Docusign Envelope ID:Docusign Envelope ID: 24AE6249-7F78-401B-9DFF-38AF71C867FF
Miss Isabel Harvey Charitable Trust Scottish Charity No. SC017383
Annual Report and Financial Statements
31 December 2024
Shepherd and Wedderburn LLP 1 West Regent Street Glasgow G2 1RW
Ref: AIG/JMCM/TZH/H3888.1
Docusign Envelope ID:Docusign Envelope ID: 24AE6249-7F78-401B-9DFF-38AF71C867FF
Miss Isabel Harvey Charitable Trust
| Contents Trustees' Annual Report Statement of Financial Activities Balance Sheet Notes Report of the Independent Examiner to the Trustees |
Page No. |
|---|---|
| 3-6 7 8 9-14 15 |
Page 2
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Miss Isabel Harvey Charitable Trust
Trustees' Annual Report
Year to 31 December 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
Objectives, Activities and Achievements
The trust will promote, advance and further all charitable purposes without particular focus or preference for any particular charitable purpose and will operate as a "grant giving" foundation providing support financially and otherwise to charities, individuals and others as the trustees in their absolute discretion may select.
The trust primarily furthers its charitable purposes through making donations annually and invites applications/appeals from relevant bodies co-ordinated through its registered office.
The trustees have considered all the appeals received during the year and resolved to make 22 donations totalling £100,000.00 (2023; 25 donations totalling £128,000.00) for a range of charitable purposes. Details of the donations are shown in Note 4 to the accounts. There are no donations outstanding at close of period (2023; £nil).
The trustees are comfortable that the objectives of the trust continue to be met.
Financial Review, Investment policy and Reserves
The trust is reliant on income from its investments and cash for its incoming resources. This amounted to £84,397.43 in the year to 31 December 2024 (2023; £95,955.02). No income is raised from the public.
The financial position of the trust and the activities during the period are stated in the attached accounts. The trustees consider the financial position to be sound.
The trustees note the performance of the trust portfolio over the period. Overall investment gains for the period were £19,832.74 (2023; £69,227.46 losses) which reflects the general market and economic sentiment over the year. The trustees will continue to monitor the performance of the trust portfolio and take action as necessary.
The trustees have wide investment powers. They adopt a medium/high risk investment strategy aimed at generating both income and capital growth in the medium to longer term. They receive advice from professional investment advisers regarding implementation of this strategy.
The trustees retain sufficient reserves, all unrestricted, to ensure that the Trust is able to meet its objectives and total unrestricted funds of £2,373,146.02 were held at 31 December 2024 (2023; £2,401,945.32).
Structure, Governance and Management
The Trust was established by Deed of Trust by Miss Isabel Ferguson Harvey dated 8 to 15 September 1967 and registered in the Books of Council and Session on 19 September 1967 as amended by Deed of Amendment dated 26 March 2010 and registered in the books of Council and Session on 31 March 2010.
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Miss Isabel Harvey Charitable Trust
Trustees' Annual Report (Contd)
Year to 31 December 2024 (Contd)
Structure, Governance and Management (Contd)
Trustees are appointed by Deed of Assumption in accordance with the terms of the Deed of Trust (and shall not be less than 3 or more than 6 in number). The trustees seek to follow good practice and ensure that there is a broad and diverse mix of skills and experience within their number. The trustees keep succession planning under review and when needed will seek to recruit new trustees based on their skill, experience and knowledge of the sector. On appointment, new trustees will be provided with a welcome pack including a history of the trust, trust accounts, constitutional documents, a note on trustees duties and any other codes of conduct applicable at that time.
The trustees have assessed the risks to which the charity is exposed, in particular those related to the financial and investment operations of the trust, and are satisfied that systems are in place to minimise exposure to these risks. The variability of investment returns is mitigated by retaining investment managers and having a diversified portfolio. The investment risk profile is monitored and investments are held for the longer term.
