SIMPSON FAMILY TRusr Accounts For the Year to 5th Aprfl 2022 Scottish charity no. SC024397 Prlnclpal Account Trustees: Pagan Osb(Kne & Gra Trustees Limited Ref..A4DILRUS122934.0ts)1
INDEX Trust Information......................................................................,..................... Trustees. Report ......................................................................................... 213 Independent Examiners. Report...................................................................... Balance Sheet................................................................... ............................. ststement of Flnanclal Actlvltles..................................................................... ststement of Cash Flows ............. Appendix l - Trust Management Fee......................................... Appendix 2 - Payments to Benefiaaries........................................................... Appendix 3 - Investment Income ...................... Appendix 4- Asset Schedule......................... .ioiii Notes to the Accounts .............................................................................12113
THE SIMPSON FAMILY TRUST TRusf INFORMATION Pagan 0sLKxne & Grace Trustees Limited Solicitors Thomtons Liw LLP Whitehall House 33 Yeaman Shore Dundee DDI 4BJ Independent Examiners erson B Edenbank House 22 Cr055gate Cupar Fife KY15 5HW Bankers Royal Bank of ScotlarKI 3 High Street Dundee DDI 9LY Investment Managers Evelyn Partners Atria Two, Third Floor 148 Morrison Street EdInrgh EH3 8EX
THE SIMPSON FAMILY TRusr CTrIARITY REFERENCE SC024397 TRusfEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022 ORIGINS The Trust was established by Trust Deed dated 05 January 1996 and registered 12 January 1996. OBJEcfIvES, AcfivITIES AND PLANS FOR FUTURE PERIODS The Trust is to have general charitable purposes with particular consideration to be given to donations to Cancer Research, Macmillan Trust and Marie Curie Foundation. ring the year to 5th April 2022 the Trustees, obj'ectives remained unchanged. LEGAL STATUS The legal status of the Trust is a gngle Scottish Charitable Trust; no company or equivalent exists. TRusfEES trustees during the year were., Pagan Osborne & Grace Trustees Limited Miss Elizabeth M D Simpson (died 21st July 2021) A list of the current directors of the corporate trustee can be viewed on the Companies House website. ACCOUNTS The Accounts show the overall financial wsition of the Trust at 5 April 2022 including the net movement of funds during the year. Corresponding figures for the year ended A_ '.1 i nyi 11 uiav a¢ Ivv¥i i. TRUST ASSETSIFREE RESERVES As shown in the Balance Sheet, the total assets of the Trust, net of liabilities at the balance sheet date, were £154,842 (2021- £17,825). INCOME AND EXPENDITURE There were no grants pahl in the year to 5th April 2022. Income for the year was £4 (2021-£443) and general administration costs were £3,897 (2021-£1,150) including VAT. Funds amounting to £139,101 were introduced during the year frorn the Gladys Simpson Liferent Trust. INVESTMENTS Investment performance is reviewed annually. Performance ha5 been as expected.
CONNECTED BODIES ThcKntons Law LLP Solicitors carry out day to day administration work for the Trust. They are a connetted trfjdy by virtue of Pa9an Osborne & Grace TruStS Limited being trustees. RESERVES POUCY The reserves represent the funds arising from past operations. The trustees are satisfied these funds are sufficient for the contirwation of the Trust for the f0reSeeaEe future. RISK MANAGEMENT The Trustees have assessed the maTrJr risks to which the trust is expwd, in particular those relating to the operats"¢)ns and finances of the Trust. They recognise that the covid-19 pandemic has brcmjght new thallenges which will impact the performance of the Trust assets for some tirne, but they remain satisfied that the 5yStems in place to mitigate the Trust's exposure to the major risks remain appropyiate and sufficient. The Trustees consider that this rewrt, combined with the Accounts and Appendices provides all the necessary inforniation about the Tru This report was approved by the Trustees on 3 2 and signed on their behalf by
