Charlty reglslralion number.. SC014992 The Meikle and Paton Fund Annu81 Roport and Financial Slalements for the Year Ended 31 December 2024
The Melkle and Paton Fund Contents Trustees. Repart 1105 Independent Examherfs Report Stal8m&nl of Flnancl81 Activilias Balance Sheet Notes lo Ihg Financial Slatemenis 9t015
The Melklo and Paton Fund Trustees, Report The Irustses present the annual report loggther wllh tha financial 51atements of the ¢harity for the year ended 310ocembèr 2024. The trustees havg adopted tho provlsions of A¢¢ounling on(1 Reporting by Ch8rlties- stsiamenl of Rfjcommended Practice applicablts lo ¢h8rilio5 pr¢paring Ihelr accounts in acccfdance with the Financlal Reporlsng Standard applicable in the UK Republic ol Ireland {FRS102) leffeclive 1 January 2019)- Objectlvès and acllvS11•¥ Objects and olms The Trusfs objectives arè lo provide for the cost of malntenance and Irealmgnl of Prote¥lanl minist8r8. mlsslonaries and Chris118n workers and othars engaged in suchwork at estsbllshmenls owned by Crieff Hydro Limited or its ollY owned $ubskllarig5. The Charit1$ truste68 expend Ihe income generated in each year in aCCdar£8 with tha ObltiveS ol Charily 88 expressed in lh8 Ccrtliluilon. In ordgr to achieve this. lh8 Ifuslees provide a subsidy lo suitsbly qualiligd applicants vrishing lo slay al an eslabllshmenl own8d by Crieff Hydro. The level of SLbs•Jy is vieWed regularly 10 ty to ensure Ihal there is neither an overspend nor 0 5wJnificanl undersFend of Ihe Twst's Sncomg in any year. Grants we awardod In continuan¢• of Iho objèct of th• Tfusl 10 5Uit8ble qualified applicants. Tho trustees will u88 Iheir dlscret&)n to allocate funds rf there is an exce88 of demand the funds. Achl•v¢ments and pèrformance Durfng lh9 year the charity provldéd a nightly accommodali(m subsldy I'lhe sub3idy"I to qualifying appIants wlshlng io stsy al an estsbllshment owned by Crierf Hydro Limlled. Payments of ihe subsidy to beneficiaries durfng tr)e year amc*unled lo £70.922 (2023.. £27.382)- Th¢ Irustees have movgd towards reslorirYJ the payments lo beneficiaries to more typlcal levelg and have increasfjd th• amount of and numbers ol grants during 2024. They ore oclively looking al ways in which Ihey can expand their current Frf)ol ol recipienis and are moniloring the level of the subsidy lo en8 that il encourages participation by all &ligible recipienls. They have also inilialgd a relreal for newly ordained ministers which will lake place in Febiuary 2025 to help expand awareness ol th8 fund. Th8 trusts85 continue lo rnonilor the applicalion process with regards lo the tfust meellng Ihg needs of a charily in the 21st century whilst having regard lo th6 original inl8nlions of Ihe 5elllors. Flnanclal rgvl•w Thg flnanclal Pill0n ol Ihe IrLIS1 is sel out in the attached acceunts. Pollcy on resarves The iruslees have previously 50Ughtto hold unre8lricled re¥orve8 equivalont Io 8pproximaldy Iwo years planned expendIlu which was assèssed as bèing £60,000 p&r annum. Th8 unrestrictad reserve5 01 the end of the year of £157.828 {2023'. £180,1121 whth is in exc8ss of current requlremenls. Pag8 1
