S4329.1/TZH/CPM
THE ELIZABETH SOUTAR CHARITABLE TRUST
Accounts
For the Year Ended
5 April 2025
Registered Scottish Charity Number SC028463
S4329 Elizabeth Soutar 2025 accounts (distribution consolidation to be updated)(1011879363.1)
THE ELIZABETH SOUTAR CHARITABLE TRUST
Contents
Page
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1 - 4 Trustees' Report
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5 Statement of Receipts and Payments
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6 - 7 Statement of Balances
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8 - 11 Notes to the Accounts
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12 Independent Examiner's Report
THE ELIZABETH SOUTAR CHARITABLE TRUST
Trustees' Report
For the Year Ended 5 April 2025
| Charity Number: | SC028463 | ||
|---|---|---|---|
| Address of Principal | Shepherd and Wedderburn LLP | ||
| Office: | 9 Haymarket Square | ||
| Edinburgh | |||
| EH3 8UL | |||
| Trustees: | |||
| Bankers: | Bank of Scotland | ||
| 33 Old Broad Street | |||
| London | |||
| PO Box 1000 | |||
| BX2 1LB | |||
| Solicitors and | Shepherd and Wedderburn LLP | ||
| Administrators: | 9 Haymarket Square | ||
| Edinburgh | |||
| EH3 8UL | |||
| Investment Managers: | RBC Brewin Dolphin | ||
| Sixth Floor, Atria One | |||
| 144 Morrison Street | |||
| Edinburgh | |||
| EH3 8EX | |||
| Independent Examiner: | |||
| Structure, Governance and Management | |||
| Overview: | The trust was established by Trust Deed by the late Elizabeth Clark dated 8 December | ||
| 1998 and registered in the Books of Council and Session on 24 December 1998. The | |||
| Trust Deed appointed | , | ||
| the Chairman of the Board of Trustees of the National Library of Scotland_ex officio_and | |||
| the Librarian of the National Library of Scotland_ex officio_as trustees. | |||
| Charitable Status: | The trust is a registered Scottish charity. As such, the trustees must ensure the | ||
| circumstances and operations of the trust continue to meet the charity test and the | |||
| trustees are required to comply with their statutory duty to supply information to the | |||
| Scottish Charity Regulator, the Office of the Scottish Charity Regulator (OSCR). |
Page 1
THE ELIZABETH SOUTAR CHARITABLE TRUST
Trustees' Report (Contd)
For the Year Ended 5 April 2025 (Contd)
Structure, Governance and Management (Contd)
Trustee Tenure:
On the basis of trustee appointment, there is no predefined period. A new trustee may be appointed by Deed of Assumption and Conveyance. The chair of trustees is responsible for the induction of new trustees. The induction process involves awareness of a trustee's responsibilities, the governing document, administration procedures, and the history of the charity. A new trustee should receive a copy of the previous year's account and also an extract from the Charities and Trustee Investment (Scotland) Act 2005 relating to the duties and responsibilities of running a charity.
Objectives
Trust Objectives: The Trust Deed specifies that the purposes of the trust is to pay the net annual income to the National Library of Scotland as follows:
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i) 70% of the net annual income is to be known as the Magnus and Janet Soutar Fund and to be applied as follows:
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(1) The acquisition of printed materials, manuscripts and maps either produced or published in Scotland, or of Scottish association and produced or published elsewhere, maintaining an appropriate balance between the acquisition of materials for addition to the historical collections and the acquisition of newly published or newly produced materials in all relevant formats collected by the Library;
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(2) To assist in the preservation and conservation of the Library's Scottish Collections;
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(3) The acquisition or purchase of any Copyrights (excepting those relating to the History of Science) where deemed appropriate by the Library;
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(4) To continue the Elizabeth Soutar Bookbinding Competition under the auspices of the National Library of Scotland for as long as the Library considers its maintenance viable and appropriate; and thereafter replace it with another suitable competition, prize or award;
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(5) To assist appropriate means of disseminating information about the Library's Scottish Collections to a wider public.