The secretaries to the trust, to whom all applications should be made, are Shepherd & Wedderburn LLP, 1 West Regent Street, Glasgow G2 1RW. Applications are passed to the trustees for consideration, usually at an annual meeting, when donations are agreed.
The trustees are aware of their general duties as defined in the Charities and Trustee Investment (Scotland) Act 2005 and receive training from Shepherd & Wedderburn LLP as appropriate.
Future Plans
The trustees ordinarily intend to make charitable donations in excess of the trust's net distributable revenue each year using the power to make payments of capital for charitable purposes in respect of such excess.
Notwithstanding this strategy, the trustees will monitor the level of income before making capital distributions.
There is presently no intention to alter this current strategy.
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Miss Isabel Harvey Charitable Trust
Trustees' Annual Report (Contd) Year to 31 December 2024 (Contd)
Reference and administrative details
| Reference and administrative details | ||
|---|---|---|
| Charity Name: | Miss Isabel Harvey Charitable Trust | |
| Scottish Charity No: | SC017383 | |
| Legal Entity Identifier (LEI) Code: | 2138008FULPVX26IQT43 | |
| Trustees: | ||
| Principal address: | 1 West Regent Street | |
| Glasgow | ||
| G2 1RW | ||
| Bankers: | Bank of Scotland | |
| 33 Old Broad Street | ||
| London | ||
| PO Box 1000 | ||
| BX2 1LB | ||
| Solicitors: | Shepherd & Wedderburn LLP | |
| 1 West Regent Street | ||
| Glasgow | ||
| G2 1RW | ||
| Investment Advisors: | Rathbones Investment Management Ltd | |
| 50 George Square | ||
| Glasgow | ||
| G2 1 EH | ||
| Independent Examiner: | FCCA | DChA |
| Armstrong Watson LLP | ||
| 1st Floor | ||
| 24 Blythswood Square | ||
| Glasgow | ||
| G2 4BG |
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Docusw Envek¥e ID". 24AE6249-7FI8-4O1&9DFF-3FI1C867FF Miss Isabel Harvey Charitable Trust Trustees. Annual Report (Contd) Year lo 310ecember 2024 {Contd) statement of responsibilities of the Trustees The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applieable law and United Kingdom Aecounting Standards (United Kingdom Generally Aeeepted Accounting Practice). The law applicable to charrties in ScotLarKI requires the Trustees to prepare or have prepared on their Eehalf accounts for each financial year which give a true and fair view of the state of affairs of the Charity at the end of the year and of its financial actIveS during the year then ended. In preparing or arranging preparation of those accounts, the Trustees are required to.. select suitable accounting policies and then apply them conststenuy, make judgements and eskn'mates that are reasonable and prudent., observe the methods and principles in the Charits'es SORP- state whether applicable accounting standards and statements of recommended practice have been followed, subject lo any material departures being disclosed and explained in the financial statements., prepare the financial statements on the goiro concem basis unless there are indicakn'ons to the CCtrary. The Trustees are responsible for keeping proper accounting record5 which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial ststemenls comply with the Charib'es and Trustee Investment (Scotlandl Act 2005 and The Charities Accounts {ScOand) Regulations 2006 las amended}. They have general responsibility for taking such steps as are reasonably open to them lo safeguard the assets of the charty and to prevent and deted fraud and other irregularitie5. Tnjstee 22 July 2025 ..Date Page 6
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Miss Isabel Harvey Charitable Trust
Statement of Financial Activities
Year to 31 December 2024
| Note Income from: Investments 2 Total income Expenditure on: Raising funds Investment management costs 3 Charitable activities Grants and donations 4 Support costs 5 Total expenditure Net (expenditure) and net movement in funds before gains and losses on investments Net gains/(losses) on investments 7 Net (expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Capital Revenue Total Total Fund Fund 2024 2023 £ £ £ £ - 84,397.43 84,397.43 95,955.02 - 84,397.43 84,397.43 95,955.02 16,739.47 - 16,739.47 16,658.72 31,892.57 68,107.43 100,000.00 128,000.00 - 16,290.00 16,290.00 15,598.95 48,632.04 84,397.43 133,029.47 160,257.67 (48,632.04) - (48,632.04) (64,302.65) 19,832.74 - 19,832.74 (69,227.46) (28,799.30) - (28,799.30) (133,530.11) - - - - (28,799.30) - (28,799.30) (133,530.11) 2,401,945.32 - 2,401,945.32 2,535,475.43 2,373,146.02 - 2,373,146.02 2,401,945.32 Unrestricted Funds |
