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← Mathew Trust

2025-04-30-accounts

The Mathew Trust Financial statements for the year ended 30 April 2025

Scottish Charity Number SC016284

The Mathew Trust

Charity information

- ee ee
Secretaries and
principal address Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Charity number S$C016284
Auditor Findlays Audit Limited
11 Dudhope Terrace
Dundee
Principal bankers Virgin Money
7/8 High Sireet
Dundee
DD11SS
Investment managers LGT Wealth Management Limited
Capital Square
58 Morrison Street
Edinburgh
EH38BP

2

Scottish Charity Number SC016284

The Mathew Trust

Report of the Trustees of The Mathew Trust

The Trustees present their annual report and financial statements of the Trust for the year ended 30 April 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 Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Structure, governance and management

Constitution

The Trust, previously Dundee and District Land Settlement Trust, was set up by deed of trust dated 30 April 1935 and registered in the Books of Council and Session on 20 May 1935. A scheme for the future administration of the Trust was approved by the Court on 26 January 1966. At this time the name of the Trust was changed to The Mathew Trust. A further scheme was approved by the Court on 23 February 1996. The Trustis an unincorporated charity.

The Trustees at the date of this report and throughout the year are shown on page 2.

Appointment of Trustees

Trustees are nominated by the existing Trustees and their appointment confirmed by a formal Deed of Assumption.

Trustee induction and training

The Trustees have considered a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Trust. A new Trustee receives copies of the previous year's financial statements, minutes of Trustees’ meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees”.

Organisation

The Trust is administered under the supervision of the Trustees who meet every two months. The Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance and receive reports from the secretaries in connection with the recent activities of the Trust. Day to day administration is carried out by the Trust’s Secretaries.

Key management

The Trustees consider the board of Trustees to be the key management personnel of the Trust, in charge of directing and controlling the Trust - day to day administration is carried out by the Trust's Secretaries.

All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year. Details of related party transactions are disclosed within note 10 to the financial statements.

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Scottish Charity Number SC016284

The Mathew Trust

Report of the Trustees of The Mathew Trust (continued)

eS

Risk management

The Trustees assess the major risks to which Mathew Trust is exposed regularly in order to satisfy the Trustees that systems are in place to mitigate the exposure to the principal risks and uncertainties that the Trust faces. These risks and uncertainties have been identified as:

The above procedures are designed to minimise or manage any potential impact on the Trust, should the above risks materialise.

The board seeks to operate good governance in order to comply with Trustee responsibilities and charity law, whilst working towards fulfilling the Trusl'’s objectives. The Trust purpose is clear to all Trustees from appointment and is regularly considered at each board meeting. The Trustees act with integrity at all times ensuring the decision making process, risks and controls are considered thus ensuring an effective Board of Trustees who act in the best interests of the Trust.

Objectives and activities

The Trust Deed states that:

“The Trustees shall hold the Trust Fund for the following purposes, namely:

To further and promote, in such manner (including the making of loans, whether secured or unsecured, and whether free of or bearing interest) as the Trustees shall in their absolute discretion determine, any one or more of the following purposes, namely:

provided that funds shall not be applied in furtherance or promotion of the said objects in substitution for any financial inducement or assistance given under any Act of Parliament.”

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Scottish Charity Number SC016284

The Mathew Trust

Report of the Trustees of The Mathew Trust (continued)

Strategy

The Trustees long term strategy is to make grants and loans to locally based organisations to an extent which absorbs as nearly as is practicable the whole incoming revenue resources on a rolling basis and have continued their practice of receiving and considering regular reports from the Investment Managers on the position of the Trust's portfolio of investments.

Achievements and performance

In addition to 22 grants (2024 — 19 grants) awarded to organisations for training purposes, the Trust offered grants to individuals to help fund overseas placements to enhance the individual's life skills and knowledge of other cultures. There were no (2024 — 1) grants paid to an individual.

Grant making policy

The Trust receives applications for funding of training projects through its inclusion in many charity directories, from previous recipients, active canvassing and word of mouth. The applications are reviewed against the criteria of the Trust on a regular basis. Projects can be funded for up to five years and are monitored on an annual basis.

