Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
Charity Registration No. SC024590 (Scotland)
THE VERNET-TRUMP CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
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Charity number (Scotland) SC024590 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 Investec Wealth & Investments UK Ltd 10 George Street Edinburgh EH2 2PF
Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 - 12 |
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their 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 Charity'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)” (as amended for accounting periods commencing from 1 January 2015).
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 discretion.
To these ends, the Charity awards grants to eligible institutions ranging from £1,000 to £5,000 (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.
Grant Making Policy
The Trustees have opted for a policy of making donations to those organisations they feel require most support and whose purposes fall within the spectrum of the Constitution.
Achievements and performance
In this reporting period, the Charity awarded six grants to institutions totalling £27,000 (2024: £22,000 to four).
Financial review
The financial statements, presented overleaf, show that the Charity's gross income, excluding funds realised from the Endowment fund, amounted to £29,415 in this reporting period (2024: £29,561). Investment income generated by the Endowment fund amounted to £28,422 (2024: £28,929) and other sources of income together amounted to £993 (2024: £632).
Gross expenditure in Unrestricted Funds amounted to £29,957 (2024: £24,629).
The value of the Charity's Endowment Fund stood at £1,100,017 at the end of this reporting period (2024: £1,129,263).
Investment management costs chargeable to the Charity's Endowment fund amounted to £5,566 in this reporting period (2024: £7,377). In addition, a proportion of the Charity's governance costs were attributable to the Endowment fund, which this year amounted to £2,397 (2024: £2,341).
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Reserves Policy
The Charity's reserves at the end of this reporting period stood at £13,041 (2024: £13,584).
The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.
As the Trust does not provide direct charitable services, the Trustees believe that normal expenditure can be met from income generated. The funds of the Trust are wholly unrestricted at present represented primarily by investments and cash. The Trustees have power to draw upon the funds in furtherance of the Trust's objectives whilst retaining sufficient funds to meet any commitments they may undertake.
As the assets of the Trust are held in a ready realisable form, the Trustees do not consider it necessary to maintain specific reserves.
Investment Policy and Performance
The Trustees have instructed Investec Wealth & Investments UK Ltd, a subsidiary of Rathbones Group to manage the Charity's investments funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk. Investec Wealth & Investments UK Ltd are instructed to seek both capital growth and income.
The Trustees are satisfied with the investment performance during the year.
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 major risks to which the charity is exposed. These relate in the main to investment management. The Trustees consider that this risk has been minimised by the appointment of professional investment managers.
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.
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
The Charity is an unincorporated Trust constituted by Deed of Trust by David Hilary Trump and Mrs Bridget Adele Vernet-Trump dated 9 February 1996 and registered in the Books of Council and Session on 27 March 1996.
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.
All Trustee are active in the management of the Trust.
Training of the Trustees
The Trustees are well acquainted with the Charity and Trustee Investment (Scotland) Act 2005 and their responsibilities as Trustees and Solicitors. No further training beyond this is considered necessary.
The Trustees have engaged Murray Beith Murray to undertake the administration of the Trust, remuneration for which is recorded in the financial statements. The Trust has no employees.
The Trustees' report was approved by the Board of Trustees.
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE VERNET-TRUMP CHARITABLE TRUST
I report on the financial statements of the Charity for the year ended 5 April 2025, which are set out on pages 5 to 12.
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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Drummond Laurie Unit 5, Gateway Business Park Beancross Road Grangemouth FK3 8WX
05 November 2025
Dated: .........................
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted funds 2025 Endowment funds 2025 Notes £ £ Income from: Investments 2 29,414.60 - Expenditure on: Raising funds 3 - 5,566.31 Charitable activities 4 29,956.86 - Other 9 - 2,396.87 Total resources expended 29,956.86 7,963.18 Net gains/(losses) on investments 10 - (21,282.98) Net movement in funds (542.26) (29,246.16) Fund balances at 6 April 2024 13,583.66 1,129,263.49 Fund balances at 5 April 2025 13,041.40 1,100,017.33 |
Total 2025 £ 29,414.60 5,566.31 29,956.86 2,396.87 37,920.04 (21,282.98) (29,788.42) 1,142,847.15 1,113,058.73 |
Total 2024 £ 29,561.62 |
|---|---|---|
| 7,377.47 | ||
| 24,628.86 | ||
| 2,340.88 | ||
| 34,347.21 | ||
| 53,394.32 | ||
| 48,608.73 1,094,238.42 |
||
| 1,142,847.15 |
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: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investments 11 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 |
2025 £ £ 1,079,865.15 33,193.58 33,193.58 1,113,058.73 1,100,017.33 13,041.40 1,113,058.73 |
2024 £ £ 1,047,936.75 94,910.40 94,910.40 1,142,847.15 1,129,263.49 13,583.66 1,142,847.15 |
2024 £ £ 1,047,936.75 94,910.40 94,910.40 1,142,847.15 1,129,263.49 13,583.66 1,142,847.15 |
|---|---|---|---|
| 1,142,847.15 | |||
| 1,129,263.49 13,583.66 |
|||
| 1,142,847.15 |
04 November 2025
The financial statements were approved by the Trustees on .........................
