Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
Charity Registration No. SC021755 (Scotland)
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
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Charity number (Scotland) SC021755 Principal address c/o Murray Beith Murray LLP 3 Glenfinlas Street Edinburgh EH3 6AQ Independent examiner Drummond Laurie Unit 5, Gateway Business Park Beancross Road Grangemouth FK3 8WX Bankers Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2AD Solicitors Murray Beith Murray LLP 3 Glenfinlas Street Edinburgh EH3 6AQ Investment advisors Rathbones Investment Management Ltd 10 George Street Edinburgh EH2 2PF
Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance Sheet | 5 |
| Notes to the financial statements | 6 - 10 |
PIL181
Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The trustees present their report and financial statements for the year ended 31 July 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended).
Objectives and activities
The charity's objects are established in its Constitution, and these are; such charitable purposes as the Trustees may determine at their sole discretion.
To these ends, the Charity awards grants to eligible institutions ranging from £1,000 to £2,000 (exceptionally the Charity may award a greater sum). The grants are intended to help these institutions provide tangible benefits to such beneficiary groups as the Trustees may deem appropriate.
To sustain the Charity's activities, the trustees maintain an endowment fund, the income from which is used to finance the Charity's grant-making activities.
Achievements and performance
In this reporting period, the Charity awarded grants to nine institutions worth a total of £30,000 (2024: £40,000 to sixteen institutions)
In this reporting period £10,000 (2024:£Nil) from the Endowment fund was used to assist with the payment of grants.
Financial review
The financial statements, presented overleaf, show that the Charity's gross income, excluding funds released from the Endowment fund, amounted to £25,818 in this reporting period (2024: £25,002). Investment income generated by the Endowment fund amounted to £25,588 (2024: £24,545) and other sources of income together amounted to £230 (2024: £458).
Gross expenditure in Unrestricted funds amounted to £37,434 (2024: £46,264).
The value of the Charity's Endowment Fund stood at £727,256 at the end of this reporting period (2024: £712,861).
Investment management costs chargeable to the Charity's Endowment fund amounted to £5,130 in this reporting period (2024: £3,882).
Reserves Policy
The Charity's reserves at the end of this reporting period stood at £13,102 (2024: £14,718). The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Investment Policy
The Trustees have instructed Rathbones Investment Management Ltd to manage the Charity's investment funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk. Rathbones Investment Management Ltd are instructed to seek a balanced return between both capital growth and income.
Risk Management
The Trustees monitor the performance of each institution supported by the Charity. Where appropriate, the Charity may require institutions that receive grants to provide a copy of their Annual Report and Accounts to facilitate the consideration of support in future years.
The Trustees have considered the risks to which the Charity is exposed. These relate in the main to investment management and have been ameliorated by the employment of an investment manager. Another risk to which the Charity is exposed is fraud. However, the Trustees consider the low level of donations made by the Trust reduces the risk. In addition, at least one of the Trustees will have some knowledge of any chosen charitable body to which a donation is made.
Plans for the Future
The Trustees plan to continue to award grants, provided sufficient funding remains available.
Structure, governance and management
The Charity is an unincorporated Trust constituted by Deed of Trust by Mrs Rosamunde Evelyna Montague Lawrence Pilcher dated 30 July 1993 and registered in the Books of Council and Session on 5 August 1993.
The trustees who served during the year and up to the date of signature of the financial statements were:
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Trustees are assumed (and resign) with the consent of the existing Trustees, under Section 3 of the Trusts (Scotland) Act 1921.
The trustees' report was approved by the Board of Trustees.
Trustee 31 December 2025 Dated: .........................
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
I report on the financial statements of the charity for the year ended 31 July 2025, which are set out on pages 4 to 10.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's 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 financial statements 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 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 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 financial statements.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) 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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(ii) to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
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21 January 2026
Dated: .........................
