The Nornian Fraser Design Trust (Ch•lty Ref f40: SC013111) lor the yeaf to 30 September 2024 Contents R¢ur by Trustees ReFQrt by IWendent Examiner cwrts Yctes to the kccwnts ApJeTrJKeE ol In**p#wts rewL." OJW 229Jll Fax.. 013822023
The Norman FAs¢r Delgn Trust Report by Twees for the ye•r to 30 September 2024 As stipuied Ir. the Trust Deed, there a to be at teast fve TnJstees.' tsw) lThJustnal Trugees vAh commercial eKpenerKe, prferaoiy In an Englrry Ccffipany. naving iner r¥irKPal ol Dosir In Arbroaih ID Aryu5, or Wllhln a filty mlle rodius thereol,. EducotKml Trustees eocb cwrenty or lormerfy empw In an Engineenn9 rtl&ed ¢ep8rtnTrent (Y holding a Chair of Erynevry at a Scctrth Instrtuttffi of Furtlr Eatr.. •TrJ a Le901 Trustee, ieing a wlicitor wilh recert eXpefieD of legal and holthg a full (ertrfKate or ary ITe ewwalert tsf the same 6sued tw the L Sc(iety ol CLane or any gjccessor to the yn. Trustees Wl L appjntgj ts a 5peofK perj exceeding fNe eats, but shall be elwe Ic .I9ntMert on the ey4yry cl il s1 peroj. The Trvstees t¢ve the p(Mr to apwint aLJrtiona Truees as ihty belve woul¢ be of a$9Stance in Ihe perfOrrnan their furKtKS. aklth)nal Tnjstees shall be awJrteO a srecft rIyj ncrt Exce9 fwe yes. trtjt shall be t1 lor reappcArtment on ine ex•ry fl rhe SaK1 FerK)J. Trustees are rthiiriited ty trt then e$brI1 Trustees acwrtnt confiffr ty l(ffrnal DW of A55urnlxn. Thornions Law LLP, Whitehall Hcwse. 33 Yearnafi Slore, Nndee DOI 48). i¥thtone Irwernrt managent Lifftrted. fRAhLw? Ikxffje. 50 Gery sQre, Glasym G2 IEPt. enJewi LLP. Tr vs &Akhry. 20 rnnrkeL Thlet DDI 4. Scott15h Lharry Nts SL UiJiLI Oeed of TnJst dateé 10th Decerrthr IW. The Truslees m&Je on appk•tyi to OSCR fe4 Jpproval d a r&xwnisaton xlrnr the Tru5L whKh was approved by OSCR M 13ur 2013 PLrrx6es of aprdatth la) to the obts of tr Trust Iwbile ma¥rtaining the ernfvis engwrtTrJ) Ind (b) tts kwt M a mtye L¥aoKa basis 1ntS re9ardinq t app)Inbment Trustees.
