APPENDIX 1 Trustèo$' Annval Reporl for the period Period stsrt dale Period end dale Month Month io oscr,- D8y Year Day Year 24 Office of the Scottish CharSty R8gulator Charfty namo other names Charlty Is known by Registered charlty number Charity's principal address Mrs M H Mcmillan's Charitable Trust SC028379 Nam•$ of th• charfty trust••s on date of approval of Trustees, Annual Report Trusteg name Offl¢ft (If any) Datss acted 11 not for whole year Name of p•rson lor bodyl entltled to 10 11 12 13 14 15 16 17 18 19 20
APPENDIX 1 Names of all other charity trustees durlng the p¢riod, if anyp (for example, thos¢ who reslgned part way through the financial perlod} Typg of 9ov•mlng document Trust D8ad Trustee recru5tment and appolntment Trustees are elecled aTrJ co-opted under the tern of the TrLtst Deed Charltablè purpos•s The Trustéès have absolute power in their sDI8 and uncontrolled di5C18tion lo holé. pay and 8pply the Trust Estat&. both capital and Income. to meet the oblecls of the Trust. The princl)le objectlves of the Trust ar8 to provide: For rellef of poverty and suffering For the advancem8nl of 8ducalion For any other purpose benefficial lo the community which, in cheritabl8. Surnmary ol the maln activlti&s in relatron to these objects The Trust makes grants, donallons or glfts to qualifying beneficlarl8s. During the year the Income from Investments totalled £57,513 for use in our Charitable activities. Evelyn Partners act as Inveslment Managers in re8pect of the share portfolio and the return on investrnents is in accordance with the benchmarks agreed by the Trustees with them.
APPENDIX 1 Achlevements and performance Summary of Ihe maln achlevements of The Trusl awarded grants of £ 46,000 in the fmanGial period lo twelve the charity during the financial period Charities that the Truslees fell required the most SUPF)Ort. whose purposes fell within the spectrum of the Trust Deed. Flnancial revlew Brlef ststement of the charity's policy on serveS A5 the charity has no recuiring expenditure on an annual ba51S the Board of Trustees consider the Gurrent level of serVeS lo be sufficient. Details of any deficit None D¢nated fa¢llltlo6 and s¢Nl¢¢$111 any) None
APPENDIX 1 The Irustee5 de¢laTe that they have ap d the tru$t••$' report above. Slgned on behalf of the charfty's stees Slgn Full n Po$ition le.g. Chalr) Trustee Date 27.06.2025
REGISTERED CHARITY NUMBER: SC028379 for McLay McAlister & McGibbon LLP Chartered Ac¢ountallts 145 St Vinc¢nt Street Glasgow G2 5JF
M H Mcmillan's Charitable Trusi Page Report of the Tnjstees Independent Report Sthiement of Financial Activities Balance ShKt Notes to ihe FiÉJancial Ststemertts 7 to 13 Detailed Statement of Financial Activitie5 14
The tThst¢¢s presait their pOrt witli tli¢ fJi)ancial stat¢iii¢nts of th¢ charity for the year ended 30 September 2024. Thc trustees have adopted the provibitsns of Accounting and Reporting by Charities.. Statelneni of Recommend¢d Practice applicable to charities preparing iheir accoun15 in accordallce wilh rhe Financial RertIng Standard applicable in th¢ UK and Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES ObJ¢¢tfves 41ms In tern)s of the Mrs M H M¢Millan's Charitabl¢ Trnst dated 14 Januory 1997 and registered inthe Books of Council and Session on 17 Jthie 1997. the trustees shall havc fvll and absolut¢ power in theiT sole and un¢Ontroll dIretIOn to hold, pay and apply the Trust Estale, both c4)ital and income, to meet the objectives of the TrnsL The principal objectives of the Trust are to provid¢.' - For relief of EM)verty and suffering. For the advancement of education; - For any other piiwe beneficial to the community Hthich. in law. is tharitable. To allow ihese obje¢tiYes to be met the TnL8t makes 8ranis, donations or gifLS to qualifying