|---|---|
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Docusw Envek¥e ID". 24AE6249-7FI8-4O1&9DFF-3FI1C867FF Miss Isabel Harvey Charitable Trust Balance Sheet As al 310ecember 2024 Nole 2024 2023 Fixed assets: Investments Cash held for investsnent 2,290,230.¢)J 12,350.57 2,318,322.00 1,897.06 Total fixed assets 2.302,580.57 2,320.219.06 CuThent assets - Cash at bank and in hand.. Rathbones income account Shepherd and Wedderbum LLP 12,532.53 64.876.36 14,147.73 77,214.93 77.408.89 91.362.66 Total current assets 77.408.89 91.362.66 CuThent liabilities: Creditors falling due wthin one year.. Armstrong Watson LLP Parkhill Mackie & Co Rathbones Investment Management Ltd Shepherd & Wedderbjm LLP 990.00 2,004.00 4,176.40 3,456.00 4,144.64 1,708.80 6.843.44 g.636.40 Net current assets 70.565.45 81,726.26 Net assets 2,373.146.02 2,401.945.32 The funds of the charity: Unrestricted funds: Capital fund Revenue fund 2,373,146.02 2,401,945.32 2,373,146.02 2.401.945.32 The statement of accounts set cwt on pages 7 to 14 were approved by the 22 July 2025 Trustees on............. Trusree The notes on pages 9 to 14 fomi part of these accounts. Page 8
Docusign Envelope ID:Docusign Envelope ID: 24AE6249-7F78-401B-9DFF-38AF71C867FF
Miss Isabel Harvey Charitable Trust
Notes to the Accounts
Year to 31 December 2024
1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to these financial statements.
(a) Basis of Preparation
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The financial statements have been prepared under the historic cost convention, modified to include the revaluation of investments at market value.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
(b) Investments
Investments in quoted shares, traded bonds and similar investments are included initially at cost and subsequently at fair value (their market value). Realised gains and losses, representing the difference between sale proceeds and market value at the previous financial year end, or cost if acquired during the financial year, and unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from their date of purchase if acquired during the financial year, are aggregated in the Statement of Financial Activities.
(c) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Gifts made to the Trust are recognised when they have been communicated to the Trust in writing containing both the amount and the settlement date.
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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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Miss Isabel Harvey Charitable Trust
Notes to the Accounts (Contd)
Year to 31 December 2024 (Contd)
1 Accounting policies (Contd)
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure including grants, donations, support costs and governance costs, is recognised on an accruals basis. Expenditure is allocated in the Statement of Financial Activities under headings that aggregate all related costs.
Grants and donations are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the Trust.
(e) Funds
The Trust maintains Capital and Revenue funds.
The Capital fund represents the original gift by the Settlor (less any capital sums applied for charitable purposes) together with realised and unrealised gains and losses on the Trust's investments, less any costs, attributable to the Capital fund.
The Revenue fund represents the excess of income over expenditure which has arisen and has not yet been distributed.
There are no restrictions imposed by the Trust Deed in relation to expenditure of capital.
(f) Raising funds
The costs of raising funds consist of investment management costs.
(g) Charitable activities
Costs of charitable activities include grants and donations made and support costs, including governance costs.
(h) Taxation
The charity is exempt from tax on its charitable activities.
(i) 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.