Funds in dellcll There arn no funds In d8flclL Investmentpollcy and objecfives The trustee8 have taken steps lo opllmlse the nel income for delivery ol charilable benefit in lemis of the Constitution and, in Ihls regard, they afe building 8 resèrve of awued revenu8 to meet their commitrnenls In the event of réduced incom8 lo Ihe TNSI. They are mind1 Ihal they are dependent upon thè Trust inveslménis lor that in¢c4ne. inclurjlng a signlficanl prlyate shareholding in Crieff Hr0 Ltd. They are aware of ther oLligati in regard to th& Tru8t investments as Said down by the law and will continue lo review the perforrnAnce ol the portlolio under management by B8rclays Wèalth and also monitor Ihe shareholding in Crigff Hydro Ltd as a $ource of hcomè lo the Charity- structur•, govemancè and managom8nl Nature of govemlng do¢umént The Meikle and Paton Fund {fomiety the Palon Fund} is a Scotllsh ur4neA)rpor8led Chtable entity {SC0149921 esl8blished ldÈr a Deèd ol Trust dated 14 February 1910 and registered on 20 December 1919. The original 08ed of Trust was amendèd under the lerm3 of the Charitiès and Trustees Ilnveslmonls) scOand A¢1 2005 with Ihe approval of the Office of the Scot¢igh Charity Regul8lor and as detailed in the Minutes by the Trustees dated 23rd March 2010 and 21st April 2016. Orignally known as the Paton Fund, a rt8dulb)n by the trugle8s gffeeling a change of n3rn8 ol the Charity lo the Meikle ond Paton Fund was passed on 20th IAay 2010 and subsèouenlly approvèd by the office of Ihe Scottish Charily Regulator. RKrulthient andappointment of tIV8tees In the event of a trustee rgtiring, suitable replacements ar8 sought from Ihe ralègory ol the retifing tNstfres in the first instsnco lo allernpl lo mainlain the balance of the trustèes. Retiring and remalnlng trusteès 8ugge$l Sullable reaCementS who are then all duly considered prior lo an appoinlmenl being madg. The 6xisling trustees wlll provide prospecllve and new Iwstees vdth informati UP the charY and an inducuon bTl8f upon their dulSes as a charlty Iruslee. Inductlon and training of Irust#¢$ The aims, ci)jecltves 8nd curreni actfvill83 of the Ghartly are fulty explained lo new tNslees and they are made Aware of the requlremenls Gonlained in the ScottKsh Charity Regulalor's Guidance.. Guidance for charity trusl68s. Organl$atlonalstru¢thx• The trus1é88 meel fom*lly twlce per annum. Th8 Trust's stocknroker and accountsnt have also been in attendance lo give reports and offer profossional advice. Dèclsions are taken al trustees. meelwigs ty simple majority. The day ID day Adminislralion ofthe Charity h been undertaken by Iruslees would like lo èxpress th&T thanks to or his efforts. a trustee. The other Page 2
The M¢lkle and Paton Fund Trust8es' Report Relatlonshlps wlth r¥lat partlos Cfleff Hydro Ltd The truslees con51der Crbff Hydro Lld lo be a related party due lo th¢ slgnificance and incidence of the Iransaclions bolween the enlili85 and Iha inclusion among Ihe Irusle8s ol the Chi&1 Executive ol Crieff Hydio Lld. TransaGlions been Crieff Hydro Lld and ihe Trusi ale 8$ governed and pem)illed by Ihe eonslilulion of tha Charty. Alajorrlsks and management ol those rtsks Rlsk Man8gem8nl The INstoe$ havo o duty lo identify and revlew tho risks to which the charily is axposed and lo ensure appropriale ¢onlfols are in place lo providg masonablè assurance against fraud and error. Thg Iru51ees consider varlabilily of Inveslmenl returns on Ihe endowment fund lo conslilule the Charity's major financial iisk. In order lo ameliorate Ihe risk, the trustees have employod an investment manager on a discretionary b8sis with instructions lo malnlaln th¢ eapilal whilst generating sufficient income to meet th8 ongoing charitable needs. The other major oporallon81 risk relate6 10 fraud In r*sp8cl of application8 m8de to the Trust. The Iruslees aro conslanuy monllorlng the sltuatlon with regard lo ensuring that all 8ppll¢allons are madg from bon8 fide Prolestsnl mlnlslers. mi$slonaries and Chrlstlan workers. The idtrnlifi¢alion and a5505smenl ol risks lo which Ihe Charlty may b• Mposed will be cOndted on an on90in9 basis by Ihe truslees. Pa9e 3
