Charily r¥g4siraliM n￿nber.- SC014992
The Meikle and Paton Fund
Annual RBwrl and Financlal Slalèments
lor lh8 Year Ended 31 DecembpT 2025

The Melkle and Palon Fund
Contenls
Trusle¥5' Repwl
1to5
Inde￿ndent Exèmlnerfs Report
Statement of Financlal A¢livities
Balance Sheel
Notes lo Iho Financial Slatem?n15
91015

The Melkle and Paton Fund
Trusteès. Report
The trU￿oes presenl Iho annual rèport tO9elher with Ihe [￿ancIal sialèmenl$ of th6 thority lor the year
endtsd 31 Dec?rnber 2025. The truS￿eS havè adoptèd ihe provisions of Accovnling and Rèporting by
Charities.. Slatemenl ol Recommended Practice applicable lo chAfities propariThJ thèir accounls In
accordance wilh the Flnanclal ReporlitKJ Swdaid applicable in Ihe UK and Republic ol Irefand
IFRS102) l$ffecliv$ 1 January 20191.
Obl•ctlves and a¢llvlll•s
obl￿ts and alms
Tha Tru51'5 obleclives are lo wovlde lor cosl ol main1t￿nce and Ir&olmenl of Prolesl8nl mlnlsiÈrs,
missionaries and Chiisli8n workers at)d others en93ged in su¢h work aleslabtsshm?nls owned by Crieff
Hydro Limiled or Ils wholly owned subsldlarits.
The Ch8riWs tru51egs expend Ihe in¢orne 9eneraled in each year In accordancg with Ihe objec¢lves 01
Ihe Ch?rity as expressed in Ihe Conslilution.
In order ¢0 achieve Ihis. Ihe tnJ51ees pr¢)vide a subsidy Io suitably qualif￿d applicants wishiNJ to stay al
#n eslablishment owned by Ciieff Hydfo. The18v81 of subsNIy 15 rgvtewed regularly lo lry to gn¥urg that
the￿ is neither an overspgnd nor a sf9nlficant underspend ol Ihe Trusl'5 incotne in any yaar.
Granls are awardèd conlinvan¢e ol the objèct of Ihg Tru$l 10 5vilable qualified applicanls. The
Irnslees wlil t￿lf discretion to allocale funds il Ih8t• is an excess of demand orb th& funds.
Achlevèmènts and pèrformancg
During the y88r U)e chafily provldod a nSghUy accomrnodal¢on $tJbsidy I"Ihe sub8iWI to qualifyin9
appl¢rants wishlny lo slay al an e5tabli$hment owned by Criell Hydro Llmlled.
Paymen15 of the 5vbsidy lo benefic18rtes dLtrfng Ihe y82r amounted 10 £83.84212024.. £70.9221.
Paymenls of the subsidy ovor the lasl iwo years have exceedèc5 income a5 IhE ¢fusle￿ have S￿ght lo
release the surpfus built up during lh¢ Covi&19 pandemic when IhEre was little ¢811 upon lh8 charlly's
lunds. That 5urpltss ha5 now bean largely &xhausled and Ihg Lfu51eos havtr moved lowards reslomg
the payments io bènefSciarios lo rnore typical levels. They are actively looking al ways in whkh they can
expand thèir cuifenl pool ol iecipien¢s and are monitoring the level of subsidy lo ensure that it
encourages participation by au eligible recipienls.
During the yeaf the ¢harily also Iniualed a relreal lor newly ordained minislers which will look place in
Febwary 2025.The relreal wa5 well received. and Ihe trusteos wlll look al op￿on5 lo hold slmilar Qvanls
in tho fulura. Ttt6 cost olih& rotrgatwas £21,200 and 45 newly ordakned mini¥tew5 altendtsd lor Iht three
day events.
The trustees Mntinue lo monitor the applicalion pror¢ss wilh re9ar<Js lo Ihe Irusl mo&1ing the need5 of
a charity in U)8 2151 c¢niury whil$1 having rggard lo Ihg original inlentions of Ihe set￿015.
FlnancSal revlew
The fmawal pos11ion ol the trust 15 S8t oul in the allèched accounls.
Policy Dn r¢seThès
The truslees h8vo previously soughl io hold unr8sl¥icled ￿$8￿*$ equivalentto approximalelytsvo y¢4rs
planned expenditure whi¢h was assessed ¥s being £60.000 per annum. The Ltnresiricted reserves al
Ihe end of the yoar afe £102.00512024.' £157,828) which ts in excess of current requwements.
Page 1

