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← Ewen Cameron's Trust

2025-04-05-accounts

EWEN CAMERON'S TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

EWEN CAMERON'S TRUST

TRUST INFORMATION

Trustees

Charity Number

Accountant

Principal Address

Investment Advisors

Solicitors

P Black Solicitors Limited

SC 010442

Leggatts Accountants Ltd Kempfield Court Dingwall IVi5 9RT

P Black Solicitors Limited Park Street Dingwall Ross-shire IV1i5 93)

Brewin Dolphin Securities Ltd Lyle House Fairways Business Park Inverness IV2 6AA

P Black Solicitors Limited Park Street Dingwall Ross-shire IV15 93)

EWEN CAMERON'S TRUST

CONTENTS

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EWEN CAMERON'S TRUST

TRUSTEE’S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Introduction

The trust was set up in terms of the late Ewen Cameron's Trust Disposition and Settlement dated 17 September 1952 and registered in the Books of Council and Session on 9 April 1953. The Trust is recognised as a charity within the meaning of Section 505 of the Income and Corporation Taxes Act 1988. The Trust is a registered Charity and the Inland Revenue reference number is CR 41906.

Objectives

The purpose of the Trust is to pay the Trust income to the Free Church Ministers at Maryburgh and Strathpeffer to be utilised by them for the aged poor of the Parish of Fodderty and that part of the Parish of Urray known as Ussie or Lochussie.

Investment policy

The investment policy is directed towards maintaining the value of the capital and the current level of income in real terms.

Brewin Dolphin Securities Limited, the fund managers made a few significant changes in the investments held during the year maintaining the weightings in the technology, media and telecoms sectors in order to have a balanced portfolio. Exposure continues to be reduced in poorly performing stocks and profits taken in other stocks where the overall size of the holding had become disproportionate.

Trustee

The Trustee who served during the year is as follows:P Black Solicitors Limited

Trustees’s responsibilities

Law applicable to charities in Scotland requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees is required to:-

Page i

EWEN CAMERON'S TRUST

TRUSTEE’S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Trustee’s responsibilities (continued)

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 and the Charities Accounts (Scotland) Regulation 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention of fraud and other irregularities,

Performance during Accounting Period

The value of investments at the accounting year end is £696,824 compared with £691,153 in 2024. Cash held by the broker for investment purposes has decreased by £21,629 to £11,025. Overall, this represents an decrease of 2.2%. The FT-SE All Share Index in the accounting year increased by 1.82%.

Administration Costs

The Fund Managers charges continue, in the opinion of the Trustee, to represent good value.

Changes

After a period with no Free Church Minister for Strathpeffer (amalgamated with Dingwall), a renewed emphasis on reaching out to the intended beneficiaries of the Trust has ensued with the fresh ministerial appointment.

P Black Solicitors Limited

Date: Afr 6

Page 2

EWEN CAMERON'S TRUST SC010442

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2025

I report on the financial statements for the year ended 5 April 2025 set out on pages 4 to 13 which have been prepared under the Accounting Policies set out on page 6.

Respective responsibilities of Trustee and examiner

The charity’s Trustees is responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity’s Trustees considers 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 our attention,

Basis of independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently we do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

(2) to which, in my opinion, attention should be drawn in order to enable a proper a7understa|ccou ta ts n di n g L dof t he accounts to be reached. Kempfield Court Dingwall Ross-Shire IVi5 ORT

Date: \2 })2 Cewder LOIS

Page 3

EWEN CAMERON’S TRUST

.

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2025|2024| |Incoming|Resources|£|£|£|£| |Investment|Income| |Dividend|Income|16,448|-|16,448|15,982| |Unit Trust Income|5,305|-|5,305|5,855| |Bank|Interest|660|-|660|594| |Total incoming|resources|22,413|=|22,413|22,431| |Resources|Expended| |Investment|Management|Costs| |Brewin|Dolphin|Securities|charge|7,147|-|7,147|4,976| |7,147|-|7,147|4,976| |Governance Costs|oO|a|oO|oo| |P|Black fee|1,416|-|1,416|(732)| |Auditors|fee|60|-|60|(24)| |Accountancy|fee|2,064|-|2,064|2,040| |Other|Resources|Expended| |Distribution|to|beneficiaries|7,000|-|7,000|-| |Total|resources expended|17,687687|i|12,687Z|~|6,260| |Net|incoming|resources|4,726|-|4,726|16,171| |Other|recognised|gains/losses| |Realised|gains|6,107|-|6,107|10,981| |Unrealised|(losses)/gains|(30,025)|-|(30,025)|19,763| |Net movement|in|funds|(19,192)|-|(19,192)|46,915| |Reconciliation|of Funds| |Total|funds|brought forward|730,722|730,722|683,807| |Total funds|carried forward|211,530|ae;|211,530|730,722|

