REGISTERED CHARITY NUMBER: SC028379
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2025
for
Mrs M H McMillan's Charitable Trust
McLay McAlister & McGibbon LLP Chartered Accountants 145 St Vincent Street Glasgow G2 5JF
Mrs MH McMillan's Charitable Trust
Contents of the Financial Statements for the Year Ended 30[September][ 2025]
Page
Report of the Trustees
Independent Examiner's Report
Statement ofFinancial Activities
Balance Sheet
Notes to the Financial Statements
Detailed Statement ofFinancial Activities
1 to 3 4 5 6 7 to I4 15
:
Mrs M H McMiillan's Charitable Trust
Report of the Trustees for the Year Ended 30 September 2025.
The trustees present their report with the financial statements of the charity for the year ended 30 September 2025. The trustees have adopted the provisions of 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
Objectives and aims In terms of the Mrs M H MeMillan's Charitable Trust dated 14 January 1997 and registered in the Books of Council and Session on 17 June 1997, the trustees shall have full and absolute power in their sole and uncontrolled discretion to hold, pay and apply the Trust Estate, both capital and income, to meet the objectives of the Trust.
The principal objectives of the Trust are to provide:
- For relief of poverty and suffering; - For the advancement of education; - For any other purpose beneficial to the community which, in law, is charitable.
To allow these objectives to be met the Trust makes grants, donations or gifts to qualifying beneficiaries.
Grantmaking Applications for grants are made directly to the Trust. Grants are paid at the discretion of the trustees.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities The trustees believe that during the year under review the Trust achieved its objectives, awarding grants to the sum of £48,500 (2024: £46,000). The trustees will closely monitor income and expenditure in the current year and will continue to consider applications in order that the income available can be utilised towards the objectives ofthe Trust.
FINANCIAL REVIEW
Financial position
A detailed Statement of Financial Activities can be found at page 5 of these financial statements. After allowing for income, expenditure, realised and unrealised gains and losses, the Trust reported a net increase in funds of £206,365 (2024: increase of £131,974).
During the financial year there has been a net increase in the investment portfolio. Total gains for the year were £217,337 (2024: £138,386) being £217,377 in unrealised gains (2024: £131,773) and £Nil in realised gains (2024:£6,613).
Investment policy and objectives The trustees investment policy is to seek to maintain or improve the level of income being generated to allow for monies to be spent on the charity's objectives, whilst safeguarding the capital ofthe Trust.
The trustees are satisfied with the performance ofthe portfolio in terms of income and capital growth as reported above.
Reserves policy The unrestricted fund represents accumulated surpluses and deficits on unrestricted monies and is available for use at the discretion of the trustees in furtherance of the charitable objectives. The trustees wish to hold sufficient unrestricted reserves to ensure the charity is on sound financial footing. With unrestricted funds of £113,392 as at 30 September 2025 the trustees are satisfied with the financial position (2024: £112,058).
The trustees have resolved to retain the capital of the Trust in an Expendable Endowment Fund, in the meantime, and apply only income to meet the charitable objective. Movements arising on capital are reflected in the Expendable Endowment Fund which totalled £1,953,287 as at 30 September 2025 (2024: £1,748,256).
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Mrs MH McMillan's Charitable Trust
Report of the Trustees for the Year Ended 30 September 2025
FINANCIAL REVIEW
Going concern The Trust is in a strong financial position and cash flow is not an immediate problem. They therefore have a reasonable expectation that the Trust has adequate resources to continue for the foreseeable future.
They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements. There are no material uncertainties about the Trust's ability to continue as a going concern.
FUTURE PLANS
As noted above the Trustees will continue to consider applications in order that the available income can be utilised towards the Trust's objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution Mts M H McMillan's Charitable Trust is constituted by a Trust Deed dated 14 January 1997. The trustees who meet regularly manage the Trust.
Recruitment and appointment of new trustees Trustees are elected and co-opted under the terms of the Trust Deed.
Key management The trustees are the Trust's key management. These personnel are in charge of directing, controlling and operating the Trust on a day to day basis.
