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THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Scottish Charity Number: SC019974
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
FINANCIAL STATEMENTS
For the year ended 30 June 2025
| ScottishCharityNumber: | S$C019974 |
|---|---|
| Address: | Ramsay Croft |
| 10 OldEdinburghRoad | |
| Dalkeith | |
| Midlothian | |
| Trustees: | HTWilkie (Chairperson) |
| GF Green (Treasurer)—retired25 June2024 | |
| J F S Taylor (Treasurer)—appointed 1 April2024 | |
| G S Waterston (Secretary) | |
| A MM Gray (Trustee) |
|
| Investment Managers: | BarclaysWealth |
| 11 Melville Crescent | |
| Edinburgh | |
| EH3 7LU | |
| Independent Examiner: | Anne ShepherdFCCA |
| 56 Liberton Drive | |
| EDINBURGH | |
| EH166NW |
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
FINANCIAL STATEMENTS
For the year ended 30 June 2025
| INDEX | PAGE |
|---|---|
| Trustees’ Annual Report | 2-3 |
| Independent examiner's report | 4 |
| Statement ofreceipts andpayments | P) |
| Statement ofbalances | 6 |
| Notestotheaccounts | 7-8 |
1
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
TRUSTEES ANNUAL REPORT
The Trustees present their report together with financial statements for the year ended 30 June 2025.
Objectives of the Trust and grant policy
The Trust was formed in 1991 from the transfer of the capital and function of the Charles Smith Committee which made allowances for technical education of apprentices and others. The Trust changed its name to The Charles Smith Trust on 4 July 2024.
The Trust purpose is to provide grants to persons resident in Scotland who are engaged in any respectable profession whether in training, in employment or having been in employment. Grants can also be awarded to the widows or widowers of such persons. The Trust will consider the financial circumstances of the person to assess need and, all other things being equal, will prefer applicants associated with the professions of Bookseller or Stationer.
The Trust Deed was updated by means of a Reorganisation Scheme approved by OSCR in June 2024 before changes were formally approved on 4 July 2024. The new Trust Deed simplifies the appointment of Trustees; extends the eligibility criteria to any profession and to all residents of Scotland; allows annual grants awarded to exceed investment income; and simplifies the administration of the Trust in line with best practice.
Trustees
The Trustees are appointed by the Edinburgh Booksellers’ Society Limited at the AGM normally held in June. The membership of the Board of Trustees is set out below.
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|---|---|---|---|---|---|---|---|
|HT|Wilkie|Chairperson|
|G|F|Green|Treasurer|(retired 25|June|2024)|
|J FS|Taylor|Treasurer|(appointed|1|April|2024)|
|G|S|Waterston|Secretary|
|AM MGray|Nominee|of Edinburgh Napier University|until|3|July|2024 &|Trustee|
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The Trustees usually meet twice a year but there have been additional meetings this year to discuss the direction of the Trust in light of the new Trust Deed.
Achievements and Performance
Six grants totalling £7,000 were awarded to students ofEdinburgh Napier University in the year ended 30 June 2024 (2024 — three grants totalling £2,500). Letters have been received from the students, who received grants in the prior year, explaining the positive impact the grants have made on their ability to continue in their studies.
Financial Review
The deficit for the year is £3,570 (2024 —£901 surplus) as the Trust decided to increase its grant giving to students in the current year using the surplus funds in the bank. The bank account at 30 June 2025 held £4,316 (2024 - £7,886). The Trust aims to hold 6 months running costs in the bank to meet any urgent grant requests.
During the year, the Trustees have completed a strategic review agreeing to increase the level of grants to students in order to extend financial support and widen access to the Publishing course at Napier University. Grants are expected to exceed income such that the funds of the charity are likely to gradually reduce towards £100k over the next 5 years.
2
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
TRUSTEES ANNUAL REPORT
Investment Policy
The Investment Policy is to generate income from investments, to fund grants, while preserving a minimum capital fund of £100k. The investment portfolio has grown by 10.32% (2024 + 9.55% ) which compares with the ARC Charity Sterling Equity Risk indice of 4.14% (2024 +11.77%). The investment income is £3,881 (2024-£3,827) and represents a yield of 3.15% (2024 +3.43%).
Reserves Policy
The Trustees have reviewed their reserves in light of the strategic review. The new reserves policy is to preserve £100k of capital and to spend income and some capital over the next 5 years in order provide additional financial support to students.
Approved by the Trustees on 9 December 2025 and signed on their behalf by:
< F, r Abe, Ok HT Wilkie Chairperson
3
| THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST | SCHEME 1991) |
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARLES SMITH TRUST SCHEME
For the year ended 30 June 2025
I report on the accounts of The Charles Smith Trust (formerly The Charles Smith Trust Scheme 1991) for the year ended 30 June 2025, which are set out on pages 5 to 10.
Respective responsibilities of Trustees and independent examiner Theof the charity’sCharities trusteesand Trusteeare responsibleInvestment for(Scotland) the preparationAct 2005 oftheand accounts the Charities in accordance Accounts with(Scotland) the terms Regulations 2006 ( as amended). The charity trustees consider that the audit requirement of Regulation 10 (1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44 (1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures 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 accounts.