The Norman Fr•str D•si9n Trust Rewt by Trustees for the year to 30 seefflber 2024 (cort) Ouring Ihe yeai eThled 30 SeFternbÈw 2014 InNwffents aThJ cash to Ihe value d arpr0rnety E56.OJ) y frorn David Barnet Chrts"e s Twwt ('01 representry 10pnmate1¥ 5.3 cl tr the PILYman Fraser 1g Trust as 3. SeFtembei 20.4. The trustees hwe resow tlwt the lunds from D8cr stroJbJ be hd ift a cswJned furyl to be used primanty for under%vaduale stLK1ents e4Kessty Trjt f kwes or ery)neefir#J devetoprnent unless at any time there tre either Instsffioent applKatK)n5 frcxn students (Y In5uffKtrt appltstlLS of an atprcyiate ¢uJlty fr Stents, evert tte trustees tsve freedom to V the fvnos as t1 apwowkryte The trustees hwe lurther agreed that, subMI to •lusbr4J for futsjre dLsthbutKs fr(m the •ther the mJin ty the W fijnd, the 5.3% figure sh1 te used ro thternThne Alue of the orr rts shore Df the trusi's IrKome. The truee5 have 1s5essed the rnajty nsks to chwty 15 exryjsed. fft partKular trkny Lryted io the ¢Jperat1Ls and finartes ol the Vu#, and are satfd that Sy5tem5 i In kyace ro mrtoare eyp)wre to Ihose risks. The financKal res1 for the e as set ¢>Jt ryb Pw 6 ar 7. The reserves of the tnJ5t orynate from Inthi aJiiJnal twuest Df the reshlue of IlrThan Ffaser's 1964 Trust, and lunds transferrtd fvom DaMd 8arnet ChrEt's Trust tOgetr wrth any mtyst¢nert irt the vabje of Investrnents and accumulated re¥enue. The trustees a erVeS rdKy that shcAJkl enwre t1 attY of Ihe Trust to meet Its obJecbve5. The thl oflree as al 30 efflt 2024 was £1,133.584 (2023 . £I.L%fJ,a. aklffi¢yd thus.. 2024 2023 General Fund D B (hnstre Furnj IW.048 9)2.770 I C6A 402 Apprnved by TrItel% ané slgTred on thr b•h•lf:
The P4orman Fraser Desl9n Tnwt Report by Trustees lor the year to 30 September 2024 {Ct) Coo¢itutw•n4 Objects fcrf) TrLM S{Lts as amtsxled are:. to pwde finarKb assistsnce to en&4e •ny4J cw mcrt irk1wduats prelerats. but nc necessarify, tr qiJaiificatvJn of Chartered Ewneer to enatAe them to undertake tmne part bme urJeroraduate. graduate or cther studies In the Unted KinWI ty o%er%as. The aVartent of ellan M the ervJYwry f4Y ty the of firyn to asgst In the tKtik1ing, e4aNIsnitvJ, equippry Lv maintainifig of ry In recmthent d studeits ry 5ff fry a Pla iy plices fty t furtheran ol tte Stn9 ol Er4JirerThJ arJ INvrtyl¥ryng dose colatrxiratnn bets4n the engineerirq Oewrtrnert of any Or cl tte unNefsths In 8ntain or Srl$ of futhr eduutw the w hand InOL6try on CPr haTrJ. To In 5(W15hips io Ilale WL¥t ery11ry SttrS ¢X kKrftntwl Engineerfng udenLs. INI To gjrwrt researth ènd asstr in •ry Instrtutw ol Further Edat1. (vl To $1 vAth the of nevs ETrJineenng ImS$ created ty PePr¢ ar41 Dement cent InsttutKins ol Furtw EthxaT. Ing to c(ynnrc471 eKp1thtst. In cirywng out the fryegjing obpcts, the Trustees shall hwe an unlettered dixrekn to ccmmmrt Ttust lunds Irorn tlrne to time. wlther C3ptsl Ir. to èthi of thè obJÈcts Irrtif tr& the excrtsslr of the other or part to ore and partty to tr ckner is thty deternI shall te required ro account t¢ ary tenefKry ¢¥ Fe01 beWrI ty arry others f¢Y thwr de05b ty decis$ In sethng any partular objeci. "Institutions d FUrtr Edat- Includes Uni%w&bes and Further Eéu&rt#Jn C(4le9es and such other educath)nal Instr(utions as, In the Trusrees urfetrered dlxrel. be wrtabbe to laclrtate t expendrtuo of the Tru& Fwds. "Er4Jmeeivw- Ind$ m•xhantl. 50thware arl c¢mMereryirwirw). The day.to.day adminstratKJn carr%d Ttrartfyis Lav4 LLP, a5 a9ents fcrf tre Tru The Tru#ee5 Meet and when quire¢ to revtw datnS and cthr as cl the Trusts aff15. There are no re10n5 in Deed en tne trv%ees" to M)¥est. Tre (fjici , i¢yKJ terrn, to adorrt a rnethurn nSk Investment strategy. Iludry equty InvtJtrnen13, t) IrK£ caprtbl gro¥rth. Rattthrts dasslfy fv Tnst's mvestrneiir stre9y > WivmlHJgh Dunng tf year grJnts totslling £61,933 (2023- U30nJJ to kal aTrl Colte9e5 In pursoaFKe trust purpJ5es nctsj atThe.
