# **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
**Charity No: SC013478**
## **FINANCIAL ACCOUNTS**
**For the Year ended 30 November 2025**
## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
**Financial Statements for the Year ended 30 November 2025**
|**Legal and Administrative Information**||
|---|---|
|Scottish Charity Number:|SC013478|
|Contact Address:|Archdiocese of Glasgow|
||196 Clyde Street|
||Glasgow|
||G1 4JY|
|Current Trustees:|Right Rev Joseph Toal|
||Right Rev Hugh Gilbert|
||Most Rev Leo Cushley|
||Right Rev John Keenan|
||Most Rev William Nolan|
||Right Rev Brian McGee|
||Right Rev Andrew McKenzie|
||Right Rev Francis Dougan|
|Banker:|The Royal Bank of Scotland|
||Glasgow City Branch|
||10 Gordon Street|
||Glasgow|
||G1 3PL|
|Stockbroker:|Brewin Dolphin|
||Level 8 Cadworks|
||41 West Campbell Street|
||Glasgow|
||G2 6SE|
|Independent Examiner:|A E Moore C.A.|
||675 Coatbridge Road|
||Bargeddie|
||Glasgow|
||G69 7PH|
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## **Trustees’ Annual Report for the Year ended 30 November 2025**
The Trustees submit their Annual Report and the independently examined financial statements of the Trustees of the Mitchell Bequest for the year ended 30 November 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of 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) (effective 1 January 2015).
## **Appointment of Trustees**
All of the charity’s trustees are appointed by Trust Disposition and Settlement which is registered in the Books of Council and Session.
## **Founding Document**
Trust Disposition and Settlement by the late Captain Thomas Peter Mitchell of Baldovie, dated 24 January 1865 and recorded in the Books of Council and Session on 24 January 1865.
## **Objectives and Activities**
The objectives of the charity are to make an annual allowance of money to clergymen of the Roman Catholic religion in Scotland who may be incapacitated by age or infirmity for the discharge of their duties.
## **Achievement and Performance**
The value of the fund at 30 November 2025 was £1,182,136 (2024: £1,116,235), producing income of £31,139 (2024: £28,748) and after expenses of administration of £23,905 (2024: £25,735). During the financial year, payments to beneficiaries totalled £16,800 (2024: £19,000). The number of beneficiaries was 28 at the end of the financial year, after 1 admission and 4 deaths during the year.
## **Reserves Policy**
The capital sum invested produces an income stream to fund the charity. The designated fund is available to meet any deficiencies which may occur in any particular year when income may be insufficient to meet the demands upon it. Furthermore, the trustees may, under authority of the Court, obtain a summary petition to distribute the Surplus Revenue Fund to general ecclesiastical purposes.
Approved by and on behalf of the Trustees on:
Trustee: Right Rev John Keenan Trustee: Most Rev William Nolan
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## **Independent Examiner’s Report to the Trustees of The Mitchell Bequest**
I report on the financial statements of the charity for the year ended 30 November 2025 which are set out on pages 4 to 9.
## **Respective Responsibilities of the Trustees and 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 Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10 (1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44 (1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Statement**
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of 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 required in 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 examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Account Regulations
- have not been met;
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed Date
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## **Statement of Financial Activities (including Income & Expenditure Account) For the year ended 30 November 2025**
|**Note**
**Income and Endowments from:**
Income from investments
2
**Total Income**
**Expenditure on:**
Charitable activities
3
**Total Expenditure**
Net Income/Expenditure Before Net
Gains/Losses on Investments
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfers between Funds
**Net Movement in Funds**
7
**Reconciliation of funds:**
Total Funds brought forward
**Total Funds carried forward**
7|**General**
**Funds**
**£**
**Designated**
**Funds**
**£**
**Total**
**Funds**
**30/11/25**
**£**
29,125
2,014
31,139|**Total**
**Funds**
**30/11/24**
**£**
28,748|
|---|---|---|
||**29,125**
**2,014**
**31,139**|**28,748**|
||23,905
-
23,905|25,735|
||**23,905**
**-**
**23,905**|**25,735**|
||5,220
2,014
7,234
54,873
3,794
58,667|
3,013
120,732|
||**60,093**
**5,808**
**65,901**|
**123,745**|
||-
-
-|-|
||**60,093**
**5,808**
**65,901**
1,045,605
70,630
1,116,235|**123,745**
992,490|
||**1,105,698**
**76,438**
**1,182,136**|**1,116,235**|
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## **Balance Sheet as at 30 November 2025**
|**Note**
**Fixed Assets**
Investments
4
**Current Assets**
Debtors
5
Bank
**Creditors: amounts falling due within**
**one year**
6
**Net Current Assets**
**Net Assets**
**Funds of the Charity**
General Funds
7
Designated Fund
7
Designated Fund – Surplus Revenue Fund
7|**General**
**Funds**
**£**
**Designated**
**Funds**
**£**
**Total**
**Funds**
**30/11/25**
**£**
1,032,782
76,438 1,109,220|**Total**
**Funds**
**30/11/24**
**£**
1,056,048|
|---|---|---|
||2,582
-
2,582
71,890
-
71,890|1,425
60,518|
||74,472
-
74,472
1,556
-
1,556|61,943
1,756|
||72,916
-
72,916|60,187|
||1,105,698
76,438 1,182,136|1,116,235|
||1,105,698
- 1,105,698
-
2,500
2,500
-
73,938
73,938|1,045,605
2,500
68,130|
||1,105,698
76,438 1,182,136|1,116,235|
The notes on pages 6 to 9 form part of these financial statements.
