MMI/SCA AN0204.CX)01 THE MARY ANDREW C7LABJTNBLE TRUST ScottishUBrttle5 l&x' SC021977 REPORT OF THETRUStEES AND ACCOUNTS YEAR ENDED 30 SEvfEM8ER, 2024 THE WIRY ANDRÉWCHARrrABiETRUST Reportof the ttysteesforthpyear ended 305epiember2024 The Trwtees presenttheir anr.ual worrand flnanual StatslF￿ts0rthe tharitsble rrL fortheytar endee 30 Septernber2024. The financhl statements have been prepared #i accordar wlth the accounting policie5 Set OLrt in note i to iheaccoutsts and tornFAywith ￿ tharivs trust deed. the CharStl* and T¥ustee Investrnent Iscodandl kt I(￿5, tha￿l￿ACc￿￿tsISC0dl￿d) Re8u13tlorns 2{￿6{aS èrr,endedl andA¢counthwarKI RepOth.ngbytt￿rii*s.. StatsTh)prt of Recommended P￿(￿Ce appllcable tothartbes weparing their aCt￿rr$￿TraC¢0fdan¢e With the the Financial ftesK)rtl￿4 sr3ndard 8mlKable inthe UK and RepubThc of Irdand IFK5 1021 IEffeL*Ne lJÈTruary 20191 obje￿¥￿ and actl¥ftk5 The wJrp)ses ofthe Trusta5 LIMldown In tIETrusi Deed •p￿the irKomeaThlcaptsl ofthe TrustfuTrdsfor ¢haYttabk purposes bythe pawnentatsuth Imes ast￿ mèy oeude ofgrants to SLth Charfdes asprovidelal forthe m3inten3rKe aro expawn ofChTi5tian (hurche5 and Or￿n￿EtK>rLs,. Ibl for the m8inter.aKe. rDEdical trea￿eTht Orca￿0fthe slek, the Lqlnd. the deaf, the aumb. the aBedorthe Icl frjTe￿LCatIOn or tralnTrrg Idl for the Care and Uthin￿n8 of theyou￿.. and lel fcrthe Prese￿￿￿ of pLKes arKI buiksir of htstork or a￿5￿¢ Inter￿. Grant maklrypolky Grants are pald rM)rmallyfrom thetwsl IrKoTrEio a wkYevaw*tyof tharitatrAe (wt Indmdualsl in respottse io £ppllc8bon5 receNed ard in Imk4em•)tofthe trust purpDses. A¢kn¢mert5wd perfonnance DuYlnB the yearto 30SeptemPkT 2024the tNstees aw*&d32 8rants totallingE3L6 r3ngingfrom £fAIO to Él,(XMI. Durlngtheyearto 30 Septernber 20U thetn￿￿ dwarded 33 Er4ntststsiiiTrg LI1￿￿ne1 from f500 to £l,LW. TheTrwsthis w.dertaken aDd ￿11 confjnueto wdÈrtake its ¢￿tOmary￿￿e ofknit￿s all ofwhlrh are inaccordarKe with 1tsobJe¢t￿* Fthand31 Revlew The fvnds QftheTrl￿ were esta￿15￿￿1 bythetran5ferofsrrth be￿)n￿NIt0 tt*sakl MaryAndre¥J andthe ￿ndS arein¥esterf under FKofesYonal athke. arlslTrÉ durfTrg theyear iirtalled £39.(M and charitakk don*ODnsof£3LClQwert awarded. [YJr1￿wthevWdr the Trwlees rnet dedded uponthewdfioLK4tharitab￿ dis￿￿$e￿￿ts. Report olthetruskesfortheywendod 30Sept*nb¥z1124 Itontd.I vestmem wfi¢y p¢rfonn•n¢e Ih accordan¢% with the Trust Deed. theTru5tees PA¥e Ehe po￿10 InbESt in s￿h sto(k4 share Investment and prok*rty inthe UK a5theyseefft. TheT￿Stee$ eryaged Rathtwme Invests)ieni ManagementLtd. as investment managers. Thewkry 15 to a&y: 3 kiwlmethum rlsk m•nègemen¢ sed on maxImI￿ne INC￿e1car￿al wth. The mark& walue Df investments