Charity registration number SC022193
SILVERHILL TRUST ANNUAL REPORTAND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
SILVERHILL TRUST LEGALAND ADMINISTRATIVE INFORMATION
cual SC022193 Principal address Munro & Noble Solicitors & Estate Agents 26 Church Street Inverness IV1 1HX — examiner Chartered Accountants Forbes House, 36 Huntly Street Inverness IV3 5PR Bankers Scottish Building Society 71 Queensgate Inverness IV1 1DG Solicitors Munro & Noble Solicitors & Estate Agents 26 Church Street Inverness IV1 1HX Investment advisors Rathbone Investment Management Port of Liverpool Building Pier Head Liverpool L3 INW
SILVERHILL TRUST CONTENTS
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Page Trustees' report 1 - 2 Independent examiner's report 3 Statement of financial activities 4 Balance sheet 5 Notes to the financial statements 6 - 12
SILVERHILL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 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 trust's trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The trust's objects are to make grants from the trust funds for the benefit of charitable bodies having as their aims the promotion of mental, physical and social development and spiritual well-being of young persons in the United Kingdom and especially of those in poor circumstances. The trustees have a wide discretion as to the method of application of the trust funds in compliance with these purposes.
Achievements and performance Charitable Activities
There were no grants paid during the year under review (2024 -7 grants totalling £63,259). The trustees' policy is to make several large grants each year rather than many small ones. It is hoped that in the year to 31 March 2026, an increased number of grants can be made to compensate for there being no awards made this year.
No grants were awarded to individuals during the year.
Investment performance
During the year, the trust reviewed its investments along with its professional advisers. The market value of listed investments at 5 April 2025 was £1,903,267 compared with £1,984,245 at 5 April 2024, a decrease of £80,978. This decrease reflects the general movement of the stock market during the year and the trustees hope that this trend will reverse in future years. The market value of unlisted investments at 5 April 2025 and 5 April 2024 was £10. Investment income generated from listed investments during the year was £45,819 compared with £41,908 for the year ended 5 April 2024. No investment income was generated from unlisted investments in either the year ended 5 April 2025 or the year ended 5 April 2024.
Financial review
At 5 April 2025 the trust held reserves of £1,965,522 (At 5 April 2024 - £2,011,536).
Reserves policy
The trustees have established a policy of trying to maintain the reserves at a reasonably constant level and awards grants to charities from the net available income each year. This policy enables the reserves to be held at a level which will allow an investment return in future years. However, the trust is able to distribute capital and income at the discretion of the trustees.
Principal funding sources
The trust's work is entirely reliant on income and investment returns from its investment portfolio.
Investment policy and objectives
Investments are held in accordance with the trustees' powers. The investment policy is aimed at providing a reasonable level of income for grant making purposes.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The principal risks faced by the trust lie in the performance of investments and the capacity of the trust to make effective grants.
The trustees consider variability of investment returns to constitute the charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
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SILVERHILL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Plans for future periods
The trust will continue to make grants from the trust funds for the benefit of charitable bodies having as their aims the promotion of the mental, physical and social development and spiritual well-being of young persons in United Kingdom and especially of those in poor circumstances. The trust will continue to review its investments, along with its professional advisers, to ensure a reasonable level of income for grant making purposes.
Structure, governance and management Governing document
The Trust is a registered charity, number SC022193, and is constituted under a trust deed dated 25 September 1993 aby the late who had a keen interest making provision for the welfare of young people.
The trustees who served during the year and up to the date of signature of the financial statements were:
Trustees are chosen from people with either financial or legal expertise. The trustees at present are a director of a Chartered Accountants company and a partner in a firm of solicitors. Both trustees served during the previous year and do not have to seek re-appointment each year.
The trustees’ report was approved by the Board of Trustees.
PY
Trustee
19 December 2025
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SILVERHILL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SILVERHILL TRUST
I report on the financial statements of the trust for the year ended 5 April 2025, which are set out on pages 4 to 12.
To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, its members as a body and its trustees, for my independent examination work, for this report, or the opinions I have formed.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited
under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Independent examiner's statement Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or 2.
the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ritsons Chartered Accountants Forbes House, 36 Huntly Street Inverness IV3 5PR
Dated: 19 December 2025
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SILVERHILL TRUST
STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025
Notes Unrestricted funds 2025 £ Unrestricted funds 2024 £ Income from: Investments 2 45,819 41,908 Total income 45,819 41,908
Expenditure on: Raising funds Charitable activities 3 4 19,496 14,142 18,750 78,092 Total expenditure 33,638 96,842 Net gains/(losses) on investments 9 (58,195) 151,578 Net income/(expenditure) and movement in funds (46,014) 96,644 Reconciliation of funds: Fund balances at 6 April 2024 2,011,536 1,914,892 Fund balances at 5 April 2025 1,965,522 2,011,536
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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SILVERHILL TRUST
BALANCE SHEET AS AT 5 APRIL 2025
Fixed assets Investments Notes 10 2025 £ £ 1,934,095 2024 £ £
2,013,270 Current assets Cash at bank and in hand 46,902 13,448 Creditors: amounts falling due within one year 11 (15,475) (15,182) Net current assets/(liabilities) 31,427 (1,734) Total assets less current liabilities 1,965,522 2,011,536 The funds of the trust Unrestricted funds 12 1,965,522 2,011,536 1,965,522 2,011,536 The financial statements were approved by the trustees on 19 December 2025 Trustee
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies Charity information
Silverhill Trust is a registered charity which is constituted under a trust deed dated 25 September 1993. The principle address and charity number are as stated on the legal and administration information page.