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIMfsoN fiAMILY TRUST I rwrt on the accounts of the tharity for the year ended 5 April 2022 which aTe set out on pag¢s 5 to 12. Reip¢ctlve ReipoDilbllld•s of the Trnstees and Examiner The charity's Intsiees are responsibl¢ for the preratiOn of th¢ Accounts in accordance with th¢ teTm$ of the Charities and TNstee Inv¢slm¢nt (Scoiland) Act 2(M)5 and the Charitics Aco)unts (Scotland) Regulalions 2(Ki6 (as amended). The charity's tsvstees considcr that the audit Tquirernent of R¢8ulation Iql Ka) to (e) of the Accounts Regulations doas not apply. It is my rwnsibility to examine and rert on the accounts under section 44(] Kc) of the Act and to state wheth¢r particu]ar matkrs have rne to my attention. This report is made to the tsiistee4 J5 a IKKIY. in acc4)rdance with the ternis of my engagement. My work has been undertsken $0 that I might state to the trust¢es those matter5 1 am required to state to them in an independent eXniner'S report and for no other purpose. To the full&%t extent perniitted by law, I do not awt or assume r¢sponsibility to anyone other than th¢ Tn and the Inle¢S foT my Work or for this Bash of Independent EXler'S St•terneat My examinalion is carried out in accordance with Regulation I l of th¢ Charities Accounts (Scotland) R¢8ulations 21x16 (as am¢nd¢d>. An examination iftelud&s a review of the accounting records kept by the charity and a companson of the aCCOUDts presented with th05c rccords. It also includes consideration of any unusual items or disclosures in the accounts, and s¢¢king ¢xplanations from the tn]stKs wn¢erning any such matters. The procedures undcnaken do not provid¢ tll the evidcnce that would be required in an audit. and CODsequ¢ntly I do not express #n auth't opinion on the vicw vell by the accounts. Ind¢peJJdeDt Examlner's Statemeut In the ty)urs¢ of my ¢xaminalion no matter has lo my attention: l. Which gives rne reasonable cause to Ixlieve that in aoy mat¢rial rcspcct th¢ requirements: To keep a¢counting records in accordan¢¢ with SeL#ion 44 (IXa} of thc 2(K15 Act and R¢gulation 4 of the 2006 R¢gulations. To prepxre ac£ounts which accord with the accountsn8 records and ¢omply with Regulation 8 of th¢ 2006 Aocounts Regulatims have not been m¢t. or 2. To which. in my opiniofy attention Jhould k drawn in order to awbl¢ a proper ujetandIg of the accounts lo be reacheA. 22 Cromyte CUPAR KY15 5HW Ifi" 2022
Simpson Family Trust BALANCE SHEEr as at 5th April 2022 2022 2021 Fixed A55ets Investments App5 158,801.28 17,944.27 Current Assets Cash on deposit 0.67 0.67 TOTAL ASSETS 158,801.95 17,944.94 Liabllltles Creditors: amounts falllng due withln one year Due to Agents tndependent Examirkition Fee 3,720.00 240.00 120.LKJ 3,960.00 120.tN) Net Current Assets (3,959.33) (119.33) NEf Assrrs 154 841.95 17 824.94 The Funds of the Charity General Fund 154,841.95 17,824.94 IS4 841,95 17 824.94 These accounts were approved by the Trustees on and signed on ttrr behalf by..
Simpson Family Trust STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 5 APRIL 2022 2022 2021 INCOME & ENDOWMENTS FROM: Investment Income Dividends & fixed interest Interest on Cash & Deposits Funds Introduced Funds received from Gladys Simpson Trust App4 4.26 443.28 1.62 App1 139,101.47 Total Income 139,105.73 444.90 EXPENDITURE ON: Charitable activities Investment management fees Trust Management fees Examination fee Grants App3 App2 57.00 3,720.00 120.00 49.43 980.00 120.00 Total Expenditure 3,897.00 1.149.43 Net Incomel(expenditure) and net movement in funds before gains and losses on investments 135,208.73 (704.531 nn IA n47 171 Gainljlossj on revaluab'on of investrnenls 5,825.45 3,695.63 Net incomel(expendlture) and net movement in funds 137,017.01 2,709.47 Reconciliation of Funds Opening fund balances 17,824.94 15,115.47 Closing fund balances 154,841.95 17,824.94
The Simpson Family Trust statement of Cash Flows For the year ending 5th April 2022 2022 2021 N•t cash used in operating activities (57.00) (2,029.43) C•sh flows from investing artivltie5: Interest & Dividends Funds introduced Proceeds from Sale of investments Purchase of investments 4.26 14,261.97 120,852.00 (133,388.57) 444.90 418.38 {H3.28) Net cash provided by (used in) investing activitie5 1,729.66 420.00 Change in cash & cagb equivalents in 1.672.66 (1,609.43) Cash & cash equivalents brought forward 38.04 1.647.47 Cash & cash equivalents carried fonvard 1710.70 £ 38.lyl Recon¢lllJtlon of net movement in funds to net cash fiow from operating activities 2022 2021 Net movement in funds Deduct gainsladd back losses on investments Deduct investment and interest income and funds introduced Increasel(Decrea5e) in credittys 137,017.01 (1,808.28) 2,709.47 (3,414.00) (139,105.73) 3,840.00 {444.90) (880.00) Net cash used in operating actiwties 57.00 2 029.43 AnJtysis of c•sh & cash equlvalents Cash on Deposit Capitsl Cash Totsl cash and cash equivalents 0.67 1710.03 1710.70 £ 0.67 37.37 38.04 The above are the On c(Nnponents of net debt