Increased by app￿rnatelY 10%. Rlsk Manalernpnt Thetrustees ha￿￿ consKlerEd the r￿JOr risks thetharftsNetntst is ewsed and have revlEwedthuse risks an¢J eStabl￿h￿& swEerrLS and managethw rlsk& R￿r¥o$PolIry The trustees retain suffident reser¥e5 to ￿sUre that the Tnw meets fjts oveth*&and obJEcbvè5and milntalns cApitsl base. Plamslorluture perfod$ ThetrUste￿ plan toconlnue to make tha1fta￿e dtsttlbubon REk4lrtofthe tJusteesforrhe bEarenthd30 SeMemht¢ 2DZ4lronhil FO￿nd&n •Yd Trustees The MaryPArew Ch8rltable Tft￿ Tm51 1993 by Klis> MaryDun￿p Andrew, clo Mit(he115 Roberton, CecH4e HO￿fe. T￿PIr￿ Norlh GLIFgow. 612AD undera Declèr•¢h)n of Trum dated 20th Septerrbt. and T2¥￿tered In the of K4uncil andSe55ion Z7th Ortcber J993. PPQIDto¢J tbrE8Tro￿￿. 8115dlc5tors In Glttgow¥nothE t>eed pro￿th￿l the a55LImptlon of addidonal Trustee Durlr,e ihe accouprifta year fftwrted the Tniiiees iY¥e."_ NLW Trwtees a￿ appoint￿ bvtre exbbngT¢ustees. At TAJS￿'MEeknngs1theTrustees aÈfre tr.p strategy and 3roas of artlytrfor th.e TFUSL lrtddl￿gcOns￿￿ts9￿ of8fdnt makjn Sn¥*tment reserve5, and risk m￿agen￿￿t and The da￿a¥ aIn￿n1S￿￿e a¢eLfdtya+ anytiff*the fina￿3[ posirk•n ofthe Mary AndVewCl￿[I¢a￿eTA¥t and to e￿•ble them to ets￿ethat the a¢xJJunts ¥rith the (harthsand Tnjgtse Inwestwt Iscothndl Att JK5and tile Charft*s ALcouryts IScotbThJl Regular￿￿5 2W6 (asan￿1. They 3re also reS￿r￿1￿0.0rsafQ8vardthg assets of Twurtand he￿￿fOr takin8 re350n3b* 5t4psf￿t￿ prv4Èntknthand tleM￿On of frzudand oth.cr irre8alar,ti25. Appr(m￿ by tfre IFUStL*SOn... Datp..... THE P41ARY ANDREW CHARrfA8LE TRUST INDEPENDENT EXAMINERS REPORTTOTHETRUSTEESOF THE MARY ANDREW CFLARITABLE TRUST YEAR ENDED 305EPTEM8ER 2024 I report on the accounts of the Charrty fortheye3rended 30September 2024 whlth aieset(Krt on pages 8 to 17. Rwe¢¢lve ¥e5ponslblliUe5 of In￿e5 and examl The Charws Trustees 2re respo¥tslble fort￿ p￿￿ratIon0[ the accounts in aux)rdance wlth the terms of the Charltles and Trustee Investmeat IScotlandlNA 2CA15 a[￿ the ChariUe5 Px¢ouTht5 IScoVandl Regulations 2l￿ las amendEdl. The trvstees C0115ider that the aud*L requirernentol Re£ukt￿n Ifrflllal to Icl of the 2ll￿ACc￿ftts Regulation5 does not appty. It 15 my re55x)n5ibilttyto eXami￿t￿ Kcounts as requlred undersethTon44lillcl of the Act and t05tste whether particularmatters have come to my 4ttentvn. basts of IndeperKknt exam1r￿'S statw My examlnatkjn Is carrled out Irbac(yJrdartt with RegUlat￿)n 11 ofthE Acawnts Regulatlons las amended). An e¥aMinat￿n illdudes a revlew of the accounting ￿ordS kept bythe Charity and a cornparison ofthe aco)unts presented wtth those record5. Malso includes onsideration of any unusual Items or dlsdaltsres