## **REGISTERED CHARITY NUMBER: SC014007**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 FOR NAUGHTON DUNN MEMORIAL TRUST**
**CONTENTS OF THE FINACIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026**
## **NAUGHTON DUNN MEMORIAL TRUST**
||**Page**|
|---|---|
|Report of the Trustees|1-3|
|Independent Examiner’s Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7-10|
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2026**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **_________________________________________________________________________**
The Trustees present their report with the financial statements of the charity for the year ended 5 April 2026. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) Financial Reporting Standard (FRS 102).
## **REFERENCE AND ADMINISTRATION DETAILS Registered Charity Number**
SC014007
## **Principal Address**
Aberdeen Medico-Chirurgical Society Medical School Foresterhill Aberdeen AB25 2ZD
## **Trustees**
Dr Alastair McKinlay – President Mr Peter Bodkin – Hon. Secretary Dr Andrew DT Robinson – Hon. Treasurer Dr John McKeown – Past President Dr Alasdair Forbes – President Elect
## **Independent Examiner**
Chris Smith BA (Hons) FCPFA 5 Friarsfield Walk Cults Aberdeen AB15 9PW
## **Bankers**
The Royal Bank of Scotland 40 Albyn Place Aberdeen AB10 IYN
## **Investment Managers**
Brewin Dolphin 23 Rubislaw Terrace Aberdeen AB10 1XE
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document**
Naughton Dunn Memorial Trust is a Trust which is governed by its Constitution. It is a recognised Scottish charity (SC014007).
**1**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2026**
## **_________________________________________________________________________**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new Trustees**
The Trust is administered by its Board of Trustees. The Trustees are appointed or reappointed by the members at the Annual General Meeting held in June each year.
## **Induction and training of new Trustees**
Induction and training of Trustees is viewed as an ongoing process. The Board have reviewed and discussed the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ 2014 and have developed actions based on its recommendations.
## **Organisational Structure**
The Board of Trustees meet four times a year and they have the discretion to decide how the income of the Trust can be applied to meet the objectives of the Trust.
## **Risk Management**
The Trustees have examined major strategic, business and operational risks, which the Trust faces and confirm that systems have been established so that the necessary steps can be taken to manage these risks.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and Aims**
The Trust was established by its Constitution to provide support for needy doctors and their dependants. The Office of the Scottish Charities Registrar gave permission for the remit to be amended to include support for students completing their undergraduate studies effective from financial year 2015/16.
## **Significant Activities**
The main sources of income are dividends and interest from the Trusts investment portfolio.
Charitable expenditure comprises grants made to doctors or their widows/widowers in need and to students to facilitate their studies. Grants are recognised when the recipient has been advised of the award and an expectation of payment has been given.
Governance costs represent the fees of the accountant.
Investment management costs represent fees from the Trusts investment advisors, Brewin Dolphin.
## **ACHIEVEMENT AND PERFORMANCE**
## **Investment Performance**
The Trust has continued to receive income in the form of dividends from its investments and bank interest. The Trustees consider that the Trust is in a sound financial position and will be able to meet all of its commitments as they fall due.
**2**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2026**
## **_________________________________________________________________________**
## **FINANCIAL REVIEW**
## **Reserves Policy**
It is the policy of the Trust to maintain reserves at a level sufficient to meet planned expenditure requirements for the next year. Reserves are being maintained and reflect the capital value of the assets held.
## **Funds**
Funds held by the Trust are:
Unrestricted General Funds – funds that can be used in accordance with the charitable objectives at the discretion of the Trustees.
## **FINANCIAL REVIEW OF THE YEAR**
The Trust received income of £17,029 during the year which represents an decrease of £1,005 from the previous year. The Net Income of £9,181 (loss) after the adjustment for gain on the value of investments gives a net movement in funds of £55,648 (surplus), which has been added to the Trust’s funds.
## **FUTURE DEVELOPMENTS**
It is the intention of the Trustees to continue the management policies which have allowed the Trust to successfully meet its objectives in the past.
## **ON BEHALF OF THE BOARD:**
**Dr ADT Robinson - Treasurer 11 June 2026**
**3**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NAUGHTON DUNN MEMORIAL TRUST**
## **_________________________________________________________________________**
I report on the accounts for the year ended 5 April 2026 set out on pages five to ten.
This report is made to the charity’s Board of Trustees, as a body, in accordance with the terms of engagement. My work has been undertaken to enable me to undertake an independent examination of the charity’s accounts on behalf of the charity’s Board of Trustees and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Board of Trustees as a body, for my work or for this report.