1.1 Accounting convention The financial statements have been prepared in accordance with the trust's Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified 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 balance sheet date the trust had net current assets of £31,427 (2024 -net current liabilities of £1,734). At the time of approving the
financial statements, the trustees have a reasonable expectation that the trust 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. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to
more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies (Continued)
1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.
1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, 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 current 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
2 Income from investments
Unrestricted Unrestricted funds funds 2025 2024 ££
Dividends 27,753 31,250 Interest receivable
18,066 10,658
45,819 41,908
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
3 Raising funds Unrestricted Unrestricted funds funds general general 2025 2024 £ £ Investment management 19,496 18,750 19,496 18,750 4 Expenditure on charitable activities Direct costs Grant funding of activities (see note 5) Grants paid 2025 £ - Grants paid 2024 £ 63,259 Share of support and governance costs (see note 6) Governance 14,142 14,833 14,142 78,092 Analysis by fund
Unrestricted funds - general 14,142 78,092 5 Grants payable Grants to institutions: Portree & Brae Community Trust Rowan Alba Ltd Belfast Eagle Sea Cadets Grants under £10,000 Grants paid 2024 £ 20,000 12,160 13,394 17,705 63,259 There were no grants paid out in 2025. In 2024, 4 grants of under £10,000 were paid out.
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
6 Support costs allocated to activities 2025 2024 ££
Governance costs 14,142 14,833 Analysed between:
Grants paid 14,142 14,833
2025 2024 Governance costs comprise: £ £
Legal and professional 8,652 8,857 Accountancy 5,490 5,976 14,142 14,833
Governance costs includes payments to the independent examiners of £1,170 (2024 - £1,176).
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits, and no trustee incurred any expenses from the trust during the year.
8 Employees
The average monthly number of employees during the year was:
2025 2024 Number Number
Total --
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The key management personnel are the trustees who did not receive
remuneration for their role.
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
9 Gains and losses on investments Gains/(losses) arising on: Unrestricted funds 2025 £ Unrestricted funds 2024 £ Revaluation of investments Sale of investments (65,823) 7,628 110,769 40,809 (58,195) 151,578 10 Fixed asset investments Cost or valuation At 6 April 2024 Additions Valuation changes Disposals Listed investments £ 1,984,245 135,252 (65,822) (150,408) Unlisted investments £
10 - -- Cash in portfolio 29,015 -- 1,803 Total £ 2,013,270 135,252 (65,822) (148,605) At 5 April 2025 1,903,267 10 30,818 1,934,095 Carrying amount At 05 April 2025 1,903,267 10 30,818 1,934,095 At 05 April 2024 1,984,245 10 29,015 2,013,270 11 Creditors: amounts falling due within one year 2025 £ 2024 £ Accruals and deferred income 15,475 15,182 - 10
SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
12 Unrestricted funds
The income
funds of the charity include the following unrestricted funds:
At 6 April Incoming Resources Transfers Gains and At 5 April 2024 resources expended losses 2025 ££££££
Revaluation reserve 656,353 --(78,728) (65,823) 511,802 General funds 1,355,183 45,819 (33,638) 78,728 7,628 1,453,720 2,011,536 45,819 (33,638) -(58,195) 1,965,522
Previous year: At 6 April Incoming Resources Transfers Gains and At 5 April 2023 resources expended losses 2024 ££££££
Revaluation reserve 654,616 --(109,032) 110,769 656,353 General funds
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1,260,276 41,908 (96,842) 109,032 40,809 1,355,183
1,914,892 41,908 (96,842) -151,578 2,011,536
Unrestricted funds
General fund
The general fund represents unrestricted funds which the trustees are free to use in accordance with the charitable objects.
Revaluation reserve
The revaluation reserve represents the excess of market value over the cost of fixed asset investments.
Transfers between funds
In both 2024 and 2025, a transfer has been made between the revaluation reserve and the general fund to ensure that the revaluation reserve represents the excess of market value over cost at the year end.
13 Analysis of net assets between funds
Unrestricted funds 2025 £
At 5 April 2025:
Investments 1,934,095 Current assets/(liabilities) 31,427
1,965,522
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SILVERHILL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
13 Analysis of net assets between funds (Continued) Unrestricted funds 2024 £
At 5 April 2024:
Investments 2,013,270 Current assets/(liabilities) (1,734) 2,011,536 14 Related party transactions
During the year the trust incurred expenditure of £4,800 (2024 -£4,800) in accountancy fees to a company in which Rhona Wilson, a trustee, is a director and legal and professional fees of £8,354 (2024 -£7,434) to
a firm in which
a trustee, is a partner. At 5 April 2025, the trust owed £4,800 (2024 -£5,280) in accountancy fees to the company in which Rhona Wilson is a director and £8,246 (2024 -£8,354) in legal and professional fees to the firm in which Alpin Stewart is a partner. There was an over accrual of accountancy fees at 5 April 2024 of £480.
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