Patrick Mulholland Trust Financial Accounts Year ended 31 July 2025
Scottish Charity Number $C017549
Stevenson & Kyles Chartered Accountants 25 Sandyford Place Glasgow G3 7NG
Patrick Mulholland Trust
Report of the Trustees Management Committee Year ended 31 July 2025
The Trustees herewith present their report and financial statements for the year ended 31 July 2025.
Reference and Administration Information
| Name | Patrick Mulholland Trust |
|---|---|
| Address | c/o Trainor Alston |
| 1 Main Street | |
| Coatbridge | |
| ML5 3Ad | |
| Charity Number | $C017549 |
| Trustees | Andrea Smith |
| William Neeson | |
| John Mulholland | |
| Independent Examiner | Amardeep Kalsi C.A. |
| Stevenson & Kyles | |
| Chartered Accountants | |
| 25 Sandyford Place | |
| Glasgow | |
| G3 7NG | |
| Solicitors | Trainor Alston |
| 1 Main Street | |
| Coatbridge | |
| ML53AJ |
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Patrick Mulholland Trust
Report of the Trustees Management Committee Year ended 31 July 2025
Structure, Governance and Management
Governing Document
Patrick Mulholland Trust is a charitable trust set up and registered on 17 June 1942, from the Estate of the late Patrick Mulholland who died on 4 March 1942.
_
Appointment of Trustees
Trustees are appointed in terms of the trust deed and the law of Scotland governing such appointments.
Trustee Induction and Training
The trustees have been in office for a number of years. They are accordingly thoroughly familiar with the affairs of the Trust. Trainor Alston manage the day to day affairs of the Trust. The assets of the Trust are managed by a professional firm of stockbrokers.
Risk Management
The Trust is professionally managed by the firm of solicitors who are responsible for the day to day running of the Trust's finances. They report to the Trustees on a quarterly basis and annually when a review of the year's activities is carried out.
Objectives and Activities
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a) The Trust will normally operate in Scotland.
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b) Its objectives are to relieve the financial hardship of the necessitous poor of Greenock and to relieve necessitous children anywhere.
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c) To do all things as will properly attain the above purposes.
Principal Policies to Achieve Objectives
The organisation is principally funded by investment income from capital invested in the UK stock market and Bank Deposits. The stock market portfolio is professionally managed by Rathbones Stockbrokers.
Achievement and Performance
The Trust has made donations to various charitable causes both individual and corporate during the year. These include local hospices. The charity is entirely dependent on the income (dividends and interest) generated by its own capital assets mainly stocks and shares, the portfolio of which is professionally managed. It does not receive any income from any other sources.
Financial Review
Careful investment has resulted in a steady increase in the assets of the Trust and its income generated for charitable purposes. The market value of the investments at 31 July 2025 was £514,017 (2024 - £500,321) representing an increase of 2.7% over the previous year due to market fluctuations. The gross income was £18,607 when compared with £18,214 for the previous period. Payments to beneficiaries amounted to £12,800 (2024 - £14,400). The running costs of the Trust comprise necessary professional fees which are assessed by the Auditor of Court.
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Patrick Mulholland Trust
.
Report of the Trustees Management Committee Year ended 31 July 2025
Plans for Future Periods
The trustees aim to continue their investment policies to maximise income for charitable purposes without compromising the integrity of the capital fund. The trustees remain committed to supporting existing and new beneficiaries within the objects and terms of the Trust deed.
Reserves Policy
It is the general policy of the Trust to disburse revenue income to its charitable purposes retaining only sufficient amounts required to maintain the reserves of the organisation at a level appropriate for the Trust's requirements.
Approved by the Management Committee on 28 April 2026 and signed on its behalf by:
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----- Start of picture text -----
joi? W Neeson
WA2 AA MEoa J Mulholland
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Patrick Mulholland Trust
Report of the Independent Examiners to the Trustees of the Patrick Mulholland's Trust
| report on the financial statements of the Trust for the year ended 31 July 2025 which are set out on pages 5 to 9.
Respective responsibilities of the management committee and independent examiners
The charity's management committee are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's management committee consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. it is my responsibility to examine the financial statements as required under Section 44(1)(c) of the Act and to state whether particular matters have come to our attention.
Basis of Independent Examiner's Report
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeks explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the financial statements.