beneficiaries. Gr8Thtmakl]bg Applirai&ons for grants are made directly w the Tnjst. Gllts are paid at th¢ dire[loll ofthe ttusiees. ACHIEVEMENT AND PERFORMANCE aritable activities The trustees believe that during the year under review the Trust achieved its objectiY¢s, awarding grants to th¢ Sum of £46,000 (2023-. £57,000)- The trustees will closety M(ltOr income and expenditurc in thc currcni year and will Conlinue to consider applications in ordcr that th¢ incom¢ availabl¢ can utiliscd towards the objcctiV of the Trtt. FINANCIAL REVIEW Financial position A detailed Starement of Financial A¢tiviti¢s can be found at page 5 of these financial staternents. After allowing for ijKOULe, expenditure, realised and unrealised ¥ains and losses, the Trust reported 3 net increase in funds of £131,974 (2023.. increase of £61:022)- During the fmancial year there has been a nei increase on the investrnent portfolio. Total gains for the year were £138,386 being £13 1,773 unrealised gains and £6,613 realised gains (2023.. Total gains of £78,271 being £64.527 unrealised gains &nd £13,743 realis¢d gaing). Investment polTfy and objeetlves The trust¢es investment policy 15 t0 5¢¢k to maii)lain or irnprov¢ th¢ l¢v¢l of in¢offle being geneT¥ted to 811ow for monies to be spent on the Charis objectives, whilst 5af¢guarding the capital of the TTU5L The trustees are satisfaed the perfomance of the portfoliti in temhs of income and capital growth as r¢pKJrted abov¢. Reserves polky The unrestricted fund repiesents accumulated surpluses and deficits on unrestricted monies and is available for use ai the dtscretion of the trustees in fiJrtheran¢e of ihe charitable objeciives. The ttvstees wish to hold sufficient unr¢stricted reserves to ejksure the ¢harity is on sourkd fjnancial footing. With tStricted fuDdg of £112,058 as at 30 September 2024 the tStee$ are saiisfied with th¢ fJn£ncial position (2023= £106,798)- The trusiees h8v¢ Tesolv¢d to retain the eapiial of tlje Trnst in an Expendable Endowment Fw)d, in the medntime, and apply only income to meet the charitsble obj¢ctive. Mov¢ments arising on eapital are reflected in the Expendable Endowmth]l Fund which tothlled £1.748256 a5 ai 30 September 2024 {2023.' £1.621,5421. Page I
le Tn[ FIP4ANCIAL REVIEW Going Concern The Trust is in a strong fu)arKial position and Cash flow is n(Trt an immediate problern. They therefore have a reasonable expectsrion that the Trust has adequate r¢sourc¢s to ¢ontinue for the foT¢5¢e?bl¢ fvtUTE. Th¢y wntinu¢ to believ¢ the 8oin¥ concern basis of accounting is appropriate in prepaTing the financial $t4t¢m¢TJts. There are no material uncertainties about the Tst,$ ability ¢0 ¢ontinu¢ as a going concem. FUTURE PLATrIS As noted above the Trustees will continue to CODsider applications ID order that ihe 8v8ilable income can be llised towaTds the Trust's obj¢¢tives. STRUCTURE, GOVERIY A]YCE AND MAP4AGEMENT Governing locumtnt The charity is controlled by its governing document. a deed of trust and con5titutcs unin¢oTW)r8ied charity. Charlty constltutloD Mrs M H Mcmillan's Charltsble Thist is Coti#jted by a Th]st Deed dated 14 January 1997. The truslet5 who meet regularly manage the Trust. Re¢ruIteI aDd appoilllmcDt ol ntTrv trustces Twst¢¢s ar¢ ¢l¢Ct and Co-opt wTJd¢r th¢ t¢rms of TNst Deed. Key man4gemtnt Thc mist¢CS 8re the Tnjst's key manag¢m¢nt. These perwnnel 8r¢ in ¢hgrg¢ of directitig, controlliDg ad operating th¢ TnLSt on a day to day basis. Risk manag¢ment The trustees of the Trust are aware of the risks the Trnst faces and consider ihal adequate procedures n plac¢ for dealing wilh risk a5scssment, particularly iti relation lo the management and control of the Trusi fund& including the investment portfolio, and also in relation to the disbursement of 8rants. All procedures are periodically reviewed th¢ ensure they still meet the t)eeds of the Tn]st. REFEREP4CE AND ADMIJYISTRATIVE DETAILS Registered Charlty number SC028379 Princip#l address Clo Miller. Beckett & Jackson 190 St Vincent Street Glasgow G2 5SP Independent FdXalllTner McLay M¢Alister & M¢GibtxTrn LLP Chartered Accountants 145 St Vincent Street Gla%gow G2 5JF Page 2