The Melkle and Paton Fund Trustee8' Report Refer•nu and Adminl$tratlve Detslls Charlty Registration Number: SC014992 Trustees- Prln¢lpal Offico: Muldankh Sliiling Str891 Blacklord Perlhshir& PH4 1QG Indepèndent Examinèr: Morris & Young Charlered AG¢ounlanl$ 6 Alholl Crescent Perth PH1 SJN Page 4
The Melkle and Paton Fund Trustees. Report Statoment of Ro¥ponslblll¢lety Law applicable lo charliies in Scotland requlras Ihe Iruslees lo prepare an annual report and accounts for eath financlal year which give a tru8 and lair vi8w ol th8 charlly's finandal activlues duflng th8 year and of ils financi81 posillon al the end of tho year. The trustee¥ ar6 responsble for preparlng Ihe annual report and thè financial slAlemen15 in 8ccardance with applicabl& law ond United Kingdom Genefally Accepted Accounllng Pr*ice IUK GA4P). In preparing those accounts, glvlrvJ a true and lair view. the trusloes should follow b6$1 practi¢è and: sete¢l lIable 8ccounliNJ polic198 and Ihon apY them conslslenlly; - mako jud9ements and eslimales thal are reasonable and Pfudenl,. - stale whether spplSc8ble acc(ntIng standard5 and 51alemonts of recommended practkg hBvo beori followed. subje¢t io any departures dl$clos&l and ex]aIned in lh8 a¢counls,' -prep8r8 Ihg accounts on a going concem basis unless 11 Is Inapproprlate to prèsume th8 charity wlll continua In operation. The Irusteos are responsible for keeping accounts'ng records which disclose wilh reasonable accuracy the financial position ol Ihe tharity and which enable il lo ensure Ihal the accounts comply wilh Ihe Charities and Tru51eo Inveslmerbl Isebtlandl Act 2005, Ihe Charitles Awunis IS¢oVandl Regulalions 2006 and the conslitulion. They are a150 respoltyle lor safeguarding Ihe 8ssals ol the charily and hence lor tsking reasonablg sleps for the prevention and deleclion offraud and other Irregularities. The annual report was approved by Ihe truslees of the charity orn 29 May 2025 and signed on 11$ behalf by.. Pag8 5
The Melkle and Paton Fund Independent Examlner's Report to the trustees of The Melkle and Palon Fund I report on thè accounts of the charity for tha year 8nded310g¢¢mber 2024 whlch 81¢ 601 out on pages 71015. Respective re$ponsibllitSes of Irusteeo and éxamlner The charity's Iruslees are responsible for Ihe preparation of the accounts In accordance with the lems of the Charities and TTuslee Investment Iswllandl Acl 2005 and the Charikn'es Accounts (scollar) Regulations 2006. The ¢harlty'8 Iruglees conssder that the audit requirement of R8gul81ion 1011 Ila) lo Ic} of the Accounts Regulalions dee8 not apply. 11 is my responslbllily to examlne the accounts BS required under Socllon 4411){cl of the Ad And to state whèthér partkul¥ mallers havé come to my attentS0n. Bas1$ of th• Indèp•ndont axaffllnèrf8 r•port My examination was carfied out In accordance wlth Regulalion 11 of the Charilles Accounts {SGoUandl Regulatlorbs 2006. An examlnallcffi Includes 8 review ol the accountin9 records kept by Ihe charity and a comparison of Ihe accounts presented with Ihos8 records. 118lso indudes Gonsideratron ol any unusual ilems ordisclosures in the accounts, andse&king explanations from you os Iruslees concerning any such matters. Th8 wocedures und8rlak8n do not provide all the evidèncè thAI would be required In an audit, and consequènlly I do not express an 111 opinbn on th8 Vlaw glven by Ihe acwunls. Indep•nd&nt oxamlngr'8 8t•tem•nt In connection with my 8xaminalion, no maller has ceme lo my allenlion.. 