JOHNSTON CARMICHAEL 5th April 2026 M. V. Hillhouse Trust Annual Report and Unaudited Financial Statements Scottish Charity Number. SC012904 Accounts 5 April 2026
M. V. Hillhouse Trust CONTENTS PAGE General Inforniation Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-13
M. V. Hillhouse Trnst General Information 5th ApTiI 2026 Le8al Status The charity is govemed by the tern15 91 a Deed of Trust dattd 12 july 1974. The Trust Is a Teco8ni5ed Scottish Charity Charity Number SC012904 Trustees C E M Vernon HRMVcrnim Princip31 Address Bowldoivn Farm Tetbury Gloucestershire GLS 8UD Independent Examiner Scotl joffrey ChartL'Tcd Accountsnt lohnsloii Carmichacl LLP 227 Ive51 Gegrge Street Glas&ow G22ND Bankers The Royal Bank of Scotland PLC Loiidon Drummond% Branch 49 Charin% Cross Lnndon SWIA 2DX
M. V. Hillhouse Trust Report of the TTUStees 5th April 2026 The trustee5 prEsent their Teport and financial statements for the year endod 5 April 2026. The financial statement5 have boen prepared in accoTdance with the accounting policies Set out in note I to the financial statements and ¢omply with tlie charity's ConstitiOn, the ChaTities and Trustee tni'tstmenl (Scoilandl Act 2LK15, the Charitie% Acri)unt4' Isevilandl Regulation.4 21x16. FRS 102"The Financial Reportin8 Standard applicable in the UK and the Republic of Ireland" I'FRS 102.1 and "Ac¢ounhng and Reporting L7}, Charities.. Sialement of RecommL'nded Practice applicable lu charitteq preparing their financial stalemei)ts in aco)rdan£e willi the Financial Reporting Standard applicable in tht UK and Republic ol Treland IFRS 1021" Objettives The Iru51ees are enipoweTed, al their uncontTollable discretion. 10 apply tho incomé or capital of the Trust for charitable purposes or eharitable instilulionb elc.. paving special con%tderation hnd regard to.. IA) Ihe furiheranc¥ of and advancenient of religion, education, trainin8, in4truehun and culture., IBI the promotion of the 4PiTitual, Tnoral, intellectual. %ocial and ph}'%ical h'ell-bein& and-. Ici the relief OT Pre.entIOn 4)f pnverty, misery, neglect. sufferin8, dis¥a.%e, sltknes_s. infiTniity. axe. ditTes4. physical and mental handicap andlar need. all o( and among any objectb. of thL' Tru%t. all wheilier in the United Kingdorn ol Great Biitain and Northern Ireland UT elscwhere. but with a qpecial eTnphasi5 On Brili%h ende8vouT, enterDrise and recreational achvities. The tTU51ees, howei'er. shall not accumulate the free incorne of the trust estate from I I lulv 1996. Plea. note that the Summary .set out above 14 intended merely as an aide memoire. For matters Tequiring detailed con8ideration. reference should be made to the Telvvanl deeds and statutes. Investment Power5 The powers of Irustyes. including their inve£tment powers, are goi'emed by the Trustq (Scotlandl Act 1921 and the Chanlie5 and Trustee Investment lotlandl Act 2005. Aehievement5 and Ferformanre Ilie TTuslees have niade diblTibutivns to the charity's established beneficiaries in accordance ii'ith the provisions of the ori¥inttl trust deed. Mie Trustees. aTe 5ahsfied that, in doin8 il. the charity, lias Éulfilled il% objectives for the financial yeaT ended April 2026. Risk Management Ai) inducti(>n documtnt has beeii prepared to en5UTC that newli. appointed TTU5tees are approprialely informed as lo tho nature of the chariti". and thcir duties and responsibilitios. All new Trustees will be provided with a copy of the charitir's goi'emin8 document upon appointment. The Trustee% ci)nsider that income deni'ed from the Hilihou5e Estates loan note will contintse lo pwvide a 4table and reliable SOUTce fund%. In the abbence of any other anheipated inconie streams. careful c(Ji)siderahon ivill be given to the affurdiL bility of any disirehonary or ad hoc granLs. Reserve Policy The unrestricted fund rcprEsenls funds arising from past event¥ that mav be expended on any of the charitv's objectives. The Iruslee5' poliei, ha5 been lo maintain sufficient unrestricted lunds to enable the chariii, to lund its i'xpendlrO. Total fund5 at the year-end amount to £879,726 12025. £894,747) and tlie* are all considered tu be unretrICtelI. Re¥ular iniwtnt Is derived fron) a Hillhvuse Estate5 Limjled Ii)on note, the future of which has been assured b}. the bi)ard. The trf)ard of H2llhouso Estate Limited can approi'e for additional pavtncnts lo bc made ta the charitv which will allow the tru.4tees tci make addiknonal distribution5 in accordan with the c)riginal deed.
