THE TRUSTEI Es of4 THLI MrfcHEI LL BEI QUJIST
Ivitli fi UDIDS OF I'HI TRUST LI STATE
Cliai'ity No: sco13￿78
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 st￿ndard
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$positiOn 8nd S¢ltlement which is re8tst¢red in
rhe Books of Couiicil aiid Session.
Founding DocuJn¢nl
Tru%t Disposition 4nd Soltlement by the late Captrdill Thomas Peter Mitchell of Baldovie. dated 24
Joniiary 1865 ond rccorded in the Books of Council and Session on 21 Jlnuory 1865.
Objc£tives ind ActÉvitiCS
Thc cbjectives ¢f th¢ charity are to malce rtn annuol allownne¢ of mon¢y to ¢l¢rgymen of th¢ Rornan
Catholic religion in Scoilsiid who imay be tncapacitatd by age cr infirinity for the disc11arg¢ of their
duties.
A£lilevemÈnl uiid PeJ.forJnante
Tlie val￿e of Il)¢ fiiiid al 30 Nov¢inber 2024 was £l,116.23512023.. £992.4901, pYoduGing incoinE of
£28,748 (2023.. £28,143) and after ¢XPE115es of adTrDiDi51ralioi1 af £25.73512023.. £19.3681. Dul-ing
th¢ financial y¢ar, payiMciil$ 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 0￿￿1. 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) Re￿lIatiO1)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. $¢ctioii 44 {11 {¢J of t1￿ Act 2nd to stale wliether
particulai. Irattei's liave ¢oine to Iny 8tteiitioi).
Bn5is ofindepeitdeb)t Ei xaminer's Stateniejit
My examinatioji is cai'ried out in aC¢OLNlanee witli Regulation I l of tlie Cliai'ilies Accouii
(Scotlaiidl Regiilations 2006. AiJ examinatioii iii¢lud¢s a review of the accountiiig riGoi'ds 1(ept
by tlie Chariiy a￿d a coinpai'is011 of tlie account5 piEseiiied witli those re¢oids. It al80 includes
coiisideratioii of ony UliiiSLial items 01 disclosui¢s iii Ilie aLcoiinlb, and seek5 explanations fi'om
the fiustees coijcei'ning any such fflatter5. Thc Pl'ocedures undei'taken do iiut i)i'ovi(le all the
Evid¢n¢e tlial woiild bv i'eqLiired in an audit, and ¢onseguenily I do not exprcss an audit opinioii
00 tlie view given by the accounts.
liidep¢ndettt Ei xaEniiier's Ststem¢nt
In the course of iiiy examination, iJo Inatler hyb coine to iny altention=
whieli gives Jne ita50nable caiise to believ¢ tliai in aiiy inatoial irs1)ect tlie rLqUlI'eiMents.'
to l(eep accDunting LYCOI'ds in aicoi.daiice ivitli Seciion 44{11{ll) of die 2005 Act
aiid RcEiilation 4 of tlie 2000 A¢couiits Rcgiilations. and
to prcpare accoun15 wliidi aecord witli the a¢¢oLintiiig recoi'ds and coinply with
R¢Diilalion 8 of tlie 2006 Accoiiiit Regul8tioi)$
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 fr￿n 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 cUrr￿lt niarketvaltse.
1¢) Jfun(l ALcuiintlne
Geneial fiinds are available foi. use al tlie discretjOD of the Triisie¢s in the
furtlieyance of tlie geiieral obJ￿tiVeS 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 statem￿lts.
{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)¢uii￿d. 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 lies0￿ree8
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¢V￿lue 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 r￿n[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.