MrsMHMc l)aritable Tn]st REFERENCF. AND ADMINJSTRA TIVE DETAIIS Solicitors Miller Beckeit & Jackson 190 Si Vincent Street Glasgow G2 5SP Stockbrokers Evelyn Partners 177 Boihwell Street Glasgow G2 7ER Bankers The Royal Bank of S¢oiland plc 80 Main Street Coatbridge Lanarkshire ML5 3DZ Approved by order of Ibep ard of trus ees on 5i¥n¢d on ils b¢half by.. Page 3
tee Mill I repon on the accounts for the year ended 30 SepteMr 2024 $¢1 out on pages five to ihDXeen. Re5P¢Ctive rupoDsibilities oftru51ees and tx#miner 71ie charliS trnslees ar¢ r¢3poiisibk lor the preparatioj) of the accounts in accordance wilh the temis of th¢ Charitle5 and Tru51ee lTrvestn)eni (Scotlathd) Act 2005 aiid tlie aiaTlties Accounts (S¢otland) R¢gulation5 2006 (as amcndcd). The charity's twst¢¢s consider ihat the audit r4uiremen( of Regulation 10(IKa) to (c) of the Accounts Rcgulgtions does not apply. It is my responsibility to examine the accounts as required under Se¢iion 44(IXc) of the Act aiid io slal¢ wlKth¢r particular matttts have come to my attention. Baslg of the independent ¢xaminerfs repor¢ My ¢xamination was tarried out in a¢¢oTdance with Regulation I l of lh¢ Chwiti¢s Aecounis (Scotland) Regulations 2006. An examination in¢lud¢s a r¢vi¢w of the accounting records kept by the charity and a Comparison of the accounts pyesenled with those records. It also includes ¢onsider4tion of any unusual iiems or disclosures in the ac¢ounty attd s¢¢king explanations from you as trustees conceming any such matters. The PToceth]re5 wndertaken do not provide all the evidence thal would be required in audi¢ and consequently I do nol express an Nudit opinion on the view given by the actounls. Independent exAminer's stattmenl In conneciion with my examination, no matter h&5 come to Thy attention '. (l) which gives me reasonable eause to belleve thai, in any maierlal respect. the requirernents 10 keep a¢¢ountAng r¢cords in accordance with Section 44(IMa) of the 2005 A¢1 and Regulati 4 of the 2006 Accounts R¢gularions' and io PTepare accounts which accord with the accounting records and to t(pIY with Regulation 8 of th¢ 2006 Accounts R¢gulations have not been me¢ or (2) to which, in rny opiniort, attention should be drawn in order to enable a proper understandinlv of the 3¢counts to be reached. McLay McAli5teT & McGibbon LLP Chartered Accountants 145 Si Vincent Stre Glas8OW G2 5JF Ihie: . Pxge 4
t Lemenl of F. 30.9.24 TotAI fund5 30.9.23 Total funds Unrestrictcd nd Endtswment fimd Notes INCOME AND ENDOWMENTS FROM Investment income 57,513 57,513 57,192 EXPENDITURE ON BAising fimds 4,611 4,611 4,51 Charitable aetivities Charitable activities Support costs 46,000 6.253 46,000 13.314 57.000 12,930 7.061 Total 52.253 11.672 63,925 74.441 N¢t gains on iT)vestments 138,386 138,386 78271 NET INCOME 5,260 120,714 131,974 61,022 RECONCILIATAON OF FUNDS Total funds broughi forward 106,798 1,621.542 1.728.340 ,667,318 TOTAL FUNDS CARRIED FORWARD 112.058 1.748.256 1.860,314 ,728,340 Th¢ not¢s fonkn part of thesc fmancial ststanents Page S
ee 30.9.24 30.9.23 Noies FIXED ASSETS Inve$tments ,838,742 1,705,091 CURRENT ASSETS Cash in hand 34,886 CREDoRs Amounis falling due withtn one year 10 (13,314) (12,816) NET CURRENT ASSETS 21,572 23249 TOTAL ASSETS LESS CURRENT LIABILITIFS 1,860,314 I,r28.340 NET ASSETS 1,860,314 1,728.340 FUNDS Unrestricted ffijnds Endowrnent tunds 12 112,058 1,748256 106.798 ,621.542 TOTAL FUNDS 1,860,314 ,728 J40 cial ststements were approved by the Board of Trustees 8nd 4uthorised for issue . and were signed on its behalf by.. The noies fonn part of these financial slblements Pag¢ 6