M. V. Hillhouse Trust Report of the Tru$teea (Contknued) .5th Apiil 2& It i6 the knientlon of the InuBES to COnn to chaAtts In SLuth Weyt of Wand and S(odand. Ad ho¢ 8riThts ofa,COJ hoye been awarded to ThtRoyal Trinity Hosplce th both the roryentAAd precaqlng knial yeth. The TnJ¥tses have reg)Ived to lttdude The Royal Trinlty He6PiCt wlllth the thDtitKJ UbtofErfidiTJe• f The trttskns dutltts the year were as Iisled pase l. The were 4PPORnted by Major M S B Vornt>n Ptlot to hifj de•th. DoAatlon8 Applications fDT dott4ti¢jr down to Bowjdown Tetr and &o¢tish oppe•l& are to 1] E¥tates.Trwn. The tonAlderaud llpprove the donattow Ot rÈ8ul•r Thetinss or over the teleph¢nE. the perlvA wa$ £58?20awiprising llY ofnworne from knvtstftts (1)25. 58,320 zAPrI518 £58220 Income Inveslmetttsi andexpmdlture w18 m,3fi1 laX5.CIIOII tE8u]tins kna rntde(latot£15,W41 P025. nttdeliLi•of £13,781). GEMVettwn Dole
M. V. Hillhouse Trust Independent Examiner's report 5th April 2026 I repnrt on the accounts nf M. V. Hillhouse Trust foT the year ended 5 April 2026 which are set out an p&8es live to thirteen. Respective responsibilities of trustees and independent txarn2ner The Tharity s trustee% are re4pun5ible for the PTeparation of the aCCL)unlq in 3ccvrdantr with t]ie terms of the Charities and Trustee Inve%tment (Scotlandl Act 2005 and the Charihes Account% Iscotlandl Regulation% 21J)6. The charity tnJ4tees ton%ider that the audit requirement uf Regulati(m 10 111 lal lo Icl lif tho 2fl06 Accounts Resiilahon does not apply. It is my repon51blity lo examine the accounts as required under section 44 111 Icl of the act and to stale M,hether particular mair5 have lo come to m}r attention. Basis of Èndependent examiner's $lalement My exaniination 14 carried out iii accordance with Regulation I l uf the 2006 Accvunt£ Re¥ulations. An exaniination inclLtde% a review of accounting reEoTd£ kept by the charity and a tVTnparison ol the acix)unts presented il'ith thSe record%. It also includes ci)nsidcration of an), uniisual item% or di¥£lusures in the accounlg, and seek£ explanation5 Irom the ttustees concerning anv Such matter4. The predureS undeTtakcn do ntst PToiriae all the ei'iLlence that would be requircd in an audit. and ton5equently I do not express an audit opinion on the view given by the accounts. Independenl exarniner'$ Slatement In the course of my exaMall9n, no matter has come to my attention which.. l. gives rne reasunable cause lo lieve that in any material Tespect the wuiretnenls.. lo kcep accounting recurds in accordante widi soction 44 ljl lal of the 200) Act and regulation 4 of the 2(K)O Accuiints Regulation.q, and,. tn prepare the accoun15 which accord ivith the accounttng recnTds and comply M'ith regulation 8 0( the 2006 Acrounts Replahon have not betn me¢ or,. 2. to which, in my opintoJL attention should be draivn in order to enable a PTOFer understanding of the accounts to be reached. Use of out report )1% Tl'POrt is made lo tl)e charity? s board of trustoo_q, a£ a lJ)dv. in accordan ¥vith the term% of the engagcment. M}, work ha% becn undertaken to enable me ti) undcrtake an indepL'ndent examinatilin of the charitV'4 financial ststements behalf ol the chaTitv's board of trustets and for nl) Other purpose. To the fullest extenl perniilted b}, law, I do not actrpi or assume responsibility to anyone otheT than the charity and the charity's boaTd of trustees as a body, for my iVOTk or for thi4 report. Scott leffTey Chartered Acci)untant Juhnston Larniichael LLP 227 West G*)TSt Strool Glasgow G2 2ND Date
M. V. Hillhouse Trust Statement of Financial Activities 5th April 2026 Note 2026 2025 Unrestricted fund5 Unrestricted funds Income Generated fund£ Income frtsm investments 58,32U 58.320 58,320 58.320 Total iMcorne 58,320 58,320 ExpenditurÈ Donation Bank charges Accountancy fee5 69.50U 67.9UU 3,840 4,200 73,341 uioj Total expenditure 73,341 72.lUI Reconciliation ot futsd$ Nel movement in funds 113,7811 Total funds bTought foThvard 894.747 908,528 Total fund5 carried forward 879,726 894.747 The statement of linancial activihes include5 all gains and lossès recognised in the year. All inctsme aiid eKpendihJre derive% from continuin¥ achvities. The notes on pages 7- 13 form paTt of these financial *tatements.
