Charlty r¢glstratlon number SC017434 IS¢otlandl WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$teO$ Charity number SC017434 Reglstered offlco Independent examiner Azets Audit Services Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG Bankers Bank of Scotland 38 Threadneedle Street London EC2P 2EH Solicitors Hall Baird Solicitors Ltd The Old Ex¢hange Castle Douglas DG7 ITJ Investment advisors Quilter Cheviot 85 Queen Victoria Street London EC4V 4AB
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST CONTENTS Page Trustees. retx)rt Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial slaltrmtrnls 6-12
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended S April 2024. The financial statements have been prepared in accordan with the accounting policies set OLJt in note 1 to the financial statements and comply with the Trust Deed, the Charities and Trustee Investment (Scotlandl Acl 2005, the Charities Accounis Iscotlandl RegLJlations 2006 las amended) and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wilh the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021. (effective 1 January 20191 and "The Financial Reporting Standard in the UK and Republic of Ireland" l°FRS 102,1. Oblectlves and actlvltles The main terms of the Trust Deed allow the trustees to apply income to the following charitable purposes.. Old people who are natives of Dalbeattie- clause 2lal Pupils of Dalbeattie Public School (The William Heughan Prize, etcl- clause 2lbl Youth organisations in Dalbeattie- clause 2lcl Other charitsble causes in Dalbeattie and Galloway- clause 2ldl The trLJStees have paid dLJe regard to guidance issued by OSCR in deciding what activities the trust should Ljndertake. The Ttusl aims to achieve its objectives by using the income from the investment portfolio and bank deposits to fund grants in accordance with the policy above. Applications are reiVed by Hall Baird, Soli¢itors. Thereafter they are sent I, decisions by the trustees. Grants awarded are administered by Hall Baird. or discussion and Achievements and performance During the year, the investment portfolio provided income of £30,39312023 - £30,623), from which donations of £7,42512023 - £8,050) have been made under the terms of the Trust Deed. Financial review Income received during the year totalled £30,393 12023 - £30,623) from which grants totalling £7,425 12023 £8,050) were made and other expenditure was incurred of £4,04712023- £3,031), resulting in net in¢ome for the year of £18,921 12023- £19,542). There was an unrealised investment gain of £89,533 recorded in the year 12023 - £87,100 lossl. There was a net increase in funds in the year of £108,454, leaving total funds carried forward of £1,072,195 12023 - £963,741}. Reserves policy The charitable appeals received by the Trust are very variable from year lo year and when added to a number of re¢LJrring annual grants means that in some years grants may eXed that year's in¢ome. The trustees are satisfied with this position be¢ause the assets of the Trust are strong enough to meet all outgoings and are replenished in a year when appeals are fewer, and income exceeds expenditure. It is not the trLJStees' intention to make large capital grants which means that the resetves could ¢over very many years of appeals. Total Ljnrestricted reserves at 5 April 2024 were £1,072,19512023 - £963,7411. Investment policy All funds are unrestricted and are managed by professional investment managers. They are invested in 8 medium risk portfolio and the Trustees accept there could be a moderate disruption lo ¢8pilal value or ¢urr&nl income in order to achieve the longer-lerm investment objeth've over a lime horizon of more than 5 years.
