THE TRUSTEI Es of4 THLI MrfcHEI LL BEI QUJIST Ivitli fi UDIDS OF I'HI TRUST LI STATE Cliai'ity No: sco1378 FINANCIAL ACCOUNTS Foi. tlic Year ended 30 Noveinb¢i' 2024
THE TRUSTEI ES OF THf MfTCHEI LL Bri QUEI ST witlh liUNDS ofi Tlljl TRUST LI STATE Ch&rity No: SCU13478 riiiiajjeial StatcnJeiif$ foi. tlje Yeoi. ¢lnded 30 Novenjbei. 2024 Legal and AdministrsLtiv2 Infoi'nintEoJi Scoiii$h Chariiy Nuinbei.: SCOT 3478 Cgntact Address.. Irrcnt Triistees.. Banker.. The Roya2 Ban1( of Scotland Gla¥gow CTrty Brancli 10 Gordon Stre¢t Gla58OW GI 3PL StockbrDk¢r'. BIEviin Dolphiii 31 32 City Qiiay Caniperdown Sireel Dund¢L DDI 31A
'rHE'fRUSTIIEI s ofi THLI MITCHEI LL BEI QUEI ST witli f4 UNDS OI. THLI TRUST ESFATE Clithi'ity No.. SC013478 Ti'tr5tce5' l Repoi'l foi. tlje Yea). Qiidtd 30 Novcmber 2024 ie Tr115tees subiiiit Ilieir Aniiu81 Report artd IIic ind¢p¢ndenlly 01n117¢d fingiicial slatCLKents of Il 1 rusie¢8 of tli8 Miichcll Bcqiicsi fvi. the y¢ai- elided 30 Noveinbei- ?02Lt. Tlie Ti'iiste¢s liav¢ hdopted the provisions of Ac¢ouiitii)g aiid REPOI tiiig by Cl)tritics'. Siatemcnt of Kecoininended Pi'acti pplicabl¢ ¢0 Cliarities pr¢paL'iiig Ilieir acGounts in ac¢01.dance with 1116 f*inaii¢ihl Rei)oitiiig stndard applicable in tho Ull Rcpublic of Ir¢land IFRS I 02) lerrebtive l JLIiuHry 20151. Appointment of 'fi'115tcc All of thc ch21'ity's tru51ee5 are appointed by Trust Dl$positiOn 8nd S¢ltlement which is re8tst¢red in rhe Books of Couiicil aiid Session. Founding DocuJn¢nl Tru%t Disposition 4nd Soltlement by the late Captrdill Thomas Peter Mitchell of Baldovie. dated 24 Joniiary 1865 ond rccorded in the Books of Council and Session on 21 Jlnuory 1865. Objc£tives ind ActÉvitiCS Thc cbjectives ¢f th¢ charity are to malce rtn annuol allownne¢ of mon¢y to ¢l¢rgymen of th¢ Rornan Catholic religion in Scoilsiid who imay be tncapacitatd by age cr infirinity for the disc11arg¢ of their duties. A£lilevemÈnl uiid PeJ.forJnante Tlie vale of Il)¢ fiiiid al 30 Nov¢inber 2024 was £l,116.23512023.. £992.4901, pYoduGing incoinE of £28,748 (2023.. £28,143) and after ¢XPE115es of adTrDiDi51ralioi1 af £25.73512023.. £19.3681. Dul-ing th¢ financial y¢ar, payiMciil$ 10 benoficiaries rotell¢d £19,000 12023: £13,600). 'rhc nuinb¥r or bEryefi¢iRI'ies w4s 3 l ai tlit eiid of the fiiiaii¢ial yeai.. after I hdniission and 4 death$ durittg Iheyear. R¢5¢rvE5 Foliey Tlie ¢apital suin inv¢$ied produces Bn incoine $ircain to fund ihe ¢hai'ity. The desiglialed fund is available lo meet ony dcficiencies iyliicli iiiay 01. in any palticiilnr year when incoine may be insufficient to i)ieet Ilie deinJn(55 UPOII It. Fui'thu'i)ioie, tlie tl-L15t¢¢s Inay, linder aLiiliority Df the Coiirl. oblaui a suminary yetition to disiribuie Ihe Su¥plus R6veiiiie Fuiid lo g¢neral e¢¢lCsiasti] PUl'PQ5e5. AppiDved by and 011 b¢litslf uf tlie Trusices oil