M. V. Hiilhouse Trust Balance Sheet 5th Aptil 2tll6 (51 I966 19 38,427 CTtIlbu1¢1t* {61 (3WI 15,T26 30.747 879.726 89£747 R¢pregetst¢dby. 879.726 747 Andwth jia on tts behalf by GEMVemon
M. V. Hillhouse Trust Notes to the Financial Staternents 5th April 2026 11 Accounting poli¢ies Charity iisforni&trort M.V.Hillhouse TTUSI i5 an unincorpuraled scottish cl)arily (Charity number SC0129041 with it5 principal address at Bowldown Farm, Teibury, Glouce5tershiTe, CL8 8UD. AccoyJitiJi8 Coirvttrtioji The5c financial 4talements have bcen prepared in acct)rdance iviih J02"Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1, "Accounting and Reporting bv Charities Statement of Recommendod Praciice applicablc to charities preparin8 their accounts in accordantr with the Finaniial Reporttns Standard applicable in the UK and Republic of Ireland IF[ 1021" the Charities and Trustee Investment1Stotlandl Act 2005 and the Charities Accounts IScotl&ndl Regulations 26 The charity is a Public Benefit Entity ab dehned by FRS 102. The financial statemcnt5 are prepared in stcrlin& which 1£ the fiinctional turrency of the charity. Monetary amount5 Ln these financial statements rounded the nearest £. The financial statements hai'e been prepared on the historical tosl convention. The principal accountin8 policies adopted are uul below. GoiNg concern At the time uf approi?Ing tlie financial statetnL)nls, the trLi£tee4 hal'e not identified any material Uncertaintie in re£pect ti) the 8c)ing toncem of the Chariti. and thorefore have a reasvnablc L'XPQCtalion that the charitv h35 adequale resources 10 continue in operattonal exi5tcneo for a period of ai leabl twelve tnoiiihs from tho datt on wluch these financial statomenls have been approi'ed. This is based on an asse55ment of the level of aetual reseri'es held asainst Ih05C required by the charity,, as Sel out in rnore delail in the Financial reiTiew sectivn of the Trustees Report Thub the ITuslees continue lo adopt the going concern basiy of accounting in preparing the financial %latenient CIIfiTltfiblÉfvtyrfs Unre%tricted fiinds are available for use at thc dIscretion nf the tIUStees in furtherance of the charity's objective unless the funds have been designated for otheT purposos. Desisnattd funds compri.qe funds w'Fuch hai'e beei) sel aside at the discretion of the Iru51ees Éor speci(ic purpo*s The putPO5e4 and U%e£ ol the de51snaled fund.% are sel out in the iiote% lo the finanrial slalenieiil.4. Restricted funds are subject lo specific condittons by donor£ as to how they may be used. The purposes and uses of the Testricted fund% aTe set out in the note4 to the financial statements. lrt¢o#re Income is reco8ni5ed wheji the charity is entitled to it after any performance conditions hai'e bet?n met, the amounts can be measured reliably. and it is prubable that income will be received. Cash donation5 are recognised on receipt. Other donatjoiis are recogni%vd un the ch£irity is enhtled lo the income unle4% there are conditions attaching.
