Scoiilsh Charity No. SCOJ5074 The Hugh Stenhouse Foundation Financial Statements Year Ended 31 March 2025 The Hugh Stenbouse Foundation Contents of Ihe Financial Statementsfor ihe year ended 31 March 2025 Page Charity Inforniation Trust¢¢s' Annual Report Independent Examiner's Rep)rt Statement of Financial Activities Balance Sheet Noles to the Ftnancial Ststements The followlDE pages do Dot form part of the flDgncl#l J¢atemeDIs h¢dule of Inveslments 10-14 Charitable donations ¢xp¢nd¢d 15-16 The Hugh Stenhouse Foundation Charity IDformatioD Cbarity name The Hugh Sienhouse Foundation Trnsleej SCOI 5074 Prfincipal O(fict Bell Ingram LLP Durn Isla Road Perth PH2 7HF Ind¢p¢DdeDt Examloera Azets Audit Services Chartered Accountants Tilanium I Kings Inch Place Renfrew Glasgow PA4 8WF Bankers Bank of Scoiland 54162 Sauchiehall Street Glasgow G2 3AH The Hugh Stenhouse Foundation Trustees. Annual Reportfor ihe Year Ended 31 March 2025 The Trustees present their report and the financial statements for the year ended 31 March 2025. Charltlble Objeelfives The object of the Foundation is to provide funds for Charithble purposes. There hav¢ been no chang¢s in the Foundation's objects or ￿lICI¢S during the ycar. Prlnclpal Aellvllles When considering applications for funds. the Tn￿leeS look favourably on applicants based in the West of Scorland, although other areas are not ¢x¢lud¢d. The trustees g¢n¢rally favour local caL￿s in which local communities are active participants rather than national organisation5. In general the Trusl¢¢s w¢fer to give strong support io local initialives where their help can make a real diffcrcncc rath¢r than where any 5UPPOrt which the Foundation mighi give would only be a small proportion of the to¢al funding. A¢bievements And PerfomAllCt During Ihe year Ihe Foundation has beeft able to continue to provide donation5 to the Maxwelton Chapel Trust to enable it to meet its running costs. In addition ro ihis. donations werc made to chaTiti¢s involved in th¢ r¢lief of poverty. Donation5 werc also made to youih, medical and other charities. Finaaeial Review For the year endd 31 March 2025, total income of the Foundation amounled to £86,591 {2024 - £76,817) all of which related to rhe Revenuc Fund, After meeting administralion and other costs of £18,348 (2024 - £17,509) of which £12.682 (2024 - £12,093) r¢lat¢d to the Revenu¢ Fund and £5,666 (2024- £5.416) to the Capital Fund) and donalions of £56.400 (2024 - £54,000) {all of which r¢lal¢d to the Revenue Fund), a surplus of £11.843 (2024 - surplus £5,308) before oiher recognised gain5 was r¢cc)rded. Of this 5urplu$, a surplus of £17.509 (2024 - surplus £1 0.724) applied to th¢ R¢v¢nu¢ Fund and a dcficit of £5.666 (2024 - deficit £5,416) to the CapiTal Fund. Rejervej Poll The chariry's unrestricted fund has been built up over a number of years. 