Financial review

The results of the year are set out in the statement of financial activities. This shows the Trustees continuing support of local and national charities and local individuals.

The Trust shows a net decrease in funds of £251,023 (2024 — increase of £631,836) during the current financial year, which includes realised and unrealised losses on investments of £259,019 (2024 — gains of £538,016). The net income before investment gains and losses amounted to £7,996 (2024 - £93,820).

Investment policy and performance

In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. LGT continued to act as investment managers during the year under review. The policy is to maximise income consistent with achieving a capital growth sufficient to maintain the value of the capital in real terms.

The composite benchmark, against which the Trustees measure the Trust's portfolio performance, consists of 12.5% FTSE Government All Stocks, 12.5% ICE BoAML Sterling Non-Gifts, 30% FTSE All Share, 40% FTSE World Ex UK and 5% cash.

Reserves policy

The reserves of the Trust originate from original and subsequent capital donations together with the growth in value of investments. The Trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. Capital and Revenue balances are retained primarily to meet significant requests for financial assistance and stock market risks. The level of total funds held at 30 April 2025 was £10,769,349 (2024 - £11,020,372) before material commitments of £352,837 (2024 - £221,990) (see Note 9), resulting in reserves at 30 April 2025 after material commitments of £10,416,512 (2024 - £10,798,382).

Future strategy

As the Trust is predominantly a grant giving Trust external factors have impacted on the level of investment income in the year however they have not materially affected the Trust's operations. The Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income and will manage the Trust's affairs in a manner that will ensure the Trust's ability to achieve its charitable objectives in the medium to long term can be met.

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Scottish Charity Number SC016284

The Mathew Trust

Report of the Trustees of The Mathew Trust (continued)

Auditor

So far as each Trustee is aware, there is no relevant audit information of which the auditor is unaware. Each Trustee has taken the appropriate steps as a Trustee to make themselves aware of such information and to establish that the auditors are aware of it

The report and financial statements were approved by the Trustees on 16 September 2025 and were signed on their behalf by:

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Scottish Charity Number SC016284

The Mathew Trust

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Scottish Charity Number SC016284

The Mathew Trust

Independent auditor's report to the Trustees of The Mathew Trust

I We have audited the financial statements of The Mathew Trust (the ‘charity’) for the year ended 30 April 2025 which comprise of the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's res ponsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 's sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

8 Scottish Charity Number SC016284

The Mathew Trust

Independent auditor's report to the Trustees of The Mathew Trust (continued)

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nathing to report in respect of the following matters in relation to which the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Scottish Charity Number SC016284

The Mathew Trust — Independent auditor's report to the Trustees of The Mathew Trust (continued) SS

Auditor's responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined below to detect material misstatement in respect of irregularities, including fraud.

The audit team has appropriate skills and expertise required and through discussions with management directors and knowledge of the sector to ensure any non-compliance is recognised and all necessary disclosures are made. The controls in place help the company mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance, trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal contro! that we identify during our audit Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at hitos./Awww.frc.org.uk/auditorsresponsihilities. This description forms part of our auditor's report.

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The Mathew Trust

Independent auditor’s report to the Trustees of The Mathew Trust (continued)

Use of our report

This report is made solely to the Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body for our audit work, for this report, or for the opinions we have formed.

tiurdl PLUVa “~) NS Findlays Audit Limited Statutory Auditor 11 Dudhope Terrace Dundee DD3 6TS

16.DEPTEMBER2025

Findlays Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Scottish Charity Number SC016284

The Mathew Trust

,

Statement of financial activities for the year ended 30 April 2025

Unrestricted Unrestricted
funds funds
Note 2025 2024
3 £
Income from:
Investments
Dividends and interest 347,022 311,547
Interest on cash deposits 6,729 12,417
353,751 323,964
Expenditure on:
Raising funds
Charitable activities		 2
3		 70,983
274,772		 55,872
174,272
Totalexpenditure 345,755 230,144
Net income before net (losses)/gains on investments 7,996 93,820
Net (losses)/gains on investments 5 (259,019) 538,016
Net (expenditure)/income for the year (251,023) 637,836
Reconciliation of funds:
Total funds at 30 April 2024 11,020,372 10,388,536
Totalfundsat30April2025 B 10,769,349 11,020,372

All activities relate to continuing operations.

