Queensberry House Trust (Scottish Charily No SC017328) REPORT AND ACCOUNTS For the year ended 30 June 2024 LINDSAYS Caledonian Exchange 19A Canning Street EDINBURGH EH3 8HE Tol: 0131229 1212 Fax." 0131 229 $611 www.lindsays.co.uk
Queensberry House Trust Report and Accounls For the year ended 30 June 2024 Contents Page No Trustees, Report Report of the Independent Auditor Sialement of Financial Activities Balance Sheet Notes to the Accounts 10
Queensberry House Trust Trustees, Report For the year ended 30 June 2024 Introduction The Trustees present their report and the financial 51alements of the Charity for the year ended 30 June 2024. The financial slalements have been prepared in accordance with the accounting policies sel out in Note 1 to the Accounts and comply with the Charity's Trust Deed. the Charit18S and Trustee Inveslrnenl (Scollandl Act 2005, the Charities Accounts {Scotlandl Regulations 2006 las amended) and Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their aGcounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 published October 2019. Ob octlvfrs Actlvltl85 and Grant-makln Polic The trust funds originate from the winding up of Queensberry House Hospital which closed in 1996. The Trustees hold these funds for the purposes specified in Clause Second of the Declaration of Trust {as amended), namely that they should be applied for such charitable purposes only within the United Kingdom as are within the meaning assigned to the term "charitable purposes" in the ¢onlext of Sections 505 and 506 of the ICTA 1988 or any subsequent amendment Ihérelo. The Trusl8es have power lo apply the capital and the income of the trust funds towards these purposes lo such an extent a5 they may from time to lime think fit and, in so far as any such income is not so ulilised in any one year, il may al the Trustees, disorelion either be retained by them and &xpended in th8 following year or yéars for the Trust's purposes or added to the capital of the trust funds. Although the Trust's charitable objectives are drawn in wide terms in the Trust Deed, in practic8 the Trusl8es have adopted and generally follow specific granl-giving criteria which are reviewed from lime lo time. At the present lime the general principles which have been adopted by the Trustees with regard lo the disbursement of funds are that il should be.. where a need is shown.. where a donation from the Trust would make a significant difference to the charity concerned; having regard lo the locality in which the former Queensberry House Hospital was located, and taking account of historic links. Achlevements and Performance During the year the Trustees agreed lo make grants lo 17 charities lotalling £120,547 (2023. 25 charities lotalling £548,099),, details of the recipients are shown in No18 4 to the Accounts All grants were paid out during the year and there were no grants or commitments outstanding at the year end. Flnancial Revlew During the period of these Accounts the Trustees made grants as noted above. The total income received by the Trust during the year amounted lo £137,295 {2023. £133,567). There was a surplus before gains and losses on investments of £6,74812023 deficit.. £432,148) at th8 year-end reflecting the level of donatioris made during the year.
