REGISTERED CHARITY NUMBER: SC010556
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
FOR
THE SYLVIA AITKEN CHARITABLE TRUST
Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Caledonia House 89 Seaward Street Glasgow G41 1HJ
THE SYLVIA AITKEN CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
| Page | |||
|---|---|---|---|
| Report oftheTrustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| NotestotheFinancialStatements | 11 | to | 17 |
THE SYLVIA AITKEN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the Trust for the year ended 5 April 2025. The trustees have adopted the provisions of 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)][(effective][1][January][2019).]
OBJECTIVES AND ACTIVITIES
Objectives and aims The objective of the Trust is to distribute, by way of donation to suitable charities, its income after allowing for expenses and appropriate reserves. The Trust retains reserves to enable it to fund longer term projects which could not be sustained on a year to year basis from annual income.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities During the year, the trustees were pleased to consider a large number of applications from a variety of charitable organisations. As far as prudent, the trustees continued to support the committed projects and to benefit many smaller charities.
A further legacy of £350,000 from the estate of the late Mrs Sylvia Aitken has been recognised in the financial statements. This was received in August 2025.
Investment performance The charity has investments totalling £3,363,382 (2024: £3,635.586). During the year, income from these investments totalled £99,441 (2024: £112,245).
FINANCIAL REVIEW
Investment policy and objectives The charity holds an investment portfolio which the trustees have deemed sufficient and appropriate to enable income generation to support the running of the charity. The day to day management of the investment portfolio is delegated to the charity's investment advisers. The trustees however, retain overall control.
Investment performance Investment assets, including funds on deposit, contributed £99,441 to incoming resources for the year. Income generated by the investment portfolio alone represented a yield of 2.97% on the year end portfolio values. The trustees are satisfied that these results provide an acceptable level of investment performance.
Reserves policy The Trust retains sufficient reserves to enable it to generate an appropriate level of annual investment income and if considered appropriate by the trustees, to fund longer term projects which could not be sustained on a year to year basis from the Trust’s annual income or gains. As at 5 April 2025, the Trust has free reserves (net of designated funds) of £3,816,658 (2024: £3,916,863).
Going concern
The trustees have considered the financial outlook for the Trust, having taken account of reasonably possible changes in performance of financial resources particularly in light of the uncertainties due to the war in Ukraine and the current cost ofliving[crisis.] Due to the high level of investments held by the Trust, the trustees have determined the Trust should be able to operate within its existing cash resources and cashflow from future activities. The trustees, therefore, have a reasonable expectation that the Trust has adequate financial resources to continue in its operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements. The Statement of Financial Activities shows a net deficit for the year of £100,205 (2024: £21,258). These figures are after the inclusion of realised and unrealised investment losses of £132,814 (2024: gains of £237,449).
Risk management
The trustees review the risks to which the charity is exposed at Board meetings. The principal risk facing the Trust lies in the performance of investments. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
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THE SYLVIA AITKEN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
FUTURE PLANS
The objective of the Trust is to distribute its funds, by way of donation to suitable charities, having taken into account income and expenses, commitments such as the funding of longer term medical research projects and appropriate reserves. Half yearly Trust meetings will continue to be held to decide on appropriate future donations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The charitable trust was created by Mrs Sylvia Aitken under a deed of trust dated 9 January 1985 and registered in the Books of Council and Session on 21 January 1985. The Trust permits a wide range of charitable donations.
Recruitment and appointment of new trustees New trustees will be appointed, if required, by mutual agreement of the current trustees. Induction and training of new trustees There are no specific induction and training procedures for new trustees. However, all trustees have a knowledge of the projects and organisations they support and have an interest in monitoring progress of these activities. Any new trustee will be given a copy ofthe deedoftrust and the ‘Guidance for Charity Trustees’ document produced by OSCR. Key management personnel and related parties The trustees consider that the Board of Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. None of the trustees are remunerated for their role as trustees however, further detail of related party transactions is given in note 15 to the financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number $C010556 Principal address 24 Woodside Houston Renfrewshire PA6 7DD
Trustees Auditors Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Caledonia House 89 Seaward Street Glasgow G41 1HJ
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THE SYLVIA AITKEN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Advisers Trust Managers Fergusons Chartered Accountants 24 Woodside Houston Renfrewshire PA6 7DD
Investment Managers Barclays Wealth 4 Clyde Place Lane Glasgow G5 8DP
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland",
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period, In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - 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 charity 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 charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended). 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.