11 is th¢ Trustees, policy to us¢ the income from the invesfvnents for distribution. leaving the capital as reserves. Invejtment Policy Th¢ policy is to ensure a balanced level of incotnc and capital growth consistent with security of capital. Fuads in dellelt There were no funds in (kficit * the year end. StAtus of Charity and Governing ID¥trumellt The Foundation is a registered Scottish Charity (No SCO15074}. Its object and regulations arc r¢gulated by trust deed daied 4 March 1968 and under that deed li is Conslituted as an unincorporated associalion. The Hugh Stenhouse FoundatlOD Trustees, Annual Reportfor the year ethled 31 March 2025 {conlinued) Trusteej aod Office Bearers The Trustees of the charity who served during the yur are as follows: Th¢ Trustees are eligible, In committee, to appoint additional Trustees under the temis of the trust deed. The Trustses ar¢ r¢sponsible for the overall administrdtion of the Foundation. Statement on Rlsk Th¢ Trust¢es assess the major risks to whi¢h the charity is eXp0￿d on an on8ving basis and have ¢stabli5h¢d procedures to mitigate those that are identified as a result of thosc r¢vi¢w5. Responslbllltles of the Trustees Charity law requires the Trustees to prepare the financial slatements for each financial year which give a true and fair view of the state of affairs of charity and of its financial activities for that period. In preparing those flnancial statements the Trusiees are required to: selecl suitsble ac¢ountin8 p)licies and ihen apply rh¢m Consistently: mak¢ judgements and estimates ihac are re&8onable and prud¢nt; state wheth¢r th¢ policies adopted are in accordanc¢ with The Charilies Accouttts (Scotlandl Regulations 2006 and with the applicable accounting slandards. subject lo any maierial dep8nur¢s disclosed and explained in th¢ financial slalements. d. prepare the financial stsiernents on a going Concern basis unless it is inapproFYiate to assume that the charity will continue to operale. The T￿Ste¢S are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial p)sition of the charity and to enable them to ensure that the fjnancial stsiements comply wilh the Charities and Investment (8coiland) Aci 2005 and th¢ Charities Accounts (Scoiland) Rcgulalions 2006. They are also reswnsible for safeguarding th¢ assets of the charity and hence taking re8sonabl¢ steps for the wevention and detection of fraud or other irre8uJarities. This report was approved by the Truslees on .......... .. 23/12/7.Q2) 2025 The Hugh Stenhouse Foundation Independent ExAmin¢r's Report to the Truste I report on th¢ ac¢ounts of the FouTrJation for the year ¢nd¢d 31 March 2025, set out on pa8es 5 to 9. ReJpe¢tive responJlblll¢leJ ofTrustees and the IndependeDt Examlner A5 d¢5¢ribed on page 3, the Truslees are responsible for the preparalion of finan¢ial statements in accordan¢e with Ihe lerms of ihc Charities and Trustee Inveslmenl (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees ¢onsid¢r that the audit requircmcnt of R¢gulation 10( A ) (d) of the Accounts Regulations do¢s not apply. It is my responsiblliry to examine the accounts as required under seclion 44 (1) (¢) of th¢ Act and to slate whether any partiC4Jlar matters hav¢ com¢ lo my atteniion. BMI$ of lodependent ExamlDer's Report l conducted my examlnation in accordance with Regulation I l of the Chariti¢s Accounts (Scotland) Regulations 2006. An independent examination includcs a review of the accounting records kept by the Foundalion and a comparison of the accounts w¢s¢ni¢d with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from the Ttustees concerning such matters. The procedures undertaken do not provide all thc evidenc¢ that would be required in an audit. and consequenily. I do nol