Risk management The trustees of the Trust are aware of the risks the Trust faces and consider that adequate procedures are n place for dealing with risk assessment, particularly in relation to the management and control of the Trust funds, including the investment portfolio, and also in relation to the disbursement of grants. All procedures are periodically reviewed the ensure they still meet the needs of the Trust. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
$C028379
Principal address C/o Miller, Beckett & Jackson 190 St Vincent Street Glasgow G2 SSP
Trustees C.D. Jackson VE Mitchell AE Soutter (appointed 2.10.24) Independent Examiner McLay McAlister & McGibbon LLP Chartered Accountants 145 St Vincent Street Glasgow G2 SIF
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Mrs MH McMillan's Charitable Trust
Report of the Trustees
for the Year Ended 30 September 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors Miller Beckett & Jackson 190 St Vincent Street
Glasgow G2 5SP
Stockbrokers Evelyn Partners 177 Bothwell Street Glasgow G2 7ER
Bankers
The Royal Bank of Scotland ple 80 Main Street
Coatbridge Lanarkshire MLS5Approvedby3DZ order ofthe board oftrustees on 20.103|\202be... and signed on its behalf by: Co sObecenpoceseeenvel . 1 ene C.D. Jackson - Trustee ™
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Independent Examiner's Report[to][the][ Trustees][of] Mrs MH McMillan's Charitable Trust
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I report on the accounts for the year ended 30 September 2025 set out on pages five to fourteen.
Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (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)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts.
Independent examiner's statement In connection with my examination, no matter has come to my attention :
(1) _ which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and - to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Fiona Russell The Institute of Chartered Accountants of Scotland
McLay McAlister & McGibbon LLP
Chartered Accountants 145 St Vincent Street Glasgow Date:G2 5JF _2o\826...i
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Mrs MH MeMillan's Charitable Trust
Statement of Financial Activities for the Year Ended 30 September 2025
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|||||||
|---|---|---|---|---|---|
|30.9.25|30.9.24|
|Unrestricted|Endowment|Total|Total|
|fund|fund|funds|funds|
|Notes|£|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Investment income|2|57,544|-|57,544|57,513|
|EXPENDITURE ON|
|Raising funds|3|-|4,792|4,792|4,611|
|Charitable|activities|4|
|Charitable|activities|48,500|-|48,500|46,000|
|Support costs|7,710|7,514|15,224|13,314|
|Total|56,210|12,306|68,516|63,925|
|Net gains on investments|-|217,337|217,337|138,386|
|NET INCOME|1,334|205,031|206,365|131,974|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|112,058|1,748,256|1,860,314|1,728,340|
|TOTAL FUNDS CARRIED FORWARD|113,392|1,953,287|2,066,679|1,860,314|
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The notes form part of these financial statements
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Mts MH McMillan's Charitable Trust
| Balance Sheet | |||
|---|---|---|---|
| 30 September2025. | |||
| 30.9.25 | 30.9.24 | ||
| Notes | £ | £ | |
| FIXEDASSETS Investments |
9 | 2,056,078 | 1,838,742 |
| CURRENTASSETS | 25,661 | 34,886 | |
| Cash inhand | |||
| CREDITORS Amountsfallingduewithinoneyear |
10 | (15,060) | (13,314) |
| NETCURRENTASSETS | 10,601 | 21,572 | |
| TOTALASSETS LESSCURRENTLIABILITIES | 2,066,679 | 1,860,314 | |
| 2,066,679 | 1,860,314 | ||
| NETASSETS | |||
| FUNDS Unrestricted funds |
12 | 113,392 1,953,287 |
112,058 1,748,256 |
| Endowmentfunds | |||
| 2,066,679 | 1,860,314 |
TOTAL FUNDS
The financial statements were approved by the Board of Trustees and authorised for issue on ahs | 202... and were signedC.D.Jackson on its behalf -aby:
The notes form part of these financial statements
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Mrs MH MeMillan's Charitable Trust
Notes to the Financial Statements for the Year Ended 30 September. 2025
:
- ACCOUNTING POLICIES BasisThe financial of preparingstatements the financialof the charity, statementswhich is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)', Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
GoingThe Trustconcernis in a strong financial position and cash flow is not an immediate problem. The trustees will assess income and reserves and monitor grant expenditure, they therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis of accounting appropriate in preparing the financial statements. There are no material uncertainties about the Trust's ability to continue as a going concern.
Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
- the requirements of Section 7 Statement of Cash Flows. IncomeAll income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
LiabilitiesExpenditureare recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The charity is not VAT registered and accordingly expenditure is shown gross of irrecoverable VAT.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation The charity is exempt from tax on its charitable activities.
FundUnrestricted accounting funds can be used in accordance with the charitable objectives at the discretion ofthe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation ofthe nature and purpose of each fund is included in the notes to the financial statements.
