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M MurdochCHARITABLE TRUST Forrest
Annual report and financial statements Registered number SC016529 30 September 2025
The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Contents
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| Administrative details | 4 |
| Trustees’ annual report | 2 |
| Independent auditor's reportto theTrustees ofThe Murdoch Forrest Charitable Trust | 5 |
| Statementoffinancial activities (including income and expenditure account) | 8 |
| Balance sheet | 9 |
| Statement ofcash flows | 10 |
| Notestothefinancialstatements | 11 |
The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Administrative details
Trustees Mrs Dorothy Boyd Mr Craig Campbell Mr Alastair Cumming Mr Andrew Godfrey
Principal address Henderson Loggie LLP Level 5 The Stamp Office 10-14 Waterloo Place Edinburgh EH1 3EG
Bankers Virgin Money 7/8 High Street Dundee DD1 1SS
:
independent Auditor
Secretaries and administrators
MHA 6 St Colme Street Edinburgh EH3 6AD
Henderson Loggie LLP Level 5 The Stamp Office 10-14 Waterloo Place Edinburgh EH1 3EG
Investment managers Barclays Wealth Management Donegall House 7 Donegall Square North Belfast BT1 5GB
- Rathbones Inc Investec Wealth & Investment Limited 50 George Square Glasgow G2 1EH
Argyle Consulting Ltd (from 17 October 2025) 10 Charlotte Square Edinburgh EH2 4DR
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Trustees’ annual report
The Trustees are pleased to present their annual report and financial statements for the year ended 30 September 2025.
Structure, governance, management and objectives
The Murdoch Forrest Charitabie Trust was created by ihe merger of The Margaret Murdoch Cnaritabie Trust and The William Forrest Trust on 29 September 2017.
Under the terms of the Trust Deed, the Trustees have the fullest powers of administration, investment and management of the Trust Funds as if they were absolute owners of the Trust Fund, including all powers available or which may become available to Trustees, gratuitous or otherwise, by the Laws of Scotland. All decisions are made by the Trustees.
The power to appoint new or additional Trustees lies with the remaining Trustees and it is within their discretion to appoint a candidate whom they believe to be suitable. New Trustees are given copies of accounts and the Trust Deed and are provided with a full briefing.
The Trust was administered by Henderson Loggie LLP, Level 5, the Stamp Office, 10-14 Waterloo Place, Edinburgh, EH1 3EG during the year.
Objectives and activities
The Trust gives donations to registered charities that provide a benefit to people living in Scotland under five funding themes — culture, medical research, medical care, community support and animals.
Income was used to fund 73 grants (2024: 69) distributed under the 5 funding themes as follows:
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[Fundingtheme 025 T [20284]
£33,000 £24,679 |
Medical research £31,000 £9,000
£100,927 £67,304
£150,897 £174,590
£5,500
£321,324 £275,573
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The Trustees shall not be bound to distribute the whole of the revenue of the Trust fund arising in any one year during the course of that year. However, the Trustees have agreed to distribute a large proportion of this revenue each year, typically retaining a small percentage to add to the capital of the Trust Fund.
Achievements and performance
During the period under review income from listed investments increased to £521,154 in 2025 from £485 562 in 2024. £5,421 of bank interest was received during the year (2024: £11,453).
income was used to fund charitable grants of £321,324 (2024: £275,573).
During the current year, the market value of investments held at the year-end increased by approximately 6%.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Trustees’ annual report
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Financial review
The Balance Sheet of the Trust at 30 September 2025 is submitted together with the Statement of Financial Activities for the period ended on that date.
After adding investment income, bank interest and sundry income and deducting donations made and administration expenses and accounting for gains and losses, there is a surplus of £1,135,521 (2024: surplus of £1,673,938).
The administration of the Trust was carried out by Henderson Loggie LLP on behalf of the Trustees. The administrators attend the Trustees’ meetings and are required to keep the books and records and make payments as directed by the Trustees.
Investment policy
The Trust Deed gives the Trustees the fullest powers to invest in a wide range of asset classes which must fulfil their liquidity criteria.
During the year, the Trustees engaged both Barclays Wealth Management and Rathbones Inc Investec Wealth & investment as Investment Managers with a policy to adopt a moderate risk investment strategy based on maximising total returns.
On 17 October 2025, the Trustees appointed Argyle Consulting Limited as investment advisors with a mandate to adopt a balanced approach to risk.
From 17 October 2025, the investment policy will focus on ‘total return’ rather than designated income requirement. This flexibility is more in keeping with the current dynamic global markets.