The financial statements were approved by the Trustees on and signed on their behalf by:
Trustee Right Rev John Keenan
Trustee Most Rev William Nolan
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**THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## **Notes to the Financial Statements for the Year ended 30 November 2025**
## 1. **Accounting Policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
## (a) **Basis of Accounting**
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value and in accordance with the provisions of Accounting and Reporting by Charities: Statement of 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) (effective 1 January 2015).
## (b) **Investments**
Investments are valued at current market value.
## (c) **Fund Accounting**
General funds are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of the designated fund is set out in note 7 of the financial statements.
## (d) **Income**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Investment income is included when receivable.
## (e) **Expenditure**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recoverable and is reported as part of the expenditure to which is relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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**THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
## 2. **Income from Investments**
## 3.
|Dividends Received
**Charitable Activities**
Allowances paid to beneficiaries
Investment management charges
Legal advice
Independent Examiner’s fees
Bank charges|**2025**
**£**
31,139
31,139
**2025**
**£**
16,800
5,586
1,196
250
73
23,905|2024
£
28,748|
|---|---|---|
|||28,748|
|||2024
£
19,000
6,412
-
250
73|
|||25,735|
The Salary of the Clerk has been waived by the diocese involved in provision of accounting and secretarial services.
## 4. **Investments**
|**Market Value**
At 1 December 2024
Additions
Disposals
Cash Balance movement
Realised gain for year
Unrealised gain for year
At 30 November 2025
Historical Cost at 30 November 2025|**£**
1,056,048
241,629
(245,114)
(2,009)
8,419
50,247|
|---|---|
||1,109,220|
||849,081|
All investments held are listed on the UK stock exchange. The market value of investments held in the Designated Fund is £76,438 (2024: £70,630). The market value of investments held in the General Fund is £1,032,782 (2024: £985,418).
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
|5.|**Debtors**||||||||
|---|---|---|---|---|---|---|---|---|
||||||**2025**|2024|||
||||||**£**||£||
||Investment income receivable||||2,582|1,425|||
||||||2,582|1,425|||
|6.|**Creditors**||||||||
||||||**2025**|2024|||
||||||**£**||£||
||Accruals||||1,556|1,756|||
|7.|**Statement of Funds**||||||||
|(a)|**General Funds**||||||||
|||**At**|**Incoming**|**Resources**|**Investment**|||**At**|
|||**01/12/24**|**Resources**|**Expended**|**Gains**|**Transfers**||**30/11/25**|
|||**£**|**£**|**£**|**£**|**£**||**£**|
||General Funds|1,045,605|29,125|(23,905)|54,873|-|1,105,698||
|(b)|**Designated Funds**||||||||
||Designated Funds|2,500|-|-|-|-||2,500|
||Surplus Revenue Funds|68,130|2,014|-|3,794|-||73,938|
|||70,630|2,014|-|3,794|-||76,438|
|(c)|**Total Funds**||||||||
||Total Funds|1,116,235|31,139|(23,905)|58,667|-|1,182,136||
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## **THE TRUSTEES OF THE MITCHELL BEQUEST with FUNDS OF THE TRUST ESTATE**
## **Charity No: SC013478**
_General Funds_ are an accumulation of surpluses and deficits and are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes.
_Designated Funds_ are surplus revenue funds held for general ecclesiastical purposes.
## 8. **Trustees’ Remuneration and Related Party Transactions**
No trustee received any remuneration during the year (2024: Nil).
No trustee or other person related to the charity had any personal interest in any contact or transaction entered into by the charity during the year (2024: Nil).
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