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Mrs MH McMillan's Charitable Trust
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Notes to theFinancial Statements - continued for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES - continued
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||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|InvestmentsInvestments|are|recognised|initially|at|fair|value|which|is|normally|the|transaction|price|excluding|transaction|costs.|
|Subsequently,|they|are|measured|at|fair|value|with|realised|and|unrealised|gains|and|losses|recognised|in|‘net|gains|/|
|(losses)|on investments’|in|the|Statement of Financial|Activities,|if the|shares|are|publicly|traded|or|their|fair value|can|
|otherwise be measured|reliably.|
|INVESTMENT INCOME|30.9.25|30.9.24|
|£|£|
|Dividends and interest|57,544|57,513|
|RAISING FUNDS|
|Investment management|costs|30.9.25|30.9.24|
|£|£|
|4,792|4,611|
|Portfolio management|
|4,|CHARITABLE ACTIVITIES COSTS|Grant|
|funding of|
|activities|Support|
|(see note|costs (see|
|5)|note 6)|Totals|
|£|£|£|
|Charitable activities|48,500-|15,224-|48,50015,224|
|Support|costs|
|48,500|15,224|63,724|
|5.|GRANTS PAYABLE|30.9.25|30.9.24|
|£|£|
|48,500|46,000|
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Charitable activities
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Mrs MH McMillan's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
| 5. | GRANTSPAYABLE -continued Thetotalgrantspaidtoinstitutionsduringtheyearwasasfollows: |
30.9.25 | 30.9.24 |
|---|---|---|---|
| £ | £ | ||
| - | 4,000 | ||
| Arthritis Care Scotland AssociationfortheProtectionofRuralScotland |
4,000 4,000 |
4,000 4,000 |
|
| BritishRed Cross | 4,000 | 4,000 | |
| CancerResearch Chest,HeartandStrokeScotland |
4,000 - |
4,000 | |
| Erskine | 4,000 | - | |
| GuideDogs HanselFoundation |
4,000 4,000 |
4,000 4,000 |
|
| NewLanark RoyalNationalLifeboatInstitution TheSocietyofAntiquariesofScotland Visibility |
4,000 4,000 4,000 - |
4,000 4,000 4,000 2,000 |
|
| Woodlands CBC GordonCrawfordforBeatsonsponsorship ErskineVeteransCharity |
500 4,000 4,000 |
- - - |
|
| ArthritisUK | |||
| 48,500 | 46,000 | ||
| 6. | SUPPORTCOSTS | Management | |
| £ | |||
| 15,224 | |||
| Support costs | |||
| Supportcosts, included intheabove,are as follows: | |||
| Management | 30.9.25 | 30.9.24 | |
| Support costs £ |
Total activities £ |
||
| 12,524 | 10,854 | ||
| Factors fees Independentexaminerfees |
2,700 | 2,460 | |
| 15,224 | 13,314 |
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Mrs MH MeMillan's Charitable Trust
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Notes to the Financial Statements - continued for the Year Ended 30 September 2025,
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024.
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|---|---|---|---|
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Endowment|Total|
|fund|fund|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Investment income|57,513|-|57,513|
|EXPENDITURE ON|-|4,611|4,611|
|Raising|funds|
|CharitableCharitable activitiesactivities|46,000|-|46,000|
|Support costs|6,253|7,061|13,314|
|Total|52,253|11,672|63,925|
|-|138,386|138,386|
|Net gains|on investments|
|NET INCOME|5,260|126,714|131,974|
|RECONCILIATIONTotal funds brought forward OF FUNDS|106,798|1,621,542|1,728,340|
|TOTAL FUNDS CARRIED FORWARD|112,058|1,748,256|1,860,314|
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Mrs MH McMillan's Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 September 2025
9. FIXED ASSET INVESTMENTS ASSET INVESTMENTS INVESTMENTS
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|||||
|---|---|---|---|
|FIXED ASSET INVESTMENTS ASSET INVESTMENTS INVESTMENTS|Listed|
|investments|
|£|
|MARKET VALUE|1,838,742|
|At|1|October 2024|217,336|
|Revaluations|
|2,056,078|
|At 30|September 2025|
|NET BOOK VALUE|2,056,078|
|At 30 September 2025|
|1,838,742|
|At 30 September 2024|
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The Trust holds investments on UK, European and American stock exchanges.
Cost or valuation at 30 September 2025 is represented by: Listed investments £ 2,056,078
Valuation in 2025
The historical cost ofthe investments as at 30 September 2025 was £1,277,777 (2024: £1 ,276,931).