M. V. Hillhouse Trust Notes to the Financial Statements 5th Aprftl 2026 l) Atcounting polities Icontinuedl liicoiiie (coMtiKuerfl Ini'e5tment income is recognised on a cash basi5,' there iq no material diEference beth'een the basis and the accruals method. Bank interest is Includ 6r05£ 01 income and tax. DiiTidend income doe_% not 5nclude tax Expeirditure Expenditure is iecugnised unce there Is 8 le8al or conslTUthNe obligalIon lo makc a pai'menl to a third party, it 1> probable that setdetnent lirjll be required and the amuunl of the oblisation t] be measuTed reliably. Support c()st5 aTe incurred bv those functions that assist the work of the chArity but do not directls, underlake charitable acttvitie5. Support costq include finance, personnel, pavroll and guvernance custs which support the chaTIty'5 charitable nbjectiveq. These cost5 have beei) directlv allocated 10 txpenditurtr on charitable activihes. BAsicftrtrtpitial ¢r$5Ets Basic financial a55ets, which include debt0 and eash and bank balances, are initially measured al tran4artion ptice includins IraJi%action costs. lJJJprtinJicJit offinrfiicial assets Financial as%ct% 3TQ a%se%5ed fnr indicators of impairment al each reporting end date. Financial a&£eL% are impaired where there ]% objective evidente that, as a re£uli nt one or mort ci'ents that occurred alter the initial reti)8nitian of the financial asset, the c5hTnated future cash flow4 have been affected. Derecogxititt offi'KfiJictfil fissets Fiiiancial assets are derecogiii5ed onl}r whei) the contractual rights to the cash flows from the asset expire or are settled. or m.hen the charity transfer.s the financial as%et and 5ubslanlially all the risks and reward4 of oivnership to anoihcr ontTrts', or If qome significant ri%k and Tew'ards of 014'ner%hip are retained bul Cfjnlrol of the aqqet ha.4 Iran%ftrrcd to £inother party thèt is able to %cll iho £iset in ils entirety la an unrelatod third party. BosicfiiinNciol lirtbTlitlES Ba¥ic financial liabilities, including tredilors. are recognised at transactivn price. Dereco8JiitioJt offi Finai)cial113bilihes aTt derecognised when the charity's contrattual obligations expire OT are ditharged or ancelled. Criticrtl K¢coti#trng estiinates jurfgeiiieKt$ In the application of the thaTIIy'5 affi)untin% kN)liues, the Trustelis are wuired to make judgements, estitnalei and assumphtjns abuut the carryin8 aniount of assets and liabililieb that are not readil}y apparent frotn other sources. eshmate5 and as50ciated assumptitsns are based on hislurical experience and uther factors that are considered to be relevant. Actual results ]nay differ from these estimate.4. The estimates and underlying a*£umption.4 are VieWed on an ongoing basis. Revisions to accountins estimates are recogni4cd in the peTiix4 in which the estimato is reir jqed where the Tevision afftcts only that periiid, or in the PLirivd of the revision and future periud% ivhere the rei'ision affocls both curTent and future periuds The trustees do not consider there to be any iritical eshmates. OT judgenients.
M. V. Hillliouse Trust Notes to the Financial Statements 5th April 2026 11 Ac¢ountlll8 policie5 (continued) Fixesl rt$set T¥rvEsthiftyls ixed asset investment% are in]lially measured at cost and subsequentli, measured at tost less accumulated lmpalrnient105se. Ca4h and ca%h i'quivalenLq are basic financial assots and include deposit5 hcld at call with bank5. 21 lrtvestrnent income 2026 2025 ]nteTest on loan Dotes 58,320 58,3211 5R,-120 58,-320 31 Summary of Donations Unre4tticled fund5 general Re¥lricted Total 2026 Tot312025 Donation*- getieral 69,500 69,500 69,XlO 69.5UU 67,9(K) 67,900 For the year tnded 5 April 2025 DDnations- general 67,900 67,900 67.WJO 67.900 Donations made durin8 ihe year.. 2026 2025 1851 MARINE TRUST 1ST DUNDONALD BOYS ABERLOUR CHILD CAR ABF i.o(K) 1,0 6(M) 51 1,0 500 Carried Forw'ard 2.50n