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Risk management The trustees examine the risks that the Trust faces each financial year against the operation and finances of the Trust. The trustees are satisfied that systems are in place lo mitigate their exposure to risks. The Trust uses one of the leading firms of accountants lo prepare ils accounts and ils officers are consulted on numerous occasions throughout the year to obtain comments and advice. Trustees approved the data privacy policy for the Trust and published it on the website. Plans for future The Trust will continue to use the income from the investment portfolio and bank deposits to make donations as and when the Iruslees see fit. Structure, governance and managèmènt The Trust was formed under a Trust Deed dated 14 December 1956. The trustees who seNed during the year and at the date of this report (unless othemise stated) are shown on the legal and administrative information page. Organisational structure The trustees are responsible for the adminislralion of the Trust and are assisted by Hall Baird, Solicitors. A local committee ¢onsiders applications for grants and forwards Ihostr Considered eligible to the trustees for a d&¢ision. The trustees have appointed a firm of investment managers lo manage th& investment portfolio. The Trust Deed allows continuing trustees lo appoint additional IrLJStees. Appointment of trustees and induction thereof New trustees are supported by the experienced trustees and on induction provided with a copy of previous year's accounts and any other relevant information. The trustees, report was approvtsd by the Board of Trustees. Trustee Dated.. 2 Decembtrr 2024
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST I report on the financial statements of the trust for the year ended 5 April 2024, which comprise the Statement ol Financial Activities, Balance Sheet and related notes. R$SctIVe rèsponslbllltlès of trusts•s and èxamlner The trust's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scollandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The charity's Iruslees consider that the audit requirement of Regulation 1011 Ila) to Icl of the 2006 Accounts Regulations does not apply. 11 is my responsibility lo examine the financial slalemenls as required under section 4411 Ilcl of the Act and lo stale whether particular mallers have come lo my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial slalerllenls presented with those records. 11 also includes consideration of any unusual items or disdosures in the rinancial statements, and seeks explanations from the trustees concerning any such rllatters. The prOdureS undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial slalements. Independent examiner's statement In connection with my exarnination, no matter has come to my attention.. lal which gives me reasonable cause to believe that in any material resped the requirements.. to keep accounting records in accordance with section 44111 lal of the 2005 Act and Regulation 4 crf the 2006 Accounts Regulations., and lill to prepare financial slalemenls which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations., have not been met or Ibl to which, in my opinion, attention should be drawn in order to enable a proper understanding of t financial statements to be reached. Azets Audit Services Chartered Accounlanls Quay 2 139 Fountainbridge Edinburgh EH3 9QG Dated.. 4 December 2024
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Income funds Capital funds Total Income funds Capital funds Total 2024 2024 2024 2023 2023 2023 Note5 Incomè from: Investments 30,393 30,393 30,623 30,623 Raising funds {1,5291 11,5291 Charitsble activities 9,988 1,480 11,468 11,202 1,408 12,610 Total expenditure 9,988 1,484 11,472 11,202 11211 11,081 Nel gains on investments 10 89,533 89,533 187,1001 187,1001 Net movement in funds 20,405 88,049 108,454 19,421 186,9791 167,5581 Fund balances at 6 April 2023 252,852 710,889 963,741 233,431 797,868 1,031,299 Fund balan¢es at S April 2024 273,257 798,938 1,072,195 252,852 710,889 963,741 The stslemenl of financial a¢livilies includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Fixed assets Investments 11 1,052,547 953,850 Current assets Debtors Cash at bank and in hand 12 130 12,755 22,584 22,584 12,885 Creditors= amounts falling due within one year 13 12,9361 12,9941 Nel current assets 19,648 9,891 Total assèts lèss currènt Ilabllltl8s 1,072,195 963,741 Incomo funds Capital Income 14 798,938 273,257 710,889 252,852 1,072,19S 963,741 The financial statements were approved by the Trustees on 2 December 2024 Trustee
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity information The William Heughan Associated Special Trust is an unincorporated Scollish charity with registration number SC017434 and established by the trLJSt deed. Its registered office and principal operation address is The continuing activity of the Trust is to apply income lo the charitable purposes Identitied In the Trustee Keport. 1.1 Accounting convèntion The financial statements have been prepared in accordance with the trust's deed, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended), FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" l°FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The trust is a Public Benefit Enlily as defined by FRS 102. The trust has taken advantage of the provision5 in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterfing, which is the functional currency of the trust. Monetary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include rtain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going c¢n¢ern The trustees have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all informats'on available to them, believe it appropriate to prepare the financial statements on a going concern basis. 1.3 Charitsble funds The Trust m8inlains a general unreslricled fund which is expendable at the discretion of the trustees in furtherance of the objectives of the Trust. Such funds rnay be held in order lo finance both working capital and Capital investment. 1.4 Income All income is recognised in the Statement of Financial Activities when the Trust has legal entitlemenl to the funds, receipt is probable and the amount can be measured reliably. The following wlicies are applied lo income.. Investment income is accounted for when the right to receipt is established and is measured at the transaction value. Tax recoverable relating lo investment income is accounted for in the same period as the related income. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation ¢an be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributatAe to a single activity are allocated diredy to that activity. Shared costs which conlribute to more than one activily and support costs which are nol attributable to a single activity are apportioned betteen Ihose activib'es on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies {Continued} 1.6 Fixed asset investments Fixed asset investments ar& initially MeasUd al Ir8nsa¢tion price excluding tfftnsaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are re¢ognised in nel incomelloxpendituro) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash èqulvalènts Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The trust has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrurllenl. Financial assets and liabilities are offset, WTth the nel amounts presented in the financial slalerllenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or lo reali5e the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially rneasured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the Ir8nsaclion is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classrfied as r&¢eiv8ble within one year are not amortised. Basic financial liabilities Basi¢ financial liabilities. including creditors and bank loans are initially Cognised 81 transaction pri¢& unless the arrangement constitutes a financing Iransaclion, where the debt instrument is mtrasured al the present value of the future payments discounted at a market rate of interest. Financial liabilities ¢lassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised ¢ost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. DeCognitIOn of finan¢ial liabiTlities Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or canlled.