Tho Norrnan Frnser Design Trust Independent Examlrnr's Reyt to the Tmrtees of the Ilorman Deslgn Trust I rtm oi ihe accwrts rj trt ctfrty fty trt ytar )) SeOemLEf 2024 set out () PO9e$ 6 to 10 Thts rewt Is made to tr truees, as a Pxxjy. in the ternis )f my My work Iws be ndertaken to enable me 10 rep)rt Onn t (vt tek and for rK) cther fo the fullest extent rMtted ty law I do not aCttF¢ ry assume reoty to anyrffte fikin rrLt5tees. •5 a iDJy. wck crf fy this rewrt. The trustees ao re¥nSIb ts Ihe preparats of tr acccwryts terms of the fvrites and Trust In¥estment (Scotlandl Art I)5 •KJ the CWts t¢)ts IScrrttaTrl) Regulatwxs las arnendedl. Tr trustees CLY11)er that the audit requirement of RegJlaDon 10(11 Idl of 2W6 Accwnts Regula5 apply. It Is my reskM)ngbilrty to eurnine the acc(nts iequired secbw 44(1) {cl Ikt to st wrtKulth matter5 ha come to my attention. B••l• of Independert ex•mlnef Staten¢ My examinaticffj Is carrd out acoydance 4¥th .egulatThb 11 al tht Chartbe5 (Scotlandl RJUtlrts 2006 la5 amended). An ex0mlnatrl irtclu¢Yes a revth cl a¢trwrtiThJ rec(xts kept chanty and a cornpan50n of t accounts kyesented wrth thcle cUdS. It also IrKludes cJeratth of ary unusu rterns or dffAk)syres in Il COuntI and seeks eManatS frorn tr trustees cth)ctrniN4 any 9Jch motteis. Tr wlureS ur#lertsken do mde ali the evkjerfe tn rAJfa De In an au1rt, aTrJ corwTrtty I thj nc¢ express an at on tr 9in by tr accounts. In tr CTse ol my exarniTratI(, matter has coffe to my attenbc to keep ant.n9 In 44(11 lal dthe 2c5 PLt arbj ReoJlatTh1 4 of the 2,)Cfj Regulattyis, ar to Frfepaie ntS whch the accwibr#J recryd5 ar#d wth Regukitth 9 of the 2((6 AUnts ReguthL har teen met, ty to whKh, In mv c¢4r4cffj. ittefit sIMyJ bt order to ernble a Nocer the r(xJnts tn fexhed. For teiif of Lc¥Jg* LLP The VIS lId1rj 20 Grttnmarket Trdee tX)14QB 17 J0 2025
The Norman Fraser l)esign Trust Receipt5 and Payments Accounl for the year ended 30 September Z024 2024 2023 Ae<eipts Investment Inccxnt 26.659 24,362 Nef Investrneni Tr)n5a¢tions Total receipts Payments Charitable acti¥it¢s 75.476 31,916 Govern¢t 14.683 9.288 C051$ 01 Irating fu1$ 9.999 9,680 Total payments IOefiCrtI lor year
The Norman Frnser Design Tnmt ststement of ealances as at 30 September 2Q24 1024 2023 C•th on d•p061t •nd on h•nd OpwiNd balan 64,930 79.3C ICef(rtl lry Itar ClosNJ balanc• Unrestrirted Furyls As valu8J ai 30.0924 1 123 970 1015 574 trflnwl•d Uabllltru M at JO.09.14 Thorntons Law LIP. balance rf thinatn feès tts 30 tr).24 Henderson Lc¢Jg LLP, Indepthnt ExaminatiM fee Rathtones. Portfolio managlent fees to 30.09.24 ertay Lkni%w9ty, fft $int$p Ihal payment Atxrtay Lknlrnty. wrthè5e ¢f Pagapi CPT Irth 4.569 556 4.307 2.374 (0 942)" te