Funds In dèllclt
Thor8 are no funds Ni défiut.
Inveslm•nt pollcy knd obJ•¢llv•s
Thè Iruslees have tak8n steps lo oplimLEe th? nel fflcome for dalNery of ch?rit8bla bènèfrt in lerms ol
the Conslhtutlon and, in thSs regard. they are building A rèserve ol ac¢rued revenuè lo meel their
Commilments in Iho eveni ol reduced income to tho Trusl. They are mindlul Ih81 they are dependent
)on the Trust Investmonls lor that income, including a siynificant shareholdln9 In Crfell Hydro
Lld.
Th8y afo aware ol their obligalion in régard lo lh£ Trusl inveslrnenls as lald down by thè law and will
¢onliiue to rethew the performanrg tsl the portlolio under managern8nl by Barclay5 Waallh and also
moTrttor th& shareholding in Criefl Hydro LIO as a source of Income lo th Chaiity.
Struclvretr govèrnanc¢ and manag•ment
N8lur• of govwnlnq Llo¢um•ni
Tha Maikle and Paton Fund Iform8rfy Ihe Palon Fund) is a Scottish unincorporaled eharltable entily
ISC0149921 established vnd8r a Deed ofTrusl daled 14 February 1910 and registered on 20 December
1919. The tsriginal Deed of Trusl was amènded under the lemis ol the ChaTilies and Truslees
Ilnveslmèntsl Scowand Act 2005 Ihe approval ol the oifjce of the Scolli5h Chariiy Régulator and
as detalled in the Minutes by th¥ Trustees dal*d 23rd March 2010 and 21st April 2016. Originally knwn
85 the Paton Fund, 8 re501ullon by lh& trusle85 &Flecling a change of name of th8 Charity to tho Meikle
and Paton Fund was passed on 201h May 2010 8nd subseqvenllyapproved by Iha oifKe ol Ihe Sco1115h
Charlly Regulalor.
Recr{￿lment andappolntm&nt ollrust•es
In thè eveni of a trustee reliiin9, suitablè r8placemenls are sought Irom the caiegory ol Ihè rétiring
Intstees in Ihe fiisl instance to altempl lo mainlairt the balance ol the Irusl80s. Rotirn)g anu remaining
In￿tee$ sU9￿$t suitablè replacemenls who aro then 351 duty considered prior lo an 8ppoinlmenl being
made. The exisling tW5tees wlll provide prosp¢elive and new trus*es Snformalion upon the charity
and an Induction brief upon Ih8ir dulles as a charity trustee.
Induction and trjlnlng ol lrnstees
The aims. objeclnies and current actwilies ol the charity are funy explained to new Iruslees and they
are rn&de aware ol Ihe r8quir8mènls coniained in the Scottish Charity ReguLg10rf5 Guidance.. Guidance
IN charity Irustees.
Organlsatlonal strucluTr
The Iwstèes meèt formally Iwice per hnnum. The Tntsfs sloekbrcther and accounlonl have also b¢on
In aiièndancè lo gNe raports an¢J oller profossiunal advic$.
Ows5on5 ¥r• taken at Imslee$' meellft9s by simplp majorily.
The day to dayadminislralh?nol the Charfly has been unt1ertaken by Rev l F Paton. 8 trusteo. Th8 other
trusiees wovld like lo oxptess Iheir Ihanks lo Rev. Paion for h1$ efforts.
Pagè 2