Simpson Family Trust APPENDIX I FUNDS INTRODUCED Cash received from Gladys Simpson Liferent Trust Investrnents received from Glady's Simpson Liferent Trust 14,261.97 124,839.50 £ 139 101.47 Comparative figure 2021 APPENDIX 2 TRUST MANAGEMENT FEES Trust Management Fee 3,720.00 3 720.00 Comparative rUre 2021 980.00 APPENDIX 3 INVEsfMENT MANAGEP4ENT FEES 151041202 1 Investment Management Fee 151071202 1 Investment Management Fee 1511012020 Investment Management Fee 1710112022 Investment Management Fee 13.38 14.18 14.26 15.18 57.00 Comparative figure 2021 49.43
Simpson Family Trust APPENDIX 4 Investment Income 06.04.21 to 05.04.22 Date Paid Company Holding Dividend Tilney Growth Portfolio Clean GBP Interest received 4.26 4.26 Comparative figure 2021 443.28
THE SIMPSON FAMILY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 5 APRIL 2022 Accounting Pollcbes The principal accounting policies, which have been applied consistently in the current and preceding year In dealing wrth items which are considered material to the accounts, are set out below. Basls of Preparatlon The accounts a prepare(1 under the historical cost convention, mcxlified for the revaluation of investments, and in accordance with Accounting and Reporting by charit.. Ststement of Recommended Prètti applicable to charities preparing their accounts in accordance with the Financial Rep)rtsng Stsndard applicable in the UK and Republic of Ireland (FRS102) (effettNe 1st Jan). The accounts are also prepared in accordance with the Charf(ies and Trustee Investment (Scodand) Act 2005 and the Charities Accounts {Scotland) Regulations 2006 (as amended). The Simpson Family Trust meets the definition of a public benefft entty under FRS 102. The Trust's transactional currency is pounds steTling, and rounding is to the nearest penny. The Trustee5 consider that there are no material uncertainties that w¢xJld lead them to question the Trust's ability to continue as a going concem. Judgements and key sources of e5tlmatlon uncertainty In the applicats'on of the tharivs accounts'ng pcliaes the Trustees are required to make judgements. estimates and assumpbons aut the carrying amount of assets and liabilib'es that are rK)t readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that aTe considered to be relevant. A£tual results may differ from these estimates. The estimates and Under"fig assumpb'ons are revieAed on an ongoing bag's. Revisions to accwnting e5bmates are recoqnised in the peric#J in which the esknmate is revised where the revision affects onlv that Feriod, oi in the period of revi90n and fvture per5 where the Tevision affects both current and future peri¢)ts. Major Funds The TNst has only one general fijnd. Movement on the fund is shown in the ststement of Financial Activities Income Envestment ar other income represent amounts receivable in the accounts year. Expenditure All expenditure 15 induded on an accruals bass and is recc¥Jnised when there is a legal and cMstructi¥e obligation to pay for expenditure. Irrecoverable VAT is included in the related expenditsjre. Charitable attiwties indude all expendi assth?ated with grant making. 12
Investments The investment portfolio Is included In the balan sheet at markel value. Gains and losses on disp)sa' and revaluats'on of investments a charged or credited to the Statement of Financial Activits'es. The historical cost of the investment pTr)rtfolio at 5 Awil 2022 is £152,454 (2021- £17,422) Gainsl{losse51 on investments 9Jld iknring ihe year weye: 2022 4,017 4,017 2021 282 438 On a market valve basis Lkn a historical cost basis Materlal Commltments There were malerial commitfflents at 5 4)ril 2022 other than those already provided for in the accounts (2021- none). Guarantees and Contlngent Llabllltle5 There We no guarantee5 or ccfflts'ngent liabilities at 5 April 2022 (2021- none). Sqcured Loans There were no loans or i)ther h.?'11beS secured on the Trust'5 assets at 5 April 2022 (2021- none). Employee# The Trust had no employees at any time during year12021- ne1. Remunerdtion of Trnste No reMUnerats. or reimbursement of eXFSe5 was paid in respect d the services of Trustees. The trusiees made no dOnats.s to the charty during the year (2021- none). Related Partles Thomtons Law LLP Solicitors carry cut administratNy* work for the Trust and are deemed to be a related party by virtue of Pagon 05tme & Grace Tnjstees Lime being trustees. Fees payable to TIKrfntons Law LLP for the year were £3,720 (2021- £980). Fees amounting to £3,720 were owed to Thomtons law LLP at the year end date (2021- rthe).