in the accounts. and seeks explanatiorts from the Trustees concerning anysLth matter5. The Pr￿edureS undertaken do not pro¥lde all the evldence that would bE reqjlred in an audiL and c￿Uen￿Y I do not Èxwessan audit opinion on the Mewgiven by the ￿￿￿nts. IThlepe￿dent examlner's ststement In the wurse of myexarnin*l￿ no matter has to my attÈntK)n l. whlch glves me reasonable cause to bÈlwE that in any rnaterfal respectthe requlrernents: to keep accounting reiords in acCordar￿e wtthSectM)n 44(11131 oltkE 21J)5Act and Regulation 4 of the 2LK56Ac¢ounts Re8ulatM)ns. and to prepa￿ accounts whl¢h acwrd with the acwntiThg r￿OrdS and thmpty with Regulation 8 of the 20(6 Accounts RÈ8ulatio have not been met, or THE MARY ANDREW CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE MARY ANDREW CHARITABIE TRUST YEAR ENOEO 305EPTEMBER 2024 2. to whlch, In my tsplnion, attprition should be drawn In DrdÈr to enable 8 proper undor5tandin8 Nelson Gilmour Smith Chartered Accountants Mercantile Ch3mbers 53 Bothwell Street Glasgow G2 6TB for￿ ¥ear•xlvd 30 S•ptwnber2024 UnresMcted Tolal Funds 2024 Total Fur 2023 Caplt Income and ￿down￿nty. Inve5tmeni Income 39.0 39.080 35.305 Totsi ID¢ome 39.IWJ 353Q5 ExpÈndlture on.. Costof ia151ngfund5 Investment management costs IPA62 IOA62 10,196 Charftsble aC￿ltIeS Charitsble donatiorts Supportcosts 31.600 8,392 31.600 13.116 325 13.D80 4.724 Cost of 8rant maklr 4.724 44.716 Total expendKure 39292 55.178 55,776 t4et gaiDs/l10s5esl on investments Net Mo¥ement In Funds 81¢) 119.9 104718 I￿904 103 20,430 1411 (9121 Re¢onclllatlon of lurwJ5: Tetal Funds brought fonvard Tolal Funds carr]edfonvard 12,091 IL179 1.076,037 180,755 1.088,128 1,191,934 1,08R,169 1.088.128 The rM)tÈ5 ￿ pages 10 to 17 fomi part of these accounts All income and expendtture der￿e(roM c￿tinuIng thtses THE PJIARY AIIDREwIHARIT￿iÈ TRUSY Balantt Sheet 8sat305ept￿ 2024 Vwe5trlcted Funds C•ptil Total Fvnd5 2023 Funds 20Z4 Fked ass6ts.' In¥estments Total FIKed A55ets 8(bl 1,191.274 191374 1.191.274 1,191J74 I,D85,127 1.085.127 rrenr355eis: Deb%ors Qsh at bank and In harbd 7J￿2 23.168 12,269 IIY,571 Ig,331 5597 16,578 14,1)311 Totaf Current A%sats 15.302) U4blfftles: CredS¢of5 falling due wthin OTh8 year io {io 051 IL179 15.2171 110.5191 124,2S81 19,5461 3.￿1 CuttontAuets Total &WEt¥ le￿ ¢uFrnntNab1114es IL179 ￿￿.755 4191934 1.(ry8,iZ8 14et vssets 179 i.