2025-04-05-accounts - Mrs K M Buttars Charitable Trust

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Mrs KM Buttars Charitable Trust

Annual report and financial statements for the year ended 5 April 2025

(Scottish Charity Number SC010513)

Mrs KM Buttars Charitable Trust

Charity information

_	-	-	-	-	-
Principal Address	22	Meadowside
	Dundee
	DD1 1LN
Solicitors	Thorntons Law LLP
	Whitehall House
	33	Yeaman Shore
	Dundee
	DD1 4BJ
Independent Examiner	Po
	Henderson Loggie LLP
	Chartered Accountants
	The Vision Building
	20	Greenmarket
	Dundee
	DD1 4QB
Bankers	Bank		ofScotland		Scotland
	3 Earl			Grey Street
	Edinburgh
	EH3 9BN
Investment Managers,	William				Thomson & Sons
Agents and Trust	22	Meadowside
Secretaries	Dundee
	DD1 1LN
Charitynumber	$C010513

Mrs KM Buttars Charitable Trust

Trustees’ report

The Trustees present their annual report and financial statements of the Trust 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 Trust’s Constitution, 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in 2019. The Trust information set out on page 1 forms part of this report ~~.~~

Objectives and activities

The Trust Deed states that:

The Trustees shall pay or apply the capital or income, in sums of such amount as the Trustees in their absolute discretion may decide, to or for the benefit of such charitable institutions as the Trustees may select or in implementing any charitable purposes which the Trustees may resolve upon ~~.~~

Grant making policy

The Trustees meet regularly each year to consider the distribution of income in terms of the Trust purposes and review the Trust investments ~~.~~ Reviews are also carried out during the year as considered necessary ~~.~~

Unsolicited applications for donations are not encouraged and will not normally be acknowledged ~~.~~

Structure, governance and management

Constitution

The Trust was constituted by a Deed of Trust on 7 December 1990.

The Trust Deed gives the Trustees discretion in regard to payment or application of capital or income of the Trust to charitable institutions or for any charitable purpose the Trustees may decide upon ~~.~~

The Trust Deed provides that the Trust shall terminate on 31 December 2060 ~~.~~

Trustees

The Trustees at the date of this report and throughout the year are shown on page 1.

The power of appointing and removing Trustees rests with the Trustees.

Trustee induction and training

The Trustees have considered a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the Trust. A new Trustee receives copies of the previous year’s financial statements, minutes of Trustees’ meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees’, if appropriate.

Mrs KM Buttars Charitable Trust

Trustees’ report (continued)

Key management personnel

The Trustees consider the board of Trustees to be the key management personnel of the Trust, in charge of directing and controlling the Trust and running and operating the Trust on a day to day basis. All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year.

Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

Achievements and performance

During the year under review the only funds received by the Trustees were from investments, donations and deposits.

The Trustees noted that the level of income had decreased from £82,379 to £71,786. Grants paid to charitable organisations amounted to £70,000 (2024 - £93,750).

Financial review

The results of the year are set out in the statement of financial activities showing net expenditure of £194,458 (2024 — net income of £84,508). The Trust's investment portfolio decreased in value from £1,772,550 to £1,584,330 during the year.

Investment policy and performance

In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. The policy is, long term, to adopt a medium risk investment strategy including equity investments to produce a balance of income and capital growth.

Risk management

The principal risk faced by the Trust lie in the performance of investments. The Trustees consider variability of investment returns to constitute the Trust's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

Related party transactions

During the year, the Trust received £Nil donations (2024 - £15,000 fom parties.

from related

Reserves policy

The reserves of the Trust originate from original and subsequent capital donations together with the growth in value of investments. The Trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. Reserves are retained primarily to meet significant requests for financial assistance and stock market risks. The level of free reserves held at 5 April 2025 was £1,596,593 (2024 - £1,791,051).

5 November

Mrs KM Buttars Charitable Trust

Statement of responsibilities of the Trustees

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 Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP 2019 (FRS102);
e make judgements and estimates that are reasonable and prudent;
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
e 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 that disclose with reasonable accuracy at any time the financial position of the Trust 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’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 ~~.~~

Mrs KM Buttars Charitable Trust

Independent Examiner’s Report to the Trustees of Mrs KM Buttars Charitable Trust

| report on the financial statements of the charity for the year ended 5 April 2025 which are set out on pages 7 to 15.

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body, for my work or for this report.

Respective responsibilities of the Trustees and Examiner

The charity’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under Section 44(1) (c) of the Act and to state whether particular matters have 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements.

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 respect the requirements:
° to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
° to prepare financial statements which accord with the accounting records and comply with Regulation 8 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 financial statements to be reached.

Partner For and on behalf of Henderson Loggie LLP Chartered Accountants The Vision Building 20 Greenmarket Dundee DD1 4QB

...9. December 2025

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5 November

Mrs KM Buttars Charitable Trust

Notes to the financial statements

1 Accounting policies

Trust information

Mrs KM Buttars Charitable Trust is a charity registered in Scotland. The principal address is 22 Meadowside, Dundee, DD1 1LN.

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Trust’s operations as indicated in the Report of the Trustees, all of which are continuing.

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued in 2019, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Trust constitutes a public benefit entity as defined by FRS102.

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust 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.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.