11 I whth gives mè reAsonable causg to be116ve that, In any maltrial respecl, the r8qulroments io ke&p accountlng records in accordance with Soclion 44111181 ol the 2005 Act and Re9ulalion 4 01 the 2008 Accounts Regulallons: and - lo prepare aGcounls whKh accord wlh the accLwnling lerdS and lo mplY with Regulation 8 of the 2006 Accounts Regulations have not been met: or (21 lo whiGh, in my Opinn. allenlion shLwld be drawn in order lo enable a proper understandwig of the accounts to be rgached. orris oung Chartered Accountants 6 Aiholl Crescent Perlh PH1 SJN Dale: 13106r2025 Page S
The Melkle and Paton Fund Statement of Financial Activftles for the Year Ended 31 December 2024 Total Total 2024 2023 Unrnstrfcted Endowment Note Incom• and Endowm•nt5 from: Invéslment in¢ome 59.248 59,246 54,124 ExndItUr on: Raising fund5 Charitabl& activlties 15.381) 176.1491 15.381) {5,1511 30.6121 Tolal Expendilur G8ins1105ses on invgslmenl assels 81530 35.7631 100 927 Net movement In lund5 (22.284) 70,924 48.640 119,288 R•conclllatlon of funds Total Ivnds broLFghl loard Total funds earned forbvar(1 12 180 112 2 587 285 2 767 397 2648 109 157 828 2 658 209 2 816,037 2 767 397 Atl of the charity's acliviltes derive from continuing operal•)ng durin9 the )ovè period¥. The notes on kmges 9 10 16 fomi an integral parl of ihese finan¢ial slalemonts. Page 7
The Melkle and Paton Fund (Registratlon number: SC014992) Balance Sheet as at 31 Decembor 2024 2024 2023 N¢ta Flxod assets Investm1$ 2,659,493 2.588,569 Current *$set$ Prepayments Cash al b8th and in hand 4,9SO 160.836 10 183,430 Créditors. Amounts falllng duo wlthln ¢)ne y•ar 14,60_2) Not curranl assots 178 828 Net ass•l$ 2816037 2 767 397 Funds of Ihe charlty.. endowment funds 2.658.209 287,285 Unrè8lrfcted Ineomè funds Unrestricled funds 157 828 180.11_2 Total fijnds 13 2816 037 2 767 397 The financial stalements ijn pages 7 10 15 were approved by the Iru$t88s and author15ed lor issue on 29 May 2025 and signed on Iheir behalf by.. The noles on pages 9 10 16 form an Iniegral part of Ihese finanaal alalements. Poge 8
The Melkle and Paton Fund Notes to the Financlal Statements for the Year Ended 31 December 2024 1 Ac¢ountlng pollcl•s ststgrnont of compllanct The financlal slalem8nts hav8 beon prepared In accc*darKe wllh Aocounllng and Rewtlng by Charities,. Statsm8nl ol Recomm6nd&Y PraGIIc8 appli¢ablB lo Gharllles preparlng their accoLtnls In accordance wllh the Financial Reporting SlarKlard applicable in the UK and Republic of Ireland IFRS 1021 {effecllve 1 January 20191 Icharities SORP IFRS 102)), the Financial Reporling Standard appllcable in lh2 UK and Republicof Ireland IFRS 1021. the Charlliès and Trustee Inv8slmenl (Scolland) Act 2005 and Ihe Ch8ri1i8s Accounts (Scotlandl Regulations 2006 (as amend6dl. 8asls of preparatlon The e1Je and Paton Fund moets the dèfinitlon of a publi¢ benefll enlity uftdèr FRS 102. The financial statements have been prepared under the hisloric cost convention wlh the exceplion of inveslmen15 which ar• includgd al markot value. as modified by the revalualion of certain assets. Golng concern The Irustges consid•r thal thère are no maierlal uncertainllgs about the charitlg 8blllty lo ¢ontinuè as a going concam. Income and •ndowm•nts JI income is recognlsed wi the Sialernenl of Financial Aclivilies once the charity has enlillem9nl lo the funds. il Is probable that Ihe income will be received and the am¢JJnl can bg rneasured reli8bly. Inveslment incomè Inleresl on funds held on deposK ts in¢lwled when receivab16 and th8 amount can b8 rneasurgd rdiably by lh8 ch8dly' this