Notes to ihe F. tatemen ACCOUNTING POLICIES Basis Qr preparing thc financial 5t#tern¢nti The financial staiements of the charity, %vhi¢h is a public ben¢fit ¢ntity LTnd¢r FRS 102, have been prepattd in accordance wilh the Charitie5 SORP {FRS 102) 'A¢¢ounting and Reporting by Charities.. Statement of Recommended Pra¢tice applicable to ¢hariti¢s prepaTing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic ol Ireland IFRS 1021 (effeLlive l January 2019),, Finatbcial Reportillg Standaré 102 The Financial Reporting Standard applicable in the UK and Republic or Ireland, and the Charilies and TTltee lllvestmenl {SLoÈlandl Aci 2005. The financial siaiemenls have been prepared UJKler the histori¢al ¢ost convention, with the exception of inv¢slments which are ineluded ai markel value, as modified by Ihe revaluation of certain assets. Going concern The Trnst is in a strong finan¢ial position and ¢ash flow is nor an inllnediaie Problem. The trustees will assess income and reserves and monitOT grnnt expenditure, they therefore have a reasonable ¢xp¢¢taiion that the charity has adequate resources to continue in operdiional existence for the foreseeable future. They continue to adopt th¢ going wD¢¢rn ba515 of COuntin¥ appropriate in prq)aring the financial sthiements. There are no mat¢Tial uncertainiies about the Trusvs ability to conlinue as a going CQDC¢m. ancial reporting standard 102- reduced disclosurt exemptions The charity has taken advantsg¢ of the following dis¢105ure exemption in prtparin8 the5c financial stsiernent& as pemiitted by FRS 102 'The Financial Reporting Standard applicable in the UK und Rcpublic of Ireland,: the requirements of Section 7 Statement of Cash Flows. All income is recognised in the Statement of Financial Aetivi¢ies on¢e the charity h&$ entitlement to the fvnds. it is probable that the income will be re¢eived and tb¢ amount ean b¢ m¢asur¢d reliably. Expenditur¢ Liabilities are recognised as expetKliture as soon as there is a legal or constrnctive obligation committing the charity to thal expenditure. it is probable thar a transfer of eci)nomic benefits will be requiTed in s¢ttl¢Thent and the amount of ihe obligation can be measured reliably. Expendilure is accounted for on an accÉuals basis and ha5 been classified under heading5 that ag¢¥81¢ all cost r¢lated io the Caicgory. Whtte cost5 tannoi be directly attributed io particular heading5 they have been allocated io activities on a basi5 con5islent wi¢h the use of resources. The chaTlty is nol VAT regis*r¢d and accordingly expenditure is shown gross of irrecoverable VAT. Grants offered subject to ld1110n$ whi¢h have not b¢en met at the year end date are Doted as a commitment but not a¢crn¢d as exp¢nditure. T#x4ti0 Th¢ tharity is ex¢mpt from tsx on its ch&itable activities. Fund aetounting Unrtstricted fid5 can be used in accordance with the Clwitable objectives at the discretion of the truste¢s. Restricled funds can only be wed foT particutar restricled purposes within the objects of the charity. Restrictions arise when specifled by the donor or when funds are raised for particular Testricted poSes. Further explanation of the nature and purpose of each fijnd is included in the notes io the fmancial statement5. Investwenis Invedments art recognised initially at fair value which is nornialty the iransaction price excluding trdnsactio cosis. Subsequenily, Ihey are measur¢d at fair value with r¢alised and uw¢ali5¢d gains and losses rtrvgnised in et gains / (losses) on investments, in th¢ Statement of Finan¢ial Artivitles, if th¢ shares ar¢ publicty traded or th¢ir fair value othmvise be measured reliably. Page 7 ¢onlinu¢d...