Reserves policy
The Trustees aim to distribute the net income generated after operating costs over the medium to long term. They also aim to hold cash balances sufficient to meet an urgent request for help from a charity which they consider appropriate to support.
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The Trust has unrestricted funds of £19,992,484 (2024: £18,856,936) at 30 September 2025.
As the funds are liquid and easily realisable, it is not deemed necessary to set a minimum level of reserves.
Risk management
The Trustees continued to revise and monitor their risk strategy during the year. They have assessed the major risks to which the Trust is exposed, in particular those relating to the operation and finances. One of the major risks to the Trust is deemed to be a reduction in investment income due to volatility in the investment market. This risk is managed by engaging professional Investment Managers who have adopted a moderate risk profile with a long-term horizon.
The second major risk to the Trust is the reputational risk of providing grant funding to an organisation that then does not use these funds for the purposes intended. The Trustees manage this by following set policies and procedures for awarding grants which must be approved by a majority of Trustees.
Plans for future periods
The Trustees plan on continuing their policy of typically distributing a large proportion of the net income of the Trust each year and to continue supporting charities which they believe to be in keeping with both Miss Murdoch's and Mr Forrest's beliefs.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ annual report 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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® observe the methods and principles of the Charity SORP 2019 (FRS 102); e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable it 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 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval of the report
At the time of approving the report the Trustees are aware of no relevant audit information of which the charity’s auditors are unaware and have taken all steps they ought to have taken as Trustees in order to make themselves aware of all relevant audit information and to establish that the charity’s auditors are aware of that information.
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seam ncn ! c~ Lies
Craig Campbell
“4
Trustee... cece eens nn
ew Go
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Date: 16 March 2026
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Independent auditor’s report to the Trustees of The Murdoch Forrest Charitable Trust
Opinion
We have audited the financial statements of the Murdoch Forrest Charitable Trust (the ‘charity’) for the year ended 30 September 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including 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:
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give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
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 responsibilities 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 Financial Reporting : Council'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 is 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 charity'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.
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Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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. The Trustees are responsible for the other information contained within the Trustees’ annual report. 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.
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 course of the audit or otherwise appears to be materially misstated. If we identify such materia! inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
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The Murdoch Forrest Charitable Trust Annual report and financial statements
30 September 2025
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independent auditor’s report to the Trustees of The Murdoch Forrest
Charitable Trust (continueq)
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Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland)
Regulations 2006 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustees’
annual report, or
proper accounting records have not been kept; or
» the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
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Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, 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 intemal 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 liquidate the charity or 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 regulations made under that Act.
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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 whenit 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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irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect misstatements in respect of irregularities, including fraud.
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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e Enquiry of management and those charged with governance around actual and potential litigation and claims;
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e Enquiry of charity management and those charged with governance to identify any instances of noncompliance with laws and regulations;
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e Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charity's activities and reviewing accounting estimates for bias;
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- e Reviewing minutes of meetings of those charged with governance; e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Independent auditor’s report to the Trustees of The Murdoch Forrest Charitable Trust (continued)
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's 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 the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
MAA,
MHA
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Statutory Auditors 6 St Colme Street, Edinburgh, EH3 6AD