'rHF TRUSI'EI Ei S Oll TIIE MITCHEI LL BEI ouisr WTtli fi UNDS OF TIIEI TRDST II Sl'ATfi Cliarity No.. SC013478 Indcpeijdetit KyRniiii#r's R¢port to tlie Triistee5 of The Mitcliell Beqijest iepoit on th¢ financial $1É16tnciits of th¢ Gliari(y foi. tlic year elided 30 Novemb. 2024 wliich are sei oiit oli pages 9. Resi)eetive RespontsibiIitie5 of tlie Ti-u¥te¢s Slnd J£xAmiiiei' 171e cliariiy's trustees &lE iEsp¢r]5ible for the prsparation of tlie accounts in aceoilance witli the (erins of tlie Clioi'ities aiid Trustce Iiivesinient IS¢otland) Acl 2005 4iid Charities Account5 Iscotlaiid) RelIatiO1)S 2006. Tlie clifirity ti'iistees ¢oiisidei' that ilie audit rciiuii'ethent of Rtgulation 10 (l) la) to (c) of the Accounts Re8ulalioiis Iiot aiiply. 1¢ is my iEsponsibilily to ex8iiiiiie tlie ac¢oiiLIt8 as Yequired undei. $¢ctioii 44 {11 {¢J of t1 Act 2nd to stale wliether particulai. Irattei's liave ¢oine to Iny 8tteiitioi). Bn5is ofindepeitdeb)t Ei xaminer's Stateniejit My examinatioji is cai'ried out in aC¢OLNlanee witli Regulation I l of tlie Cliai'ilies Accouii (Scotlaiidl Regiilations 2006. AiJ examinatioii iii¢lud¢s a review of the accountiiig riGoi'ds 1(ept by tlie Chariiy ad a coinpai'is011 of tlie account5 piEseiiied witli those re¢oids. It al80 includes coiisideratioii of ony UliiiSLial items 01 disclosui¢s iii Ilie aLcoiinlb, and seek5 explanations fi'om the fiustees coijcei'ning any such fflatter5. Thc Pl'ocedures undei'taken do iiut i)i'ovi(le all the Evid¢n¢e tlial woiild bv i'eqLiired in an audit, and ¢onseguenily I do not exprcss an audit opinioii 00 tlie view given by the accounts. liidep¢ndettt Ei xaEniiier's Ststem¢nt In the course of iiiy examination, iJo Inatler hyb coine to iny altention= whieli gives Jne ita50nable caiise to believ¢ tliai in aiiy inatoial irs1)ect tlie rLqUlI'eiMents.' to l(eep accDunting LYCOI'ds in aicoi.daiice ivitli Seciion 44{11{ll) of die 2005 Act aiid RcEiilation 4 of tlie 2000 A¢couiits Rcgiilations. and to prcpare accoun15 wliidi aecord witli the a¢¢oLintiiig recoi'ds and coinply with R¢Diilalion 8 of tlie 2006 Accoiiiit Regul8tioi)$ have noi bceii niet; to which. iii my opiiiion, allention sliould be dTawJi iii Order ro enable a IlFopeT Si8ne Date
TI.IE TRUSTE5 ES or Tttr MITC14LI LL BEQUEI ST Ivitll FUNDS OF THEI TRUST ESTATJZ CIIAJ'Lty No.. SC013478 stateme.nt of Finaiicial Aclivilies {inclii(Jlbg Incomt & Ei xi)etidiliir¢ Actount) ior tlje yeaj. eiid¢d 30 Nov¢nibei- 2024 Total Fiinds TDtal ITlliid5 DosiEn'lted Jrunds Nol¢ r4und5 30111124 30111n3 Income #Dll Fdndoivmciils fioiii.. Iiicoine frn ii?vesimeii 26,889 1,859 28,748 28.143 Tot81 Ineonie 1,859 Expcnditure on-. 25.735 25,735 19,368 ToiAI fi xp¢niJitui'e 2.S.735 25.735 19,3fj8 Net 8ains/(Ios5e51 on inve51iiienls 112.92 7,808 120,732 130.3951 Net itiEoin¢l(expfrJidi(ur¢l 114,078 9,667 123,745 (21,020) Transfeys beiween Fiiiids Nel Mtsvtnienl rn Fund5 114,078 9,667 123,745 121.620) Recoihtililiion offuiid$'. Toiol Fiiiid3 brought forward 931.527 60.963 992,490 Total corrie(I foi'ivHrd 1,045,605 70.630 1,116,235 992,490
