Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
**Scottish Charity No: SC010292**
## **THE SEAFORTH SANATORIUM TRUST**
**TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT**
**For the year ended 31 December 2024**
Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP T: 0131 228 3777 Ref: SNB.VZE.SEA0009
Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **ANNUAL REPORT AND FINANCIAL STATEMENT**
## **For the year ended 31 December 2024**
## **Reference and administrative details of the trust, its trustees and advisors**
Scottish Charity no SC010292
|**Contents**|**Page**|
|---|---|
|Annual report of the trustees|2-3|
|Independent examiner's report|4|
|Receipts and payments accounts|5|
|Statement of balances|6|
|Notes to the financial statements|7-9|
## **Trustees**
## **Registered office, solicitors, secretaries and treasurers**
Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP
The day to day management of the trust is delegated to Brodies LLP.
## **Bankers**
The Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB
## **Stockbrokers**
RBC Brewin Dolphin Sixth Floor Atria One 144 Morrison Street Edinburgh EH3 8EX
## **Independent examiner**
Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **ANNUAL REPORT OF THE TRUSTEES**
## **For the year ended 31 December 2024**
The trustees present their report along with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed, The Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Structure, Governance and Management**
## **Establishment of trust**
The trust was established by constitution rules and regulations dated 9 February 1910 of The Seaforth Sanatorium for Phthisis founded by the Right Honourable Mary Margaret, Baroness Seaforth of Brahan in Urray, and the Right Honourable James Alexander Francis Humberston, Baron Seaforth both now deceased, as amended by two memoranda of alterations dated 20 June 1923 and 10 February 1931.
## **Trustee meetings and appointment**
New trustees are appointed by the existing trustees, and are briefed on the trust's aims, objectives, grant making policy and purposes. At the annual trustees' meeting, the trustees agree the broad strategy and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance.
## **Risk management**
The trustees have assessed the risks to which the trust is exposed, in particular those related to the operations and finances of the trust and are satisfied that systems are in place to mitigate exposure to major risks. The trustees consider variability of investment returns as one of the major risks, and therefore the trust uses the services of Brewin Dolphin as investment advisers. The policy is to look for a balance of income and capital growth with a medium risk profile and medium priority for income generation.
## **Objectives and Activities**
## **Trust purposes and activities**
The purpose of the charitable trust is to generate income from investments. The income is to provide holidays for vulnerable and deprived children in any of the towns or cities of Scotland with preference always being given to children who are from Ross-shire.
## **Grant making policy**
Grants are awarded in accordance with the objectives set out in the trust purposes above.
## **Achievements and Performance**
The trust has paid out donations totalling £18,400 (2023: £13,000) as detailed in note 9 to the accounts in accordance with the deed of trust.
In terms of donations, the trustees decided during the year that the focus should be on smaller charities which receive less support from other sources and that priority should be given particularly to charities that concentrate on holidays for disadvantaged children and families in the Highland area.
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **ANNUAL REPORT OF THE TRUSTEES**
## **For the year ended 31 December 2024**
## **Financial Review**
The mid-price market value of the trust's portfolio as at 31 December 2024 was £525,399 (2023: £520,571) an increase of 0.93%. At 31 December 2024 there was a revenue cash surplus of £21,977.52 (2023: £30,586.91). Reserves are £552,366.53 as at 31 December 2024 in comparison to £536,605.69 as at 31 December 2023.
## **Reserves policy**
It is the policy of the trust to maintain unrestricted funds at a level sufficient to cover management, administration and donations.
## **Investment policy and objectives**
The portfolio is invested on the basis of a medium attitude to risk with the objective of a balanced return from both income and capital. Brewin Dolphin carries out a regular client service review and agreed with the trustees that the portfolio would be invested in Risk Category 6, with an over weighting to equities to provide the required level of income.
## **Future Plans**
By continuing to award funding the trust provides a commitment to its long term objectives.
## **Statement of the Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' Annual 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 period.
In preparing financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 trust will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that the Financial Statements comply with the above requirements.
Approved by the trustees and signed on their behalf on `[23 June 2025 | 8:57 PM BST ]`
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES**
## **For the year ended 31 December 2024**
I report on the financial statements of the charitable trust for the year ended 31 December 2024 which are set out on pages 5 to 9.