express an audii opinion on the view given by ihe accounts. Ddep¢ndent ExAmitt¢r'J StAternenl In the ¢ourse of my examination, no rnatter has come to my attention:. { l ) which 8ives me reasonable ¢ause to believe ihal in any material re$￿t the requlremenls:. to kccp accounting records in accordance with Section 44 (1) (a) of the 2005 A¢1 and Regulation 4 of the 2006 Accounts Regulations, and lo picpare accounts which a¢cord with the accounting rcGords and Comply with Regulation 8 of the 2006 Account Regulation$ have IKen m¢L or (!) l() wh iLh, in my ()pinii)n, attention should b¢ drawn in order to enable a proper understanding of the accounts 1911212025 The Hugh Stenhouse Foundation Sl4¢¢meot of FiDaocial Activities a•d lDcom¢ and Expenditure Account For the year ended 31 March 2025 Unre5lricled Fuads CApltal Revtllme F¥nd Fund Unrestrkted Fuuds ReveDue Fulld 1025 T•t•l 2124 TD¢al Fulld Nolej Income lid Endolvments fr• Invesiments 86,591 86J91 76.817 76aJ17 Tolal Ineomlni ruoyrc¢J 16J91 86J91 76,817 76,817 ExpeDdlt•re Charilable aciiviiies her Costs Totsl expe•dlture 67,732 1.350 69082 73J98 iJ50 74.748 5.416 64,833 1,260 66.093 70349 1360 71J09 5.416 Net ylosnosw OM IDV¢Stm¢ots .245 1245 110.039 110.039 Net Incomel{Expe•dltuvel (4,421) 17,509 13,018 104,023 10,724 115J47 mov*m4nt ID fu•d$ (4.421 17,509 13,088 104,623 10,724 IISJ47 Tothl fuftds brought forward 2.286.221 5,278 2,291,499 2,181.598 (J,4461 2.176,152 Total f•ods ¢*rrknl fon¥*rd 2381.81KI 22.787 2J04J87 2.286.221 5.278 2.291.499 The n4Xe$ ¢Jn p48es 7 to 9 fom part of these finan¢ial sio*menls. The Hugb Stenhouse FouDdatlon Balance Sheet At 31 March 2025 Notes 2025 2024 FIX￿ Assets Invesrnen 2,194.434 2.190.077 Curreot kntts Cash at bank and in hand Sundry Debiors 117,808 107.594 117.808 107.594 CrcdiloT$.' Amounls fallin8 due within onc year 7,655 Ne¢ Currettt Ajsets 110,153 101.421 Nel Assets 2J04,587 2,291.498 R¢prtJenttd by: Unrestricted F"wJds 2J04,587 U91,499 2311212025 Approved by the Fjaard of 'frustee£ on . ..7025 and St￿ed on ils behalf. The notes on pa8es 7, 8 and 9 fonn part of these fuwKial statements. The Hugh Stenhouse Foundation Notes to the Financial Statements For the year ended 31 Marcb 2025 I BASIS of prep*ratlon of a¢counts The statements are prepared under the hislorical cost convention. as modified by the revaluation ot investsn¢nts and are in accordance with the Charities SORP (FRS 102) 'Accounling and ReFK)rting by Charities." Statement of Recommended Practice applicable to charities preparing their xcounts in accordance with the Financial Reporting StandaTd applicable in the UK and Republic of Ireland (FRS 102) {effeclive l JanLWy 2019),. Firthncial Reponing Slandard 102 The Financial Reporting Sla￿j￿rd appli¢able in the UK and Republic of Ireland. and the Charities and Tntstee Inv¢stm¢nt {kotland) Aci 21x15. The f)nan¢ial stalernenis have been P￿Pared on the ￿Crual5 Invejtmelli Assets Investmenls assets are Includ¢d in the accounts at their maTkel value. Where PKld &y an ongoing invesDnen( they are included in fixed assets Realljed •nd umrellkned 8•knJ •nd loss All realised gains and 1098es are reco8nised in thc a¢¢ounts. UTrrealised gains and losses on investmen¢ assets are reco8nis¢d as detailed in Note S. Pcmwieni diminulion ID the value of fixed assets is charged to the Statem¢nt of Fina￿1•1 A¢iiviti¢$. 