**Charity registration number SC014309**
## **THE BLACKSTOCK TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **THE BLACKSTOCK TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Dr J Bryce||
|---|---|---|
||Mrs H B Chisholm||
||Mrs S L Moffat||
||Mr W J Windram||
|**Charity registration**|Scotland|SC014309|
|**Principal address**|c/o Pike & Chapman||
||36 Bank Street||
||Galashiels||
||TD1 1ER||
|**Independent examiner**|Joanne Gibson||
||JRW Hogg & Thorburn LLP||
||Chartered Accountants||
||19 Buccleuch Street||
||Hawick||
||Roxburghshire||
||TD9 0HL||
|**Bankers**|The Royal Bank of Scotland||
||35 Bank Street||
||Galashiels||
||Selkirkshire||
||TD1 1EP||
|**Solicitors**|Pike and Chapman||
||36 Bank Street||
||GALASHIELS||
||TD1 1ER||
|**Stockbrokers**|Brewin Dolphin||
||48 St Vincent Street||
||Glasgow||
||G2 5TS||
## **THE BLACKSTOCK TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
## **THE BLACKSTOCK TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The trustees present their annual report and financial statements for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
The purposes of the Trust are for the distribution of the free residue of income for the aid and advancement of: a) to and for the benefit of any persons of either sex resident in the Counties of Roxburgh, Berwick or Selkirk in Scotland who being aged or infirm or in ill health or blind or deaf or suffering from any other physical handicap are in need of financial assistance for their maintenance, accommodation or welfare and in providing such amenities as the Trustees may deem desirable for the comfort or for the alleviation of the distress or suffering of any such persons.
b) to any Institution, Association or like organisation of a charitable nature the objects of which provide for the care, attention, maintenance or welfare in Scotland of persons who are aged or infirm or suffering from some chronic ailment, or blind or deaf or otherwise physically handicapped.
c) for the welfare, maintenance and accommodation of (one) any police officer in Great Britain who has been incapacitated either wholly or partially, permanently or temporarily in the course of duty as a police officer, and (two) the widow and dependants of any such police officer who has been killed or incapacitated in the course of duty; and in making grants to any Institution, Association or like organisation established for the welfare, training or otherwise for the benefit of any such police officer or the widow and dependants thereof.
## **Grantmaking**
The Trustees consider all applications made to them in relation to the Trust purpose and the income available for distribution from time to time. The trust is well known in the area and many grant applications are received. The Trustees do not consider it necessary to invite applications.
## **Achievements and performance**
_Significant activities and achievements against objectives_
The Trust continued to provide much needed assistance by making grants to 14 individuals totalling £4,650 and ranging between £250 and £500 during the period under review. No grants were made to Charitable Institutions in this year.
## **Financial review**
The Trust administers the Permanent Endowment Fund created at inception which has now grown in excess of £867,000. In the year to 30th September 2025 the income generated was £23,419 (2024, £20,327) while grants and related costs totalled £19,787 (2024, £22,048).
There were no restrictions on the Trust's power to invest. The investment strategy is set by the Trustees in conjunction with investment advice. The strategy is set within an overall policy which states that the Endowment Fund is to be invested in low and medium risk investments with a view to ensuring that the capital appreciation of the fund exceeds inflation. For the year to 30th September 2025 the Trustees continued their policy to maintain a limited proportion of the investments in bank deposits. The trust's stockbrokers manage the collection of income from investments made on the Trust's behalf.
The stockbroker's management charges have been settled from the Capital account. This has affected the Unrestricted Fund balance at the year end and has only been recognised after completion of previous accounts. The Trustees have approached the Office of the Scottish Charity Regulator with the intention of amending the Deed of Trust to enable the Capital to be used in furtherance of the Trust's activities and administration.
- 1 -
## **THE BLACKSTOCK TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## _Reserves policy_
It is the policy of the Trustees to retain only a reasonable working balance of revenue funds. The unexpended balance is dependent on the level of income and grant application, which are both variable.
## **Structure, governance and management**
The Charity was formed under a Deed of Trust granted by William P Blackstock and Elizabeth M Blackstock dated 14th July 1972 under Scottish Charity Reference Number SC014309.
The trustees who served during the year and up to the date of signature of the financial statements were: Dr J Bryce
Mrs H B Chisholm Mrs S L Moffat Mr W J Windram
## _Recruitment and appointment of trustees_
Surviving and acting Trustees have the power to appoint a new Trustee or Trustees to fill any vacancy or vacancies in the Trusteeship.
## _Organisational structure_
The Trust is organised through regular meetings of the Trustees to review investment performance and consider applications for assistance.
## **Risk management**
The Trustees examine the major strategic business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen risks.
Included in administration expenses is the cost of £6,000 (Incl. VAT) for professional services rendered by a partnership in which one of the Trustees provides consultancy services. No expenses were paid or reimbursed to Trustees in the current or prior year.
The trustees' report was approved by the Board of Trustees.
Mr W J Windram
## **Trustee**
16 June 2026
- 2 -
## **THE BLACKSTOCK TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BLACKSTOCK TRUST**
I report on the financial statements of the trust for the year ended 30 September 2025, which are set out on pages 4 to 12.
## **Respective responsibilities of trustees and examiner**
The trust's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trust trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 financial statements.
## **Independent examiner's statement**
Since the trust has prepared its financial statements on an accruals basis and is also registered in Scotland, the independent examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.
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 Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
- have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
## **Joanne Gibson**
JRW Hogg & Thorburn LLP Chartered Accountants 19 Buccleuch Street Hawick Roxburghshire TD9 0HL Date: ............................
