Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **Charity Registration No. SC012212 (Scotland)**
## **THE SYM CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2024**
Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|||
|---|---|---|
|||(Appointed 21 March 2025)|
|**Charity number (Scotland)**|SC012212||
|**Principal address**|c/o Murray Beith Murray LLP||
||3 Glenfinlas Street||
||Edinburgh||
||EH3 6AQ||
|**Independent examiner**|||
||Drummond Laurie||
||Unit 5, Gateway Business Park||
||Beancross Road||
||Grangemouth||
||FK3 8WX||
|**Bankers**|Royal Bank of Scotland||
||36 St Andrew Square||
||Edinburgh||
||EH2 2YB||
|**Solicitors**|Murray Beith Murray LLP||
||3 Glenfinlas Street||
||Edinburgh||
||EH3 6AQ||
|**Investment advisors**|Investec Wealth & Investments UK Ltd||
||10 George Street||
||Edinburgh||
||EH2 2PF||
Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance Sheet|5|
|Notes to the financial statements|6 - 10|
SYM140
Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
The Trustees present their report and financial statements for the year ended 30 September 2024.
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 Charity's Trust Deed, Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Objectives and activities**
The Charity's objectives are established in its Constitution, and these are such charitable purposes as the Trustees may determine at their sole discretion.
The Charity awards grants to eligible institutions and individuals and these are reviewed by the Trustees annually. The grants to institutions are intended to help these institutions provide tangible benefits to such beneficiary groups as the Trustees may deem appropriate.
The Charity also commits to making grants to support students in continuing further education in Scottish academic institutions who have experienced unexpected hardship during their course. Grants are paid by means of settling fees for students directly to their universities or other educational institutions.
To sustain the Charity's activities, the Trustees maintain an endowment fund, the income from which is used to finance the Charity's grant-making activities.
## **Achievements and performance**
In this reporting period, the Charity awarded grants to nine institutions worth a total of £47,000 (2023: £107,500 to nine). The grants were awarded to finance such activities as those institutions receiving funds deemed appropriate.
## **Financial review**
The financial statements, presented overleaf show that the Charity's gross income, excluding funds released from the Endowment Fund, amounted to £48,185 in this reporting period (2023: £47,521). Investment income generated by the Endowment Fund amounted to £47,000 (2023: £47,182) and other sources of income together amounted to £1,185 (2023: £339).
Gross expenditure in Unrestricted Funds amounted to £51,721 (2023: £112,239).
The value of the Charity's Endowment Fund stood at £1,560,210 at the end of this reporting period (2023: £1,440,149).
Investment management costs chargeable to the Charity's Endowment Fund amounted to £8,175 in this reporting period (2023: £11,559).
## **Reserves Policy**
The Charity's reserves at the end of this reporting period stood at £33,401 (2023: £36,937), The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **Investment Policy**
The Trustees have instructed Investec Wealth & Investments UK Ltd, a subsidiary of Rathbones Group to manage the Charity's investment funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk. Investec Wealth & Investments UK Ltd are instructed to seek a balanced return between both capital growth and income.
## **Risk Management**
The Trustees monitor the performance of each institution supported by the Charity. Where appropriate, the Charity may require institutions that receive grants to provide a copy of their Annual Report and Accounts to facilitate the consideration of support in future years.
The Trustees have considered the risks to which the Charity is exposed. These relate in the main to investment management and have been ameliorated by the employment of an investment manager. Another risk to which the Charity is exposed is fraud. However, the Trustees consider the low level of donations made by the Trust reduces the risk. In addition, at least one of the Trustees will have some knowledge of any chosen charitable body to which a donation is made and donations made to students are made directly to an appropriate education institution.
## **Plans for the future**
The Trustees plan to continue to award grants, provided sufficient funding remains available.
## **Structure, governance and management**
The Charity is an unincorporated Trust constituted by Deed of Trust by Miss Cecilia Agnes Melvill Sym dated 26 March 1979 and registered in the Books of Council and Session on 17 May 1979.
The Trustees who served during the year and up to the date of signature of the financial statements were:
(Resigned 21 March 2025) (Appointed 21 March 2025)
Trustees are assumed (and resign) with consent of the existing Trustees, under Section 3 of the Trusts Act (Scotland) Act 1921.
The Trustees' report was approved by the Board of Trustees.
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SYM CHARITABLE TRUST**
I report on the financial statements of the Charity for the year ended 30 September 2024, which are set out on pages 4 to 10.
## **Respective responsibilities of 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 Investments (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)(d) 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 connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Drummond Laurie Unit 5, Gateway Business Park Beancross Road Grangemouth FK3 8WX
`14 July 2025` Dated: .........................