2 liv¢stJ•eDts 2025 2024 Dividends on equity holdin83 Interest on gilts and oiher inierest 59.354 24.693 2,544 86,591 63.054 11,361 2,402 3 CbArltabl¢ Aetlvltks Capltsl Revenue Fund Fund 2025 To¢*1 2024 Total Donations Administration and 8cneral charges Portfolio man¥erf$ fee 56,400 5,147 6,185 56,400 54,000 7,720 7,423 9,278 73J98 2,J73 3,093 5.666 70.249 'I'he Hugh ￿>tenhouSe Tr'oundation Notes to the FinaDclal Statements For the year ended 31 March 2025 4 Other eo$¢s Capltsl Fund Rev¢nue Fund 2025 Totll 2024 Total Independent exominer's ftt Travel expenses 1,350 i Jso 1.200 1.350 lJ50 1360 The TrustCC5 reccivcd £0 in travel expenses durin8 the year (2024 - £0) in ih¢ir capacity as Trusieej. S Flx¢d Atset Investmertts 2025 2024 Quoted I•V￿Qme￿ts Markth Value at l Aprtl 2024 Additions Disposals Nel unrealised investment gain￿(10$Se$) 2,153.243 913.397 (707,120) (201,920) 2,006,600 327,105 (297,316) 116,854 Market value at 31 Morch 2025 2,157.600 2,153.243 Unllsled Investnxntj As at l April 2024 and 31 March 2025 Marke¢ v*l¥e #t 31 M*reh 2025 2.194,434 2,190 077 Hlstorlul ¢oJt ai 31 Mareh 202S 731,437 1531,197 6 Debtorj: Amounts l•llAng due wlthln one year 2025 2024 Debtors The Hugh Stenbouse Foundatlon Notes to the Financial Statements For the year ended 31 Marcb 2025 7 Crodllors: Amounts falllng due wlthln on¢ year 2025 2024 Accruals 7,655 6.173 7,655 6,173 Analysis of Net Assets Other Nel Assets 2025 Total 2024 To¢il Inveslmmts Unrtslrlcfed fund$ Capital Fund Revenue Fund 2,194.434 87.366 22,787 2381800 1286,221 Z2.787 5,278 2.194.434 110,153 2J04J87 2J91,499 The Hu%h Stenhouse FoundAIio sch￿41¢ Inv¢xlmentsJor ihe Jedr ended31,VJp¢* 2025 V*1 1014 IJ 2024 IAv¢a¢o PUp¢N￿ C¢xp B¢*d Fd Fw¢hued 05.146 45.( i.oj 7Y.47.1 58.104 £10.07? 17 66.957 55 M&G Cthwr*e Bond l Jn¢ GLIP 44.75S 88.845 44.755 014 .oJ 57.450 52J 925 I2.￿0 10.511 55.066 41,926 47.0 J5.r Ml f*enry(ow Oond 49.9J5 46.JJJ 093 54.701 50.128 16. lth¥e5 11 plt L'SD TTe45 Bt>7.IOITI lsb*rt* Il PIG USD Tip LILITS GBP Il¢dyd UK Ir¢•swy ti114 125'•YD5 ?9101"?U27 UK Gdi 4 125*4 BDS 22.D7.V ub¢rwi B¢rM￿ knv¢st skn EMG AXA US 5bort Dw Yield Zl y¢Js5 UBS Man¥¢M¢ntil.uT￿1*ts￿ Flxb C¥1¢￿ SICAV CAP QP 70.W2 54.191 45.CQ9 J4.148 43.117 4J.794 12.4.16 61.)11 70.602 437 489 9P17 69.968 55.$47 4J.2JO 69,840 45.ty .15. J.350 S1.ihJD 4J,009 4J.J2J 44.619 44.039 4J,5?0 68,466 0.85 7,4JO 9 19 4.JX) d Ip kl 7.461 17.wo 58,551 20,0 13,Jou (k4 11)Op pwchued 37.010 *)J BHP Flllltan USD050 63,686 Ord US $0 2J ?9.7 Jg (hd 12 117p 6.04B 2964 23,712 46.￿7 -725 Thv4•d lov Trus IUKI Ji,iryJ -7.775 23.315 56.7•4 2 35?? XD 54.99J (kd lQg iold 7.012 2J.52 Z6.216 50.504 11.1.067 410,5 670.601 The Hugh Slenhouse Foundilion Schedule of InvesiJve*ts {eoRI'd) Jor i*eyuf eNdedJl March 2025 CMI •rknl V• 2025 2025 2125 2014 ljwnusht f¢ns¥d 81 J,667 486.5 913.137 070.&J4 Cwth lllthrMd•••l Pk J36 w¢$ .176 360 25.951 2912 16.269 C*d 21 IOlIlOIp sold 11,26J 10.616 2014XD 21.147 45,JJ8 -5 1.050 ￿%￿rI￿ Pk I.ICY) sh¥es JS.67 20.J96 17.91J 74 dtsy pl￿ US 5wlkr Cwpthlls F¥•• 449112 4.597 4.597 USD217tr7 13.178 77.950 1S.Ib) 6,450 5h¥¢1 40.$19 34.