Thè Melkle and Paton Fund
Trustses. Report
Rèlatlonshlps wSth rg141¢d parties
Crl¢fl Hydro Lt
Thé tsuslees consider Criell Hydro Ltd to be ¥ r*laled partydue to the signifKance and Mi¢wJenGg ol ihe
transa¢lions belwe9n Ihe 8nlilie$ and the inclusion among truslees of Ihe Chiel ExecU￿va of Crieff
Hydro Ltd. Transaclion$ between Crieff Hytho Lld and th¢ Trust *è as govornod and permitted by the
on5ti1utlon of Iha Charity.
Major rl$ks and man•gomèntof thos& rlsks
Risk Managemenl
The trusteès h8ve a duly to identify and review the risks 10 which thè charity is exposed and lo enswe
appropriale controls 8ie in place to wovid¢ ie8sonablg ossuran¢tr ag?In8t Iraud and error.
The truslees consid8rvariabilily ol investrnenl relums on the endowmenl ftsnd tts ¢onslitule Ihe charws
maioi financial risk. In order to 8meliorai¢ lh6 risk. IhE Irusiees have employed on rnvesunent mana9trr
on a d￿(￿tionary basss with instn￿160nS ¢0 malnthin the ￿pital whllsl generating Suff￿￿nI lo
meet Ihe On9￿ng chariiablg nbed5.
Th? other majcw Gy8ralional risk rel?1gs lo fraud in rgspecl of applicatbn¥ made lo the TWSL
trustees 8r8 CLYislaDlly rnonitoring the slluaiion with regard to ensurin9 that all appllcalions are made
frorn bDna rtde Piolgslanl mlnislers. mjssionaries ènd Chrislien workers.
The identific8Uon and as59$sm6nl ol ii5k5 lo whith th* Chaiily may be exposed wil bè conduded on
an ongoing basis by the Iruslees.
Paga 3

The Melkle and Paton Fund
Trustees, Report
R¢feren¢t and Adrninl¥tratfve Det411$
Charity Registrallon Number:
SC014992
TNslees:
l F Palon
G K S Leckie
J C Andrèw
I W F Hamillon
M Macmlllan
l E Burch81
Falr {res￿nId 15 O¢tobèr 20251
E McMahon18ppointed 28 October 2025}
S O'Hare18ppointed 16 March 20261
Prln¢lpal off1￿.
Muldankh
Sbrling Street
Blacklord
Perthshlfe
PH4 1QG
Ind•p•ndent Examintr:
Tracy Bo¥land F.C.C.A C.I.P.F.A. (A￿111.
Morris & Young
Chariered Accounlanls
6 Alholl CTescenl
P•rlh
PH1 &JN
Page 4

The Melkle and Paton Fund
Trustees. Report
Statem•nt of Rospon51b1111195
Law applicable to ¢harilies in Scouond requires the InJ51ees lo pr¥paie an annval report and accounts
lor each fjnaneial year which glve a Ins¢ end fair View of charit￿8 financial aGlévlttes during the ygar
and oli15 financial position 81 Iha end of Ihe year. TAe irustges arg responsible for prèparing thè annual
r¢port aThl lh6 finan¢i81 stalemenl¥ in accordanc& with 8pplicabl8 law and Urtitod KiryJdom Generally
A¢cept8d AccouDliThJ Pr8¢li¢¥ IVK GAAPI.
In prepamo those accoun15, giving a trua and fair view, Ihe IFuslees shovld follow bgsl pra¢ii¢e and-
- selecl Sulta￿e accountlng poliu•s and Ihen apply them eonsi81enlJy',
- m8k8 judgemènts and 85limales Ihat aro reason8Ug and prudoni:
state whether ap￿1¢able ac¢c¥unllng standards and slatemenls ol recommended pracllco have boen
Idlowed. subject to any departures disc105ed ¥nd explain¢d In the 8ccounls,'
"prepare Ihe arxounls on a gJing concem basis unless il Is inapproprlale lo presume Ihg tharlty wil
continue in operalon.
The trusl&es are r85poristble for k$èpiThJ accounling ￿cOrdS which dis¢l0$g wlth r&Asonable 8¢etsr8cy
Ihe fioancial position ol Ihtr ¢harly and whi¢h enable 11 to ensure Ihal Ihe acrounls comply wllh the
Charilips and Tru5tb* Invoslmenl IScoll8ndl Aci 2005, the Charibes Accoun¢5 (Scollandl Regvlalions
2006 and the coftslilulicm. They pro also responsible for salgguarding lh& as5els ol Iha charity and
hencg for tsking reasonatylg steps for lh8 pravention and deleclion of fraud and oth8¥ *regulari￿0$.
The annual report was approved by the tru5teQ5 of the charity on 27 May 2026 and ¥igned on its bgllall
l F Paion- Tnjstee
Page 5