is normally upon nolificalion of tho Interosl pald or payable by th¢ bank. Olvldends ar8 recognlsed once the dlvidend has be¢n declared and nollfialion has bpèn rec85v8d of the dlvld8nd due. Exp6ndlturè All expendilure 18 recognised once Ihore is a legal or constructive obligation. il is probable selllemenl is requlred and the amount can be rn8£sured iellably. Al cost5 are alk)caled lo the applicable expendilure heading Ihal aggregaie simllar costs lo Ihat calegory. Where costs cannot be direcuy alliibuled to particular headings Ihey have beon alk)caled on a basis consislenl wilh the use ol re$our¢•s. Ralslng funds Those arg costs incurred in allracb'ng voluntary income. Ihe management of Inveslmenls and Ih05e incurred in tradin9 actNIUe5 that ralse funds. Gront expendllure Grants payable are char9ed lo the year when th• grant approved by the Irustoes 15 uncondilionBIIy commilted lo the fecipi&AI. Page 9
The Melkle and Paton Fund Notes to the Flnancial Statements for the Year Ended 31 Décember 2024 1 Accountlng polScles (contlnuod) Governan¢• costs Thes8 include the ¢osl$ 8llrfbulablg lo tho charlty's ¢omplian¢6 with conslltul10n and slatulory requiremenls. Includlng audll, slralegte management and Irusleés, meellngs and ielmbursed expenses. TaxatlDn The charily Is gxgmpl Irom lax on its charit**le activltie5. Flx•d assel Invèslment$ Fixed assel Invgslrnonls, other than programme related inveslmenls, are included al m8rket value at the balanee sheel dalg. Rè8lisÈd galns #nd losses on Snv8Stments a calculated as Iha drfference betW88n salos prctaeds and their market valu8 al Iho start of the yoar. or Iheii Sbsequent C051, and are charged or credited io Ihe Slalemenl ol Financi81 Acliviiies in the period of disposal. Unrfyalised gains ttnd1088es reprasènl th& movam9nt In markol value6 durfng th• y8Af 8nd ar8 u8dld or charged lo the Slalèrnont of Flnanclal ActfvliNgs based on tha markgl valu8 al the y8ar end. Cash and Cash equlv4l•nts Cash and eash oqulvalonls comprf99 cash on hand end c811 rfeposits, and other short-lerm hlghty Ilquld investments Ih818re roadily convemlble lo a known 8mounl of Gash arwj are subjeGI lo an insignifiG8nl risk of chango In value. Fund structure Unreslricied income funds are general lunds that ar8 availat4e for uae 8t the trustees. discretion in fUrtherae of Ihe objectives of Ihe chtrly. Endowm8nl funds are held on Irusl to be rotain8d for Ihe ben8fil of Ihe charity as a ¢apllal knd. All tndewment fvnds are permanent end04vmenls and lh8 Iruslees must maintain the whole of lh¢ fund In perp91ulty. pa 10
The Melkle and Paton Fund Notes to the Flnancial Statements for the Ygar Ended 31 DeGember 2024 2 Investment In¢ome Total 2024 Total 2023 Gen¢ral Income from ¢Jfvidends', Dlvldends receivable from other Ilsled Inveslnwn15 Interest r91Vable and slmllar Inrne: Interest receivable on bank dgposits 57.190 57,190 52,718 2.056 3 Ewndlture on ralslng fund• Total 2024 Total 2023 G¢nwal Olh8r inveslmenl managemonl ¢osts', Amounts payable lo investment managers 5,151 4 Expendlture On charhablo 4CtlvStl¢$ Tolal 2024 Total 2023 Ggnoral Grant fvNJlng of activllies Gov8rnanc8 costs 70.922 70.922 5.227 27.382 3.23Q Page 11
The Meikle and Paton Fund Notes to the Flnanclal Statements for Ihe Year Ended 31 December2024 S Anily8ls of 9overn#nc• and support costs Govèrnane• co$ls Total 2024 Total 2023 Ggneral IrKlgp8ndenl examlner f888 Examination of the financlal stalements 630 Legal fees Secretarial co$lS Accountancy foos Other 1,300 200 3.000 43 1,300 200 3.000 43 200 2,400 6 Trusteos. remuneratlon and expenses 2 Ifuslee. 15 a partner of knndsays LLP whlch rec8ivad £1,300 (2023.. £r¥l) for legd 8dvl¢o during tha ygar. No Iwslees havé recefved any rélmbursed expenses froTh ihe char6ty during Ihe year. 7 Taxatlon The charity Is 8 regi$t8rad charity and is Ih8rèfor8 ex6mpl from laxatlon. Page 12