Income recognition

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividends yield of the investment portfolio.

Donations are recognised when receivable and can be quantified. They are included at fair value on receipt.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Expenditure recognition (continued)

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs.

Grants comprise those paid in the accounting period and when applicable include grants payable in future periods where there exists a legal obligation to make such payments.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Raising funds

Raising funds consist of investment management costs.

Charitable activities

Costs of charitable activities include grants paid and support costs as shown in note 4.

Allocation of support costs

Support costs include costs related to the independent examination and secretarial services.

Investment policy

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired subsequent to the first day of the financial year ~~.~~ Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Cash at bank

Cash at bank includes cash held in a deposit or similar account ~~.~~

Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably ~~.~~ Creditors and provisions are normally recognised at their settlement amount ~~.~~

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments ~~.~~ Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value ~~.~~

Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for any other purpose ~~.~~

Donations			2025	2024
			£	£
Donations	including gift	aid	3,750	65,268
			3,750	65,268

Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

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|||||| |---|---|---|---|---| |3|Investment|income|2025|2024| |£|£| |Dividends|66,484|65,268| |Interest|1,552|2,111| |68,036|67,379| |4|Raising|funds|2025|2024| |£|£| |Investment|fees|5,853|4,590|

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5 Charitable activities

The Trust did not undertake any activity directly but met its charitable purposes by making grants ~~.~~

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Charitable|organisations| |Amnesty|International|5,000|5,000| |Arc|Inspiring|Lives|7,500|5,000| |Carbit|Charitable|Trust|5,000|5,000| |Disasters|Emergency|Committee|—|Ukraine|Appeal|-|10,000| |Give|Directly|20,000|20,000| |Human|Rights|Watch|5,000|5,000| |Rewilding|Britain|10,000|10,000| |St|Margaret’s|Hospice|Somerset|7,500|5,000| |Surfers|Against|Sewage|5,000|-| |The|Langford|Trust|-|5,000| |Wellington|Squash|Club|-|18,750| |Wivey|Pool|5,000|5,000| |Total|grants|paid|to|charitable|organisations|70,000|93,750| |Support|costs|(note|6)|2,321|1,919| |72,321|95,669| |6|Support|costs|Charitable|Total| |activities|Governance|2025| |2025|£|£|£| |Independent|examination|fee|-|745|745| |Secretarial|services|1,261|315|1,576| |1,261|1,060|2,321|

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Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

6 Support	Charitable activities	Charitable activities	Governance	Total 2024
2024		£	£	£
Independent examination fee		~~-~~	678	678
Secretarial services	993		248	1,241
	993		926	1,919

No Trustees received any remuneration or expenses in either of the two years ended 5 April 2025. The Trust has no employees ~~.~~

										2025	2024
7	Investments									£	£
	At 5 April			2024, at			cost			1,266,132	1,225,779
	Unrealised appreciation									506,418	460,928
	At 5 April			2024, at			fair	value		1,772,550	1,686,707
	Movements in the year
	Purchases									33,848	150,560
	Sale proceeds									(33,868)	(167,105)
	Return		on capital							(130)	~~-~~
	Net realised (loss)/gain on								sale	(47,197)	3,194
	(decrease)/increase in unrealised appreciation (140,873)										99,194
	At	5 April 2025,				at fair value				1,584,330	1,772,550
	Represented				by
	Investments at cost									1,265,718	1,266,132
	Unrealised appreciation									318,612	506,418
										1,584,330	1,772,550

The Trustees consider individual investment holdings in excess of 5% to be material.

				Fair	value	Fair value
				5 April 2025		5 April 2024
Material interest					£	£
DC Thomson			& Co Ltd	524,790		674,826
Polar	Capital Technology Trust			83,793		95,241
Scottish		American Investment Company plc 80,835				85,170
Scottish		MortgageInvestmentTrustplc		165,948		166,374

Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

7 Investments (continued)

Investment Risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

Market risk: this comprises currency risk, interest rate risk and other price risk

Currency risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
- Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.

Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

The Charity has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Charity’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Charity’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.

Credit risk

The Charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

Analysis of direct credit risk

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

Pooled investment arrangements used by the Society comprise authorised unit trusts.

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

Interest rate risk

The Charity is subject to interest rate risk through investments comprising bonds.

Mrs KM Buttars Charitable Trust

Notes to the financial statements (continued)

7 Investment (continued)

Investment Risks (continued)

Other price risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Charity manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets ~~.~~

8 Sundry creditors

												2025	2024	2024
												£	£
Accruals												2,202	1,019
Grants			payable									65,000		~~-~~
												67,202	1,019
9 Financial						instruments
Carrying					amount offinancial instruments
Financial					assets measured					at	fair value through statement of
financial				activities								1,584,330	1,772,550
10 Unrestricted									funds			2025	2024
												£	£
At 6		April				2024						1,791,051	1,706,543
Revenue						deficit for the year						(6,388)	(17,880)
Net realised								(loss)/gain on investments				(47,197)	3,194
(Decrease)/increase in unrealised appreciation on investments (140,873)													99,194
At	5	April					2025					1,596,593	1,791,051
Being:
Realised Unrealised												1,277,981 318,612	1,284,633 506,418
												1,596,593	1,791,051

11 Material commitments

There were no material commitments at 5 April 2025 (2024 ~~-~~ nil).