JOHNSTON (tt CARMICHAEL
5th April 2025
M. V. Hillhouse Trust Annual Report and Unaudited Financial Statements Scottish Charity Number: $C012904
Accounts 5 April 2025
M. V. Hillhouse Trust
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|---|---|---|---|
|CONTENTS|PAGE|
|5th April 2025|
|General Information|1|
|Report of the Trustees|2-3|
|Independent Examiner's|Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes|to the Financial|Statements|7-13|
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M. V. Hillhouse Trust
General Information
5th April 2025
Legal Status
The charity is governed by the terms of a Deed of Trust dated 12 July 1974, The Trust is a recognised Scottish Charity
Charity Number
§C012904
~ po Principal Address Bowldown Farm Tetbury Gloucestershire GL8 8UD
Independent Examiner
PY Chartered Accountant Johnsten Carmichael LLP 227 West George Street Glasgow G22ND
Bankers
The Royal Bank of Scotland PLC London Drummonds Branch 49 Charing Cross London SW1A 2DX
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M. V. Hillhouse Trust ,,,, — — —— ——— ——
Report of the Trustees
5th April 2025
The trustees present their report and financial statements 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 charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006,FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" ("FRS 102") and “Accounting and Reporting by Charities: Statementof Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives
The trustees are empowered, at their uncontrollable discretion, to apply the income orcapitalof the Trust for charitable purposesor charitable institutions etc., paying special considerationand regard to:
(A) the furtheranceof and advancement of religion, education, training, instruction and culture; (B) thepromotionof the spiritual, moral, intellectual, social and physica] well-being,and; (C) the relief or prevention of poverty, misery, neglect, suffering, disease, sickness, infirmity, age, distress, physical and mental handicap and/or need, all of and among any objects of the Trust, all whether in the United Kingdomof Great Britain and NorthernIreland or elsewhere, but witha special emphasis on British endeavour, enterpriseand recreational activities.
The trustees, however, shall not accumulate the free income of the trust estate from 11 July 1996.
Please note that the summary eet out above is intended merely as an aide memoire. For matters requiring detailed consideration, reference shouldbe made to the relevant deeds and statutes,
Investment Powers
The powers of trustees, including their investment powers, are governed by the Trusts (Scotland) Act 1921 and the Charitiesand Trustee Investment (Scotland)Act 2005.
Achievementsand Performance
Funds continue to be distributed by the trustees in accordance with the original trust deed and we beliw e vehave met our objectives during the year to April 2025.
Risk Management
Regular reports continue to be made that examine the major strategic, business and operational risks and ensure that they are lessened.
Reserve Policy
The unrestricted fund represents funds arising from past events that may be expended on any of the charity's objectives.The trustees’ policy has been to maintain sufficient unrestricted funds to enable the charity to fund its expenditure.
Total funds at the year-end amount to £894,747 (2024: £908,528 as restated) and these are all considered to be unrestricted. Regular income is derived from a Hillhouse Estates Limited loan note, the future of which has been assured by the board. The board of Hillhouse Estates Limited can approve for additional payments to be made to the charity which will allow the trustees to make additional distributions in accordance with the original deed.
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M. V. Hillhouse Trust
Report of the Trustees (Continued)
5th April
2025
Future Plans
It is the intention of the trustees to cantinue to suppott charities in the South West of England and Scotland.
Structure, Governance and Management
The trustees during the year were as listed on page 1. The trustees were appointed by Major M SB Vernon prior to his death.
Donations
Applicationsfor donations are sent down to Bowldown Farm, Tetbury and Scottish appeals are sent to Hillhouse Estates, Troon. The trustees conaider and approve the donations at regular meetings or over the telephone. Minancial reviews Incomefor the period was £58,320 comprising fully of income from investments (2024 - £58,320 comprising £58,320 incomefrom investments) and expenditure was £72,101 (2024- £90,552) resulting netdeficitof £32,232). in a net deficit of£13,781 (2024 -
pate05 los [2S
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M. V. Hillhouse Trust
Independent Examiner's report
5th April 2025
I reporton the accounts of M. V. Hillhouse Trust for the year ended 5 April 2025 which are set out on pages five to thirteen.
Respective responsibilities of trustees and independent examiner
The Charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10 (1) (a) to (c) of the 2006 Accounts Regulation does not apply.