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2025
| Unrestricted funds 2025 Endowment funds 2025 Notes Income from: Investments 2 £ 25,818.28 £ - Expenditure on: Raising funds 3 - 5,129.92 Charitable activities 4 37,434.00 - Total resources expended 37,434.00 5,129.92 Net gains/(losses) on investments 9 - 29,524.30 Net (outgoing)/incoming resources before transfers (11,615.72) 24,394.38 Gross transfers between funds 10,000.00 (10,000.00) Net movement in funds (1,615.72) 14,394.38 Fund balances at 1 August 2024 14,718.43 712,861.72 Fund balances at 31 July 2025 13,102.71 727,256.10 |
Total 2025 £ 25,818.28 5,129.92 37,434.00 42,563.92 29,524.30 12,778.66 - 12,778.66 727,580.15 740,358.81 |
Total 2024 £ 25,002.90 |
|---|---|---|
| 3,881.57 | ||
| 46,264.00 | ||
| 50,145.57 | ||
| 53,605.04 | ||
| 28,462.37 - |
||
| 28,462.37 699,117.78 |
||
| 727,580.15 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
BALANCE SHEET
AS AT 31 JULY 2025
| Notes Fixed assets Investments 10 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Capital funds Endowment funds - general Income funds Unrestricted funds The financial statements were approved by the Trustees o |
2025 £ £ 721,161.06 19,197.75 19,197.75 740,358.81 727,256.10 13,102.71 740,358.81 31 December 2025 n ......................... |
2024 £ 19,832.72 |
£ 707,747.43 19,832.72 |
|---|---|---|---|
| 727,580.15 | |||
| 712,861.72 14,718.43 |
|||
| 727,580.15 | |||
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Trustee
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1 Accounting policies
1.1 Accounting convention
The Endowment Fund represents the principal sum settled to the Trust, which the Trustees have invested in accordance with the power conferred on them by the Trust Deed for the benefit of future beneficiaries; the Trust Deed confers on the Trustees the power to apply such funds for charitable purposes at any time and may do so at their sole discretion. The Trustees apply the unrestricted income of the Trust for the benefit of the current beneficiaries in accordance with their policy for donations.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Investment Income is included in the Account in the year in which it is received.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
1.5 Resources expended
Expenditure is recognised in the full in the year in which it is received.
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
2 Investments
| Unrestricted funds 2025 £ Income from listed investments 25,588.37 Interest receivable 229.91 25,818.28 3 Raising funds Endowment funds general 2025 £ Investment management 5,129.92 5,129.92 4 Charitable activities 2025 £ Grant funding of activities (see note 5) 30,000.00 Share of support costs (see note 6) 6,894.00 Share of governance costs (see note 6) 540.00 37,434.00 |
Total 2024 £ 24,545.09 457.81 |
|---|---|
| 25,002.90 | |
| Total 2024 £ 3,881.57 |
|
| 3,881.57 | |
| 2024 £ 40,000.00 5,976.00 288.00 |
|
| 46,264.00 |
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 5 Grants payable
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Grants to institutions (9 | grants): | ||
| Other | 30,000.00 | 40,000.00 |
- 6 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Murray Beith Murray General Fees 6,894.00 - Drummond Laurie Fees - 540.00 6,894.00 540.00 Analysed between Charitable activities 6,894.00 540.00 |
2025 £ 6,894.00 540.00 7,434.00 7,434.00 |
2024 £ 5,976.00 288.00 |
| 6,264.00 | ||
| 6,264.00 |
Governance costs includes payments to the Independent Examiner of £540 (2024: £288) for examination.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
There were no employees during the year.
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
| 9 | Net gains/(losses) on investments | ||
|---|---|---|---|
| Endowment | Total | ||
| funds | |||
| general | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Revaluation of investments | 31,868.60 | 51,676.91 | |
| Gain/(loss) on sale of investments | (2,344.30) | 1,928.13 |
|
| 29,524.30 | 53,605.04 | ||
| 10 | Fixed asset investments | ||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 August 2024 | 707,747.43 | ||
| Additions | 18,288.05 | ||
| Realised Gain/(Loss) | (2,344.30) | ||
| Unrealised Gain/(Loss) | 31,868.60 | ||
| Disposals | (34,398.72) | ||
| At 31 July 2025 | 721,161.06 | ||
| Carrying amount | |||
| At 31 July 2025 | 721,161.06 | ||
| At 31 July 2024 | 707,747.43 | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Investments greater than 5% of portfolio comprised: | |||
| North American Income Trust | 47,740.00 | 42,840.00 | |
| CT Private Equity Trust | 37,350.00 | 36,375.00 | |
| JP Morgan US Equity Inc C2 Inc | 49,013.00 | 47,032.00 | |
| 134,103.00 | 126,247.00 |
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Docusign Envelope ID: A361C053-FFCB-4791-9AE1-70C599B6B329
MRS ROSAMUNDE PILCHER'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
11 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted Funds Endowment Funds 2025 2025 £ £ Fund balances at 31 July 2025 are represented by: Investments - 721,161.06 Current assets/(liabilities) 13,102.71 6,095.04 13,102.71 727,256.10 |
Total 2025 £ 721,161.06 19,197.75 740,358.81 |
Total 2024 £ 707,747.43 19,832.72 |
| 727,580.15 |
12 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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