THE ELIZA HALDANE WYLIE TRUST REPORT AND FINANCIAL STATEMENTS
for the year ended 31 July 2025 Charity No SC011882
WHITELAW WELLS Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
THE ELIZA HALDANE WYLIE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2025
| CONTENTS | PAGE |
|---|---|
| Trustees’ report | 2 |
| Independent Examiner’s report | 6 |
| Statement offinancial activities | 7 |
| Balance sheet | 8 |
| Notestotheaccounts | 9 |
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THE ELIZA HALDANE WYLIE TRUST
TRUSTEES’ REPORT
YEAR ENDED 31 JULY 2025
The Trustees are pleased to present their Annual Trustees’ Report together with the financial statements of the charity for the year ending 31 July 2025. The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Trust Deed and 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).
OBJECTIVES AND ACTIVITIES
Prior to the update of the Trust Deed at the end of the year the purposes of the Trust are for the relief and assistance of persons of either sex, resident in England or Scotland being either:
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a) Persons related (whether by blood or marriage) to, or in any way associated with, the late Miss Eliza Haldane Wylie or any member of her family
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b) Gentle folk of the middle class who may be in distressed circumstances or by reason of illness or other emergency, of age or infirmity of mind or body, and shall in the opinion of the trustees, be in need of assistance.
Since the 27" July 2025 the purposes of the trust have been expanded to allow the trustees to provide relief for those in need by reason of age, ill-health, disability, financial hardship or other disadvantages in Scotland and England.
Grant Making Policy
It is the Trustees’ policy to make donations to those individuals they feel require most support and whose purposes fall within the spectrum of the Trust Deed.
Related Parties
One of the Trustees is a partner in Gillespie Macandrew LLP who provided legal, administrative and accounting services to the Trust. In the year to 31 July 2025 Gillespie Macandrew LLP fees amount to £735 (2024: £3,196).
ACHIEVEMENTS AND PERFORMANCE
Over the course of the year the Trust has continued to make payments to those who have been given assistance in the past on a quarterly basis.
FINANCIAL REVIEW
Investment Performance
In the year to 31 July 2025, capital values have increased by 2% (2024: Increased by 9%) Dividend income has increased by 1% (2024: decreased by 3%). The Trustees are, however, satisfied with this performance given current equity market conditions.
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THE ELIZA HALDANE WYLIE TRUST
TRUSTEES’ REPORT
YEAR ENDED 31 JULY 2025
Financial Review
Income amounted to £21,443 during the financial period (2024: £20,939) and £1,600 (2024: £1,600) was applied in making donations. As a result of the surplus of £39,724 (2024: £70,222) for the year, after realised gains of £4,995 (2024: realised losses of £246) and unrealised gain of £25,060 (2024: unrealised gain of £63,302), the Trust held total funds of £915,361 (2024: £875,637) at the year end.
Reserve Policy
The Trustees continue their policy of distributing the income of the Trust in the form of grants or donations. It is anticipated that any surplus income at the close of account would be so distributed in the following year. At the year end free reserves (being unrestricted general funds not tied up in investments) amounted to £92,909 (2024: £75,570), which the Trustees consider reasonable given the activities of the Trust.
Investment Policy
In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, investments and property in the UK or abroad as they in their sole discretion think fit. The Trustees engaged Brewin Dolphin as investment managers.
The Trustees investment policy is geared towards a balanced return between capital and income.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue the activities of the Trust as outlined above, subject to sufficient funding.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Founding document
The Trust is constituted under a Trust Deed dated 21° August 1929, which was updated during the year on the 27" July 2025 and is a registered charity, number SCO11882.
Recruitment and Appointment of Trustees
The power to appoint new Trustees is reserved to the Trustees in office. The Trust Deed states that there must be a minimum ofthree trustees and never more than seven at all times.
Decision Making
All operating decisions are considered by the Trustees in office.
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THE ELIZA HALDANE WYLIE TRUST
TRUSTEES’ REPORT
YEAR ENDED 31 JULY 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number $C011882
Registered Charity Name The Eliza Haldane Wylie Trust
Trustees Alistair MacGregor Bowman David Ronald George Flint Nicola Jane Dundas
Principal Office c/o Gillespie Macandrew LLP 5 Atholl Crescent Edinburgh EH3 8EJ
Independent Examiner Kevin Cattanach C.A. Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
Investment Managers Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX
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THE ELIZA HALDANE WYLIE TRUST
YEAR ENDED 31 JULY 2025
TRUSTEES’ REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The charity Trustees are responsible for preparing a Trustees’ Annual Report and 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 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 Trust for that period. In preparing the financial statements, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, s —===—_ any material departures disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
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The Trustees are responsible for keeping proper accounting records that 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, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees
2026 and signed on their behalf by:-
NicolaMO
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THE ELIZA HALDANE WYLIE TRUST
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE ELIZA HALDANE WYLIE TRUST
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| report on the financial statements for the year ended 31 July 2025 set out on pages 7 to 15.