It is my reponsiblity to examine the accounts as required under section 44 (1) (c} of the act and to state whether particular matters have to 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 inchides a review of accounting records kepby t he charity and a comparisonof the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requiredin an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's Statement
In the course of my examinno m a ttertion,has come to my attention which:
- gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting recordsin accordance with section 44 (1) (a) of the 2005 Act and regulation4 of the 2006 Accounts Regulations, and;
- to preparethe accountswhich accord with the accounting records and comply with regulation8 of the 2006 Accounts Regulation have not been met, or;
- to which, in my opinion, attention should be drawn in order to enable a proper understandingof the accountsto be reached.
Use of our report
This report ismade to the charity's board of trustees, as a body, in accordance with the terms of the engagement. My work has been undertaken to enable me to undertake an independent examination of the charity's financial statementson behalf of the charity's board of trustees and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's board of trustees as a
body, for my work or for this report.
Chartered Accountant Johnston Carmichael LLP 227 West George Street Glasgow G2 2ND
Date 06.08.25
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M. V. Hillhouse Trust
Statement of Financial Activities
5th April 2025
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|---|---|---|---|
|Note|2025|2024|
|Unrestricted|Unrestricted|
|funds|funds|
|£|£|
|{as restated)|
|Income|
|Generated funds|
|Investment Income:|
|Income from investments|(2)|58,320|58,320|
|58,320|58,320|
|Total income|58,320|58,320|
|Expenditure|
|Donations|(3)|67,900|87,100|
|Bank charges|1|2|
|Accountancy fees|4,200|3,450|
|72,101|90,552|
|Total expenditure|72,101|90,552|
|Reconciliation|of funds|
|Net movement in funds|(13,781)|(32,232)|
|Total funds brought forward|908,528|940,760|
|Total funds carried forward|894,747|908,528|
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 7 - 13 form part of these financial statements.
§
M. V. Hillhouse Trust
Balance Sheet
5th April 2025
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Note 2025 2024
£ £
(as restated)
Fixed assets
Investment in Hillhouse Estates Limited (5) 864,000 $64,000
Current assets
Royal Bank of Scotland - Current account 38,27 48,008
38,427 48,008
Current liabilities
Creditors (6) (7,680) (3,480)
Net current assets 30,747 44,528
894,747 908,528
RepresentedGeneral by: ee
unrestricted fund 894,747 908,528
The financial statements were approved and authorised for issue by the Board on,,0:08,25 and were signed on
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The notes on pages 7 - 13 form part of these financial statements.
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M. V. Hillhouse Trust
EE rm
Notes to the Financial Statements
5th April 2025
1) Accounting policies
Charity information
M.V.Hillhouse Trust is an unincorporated Scottish charity (Charity number 5C012904) with its principal address at Bowldown Farm, Tetbury, Gloucestershire, GL8 8UD.
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicablein the UK and Republic of Ireland” (“FRS 102”), "Accountingand Reportingby Charities Statementof 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)", the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006,
The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adoptedare set out below.
Going concern
At the time of approving the financial statements, the trustees have not identified any material uncertainties in respect to the going concern of the charity and therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for a period of at least twelve months from the date on which these financial statements have been approved. This is based on an assessment of the level of actual reserves held against those required by the charity, as set out in more detail in the Financial review section of the Trustees’ Report. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charity's objectives unless the funds have been designatedfor other purposes.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements,
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income
Income is recognised when the charity is entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it isprobable that incomewill be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity is entitled to the income unless there are conditions attaching.
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M. V. Hillhouse Trust SSS Ss ss <2. aL
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Notes to the Financial Statements 5th April 2025
1) Accounting policies (continued)
Income (continued)
Investment income is recognised on a cash basis; there is no material difference between the basis and the accruals method. Bank interest is included gross of income and tax. Dividend income does not include tax credits,
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Support costs are incurred by those functions that assist the work of the charity but do not directly undertake charitable activities. Supportcosts include finance, personnel, payroll and governancecosts which support the charity's charitable objectives. These costs have been directly allocated to expenditureon charitable activities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Impairmentof financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
Derecognitionof financial assets
Financia] assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party,
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Derecognition offinancial Habilities
Financial liabilitiesare derecognised when the charity's contractual obligationsexpire or are discharged or cancelled.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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 consideredto be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not consider there to beany critical estimates or judgements.
M. V. Hillhouse Trust
—eE
—_—
Notes to the Financial Statements
5th April 2025
1) Accounting policies (continued)
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less accumulated impairment losses.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
Comparatives
The comparatives have been restated to align the investment income accounting treatment with the accounting policy.