The Melkle and Paton Fund Notes to the Financlal Statements for the Year Ended 31 DeGember 2024 8 Flxtd assèt Investments 2024 2023 Oth•f Investmenls 2 659 493 2 588 $69 oth•r Inv•stm•nts Ll$tgd Invo$tm•nt# Unllsled Inv051ments Total Cost or Valuollon Al 1 January 2024 Revaluation 1,778.569 810,CIJO 2.588.569 Al 31 December 2024 1,849,493 2 659,493 Net book valu• At 31 December 2024 1849 493 2 659 493 Al 31 December 2023 1778,569 810 000 2.588 569 As a131 December 2024, the Charity's Investments comprSsod 1,363,933.05 12023.. 1.363.933.051 sh3res In the 8ardays Charily Fund and 810.000 (2023: 810,OQOI shares Sn Crleff Hydro Ltd. The orvJinal cost of the shares wi 8arcLqys Charity Fund was £1,439.83412023: £1.439.8341. The original cost of Ihe 8h8res In Crieff Hydro Ltd wos t21.938. Page 13
The Melkle and Paton Fund Notes to the Flnancial Statements for the Year Ended 31 December 2024 9 Gash and ¢ash •q¥JSval•nts 2024 2023 Cash al bank 183,430 10 Prepayrntnts 2024 2023 Deposil paid (or 2025 Mlnl8lers' relreal 11 Credilorn: amounts falling due wlthln one year 2024 2023 Other crgdilor6 4.602 12 Fund$ Oth•r 8•lance al Incomlng R•sourcos ro¢ogni$¢d 31 O•ctsmbor resources expended galnsl{l¢ss•$ 2024 Balanc6 al 1 January 2024 Unrestrlcted Genwal 180.112 59,246 {81,5301 157.828 Endowment Pernnent 2 587,285_ 2,658,209 2.816 037 Total funds 2.767 397 815301 70.924 Thè Endowment Fund was asiabllsh8d by inllial gifts from Th8 gifts wère made lo the charity on condition Ihal they are held as permanenl endowmenl. th8 Inccme from whlch Is freely 8vallable to fvnd I actlvltles of the Ghgrity. Upon 8 winding up of lh& trust. lh8 initial gift from hich comprises 36.1Y( of the 10131 endDwmenl fund is lo be pd io the United Free Church ol Scolland or whatever denomination or ly)dy of Chrislians with which Ihe United Flee Church of Scotland may hereafter incorporaled or am81g8maled for the loreign missions of said Church. Un a wnding up ot the TN81, thé Inill glfts fromand whiCh eomprise 63.9% ol Ihe lolal gndowmenl fund are lo be paid al the Iruslees. dlscrelion io The Royal Infirmary. Glosgow, The Waslem Infimiary. Glasgow of The Royal Hospital for SiGk Chlldren. Page 14
The Melkle and Paton Fund Notes to the Flnanclal Statements for the Year Ended 31 December 2024 13 AnatyJl8 of not a880ts bgtWo•n funds Unfe$trlcted fund5 G•nor31 endowmont Total lundg at fund¥ 31 Docembtrr Pernianent 2024 2024 Flxed asset investments Currènt assets Current liabilities 2.659.493 2,659.493 165.786 {9 242) 2 816 037 165,779 11,2911 Tolal n818ssets 157 828 2 658 209 Ur¥restrl¢ted funds Gemral Endowrnent Total funds at funds 31 Decomber Permanent 2023 2023 Flxed 8s$81 inveslm8nts Cuyrenl as8els Current liabilllies 2.588,569 2,588.569 183,430 (4.6021 2 767 397 183.423 (3311) 180112 (1.2911 587 285 Total nel assels 14 Related party tran6adl¢ns crtoff Hydro Ud During Ihe year the trusl provided subsidised aGcommodalion al Crieff Hydro Ltd in acwdance with the c4)nslitutn of the challly. The tru51ees con$idèr Crleff Hydro Ltd lo be 8 f•l8led pgrly duè lo Ihe significance and In¢idenc& ol the transa¢lkJns baiw8en the entities and the Inclusion among the trustees of the Chl81 Ex9CUtivo ol Criaff Hydro Ltd. The total value ol accc•nmodalion kKovidotJ during the yaar was £70.92212023: £27,382). P8g6 15