The Melkle and Paton Fund
Independent Examlner's Report to the trustees of The Meikle and Paton Fund
I rgport on Ihe a¢¢ounts of the chawly lor tha yaar ended 31 Oècomber2028 whKh bre Sel out on pages
71015.
Rèspe¢tlv• rtrsponslbllltles of trustees and examlner
The Gharsty's Iruslees are responsible lor the preparation ol the accounts in aeeordance wlh Iho t¥rTw
of Ihè Charities and TTUStee Inveslment Isctsllandl Act 2005 and Ihe Chavllies Accounts (Scollandl
Regulallons 2006. The charity's Irusi8&s considef th81 thè Budil requirement ol R8gulalion 1011llal to
Icl of thè Accounts Regulatlon5 doe8 not appty. It is my ￿SpOnsIbl11fy 19 9xami￿& Ihe accounts as
ftq*Jired under Sèclion 441lllcl or the Aci and lo sl810 whèihef pai*cular maller5 havè come lo my
allènlion.
Ba61s oltho Independent ex&mln•rfs rèport
My 8xamlnalion was farried oul In accordancè wilh Ragulatlorh 11 of Iha Charilies Accounts (Scotlandl
Re9ulallons 2008. An examlnation in¢ludes a rewew of Ihè accounting records kepl by the charily and
8 ¢omparison of Ihe aecounls presented wilh Ihose iecords. 11 a150 includes conslderalion of any
unusual Élems or discbsurès in the accounts. and seekln9 8xplÈnktionsfromyou as Ifu3lees ¢tr)cemin9
eny suth mallers. The procedures undertaken dtt not provide all Ihe evhl&nc8 Ihat would be required
In an audil, and con5equenlly I do not express an audit oplnion on the wew given by Ihe accounls.
Indepgndent •xamlnèr's st8t•ment
In conneclion with my examlnalion. m rnatler has ¢om8 to my attention..
111 which glves m? reasonatye ceu8e to beligve Ihal. In any malorial r65pecl. th? roqu¥ements
lo keep 8ccounling records in acC￿￿anCe with Sèction 4411llal of the 200$ Acl and Regvlalk)n 4 01
Ihe 2006 Accounls Regul81ions- and- ¢0 prepare accounts which accord with lh8 aceounlSng records
and lo COm￿Y wllh Regulation 8 0( the 2006 Accounls RÉgulalions
ha￿ nol been rnel.. or
121 lo whS¢h. in my opinion. attenliOII Should be drawn in order lo enabl& a proper underslan&ing ofthe
accounts lo b9 leached.
Jf
oJLo_Jl
rrary Bo
Morrls & Young
Chartergd Accounlanl$
6 Alhc41 Cres¢enl
Perth
PH15JN
.C.CA C.I.P.F.A. (Alhll.
Dale:
Pag6 6

The Melkle and Paton Fund
Statement of Financial Activities tor the Year Ended 31 December 2025
Total
2025
Total
2024
Unrestrlct•d
EndowrnEnt
Note
Incom• and
Endowmen￿ from:
Inve51menl income
60.017
60,017
59.246
Exp•ndllur¢ on:
Raislng lunds
Charitable activ￿leS
15.8441
(109.921)
15.8441
1109,921)
15,3811
176 149)
Total Expendilure
Gainsnoss8s on inv8Stment
assels
1115,765)
75
180 039
179.964
Not movement in lunds
155.8231
180.039
124,216
48.840
Roconclll?Ilon of fund8
Total furKls Lyoughl lorward
157.828
2,658 209
2.816,037
2.767J97
Tolal funds carried lorward 12
102.005
2.838.248
1940.253
2.816.037
AN ol the Gharily'5 actlvilies deiNe Irom contlnuing opgrallons during the at*)vp Iwo per4ods.
Tlie notes on pagtrs 9 10 16 form an integral part ol Ihe3e fmanoal stslements.
Page 7

