AJ AZETS THE AITCHISON TRUST Annual Report and Accounts For the year ended 31 December 2022 Reglstered Charlty - SC015510
THE AITCHISON TRUST Annual Report and Accounts For the year ended 31 December 2022 Contents Page Charity Information Trustees, Report 24 Independent Examiner's Report Receipts and Payments Account Statement of Balances Notes lo the Accounts 8-10
THE AITCHISON TRUST Annual Report and Accounts For the year ended 31 December 2022 Charity information Trustees Principal address clo Echoes International Unit 22, Sir James Clark Building Abbey Mill Business Centre Paisley PA1 1TJ Bankers The Royal Bank of Scotland Ayr Chief Office Ayr KA7 18Y Sollcltors Holmes Mackillop 109 Douglas Street Blythswood Square Glasgow G2 4HB Indapendont Examingr Azets Audit servIs Chartered Accountants Exchange pla 3 Semple Street Edinburgh EH3 88L Investment Advisers Inveslec Wealth and Investment 5 George Square Glasgow G2 1DY
THE AITCHISON TRUST Trustees. Report For the year ended 31 December 2022 The Trustees present their annual report together with the Accounts the year ended 31 December 2022. Charitable Objectives The principal objective of the Trust is to spread the Gospel of Jesus Christ by helping and supporting Christian mission al home and abroad. Governing Documgnt The Trust was established by a Trust settlement by Charles Andrew Aitchison dated 1 September 1892 and subsequently amended by various supplementary Deeds and further settlements between 1892 and 1899. The Trust is a recognised Scottish Charity registered under Charity number SC015510. Organisational Structure The affairs of the Trust are directed by the Trustees who meet at least twice yearfy. Administrative support is provided by Echoes Intemation&l. Charity No. 1173851, England and Wales and Scottish Charity No. SC047797. Until his retirement on 31 December 2022, Alan Cunningham, Trustee, was a Partner of Alexander Sloan, Accountants and Business Advisers, who provided a¢¢ountancy and secretarial services during the year which are further detailed in Note 8 on page 10. Trustees The Trustees see voluntarily. The Trustees who seNed during the year and lo the date of this report were as follows'.- The Trustees understood their statutory responsibilities during the accounting period. Appointmgnt of Tru$tg0S Trustees are nominated for appointment by the existing Trustees. There is no fixed term for Trusteeship. The appointment procedure and induction process ensures that the Trust comprise Trustees who have appropriate qualifications, areas of expertise and experience, and who are clear about their role. As part of their induction programme, new Trustees are required to understand their statutory responsibilities.
THE AITCHISON TRUST Trustees. Report {cont'd} For the year ended 31 December 2022 Achievements and Perfomiance Significant highlights, events and developments of note in the year included the following'.- In relation to activities, The Trustees mel in April and November 2022 to discuss and handle the affairs of the Trust. The Trustees continued to provide daily Scripture texts for publication within 'The Herald. Newspaper. In relation to funding, the Trustees continued lo mainly restrict financial support lo the Trust's "family" of beneficiaries (individuals and charitable organisalionsl who are associated with the missionary agency, Echoes Inlemational. Investment Pollcy Al their meetings, the Trustees consider the Trust's investment strategy, the Trust's income requirements, risk profile and the Investment Managers, view of the market prospects in both the short and medium term. Normally, an Investment Manager would allend one of the Trustees, meetings. The policy objective is to achieve an appreciation in capital values al the same time aiming lo generate a reasonable and growing level of income. All the investments are held as unrestricted funds. Under the terms of the Trust Deed, the Trustees have the power to apply capitsl should they be so moved in their wish lo support causes or needs. Grant Making Policy Annual grants are awarded to missionaries who serve around the world and who, within the context of the Trust Deed, are associated with the missionary agency, Echoes International. Annual grants are also paid to a number of Christian charities and ministries as selected by the Trustees. Details of grants paid in 2022 are outlined in Note 3. Risk Analysis Al one of their twice-yearly