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ii) 30% of the net annual income is to be known as the Ronald W Clark Fund and to be applied as follows:
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(1) The preservation of and the provision of access to the Ronald W Clark Archive of manuscripts, printed materials, maps and photographs together with any other gifts or bequests that Elizabeth Soutar made to the Library to be included in this Archive;
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(2) The acquisition or purchase of manuscripts and printed and new media materials and copyrights where deemed by the Library to enhance the Library's Science Collection (as amended by reorganisation scheme approved by OSCR on 12 September 2024).
In accordance with the reorganisation scheme approved by OSCR on 12 September 2024 the trustees have discretion to expend capital to support the above purposes.
Page 2
THE ELIZABETH SOUTAR CHARITABLE TRUST
Trustees' Report (Contd)
For the Year Ended 5 April 2025 (Contd)
Objectives (Contd)
Grant Making Policy: The trustees meet on an annual basis to consider applying the trust funds in furtherance of the charitable objects of the trust and this is influenced by relevant funding requirements identified by the National Library of Scotland.
Financial Review
Overview: The period closed with unrestricted funds of £1,421,432.61 (2024; £1,491,161.84) and restricted funds of £92,883.07 (2024; £144,457.79). Investment income of £42,337.78 was received (2024; £43,468.16) and this is attributable to the restricted funds as follows; £29,636.45 (2024; £30,427.72) to the Magnus and Janet Soutar Fund and £12,701.33 (2024; £13,040.44) to the Ronald W Clark Fund. The trustees awarded funds of £85,750.00 (2024; £75,274.00) to the Library during the accounting period representing £78,750.00 (2024; £54,954.00) from the Magnus and Janet Soutar Fund and £7,000.00 (2024; £20,320.00) from the Ronald W Clark Fund. The trustees report an overall deficit for the period of £3,476.86 (2024; £55,767.28 deficit).
The trustees note the performance of the trust portfolio over the period. Overall investment losses for the period were £50,726.86 (2024; £126,545.98 gains) which reflects the general market and economic sentiment over the year. The composite benchmark is a weighted average of various indices to best reflect the underlying asset allocations. The trustees review the investment performance on a regular basis and will take action as and when necessary. The timing of the accounts coincided with the kneejerk drop in the markets following President Trump’s ‘Liberation Day’ announcement of global tariffs, it is worth reporting global equity markets have recovered ground since 5 April 2025.
Investment Policy: In accordance with the Trust Deed and statutory provision, the trustees have the power to invest in such stocks, shares and investments in the United Kingdom or overseas as they in their sole discretion think fit. The trustees have retained RBC Brewin Dolphin as Investment Manager. The trustees' investment policy is geared towards a balanced return between capital and income from a medium risk perspective and this policy is reviewed on a regular basis. An ethical policy is in place, no direct investment in companies that generate more than 5% of their revenues from the production of tobacco and armaments. Reserves Policy: It is the policy of the trustees to distribute the net income of the trust in the form of awards to the National Library of Scotland. Payments will not necessarily be made each year and income may accrue from one year to the next to build up a reserve which can then be used to meet part or all of the cost of an acquisition by the Library. Charitable Activities The trustees made payments to the National Library of Scotland these are set out in During Year: note 4. On 12 September 2024 OSCR approved a reorganisation scheme to grant the trustees discretion to expend capital to support the charitable purposes
Page 3
THE ELIZABETH SOUTAR CHARITABLE TRUST
Trustees' Report (Contd)
For the Year Ended 5 April 2025 (Contd)
Risk Review
Risk Management The trustees have assessed the major risks to which the charity is exposed, in particular Policy: those related to the operations and finances of the charity and are satisfied systems are in place to mitigate exposure to the major risks.
Related Parties:
s a Partner of Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provide administration, legal and accounting services to the trust for which fees are charged. In the accounting year ended 5 April 2025 Shepherd and Wedderburn fees amounted to £15,810.00 (2024; £15,720.00). No fees (2024; £nil) are outstanding at close of period. These fees are inclusive of VAT at the prevailing rate of 20%.
Plans for the Future: The trustees do not anticipate any material changes to the operations of the charity in the forthcoming year and will continue to engage with the National Library of Scotland.