16 March 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number 0C455542).
MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Statement of financial activities (incorporating income and expenditure account) for the year ended 30 September 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|Note|Unrestricted£|Unrestricted£|
|;|IncomeInvestmentsfrom:|3|526,575|497,015|
|Total|income|526,575|497,015|
|Expenditure|on:|
|Raising funds|4|(94,611)|(91,537)|
|Charitable|expenditure|5|(352,689)|(305,659)|
|Total|expenditure|(447,300)|(397,196)|
|Net|income|before gains|and|losses on|investments|79,275|99,819|
|Net|gains on|investments|9|1,056,246|1,574,119|
|Net income|1,135,521|1,673,938|
|Net movement|in|funds|13|1,135,521|1,673,938|
|Reconciliation|of funds:|
|Total|funds|brought forward|13|18,856,963|17,183,025|
|Total|funds|carried forward|13|19,992,484|18,856,963|
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The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Balance sheet at 30 September 2025
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2025 2024
Note £ £ £ £
Fixed assets
Investments 9 19,649,260 18,599,120
Funds on deposit 249,200 129,292
19,898,460 18,728,412
Current assets
Cash at bank 101,971 255,464
Debtors 10 38,753 44,031
140,724 299,495
Current liabilities
Creditors: amounts falling due within 1 year 11 (46,700) (170,944)
Net current assets 94,024 128,551
19,992,484 18,856,963
Funds
Unrestricted funds 13,14 19,992,484 18,856,963
19,992,484 18,856,963
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These financial statements were approved and authorised for issue on 16 March 2026 and are signed on behalf of the Trustees by:
Craig Campbell Trustee
nidrew Godfrey Trustee
Scottish Charity number: SC016529
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Statement of cash flows for the year ended 30 September 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Cash|flow from|operating|activities|£|£|
|Net cash|(used|in)|operating|activities|(note|15)|(566,266)|(392,696)|
|Investing|activities:|
|Payments to acquire|investments|(8,154,757)|(3,721,398)|
|Proceeds from|disposals|on|investments|8,160,863|3,429,634|
|Investment|income|526,575|497,015|
|Net cash|provided|by|investing|activities|532,681|205,251|
|Decrease|in|cash|(33,585)|(187,445)|
|Opening|cash|and cash|equivalents|384,756|572,201|
|Closing|cash and|cash|equivalents|351,171|384,756|
|Analysis|of|cash|and|cash|equivalents|
|Cash|at|bank|101,971|255,464|
|Cash|held|by the|investment managers|249,200|129,292|
|Total|cash and cash|equivalents|351,171|384,756|
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Notes to the financial statements
- 1 Accounting policies
Basis ofpreparation
The financial statements have been prepared on a going concern basis in accordance with applicable accounting standards and under the historical cost convention. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice (SORP) FRS 102 "Accounting and Reporting by Charities’ issued in October 2019 with Financial Reporting Standard 102 (FRS 102) and UK Generally Accepted Accounting Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
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The Trust has continued to face the challenges arising given the current geopolitical market conditions. The Trustees are reviewing all aspects of the ongoing needs of the Trust. There has been an increase in the market value of the investment portfolio and the Trust is well placed to support all activities due to a combination of established cash reserves and careful cashflow management. As a consequence, the Trust continues to be a going concern.
Investments
Investments held by Barclays Wealth Management and Rathbones Inc Investec Wealth & Investment on behalf of the Trust and are valued at current market value. Realised and unrealised gains and losses are charged or credited in the statement of financial activities.
Income
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of : the dividend due. Interest on funds held on deposit is included when receivable and the amount can : be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.
Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basis inclusive of VAT.
Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such as grants being recognised when the conditions attaching are fulfilled. Grants offered subject to conditions within the charity's control which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. Where material, the provision for multi-year grants is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments and settlement is probable.
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The Murdoch Forrest Charitable Trust Annual report and financial statements
30 September 2025
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Notes to the financial statements (continued)
- 1 Accounting policies (continued)
Expenditure (continued)
Expenditure includes any VAT which cannot be recovered and is allocated between:
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° Cost of raising funds comprise the costs charged by the Investment Managers for managing the Investment Assets.
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° Charitable expenditure comprises costs incurred by the charity in the delivery of its services and activities and grants made once an unconditional commitment to pay the grant is committed to the recipient or the grant is paid, whichever is earlier. They also include governance costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
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. All costs are allocated between expenditure categories of the Statement of Financial Activities on a basis designed to reflect the usage of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a usage basis.
Cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar.
Debtors
Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a 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 discounts due.
Financial instruments
The charity 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.
Fund accounting
Unrestricted funds are those which Trustees are free to use for any purpose in furtherance of the charitable objectives. Designated funds are those set aside by Trustees for particular purposes. The previous designated fund related to the assets of the former William Forrest Charitable Trust.
2 Trustees remuneration and expenses
2 Trustees were reimbursed expenses during the year for attendance at meetings which totalled £604 (2024: £261). No remuneration was paid to Trustees during the current or prior year.
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3 _— Income from investments
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2025 2024
£ £
Listed investments 509,364 480,160
Sundry investment income 11,790 5,402
Bank interest 5,421 11,453
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526,575 497,015
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Notes to the financial statements (continued)
4 Cost of raising funds
2025 2024
£ £
Investment Manager's fees 94,611 91,537
5 Charitable activities
2025 2024
£ £
Charitable grants (note 8) 321,324 —-275,573
Governance costs (note 6) 7,378 6,597
Support costs (note 7) 23,987 23,489
352,689 305,659
6 Governance costs
2025 2024
£ £
Audit fees 6,774 6,336
Trustee travel and meeting expenses 604 261
7,378 6,597
Governance costs are split on the basis of the value of the investment funds.