Independent Examiner's Statement
In the course of our examination, no matter has come to my attention,
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare financial statements which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Amardeep Kalsi C.A
Stevenson & Kyles Chartered Accountants
25 Sandyford Place Glasgow G3 7NG
28 April 2026
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Patrick Mulholland Trust
| Patrick Mulholland Trust | |||||
|---|---|---|---|---|---|
| Statement of Financial Activities | |||||
| Yearended 31 July 2025 | |||||
| 2025 | 2024 | ||||
| Note | Revenue | Capital | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming Resources | |||||
| Dividends and interest received | 18,607 | 0 | 18,607 | 18,214 | |
| Total incoming resources | 18,607 | 0 | 18,607 | 18,214 | |
| Resources Expended | |||||
| In furtherance ofcharitable objectives | 12,800 | 0 | 12,800 | 14,400 | |
| Governance costs | 2,179 | 3,283 | 5,462 | 7,651 | |
| Total resources expended | 3 | 14,979 | 3,283 | 18,262 | 22,051 |
| Net movement in funds | 3,628 | (3,283) | 345 | (3,837) | |
| Gain/(losses) on disposals offixed asset investments | 0 | 0 | 0 | 0 | |
| Gains/(losses) on revaluations | 0 | 13,696 | 13,696 | 27,234 | |
| Balance brought forward | 33,100 | 479,236 | 512,336 | 488,939 | |
| Baiancecarriedforward31July2025 | 36,728 | 489,649 | 526,377 | 512,336 |
All of the funds are unrestricted within the terms of the Trust.
.
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,
Patrick Mulholland Trust
Balance sheet
Year ended 31 July 2025
| Year endedended 31 July 2025 | |||
|---|---|---|---|
| 2025 | 2024 | ||
| : | Note | £ | £ |
| Investments | 2 | 514,017 | 500,321 |
| Current assets | |||
| Held by Solicitor | 7,148 | 9,644 | |
| Held by Stockbroker - Capital | 304 | 1,747 | |
| Held by Stockbroker - Revenue Current liabilities |
13,204 20,656 |
13,376 24,767. |
|
| Accrued -Accountancy Fees | 1,800 | 4,800 | |
| Accrued - Administration Costs | 6,496 10,952 ____ 8,206 12,752. |
||
| 026,377 | 512,336. | ||
| Reserve Funds | |||
| Capital | 4 | 489,649 | 479,236 |
| Revenue | 4 | 36,728 | 33,100 |
| TotalFunds | 526,377 | 512,336 |
Approved by the Trustees on 28 April 2026 and signed on their behalf by:
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----- Start of picture text -----
hadi M duct
hodaces . ASmith
a
;
W Neeson
ff ra - a
& J Mulholland
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Patrick Mulholland Trust
Notes to the financial statements Year ended 31 July 2025
1 Accounting policies
The financial statements of the charity are prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 and with applicable accounting standards. The financial statements are drawn up on the historical cost basis with the exception of fixed asset investments which are carried at market value.
Resources expended
Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned between capital and revenue based on the estimated amount applicable to each heading.
Investments and investment income
Investments are included at the closing mid-market value at the balance sheet date. Any gains or losses on revaluation are taken to the SOFA. Investment income is accounted for in the period in which the charity is entitled to receipt.