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Miss Isabel Harvey Charitable Trust
Notes to the Accounts (Contd)
Year to 31 December 2024 (Contd)
| 2 Investment Income Interest - fixed interest securities Dividends - equities Interest on cash deposits 3 Investment management costs Investment management fees 4 Grants and donations Grants and donations made during the year were as follows - Adult Welfare Breast Cancer Now Erskine The Good Morning Service Maggie's Glasgow Scotland's Bravest Manufacturing Co St Columba's Hospice Trellis Adult & Child Welfare Ayrshire Hospice Beatson Cancer Charity Blood Cancer UK Canine Concern Scotland Trust (Therapet) Care for Carers Changing Faces Downs Syndrome Scotland Dyslexia Scotwest Edinburgh Carers Council Fife Carers Centre Mental Health Foundation Orcadia Creative Learning Centre RNLI Ravelrig Riding for the Disabled Association Scottish Disability Golf and Curling Scottish Mountain Rescue |
2024 2023 £ £ 9,197.63 9,473.38 74,082.65 85,758.45 1,117.15 723.19 84,397.43 95,955.02 2024 2023 £ £ 16,739.47 16,658.72 2024 2023 £ £ 5,000.00 - 4,000.00 2,000.00 - 4,000.00 5,000.00 4,000.00 3,000.00 - - - 3,000.00 - 20,000.00 10,000.00 - 10,000.00 5,000.00 - 5,000.00 - 4,000.00 4,000.00 - 4,000.00 - 4,000.00 3,000.00 - - 4,000.00 4,000.00 - - 4,000.00 4,000.00 - - 15,000.00 15,000.00 5,000.00 - 4,000.00 - 4,000.00 5,000.00 - 45,000.00 58,000.00 |
|---|---|
Page 11
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Miss Isabel Harvey Charitable Trust
Notes to the Accounts (Contd)
Year to 31 December 2024 (Contd)
4 Grants and donations (Contd)
| Grants and donations (Contd) Arts Biggar Museum Trust Child Welfare Edinburgh Young Carers Fife Young Carers Geeza Break St Andrew's Children's Society The Outward Bound Trust The Teapot Trust Medical Research & Support Butterfly Trust (Cystic Fibrosis) Chest Heart and Stroke Scotland Glasgow Children's Hospital Charity MS Society Scotland Orchid Pancreatic Cancer UK Parkinson's UK Scotland Scotland’s Charity Air Ambulance Scottish Cot Death Trust Teenage Cancer Trust Social Care Glasgow Care Foundation Lodging House Mission Total Whereof: - Charged to Capital - Charged to Revenue |
2024 2023 £ £ - 10,000.00 - 4,000.00 4,000.00 - 3,000.00 - - 4,000.00 5,000.00 4,000.00 - 4,000.00 12,000.00 16,000.00 - 4,000.00 3,000.00 - 3,000.00 - - 4,000.00 - 4,000.00 5,000.00 - - 10,000.00 5,000.00 4,000.00 - 4,000.00 - 4,000.00 16,000.00 34,000.00 4,000.00 - 3,000.00 - 7,000.00 - 100,000.00 128,000.00 31,892.57 47,614.98 68,107.43 80,385.02 100,000.00 128,000.00 |
|---|---|
Page 12
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Miss Isabel Harvey Charitable Trust
Notes to the Accounts (Contd)
Year to 31 December 2024 (Contd)
5 Support costs
| Support costs Governance costs: Administration costs Trustees' expenses Independent Examiner's fee |
2024 2023 £ £ 15,300.00 14,580.00 - 28.95 990.00 990.00 16,290.00 15,598.95 |
|---|---|
6 Related party transactions and trustees' expenses
Eleanor Mary Kerr is a Partner of Shepherd and Wedderburn LLP.