7 Support costs
2025 2024
£ £
Other advisory fees 21,408 20,976
Website costs 2,579 2,513
23,987 23,489
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Support costs are split on the basis of the value of the investment funds.
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
Notes to the financial statements (continued)
8 Grants awarded - Unrestricted
| Grants awarded - Unrestricted | ||
|---|---|---|
| 2025 | 2024 | |
| E | £ | |
| 3D Drumchape! | . | 3,400 |
| Aberlour Childcare Trust | 2,000 | : |
| Action Medical Research for Children | 4,000 | - |
| Alzheimer's Research UK | 20,000 | - |
| Asthma and Lung UK | 3,000 | - |
| Asthma ReliefatWork | - | 2,000 |
| Ayrshire Hospice | 10,000 | - |
| Beatson Cancer Charity | 5,000 | - |
| Benedetti Foundation | 4,000 | - |
| Bethany Christian Trust | 3,000 | - |
| BOBATH Cerebral Palsy | 3,000 | - |
| Bowel CancerUK | 4,000 | - |
| Branch OutTogether (Lothian Autistic Society) | - | 3,000 |
| British Heart Foundation | - | 5,000 |
| British LiverTrust | - | 4,000 |
| British Wireless forThe Blind Trust | 1,500 | - |
| CallanderYouth ProjectTrust | 3,000 | - |
| Calum's Cabin | - | 2,000 |
| Camphill Rudolph SteinerSchools | - | 5,000 |
| Capability Scotland | 5,000 | - |
| Capital Theatres | - | 10,000 |
| Care for Carers | 2,000 | - |
| Carers ofWest Lothian | - | 2,765 |
| Charlie House | - | 2,000 |
| Chest Heartand Stroke Scotland | - | 3,000 |
| Children 1* | 10,000 | 5,000 |
| Children's Classic Concerts | - | 2,000 |
| Children’s HospicesAcross Scotland (CHAS) | - | 10,000 |
| CombatStress | 2,500 | - |
| Community Help&Advice Initiative (CHAI) | - | 1,000 |
| Connecting Carers | - | 2,000 |
| CorbenicCamphill Community | - | 3,000 |
| Cruse Scotland Bereavement Support | - | 3,465 |
| Cyrenians | 5,000 | - |
| Deafblind Scotiand | 5,176 | - |
| Dunblane Youth Sports Centre | - | 1,000 |
| Dundee Sea Cadets | - | 2,000 |
| Edinburgh Children’s Hospital Charity | - | 14,000 |
| Edinburgh Headway Group | - | 2,000 |
| Edinburgh Science Foundation | - | 3,500 |
| Erskine Veterans Charity | 3,330 | - |
| Families Affected by Drug &Alcohol Use (FASS) | - | 4,000 |
| FetlorYouth Club | - | 2,000 |
| FightforSight | - | 2,000 |
| Flexible Childcare Services Scotland | - | 20,500 |
| Friends ofAshton | 3,700 | - |
| Geeza Break | 1,440 | - |
| Glasgow Children’s Hospital Charity | 2,000 | - |
| Glasgow Group ofRiding forthe Disabled Association | 3,400 | - |
| Glasgow Samaritans | 3,000 | - |
| Greenock Medical Aid Society | 2,000 | - |
| Handicapped Children’s Action Group | - | 1,844 |
| Happy Days Children’s Charity | - | 1,679 |
| Headway | 2,000 | - |
| Hearts & Minds | - | 2,460 |
| Hopscotch | - | 4,500 |
| Horatio's Garden | 5,000 | - |
| Carriedforward | 118,046 | 130,213 |
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The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
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Notes to the financial statements (continued)
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8 Grants awarded (continued)
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| Grants awarded (continued) | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Broughtforward | 118,046 | 130,213 |
| Imaginate | - | 1,500 |
| Innerpeffray Mortification | 1,500 | - |
| Inspired Community Enterprise | 5,000 | - |
| Kildonan Hall and Improvements Committee | 4,000 | - |
| Kindred Advocacy | 2,000 | - |
| Lifecare (Edinburgh) Ltd | 2,000 | - |
| LightUp Learning | - | 2,000 |
| Macular Society | - | 2,000 |
| Maggie'sCentre | - | 5,000 |
| Marie Curie | - | 10,000 |
| Meningitis Now | 3,000 | - |
| Moira Anderson Foundation | - | 4,000 |
| MoneyAdvice Scotland | - | 2,200 |
| National Library Scotland | 2,000 | - |
| National Museums Scotland | 10,000 | - |