- 3 -
## **THE BLACKSTOCK TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Unrestricted Endowment**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Investments
**2**
23,419
-
**Total income**
23,419
-
**Expenditure on:**
Raising funds
**3**
7,186
-
Charitable activities
**4**
12,601
-
**Total expenditure**
19,787
-
Net gains on
investments
**10**
-
33,860
**Net income/(expenditure) and**
**movement in funds**
3,632
33,860
**Reconciliation of funds:**
Fund balances at 1 October
2024
(26,782)
833,925
**Fund balances at 30**
**September 2025**
(23,150)
867,785|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
23,419
20,327
-
23,419
20,327
-
7,186
6,993
-
12,601
15,055
-
19,787
22,048
-
33,860
-
74,540
37,492
(1,721)
74,540
807,143
(25,061)
759,385
844,635
(26,782)
833,925|**Total**
**2024**
**£**
20,327|
|---|---|---|
|||20,327|
|||6,993
15,055|
|||22,048|
|||74,540|
|||72,819
734,324|
|||807,143|
- 4 -
## **THE BLACKSTOCK TRUST**
## **BALANCE SHEET**
## **AS AT 30 SEPTEMBER 2025**
|**Notes**
**Fixed assets**
Investments
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
**Net current assets**
**Total assets less current liabilities**
**The funds of the trust**
Endowment funds
**15**
Unrestricted funds
**16**|**2025**
**£**
-
95,695
95,695
(16,520)|**£**
765,460
79,175
844,635
867,785
(23,150)
844,635|**2024**
**£**
1,690
68,954
70,644
(16,466)|**£**
752,965
54,178
807,143
833,925
(26,782)
807,143|
|---|---|---|---|---|
The financial statements were approved by the trustees on 16 June 2026
Mr W J Windram **Trustee**
- 5 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1 Accounting policies**
## **Charity information**
The Blackstock Trust was formed under a Deed of Trust granted by William P Blackstock and Elizabeth M Blackstock dated 14th July 1972 under Scottish Charity Reference Number SC014309.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the trust's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
## **1.4 Income**
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the trust; this is normally upon notification of the interest paid or payable by the bank.
- 6 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
- 7 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2 Income from investments**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Income from listed investments|22,508|19,088|
||Interest receivable|911|1,239|
|||23,419|20,327|
|**3**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Investment management**|7,186|6,993|
|**4**|**Expenditure on charitable activities**|||
|||**Grant**|**Grant**|
|||**making**|**making**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Direct costs**|||
||Grant funding of activities (see note 5)|4,651|6,950|
||**Share of support and governance costs (see note 6)**|||
||Support|7,950|8,105|
|||12,601|15,055|
||**Analysis by fund**|||
||Unrestricted funds|12,601|15,055|
|**5**|**Grants payable**|||
|||**Grant**|**Grant**|
|||**making**|**making**|
|||**2025**|**2024**|
|||**£**|**£**|
||Grants to individuals (14 grants)|4,651|6,950|
Grants ranging between £250 and £500 were paid during the period under review. No grants were made to Charitable Institutions in this year.
-
- 8 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **6 Support costs allocated to activities**
|Bank charges
Professional fees
Honoraria
Governance costs
**Analysed between:**
Grant making
**7**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements|**2025**
**£**
30
6,000
-
1,920
7,950
7,950
**2025**
**£**
960|**2024**
**£**
35
6,000
150
1,920|
|---|---|---|
|||8,105|
|||8,105|
|||**2024**
**£**
960|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **9 Employees**
||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **10 Gains and losses on investments**
||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|33,860|74,540|
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 9 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **12 Fixed asset investments**
|**Cost or valuation**
At 1 October 2024
Additions
Valuation changes
Disposals
At 30 September 2025
**Carrying amount**
At 30 September 2025
At 30 September 2024
**13**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**14**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**Listed**
**investments**
**£**
752,965
97,875
(131,999)
(119,240)
599,601
599,601
752,965
**2025**
**2024**
**£**
**£**
-
1,690
**2025**
**2024**
**£**
**£**
16,520
16,466|
|---|---|
## **15 Endowment funds**
Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
||**At**|**1**|**October**|**Gains and**|**At 30**|
|---|---|---|---|---|---|
||||**2024**|**losses**|**September**|
||||||**2025**|
||||**£**|**£**|**£**|
|**Permanent endowments**||||||
||||833,925|33,860|867,785|
- 10 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**15**|**Endowment funds**|||**(Continued)**|
|---|---|---|---|---|
||**Previous year:**|**At 1 October**|**Gains and**|**At 30**|
|||**2023**|**losses**|**September**|
|||||**2024**|
|||**£**|**£**|**£**|
||**Permanent endowments**||||
|||759,385|74,540|833,925|
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
General funds
**Previous year:**
**At 1**
General funds
**Analysis of net assets between funds**
**At 30 September 2025:**
Investments
Current assets/(liabilities)|**October**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2025**
**£**
**£**
**£**
**£**
(26,782)
23,419
(19,787)
(23,150)
**October**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2024**
**£**
**£**
**£**
**£**
(25,061)
20,327
(22,048)
(26,782)
**Unrestricted**
**Endowment**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
-
765,460
765,460
(23,150)
102,325
79,175
(23,150)
867,785
844,635|
|---|---|
## **17 Analysis of net assets between funds**
- 11 -
## **THE BLACKSTOCK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **17 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|
||**Unrestricted**|**Endowment**|**Total**|
||**funds**|**funds**||
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|**At 30 September 2024:**||||
|Investments|-|752,965|752,965|
|Current assets/(liabilities)|(26,782)|80,960|54,178|
||(26,782)|833,925|807,143|
## **18 Related party transactions**
## **Transactions with related parties**
Included in administration expenses is the cost of £6,000 (Incl. VAT) for professional services rendered by a partnership in which one of the Trustees provides consultancy services.
- 12 -