There were no realised losses or gain5 on sales of shares and unrealised gains of £430.660, (During the previous year the were realised losses on sales of shares of £ 4,249 and unrealised gains of £29,260) There was a surplus for the year of £437,660 (2023.. deficit of £407,137). The total value of the trust funds held as at 30 June 2024 amounted to £4,853,276 12023.. £4.415.868) The Trustees are satisfied Ihat adequate funds were available at the Balance Sheet dale to continue lo fulfil the charitable objectives of the Trust Investmènt Polic and Perfomiance The Trustees recognise that an appropriate balan has to be struck between competing objectives of achieving an acceptable financial relum, implementing sound ethical investment principles and the cost of applying an appropriate ethical investment policy. Having considered these issues and bearing in mind the size of the Trust's investment portfolio, the Trustees believe It is appropriate for the Trust to operate on the following basis.. 1. No direct investment may be undertaken into companies whose primary activity (by which is meant over 25% of turnover) is gambling or includes the manufacture of arms, alcohol or tobacco. 2. The Trustees consider Ihal it is nol practical for them lo avoid indirect investment within collective funds into these areas without compromising too far on both the costs of professional investment management and the requiremenl to achieve a satisfactory financial return. The annual income generated from the trust investments provides the means whereby the Trust is able lo fulfil ils purposes,. the investment objective of the Trustees is therefore lo generate a conslstent level of annual income from the investment portfolio which will allow them lo consider appropriate funding requests. The target yield is in the region of 3°h. To implement that objective Sarasin & Partners LLP manage the investment portfolio on behalf of the Trustees. The value of the portfolio increased from £4,347,356 to £4,811.712 during the period.. The investment income receiveé by the Trust during the year amounted to £137,295 12023 £133,567). This represented a yield of 2.850/0 on Ihe value of the trusl funds at 30 June 2024 12023 3.07°kl. Risk Mana ement The Trustees regularly consider the main risks that the charTty faces and confimi that appropriate systems are established lo mitigate these. These mainly relate lo inveslmenl management and are met through the support of the Trust's professional advisers. The Trustees are aware of risks associated with grant-making and give carefijl consideralion to all applications. Reserves Polic The Trustees regard the capital as their funding base the purpose of which is lo generate income. They expect that, as a result of the income targets, over the longer lem the capital will be preserved in real terms. It is the Trustees. wish that they maintain both income levels and grant giving. The level of unrestricted reserves is less important than the yield on the investments, and as all expenditure is discretionary. no figure for free reserves has been identified.
Structure Governance and Mana ement The Trust is constituted by a Declaration of Trust by and others dated 28 June 1996 and registered in the Books o eos'on cn uly 1996 as amended by a Supplementary Minute of Agreemenl dated 27 January 2009 and registered 17 April 2009. The Trustees who served during the period of these Accounts are noted telow. The Trustees, who have wide inveslmenl powers. meet approximately every six months to review the financial position of the Trust and make decision5 on Ihe application of income for charitable purposes Tke is administered on a day-to-day basis by the Secretary and Treasurer of the Trust, partner of Lindsays. Sarasin & Partners LLP. in ',iaison with the Investment Sub-commitlÈts ,coYprisin9 monitor and advise upon the composition of the Investment po olio on behal ruslees. At each autumn meeting one-third of the Tntstees from b'me to lime, or. rf their number is not a multiple of three, then the number nearest to one-third. shall retire from office. The Trustees to retire each year shall be those who have been longest in office since their last election, bul as belween persons who became Trustees on the same day, those to fetire shall (unless Ihe trustees agree amongsl Ihemsefves} be determined by lot. Retiring Trustees shall be eligible for r&appointment for consecutive periods not exceeding in aggregale nine yeais from the date of their original appoinlmenl or. in the case of Trustees serving at the date Df adoption of this policy, nine years from thal date. but thereafter shall then stand down for a peiiod ol at least one year. In addition lo the Trustees so elected. further Trustees may be co-opted from time lo time between autLJmn meetings bul any such appointment shall require to be ratified at the next Trustee meeting. Detalls of Transactions with Related Parties The Trust has no related parties bul from time lo time Trustees may have an interest or involvement in organisations applying lo and benefiting from donations made by the Trust. ere SLJch applications are concerned Trustees are required lo declare any interest that they may havè in such applications ta the meeting and do not partiupale in the discussion I decisions made by the remaining Trustees. Reference and Administrative Infomiation Scottish Charlty Number SCO17328 Trustees Secreta and Treasurer