## **Respective responsibilities of 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 the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s 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 the Independent Examiner’s Report**
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 seeking explanations from you as 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 connection with 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 to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Chris Smith BA (Hons) FCPFA 5 Friarsfield Walk Cults Aberdeen AB15 9PW**
**11 June 2026**
**4**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 5 APRIL 2026**
**_________________________________________________________________________**
|||**2026**|
**2025**|
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
|||**Funds**|**Funds**|
||**Notes**|**£**|**£**|
|**INCOME AND ENDOWMENTS FROM:**||||
|Investments
|2|17,029|17,834|
|Other||-|200|
|**Total**||**17,029**|**18,034**|
|**EXPENDITURE ON:**||||
|Raising Funds
|3|5,221|5,111|
|Charitable Activities
|4/5|20,239|11,186|
|Other
|6|750|750|
|**Total**||**26,210**|**17,087**|
|**NET INCOME**||**(9,181)**|**947**|
|**Other recognised gains/(losses)**||||
|Gains/(losses) on investment assets||64,829|(20,149)|
|**Net movement in funds**||**55,648**|**(19,472)**|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward||493,733|513,205|
|**TOTAL FUNDS CARRIED FORWARD**||**549,381**|**493,733**|
The notes form part of these financial statements
**5**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2026**
**_________________________________________________________________________**
|||**2026**|
**2025**|
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
|||**Funds**|**Funds**|
||**Notes**|**£**|**£**|
|**FIXED ASSETS**||||
|Investments|8|511,048|462,536|
|**CURRENT ASSETS**||||
|Cash (Bank and Investment Deposit|Account)|40,283|33,147|
|||40,283|33,147|
|**CREDITORS**||||
|Amounts falling due within one year|9|(1,950)|(1,950)|
|**NET CURRENT ASSETS**||**38,333**|**31,197**|
|**TOTAL ASSETS LESS CURRENT**||||
|**LIABILITIES**||**549,381**|**493,733**|
|**NET ASSETS**||**549,381**|**493,733**|
|**FUNDS**|10|||
|Unrestricted Funds||549,381|493,733|
|**TOTAL FUNDS**||**549,381**|**493,733**|
The financial statements were approved by the Board of Trustees on 11 June 2026 and were signed on its behalf by:
## Dr A Robinson – Trustee
The notes form part of these financial statements
**6**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026**
## **NAUGHTON DUNN MEMORIAL TRUST**
**_________________________________________________________________________**
## **1. ACCOUNTING POLICIES**
## **Accounting Convention**
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities and Trustee Investment (Scotland) Act 2005 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Income and Endowments**
All income and endowments are included on the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Expenditure**
Expenditure is included in the accounts on an accruals basis, inclusive of any VAT which cannot be recovered. Grants are recognised when the recipient has been advised of the award and an expectation of payment has been given.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund Accounting**
The funds of the Trust are unrestricted and can be used in accordance with the charitable objects at the discretion of the Trustees.
## **Financial Instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity investments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
## **Investments**
Fixed asset investments are included in the accounts at market value at the year end. Any gains or losses arising on disposals throughout the year are included in the SOFA.
## **2. INVESTMENT INCOME**
|Dividends received
|**2026**
**£**
17,029
**17,029**|**2025**
**£**
17,834
**17,834**|
|---|---|---|
**7**
## **NAUGHTON DUNN MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026**
**_________________________________________________________________________**
|**3. INVESTMENT MANAGEMENT COSTS**
**2026**
**£**
Portfolio management
5,221
**4. CHARITABLE ACTIVITIES COST**
**2026**
**Grant**
**Funding of**
**Activities**
**Totals**
**Direct costs (See note 5)**
**£**
**£**
**£**
Charitable activities
850
19,36020,239
**5. GRANTS PAYABLE**
**2026**
**£**
Charitable activities
20,239
The total grants paid to individuals during the year was as follows:
**2026**
**£**
Grants to individuals
19,364
**6. GOVERNANCE COSTS**
**2026**
**£**
Accountancy
750|**2025**
**£**
5,151
**2025**
**£**
11,186
**2025**
**£**
11,186
**2025**
**£**
10,436
**2025**
**£**
750|
|---|---|
**8**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026**
## **NAUGHTON DUNN MEMORIAL TRUST**
**_________________________________________________________________________**
## **7. TRUSTEES’ REMUNERATION AND BENEFITS**
There were no trustees’ remuneration or other benefits for the year ended 5 April 2026 nor for the year ended 5 April 2025.
## **Trustees’ expenses**
There were no trustees’ expenses paid for the year ended 5 April 2026 nor for the year ended 5 April 2025.
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 6 April 2025
Additions
Disposals
Revaluations
**At 5 April 2026**
**HISTORICAL COST**
**At 5 April 2026**
At 5 April 2025
**Analysis of investments by category of holding**
UK Equities
Gold
UK Bonds
Asia Pacific Equities
North American Equities
Global Investments
Japanese Equities
Property
European Equities
|
**2026**
**£**
67,333
33,885
63,058
27,688
140,993
115,410
16,137
20,561
25,980
**511,045**|Listed
Investments
£
462,536
96,618
(73,921)
25,812
**511,045**
425,311
427,865
**2025**
**£**
63,426
-
49,425
15,714
124,264
155,408
11,525
18,552
24,222
**462,536**|
|---|---|---|
**9**
**NAUGHTON DUNN MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026**
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors|**2026**
£
1,950|**2025**
£
1,950|
|---|---|---|
## **10. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General Fund
**TOTAL FUNDS**|At 6.4.25
£
493,733
**493,733 **|Net
movement
in funds
£
55,648
**55,648**|At 5.4.26
£
549,381
**549,381**|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|Income
Endowments Expenditure
£
£
**Unrestricted funds**
General Fund
17,029 (26,210)
**TOTAL FUNDS**
**17,029 (26,210)**
|Gains Movement
and losses in funds
£
£
64,829
55,648
**64,829**
**55,648**|
|---|---|
**10**