Th• Norman Fnser l>•siqTr Trust 2024 2023 $chule I Investment Inc(m thvhTrJs & Interert rer RhiK¥ Irrterest on Thtyntms dep)srt accJvr¢ 2427 132 24.231 151 Sthdd• 2 Chari&ible Acilviti fmstnbubons made In er- Perth Cc4Joge UHI, 4 Scholarship •0r¢Js of Él,fAYJ Abertav Univeryty. 5 Sclrjatship awards ol £1.) Atefty Univtrsity, Pagani CPT macnine Abert Unwyty, Icf Sl0$hIp Iyear 31 4,000 5,OOD 41,559 6.000 6A,933 23,070 94p)rt cc6ts (Sddule 31 Schtdul• 3 2024 rots1 Th#)mt$, balance ol iheif fee Trust 1rraI. CL¥nm15yons. p05tsdc lor Ihe year th 30.09.23 (irK VAn 7,760 Thornt¢$. their Interim fee lor Trust aniristr•t. MM1555, wslsrtc. frx the year to 30.09.24 lirK VA 9,603 19,326 Hetterson Loggie LLP. ftt lry Inwideni ExarnMwn 510 520 ReglStrabM d 20 Chantsue I023 Thomtcns. balarKe of t1'r fee lor TrL& •)ninistFatw. cornmissths, Its(L fry year to 30.(fJ.22 (KK VATI 5.373 5.373 10.746 Thorntry their Interim ftt for Tru51 thIDtstrntJn. onirTh5sMs. pLse1C fty al to 30.09.23 VAT) 3,473 3.473 6.946 HenderyAft Li#Jgie LLP. fee ts lTrJependert e¥amin¥J oo 420 Rtystiation dues Deed 22 22
The Nornian Frdser l)eslgn Trust Schedule 3 Suw)ort Costs (cont) No Trv5tees re(etved expen5e5 froffl tru ffar lo 30 SeOerntJer 202412023 - ore Tru51¢e. £22). Onè of the tru s a partr n Tlknynt& Law LLP whth recth¢d fees dunno the vear of É27.CQ6 a1ministratDn of tr.e trusl £202J £11.6921. 5th•d 4 Costs ol 9•ft••tkng fvnd1 X124 2023 RaorE Invenl M•r•Jws Ljmrteil. prytfdo alm•str•b¢ffj fets Sth4dule 5 St•tiffl•nt of b•l•nc• •t JOth.24 2024 DKT Fund Fund Tot41 IoMe fecweo inye¥ 25.240 1,413 26,659 th5trtJutty)s pa in year gJpp>t costs IDefDt)fiulYS fly year (61,933) 12 25 {01,933) (4912} 695 I4817) ealonce as at 30.09.23 12S 331 Balance Is •t 30.09.24 Schedule S 5teent Reieiiie as ot 11.(Yl.23 2Q23 Main Fund FLThJ T¢tal Income rreived In year 23.LTrJO 1.292 24.382 nbtstThs paid In year SuFFQrt costs (23.070) 123,070) 469 (Def11/jrKyS f*y year (8.3571 (7,534) 8•knce a$ at 30.09.22 Balance as at 30.Q>.23 125 331 140 428
The Norman Fraser Design Trust Notes to the Accounts and General Notes re9ardin9 FInCial SeThices and Markets Act 2000, Law Society Rubes antl reted matte l. Accourttino pIneS Basis alpParat The Accounis are prepared in accOr(ke Wih ihe Chairties P£counts15cr1j1 Re15 2(th ias amende¢Jl. 2. Investment The Trustces appiove the continued appoiniment of the IrwtStmenl Managers as detsiÈd In the Rerx)rt of the trustees In these kcounts, ènd on the same bè>s as contained In Investnnt and Firtanck41 r¥e$ Temis of 8us4ness A9reement curtty In f¢)rce. 3. Independent Fxamlfter The Trustees epprDve the (tir ap))rtment .)f the IndeFeThJent Exèrr•nei as deiailL)J in the Rewrt of the trustes 7 Itse c0¢s. Golng Concern At the lime of apryov,nq the financial stat¢Thents, the [rSte have a rthwnaLJle excaation Itt Ihe Trust has adeouate re5(xJrces tD Cwtioue In operotional existen for the fryesceatAe lutuie. Thus the :rustees ccntinue to adopt the 9oing concern bdgs ol a(cnting in kY¢pawing the fThnciil Slatttifits.