TI.ILI 'fRUSTfi ES OF THF MITCllfi LL BFQUEST Ivitll FUNDS OF TIIE TRUST ESI'ATEI Cl)ii'ity No.. SC013478 Balance Slieet as #t 30 Novenib¢r 2024 I'otal Fiinds 30111ri4 Generlll Fund$ Deslgiiite(I rLund8 Ftynds 30111123 Not¢ Irixed A5set$ Invest¢nants 985.418 70 630 1 056 048 934715 Current Assets Debtoi Bink 1,425 60,518 1,425 60.518 1.829 57,202 61,943 61.943 59.031 Creditors: aiiiouht.% falling diie ivlthln one ye4r 1,756 1,756 ,256 Net Current Assets 60.187 N¢t Assets 1,045,605 70,630 1,116.235 992,490 IluTri15 of tlie Chllrity General funds Designatc(I fund Desi8iiatrd Fiind- Surplus lievenue Fuiid 1,045,605 1,045,605 2.500 68,13Q 931,527 2,5QO 58,463 2,500 68,130 1.045,605 70,630 1.116.235 992,490 The notes on pages 6 to 9 foiin pail of tliese fiiiaiicial stateiMei?t$. The finaiicial siitemonts were api)ro their behalf by.. O a5nd 5i8ned on Tiwstc Tj'usle
THEI TRUSTEI ES OF THE MITCIIEI LL BEQULI ST Ivith FUNDS ofi TEIE TRUST EI ST ATE Cliai'ity No: SC013478 NTrt to tlie ILcioI Sl#tcivcrkts lor tlio Year elided 30 November 21)24 A¢wunting Folieitrs Tlie pi's11¢ipal acLoiinlii)g policies are suminai'ised below. Tlie accountii)g poli¢i¢s hav¢ b¢en applicd consisteiitly tlii'oiigliout y¢ai'. la) Basrs ol Ac¢ounting Tl?e fjiiaacial slateineiits liave beeli pi'epaitd under tlie hisioTical c05L coiiv¢ntion, as Inodified by tlie incliisioii of fix¢d asset inveslni¥nls at inai'ket valuc and in accordance witli Ille pivvisi0118 of Accouiiting oiid Reportin8 by Chnrities.. Sliileineiil oecordoncc tviih tli¢ FinaiJcial Rq)tsriinB Standai'd applic4bl¢ in Ili¢ UIC alid Republic of Ireland IFRS 102) (eff¢ctive l Joiiuary 20151. Ib) Iiivestmeiits Investinents 8r¢ valued *Lt cUrrlt niarketvaltse. 1¢) Jfun(l ALcuiintlne Geneial fiinds are available foi. use al tlie discretjOD of the Triisie¢s in the furtlieyance of tlie geiieral obJtiVeS ol. tlie chai'ity and whirh liave i)ol been desisnated foi. othei. purposes. Dtsigiiated fuiids rompri5e of uiiirsii'ict¢d funds tliat liawe beeii set asid¢ by the Ti'u5tees foi. paiticulai. puiposes. 'nTre aim and LISC of Ilie desigiiated fuiid is set out ii) Iiote 7 of tlie fiiian¢ial statemlts. {d) In¢onie All incoming resoui'¢ES Arc iiicludth in t.he stalenicnt of fiiiancial a¢tiviti¢s wiieii the ¢hariLy 15 en¢itled to Ilie incoine and t1 ailloun( Ggn be qiian(ified witli #SOnable accui'acy. Investmeiit in¢oino is included wliai receivable. le) li xpeiidiÈui'e Exijendiliire is recognised oil an acci'ual basis as a liability is li)¢uiid. F.xpcnditure includes any VAT ivliicli caiiiiol be fully rEcovErablc and is reported as pai'l of the expeDdilLire to which is ielales. Chai'itable expeiidilvi'e ¢ompTises thDse c0515 iiicuired by thc Gliari(y in ilie delivuy Of it5 activities and service5 foi. its beneficiaries. It iiiclud¢5 botli $tS tliat cali be alloc8ted dii-ectly ID sucli aclivities and tl)ose costs of ai) indii'e¢r njliii'e nece3801'y to support tliein.