meetings, the Trustees assess and review the risks to which the Trust is exposed. This is normally undertaken in conjunction with the Trust's Investment Managers. Plans for future periods Al their meeting on 26 April 2018, the Trustees decided lo apply to the Office of the Scottish Charity Regulator {"OSCR'I for the Trust's incorporation as a Scottish Charitable Incorporated Organisalion ISCIO). The application was approved by OSCR and the SCIO was incorporated on 24 August 2018 as Scollish Charity No. SC048651. Given what appeared lo be an absence of winding up clauses in the old Trust Deeds, the Trustees anticipated that the winding up process would require OSCR'S consideration of a Reorganisation Scheme. Exacerbated by Covid-19 delays, the Trustees sent an Application forApproval ofa CharilyReorganisalion Scheme lo OSCR on 29 November2022. Responding by email on 26 January, OSCR helpfully highlighted a clause within Trust Deed No. 2 which appeared to contain adequate power enabling the Trust lo expend ils capital and income thereby removing the need for a Reorganisalion Scheme. OSCR recommended that the Trustees seek legal advice on the highlighted clause and, after due consideration, the Trustees accepted that a Reorganisation Scheme was not required and sent to OSCR on 16 March 2023 an AppliGalion for Consent lo Wind-up or dissolve a Charity. By email on 23 March 2023, OSCR gave consent to the Trustees. proposal to wind up The Ailchison Trust ISC0155101 and transfer its assets and liabilities to The Ailchison Trust SCIO ISC0486511. At the signing date of these Accounts, the process to open a new SCIO bank account and facilitate the transfer of the Trust's cash assets was ongoing. The Trustees anticipate that the Trust will be wound up later in 2023.
THE AITCHISON TRUST Trustees, Report (cont'd) For the year ended 31 D¢¢emb¢r 2022 Review of financial position The Receipts and Payments Account on page 6 reflects Nel Receipts (i.e. a Surplus} forthe yearof£24,005 12021-£6.8451. Reserves Pollcy The Trustees. wlicy is to hold a level of investments in order to generate a retum SLrfficient to meet the Tnjsys annual adminislralive costs. Approved by the Trustees on 30 June 2023 and signed on their behalf by.. rustge rusteg
THE AITCHISON TRUST Ind•pand•nt Examinèr's Rèport to th• Trusta•s of Thè Altchlson Trust For the year ended 31 December 2022 I report on the Accounts of the Trustfor the yearended 31 December 2022, which comprise the Receipts and Payments Account, Statement of Balances and related notes. Respectlve responslbllltles of Trustees and Examlner The charity's Trustees are responsible for the preparation of the Accounts in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The charity's Trustees consider that the audit requirement of Regulation 1011 Ildl of the Regulations does not apply. It is my responsibility to examine the Accounts as required under section 44111 Icl of the Act 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 (Scotlandl Regulations 2006. An examination includes a review of the accounting records kept by the Trust and a comparison of the Accounts presented wilh those rewrds. It also includes consideration of any unusual items or disclosures in the Accounts and seeks exp18nations from the Trustees conceming any such matters. The procedures undertaken do not provide all the evidence th8t would be required in an audit, and wnsgqugntly I do not express an audit opinion on the view given by th8 Accounts. Modified statement in resped of eligibility to di$apply the audit requirement We note that the Trust's founding Deeds include a requirernent for audit, which means that Regulation 10111 Icl lil r8quiring an audit appli85. Howev8r, giv8n th8 Trust8es are In th8 process of wnding up the Trust and transf8rring its assets and activities to the newly incorporated Scottish Charitable Incorporated Organisation, the Trustees have instructed rne to carry out an independent exatnination. Independent Exarniner's Statem8nt Except for the eligibility noted above, in the course of my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements.. which gives me reasonable cause to believe that in any material respect the requirements.. to keep a¢wunting rewrds in accordance with Sedion 44111181 of the 2005 Ad and Regulation 4 of the 2006 Accounts Regulation5 to prepare Accounts which accord with the accounting records and comply with Regulation 9 of the 2006 A0unt$ Regulations have not been rnet.. or 2. to which. in rny opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached. Azels Audit Services Chart8red Accountants Exehang• Plac• 3 Semple Stre•t Edlnburgh EH3 8BL Dat•.. 30 June 2023