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Scottish Charity Number SC016284

The Mathew Trust

Balance sheet at 30 April 2025

Note 2025 2024
£ £ £
Fixed assets
Investments 6 10,178,345 10,465,886
Debtors —due aftermore than one year
Loans recoverable 39,583 39,583
10,217,928 10,505,469
Current assets
Debtors— due withinoneyear
Interest receivable 17,446 -
Prepaid investment management fees - 9,953
17,446 9,953
Cash & bank balances
Funds held by Investment Managers 228,296 246,283
Cash at bank 331,172 304,855
576,914 561,091
Creditors
Amounts falling due within one year 7 (25,493) (46,188)
Net current assets 551,421 514,903
Total assets 10,769,349 11,020,372
Unrestrictedfunds 8 10,769,349 11,020,372

The notes on pages 14 to 21 form part of these financial statements.

These financial statements were approved by the Trustees on 16 September 2025 and were signed on their behalf| 13

Scottish Charity Number SC016284

The Mathew Trust

Notes to the financial statements

————enn

1 Accounting policies The following accounting policies have been applied in dealing with items which are considered material in relation to the Trust's financial statements.

Basis of accounting

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Trust's operations as indicated in the financial report, all of which are continuing.

The financial statements have been prepared in accordance with applicable accounting standards, “Accounting and Reporting by Charities”, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Trust constitutes a public benefit entity as defined by FRS 102.

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.

Income

All income is recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability. The following specific policy is applicable to particular categories of income.

Incoming resources comprise income from investments and deposits which is included in the Statement of Financial Activities (SOFA) in the year in which it is receivable.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal obligation to pay for expenditure. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

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The Mathew Trust

Notes to the financial statements

1 Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Loans are recognised at the amount advanced less any repayments made within the year. Any amounts due after more than one year are shown separately on the face of the balance sheet.

Cash at bank

Cash at bank includes cash held in a deposit or similar account.

Investments

Investments are included at fair value. Realised gains and losses, representing the difference between sale proceeds and cost are dealt with in the SOFA. Unrealised gains and losses, representing the movement in the fair value of investments over the financial year, or from their date of purchase if acquired during the financial year, are shown in note 6, and are also included within the SOFA.

Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount.

Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

¢ Accruals are applied at the year end based upon known costs received post year end and the experience of the Trustees.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Scottish Charity Number SC016284

15

The Mathew Trust

:

Notes to the financial statements (continued)

————— ————— ne ne
2 Raisingfunds 2025
&		 ae
Investmentmanagement costs 70,983
===		 55,872
=====

3 Charitable activities

The Trust did not undertake any activity directly bul met its charitable purposes by making grants and loans.

Grants for training purposes included in the financial statements to 30 April 2025 were as follows:

2025 2024
£ £
Charitable organisations
AlexanderCommunity Development Trust
Royal Air Force Cadets 1232 (City ofDundee) SquadronATC
Brechin Community Football Trust
Burntisiand First Aid Services Trust
Cambo Heritage Trust
Carolina HouseTrust
Circle Scotland
Design Dundee Limited
Duke ofEdinburgh
Dundee Carers Centre
Dundee HeritageTrust
Dundee City Council / Elevator / Start Up Grants
Grey Lodge Settlement
HotChocolate Trust
Helm Training
Kanzen for Life
KYTHE
Launch It
MorganAcademy
North East of Scotland SensoryServices
ProjectScotland
Princes Trust
Salvation Army
Showcase the Street
The Scottish Crannog Centre
TheVentureTrust
UniversityofDundee
University of Highlandsand Islands
Uppertunity
V&AYoung Person's Collective
Volunteering Matters		 18,000
4,000
3,500
-
10,000
5,072
-
17,500
5,000
-
:
10,000
411,500
5,000
31,306
20,000
-
-
9,000
3,000
.
5,000
2,500
13,000
42,500
15,000
40,000
5,000
-
-
1,000		 -
-
-
10,000
6,000
4,320
5,000
4,872
-
3,841
13,900
-
14,000
5,000
20,000
10,000
2,000
8,000
-
3,000
4,000
:
-
-
7,500
15,000
-
-
6,000
12,500
-
Total grants paid to charitable organisations
Grants to individuals -0 (2024 - 1)		 246,878
-		 148,933
400
246,878 149,333
Supportcosts (note 4)
Legal expenses		 24,592
3,302		 24,939
-
274,772 474,272