The Meikle and Paton Fund
(Registratlon number: SC0149921
Balance Sheet as at 31 December 2025
2025
2024
Notè
Flxed agsets
Inv¥slmenls
2.914.532
2.659.493
Currgnt 88set8
Cash al bank and In hand
Prepaymenls
Croditors: Amounts l•lling due wlthln on• y¢ar
Not ¢urr•nl Jssets
29.573
5.328
160,836
4.950
10
11
19.1801_
25.721
242
154,544
Not 8s$éts
2 940 253
2.816.037
Funds ol the charlty:
Endowmenl lunds
2.838,248
2.658.209
Unr•$trlcled Income funds
Unfesliicled lunds
102005
157.828
Total funds
13
2 940.253
2.816.037
Tha fin￿cial slalBm¢nts on pages 7 10 15 wer• approvèd ty thg tr￿le•S and aulhtyised for issue on
27 May 2026 and slon&d on Iheir behalf by..
l F Palon- Truslee
The notes on pages 9 10 16 lorrn an Inlegral part of Ihtse financial slalemtnls.
Pagg 8

The Melkle and Paton Fund
Notes to the Flnancial Statements for the Year Ended 31 December 2025
1 Accountlng pollcl•8
Statement of compllaffic•
The finan¢l81 slaleTnenls hav9 been prepafed in aecordanco with Ac¢ounlin9 and Reporting by
Charities.. Slat8mènt of Rècommended Praclice OPFAicable to charilias preparin9 their a¢cwnl5 In
accordance wlth lh¢ Financial RepDrting Slandard applicable in the UK and Republic ol Ir•tand (FRS
1021 leNèclive 1 January 20191- (Charities SORP IFRS 10211, Ihe Financial Repctrting Standard
applicable in th& UK and Republic of Ireland IFRS 1021. the Charities and Tiuslee Investment IScoU8nd)
Act 2005 Mnd Ihe CXaribe$ Accourts (Scotlandl R¢gulalions 2006 las amonded).
Basls ol prnparatlon
The M¢1￿& and Paton Fund moets th& dèfinllion ol a publlc benofil enllty under FRS 102. The ffnAnclal
51alem¥nls have b89n prgpared under iha hlslorK cost convenlion wllh Iha •xceptitsn ol Snvestmen15
which are ￿dUded al market value. as modified by the m•lualon of¢erlain assels.
Golng ¢onrem
The trusiees considèr Ihal Ihere are no material un¢ertanlles aboul Ihe charity's ability lo conbnu• 8S
a 90ing con¢om.
Income and •ndowm8nt¥
All incomg IS fecogni5ed in Ihe sl8l•menl of Financial Activili8s once Ihe diarily has entitlemenl lo the
lund5. il 1$ probabl& ihal Ihe incorng wlll ts8 received anE1 Ihe amovnl can bg measured reliabty.
Inve51mentlncome
Interest on lunds held on deposil is included when receivable and lh$ 8mouni¢8n b¢ measured reliably
by Ihe charily, this is normally upon nolific¥lion ol tht inlerest paid or payable by the bank. Diyidgnds
a￿ reCogni￿d once th¥ divK1end has boen declated and nolifi¢ation has been receiv¢d olthe dlvidend
due.
Expendltur•
Al expendllure is recognised once there rs a legal or constructive oNlgation, It is proba￿& seltlemènt Is
required and the arnount can be mea5urtrd roliably. All cosls are alloca18tJ to th8 applitrable exp9ndilufe
headin9 Ihal aggregatt similar costs to Ihal calegory. Wheie ro51s canrtot be ¢Yirèetly olln"butad 10
particular heading5 Ihey have been allocaled on 8 basis con$isl6nt with Ihe use ol resources.
Ralslng funds
These are cosls Incurred in ollraciirrfJ VDlynlary income. the mana9emenl ol invesknenis and Ihos¥
incvrred in trading act]vitiès th31 rai$È (und5.
Grani expendlturo
Grants payabl0 are charge(I to Ihg year whan Ilie grarrt approved by Ihe liustees Is uncondillonally
committed lo the recipient.
P890 9