￿).755 191.934 1,088.128 The fund% Oft￿ tharlty.. Urirestricted ca￿tal reservg Unrestrfcted rvrfe.nue fund Totalcharlty ￿￿15 li L180.755 1,180,755 11,179 L19L934 1,076.037 12.091 L(w.i 11,179 11.179 i.ts0,￿5 The notes on pages Ioto 17fcrm part ol tlese érKI 4ned cfl theirF*half by: ¢ountlrrfpolkles BasL% of proP¥4tton 8s¥e5JiiieJrtof These finallclal 5tateTnents have been prepared In wpli¥ntewtth FRS 102, Tr Flnandal Reporti￿6 5tandapé apk11￿b1e.n UK 3rKI Rpwbkof I￿a￿. the Statemertol Recornrnended P￿dIce to th3AYes prep&rfigt(*iixcourts in att(*doniE wfth thp Flnancial Reportingstandard ap￿1(able In the UKatKI Rewblkof Ireknnd IFRS 1021 ICharrbE5 SOAP IFRS 1021 l-flectfve ljanujry 2019landthe cTharIt￿ andTrdstee In•tlScrtLindlAct ?0(￿ a￿d the cha'ityAccoUr￿ Ikouandl Regulathns 2(Xblasarnerydedl. The a(xounts lftnand31 statementsi h*e beeD weparedur&rtre htsior."¢ costcoiwenbon. wlth the exceptlon thatinvtsth*iitsarelndudEd at Market¥a￿a. The ntsncl¥l StalEr￿ntsare prepared ￿ sterl&)& whith isthofuncuonal ujrrenryof iheeftdty. The rha¥Fty L% re8i#ered INScotlarWJforp￿b￿be￿rt tharfty The trustees con4derI￿tthere are nomatertsl WA￿tsI￿ties1l¥￿￿1heTru51,Sa￿￿lOCoTrtrUe a50 ¥oiDg ￿￿￿er￿. NYrth.'e5pect to the next repofvgpeEW, 202*25, the rrost%￿1f￿3n1 areas of un¢ertaintythataffertthecarTwwYalue Dfassets hdd byt￿ TrUSta￿the le￿10f{n￿st￿D1 'eturn afid the perfDrrnar.ce of irhvestmentfJ)ark*s lsee fv rvestn￿l pdtryand perfi*rnoncp and dsk manaKem&nt5eCu￿S￿f thetrustees, reKVrtfwfflore Irlf￿at￿l. Ibl ft8cont*3tlon wlth preblous GeneraltyJAX*PbJOA*Mrtw¥PA(Ik• In p￿palIT￿1he arcount4the twstees have ¢fy.ThdeTedwh￿ber ￿ appfy.rq the 3¢wJnting kN)Uc￿5 requlred by FR5 102 3nd ￿ CharfUo5SORP IFR5 1021 a resEatemento(cthnpavhd* l*m5 was requlred. No restatements Oetallsof rhe lutM#struc¢ure are￿￿kn5ed nDteii. lowmeiets)8nM All lllwme 15 rec(Enlsed In Ihe5tatenent of FlnandalActNIUe5 ISJFAl0r￿the rharftsblÈ h￿se￿tI11pmeTrtt0 the income. itis probab￿ that IrKOfflE WII, OE rere vel and the aM(￿n1￿f IrKome rece￿able c4n be rneasured re.7abty. AsthtO)arity L%eXemDtfromtaxath￿ pro¥biD 15 made forthe tax recoveryfolkwlpg s￿br[l￿n ofa laxd30rn. lel ExpeTrd#wr¢ reco8nlfjc abllthes ?.'e réctwlsed as experthjreln theSoFA assom 35trerE Lsa1egalLYc(M5tr￿*￿e obllgauon the charityto thai eXpendi￿rE. St IsprobaWotr.at 5etlJementyJill be requlred and the 4m(wntofthe obl.rdtion canbÈ mea>J￿0$ar￿. All expenditure isaccounted forots èn acmi•l$￿ -li- Th•l•l•ry AnthwClwttab*Tn po¥th5 Icorrtd.I The Io5Ls 0fgenprdtin8knyl5L￿7sIQIlns￿rne￿1 rwM8em8rlandod￿P￿￿7tfe2S. C05tsof thar6tablÈxlMtlos ithdP3rK15UJwt￿Ststhaf cry all3dmlnfstFativpoJrBol￿% lTrtskTalarMI Èxternal k¥al a0￿for Trustse )sts awKi•ed wllh and $tsMoryreqth￿entsaTrJS1lè￿tM?TrO8eMeOi th￿￿ghoutthè yw. Ihl Hxed assw*Nestrethts Inve5brents4rE a fDtW, Lrfba51cfiTrat￿1aI kn$t￿￿enr* are Inii*rwW •tthtktraTr5Kti( value and subsequently n%asured atliEwfafrvaluo •>•tbalan:e theetd*iE Usi￿the quoted mar4et Pr￿e. The&taltimeptof