16 Scottish Charity Number SC016284

The Mathew Trust

Notes to the financial statements (continued)

4 Support costs

4 Support costs
Charitable
activities Governance 2025
£ £ £
Auditor's remuneration : 1,795 1,795
Secretarial services 18,238 4,559 22,797
18,238 6,354 24,592
sszszeca os ===>
Charitable
activities Governance
£ £ £
Auditor's remuneration - 1,872 1,872
Secretarial services 18,441 4,626 23,067
18,441 6,498 24,939
5 Net(losses)/gains on investments 2025 2024
£ £
Net (losses)/gains on realisation ofinvestments (58,260) 169,847
Unrealised (depreciation)/appreciation in year (200,759) 368,169
(259,019) 538,016

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Scottish Charity Number SC016284

The Mathew Trust

Notes to the financial statements (continued)

Notes toto the financial statements (continued) Notes toto the financial statements (continued) Notes toto the financial statements (continued) Notes toto the financial statements (continued)
NN
6 Investments 2025
£		 2024
£
At 1 May2024, atcost
Unrealised appreciation		 7,677,713
2,788,173		 7,460,871
2,420,005
At 1 May2024, atfairvalue 10,465,886 9,880,876
Movements in the year
Purchases at cost
Sales atcost
(Decrease)/increase in unrealised appreciation		 1,812,043
(1,898,825)
(200,759)		 4,999,667
(1,782,826)
368,169
At 30 April 2025, atfairvalue 40,178,345
F——}}_t-t} 1		 10,465,886
=ss>==>=>=
All investments held are listed UK Securities
Represented by
Investments at cost
Unrealised appreciation		 7,590,932
2,587,413		 7,677,713
2,788,173
10,178,345 10,465,886
The Trustees consider individual investment holdings in excess of5% ofthe portfolio value to be
maierial.
FairValue 2025 2024
£ £
Material interest
ASC(OffshoreSterlingFixedInterestFund)		 759,711 670,955

Investment risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

18 Scottish Charity Number SC016284

The Mathew Trust

Notes to the financial statements (continued)

6 Investment Risks (continued)

The Trust has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Trust’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Trust's investment managers and monitored by the Trustees by regular reviews of the investment portfolios.

Credit risk

The Trust invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

Analysis of direct credit risk

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

Pooled investment arrangements used by the Trust comprise authorised unit trusts.

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

Currency risk

The Trust is subject to currency risk because some of the Trust's investments are held in overseas markets, via the pooled investment vehicles.

Interest rate risk

The Trust is subject to interest rate risk through investments comprising bonds.

Other price risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Trust manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

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The Mathew Trust

Notes to the financial statements (continued)

co
7 Creditors -amounts falling duewithin oneyear 2025 2024
£ £
Secretarial fees
Auditorfees
Investmentmanagersfees
Grant paymentsdue atyearend		 15,864
1,786
4,343
3,500		 15,087
1,701
s
29,400
25,493 46,188
8 Capital and reserves 2025
£		 2024
£
At 1 May2024
Net (expenditure)/income in year		 41,020,372
(251,023)		 10,388,536
631,836
At 30 April 2025 40,769,349 11,020,372
Being -
Reserves, realised
unrealised		 8,181,936
2,587,413		 8,232,199
2,788,173
10,769,349 11,020,372

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The Mathew Trust

Notes to the financial statements (continued)

9 Commitments

Material commitments in respect of charitable grants in total at 30 April 2025 amounted to £352,847 (2024 - £221,990) including the following:-