| National Youth Choir ofScotland | - | 3,000 |
| Newlife North East Sensory Services |
3,000 - |
- 3,000 |
| NSPCC | : | 5,000 |
| Orchid Fighting Male Cancer | - | 3,000 |
| Ovarian CancerAction | - | 2,000 |
| Pancreatic CancerUK | 10,000 | - |
| PDSA | 3,000 | - |
| PeopleKnowHow | - | 1,000 |
| Playlistfor Life | 3,000 | - |
| PLUS Forth Valley | 2,500 | - |
| Poppy Scotland | 3,000 | - |
| PositiveAction in Housing | 1,500 | . |
| Progressive Supranuclear Palsy Association (PSPA) | 4,000 | - |
| Reeltime Music | - | 2,000 |
| Regiona! Screen Scotland | 1,500 | - |
| Reidvale Adventure Play Association Ltd | 1,608 | - |
| RNID (The Royal National Institute forDeafPeople) | - | 2,000 |
| Rosebery Centre | - | 2,500 |
| Rowan Alba | - | 5,000 |
| Royal British Legion Industries Ltd | 4,000 | - |
| Royal Lyceum TheatreCompany | 4,000 | - |
| Royal National Scottish Orchestra Society | 3,000 | - |
| Royal Voluntary Service | - | 5,000 |
| RSPB Scotland | - | 1,500 |
| Samaritans Scotland's Charity AirAmbulance |
5,000 - |
- 5,000 |
| Scottish Action for Mental Health (SAMH) | 3,000 | - |
| Scottish Huntington's Association | 5,000 | - |
| Scottish Mountain Rescue | 3,000 | - |
| Scottish Opera | 2,000 | - |
| Scottish Youth Dance | - | 1,500 |
| Seamab Care and Education | 5,000 | - |
| Sense Scotland | - | 2,000 |
| SirThomas Lipton Foundation | 3,000 | - |
| Society of Friends ofDunblane Cathedral | 5,000 | - |
| SSAFA | 2,500 | - |
| StAndrew's Children’s Society | 2,000 | - |
| StColumba's Hospice | 18,421 | - |
| St Margaret of Scotland Hospice | 5,000 | - |
| StVincent's Hospice | 5,000 | - |
| Carriedforward | 255,575 | 200,413 |
15
The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
| ||
| Notes to the financial statements (continuea) | Notes to the financial statements (continuea) | ||
|---|---|---|---|
| 8 | Grants awarded (continued) | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Broughtforward | 255,575 | 200,413 | |
| Support for Families | - | 3,000 | |
| Teenage CancerTrust | 10,000 | - | |
| The BrainTumour Charity | - | 2,000 | |
| The Duke ofEdinburgh Award | 3,000 | - | |
| The GRAB Trust | 3,150 | - | |
| The MacLean Foundation | §,000 | - | |
| The Outward Bound Trust | 4,000 | - | |
| The PolarAcademy | 30,000 | 28,000 | |
| The Preshal Trust | 2,099 | : | |
| The Princes Trust Scotland | - | 5,000 | |
| The Ridge SCIO | - | 5,000 | |
| The SalvationArmy | . | 2,500 | |
| The Salveson Mindroom Centre | 2,000 | - | |
| The School BankWest Lothian | 1,000 | - | |
| Trellis University ofGlasgow |
- 2,500 |
3,000 - |
|
| Upward Mobility | - | 2,160 | |
| Urban Uprising | - | 4,000 | |
| Venture Scotland | - | 2,500 | |
| Visibility Scotland | - | 3,000 | |
| WaverleySteam Navigation Co | - | 5,000 | |
| West Lothian 50+ Network | - | 2,000 | |
| WesterHailes YouthAgency | - | 3,000 | |
| Wings forWarriors | . | 2,000 | |
| Young Enterprise Scotland | - | 3,000 | |
| Young Speakers Scotland | 3,000 | - | |
| 321,324 | 275,573 | ||
| 9 | Investments | ||
| Marketvalue at 1 October2024 | Total ft 18,599,120 |
||
| Purchases at cost | 8,154,757 | ||
| Disposal proceeds | (8,160,863) | ||
| Realised losses on disposal | (35,032) | ||
| Gain on revaluation fortheyear | 1,091,278 | ||
| Marketvalueat30September 2025 | 19,649,260 | ||
| Historical cost at30 September 2025 | 17,246,213 | ||
| 10 | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Prepaymentsandaccruedincome | 38,753 | 44,031 |
16
The Murdoch Forrest Charitable Trust
| |
Annual report and financial statements 30 September 2025
Notes to the financial statements (continued)
|
:
;
| 11. | Creditors: amounts falling | Creditors: amounts falling | duewithin 1 year | duewithin 1 year | ||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| £ | £ | |||||||