The Melkle and Paton Fund
Notes lo the Flnanclal Statements for the Year Ended 31 December 2025
1 A¢countlng poll¢los Icontknuodl
Gov¢mance cosls
Thg$e include lh8 Costs attributable 10 the charity s complian¢è wilh conslituknnal and slalulory
reouifarnenis, including audil. strategtc managem¢nt and truslees. meelir¥J5 and rgimbursed expenses.
Taxollon
The charity 1$ exempl Irom tax on its ¢harilable actniilies.
FIx8d ass¢t Investments
Fixed B5sel Inveslrnènts. other Ihan programmè related Invesimenls, are ￿cluded at mark¢t value 81
Ihe balance 8h¢¢l dale. Reallsed yains and losjes on Inveslrnenls are Calculat￿ as Ihe diifèrence
betseen sales proceeds and thgir market valv8 31 Ihe start ol Ihe year, or Iheir subsequenl c05t, and
are chaiged or Credited lo thè Statemeni of Financial Activities in Ihe p8rK>d of disposal.
Unrealtsed gains and ltssses rèpresent Ihè movement in rnarkel values during the year and are tr8diled
or charged lo the Siatement of Financial A¢1￿411e$ based on the mark&l value al Ihè year end.
Cash and cash •guivalents
C85h and ¢85h oquivalents ¢onN)rise cash on hand and call deposils. 4nd olhÈrshort-lemi highly liquid
investmenls that ar8 r6adlly conver11b￿ 10 a known Bmounl ol cash and arè stsbigct to an Insi9nS1icanl
iisk ol chan98 In valuè.
Fund stru¢tur8
Unre51ticted incomp lunds arè geoer#l funds ihal are availabl8 lor us• al the truslees. disueliryn in
lurfh8r8nc8 ol Ihè objectivgs of t￿ charity.
Endowmènl lunds sre held on Iwsi lo bg rei8ined for th8 b8n8fl1 of th• charily as a capllal fund. All
endowment funds are permanent endowments 8nd the trustees must malnlaln Ihe whole ol the lund in
pefP8tuily.
Page 10

The Melkle and Paton Fund
Notes to the Flnanclal Statements for the Year Ended 31 December 2025
2 Invèstment Incom?
Toial
2025
Total
2024
Gèneral
Income frcm thvithnds.,
Dividends ￿CeIVebIe fiom olhgt lisiod
Inv851menls
Inlerssl fecelvablg and simdar iftcome.,
Interest ￿Ceivabl¥ on bank deposits
56.806
56,806
57,19)
3.211
60.017
3,211
2.05fj
59.246
3 Exptrnditur? on raislng funds
Total
2025
Total
2024
General
Other ￿}VestMent managemenl c051s:
Amounts payable lo investmenl M￿ag￿5
5.381
5.381
5,844
5.844
4 Expenditure on ¢harltablo acllvllles
Total
2025
Total
2024
Generpl
Retreat lor newly ordained minisl¥rs
Subsidy grants
Governance c0515
21.200
83.842
4.879
109.921
21,200
83,842
4,879
109,921
70.922
5.227
76.149
Pag811

The Melkle and Paton Fund
Notes to the FSnanclal Stalements for the Year Ended 31 December 2025
5 Analyslg of govemanco and support costs
Governanco costs
Total
202S
Tolal
2024
General
Independonl èxamlner lees
Examinallon ol Ihe financlal slalem8nts
666
Legal f¥oS
Secretarlal co$ts
Ae¢ountsncy 1905
Olher
590
220
3,360
43
4.879
1,300
200
3,000
43
5,227
220
3,360
43
6 Truslees. remunèratlon #nd ¢xpen$es
JC Andrew, a trustee, is a partnerol Lindsays LLP whi¢h receNed tS9012024'. £1.)￿$) lor legal al1v￿e
thiring the year.
No truslee5 have ￿ce1￿￿ any reirnbuiseLI expenses Irorn thè ¢harity during Vw year.
7 Taxallon
The Charity 1$ a regis￿ad charity and is IheTefore exernpt from laxalion.
P3g8 12

The Melkle and Paton Fund
Notes to the Flnancl81 Statèments for the Year Ended 31 December 2025
8 fix￿ asset Investments
2025
2024
Other invps¢mènis
2.914.532
2 659.493
othpr Inv8stmoDIs
Llsted
Invpstments
Unllsted
Inve¥tsnents
Totsl
Cosl or Valyatlon
Al 1 J?rmJary 2025
Ad<lilions
Revaluation
1.849.493
75.075
179.964
810.000
2.659.493
75.075
179,964
Al 31Decern￿I 2025
2.104,532
2,914 532
Net book value
At 31 D￿ember 2￿25
2.104.532
810.000
2.914.532
At 310ecember 2024
1849.493
810.000
2.659.493
As at 31 Dee6mbg1 2025, the ChariW$ inveslmot)Is comprised 1,363.933.OS 12024.. 1.363,933.051
shares In the Ba¥cIoys Charity Fund, 810,00012024.. 810.0001 sharès in Crieff Hydro Ltd and £75,000
invested #) a Barclays Money Markol Fund12024.. £nilJ
Thg original c05101 Ihe shares (n 8arcl8ys Ch8T*ly Fund ￿4S £1.439,83412024: £1,439,834).
Th8 original cost ol the shares In Ciiofl Hydro Lld was £21,938.
Page 13