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Burntisland|First Aid|Services|Trust|-|Loan|25,000|-| |Cambo|Heritage|Trust|:|4,000| |Design|Dundee|Limited|.|12,490| |DundeeDundee|CityMuseumCouncilof Transport/|Elevator/|Start Up Grants|20,0005,000|20,000-| |Showcase|the|Street|11,000|-| |The|Scottish|Crannog|Centre|Trust|:|12,500| |Helm|Training|43,127|40,000| |Venture|Trust|-|15,000| |Hot|Chocolate|Trust|-|5,000| |Grey|Lodge|Settlement|53,400|28,000| |Alexander Community|Development|Trust|15,000|33,000| |Dundee|Heritage|Trust|15,000|15,000| |Morgan|Academy|18,000|27,000| |Royal|Air|Force|Cadets|-|5,000| |University|of|Highlands|and|Islands|-|5,000| |HMS|Unicorn|38,620|-| |University|of Abertay|Dundee|75,000|-| |Brechin|Community|Football|Trust|22,500|-| |Gardyne|Theatre|10,000|-| |Individuals ~|for|Project|Trust|1,200|-| |352,847|221,990| |Pt|+|+t} —4|==|S=sc=>|

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All commitments relate to charitable grants awarded, with payments expected to occur over the next two years; or when grant conditions are satisfied. The commitments will be paid from the Trust's reserves; all of which are unrestricted.

10 Related party transactions

There were no related party transactions during the year. No Trustees received any remuneration or expenses in the two years ended 30 April 2025. The Trust has no employees.

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|||||||||| |---|---|---|---|---|---|---|---|---| |11|Financial|instruments|2025|2024| |£|£| |Carrying|amount|of financial|assets| |Financial|assets|measured|at|fair|value|through|Statement|of| |Financial|Activities|10,178,345|10,465,886| |Gantt|Slt|a=|===>|

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Scottish Charity Number SCO16284

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Appendix 1 (continued)

investments acquired during year

Cost
Company Name Shareholding Type £
3.75% BDS 29/01/2038
UK Government 42,022 GBP1000 39,332
4.25% Snr Bds 07/12/2046
UK Government 111,835 GBP 1000 104,587
AIA Group Limited 17,600 NPV 104,428
Prologis Inc 538 Com USD 0.01 45,261
National Grid 2,381 Ordinary GBP0.12431289 15,357
4.25% Snr Bds 07/06/2032
UK Government 277,527 GBP 1000 283,789
4.25% Gilt GTD Snr Bds
UK Government 208,065 07/09/2039 206,997
DBS Group Holdings Ltd 2,900 NPV 61,623
Constellation Software Inc 44 Com StckNPV 108,643
4.25% Snr Bds 07/03/2036
UK Government 110,595 GBP 1000 108,969
Owens Corning 373 Com USb0.01 55,220
UK Government 150,644 4.25% Snr Gilt07/12/2049 132,830
DBS Group Holdings Ltd 2,239 NPV 56,244
ENEL SPA 3,358 EUR1 18,998
Haleon PLC 9,096 Ord GBPO.01 34,648
Halma 2,961 Ord GBPO.10 82,068
Hermes International 17 NPV 32,100
Owens Corning 375 COM USD0.01 51,457
HSBC Holdings 5,300 Ord USDO.50 44,226
Nvidia Corp 441 Com USDO.001 40,971
Offshore Stgy Fd Ster Fixed
Volare Offshore Strategy Fund 181,072 Int 78,078
HSBS Holdings PLC 7,530 ORD USDO.50 56,198
Vinci 517 EUR2.50 50,019

1,812,043 sSSSS5=S5==>=

23

Scottish Charity Number SC016284

The Mathew Trust

Appendix 2

==> picture [399 x 129] intentionally omitted <==

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|||||||| |---|---|---|---|---|---|---| |Loans| |2025|2024| |£|£| |Small|Business|Finance|(Dundee)|Ltd|15,000|15,000| |Forthill|Sports|Club|24,583|24,583| |39,583|39,583| |==azaa|paraso—|9| |Debtor| |Being|due|after one|year|39,583|39,583|

----- End of picture text -----

24

Scottish Charity Number SC016284