| Grants payable (see note 12) | 15,500 | 141,160 | ||||||
| Accruals | 31,200 | 29,784 | ||||||
| 46,700 | 170,944 | |||||||
| 12 | Grants Payable | |||||||
| Remaining commitment in |
Brought forward |
Total amount |
Amount paid in |
Carried forward |
||||
| years | commitments | committed | year | commitment | ||||
| £ | in year | £ | ||||||
| MacMillan Cancer | Support | - | 30,000 | - | (30,000) | - | ||
| Medical devices team — | ||||||||
| NHS Greater Glasgow | - | 100,000 | - | (100,000) | - | |||
| Awards <£5,000 | - | 11,160 | 15,500 | (11,160) | 15,500 | |||
| - | 141,160 | 15,500 | (141,160) | 15,500 | ||||
| £ | ||||||||
| Due < 1 year | 15,500 | |||||||
| 13 | Funds | |||||||
| Balance at | Gain on | Balance at | ||||||
| 1 October | Invest- | 30September | ||||||
| 2024 | Income | Expenditure | ments | _ | Transfers | 2025 | ||
| 2025 | £ | £ | £ | £ | £ | |||
| Unrestricted | 18,856,963 | 526,575 | (447,300) | 1,056,246 | - | 19,992,484 | ||
| 18,856,963 | 526,575 | (447,300) | 1,056,246 | - | 19,992,484 | |||
| Balance at | Gain on | Balance at | ||||||
| 1 October | Invest- | 30September | ||||||
| 2024 | 2023 £ |
income £ |
Expenditure £ |
ments £ |
_‘Transfers | 2024 £ |
||
| Unrestricted | 10,387,667 | 497,015 | (397,196) | 1,574,119 | 6,795,358 | 18,856,963 | ||
| Designated | 6,795,358 | - | - | - | (6,795,358) | - | ||
| 17,183,025 | 497,015 | (397,196) | 1,574,119 | - | 18,856,963 |
Designated funds consisted of funds received from The William Forrest Charitable Trust. This fund was used for the research into the treatment and research into disease, the dissemination of the knowledge gained by such research and to relieve the needs of those suffering from physical or mental disability, illness or impairment. During the year to 30 September 2024, the trustees took the decision to include these funds within unrestricted funds as it was felt that designating was no longer required as its remit fell within the Trust's five funding themes.
17
The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
/
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Notes to the financial statements (continued)
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||||||||
|---|---|---|---|---|---|---|
|14|Net|assets|
|Unrestricted|Balance|at|
|Funds|30 September|
|2025|2025|
|2025|£|£|
|Investments|19,898,460|19,898,460|
|Net current assets|94,024|94,024|
|19,992,484|19,992,484|
|Unrestricted|Balance|at|
|Funds|30|September|
|2024|2024|
|2024|£|£|
|Investments|18,728,412|18,728,412|
|Net|current|assets|128,551|128,551|
|18,856,963|18,856,963|
|15|Cash|flow from|operating|activities|
|2025|2024|
|£|£|
|Net|income|1,135,521|1,673,938|
|(Decrease)/ increase|in|creditors|(124,244)|7,914|
|Decrease/(increase)|in debtors|5,278|(3,414)|
|Investment income|(526,575)|(497,015)|
|Investment gains|(1,056,246)|(1,574,119)|
|Net cash|(used|in)|operating|activities|(566,266)|(392,696)|
|16|Analysis|of|net funds|
|At|At|
|1|October|30|September|
|2024|Cashflows|2025|
|£|£|£|
|Cash|in|hand|384,756|(33,585)|351,171|
|Total|net funds|384,756|(33,585)|351,171|
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18
The Murdoch Forrest Charitable Trust Annual report and financial statements 30 September 2025
| | |
Notes to the financial statements (continued)
17 Related party disclosures
During the year, the charity awarded a £5,000 grant to Seamab Care and Education (2024: £nil), a charity in which Dorothy Boyd's brother-in-law is a Trustee. Dorothy removed herself from discussions surrounding the award of this grant.
In 2024, the charity awarded a £4,000 grant to Urban Uprising, a charity in which Craig Campbell's son is an employee. Craig Campbell removed himself from discussions surrounding the award of this grant.
19