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Page 4

EWEN CAMERON'S TRUST

BALANCE SHEET AS AT 5 APRIL 2025

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Notes 2025 2024
£ £ £ £
Fixed Assets
Investments 696,824 691,153
Current Assets
Cash at bank and in hand 19,541 44,206
Tax refund due 6 489 489
20,030 44,695
Net Current Assets 716,854 735,848
Current Liabilities
Creditors due within 1 year 5 (5,324) (5,126)
Net Assets 211,530 230,722
Funds
Unrestricted funds Z 711,530 730,722
3 711,530 230,722
These accounts were approved by the Trustee:
gf P Black Solicitors Limited
Date: (apn af
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The notes on pages 6 to 13 form an integral part of these financial statements.

Page 5

EWEN CAMERON'S TRUST

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

1. Accounting Policies

1.1. Accounting convention

The accounts have been prepared under the historical cost convention as modified by revaluation of investment assets and are in accordance with applicable standards, the Charities Accounts (Scotland) Regulations 2006, the Accounting and Reporting by Charities: Founding Deed.

1.2. Investments Quoted investments held by the Trustee are valued at middle market prices and any other investments are valued at cost or at prices established by enquiry as at the date of valuation. The investments have been valued by Brewin Dolphin Securities Limited as at 5 April 2025.

Both realised and unrealized gains/(losses) are recognised during the year.

All income and expenditure is accounted for on an accruals basis.

2. Unrestricted funds 2025 2024
£ £
At6April
Unrealised gain/(loss) during year
Realised gain on investment disposals
Ordinary activities surplus/(deficit)		 730,722
(30,025)
6,107
4,726		 683,807
19,763
10,981
16,171
At5April 711,530 730,722

Page 6

EWEN CAMERON'S TRUST

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

cH StatementofFinancialActivities 2025 2024
£ £
Incoming Resources
Investment income
Realised gains		 22,413
6,107		 22,431
10,981
28,520 33,412
Outgoing Resources
Distribution
Administration ofcharity		 7,000
10,687		 -
(6,260)
17,687 (6,260)
Net incoming resources for year
before unrealised (losses)/gains		 10,833 27,152
Unrealised (losses)/gains (30,025) 19,763
Net(decrease)/increase in funds (19,192) 46,915
Opening funds 730,722 683,807
Closingfunds 211,530 730,722
  1. Remuneration and expenses paid to Trustees At the year end there was £1,416 (2024: £1,320) due to P Black Solicitors Limited towards the governance of the Charity for the year ended 5 April 2025.
5. Creditors 2025 2024
£ £
P Black Fees
CourtAuditor
Accountancy Fees
Investment Fees		 1,416
60
2,064
1,784		 1,320
66
2,040
1,700
5,324 5,126

Page 7

EWEN CAMERON'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

6. Debtors 2025 2024
£ £
Taxrefunddue 2017 489
489		 489
489

Page 8

EWEN CAMERON'S TRUST INVESTMENTS HELD AS AT 5 APRIL 2025

Holding Description Market Value
05.04.24		 Bought
inyear		 Sold
inyear		 Gaini(Loss)
onsale		 Costasat
05.04.25		 MarketValue
05.04.25		 Dividends
inyear
Quoted Investments
272 AdmiralGroupOrd 0.001p i205 - - - 5,771 7,904 335
250 Ashtead GroupOrd 10p 14,255 - - - 2,633 9,473 242
14 ASML HoldingNVEuro 10,875 - - - 9,596 6,706 63
36,000 BNYMellon Global Funds 33,293 - - - 35,162 33,596 2,090
5,770 ColchesterMul-StratGbIFund 50,300 . - - 49,076 50,507 1,981
160 Croda IntlOrd 10p 1277 - - - 3,342 4,406 174
510 DiageoOrd 28p 14,532 - - - 13,018 10,261 404
3,114.32
1,485.68		 GAM StarFunds 27,346 13,521 - - 42,973 41,483 1,226
4,600
4,180 —_Haleon plcord 1p 13,623 - - - 9,941 16,030 259
60 Invesco Markets III pic 21,020 - - - 20,589 20,196 82
610 iSharesCoreS&P500 - 25,707 . - 25,707 24,298 288
420 iShares Physical Metal - 15,174 - - 15,174 19,076 -
7,930 JPM Gbl Emerging MktOrd 1p 10,547 - - - 9,953 9,992 428
100 MuzinchFund Gib!TacticalHGD 9,447 - - - 10,632 9,548 375
—_ oo
ees
cif 219,750 54,402 - - 253,567 263,476 7,947