2) Investment income
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|---|---|---|
|2025|2024|
|£|£|
|Interest on loan notes|58,320|58,320|
|58,320|58,320|
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3) Summary of Donations
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|---|---|---|---|---|---|
|Unrestricted|Restricted|
|funds general|funds|Total 2025|Total 2024|
|£|£|&|£|
|Donations|- general|67,900|-|67,900|87,100|
|67,900|-|67,900|87,100|
|For the year ended 5 April 2024|
|Donations - general|87,100|-|87,100|
|87,100|-|87,100|
|Donations made during the year:|
|2025|2024|
|£|£|
|1851 MARINE TRUST|1,000|1,000|
|1ST DUNDONALD BOYS|600|-|
|ABERLOUR|CHILD CARE|500|500|
|ABF|1,000|1,000|
|Carried Forward|3,100|2,500|
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M. V. Hillhouse Trust
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Notes to the Financial Statements (Continued)
| 5thApril | April2025 | ||
|---|---|---|---|
| 3) | SummaryofDonations | 2025 | 2024 |
| £ | £ | ||
| Brought forward | 3,100 | 2,500 | |
| ADVENTURESAILINGTRUST | - | 500 | |
| ALZHEIMER SCOTLAND ARDGOWANHOSPICE ARMYCADETFORCE ART IN HEALTHCARE |
500 1,000 1,500 500 |
500 1,000 1,500 500 |
|
| ASHTONSCHOOL AYRSHIRECANCERSUPPORT |
- 1,500 |
1,000 1,500 |
|
| AYRSHIREHOSPICE AYRSHIRE RIVERS TRUST BARNARDOS |
- - 500 |
1,200 1,000 500 |
|
| BEATSONCANCERCHARITY | 1,000 | 1,000 | |
| BOYSANDGIRLSCLUB | 1,500 | 1,500 | |
| BOYSBRIGADE - 18STDUNDONALD | = | 600 | |
| BRAINWAVECENTRELTD | - | 600 | |
| BREAK THE SILENCE BRITISHFORCESFOUNDATION |
1,000 500 |
: 500 |
|
| BRITISHHEARTFOUNDATION BRITISHLIVERTRUST |
500 500 |
500 500 |
|
| CARRICKGROUPRIDING | 1,000 | . | |
| COMBATSTRESS | 1,000 | 1,000 | |
| COUNTYAIRAMBULANCE | 1,000 | 1,000 | |
| CROSSROADS | - | 500 | |
| CYSTICFIBROSIS | 1,000 | 1,000 | |
| DYSLEXIASCOTLAND | : | 600 | |
| ERSKINE HOSPITAL | 1,500 | 1,500 | |
| FACHILDRENCP | . | 100 | |
| FASENIORCITIZENAS | - | 500 | |
| FAMILIESOUTSIDELTD | 500 | 500 | |
| FISHERMANSMISSION | 1,000 | ||
| FORTAUGUSTUSCHILDRENS CHRISTMASPARTIES | 100 | ||
| FORTAUGUSTUSCHURCHOFSCOTLAND | - | 3,000 | |
| FORTAUGUSTUSPARISHCHURCH | 2,000 | ||
| FORTAUGUSTUSSENIORCITIZENS | 500 | ||
| FRIENDSOFASHTONSCHOOL | 1,000 | - | |
| FRIENDSOFHILARYSTORM | 500 | 500 | |
| GIRVANYOUTHTRUST | - | 1,000 | |
| GLASGOWCHILDRENSHOSPITAL GLASGOW WOMENS AID HANSEL FOUNDATION |
1,000 : 1,000 |
1,000 500 1,000 |
|
| HARDMANTRUST | - | 500 | |
| HEARTS é&MINDSLTD | - | 500 | |
| HIGHLANDCOUNCIL | 500 | ||
| HIGHLANDHEALTH BO HIGHLANDHOSPICE HOPEFORTOMORROW |
1,200 1,000 500 |
1,000 500 |
|
| Carried Forward | 29,900 —————— |
33,100 ———————— |
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M. V. Hillhouse Trust
ee
Notes to the Financial Statements (Continued)
5th April 2025
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|---|---|---|---|---|---|
|3)|Summary of Donations|
|2025|2024|
|£|£|
|Brought forward|29,900|33,100|
|JUBILEE SAILING TRUS|-|750|
|KILCHUIMEN|PRIMARY|-|500|
|KINGS COLLEGE HOS, KINGS COLLEGE HOSP...|-|1,000|