Approved by the trustees and signed on their behalf:
Signed:
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Date
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Page 4
THE ELIZABETH SOUTAR CHARITABLE TRUST
Statement of Receipts and Payments for the Year Ended 5 April 2025
| Magnus & Capital Janet Soutar Ronald W Total Note Fund Fund Clark Fund 2025 (70% Share) (30% Share) £ £ £ £ Receipts Investment income 2 - 28,985.69 12,422.44 41,408.13 Bank interest 2 - 650.76 278.89 929.65 Total incoming resources - 29,636.45 12,701.33 42,337.78 Payments Costs of generating funds: Investment management costs 3 (10,839.87) - - (10,839.87) Charitable distributions 4 - (78,750.00) (7,000.00) (85,750.00) Support costs 5 (3,952.50) (2,766.75) (1,185.75) (7,905.00) Governance costs 6 (4,210.00) (2,947.00) (1,263.00) (8,420.00) Total resources expended (19,002.37) (84,463.75) (9,448.75) (112,914.87) Net (outgoing)/incoming resources before asset and investment movements, and transfers (19,002.37) (54,827.30) 3,252.58 (70,577.09) Asset and investment movements Proceeds from sale of investments 7 588,838.94 - - 588,838.94 Purchase of investments 7 (521,738.71) - - (521,738.71) Net receipts/(payments) after asset and investment movements 48,097.86 (54,827.30) 3,252.58 (3,476.86) Transfers to/(from) funds - - - - Surplus/(deficit) for year 48,097.86 (54,827.30) 3,252.58 (3,476.86) |
Total 2024 £ 41,660.88 1,807.28 43,468.16 (10,116.48) (75,274.00) (7,860.00) (8,375.00) (101,625.48) (58,157.32) 491,582.23 (489,192.19) (55,767.28) - (55,767.28) |
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The notes on pages 8 - 11 form part of these accounts
Page 5
THE ELIZABETH SOUTAR CHARITABLE TRUST
Statement of Balances as at 5 April 2025
| Note Funds reconciliation Cash at bank and in hand 05/04/2024 Surplus/(deficit) for year Cash at bank and in hand 05/04/2025 Represented by: Shepherd and Wedderburn LLP: Bank of Scotland deposit account RBC Brewin Dolphin: Capital cash balance Income cash balance Other assets Investments at market value 7 Restricted funds divisible thus Magnus and Janet Soutar Fund Ronald W Clark Fund |
Unrestricted Restricted Total Fund Funds 2025 £ £ £ (80,796.10) 144,457.79 63,661.69 48,097.86 (51,574.72) (3,476.86) (32,698.24) 92,883.07 60,184.83 (59,241.51) 90,541.28 31,299.77 26,543.27 - 26,543.27 - 2,341.79 2,341.79 (32,698.24) 92,883.07 60,184.83 1,454,130.85 - 1,454,130.85 2025 (62,876.84) £ 155,759.91 92,883.07 £ |
Total 2024 £ 119,428.97 (55,767.28) 63,661.69 46,181.54 10,583.66 6,896.49 63,661.69 1,571,957.94 2024 (8,049.54) £ 152,507.33 144,457.79 £ |
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Page 6
THE ELIZABETH SOUTAR CHARITABLE TRUST
Statement of Balances as at 5 April 2025 (Contd)
| Liabilities Shepherd and Wedderburn LLP fee 9 Independent Examiner fee: 9 |
Unrestricted Restricted Fund Funds 2025 £ £ £ - - - (257.50) (257.50) (515.00) (257.50) (257.50) (515.00) |
2024 £ 0.00 (515.00) (515.00) |
|---|---|---|
The notes on pages 8 - 11 form part of these accounts
Approved by the trustees and signed on their behalf:
Signed: ………………. Date …………………………………………………………………………….
Page 7
THE ELIZABETH SOUTAR CHARITABLE TRUST
Notes to the Accounts
For the Year Ended 5 April 2025
1 Accounting Policies
These accounts have been prepared on a receipts and payments basis in accordance with the Charities and Trustees Investment Act (Scotland) 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
Nature and Purpose of Funds
Unrestricted funds are those that may be used at the discretion of the trustees in furtherance of the objects of the charity. The trustees maintain a single unrestricted fund for the day-to-day running of the charity, referred to as the Capital Fund. In accordance with the reorganisation scheme approved by OSCR on 12 September 2024 the trustees have discretion to expend the Capital Fund to support the charitable purposes.
