Ord shares e £103.53 £4174,130 Totwls £114901
THORNTONS INVESTMENTS PortfoAty- L¢w chwiiabTfvs1(JPocol?9Aj 07-01-2D2S 1th"38."S% Vaualion dote.. 31-12.2024 £5,4M.TTO.79 £243217.71 . . £4687.98UO PrDfiI8 L055 InV¢$lm@Tht Quantity Change IW.I AeGOt4 AM UK LVC A&GON INV GRD BDSTG S OIS IFUND."BFOW2N71 IIA916 GeP gP,663.79 69.943.$2 4,no.27 .9.75 ALLIANCE WITAN PLC ORD GBPO.025 ISEQ¢X..B11VI) ASTWENeGA PLC OFQ LJSDa25 (SEOOL.'0989529) 28.9U7 13AJ G8P .95fj.09 334.4Y.01 3Q3,487A2 97 1.WO 104.66 GBP 29.59Y.0g 104.660ffj0 75.062.91 253.62 8N YNELLQN INCOME W NET INC NAV{FUND'.88S<PW26) 736 57.77S.29S 1.398 GBP 7&K4.T3 80.7B9A8 &945.13 BHP GROLF LTTrNPVIDJI ISEOOL'01444031 BLACKROCK FPJ LIO 8LAQUIWK EUROPEAN DYNAMIC IFUND£CZRNM21 BLACKROWORLD MINING INVEST TRUST IsEO<L".05774) 2,832 I9.$4 G8P 51.435A6 10.032.43 2423 41hO3.43 35.0 2.804834 oep 107.429.81 gU.16•.19 -9.260.62 4.62 8.t80 4A075 GBP 17.164.7 3P,32SJ5 21,S6D.S6 121.37 BRUNNER INV TR ORD GBPO.2S 18EDOL0149CWJO? 14.625 GBP $3.rrfM.65 186.242a8 113237.73 21184 BT GROUPCRO G8POffjS {SEDOLll091%71 31,W6 1.44125 GBP 74.936.79 5.45126 -29,545.53 -39.4ts CITYOF LONDON V0RD C8PO.2S ISEDOL'.01990451 60,rts8 4J125 GBP 2¥4.994AO 258.913.88 4919.08 CT UK Eaurry INCOME Z INC (FUND'.8816Y)11 OWGEO PLC ORD G8Ffj28 101rt08 ISEDOL'02374001 120,CI 1M63 GBP 191,320J2 202,356.OD 11.035ffj8 5.77 1765 2Sa725 ts 27.588.73 95.527.46 67.838.TJ I450 F &C INvTrusf URD GBPQ25 ISEDOL..034fj6071 40,7 11.13 Gep 84704.72 4S2.è91 366286.28 42145 FRST SENTieR INV FS GBL LSTD INFF15TR 8 G8P Q IFLND'.824TrI(551 63,000 2a419 Gep 180,832.58 147,539.70 -3,292.B8 .2.18 HENDERSON FE WG ORD SHS NPV ISEtU.'81GXH75) 36.8 1287S GBP 1?9,7.71 84.244ffj5 45.Q03.fjfj -34.85 HEWDERSON SML COS ORD GBPO.25 ISED(X'.09085&51 19.ItN) 8.13 G8P 138.4.39 155283 16*32A1 12.16 HICL INFRASTRUCTU. ORD GBPO.W01 IEDOL.'BJLPtY71 141.ui 1.19108P ¥29.89&63 167.931. 1,9.8) 6.95 HM TREASURY GILT S.rA% ID71031251 ISEDOL..3OBl 58.0 100.OS5 GBP 63.Q53.00 58.037.70 ,015.Xl
Quantity
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199.904ffj8
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103.322
118,6057
15.283.
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45.000
22985 Q8P
6499f.51
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76.00
f16.34&Q14
1.036468G8P
148283.92
12D59DJY
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1.1036 GBP
94795.oj 99,324.
Z.5Z9.00
2.61
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(SED0Lsu?53a)
2,576
11.97G8P
4Q.025.28
31031.72
.7.993.S4
-19.97
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45261.4f
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ROYPL LtsNCION ASSET Roy LN
STG EKtR YLD 8D Z IFUND8G5GTJ61
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0ts795 GBP
136.332AS
12&84427
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107,294.7659
OS2QS GBP
169.995J2
In.404.83
2.40S.01
325.23Q19n
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315,469.$3
217,10920
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9.5070BP
19,41V.02
285,210.fAI
265.789.96
SHELL ¢)RD EUR 0.07
ISEDOL..8P6MX081
24.7e2SGBP 93.253Ag
150,952J)
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