|MARIE CURIE SCOTLAND|-|600|
|MENINGITIS NOW|1,500|1,500|
|MND|SCOTLAND|-|600|
|MS|SOCIETY|1,000|1,000|
|MULTIPLE SCLEROSIS SOCIETY|- AYRSHIRE BRANCH|-|1,200|
|MUSIC IN HOSPITALS|500|500|
|NELSON TRUST|2,000|2,000|
|NSPCC|500|500|
|OUTDOOR PARTNERSHIP ADVENTURE SAILING|-|1,500|
|PENUMBRA|500|500|
|POSITIVE|ACTION|IN|600|600|
|PRESHAL TRUST|1,000|1,000|
|PRINCE &|PRINCESS|-|1,000|
|PRINCE'S TRUST|4,000|5,000|
|RHET AYRSHIRE & AR|600|600|
|RIDING FOR|THE|DISABLED|-|1,500|
|RNLI|2,750|2,500|
|ROYAL COMMONWEALTH|500|500|
|ROYAL NATIONAL MISSION TO FISHERMEN|-|1,000|
|ROYAL|TRINITY|HOSPICE|1,000|-|
|RSABI|1,000|1,000|
|SALVATION ARMY|-|600|
|SAMARITANS|1,700|1,700|
|SANDPIPER TRUS|.|700|
|SAUKT FUNDRAISING|600|
|SAVE|THE|CHILDREN|500|500|
|SCOTLAND|CHARITY|AIRAMBULANCE|-|1,000|
|SEA CADET CORPS AY|-|500|
|SIGHT SCOTLAND VETERENS|-|600|
|SSAFA|2,000|1,000|
|STANDREWS HOSPICE|-|1,000|
|ST|JOHN AMBULANCE|500|500|
|ST NINIANS SCOTTIS|1,000|2,000|
|STARR|
|IN|THE|COMMU,|CIRCUS STARR...|100|100|
|TALL SHIPS|YT|750|750|
|TELFORD CENTRE (NHS)|.|1,200|
|TENOVUS|SCOTLAND|1,200|1,200|
|TETBURY HOSPITAL TRUST|2,000|2,000|
|CARRIED FORWARD|57,700|75,300|
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M. V. Hillhouse Trust
SSrr
Notes to the Financial Statements (Continued)
5th April 2025
3) Summary of Donations
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|---|---|---|---|
|2025|2024|
|£|£|
|Brought forward|57,700|75,300|
|TEXTILE CONSERVATION FOUNDATION|1,000|1,000|
|THE ATTIC SCIO|.|600|
|THE BOSWELL TRUST, BOSWELL BOOK...|-|1,000|
|THE GLOUCESTERSHIRE SOCIETY|500|500|
|THE HARDMAN TRUST|500|
|THE OUTWARD BOUND TRUST|1,700|1,700|
|THE WILLOW|TRUST|1,500|1,500|
|TOMMYS|500|500|
|VERSUS ARTHRITIS|500|500|
|VISIBILITY|-|500|
|WALKING WITH THE WOUNDED|500|500|
|WESTONBIRT LASBPCC|2,500|2,500|
|WHEELYBOAT TRUST|1,000|1,000|
|Total Donations|67,900|87,100|
|4)|Salary, Wages and Trustee's remuneration|
|2025|2024|
|£|£|
|Trustees Remuneration|Nil|Nil|
|Wages and salaries|Nil|Nil|
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No trustees were in receipt of expenses in relation to duties performed as a trustee of the Charity.
- 5) Schedule of investments at 5 April 2025
£864,000 Hillhouse Estates Limited 6.75% unsecured redeemable loan notes.
£
Balance bought forward at 6 April 2024 864,000
Balance at 5 April 2025
864,000
The loan notes are redeemable on or after 31 October 2025.
- 6) Creditors
Accruals Other creditors
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2025 2024
£ £
7,200 3,000
460 480
7,680 3,
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M. V. Hillhouse Trust
————EEE
Notes to the Financial Statements (Continued)
5th April 2025
7) Related party transactions
Transactions with related parties
The trustees are shareholders of Hillhouse Estates Limited.
During the year, the charity recognised loan interest of £58,320 (2024: £58,320). At the year end, the balance due from Hiilhouse Estates Limited was £864,000 (2024: £864,000).
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