## **Respective responsibilities of trustees and independent examiners**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in, any material respects the requirements:
- to keep accounting records in accordance with Section 41(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Chartered Accountant**
Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **STATEMENT OF RECEIPTS AND PAYMENTS**
## **For the year ended 31 December 2024**
|**Note**
**Receipts**
Investment income
Investments realised - net
11
**Total Receipts**
**Payments**
Investment management costs
8
Donations
9
Administration costs
10
**Total Payments**
**Surplus/(Deficit) for year**|**Unrestricted**
**2024**
**2023**
**Capital Funds Revenue Funds**
**Total**
**Total**
£
£
£
£
-
17,070.61
17,070.61
17,027.47
23,351.25
-
23,351.25
1,149.67|
|---|---|
||23,351.25
17,070.61
40,421.86
18,177.14|
||3,808.71
-
3,808.71
3,668.44
-
18,400.00
18,400.00
13,000.00
-
7,280.00
7,280.00
9,417.07|
||3,808.71
25,680.00
29,488.71
26,085.51|
||19,542.54
(
8,609.39)
10,933.15
(
7,908.37)|
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **STATEMENT OF BALANCES**
## **As at 31 December 2024**
|**Note**
**Cash Funds**
Opening cash at bank and in hand
Add:
Receipt and Payments surplus/(deficit)
Closing cash at bank and in hand
**Bank And Cash Balances**
Brewin Dolphin - cash held
Royal Bank of Scotland
Solicitors Special Deposit Account
Funds transfer required
**Investments**
Investments at market value
11
**Total Reserves**|**Unrestricted**
**2024**
**2023**
**Capital Funds Revenue Funds**
**Total**
**Total**
£
£
£
£
( 14,552.22)
19,542.54
30,586.91
( 8,609.39)
16,034.69
10,933.15
23,943.06
( 7,908.37)|
|---|---|
||4,990.32
21,977.52
26,967.84
16,034.69|
||10,625.32
-
3,385.96
12,956.56
14,011.28
12,956.56
7,043.49
8,991.20
(
5,635.00)
5,635.00
-
-|
||4,990.32
21,977.52
26,967.84
16,034.69|
||525,398.69
-
525,398.69
520,571.00|
||530,389.01
21,977.52
552,366.53
536,605.69|
`23 June 2025 | 8:57 PM BST` Approved on behalf of the trustees on
6
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 31 December 2024**
## **1 Basis of Accounting**
These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation 2006.
## **2 Nature and Purpose of Funds**
The charity funds are unrestricted, and allocated between a capital fund and a revenue fund. The capital fund represents investments in the stock market under the guidance of RBC Brewin Dolphin less any expenditure allocated to the capital fund, namely stockbrokers fees. Revenue funds are the income from the capital investments less administration fees and the balance is then used at the discretion of the trustees in furtherance of the objects of the charity. Trustees can also used the funds in the capital fund if they so choose in furtherance of the objects of the charity.
## **3 VAT**
The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.
## **4 Taxation**
The trust is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
## **5 Employees**
The trust had no employees at any time during the year.
## **6 Trustees Remuneration**
2024: £ nil
2023: £ nil
## **7 Trustees Expenses**
2024: £ nil
2023: £ nil
## **8 Investment management costs**
RBC Brewin Dolphin portfolio management fees
**2024 2023** £ £ 3,808.71 3,668.44
7
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 31 December 2024**
|**9 Donations Made**
Donation agreed at meeting 18 March 2024
The Archie Foundation
1st Tarbat Beavers
1st Invergordon Scouts an Cabar ESU
The Highland Council for provision of holidays
Donations agreed at meeting 20 March 2023
The Archie Foundation
The Highland Council for provision of holidays
**10 Administration Expenses**
Brodies LLP - fees (inclusive of VAT)
Admistration
Out of Scope
Deed of Assumption & Conveyance
AEOI legal
Registers of Scotland fee|**2024**
**2023**
£
£
3,000.00
-
1,000.00
-
2,400.00
-
12,000.00
-
-
3,000.00
-
10,000.00|
|---|---|
||18,400.00
13,000.00|
||**2024**
**2023**
£
£
6,600.00
5,400.00
-
2,997.07
-
420.00
660.00
600.00
20.00
-|
||7,280.00
9,417.07|
## **11 Investments**
Investments are quoted on International Stock Exchanges and stated at market value. Investments are reviewed at least yearly by stockbrokers and changes in the portfolio are made on their recommendation.
|Investments realised during year
Investments purchased during year
(
Net sales during year
**Reconciliation - market value**
Opening market value
Less: Disposals at opening market value
(
Add: Acquisitions at cost
Net gain on revaluation at 31 December
Closing market value
Historic costs as at 31 December|**2024**
£
**2023**
£
189,192.44
132,085.67
165,841.19)
(130,936.00)|
|---|---|
||23,351.25
1,149.67|
||520,571.00
508,348.00
183,613.69)
( 137,306.00)
165,841.19
130,936.00
22,600.19
18,593.00|
||525,398.69
520,571.00|
||457,656.92
466,065.46|
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Docusign Envelope ID: 2C4BDAEE-999A-47F3-93A8-20F0DE9E216F
## **THE SEAFORTH SANATORIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 31 December 2024**
## **12 Guarantee and Commitments**
There were no guarantee and commitments during the year.
## **13 Related Parties**
, a trustee, is a member of Brodies LLP. Brodies LLP are secretaries and treasurers to the trust. During the year Brodies LLP charged the trust fees plus VAT amounting to £7,260.00 (2023: £9,417.07) in respect of these services.
9
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