Respective responsibilities of the Trustees and the Independent Examiner
As described in the Trustees’ Report the Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s Trustees consider that the audit requirements of Regulation 10(1) (a) to (c) of the 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 report
My examination was carried out in accordance with Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended). 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 di: ——e and seek explanations from you as trustees concerning such matter. re <en do not provide all the evidence that would be required in an aud = ot express and audit opinion on the view given by the accounts. a
Independent examiner’s statement
In the course of my examination, other than as noted below, no matter has come to my attention: 1) which gives me reasonable cause to believe that in any material respect t! SS] requirements: e tokeep accounting records in accordance with Section 44 (1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended); and
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e to prepare accounts which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) have not been met; or
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2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Kevin Cattanach C.A. Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT 2026
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THE ELIZA HALDANE WYLIE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 JULY 2025
| Notes | Capital | Income | 2025 | 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Investment income | 2 | - | 21,443 | 21,443 | 20,939 |
| Total income | - | 21,443 | 21,443 | 20,939 | |
| Expenditure on: | |||||
| Raising funds | 7,639 | - | 7,639 | 7,237 | |
| Charitable activities | |||||
| Grants payable | - | 1,600 | 1,600 | 1,600 | |
| Support costs | 900 | 1,635 | 2,535 | 4,936 | |
| Total expenditure | 3 | 8,539 | 3,235 | 11,774 | 13,773 |
| Net (expenditure)/ income before | |||||
| gains and losses on investments | (8,539) | 18,208 | 9,669 | 7,166 | |
| Net (gain) on investments | 5 | 30,055 | - | 30,055 | 63,056 |
| Net income/(expenditure) | 21,516 | 18,208 | 39,724 | 70,222 | |
| Transfer between funds | 869 | (869) | - | - | |
| Net movement in funds | 22,385 | 17,339 | 39,724 | 70,222 | |
| Reconciliation offunds | |||||
| Total funds brought forward at 1August 2024 | 800,067 | 75,570 | 875,637 | 805,415 | |
| Totalfundscarriedforwardat31July2025 | 822,452 | 92,909 | 915,361 | 875,637 |
All activities relate to continuing operations and are unrestricted. There are no gains or losses in the year other than those shown above.
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THE ELIZA HALDANE WYLIE TRUST
,
BALANCE SHEET
AS AT 31 JULY 2025
| Notes | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | £ | ||
| FIXED ASSETS | ||||
| Investments | 5 | 816,839 | 799,458 | |
| CURRENT ASSETS | ||||
| Debtors | 233 | 125 | ||
| Cash at bank | 100,089 | 77,674 | ||
| 100,322 | 77,799 | |||
| Creditors: Amounts falling due |
||||
| within one year | 6 | (1,800) | (1,620) | |
| NETCURRENT ASSETS | 98,522 | 76,179 | ||
| TOTALASSETS LESS CURRENT LIABLITIES | 915,361 | 875,637 | ||
| FUNDS | ||||
| Capital account | 7 | 822,452 | 800,067 | |
| Revenue account | 7 | 92,909 | 75,570 | |
| 915,361 | 875,637 |
These accounts were approved by the Trustees on
2025 and signed on their behalf by:
Nicola Jane Dundas
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|
THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
1. Accounting policies
(a) Accounts Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust has taken advantage of the exemption from the requirement to prepare a Statement of Cash Flows as permitted under FRS 102 and the Charities FRS 102 SORP.
The Eliza Haldane Wylie Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The Trustees are not aware of any factors that affect the charity’s ability to continue as a going concern and as such have prepared the accounts under the going concern principle. The Trustees going concern assessment includes a period of at least 12 months from the date of signing of these financial statements.
(b) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and sub-sequentially measured at their fair value as at the balance sheet date using the market value at the balance sheet date. 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 charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors.
(c) Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be stet and the amount can be measured with reasonable accuracy.
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THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
- Accounting policies (cont.)
(d) Expenses recognition
- 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 settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is recognised on an accruals basis. All expenses including support costs and governance cost are allocated or apportioned to the applicable expenditure headings. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of expenditure to which it relates:
- ° Raising funds comprise the costs of investment management fees. ° Charitable expenditure comprise those costs incurred by the Trust in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
(e) 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 Trust’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
(f) Commitments
Commitments authorised to be paid in respect of the accounting year or future years are provided for in the accounts.