2 Investments
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||||||||
|---|---|---|---|---|---|---|
|£|
|Balance|as|at|1|August|2024|500,321|
|Additions|at|Cost|8)|
|Disposals|at|Market Value|0|
|Revaluations|13,696|
|Balance|as|at|31|July 2025|514,017|
|Listed|on|UK Stock|Exchange|514,017|
----- End of picture text -----
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Patrick Mulholland Trust
Notes to the financial statements Year ended 31 July 2025
3 Total Resources Expended
| Total Resources Expended | ||||
|---|---|---|---|---|
| Costs of | ||||
| Charitable | Governance | 2025 | 2024 | |
| Activities | Costs | Total | Total | |
| £ | £ | £ | £ | |
| Payments to beneficiaries | 12,800 | 0 | 12,800 | 14,400 |
| Accountancy fees | 0 | 720 | 720 | 768 |
| Administration costs | 0 | 1,459 | 1,459 | 1,556 |
| Revenue fund outgoings | 12,800 | 2,179 | 14,979 | 16,724 |
| Accountancy fees | 0 | 1,080 | {1,080 | 4,152 |
| Administration costs | 0 | 760 | 760 | 2,032 |
| Stockbroker investment charges | 0 | 1,442 | 1,442 | 2,143 |
| Capital fund outgoings | 0 | 3,283 | 3,283 | 5,327 |
| Totalresourcesexpended | 12,800 | 5,462 | 18,262 | 22,051 |
4 Movement in Funds
| Movement in Funds | |||||
|---|---|---|---|---|---|
| Total | Incoming | Charitable | Changes in | Total | |
| funds | resources | expenditure | valuations | funds | |
| 1.8.24 | & disposals | 31.7.25 | |||
| £ | £ | £ | £ | £ | |
| Capital | 479,236 | 0 | (3,283) | 13,696 | 489,649 |
| Revenue | 33,100 | 18,607 | (14,979) | 0 | 36,728 |
| 512,336 | 18,607 | (18,262) | 13,696 | 526,377 | |
| Funds are represented by: | |||||
| Capital | Revenue | Total | |||
| £ | £ | £ | |||
| Investments | 494 323 | 19,694 | 514,017 | ||
| Current assets | 304 | 20,352 | 20,656 | ||
| Current liabilities | (4,978) | (3,318) | (8,296) | ||
| 489,649 | 36,728 | §26,377 |
5 Related party transactions
There were no transactions to report this year or the prior year.
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Notes to the financial statements Year ended 31 July 2025
Patrick Mulholland Trust
6 Schedule of Investments
| 31.7.25 | Market | 31.7.24 | ||||
|---|---|---|---|---|---|---|
| Units | Cost £ |
value £ |
Units | Cost £ |
||
| Royal Dutch Shell Pic | 1,050 | 0 | 28,466 | 1,050 | 0 | |
| Temple Bar InvestmentTrust | 9,750 | 8,079 | 32,516 | 9,750 | 8,079 | |
| AstraZeneca | 510 | 3,010 | 57,752 | 510 | 3,010 | |
| GlaxoSmithKline | 1,520 | 10,743 | 21,554 | 1,520 | 10,743 | |
| Prudential | 1,850 | 4,799 | 17,830 | 1,850 | 4,799 | |
| Diageo | 730 | 3,263 | 13,527 | 730 | 3,263 | |
| Vodaphone | 9,300 | 14,132 | 7,628 | 9,300 | 14,132 | |
| ' | Aberdeen Asian Income Fund | 10,000 | 11,205 | 23,400 | 10,000 | 11,205 |
| City of London InvTrust Pic | 3,750 | 7,558 | 18,600 | 3,750 | 7,558 | |
| Liontrust Investments Ltd | 17,549 | 20,857 | 17,401 | 17,549 | 20,857 | |
| Murray International Trust Plc | 7,250 | 15,146 | 20,880 | 7,250 | 15,146 | |
| SSE Plc | 1,100 | 15,933 | 20,334 | 1,100 | 15,933 | |
| Treasury | 11,200 | 35,471 | 38,423 | 11,200 | 35,471 | |
| Aberforth Smaller Co's Trust | 925 | 10,044 | 14,560 | 925 | 10,044 | |
| JPM American Inv Trust pic | 4,200 | 10,045 | 45,528 | 4,200 | 10,045 | |
| Malborough Fund MGRS | 6,600 | 9,995 | 8,804 | 6,600 | 9,995 | |
| BNY Mellon Asset Managerment | 9,767 | 9,980 | 21,123 | 9,767 | 9,980 | |
| Veritas Funds Plc | 60 | 10,462 | 17,983 | 60 | 10,462 | |
| M&G Plc | 9,500 | 15,884 | 24,852 | 9,500 | 15,884 | |
| Personal Asset Trust Plc | 3,500 | 15,274 | 17,885 | 3,500 | 15,274 | |
| Renewable Infrastructure Grp | 15,000 | 19,635 | 12,750 | 15,000 | 19,635 | |
| Fundsmith LLP | 2,500 | 15,049 | 16,183 | 2,500 | 15,049 | |
| Polar Capital Fund | 2,200 | 14,589 | 16,038 | 2,200 | 14,589 | |
| 281,153 | 514,017, | ~281,153 |
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