Sollcltors & Princlpal Address Lindsays LLP Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE Indèpendent Audltor Gibson McKerrell Burrows Limited 14 Rutland Square Edinburgh EH1 2BD Investment Managers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
Statement of Trustees Res 8lbllltl88 The Trusle6s aTe responsible for preparing the Report of the Trustees and th8 lin8ncial slalements In accordance wilh applicable law and United Klngdom Accounllng Standards (Uniled Klngdom Generally Accepted Accounting Pracllce). The law appllcable lo charilles In Scolland, the Charilles and Truste& Inveslm8nt (Scolland) Act 2005, Charities Accounts (Scollgnd) Regulations 2006 las amended) and the provision8 of the charlly's conslilulion requires the Trusl8@s Io PTepare linancial statements for each flnancial year whSch glve a true and falr vlew of Ihe slate of 8ffair8 of the charity and of the incomlng resources and appli¢81ion of resources. Including the InGome and expendllure, of the Gharily for that perlod. In preparing those financAal stalemenls, the Tru81ees are requir8d lo.. Seled suitable accounting policles and Ihon apply them consistently Observe the rnethods and principles in the Chailly SORP Make judgements and esliraates that are reasonable and prudent Slate whethér applicable accounting standards h3V8 been followed, sublecl lo any material departknres dlsclosed and explained in the financlal slatemenls., Prepar8 the flnancial slalem8nls on the going concern b851$ unless il Is inappropriate lo presume that the charlly wlll conlinue In operalion. Th8 Trustees are responslblè for keeping proper aGcounling records whlch dlsclo88 with reasonable accLiracy al any lime the financial position of the chartiy and lo enable them Io ensure that the financial statements comply wflh the Charllies and TTuslee Investment (Scotlandl Act 2005, the Charities Accounts IScolland} Regulalions 20Q8 (as amandedl and the provisions of the charity's constitution. They are also responslble for safeguarding the assets of the charity and hence for laklng reasonable steps for the prevention and d8tection of fraud and other irregulari¥ies. Approvad by the Trustee8 on 2024 and signed on their behalf by..
Report of the Independent Audltor to the Trustees of Queensberry House Trust Opinion We have audited the financial statements of Queensberry House Trust Ilhe 'charily'l for the year ended 30 June 2024 which comprise statement of financial activities, balance sheet and notes lo the financial slalemenls, 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 Financi81 Reporting Standard appliG8ble in th6 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opiniori, the financial statements.. give a true and fair view of the stat8 of the charity's affairs as al 30 June 2021 and of ils incoming resources and application of resources for the year then ended., have beeri properly prepared in acGordari¢e with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scollandl Act 2005 and regulation 8 of the Charities Accounts (Scollandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the AudTtor's responsibilities for the audit of the financial slatements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo 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 is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concèrn We have nothing lo report in respect of the following matters in relation to which the ISAS (UK) require us lo report lo you where". the trustees. use of the going concern basis of accounting in the preparation of the financial slalemenls is nol appropriate., or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of al least twelve months from the dale when the financial statements are authorised for issue. other Information The trustees are responsible for the other information. The other information comprises the information included in the report and accounts other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, expt to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and. in doing so, considei whether the other nformation is materially inconsistenl wilh the financial slalements or our knowledge obtained in the audit Dr otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misslatemenl 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 misslatemenl of this other information. we are Tequired lo report that fact. We have nothino to report in this reaard.