Page 9

EWEN CAMERON'S TRUST INVESTMENTS HELD AS AT5 APRIL 2025

Holding Description Market Value
05.04.24		 Bought
inyear		 Sold
inyear		 Gain/(Loss)
onsale		 Costasat
05.04.25		 MarketValue
05.04.25		 Dividends
inyear
QuotedInvestments b/f 219,750 54,402 - - 253,567 263,476 7,947
19750 MI SelectManagers - 21,528 - - 21,528 21,506 -
162 NovartisAGCHF0.50 12,329 - - - 6,992 13,459 321
4,400
(4,400)		 PersonalAssetsGBP0.125 21,120 - (22,122) 432 - - 317
0
660
(660)		 Prudential Ord 5p 4,736 - (4,696) 203 - - 75
0
280 Relx plcOrd 0.1444 - 9,954 . - 9,954 10,685 51
180 RioTinto ord 10p 8,954 - - - 7,996 7,630 608
2,150 Scottish Mortgage InvTrust 18,438 - : - 21,847 18,391 91
570 Shell plcord Euro0.07shares 15,846 - - - 9,876 14,145 615
10,998
(10,998)		 ShroderOriental Ord 1p 28,485 - (28,718) 7,469 B -
0
26,180 TheRenewables Infrastructure Ord 25,918 - - - 34,341 19,687 1,956
24,000 _‘Tritax BigBoxREI Ord 1p 36,600 - . - 46,770 31,752 1,838
eee
392,177 85,884 (55,536) 8,104 412,873 400,731 14,259

Page 10

EWEN CAMERON'S TRUST INVESTMENTS HELD AS AT 5 APRIL 2025

MarketValue Bought Sold Gain/i(Loss) Costasat Market Value Dividends
Holding Description 05.04.24 in year inyear on sale 05.04.25 05.04.25 inyear
Quoted Investments bif 392,177 85,884 (55,536) 8,104 412,873 400,731 14,259
330 Unilever Ord 3.1111p 12,663 - - - 6,871 15,490 489
1,640 Vanguard Funds plc 128,215 - - - 52,352 124,404 1,484
1,160 Xtrackers Global 27,779 - - - 28,552 28,420 216
ni
560,834 85,884 (55,536) 8,104 500,649 569,045 16,448

Page 11

EWEN CAMERON'S TRUST INVESTMENTS HELD AS AT 5 APRIL 2025

Holding Description MarketValue
05.04.24		 Bought
inyear		 Sold
inyear		 Gain/i(Loss)
onsale		 Costasat
05.04.25		 Market Value
05.04.25		 Dividends
inyear
Unit Trust Investments
5,660 Blackrock FM Ltd Contl Europe 10,842 - - - 7,970 10,633 368
24,220.02 BNY Mellon Fund Managers Ltd/
Insight Investments FDS Management		 24,987 - - - 32,184 24,600 1,387
13,100 Invesco FarEastern Investment - 33,434 - - 33,434 33,779 251
28,355.4
(28,355.4)		 JupiterUTManagers Strategic Bond 23,317 - (22,783) (5,126) - - 1,325
0
20,600
(20,600)		 JupiterJapan Income Fund 24,156 - (23,151) 2,746 - - 251
0
26,120
14,340		 Man Fixed InterestICVC 25.537 14,796 - - 39,806 41,674 1,723
40,460
13,170 M&G Investment FundsJapan Sterling - 18,473 - - 18,473 17,093
380
(380)		 SSGA SpdrETFS Europe 21,480 - (21,440) 383 - - -
0
Ssh
130,319 66,703 (67,374) (1,997) 131,867 127,779 5,305

Page 12

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