Approved by order of the board of trustees on 19 December 2025 and signed on its behalf by:
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE SYLVIA AITKEN CHARITABLE TRUST
Opinion We have audited the financial statements of The Sylvia Aitken Charitable Trust (the 'charity’) for the year ended 5 April 2025 which comprise the Statement ofFinancial Activities, the Balance Sheet, the Cash Flow Statement and 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of[Ireland’.]
In our opinion, the financial statements: - give a true and fair view of the state ofthe charity’s affairs as at 5 April 2025, andofits incoming resources and application of[resources,][including][its][income][and][expenditure][for][ the][year][then][ended;] - 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 ofthe charity in accordance with the ethical requirements that are relevant to our audit ofthe[financial][statements][in][the] UK,[including][the][FRC'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 In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 financial statements is inconsistent in any material respect with the trustees’ report; or - proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have no received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYLVIA AITKEN CHARITABLE TRUST
Responsibilities of trustees As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements We have been appointed as auditors 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 a Report of the Independent Auditors 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 ofirregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charitable sector; - we focused on specific laws and regulations which we considered may havea direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, taxation legislation, data protection, antibribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships:
- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the key accounting estimates set out in note | were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYLVIA AITKEN CHARITABLE TRUST
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes ofmeetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC and the charity's legal advisors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware ofinstances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Report of[the][ Independent] Auditors.
Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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.
Chartered Accountants & Statutory Auditors Caledonia House 89 Seaward Street Glasgow G41 1HJ
19 December 2025
Page 6
THE SYLVIA AITKEN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME FROM | |||
| Donations and legacies | 2 | 350,000 | - |
| Investment income | 3 | 99,441 | 112,245 |
| Total | 449,441 | 112,245 | |
| EXPENDITURE ON | |||
| Raising funds Investmentmanagement costs |
4 | 26,573 | 27,095 |
| 26,573 | 27,095 | ||
| Charitable activities | 5 | ||
| Medical Children andyouths Countryside, wildlifeand animals Educational, cultural and religious Elderly, handicappedanddisadvantaged General grantactivities |
156,000 66,500 34,000 13,000 75,500 45,259 |
84,000 59,000 46,000 18,000 92,000 44,857 |
|
| Total | 416,832 | 370,952 | |
| Netgains/(losses) on investments | (132,814) | 237,449 | |
| NET EXPENDITURE | (100,205) | (21,258) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 3,916,863 | 3,938,121 | |
| TOTALFUNDSCARRIEDFORWARD | 3,816,658 | 3,916,863 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
GAIN AND LOSSES
The Statement ofFinancial Activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
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THE SYLVIA AITKEN CHARITABLE TRUST
BALANCE SHEET 5 APRIL 2025
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||||||
|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Investments|10|3,363,382|3,635,586|
|CURRENT|ASSETS|
|Debtors|11|357,323|2,595|
|Investments|12|27,417|203,465|
|Cash|in|hand|106,127|111,183|
|490,867|317,243|
|CREDITORS|
|Amounts|falling due within one year|13|(37,591)|(35,966)|
|NET CURRENT ASSETS|453,276|281,277|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|3,816,658|3,916,863|
|NET ASSETS|3,816,658|3,916,863|
|FUNDS|14|
|Unrestricted|funds|3,816,658|3,916,863|
|TOTAL FUNDS|3,816,658|3,916,863|
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The financial statements were approved by the Board of Trustees and authorised for issue on 19 December 2025 and were 7 Trustee
The notes form part of these financial statements Page 8
THE SYLVIA AITKEN CHARITABLE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | = | |
| Cash flows from operating activities Cash generated from operations |
1 | (243,887) | (499,685) |
| Net cash used in operating activities | (243,887) | (499,685) | |
| Cash flows from investing activities Purchaseoffixed asset investments |
(580,858) | (1,387,864) | |
| Sale offixed asset investments | 720,248 | 1,700,467 | |