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Critical accounting estimates and judgements In the application of the trust'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 SOLJrces. The estimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these estimates. The ests'mates 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 cmly that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees are of the opinion there are no significant estirnates or judgements that would have a material impact on the financial stalemenls. Investmènts Unrestri¢ted Unrestricted funds funds 2024 2023 Dividends Interest 30,367 26 30,610 30,393 30,623 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Investment management 11,5291 11,5291 In the prior year, a historic accrual for investment management fees was rerlloved frorn the accounts which resulted in a credit balance.
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitable activities Unrèstricted Unrèstrictèd funds funds 2024 2023 Administration fees and costs 1,823 2,448 Grant funding of activities Isee note 61 Share of governance costs Isee note 71 7,425 2,220 8,050 2,112 11,468 12,610 Analysis by fvnd Income fund Capital fund 9,988 1,480 11,202 1,408 11,468 12.610 Grants payable Unrestricted Unrestricted funds funds 2024 2023 Grants lo institutions.. Birchvale Players Dalbeattie Primary School Parent Council Comrnunity Garden 5,000 5,000 500 5,SOO 5,000 Grants to individuals 1,925 3,050 7,425 8,050 All grants lo inslilulions in both the current and prior years were awarded under clause 2IDI- Other charitable causes in Dalbeattie and Galloway All grants to individuals in current year and prior years were awarded under cause 2 (AI- Elderly persons
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support costs Governance costs 2024 Governance ¢0Sts 2023 Independent examinerfs fee 2,220 2,220 2,112 2,112 2,220 2,220 2,112 2,112 Analysed betteen Charitsble activities 2,220 2,220 2,112 2,112 Trustees None of the trustees lor any persons connected with them) reiVed any remuneration during the ye&, but expenses totalling £1,50512023 £3,328) were reimbursed. Employ0¢$ The trust has no employees. 10 Net gainslllossesl on investments Unrestricted Unrestricted funds fund5 2024 2023 Revaluation of investments 89.533 187,1001 10-
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Fixed asset investments Listed investments Cash in portfolio Total Valuation At 6 April 2023 Additions Valuation changes Movement in cash 953,348 9,149 89,533 502 953,850 9.149 89,533 15 At 5 April 2024 1,052,030 517 1,052,547 Carrying amount At 05 April 2024 1,052,030 517 1,052,547 At 05 April 2023 953,348 502 953,850 The above investments present the sums carried 8t fair value in the financial stslemenls with valuation Changes recognisod through the SOFA. 12 Debtors 2024 2023 Amounts falling due within one year: Other debtors 130 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deftrrd income 2,936 2,994 14 Analysis of net assets Unrestri¢ted funds between funds Income 2024 Capital 2024 Total 2024 Incom• 2023 Capital 2023 Total 2023 Fund balances at 5 April 2024 are represented by.. Investments Current assetsllliabililiesl 268,101 5,156 784,446 14,492 1,052,547 19,648 242,961 9,891 710,889 953,850 9.891 273,257 798,938 1,072,195 252,852 710,889 963,741
WILLIAM HEUGHAN ASSOCIATED SPECIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Related party transactions There were no disclosable related paty transactions during the year12023 none). 12-