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.9.25 30.9.24 £ £ 15,060 13,314
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||||||
|---|---|---|---|---|
|Other|creditors|
|11,|ANALYSIS OF NET ASSETS BETWEEN FUNDS|30.9.25|30.9.24|
|Unrestricted|Endowment|Total|Total|
|fund|fund|fonds|funds|
|£|£|£|£|
|-|2,056,078|2,056,078|1,838,742|
|InvestmentsCurrent assets|121,042|(95,381)|25,661|34,886|
|Current liabilities|(7,650)|(7,410)|(15,060)|(13,314)|
|113,392|1,953,287|2,066,679|1,860,314|
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Mrs MH McMillan's Charitable Trust
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Notes to theFinancial Statements - continued for the Year Ended 30 September 2025
- MOVEMENT IN FUNDS IN FUNDS FUNDS
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||||||
|---|---|---|---|---|
|MOVEMENT IN FUNDS IN FUNDS FUNDS|Net|
|At|movement|At|
|1,10.24|in funds|30.9.25|
|£|£|£|
|UnrestrictedGeneral fund|funds|112,058|1,334|113,392|
|EndowmentEndowment fund funds|1,748,256|205,031|1,953,287|
|TOTAL FUNDS|1,860,314|206,365|2,066,679|
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Net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|UnrestrictedGeneral fund|funds|57,544|(56,210)|-|1,334|
|EndowmentEndowment fundfunds|-|(12,306)|217,337|205,031|
|TOTAL|FUNDS|57,544|(68,516)|217,337|206,365|
|Comparatives for movement in funds|
|Net|
|At|movement|At|
|1,10.23|in funds|30.9.24|
|£|£|£|
|UnrestrictedGeneral fund|funds|106,798|5,260|112,058|
|EndowmentEndowment fundfunds|1,621,542|126,714|1,748,256|
|TOTAL FUNDS|1,728,340|131,974|1,860,314|
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Mrs MH McMillan's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2025,
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|UnrestrictedGeneral fund|funds|57,513|(52,253)|-|5,260|
|EndowmentEndowment fundfunds|-|(11,672)|138,386|126,714|
|TOTAL FUNDS|57,513|(63,925)|138,386|131,974|
|A current year 12 months and prior year 12 months combined position|is as follows:|
|Net|
|At|movement|At|
|1.10.23|in funds|30.9.25|
|£|£|£|
|UnrestrictedGeneral fund|funds|106,798|6,594|113,392|
|EndowmentEndowment fund funds|1,621,542|331,745|1,953,287|
|TOTAL FUNDS|1,728,340|338,339|2,066,679|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|UnrestrictedGeneral fund|funds|115,057|(108,463 )|-|6,594|
|EndowmentEndowment fundfunds|-|(23,978)|355,723|331,745|
|TOTAL FUNDS|115,057|(132,441)|355,723|338,339|
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Mrs MH MoMillan's Charitable Trust
Notes fo the Financial Statements - continued for the Year Ended 30 September2025.
13. RELATED PARTY DISCLOSURES
In the year under review A E Soutter (Trustee), C D Jackson (Trustee) & V E Mitchell (Trustee) were directors and shareholders in the professional practice of Miller Beckett & Jackson, Solicitors which provide the day to day financial accountancy services to the Trust. Fees payable in respect of the year ended 30 September 2025 totalled £12,000 (2024: £10,854).
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Mrs MH MeMillan's Charitable Trust
| Mrs MH MeMillan'sMH MeMillan'sMeMillan's Charitable TrustTrust | ||
|---|---|---|
| DetailedStatementofFinancialActivities | ||
| fortheYearEnded30September2025. | 30.9.25 | 30.9.24 |
| £ | £ | |
| INCOMEANDENDOWMENTS | ||
| Investment income Dividendsandinterest |
57,544 | $7,513 |
| 57,544 | 57,513 | |
| Totalincoming resources | ||
| EXPENDITURE | ||
| Investmentmanagementcosts | 4,792 | 4,611 |
| Portfolio management | ||
| Charitable activities Grants to institutions |
48,500 | 46,000 |
| Support costs | ||
| Management | 12,524 | 10,854 |
| Factors fees Independent examinerfees |
2,700 | 2,460 |
| 15,224 | 13,314 | |
| Total resourcesexpended | 68,516 | 63,925 |
| Netexpenditurebeforegainsandlosses | (10,972) | (6,412) |
| Realised recognised gainsandlosses Realisedgains/(losses)onfixedassetinvestments |
217,337 | 138,386 |
| 206,365 | 131,974 |
Net income
This page does not form part of the statutory financial statements
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