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 re￿iVed 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 eX￿ed 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$S￿ctIVe 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 prO￿dureS
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 bett￿een 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 MeasU￿d 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.
De￿CognitIOn of finan¢ial liabiTlities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or
can￿lled.

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 bett￿een
Charitsble activities
2,220
2,220
2,112
2,112
Trustees
None of the trustees lor any persons connected with them) re￿iVed 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 deftrr￿d 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-