Independent examiner's statement
In the course of my examination, no matter has come to my attention
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whiche givesto keep meaccounting reasonablerecords cause toin accordance believe that inwith anysection material44(1)(a) respect,of thethe 2005 requirements:Act and Regulation 4 of the 2006 Regulations
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e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 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.
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Anne Shepherd FCCA 56 Liberton Drive
EDINBURGH EH16 6NW Date: 1\ vz\ @
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4
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
| | | } | | )| , |
STATEMENT OF RECEIPTS AND PAYMENTS
For the year ended 30 June 2025
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|---|---|---|---|---|
|Restated|
|2025|2024|
|Note|£|£|
|Receipts|
|Investment|income|4|3,881|3,827|
|Total income|3,881|3,827|
|Payments|
|Cost|of|raising|funds:|
|-|Investment management costs|171|156|
|-|grants awarded during the year|5|7,000|2,500|
|Expenditure on charitable activities:|
|-|Accountancy|fees|280|270|
|7,280|2,770|
|Total payments|7,451|2,926|
|(Deficit) /Surplus|for the year|(3,570)|901|
----- End of picture text -----
The accompanying notes form an integral part of these financial statements.
5
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
STATEMENT OF BALANCES
At 30 June 2025
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||||||||
|---|---|---|---|---|---|---|
|Restated|
|2025|2024|
|Note|£|£|
|Cash|funds|
|Bank balances|at|start|of|year|7,886|6,985|
|(Deficit)/Surplus|for the year|(3,570)|901|
|Bank balances|at the end of|the|year|4,316|7,886|
|Investments|
|Trust|fund (market value)|3|123,065|111,557|
|Total funds|at 30 June|127,381|119,443|
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The accompanying notes form an integral part of these financial statements.
| The financial statements were approved by the Trustees on 9 December 2025 and signed on their | behalf by:
| | |
HT Wilkie Chairperson
| ] |
| | | ] '
6
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 June 2025
1. Basis of accounting
These financial statements have been prepared on the Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The financial statements were previously prepared as fully accrued accounts. In order to simplify reporting, the accounts are now prepared by the Treasurer using the Receipts and Payments format. The figures for 2024 have therefore been restated to a receipts and payments basis to allow comparison year on year.
2. Purpose of funds
All the income funds are unrestricted and are available for expenditure on the general objectives of the charity. There are no restricted funds which may only be used for specific purposes.
3. Investments
The Investments represent capital donations of investments made to the Trust together with unrealised and realised gains on these investments. Investments are valued at market value at the balance sheet date.
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|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|UK|listed|investments:|
|Market|value|at|1|July 2024|111,557|101,805|
|Unrealised gains|in year|11,508|9,752|
|Market value|at 30|June 2025|123,065|111,557|
|Investments|at cost|52,608|952,608|
----- End of picture text -----
7
THE CHARLES SMITH TRUST (FORMERLY THE CHARLES SMITH TRUST SCHEME 1991)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 June 2025
| The Trust's holdings atmarketvalue at30June were as follows: | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Dunedin Income Growth Investment Trust plc | ||
| 2,450 ordinary shares of25p each | 7,375 | 6,860 |
| Merchants Trustplc | ||
| 1,896 ordinary sharesof25p each | 10,826 | 10,580 |
| The Scottish MortgageInvestment Trust | ||
| 2,850 ordinary shares of5p each | 29,469 | 25,200 |
| Murray International Trust | ||
| 7,575 ordinary shares of 5p each | 21,210 | 19,127 |
| JO HambroCAPUKEquityIncomeY IncNav | ||
| 14,586.157 ordinary shares | 22,550 | 20,071 |
| BNY MellonFundMgr:Newton Global IncomeUNet | ||
| 5,482.195 shares | 11,472 | 10,770 |
| BNY MellonFundMgr:Newton Global Income InstlWNet | ||
| 8,682 shares | 20,163 | 18,949 |
| 123,065 | 111,557 | |
| 4, Investment Income |
||
| 2025 | 2024 | |
| £ | £ | |
| Dunedin IncomeGrowthInvestment Trust ple | 348 | 337 |
| The Scottish Mortgage Investment Trust | 121 | 117 |
| Merchants Trustple | 552 | 538 |
| Murray International Trust | 894 | 871 |
| JOHambro CapitalUKEquity IncomeY IncNav | 1,007 | 984 |
| BNYMellonFundMgr:NewtonGlobal IncomeUNet | 347 | 355 |
| BNYMellonFundMgr:NewtonGlobal Income InstlWNet | 610 | 625 |
| Interest | 2 | - |
| 3,881 | 3,827 | |
| 5. Grantsawarded |
Grants totalling £7,000 were awarded to six students ofEdinburgh Napier University (2024: £2,500 to three students).
6. Trustees
No remuneration or expenses were made to the Trustees (2024: £nil).
7. Related parties
The Edinburgh Booksellers Society Ltd is related to the Trust as it has the power to appoint Trustees. There were no transactions with the company during the year (2024: none).
8