Matters on whlch we arè required to rèport by exception We have nothing to report in respect of the following matters where the Charities Accounts (Scotlandl Regulations 20C6 las amended) requires us lo report to you, in our opinion: the information given in the trustees. report is inconsistent in any material respect with the financial stalemenls., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns,, or we have not received all the information and explanations we require for our audrt. Responsibllltles of trustees As explained more fully in the trustees, responsibilities slalement sel OLrt on page 4 the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give true and fair view, and for such internal control as the Iruslees delemiine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo 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, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo cease operations, or have no realistic alternative but lo do so. Audltor's re8ponslbSlltles for the audlt of the flnanclal 5tat8ments We have been appointed as auditor under section section 44111{cl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our obieclives are lo obtain reasonable assurance about whether the finanaal slalemenls as a whole are free from malenal misslatemenl, whether du8 10 fraud or error, and to issue an auditor's report that includes Our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always det8ct 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 lo influence the economic decisions of users taken on the basis of these financial slalements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at. htt s.'Ilwww frc.or . ukjauditorsres onsibililies. Thi5 description forms part of our auditor's report. Use of our Report This report is made solely lo the charity's trustees. as a body, in accordan with regulation 10 of the Charities Accounts {Scotlandl Regulations 2006 (as amended). Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to stale to them in an auditor's POrt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Gharity and the charity's trustees as a body. for our audit work. for Ihis port. or for the opinions V have fomed. Gibson McKerrell Burrows Limited, Statutory Auditor Eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 14 Rulland Square Edinburgh, EH128D /f 2024
Queensberry House Trust Statem?nt of FlnAneial Activltle In¢ludlng Incomtr ind Expendituro Account For the year ended 30 June 2024 2024 2023 Noto8 Incomo from: Investments 137,295 133,567 Total Income 137,295 133,567 Ex •nditure on.. Raising funds.. investrnenl managemenl fees Charitable Activities 130,547 565,715 Total •xp•ndlturè 130,547 565,715 Ng1 Incomoll•xp•ndlluro1 and n•t mov•mgnt In fund8 b•lore galnB and 10s¥g8 on Invo8tmenl• 6,748 1432,1481 Other reco nl••d 10#4•8 Realised gainslllossesl on disposal of invoslmenls Unrèalised gain51llossesl on investsnents 14,2491 29,260 430.660 430.660 25.011 N•t mov•m•nt In funds 437,408 1407,1371 Tol81 funds brought forward 4,415,868 4.823.005 Total fund8 c4rrl•d forward 4,853,276 4.415,868 No trust aclivilies were acquired OT disconlinued during eilhor ol the fv40 yeArs. The Notes on Pages 9 10 12 form part ol Ihese Financ1 Slalgments.
Queensberry House Trust Balance Sheet As at 30 June 2024 2024 2023 Notes Flxèd assats Investments 4,811,712 4,347,356 Current assgts Cash held by Lindsays Sarasin deposit aco)unl 54.623 631 69,750 2,272 55,254 72,022 Credltors: Amou one ts fallln due wlthln Accruals (13,690) (3,510) Nèt current assets 41,564 88.512 Net assets 4,853,276 4,415,868 Total Charlt Funds Unrestrl¢ted funds 4,853,276 4,415,B68 Approve.- behalf bi 2024 3nd sioned on Iheir Cnairman The Notes on Pages g 10 12 form part of Ihese Financial Slalemenls.
Queensberry House Trust Notes to the Accounts For year ended 30 June 2024 Prlncl al Accountln Pollclo8 la} Basls of preparatlon and assessment of golng concern The accounts (financial slalemenlsl have been prepared under the hlslorical cost Convention with items recognised al c051 or transaction value unless otherwise stated in the relevant note to these accounts and in accordance with the Slalemenl of Reeommended Practice.. Accounting and Reporting by Charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Second edition October 20191, the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts Iscollandl Regulations 2006 las amended). The Trust conslilules a public benefit entity as defined by FRS102. The Trustees consider there are no m8leri81 uncertainties about the Trust's ability lo continue as a going concern. Ibl Flnanclal reportlng standard 102 - reduced dl8clo8ure exemptlon8 The charity has taken advantage ol the following disclosure exemption in preparing these accounts, as permilled by the Financial Reporting Standard applicable in the United Klngdom and Republic ol Ireland IFRS1021" the requiremenls ol