| Interest received | 42,478 | 51,195 | |
| Dividends received | 56,963 | 61,050 | |
| Netcash provided by investing activities | 238,831 | 424,848 | |
| Change in cash and cash equivalents in the reporting period |
(5,056) | (74,837) | |
| Cash and cash equivalents at the beginning ofthe reporting period |
111,183 | 186,020 | |
| Cash and cash equivalents at the end of thereportingperiod |
106,127 | 111,183 |
The notes form part of these financial statements
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|re|£|
|Net|expenditure|for the|reporting|period|(as|per|the|Statement|of|
|Financial|Activities)|(100,205)|(21,258)|
|Adjustments|for:|
|Losses/(gain)|on|investments|132,814|(237,449)|
|Interest|received|(42,478)|(51,195)|
|Dividends|received|(56,963)|(61,050)|
|Decrease/(increase)|in|current|asset|investments|176,048|(136,162)|
|(Increase)/decrease|in|debtors|(354,728)|4,219|
|Increase|in|creditors|1,625|3,210|
|Net cash|used|in|operations|(243,887)|(499,685)|
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2% ANALYSIS OF CHANGES IN NET FUNDS
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||||||||
|---|---|---|---|---|---|---|
|At|6/4/24|Cash|flow|At|5/4/25|
|=|=|£|
|Net|cash|
|Cash|at bank and|in|hand|111,183|(5,056)|106,127|
|111,183|(5,056)|106,127|
|Liquid|resources|
|Current|asset|investments|203,465|(176,048)|27,417|
|203,465|(176,048)|27,417|
|Total|314,648|(181,104)|133,544|
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The notes form part of these financial statements
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THE SYLVIA AITKEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
- ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
The financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate for the reasons set out in the Trustees' Report.
Judgements
The Trust considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.
Provisions
Provisions are recognised when the Trust has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the Trust will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Information and key sources of estimation uncertainty In the application of the Trust's accounting policies, the trustees are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The Trust does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting year that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; 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 ofthe dividend yield of the investment portfolio.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt ofa legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed ifmaterial.
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
- ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable activities Costs of charitable activities are incurred in making grants and donations to support the objectives of the charity, including the support costs and costs relating to the governance of[the][charity][apportioned][to][charitable][activities.] Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the objectives of the charity. These costs have been allocated to expenditure on charitable activities. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Governance costs Consists of the costs of accounts preparation, audit fees, and any other expenditure incurred in compliance with the legal requirements of the charity. Taxation The charity is exempt from tax on its charitable activities.
Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Donations agreed to be made after the balance sheet date are treated as designated funds.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The Trust only holds unrestricted funds.
Investment assets and investment income Investments are initially recognised at cost then subsequently at fair value, being the quoted market value. Realised gains and losses (representing the difference between sale proceeds and fair value at the previous financial year end or purchase cost if acquired during the financial year) and unrealised gains and losses (representing the movement in the fair value of investments over the financial year or from their date of purchase if acquired during the financial year) are recognised within income and expenditure in the Statement of Financial Activities.
Dividends and interest income are included as investment income when the charity has entitlement to the funds. Both dividend and interest income are included gross of applicable tax credits. Financial instruments The Trust only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like accounts receivable and payable. Debt instruments that are payable or receivable within one year, typically accrued income and accruals, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found. an impairment loss is recognised in profit or loss.
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES - continued
Financial instruments
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents include cash at hand and deposits held at call with banks.