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
1.1 Accounting convention
The accounts have been prepared in accordance with applicable accounting standards in the United Kingdom, Financial Reporting Standard 102 (FRS102), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice (revised 2015), Accounting and Reporting by Charities and the Trust's governing document. The Trust constitutes a public benefit entity as defined by FRS102.
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 investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The accounts have been prepared on a going concern basis. The Trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust and level of future investment income are the level of investment return and the performance of investment markets.
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.
The expendable endowment fund represents the principal sum settled to the Trust, which the Trustees have invested in accordance with the powers conferred on them b 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.
1.4 Incoming resources
Investment Income is included in the Account in the year in which it is received.
1.5 Resources expended
Expenditure is recognised in full in the year in which is it paid.
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
2 Investments
| Unrestricted funds 2025 £ Income from listed investments 28,421.85 Interest receivable 992.75 29,414.60 3 Raising funds Endowment funds general 2025 £ Investment management 5,566.31 5,566.31 4 Charitable activities 2025 £ Grant funding of activities (see note 5) 27,000.00 Share of support costs (see note 6) 2,416.86 Share of governance costs (see note 6) 540.00 29,956.86 |
Total 2024 £ 28,929.19 632.43 |
|---|---|
| 29,561.62 | |
| Total 2024 £ 7,377.47 |
|
| 7,377.47 | |
| 2024 £ 22,000.00 2,340.86 288.00 |
|
| 24,628.86 |
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
5 Grants payable
| Grants to institutions (6 grants): Alzheimer's Society Bristol Avon Rivers Trust Circomedia Academy Fair Share/Community Initiative South West Surfers Against Sewage Woman Kind Other |
2025 £ 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 - 27,000.00 |
2024 £ - - - - - - 22,000.00 |
|---|---|---|
| 22,000.00 |
6 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Murray Beith Murray Trust Administration Fees 2,396.86 - Drummond Laurie's Fees - 540.00 Other Outlays 20.00 - 2,416.86 540.00 Analysed between Charitable activities 2,416.86 540.00 |
2025 £ 2,396.86 540.00 20.00 2,956.86 2,956.86 |
2024 £ 2,340.86 288.00 - |
| 2,628.86 | ||
| 2,628.86 |
Governance costs includes payments to the independent examiners of £540 (2024 - £288).
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
8 Employees
There were no employees during the year.
9 Other
| Endowment funds general 2025 £ Murray Beith Murray Trust Administration Fees 2,396.87 2,396.87 Net gains/(losses) on investments Endowment funds general 2025 £ Revaluation of investments (19,827.70) Gain/(loss) on sale of investments (1,455.28) (21,282.98) |
Total 2024 £ 2,340.88 2,340.88 Total 2024 £ 54,576.58 (1,182.26) 53,394.32 |
|---|---|
10 Net gains/(losses) on investments
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
11 Fixed asset investments
| Fair Value At 06 April 2024 Additions Realised Gain/(Loss) Unrealised Gain/(Loss) Disposals At 05 April 2025 Fair Value At 05 April 2025 At 05 April 2024 Investments greater than 5% of portfolio comprised: WS Lindsell Train UK Equity Dis CT Specialist Stlg Sht Dated Corp Bd |
2025 £ 63,432.00 - 63,432.00 |
Listed investments £ 1,047,936.75 96,300.28 (1,455.28) (19,827.70) (43,088.90) 1,079,865.15 1,079,865.15 1,047,936.75 2024 £ 63,289.00 52,619.00 115,908.00 |
|---|---|---|
12 Analysis of net assets between funds
| Fund balances at 5 April 2025 are represented by: Investments Current assets/(liabilities) |
Unrestricted Fund 2025 £ - 13,041.40 13,041.40 |
Endowment Fund 2025 £ 1,079,865.15 20,152.18 1,100,017.33 |
Total 2025 £ 1,079,865.15 33,193.58 1,113,058.73 |
Total 2024 £ 1,047,936.75 94,910.40 |
|---|---|---|---|---|
| 1,142,847.15 |
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Docusign Envelope ID: F75761E7-D201-4F64-B892-4FA60E71011D
THE VERNET-TRUMP CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
13 Related party transactions
was a Trustee and a Consultant with Murray Beith Murray LLP until his retirement on 31 January 2025, whom the Charity has engaged as legal agents.
is a Trustee and a Member of Murray Beith Murray LLP, whom the Charity has engaged as legal agents.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Total Remuneration | 4,794.00 | 4,682.00 |
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