THfi. fRL'STEES or TFIE MITCHLI LI, BEQUEI sr wltli fi tJNDS ofi TI.Ifi TRUSI, LI STATL Chai'ity No: SCI)13478 Ittcom¢ fiY)m It)ve5tnicats 2¢J24 2023 Dividelld5 R¢c6ived 28,749 28.143 C119rltablo AetivltlCS 2024 2023 Allowoiiees paid to beiieficiai'ies Invc5tment nia118g¢ineiil cliaiges Indcpcndeiit Exailliiier's fees 13ank chai'ges 19,000 6.412 250 73 13.600 5.445 250 73 25.735 19,368 The Salaiy of Ili¢ Clei'lo lias been w4ived by IIJC diocese involved in provision of accouniiiig aiid sea"ctarial sei'vice5. Iiivestnjents Ilqarliet Valiie At l D¢rnbeL. 2023 Addilioi Dispos&ls C8slI Balance moveinent Realised uain For yeaj. Uni'ealised gain foi. yeai. 934.715 283,231 1262.345) (20,2851 14,407 106,325 At 30 NoveJnber 2024 1.056.048 Flisioi'ical Cosi i?t 30 November 2024 771,055 All iiiveslineiits Iield aiE listed on the UK 5toBl< exc11911ge. Tlie rnarlitt value inv¢8imenls hcld in Ilie Designai¢d Fuiid is £70.63012023: £60,963). I'h6 tnai'kei value of iiivesln?eiits lield in tlic O¢nei?l Fund is £985,41812023'. £873,752).
TIl[I TIIUSTEI Ei S OFI IVIITCHEI LL BEI QULST Ivilll FUNDS ofi THE TRUST ESTATE ChaL'ily No.. SC013478 DLbtoi's 2024 2023 ciicficiary AllowaJi¢¢ L-etirL'iicd Divi(lend inLuin¢ io¢eivabSe 400 1,429 1,425 Ci'editOTS 2024 2023 A¢ci'itals 1,756 1,256 Slattwneiit of FuiLd5 GL5iiei'21 Fuiids Al rnconiin# Rcso41'ccs 01112127 lies0ree8 Expciidcd Investment GRiiis Th'lln$lcrs At 30111124 Geiiei'&l funds 931,527 ?.6,889 125,73SI 12.924 1,045.605 Ib) Deslgnii tod Desigiitled Fiiiids Siirp1115 R¢Vlue rtiiids 2.500 58.463 2,500 68,130 1,859 7.808 60.963 1,859 7,808 70,630 Ic) Tol*) 17uiids Toial fuiids 992.490 28.748 125,7351 120,732
THEI TRUSTEI Ei s ofi Tll[I IVIITCI.IEI LL BEQUEI ST Ivitli fiUNDS ofi Tl.IEI TRUST EI STA TI ChAJ'ity No= SCOJ3478 Gemei'ai fiinds al'e an accuinulaiioii of 11'pl1*g5 and dcficils are available foi. iise al trie discretion of the Ti'uslees iii tlie furtlieixiiee of the geiieral objective5 of the cliarÈty and wl)i¢li liav¢ iiot beeii de5i¥nated foj. oiliei. PLlI'pose8. DLpsignnledfiiiiid& Jie siirpliis Y¢veiiue funds lield for geiieiol e¢olcsiastieal purposes, TrustC¢5' RLt]JttIieratiurt and RelA¢cd Porty Ti'on541Ctions No triistee Itceived any rn[li1¢ratiott during the year12023'. Nil). No Irustce or orlier persott related to the cliai'ily liad aiiy IJBI'50Jial i111¢1'est li) any coi)ia¢l oi. llaiisactioi) enteiEd iiito by tlit cliarily dvl'ing the ygèr12023.. Nill.