fir￿￿￿al£￿ti￿t￿51n￿ ththp r￿t£￿'￿$ 4nd 105%% art51nK on revaluation and d15pD5atst￿vUihwthe￿. TheTh￿t thes nol atqwe put opkn4 ￿er￿th*s ￿0th￿t￿mp￿1narKIJlIistruMeTrts. The maln fo￿ rtserton 18fi71 355 18.131 2A37 10.179 1,752 2,678 128 11.398 3,838 3558 242 18 35,305 2024 Bathbone In￿SIm￿nI Marogement ION62 The MaryATrJrewCharltabkTru5t Anatysls oftharfrab￿e1Pen0￿w¢ 20 zozj 2024 l&Jan Royal Nailvnal LlfebDat I￿thtut￿ l&Jan Rordl Alr FNce Be￿e￿Ie￿:. Fwd l&lan Brltlsh RedQoss s￿ety 22-lan The un[￿'ty01Gl3￿0wT￿15t 11-Apr Chlldren 1st 11-Apr DeafAction (Edlnkwrgh andEast Scolland Deaf Sauety) I￿Apr RNIB 11-Apr The Earf Ha* F.JrKJ Popw Fund lJ-Apr The SeafareFsChar 05-Jun S5PCA Ltd O>Jun NatiDnal Trust ￿[Sco￿and -Jun MatTeCude Os-jun AgeScDtla￿I Oq-sep Amy D4-Sep G￿rde D￿S INI-Sep ￿P8S¢￿[and Sep Abertady & GullaTreChuTth Grantsawayded ènd o￿tsta￿1n 31kSep TallDr Ed Found3tlvn 3(kSep Raffin￿W CentreS¢Kbal Fwd 3￿seP The Haven, ￿lmaC0 m 3￿Sep The Mtlrd Anderson Fwndat 30&p 30 Drumthapel Glasg(wi Care FouThdal10 Sep The Polar Acèdemy 30.sep Lothian Mlneworkn Con¥akxent HonxTntsl Marwent 3fy5ep ￿rn[be Pdrtrershlp 3￿5￿p CwncEr Cald 3￿$£p B He41thyT(yther >Sep Pet Fosiedngservice, kot13￿4 a(k5ep REYlve M5 ￿Pport 30-5ep Edl?burgh Headwayts￿￿p 3&5ep House Ltd i.(ts), i.(￿.00 I,(m.OD LLXM).iXI LLW I,Iro. I,wo.(YJ i.wo.00 Ix£o,ts) l,l￿ i.(￿. IIKK).(MJ L(X)D. 3',,&)0. 32,500.00 -14- Allotarfon ofsupporttosts Mitthe115 RobErton Ild. Icapltall on G11￿￿r&￿ith1capftW1l 4156 558 4,TI4 Mltchplls Roberton Ltd. (Re￿￿e> elson GllnoUr5￿tth IRevenuel 7W4 558 8392 13,116 8.374 13,OBO Ib)dependertEvATrththn F•e Thè IndepÈpdeni Examlnatknn Fee tor 2024of U,(Mwas 12023 Indewndentexamiwtk)n fee.'er*tered.. £1,020.) 23 Total net proceeds from dlsposals Less: Book walue Add., net galns on disposa 374,a27 343,8911 X*A36 317,925 1306,953 10.972 MarkEtVa￿t brwght ftyword Add.. additiorf to Ipvestmetytsat tosr Di5posa15 atcarryin8 r&lue Add.. netgalr51 (l￿se5> reyaluati Markgt valJ* as at30th septern￿ 2023 1,085,127 3fll.570 1343,891J 89.468 1.191.274 1.07£￿2 311,370 I3{￿,*3) 9.458 L085.127 Nel Ilosse5Vga1Th5 on Investrnents On dlsposalsas ai OTr revaluat￿n a5 ab 2023 lQ,972 9,458 2ffj430 i￿.S￿ Investmentsat markotvalue Coryrfsed.. UX EquKle$ Over5e6s EqultlES UK Unit TrLLSts I￿￿se3$ 8DfMls, FW lrntsrest Fixed In￿reSt InfTrstrJthré Fun Commodltk5 INun U￿reStrI¢￿e￿ capltsl rese (J43 20.4>) L076.037 IblUnre5tricted revenue fund 17.6FI) 14Q8741 I2￿1 r(rt•l Im.169 3SJ05 155,7761 20A30 lalThpTru5t Deed alhyhslortheaprAlc3kntyTnL%teesof the rapital of the Tr￿st Fundsfortharitabtepurpo IblThe U￿re5trfEIed re￿)￿e fund isavallabfelDbp 5Wrtonaffrfolthe pwp05esofthe CharftsbleTrust