Appendix I Norman Fraser Design Trust Investment incomings Date Stock 0411012023 ScDttish Amencan Inv Co Ord 25p 0511012023 8runner Inv Trust Ord 25p 1611112023 Impax Fund5 Guinness Asset Mgmt Equity IDC z i 1010112024 Rtyal London Asset Mgm[ Short Gbl Ind Z Inc 1510312024 Jupiter UTM Japan Incorne ZH Inc 2110312024 Ishares II PIC TIPS UCITS 281031?024 fielx Ord 14 44p Ex)enan Ord USSO.10 Transarti)n Sas Sales Sats Sas Sa5 Sales Sas Amount 21,960.00 14,462.00 10,325.00 38,409.09 14,812. 20,475. 15,907.85 13,553.55 6.007.14 Sa5 ¥ii Scnwab (Charle51 USSO.01 Commorb Stc(k 1810412024 Aurodesk Inc Common St(Kk 2210512024 BB Biotech Ord CHFI Qualcomm Inc Common Stock 2310512024 M8G Securities Gt4 Macro Bond PP Ir 0610612024 Ro¥al London UTM Ethical nI Z Inc ASML Holdings EURO.09 Lloyds Bènkin9 Group Ord lop 2110612024 Reckitt 8enckt5r Group Ord lop 2310812024 M&G Ord 5p Croda Internatiortal l 0.609756p Astrazeneca Ord USSO.25 Eslee Lavder USSO.01 Common Stock Saks sas Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales 11,320. 14 15,122.47 9,623 56 23,761.68 11,492.16 I I.980.80 4,89D.53 19,905. 14 11.965.65 17,276.07 9.157.45 3,931.34 6.269.29 312,607.91 Investment Outgoings Date Stock 0411012023 Tre45ury 114 Gllt 31101125 0511012023 Treasury 5/8% Bonds 31107125 A8IDN OEIC Gbl Index Lkd 8oryd S Instl Inc 1511112023 l$hares 11 PIC TIPS VCITS Rentokil Tnitial PIC Drd Ip Qualcornrn Inc Common Stttk 1510312024 Jupiter UTM japan Income U2 Inc 2 110312024 Treasury 4 114% Stock 07103136 0210412024 Hermes lTrvestrnent Mgmt Equity L2 Inc 2210512024 ASSA Abloy S Shares Transaction Pvtchase Purcho5e Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Amount 10,364.91 10,084.93 15,612.30 15,690. 18 15,446.21 15,703.70 19,672.40 15,255.19 28,114.50 16,975.86
ii Persimmon Ord lop Diajeo Ord 28 1011108p Blackrock Inc Class A Common Stock 2410512024 Herrnes Investment Mgmt Equity L2 Inc 0610612024 ITX Corp Common Stock Compass Group Ord I I.OSp Prudeniial PIC Cyd 5p 2110612024 NoYo-NorDisk B Shares 231081?0?d Lordon Stoek Exchang@ PIC Ord 79186p Microsolt Corp Common StcKk AffzOn Com Inc Common Stock Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purrhas r¢hase Purchase 6,641.31 6,277.72 19,059.92 6,362.65 17,907.95 17,072 15 4,430.34 l4,078.06 19.OQ6 $9 6,054.97 5.427.33 285 329. 18 27,278.73 Equalisation Abrdn er$ Jupiter 160.31 5.63 105.33 271.27 Net Proceeds From Inveslments 27.550.00
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