(g) Unrestricted funds Unrestricted funds are incoming resources generated for the objects of the charity without further specified purpose and are available as general funds.
(h) Restricted funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure that meets these criteria is charged to the fund, together with a fair allocation of management and support costs.
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,
THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
2. Investment income
| 2. | Investment income | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Dividends | 19,786 | 19,684 | |||
| Interest received | 1,596 | 1,255 | |||
| Other Income | 61 | - | |||
| 21,443 | 20,939 | ||||
| 3. | Expenditure | ||||
| Raising | Charitable | ||||
| Funds _ Activities | 2025 | 2024 | |||
| £ | £ | £ | £ | ||
| Grants payable (note 4) | - | 1,600 | 1,600 | 1,600 | |
| Support Costs: | |||||
| Investment managerfees | 7,639 | - | 7,639 | 7,237 | |
| Legal and accounting fees | - | 735 | 735 | 3,196 | |
| Governance Costs: | |||||
| Independent Examiner’s fee | - | 1,800 | 1,800 | 1,740 | |
| 7,639 | 4,135 | 11,774 | 13,773 |
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THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
4. Grants and Annuities payable
| 4. | Grants and Annuities payable | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Annuities:- | |||
| J Johnstone | 800 | 800 | |
| S Boden | 800 | 800 | |
| 1,600 | 1,600 | ||
| 5. | Investments | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Market value brought forward | 799,458 | 735,384 | |
| Additions to investments at cost | 161,948 | 172,149 | |
| Disposals proceeds | (174,622) | (171,131) | |
| Realised gain on disposal | 4,995 | (246) | |
| Unrealised gain/ (loss) on investments in the year | 25,060 | 63,302 | |
| Market value at 31 July 2025 | 816,839 | 799,458 | |
| Historical cost as at 31 July 2025 | 700,531 | 685,071 | |
| The portfolio consists of: | |||
| £ | |||
| Equity | 683,368 | ||
| Bonds and fixed interest securities | 133,471 | ||
| 816,839 |
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THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
5. Investments (continued)
All investments are carried at their fair value. Investments are all in traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of the financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and the Trustee’s Annual Report.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors, particularly as the charity is reliant on the dividend yield in part to finance its work.
The charity has managed the investment risks by retaining expert advisors and operating an investment policy that provides a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchange. The charity does not make use of derivatives and other similar complex financial instruments.
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6. Creditors
2025 2024
£ £
Independent examination 1,800 1,620
1,800 1,620
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.
THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
7s Movement in funds
| Balance | Gains | Balance | ||||
|---|---|---|---|---|---|---|
| at 1August | & | at 31July | ||||
| 2024 | IncomeExpenditure | Expenditure | Transfers | Losses | 2025 | |
| £ | £ | £ | £ | £ | £ | |
| Capital | 800,067 | - | (8,539) | 869 | 30,055 | 822,452 |
| Income | 75,570 | 21,443 | (3,235) | (869) | - | 92,909 |
| Total funds | 875,637 | 21,442 | (11,774) | - | 30,055 | 915,361 |
| Balance | Gains | Balance | ||||
| at 1 August | & | at 31July | ||||
| 2023 | IncomeExpenditure | Expenditure | Transfers | Losses | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Capital | 740,264 | - | (8,107) | 4,854 | 63,056 | 800,067 |
| Income | 65,151 | 20,939 | (5,666) | (4,854) | - | 75,570 |
| Totalfunds | 805,415 | 20,939 | (13,773) | - | 63,056 | 875,637 |
8. Trustees Expenses
All Trustees act gratuitously. One of the Trustees is a partner in Gillespie Macandrew LLP who provided legal, administrative and accounting services to the Trust. In the year to 31 July 2025 Gillespie Macandrew LLP fees amount to £735 (2024: £3,196).
The Trust has no employees.
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THE ELIZA HALDANE WYLIE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JULY 2025
9. Analysis of net assets between funds
| As at31 July 2025 | Capital | Income | Total |
|---|---|---|---|
| Fund | Fund | 2025 | |
| £ | £ | £ | |
| Investments | 816,839 | - | 816,839 |
| Net Current Assets | 5,613 | 92,909 | 98,522 |
| Total funds | 822,452 | 92,909 | 915,361 |
| As at31 July2024 | Capital | Income | Total |
| Fund | Fund | 2024 | |
| £ | £ | £ | |
| Investments | 799,458 | - | 799,458 |
| Net Current Assets | 609 | 75,570 | 76,179 |
| Totalfunds | 800,067 | 75,570 | 875,637 |
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