The Meikle and Paton Fund
Notes to the Flnanclal Statements for the Year Ended 310ecember 2025
9 Cash •nd cash wulvalent$
2025
2024
Cash 81 bank
29,573
160.836
10 Prep*yments
2025
2024
Dqposil paid lor Mlnislws, relie81
5,328
4.950
11 Cr8dltors: amounts falling due wllhln one y¢or
2025
2024
Other ¢r8dilors
9.180
9.242
12 Funds
Olhtr
Balancè at
Incomlno Resourcès
r?¢ognls9d 31 Decomber
rèsources
expended galnslllo$sesl
2025
Balance al i
January 2025
tlr¢resirlcted
Gener81
157,828
60.017
1115.7651
1751
102,005
Ethdowm¢nl
Permanfrnl
2.658,209
180.039
2.838.248
Total funds
2.816.037
60.017
115.765
179.964
2.940,253
The EndowrnBnt Fynd was established by Inillal gift$ from Williarn Meikle, Thomas Henry MeSkle and
Mr5 Agnes Palon or Methle. The gilts were mHde lo the chaiily on condition Ihal they are held as a
permanenl 8ndowmenl. Ihe in¢omo Irom which Is freely availabl8 lo lund the activ1t￿S ol the chailty.
Upon a wnding up ol the trust. the inili819fft fmm Mfs Agno5 Palt)n cr Moikle whi¢h comprS8e3 36.1°h
ol Ihe lolal 8ndowmgnl lund is lo be paid lo Ihe Uniled Free Church of Scoll8nd or whalever
denomination 01 body of Chri51ians with which th8 United Free Church ol Scotland may her8aft8r be
lncorpwa1￿ or am8bJamaled lor the for¢ign miSSh)ns ol said Ch*Jrch.
Up)n a wlnding up ol the Trust. the inillal gills liom William Meikle and Thornas Henry Moikle whi¢h
omprise 63.9% of th* total 8ndowrnenl Ivnd are lo bg paid al the trusle8s' discretion lo The Royal
Infimiary. Glasgow, The Weslern Infirmary. Glasgow or The Roy81 trlospiial for Sick Children.
Page 14

The Melkle and Paton Fund
Notes to the Flnancial Statements for Ihe Year Ended 31 December 2025
13 Analys1¥ of Mèt a$6•ts betw•en lund$
Unrèstrlc¢ed
funds
Genoral
Endowm•ni Total lunds al
fund5 31 Dec•mbor
Permanent
2025
2025
Fix8d asset Inv¢¥lrnenlg
Cunenl as591S
Cuffenl liabilit￿s
75.000
2,839.532
34.844
57
7.839￿ 11341
102.005
2.838.248
2,914.532
34.901
Totsl nei assets
2,940.253
Unrgslricted
funds
G8nFral
Endowment To¢01 fund5 at
fund5
31 December
Perm•nent
2024
2024
Ftxed asset investments
Curront assels
Current liabillt*s
2.659.493
2,659.493
165,786
165,779
-{7 951)
157,828
Total nel p5s¢1s
2 816.037
14 Related party transactions
Crlell Hydro Ltd
Ouring Ihe year the Iiusl plovxled subsidised attommod#tion al Cri$ff Hydro Ltd in accordance with
Ihe conslilution ol the charity. The Iruslees consider Crieff Hydro Ltd to be 8 lolaled party due lo the
significance and incidence ofthe Iransadions belwegn the entitie5 and the inclusion among the Iwsitres
ol the Chief Executive of Crièll Hydro Ltd.
The lold value ol aecornmodatiw provkled during Ihe year wa5 £105,04212024: E70.92Z).
Page 15