for ihc Y ]NVESTMENT INCOME 30.9.24 30.9.23 Dlvidends interest 57.513 57,192 RAISIIYG FUNDS In'estment nbanagtment custs 30.9.24 30.9.23 Portfolio managemeni 4,611 4,511 CHARITABLE ACY]VITILS COSTS Grant futxling of activiti¢s [s¢¢ note Support costs (see note 6) 5) Tota15 Charitsble acÉivities Support costs 46,000 46,000 13.314 13.314 46,000 13.314 59.314 GRANTS PAYABLE 30.9.24 30.9.23 Charitable activities 46.OiXI 57.000 The total grants paid io institutions during the year was as follows: 30.9.24 30.9.23 Arthrilis Care Scotlaiid A550riation for the Piotertion of Rural Scotlalld British Red Cross Cancer Research Chesi Heart atjd Stroke Scotland 4,000 4,000 4,000 4,OL)O 4,000 4,000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 15,000 Guide Dogs Hansel Foundation New Lanark Roval Nailoj1 Lifeboat lustiwtion The Society of AntiqU8ries of S¢otlaud Visibility Nanak Nishkam Sew8k Jatha (bham) W(Jdland5 CBC 4,OLIO 4,000 4,000 4.0(K) 4.000 2.0(10 46.000 57.000 Pag¢ 8 continu¢d...
t ternents- continued SUPPORT COSTS Manag¢meni Support costs 13,314 Support Costs, included in th¢ above, are as follows.. Mgnag¢ment 30.9.24 Support costs 30.9.23 Toial ctivilies Fa¢iors fees Independeni examiner fees 10.854 2,460 lQ,080 2,850 13.314 12,930 TRUSTEES, REMUNERATION AND BEf4EFITS There were no tnjstees, remuneration OT Other benefits for th¢ year ended 30 SepteMr 2024 nor for the year endtd 30 Sepie]nber 2023. Trnste¢s' expenses There were no tru$we$' expenses paid for the year ended 30 September 2024 nor for ihe year ended 30 September 2023. COMPARATIVES FOR THE STATEMENT OF FIIYANCIAL ACTIVITIES Unrestricted fvnd Endowment fund Total funds It4COME AND ENDOWMENTS FROM Invesiment income 57,192 57.192 EXPENDITURE O Raising funds 4,511 4.511 Charit4bl¢ a¢tivities Charit8ble adivities Support costs 57,000 6,048 57,000 12.930 6.882 Total 63.048 11,393 74.441 Net gains on investments 78.271 78.271 NET INCOMEIIEXPENDITURE} (5,856) 66,878 61.022 RECONCILIATION OF FUNDS Total funds brought forward 112,654 1.554,664 1,667,3 18 Page 9 continued...
the Financial tatements- continued rth COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Endomrynent fund fund Total fulS TOTAL FUNDS CARIUED FORWARD 106.798 1.621,542 1,728,340 FIXED ASSET INVESTMENTS Listed investtnenL8 MARKET VALUE At l O¢tokr 2023 Additions Disposals Revaluations 1,705,091 128,359 (133,094) 138.386 At 30 Septcrnber 2024 1,838.742 NET BOOK VALUE At 30 Sepiember2024 1,838.742 At 30 September 2023 ,705.091 The Tn]st hold$ inv¢stm¢nts on UK, European and Americatt stock exchanges. Cost or valuation 0130 September 2024 is represented by: Listed investm¢nts ValuatiOD in 2024 ,838.742 The historical cost of the inv¢stsnents as at 30 S¢pt¢lllr 2024 i5 £1276,931 {2023.. £1274,808). 10. CREDITORS: AMOUNTS FALLING DUE WITHIN OPIE YEAR 30.9.24 30.9.23 Other ¢r¢ditors 13,314 12,816 ANALYSIS OF NET ASSETS BETWEEN FUF4DS 30.9.24 Totsl fvnds 30.9.23 Total funds Unrestri¢t¢d nd Endowment fund Investments Current assets Current liabilities 1.8311,742 (83.409) {7,077) 1.838.742 34.886 (13.314) 1.705,091 36.065 112,816) 118.295 {6,237) 112,058 1.748,256 1,860,3 14 ,728,340 Page 10 continued...