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Unrestricted**
**funds**
**2024**
**Endowment**
**funds**
**2024**
**Total**
**2024**
**Notes**
**Income from:**
Investments
**2**
**£**
48,185.17
**£**
-
**£**
48,185.17
**Expenditure on:**
Raising funds
**3**
-
8,175.39
8,175.39
Charitable activities
**4**
51,720.80
-
51,720.80
**Total resources expended**
51,720.80
8,175.39
59,896.19
Net gains/(losses) on investments
**9**
-
128,237.18
128,237.18
**Net movement in funds**
(3,535.63)
120,061.79
116,526.16
Fund balances at 1 October 2023
36,937.12
1,440,148.66
1,477,085.78
**Fund balances at 30 September 2024**
33,401.49
1,560,210.45
1,593,611.94|**Total**
**2023**
**£**
47,520.83
11,558.74
112,238.80
123,797.54
15,229.14
(61,047.57)
1,538,133.35
1,477,085.78|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2024**_
|**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Cash at bank and in hand
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**Income funds**
Unrestricted funds|**2024**
**£**
**£**
1,552,673.19
40,938.75
40,938.75
1,593,611.94
1,560,210.45
33,401.49
1,593,611.94|**2023**
**£**
**£**
1,439,155.30
37,930.48
37,930.48
1,477,085.78
1,440,148.66
36,937.12
1,477,085.78|**2023**
**£**
**£**
1,439,155.30
37,930.48
37,930.48
1,477,085.78
1,440,148.66
36,937.12
1,477,085.78|
|---|---|---|---|
||||1,477,085.78|
||||1,440,148.66
36,937.12|
||||1,477,085.78|
`02 July 2025` The financial statements were approved by the Trustees on .........................
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The Endowment Fund represents the principal sum settled to the Trust, which the Trustees have invested in accordance with the powers conferred on them by the Trust Deed for the benefit of future beneficiaries; the Trust Deed confers on the Trustees the power to apply such funds for charitable purposes at any time and may do so at their sole discretion. The Trustees apply the unrestricted income of the Trust Fund for the benefit of the current beneficiaries in accordance with their policy for donations.
The financial statements are prepared in sterling, which is the functional currency of the Charity.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity 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.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **1.4 Incoming resources**
Investment Income is included in the Account in the year in which it is received.
## **1.5 Resources expended**
Expenditure is recognised in full in the year in which it is paid.
## **2 Investments**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**||
||**2024**|**2023**|
||**£**|**£**|
|Income from listed investments|46,999.93|47,181.99|
|Interest receivable|1,185.24|338.84|
||48,185.17|47,520.83|
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**3**
**Raising funds**
Investment management
**4**
**Charitable activities**
Grant funding of activities (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)
**5**
**Grants payable**
Grants to institutions (9 grants):
Other|**Endowment**
**funds**
**general**
**2024**
**£**
8,175.39
8,175.39
**2024**
**£**
47,000.00
4,180.80
540.00
51,720.80
**2024**
**£**
47,000.00|**Total**
**2023**
**£**
11,558.74|
|---|---|---|
|||11,558.74|
|||**2023**
**£**
107,500.00
4,462.80
276.00|
|||112,238.80|
|||**2023**
**£**
107,500.00|
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **6 Support costs**
|**Support costs**
**Governance**
**costs**
**£**
**£**
Murray Beith Murray General Fees
4,180.80
-
Drummond Laurie Fee
-
540.00
4,180.80
540.00
Analysed between
Charitable activities
4,180.80
540.00|**2024**
**2023**
**£**
**£**
4,180.80
4,462.80
540.00
276.00
4,720.80
4,738.80
4,720.80
4,738.80|
|---|---|
Governance costs includes payments to Drummond Laurie of £540 (2023: £276) for examination fees.
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
## **8 Employees**
There were no employees during the year.
## **9 Net gains/(losses) on investments**
|**Endowment**
**funds**
**general**
**2024**
**£**
Revaluation of investments
116,968.09
Gain/(loss) on sale of investments
11,269.09
128,237.18|**Total**
**2023**
**£**
16,350.09
(1,120.95)
15,229.14|
|---|---|
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Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **10 Fixed asset investments**
|**Cost or valuation**
At 1 October 2023
Additions
Realised Gain/(Loss)
Unrealised Gain/(Loss)
Disposals
At 30 September 2024
**Carrying amount**
At 30 September 2024
At 30 September 2023
Investments greater than 5% of portfolio comprised:
Link Absolute Return Fund
JP Morgan US Equity Inc C2 GBP
WS Lancaster Absolute Return|**2024**
**£**
-
78,242.00
84,844.00
163,086.00|**Listed**
**investments**
**£**
1,439,155.30
148,839.75
11,269.09
116,968.09
(163,559.04)
1,552,673.19
1,552,673.19
1,439,155.30
**2023**
**£**
81,296.00
-
-
81,296.00|
|---|---|---|
## **11 Analysis of net assets between funds**
|Fund balances at 30 September 2024 are
represented by:
Investments
Current assets/(liabilities)|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**2024**
**2024**
**£**
**£**
-
1,552,673.19
33,401.49
7,537.26
33,401.49
1,560,210.45|**Total**
**Total**
**2024**
**2023**
**£**
**£**
1,552,673.19
1,439,155.30
40,938.75
37,930.48
1,593,611.94
1,477,085.78|
|---|---|---|
- 9 -
Docusign Envelope ID: 40AE7C3E-A136-4D84-ACD8-D437C76A70DD
## **THE SYM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **12 Related party transactions**
is a Trustee and was a Consultant of Murray Beith Murray LLP until his retirement on 31 January 2025, whom the Charity has engaged as legal agents.
is a Trustee and a Member of Murray Beith Murray LLP whom the Charity has engaged as legal agents.
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Total Remuneration|4,181.00|16,022.00|
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