Section 7 Slalemenl of Cash Flows 1¢) Fund8 Struclure All of the Charity's funds are unreslri¢led and are available lo be used in furtherance of the ¢haritable objects. Idl Income Rècognltlon All incorlle is recognised once the charity has enlillemenl lo the in¢ome, il is probable that the Income will ba ceIVed and the amount ol income receivable can be measured reliably. Inlertrsl on funds hekl on deposit is include<l when receivable and the amount can be measured reliably by the charity,. this is normally upon nolilie8llon ol the interest paid or payable by the bank. Dividends are recognised once the dividend has been de¢larad and nolificallon has been received ol the dividend due, lel Expendlturfr rècognltlon Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligalSon committing the charity lo that expenditure, il 15 probable th81 selllemenl will be required and the amount of the obligation can be measured reliably. All expenditure 15 accounted for on an accruals basis. All expenses including support costs and governance costs are 811ocaled or apportioned lo the applicable expenditure headings For more information on this attribution refer to note lil below. Donations payable are payments made lo third parties in the furtherance ol the charitable objects of the Trust. All donations made by the Trust are uncondib'onal and recognised when the Trustees inform the recipient ol the donation. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which il was incurred. Igl Costs of ralslng funds The costs of raising funds consist of investment management costs. 10
(h) Charltable actlvltlès Costs of charitable activities include donations payable, support and governance costs as shown in note 4, Support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all c051s involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs related to independent examination and an apportionment ol overhead and support Costs. The allocation of support and governance costs is analysed in note 4. Flxed asset Investments Investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequendy measured al their fair value as at the balance sheet dale using the closing quoted market price. The slalemenl of finaneial aelivilies Includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire pul options. derivatives or other Complex financial instruments. The main form of financial risk laced by the chafity is that of volalilily in equity markets and investment markets due lo wider economic conditions. the atu'lude ol investor5 to Investment risk, and changes in senlirnenl concerning equities and within particular sectors or sub sectors. Ikl Reallsed gains and losses All gains and losses are taken to the Stslement ol Financial Activities as they arise. Realised 98ins and losses on investments are calculated as the difference between sales proceeds and their opening carrying v21ue or their purchase value If acquired subsequent lo the first day of the financial year. Unrealised g2ins and losses are calculated as the difference beeen the lair value al the year end an(J their e8rying value. Cash and Cash equivalents C8sh and cash equivalents are represented by cash in hand. deposits held al call with financial instilulions. and other short-term highly 5iquid investments ihat mature In no more than three months from the dale ol acquisition and that are readily convertible lo known amounts of cash with Insignificant risk of change in value.
the (4612023 É7OSI. TotsifuTrd 1024 lQ2J 132.031 2.N9 3,215 127.704 2326 3,831 IrtBrnsl bylrS&s¥th 137.295 133.587 nc Topjl 24 Is.oty) 10.f 10.w) lo.) 10.c 10.otyj T4pmto ITWhBrnYoukn Lhl WeiithNin S0+ NthwTop¢J 5.15$ BHtthhyTcwhef WSTrrfp EthnbJryh ClyA41 FAIKR L Th• OP tw 4,534 T ChywGwd si.000 L¥eCr IE&#wJmhl Lb1 ACE IT Sco Tho Ctrtr• TheFooOTrai Lbl 45.W) 42.700 J6.721 30.137 Le¢$ Sh 27.901 28240 25.L RLWAnAb4 Lbl lknensfqtrychurchm C•kn m•CthiMYA 15,fj 15.0 13,000 12.riju 10,( 10.trJD Day C•niie Ellrg Gty SSAFA Ethi11 F111 Gthv Cwe& RepwLld Partsttaton Ctte 120,547 549.099 224 450 5,2D4 12.350 AL 3.21U 1.500 Ltydfe•s 7CIJ 12 4.796 130.547 565.715
Investments 2024 2023 Investments at market valuo As a11 July Additions in the year Disposals in the year Unrealised gains during year 4.347.356 33,696 4,695.692 1.653 1379,249) 29,260 430,660 As at 30 June 4,811,712 4.347,356 Investments at 30 June 2024 comprising more Ihan 50kn of the total investments were a5 follows.. Market ValLFe Market Value 2024 2023 202412023 Number Investment trLssIs 3.824.89113,796.818 Sarasin Endowments Fund Clas5 A inc 4,811,712 4,347,3S6 Anal sis of charitable funds Analysis of Fund Movements 2024 General 8alan¢g bff Income Expendtture Galns and Losses Fund clf 4,415,868 137.295 (130.5471 430.660 4,853.276 Analysis of Fund Movements 2023 General Balance blf Incomo ExpendUre Galns and Losses Fund clf 4,823.005 133,567 1565.7151 25,011 4,415,868