M. 11 Hillhouse Trust Notes to the Financial Statements (Continued) 5th April 2026 31 Summary of Donations 2026 2025 Brou8hl (orward 2.500 3.1 ADVENTURE SAILING TRUST ALZHEINqER SCOTLAND AftDGOWAN HOSPICE ARMY CADET FORCE ART IN HEALTHCARE ASHTON SCH(X>L AYRSHIRF CANCER SUPPORT BARNARD( BEAT&)N CANCER CHARrrY BOYS AND GIRLS CLUB BREAK THE SILENCE BRIT1514 FORCES FOUNDATION BR11'1SH HEART FOUNDATION BRITISH LIVER TRUST CARRICK GROknP RIDING COhqBAT S1'RESS COUNTY AIR AMBULAfKCE CYSYIC F16RQSIS DYSLEXIA SCOTLAND ER5KINE HI)ITAL FAMTLIES OUTSIDE LTD FISHEIiMANS KL IISSION FORT AUGUqTUS CHILDRENS CHRISTMAS PARTIES FORT AUGUSTUS PARISH CHURCH FORT AUGUSTUS SENIOII CITIZEX'S FRIF.NDS OF ASHTON SCHOOT. FRIEND.fj OF HII.ARY STORM FRIENDS OF TETSURI. HOSPITAL GLASGOW CF41LDRENS HOSPITAL GLOULESTERSTr4IRE g)CIETr 14A'sEL FOUNDATION HARDMAN TRUST HIGHLAND COUNCTL HIGHLAND HEALTH BO HIGHLAND HOSPICE HOXIYEPOT HOUSE HOPE FOR TOMORROW I,wo 5(X) 1,5 500 1.000 1,5L 500 500 500 1.0 J.0 300 i.o(K) 1,0 500 1.000 loo i.wo 100 1000 500 I,0 1.200 2.WO 500 Carried Funvard 30. 29.9tKI
M. V. Hillhouse Trust Notes to the Financial Statements (Continuedl 5th April 2026 31 Summary of Donations 2026 2025 Brought lonvard 29,900 KILCHUTMEN PRIMARY KIXIGS TRUST MENINGrrIs NOW MS KKIETY MULTIPLE SCLEROSIS SOCIETY- AYRSHIRE BRANCH MUSIL IN HOSI)ITA NEON TRIJST NSPCC OUTDCKIR PARTNERSHIP ADVENTURE SAILINC. PENUMBRA P(ITIVE ACFION IN PRESHAL TRUST PRtNCE'S TRUST RHEF AYRSHIRE & AR RIDING FOR THE DISABLED RNLI ROYAL COMMof%.WEALTH ROYAL NATIONAL LIFEBOATS TNSTITLrrioN ROYAL TRINITY HOSPICE R5ABI SALVA TION ARMY SAMARITANS SAUKT FUNDRAISINC. SAVE THE CHILDREN 5SAFA ST JOHN AMBULANCE ST NIN.IANS scorr15 STARR IN THE COMMU, CIRCUS STARR... TALL SHI YT TELFORD CENITRE INHSI TENOVUS SCOTLAND TETBURY HOSPITAL TRUST JOO 2,000 1,500 I,mo i.OL 500 2.iKIO 500 1,500 5( 5(Ml 500 I,(no 2,0 600 6W 2.750 5(K> 2,7iO 1,000 600 1,700 SW ,000 5110 I,wo 5(Kl 2,000 100 750 750 1.2 J,2 1,2( CARRIED FORWARD 59,800 57,7
M. V. Hillhouse Trust Notes to the Financial Statements (Continued) 5th APAI 2026 31 Summary of Donations 2026 2025 Brought forward 59.800 57,700 TEXTtLE CONSERVATtON FOUNDAnON THE BOSWELL TRUST, B1VELL HOOK... THE GLOUCEsfERSHIRE SOCIETY THE HARDMAN TRUST THE OUTW ARD BOUND TRUST THE WILLOW TRUST TOMMYS ARTHRITIS UK IVERSUS ARTHRrrIs1 'ALKJNG wrfH THE WOUNDED IVESTONBIRT LASBPCC WHEELYBOAT TRUST WILLOW TRUST I,ooD I,O(K> 500 1,7(10 1,500 1,700 51x1 51K) 5( 2,500 I,0 1,500 69,500 Tutal DL)nations 67,900 41 Salary. Wages and Trustee's remuneration 202fi 2025 Tru£lee% Remunèration Nil Nil Wages and salaries Nil Nil No trustees were in receipt ol expenses in relation to duties performed a5 a trustee of the Charity. 51 Schedule of investments at 5 April 2026 £864,IKK) Hillh&u.se Estate5 Limited 6.75Wts unsecured redetmable loan n(>tes. Balance bought forward at 6 April 2025 Balance at 5 April 2026 864,0 The loan notes are redeemable on or alter 31 October 2025. There is no intention to redeem the loan notes for a period ol atleast 12 months" from the approi'al date of tho financial statements. Cnnsequi)nily, the loan notes continue to be classified M'iihin fixed assets.. 61 Creditors 2U26 2025 Accrual Other creditors 3,&10 7,2tK) 480 3,840 7.680 12
M. V. Hillhouse Trust Notes to the Financial Statements Icontinued) 5th April 2026 71 Related patty transactions Txamsd¢tions with related parties The tru%tee> are bharehvlders of Hillhouse Ebtales Limited. Durinb the year, the charity iecognised loan intere.ql i)f £.F8.32012025.. £58,320). At the year end, the balance due from Hillh0115e L4tate% L.imited wa4 £864.00012Q2%.. £864.(YIXII. 13