in MOVEMEIYT JN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestricted fund$ General fund 106,798 5.260 112,058 Endowment fud5 Endowment fund 1,621.542 126,714 1,748,256 TOTAL FUNDS ,728.340 131,974 1,860,314 Net movement in fvnds, included Tn the above are as follow5-. Incomitjg rÈsource5 Resources expended Gains and losses mOve*t Unrestrlcted funds General fund 57.513 (52,253) 5,260 Endowment funds Endowment fimd (11.672) 138,386 126,714 TOTAL FUNDS 57,513 {63,925) 138.386 131,974 Comprativts ftsr movement In funds Net movement in fijnds At 1.10.22 At 30.9.23 Unrestrieted fullds G¢n¢rdl fund 112.654 (5.856) 106,798 Endowment funds Endowmcnt fund 1,5M,664 66,878 ,621,542 TOTAL Fuf4DS 1,667,318 61.022 1.728.340 Page 11 ¢oniinued...
leTr sl eFin ncial Staiemenis- coniinu rtheye 12. MOVEMENT IN FUNDS- tontittued Comparative net moyemtnl in funds. includ¢d in the above are as follows: Incoining resources Resources ¢xpend¢d Gains and losses Moven)ent in funds UNre$tri¢ted funds G¢neral fund 57.192 (63,048) (5.856) Endowment funds Endowment fi]nd (11,393) 78271 66.878 TOTAL Fuf4DS 57,192 (74,441) 78271 61,022 A current year 12 months aDd PTior year 12 monÉhs cotTrbined position is as follows.. Net At 1.10.22 movcrn¢nt in funds At 30.9.24 Unr¢stri¢t¢d funds 112.654 {596) 112,058 Endowment fndS Endowmettt fund 1.554.664 193,592 1.748,256 TOTAL FUNDS 1.667.318 192.996 1.860,314 A currenf year 12 months and prior year 12 rnonths cornbincd D¢t rnov¢m¢ni in fimds. tncluded in th¢ above are &$ (ollows.. Incoming re50urce5 Reswrces exp¢nded Gains and losses Movernenl in fvnds Unr¢strieted funds General fvnd 114,705 (115JOI) (596) EndowmeRt funds Endowm¢nt fvnd (23.065) 216.657 193,592 TOTAL FUNDS 114,705 (138,366) 216,657 192.996 Page 12 ontinucd...
mr¢M111an'S Clwilae TnEt ttte 13. RELA TED PARTY DISCLOSURES III Ilie year under review (Trus(ee).. Trustee) &.ruStee} were director5 ynd shareholders tn ihe prufL'SSjLlJldl practice of fvlillgj Beckeii & Jackson, Svlicili)rs which provid¢ the day LO day financial accountancy services lo the Trust. F¢es payable in respect of the year ended 30 September 2024 totslled £10,854 (2023.. £10,356). Page 13
Mr5 M H Mcmilla .5 Chari 30.9.24 30.9.23 JNCOME AND ENDOWMENTS Inwestment iHcomt Dividends and int¢resl 57,513 57,192 Total iD¢Dming rewurtes 57,513 57,192 EXPENDITURE IDve5tment manggement costs Portfolio managernent 4.611 4,511 Chgritable activilie$ Granis io institutions 46.000 57,000 Support costs M¥nageJnent Facior5 fees Independeni examiner fees 10,854 2,460 10,080 2,850 13,314 12.930 Total resources expended 63,925 74,441 Nel expendilure bcfore gains loss (6,412) (17.2491 Realised recogni5ed gain5 and lo$ses Realised gainsl(lo$se$) on fixed asset investm¢nts 138,386 78,271 Net iD¢ome 131,974 61,022 Thi5 page does not forn] part of ihe ststuiory finaticial statements Page 14