-
DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Legacies | 350,000 | - |
| INVESTMENT INCOME | ||
| 2025 | 2024 | |
| £ | £ | |
| Dividends received | 56,963 | 61,050 |
| Interest received | 42,478 | 51,195 |
| 99,441 | 112.245 | |
| INVESTMENT MANAGEMENT COSTS | ||
| 2025 | 2024 | |
| £ | £ | |
| Portfoliomanagement | 26,573 | 27,095 |
- CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||||||
|---|---|---|---|---|---|---|
| Grant | ||||||
| funding of | ||||||
| Direct | activities | Support | ||||
| Costs | (see | (see note | costs | (see | ||
| note | 6) | 7) | note | 8) | Totals | |
| £ | £ | £ | £ | |||
| Medical Children andyouths Countryside, wildlife andanimals Educational, cultural and religious |
- - - - |
156,000 66,500 34,000 13,000 |
- - - - |
156,000 66,500 34,000 13,000 |
||
| Elderly, handicappedanddisadvantaged General grant activities |
- 30,000 |
75,500 - |
- 15,259 |
75,500 45,259 |
||
| 30,000 | 345,000 | 15,259 | 390,259 |
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED5 APRIL 2025
| 6. | DIRECT COSTS OFCHARITABLE ACTIVITIES | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| General grant activities | 30,000 | 30,000 | |
| %. | GRANTS PAYABLE | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Medical Children and youths |
156,000 66,500 |
84,000 59,000 |
|
| Countryside, wildlifeandanimals Educational, cultural and religious |
34,000 13,000 |
46,000 18,000 |
|
| Elderly, handicapped and disadvantaged | 75,500 | 92,000 | |
| 345,000 | 299,000 |
- SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| General grant activities | 15,259 | |
| Support costs, included in the above, are as follows: | 2025 | 2024 |
| General | ||
| grant | Total | |
| activities | activities | |
| £ | £ | |
| Auditors' remuneration | 7,259 | 6,857 |
| Manager's fees | 8,000 | 8,000 |
| 15,259 | 14,857 |
- 9; TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
See note 15 for additional details.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
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----- Start of picture text -----
||||||
|---|---|---|---|---|
|10.|FIXED|ASSET|INVESTMENTS|
|Listed|
|investments|
|£|
|MARKET|VALUE|
|At|6|April|2024|3,635,586|
|Additions|580,858|
|Disposals|(689,273)|
|Unrealised|investment|loss|(163,789)|
|At|5|April|2025|3,363,382|
|NET|BOOK|VALUE|
|At|5|April|2025|3,363,382|
|At|5|April|2024|3,635,586|
----- End of picture text -----
Investments at market value comprise UK investments of £918,067 (2024: £1,005,629) and non UK investments of £2,445,315 (2024: £2,629,957).
The cost of investments held at the year end was £3,188,514 (2024: £3,260,115).
je DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|s|£|
|Other|debtors|357,323|2,595|
|12;|CURRENT|ASSET|INVESTMENTS|
|2025|2024|
|£|£|
|Stockbroker|account|27,417|203.465|
|13.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE|YEAR|
|2025|2024|
|ra|£|
|Other|creditors|37,591|35,966|
|14.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|6/4/24|in|funds|5/4/25|
|£|£|£|
|Unrestricted|funds|
|General|funds|3,916,863|(100,205)|3,816,658|
|TOTAL FUNDS|3,916,863|(100,205)|3,816,658|
----- End of picture text -----
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
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----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|funds|449,441|(416,832)|(132,814)|(100,205)|
|TOTAL FUNDS|449,441|(416,832)|(132,814)|(100,205)|
----- End of picture text -----
Comparatives for movement in funds
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----- Start of picture text -----
||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|6/4/23|in|funds|§/4/24|
|£|£|£|
|Unrestricted|funds|
|General|funds|3,938,121|(21,258)|3,916,863|
|TOTAL FUNDS|3,938,121|(21,258)|3,916.863|
----- End of picture text -----
Comparative net movement in funds, included in the above are as follows:
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----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|3|£|3|
|Unrestricted|funds|
|General|funds|112,245|(370,952)|237.449|(21,258)|
|TOTAL FUNDS|112,245|(370,952)|237,449|(21,258)|
----- End of picture text -----
On 25 July 2025, the trustees approved charitable donations to be paid of £179,000.
- RELATED PARTY DISCLOSURES
fF a trustee of the charity, is also the proprietor of Fergusons Chartered Accountants, the charity's trust managers. During the year, the sum of[£38,000][(2024:][£38,000)][was][payable][by][the][charity][to][Fergusons][for][ day] to day management of the Trust, accountancy and professional services. Amounts are inclusive of irrecoverable VAT.
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THE SYLVIA AITKEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED5 APRIL 2025
16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.
17. ULTIMATE CONTROLLING PARTY
The trustees are the ultimate controlling party.
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