Included in the expenses are payments amounting to £15,300.00 (inclusive of VAT) for professional services rendered by Shepherd and Wedderburn LLP. £13,591.20 was paid to Shepherd and Wedderburn LLP during the year and £1,708.80 is outstanding at the year end.
| 7 Fixed asset investments Market value at beginning of period Funds invested during period Disposals during period Net realised investment (losses) Net unrealised investment gains/(losses) Market value at end of period |
2024 2023 £ £ 2,318,322.00 2,497,885.00 313,952.66 632,856.02 (361,877.40) (743,191.56) (26,362.60) (33,455.26) 46,195.34 (35,772.20) 2,290,230.00 2,318,322.00 |
|---|---|
Investments at market value comprised:
| Fixed interest securities Equities |
214,661.00 176,626.00 2,075,569.00 2,141,696.00 2,290,230.00 2,318,322.00 |
|---|---|
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Docusign Envelope ID:Docusign Envelope ID: 24AE6249-7F78-401B-9DFF-38AF71C867FF
Miss Isabel Harvey Charitable Trust
Notes to the Accounts (Contd)
Year to 31 December 2024 (Contd)
8 Movement in funds
| Movement in funds | ||
|---|---|---|
| At Gains and |
At | |
| 01/01/2024 Income Expenditure losses |
31/12/2024 | |
| Unrestricted funds | £ £ £ £ |
£ |
| Capital | 2,401,945.32 - (48,632.04) 19,832.74 |
2,373,146.02 |
| Revenue | - 84,397.43 (84,397.43) - |
- |
| Total funds | 2,401,945.32 84,397.43 (133,029.47) 19,832.74 |
2,373,146.02 |
| Comparatives for movement in funds At Gains and 01/01/2023 Income Expenditure losses |
At 31/12/2023 |
|
| Unrestricted funds | £ £ £ £ |
£ |
| Capital | 2,535,475.43 - (64,302.65) (69,227.46) |
2,401,945.32 |
| Revenue | - 95,955.02 (95,955.02) - |
- |
| Total funds | 2,535,475.43 95,955.02 (160,257.67) (69,227.46) |
2,401,945.32 |
9 Commitments
No commitments have been undertaken.
Page 14
Docusw Envek¥e ID". 24AE6249-7FI8-4O1&9DFF-3FI1C867FF Miss Isabel Harvey Charitable Trust INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MISS I F HARVEY'S CHARITABLE TRUST I report on the accounts of the charity for the year ended 31 December 2024 which consist of a Statement of Financial Activities. a Balance Sheet and notes Ihereon. Respective Responsibilities of Trustees and Examiner The charity's trustees are responsible for the preparation of the accounts in accordance the lemis of the Charits'es and Trustee Investsmenl (Scollandl Act 2005 and the Charities Accounts IScoUandl Regulations 2006 las amended). The charity trustees consider that the audit requirement of Regulation 10111 lal to (cl of the 2006 Accounts Regulations does not apply. 11 is my responsibilty to examine the accounts as required under Section 44{11 {cl of the Act and to sLite whether particular matters have c¢Jne to my attention. Basis of Examiner's Statement My examination is carried out in accordance wth Regulation 11 of the Charities Accounts {Scodandl Regulat)n$ 2006. An examination includes a review of the accounting records kept by the charty and a comparison of the acccmjnts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees conceming any such matters. The procedures undertaken do not provKle all the emdence that would be required in an audc and consequently I do not express an audit cpinion on the view given by the aeeounts. Independent Examiner's Statements In the course of my examination, no matter has c¢)me to my attention- which gives me reasonable cause to believe that in any material respect the requirements.. lo keep accounting records in accordan Mqth Section 44{1 } (a} of the 2005 Act and Regulati)n 4 of the 2006 Accounts RegulatKJns', and lo prepare accounts which accord wth the accounting records and comply with Regulation 8 of the 2(KJ6 Accounts Regulations have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 25 July 2025 Date Independent Examiner FCCA DChA Amistrong Watson LLP 1st Floor 24 Blythswood Square Glasgow G2 4BG Page 15
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