￿2 49.221 ,soJ 501d FP WHEB A••el fvlbMitmtv¢ ij. 31.492 3J.495 Frll•Will Te•pltt•• Fwdj. CtMTbth* J9.405 J94 -9 055 544 J7.410 ij.ijs Sold 2.4¢ 400 nr4 25p sold 21.947 31.921 14615XI) 13.314 7.153 26,445 43,191 sold 42.C -10.500 purth￿¢d 55.32J 56.85t ?6. J? J 49.jsl J7,535 66,1 .10.r￿) .21.thM) J.7BO.401 -9JO 401 cinty txEIMn 1.056,764 775.415 1,217.930 1.133.921 The Hu h Stenhou5e Foundatio Schedtsl¢ {eo#i'dJfor thiyeor endtd 31,V4rch 2025 C• .1￿r&￿ Pri¢t 201$ io 1014 Broutht forward 1.056.761 775.435 IJ87.910 1.13J.928 Lry•l a GeimlGrwp 14.750 .149 Ji.110 2.43 24.027 3?.￿¥ sold 11.SINJ 2J.I 1 9845 XD 25.J46 71L .Mitrowth C•rp Co 15 USD JY5 J9 24.105 WS fvf•ry•t wrtktJaw F¥ 24.015 31.810 5.67 J6.019 7Q,LWJ2 -3 245-,13 10.c Jr Mow• Find ii.c¥Jo ICVC Shves Ctsii C YJ.9CQ 20.W) 47SIXD iJ.4544 JP Cb•Ma r 170 27.209 USD 245 30 32.118 JP M•ryAD Glohdl Gr0￿h Ihucs pw¢ha%d 6J.116 70.492 523XD 66.421 eo.217 N41iMiI Gn• 3.lsri 919 24.J32 JO.4C6 10.09 27.495 33,563 i¢¢urtty dEhven *.725 •rfxls Fud• 18. 2.StY) 48.701 39.068 USD J 1446 iJ.301 69.745 r*¢in¢ C*plthl P•nD¢n Lhl PLYchx5¢d 3J.929 13.746 XD J7.114 900 1700 P(4¥r CAPIt￿ Httllts¢•rt •luttblp 4.QOO ve• 725 46.447 1216 ¥,941 sold P￿1￿c*pl￿• Tnnl 1.200 pJrehw¢d .2.2(W) old Se%￿ 5plm ntw ie¢unty 49.735 49,?JJ 287 65.140 65,8W) ?2,(KMI 1.141.985 1,6$6,394 The Hu h S¢enhou5e Foundatson Schedule oJl•vesiments {cofti'd) Jorthey*&reA4ed JI Morch 2025 V&tyJi 2013 1024 201S 21J25 2014 iou*1 forward 1.841.983 1.¢150.194 2.5L¥) .2.500 Otd Sp 19.292 R¢f*AlI B¢•rki*rGrv4p 650 dlty sold 17.539 5221 IJ.Q03 29.322 440 Relx Pk kntc$ sold 12.509 ! J.06 J 10.976 50.489 4J75 pwthued zojj? 4J86XD 4ty) R•d* H•k4w AG G¢•¥u¢b¢lNe YPV sh¥eJ 9.$05 16294 CHF 29J SO 26.702 J6.J19 -75 ioj ROYAI tl¥ttb Sha. Ord 75p 15.857 112$ 43.710 00,364 -730 Old USSO 20 14,669 IP,713 5.6 (kd VSDO $0 37,475 .124 95,0 .95( sh¥¢wEuro Eq IArome F¥ Id sirykv Ctryp C•• 27.52J USD 372 2$ 11.8Z2 U•lkn*r 1.2 .770 430 7.164 ?O.AJl 4609 19,819 Pr•prty IDeoll* Riit plc 5harcs 27.0th) -27.1 28.317 ,J12.587 1.418.749 ?.040.431 2.1fj5.8JJ The HuRh Stellbouse Found8lloD C• y￿￿e Prftt 10 ioij 202 Brouthi fénvyd 1,582.507 1.411,749 2.040.431 ? 105.IJ5 IJK C•fflw•rciil Wl•ii Lld 47.371 41.120 4￿.00• Jld 23.L .15.1 ?1.243 J.J88 sold Tr•l*# X Dkn 51.fMIO kw¢h*ed .0 Itttytte• MArkoty pk 2.5 5xwth Care Above Adventur¢ Communiry Ofte Stop Hillhowse Islay & Jura Community Ente￿￿13¢ 500 1,500 1,500 1,500 I,¢J)o 1,000 ,500 1,100 1.650 550 Youth Crea* Sc￿land Sunshine Wishes Seamab Aberlour Child Care Tntsi Helm Trainin8 Lid 1.000 1,500 i.soo 500 1,000 1.500 5(10 1,000 1st Bellshill & Mossend Scoui Group Whiu-KidL Lom Toy Librnry Herbidean Pw5Uits Castlemilk Youth Slress Centre Home.start Glasgow Wilderness Foundation Happy Days Re¢liime Music The AYT Ark 18 and Under Sollas Recrealional Play Eco Drama The Dash Club Feilor Youth flub Friends of Ashton Sea Cadets 1.100 550 550 550 550 I,ioo 1,650 Medical Glasgow Childre￿8 H(vJpital Team Jak Foundalion Charlie House 1,000 SIJO 1.100 550 1.100 1,100 AyTshiTe Cancer Support Tthal carried forward 20,900 21,5(M) 15 The Hugh Stenhouse FoundatAon Charitable donatiolls expended For the ycar ended 31 March 2025 1025 IQ14 To￿1 broughi fonwud 20,900 21.500 Reli￿0￿ Maxw¢lton Chapcl Trust 30.000 30.000 S•ndri¢s oirn And¢f%>n CACE Dunoon BuT8h HAII B¢atroute Arts Ocean Youth Trust Common Wheel Dumfries Man Shed Spark 500 1,000 1.000 550 550 1,100 1,100 16