THE AITCHISON TRUST Recelpts and Payments Account For the year ended 31 December 2022 Unrestricted 2022 Unrestricted 2021 Notes Receipts Investment income 27,981 27,260 Proceeds from sale of investments 161,872 139,516 Total receipts 189,853 166,776 Payments Charitable expenditure.. Charitable activities Grants paid Support costs 56,600 11,215 61,600 8,902 Govemance costs 1,704 1,548 Acquisition of investments 96,329 87,881 Total payments 165,848 159,931 Net receiptsllpaymentsl 24,005 6,845 The Notes on pages 8 to 10 form part of these Accounts
THE AITCHISON TRUST Statement of Balances At 31 De¢ember 2022 Unrestricted 2022 Unrestrlcted 2021 Bank balances at 1 January 2022 15.986 9.141 Net receiptsl{paymentsl for the year 24.CK)5 6.845 Bank balances al 31 December 2022 39,991 15,986 Flxed asset Investments Market value at 31 December 2022 800,506 970,593 Credllors Accountancy and secr9tarial fees Independent examinerfs fee Support costs Grants 1873 68 3000 1,703 65 4,941 1,768 Approved by the Trustees on 30 June 2023 and slgnod on their bohalf by.. rus Trustee The Notes on pages 8 to 10 form part of these Accounts
THE AITCHISON TRUST Notes to the Accounts For the year ended 31 December 2022 Accounting policies Basis of accounting The Accounts have been prepared on a Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006 las amendedl. VAT The Trust is not registered for VAT and, accordingly, expenditure includes VAT where appropriate. Resources expended Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for rts beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the Independent Examiner's fee. 2022 2021 Investment Income Income from investments 27,981 27,260 27,981 27,260
THE AITCHISON TRUST Notes to the Accounts Icont'dl For the year ended 31 December 2022 Charitable activities Grants awarded Grants consisted of awards for mission work in accordan with the rules of the Trust as follows.. 2022 2021 Foreign and home las detailed below) 56,600 64,100 Foreign and home Echoes International {Noles 6 and 81 Faskally Christian Trust Gospel Literature Outreach Gospel Literature Outreach (for Tilsley College) HealthLink360 JAM Trust Opal Trust Limited The Retired Missionary Aid Fund (Note 81 SASRA Scripture Union Scotland UCCF- Glasgow Grants lo individuals 1,000 2,000 1,500 1,000 1,000 2,000 1,500 1,000 1,000 5,000 1,000 1,000 600 12,000 3,000 32,500 5,000 1,000 1,000 600 12,000 3,000 28,500 56,600 61,600 Grants lo individuals comprise payments to 40 beneficiaries12021 46 beneficiaries) ranging in value from £500 to £1,000. Charitable support costs Accountancy & secretarial fees (Note 81 Grant adminislralion (Notes 6 and 81 Scripture verses Bank charges 7,776 2,500 915 24 5,574 2,500 828 11,215 8,902 Governance costs Independent Examiner's remuneration 1,704 1,548
THE AITCHISON TRUST Notes to the Accounts Icont'dl For the year ended 31 December 2022 Trust administration As mentioned on page 2, the Trustees engaged Echoes International to provide administrative support during 2022. For such support and, as shown in Note 4, Echoes Intemalional received a gift of £2,500 12021 £2,500) which formed part of the Trust's annual £3,500 gift to EGhoes Intemational. Trustg9s' remuneration and transactions No Trustees nor any persons connected with them received any remuneration or reimbursed expenses during the year in their role as Truslees12021 none}. See also Note 8. Related party transactions As indicated in Note 3, the Trust gave a £1,000 gift lo The Retired Missionary Aid Fund, Charity No. 211454, England and Wales. Alan Smith, Trustee, is a Trustee of The Retired MissionaryAid Fund. As indicated in Note 6, the Trust gave a £2,500 gift to Echoes Intemational for the provision of administrative support and a grant for their charitable work of £1,000. Alan Smith, Trustee, is a Trustee of Echoes Intemational. Accountancy and secretarial services were provided during the year by Alexander Sloan, Accounlanls and Business Advisers. Alan Cunningham, Trustee, retired as a Partner of Alexander Sloan, Accounlanls and Business Advisers on 31 December 2022. Including VAT, the cost of these services amounted lo £7,77612021 £5,574).