Restricted funds may only be used for specific purposes. Restrictions arise when specified by the donor or when funds are raised for specific purposes. The trustees maintain two restricted funds which are referred to as the Revenue Fund. The Revenue Fund is split into two funds as follows:
Magnus & Janet Soutar Fund - 70% share. This fund is used for the specific purposes outlined in the Trustees Report.
Ronald W Clark Fund - 30% share. This fund is used for the specific purposes outlined in the Trustees Report.
Incoming Resources
All incoming resources are included in the Statement of Receipts and Payments when the trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- Investment Income is included when receivable.
Resources Expended
Expenditure is recognised on a receipts and payments basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:
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Costs of generating funds comprise the costs associated with the attracting voluntary income and the investment management fees.
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Charitable expenditure includes grants and donations made and an apportionment of support costs as shown in note 4.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity. Shepherd and Wedderburn's fee is split between general accounting and administration costs, and governance costs. The allocation is based on staff time.
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All costs are allocated between the expenditure categories of the Statement of Receipts and Payments on a basis designed to reflect the use of its resource.
Investments
Investments are included at market value at the year end, with the net impact of investment transactions being recognised in the Statement of Receipts and Payments.
Page 8
THE ELIZABETH SOUTAR CHARITABLE TRUST
Notes to the Accounts (Contd)
For the Year Ended 5 April 2025 (Contd)
| 2 Investment Income Magnus & Janet Soutar Fund UK dividends 11,288.36 £ UK interest 5,515.43 Property income distributions 536.20 Overseas dividends 6,941.75 Overseas interest 4,703.95 Bank interest 650.76 29,636.45 £ 3 Cost of Generating Funds Investment Management Costs: RBC Brewin Dolphin fees to 05/04/2025 4 Charitable Distributions National Library of Scotland: Gilbert Burnet's Disputatio Juridica 1703, contribution Original manuscript of Sir Walter Scott's poem 'Halidon Hill, contribution Sir Henry Elliot personal papers, contribution Jackie Kay literary and personal papers, contribution James Hume book 'Algebre de Viète, d’une methode nouvelle, claire, et facile', contribution General Sir J Aylmer Haldane original manuscript of his book 'How we escaped Pretoria', contribution David Hume manuscripts, series of seven letters to William Mure of Caldwell, contribution First Chinese language edition of Adam Smith's 'Wealth of Nations', contribution Jessie Marion King pen and ink drawings, contribution Charitable distributions 2024 |
Ronald W Clark Fund 4,837.87 £ 2,363.76 229.80 2,975.03 2,015.98 278.89 12,701.33 £ Magnus & Janet Soutar Fund 3,750.00 £ 5,000.00 5,000.00 20,000.00 - 5,000.00 30,000.00 5,000.00 5,000.00 78,750.00 £ 54,954.00 £ |
Total Total 2025 2024 16,126.23 18,774.69 £ 7,879.19 7,227.70 766.00 1,535.90 9,916.78 8,274.65 6,719.93 5,847.94 929.65 1,807.28 42,337.78 £ 43,468.16 £ Capital Fund Capital Fund 2025 2024 10,839.87 £ 10,116.48 £ Ronald W Total Clark Fund 2025 - £ 3,750.00 £ - - 5,000.00 - 5,000.00 - 20,000.00 7,000.00 7,000.00 - 5,000.00 - 30,000.00 - 5,000.00 - 5,000.00 7,000.00 £ 85,750.00 £ 20,320.00 £ 75,274.00 £ |
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Page 9
THE ELIZABETH SOUTAR CHARITABLE TRUST
Notes to the Accounts (Contd)
For the Year Ended 5 April 2025 (Contd)
| 5 Support Costs Shepherd and Wedderburn LLP: Fees to 05/04/2023 Fees to 05/04/2024 Fees to 05/04/2025 6 Governance Costs Shepherd and Wedderburn LLP: Fees to 05/04/2023 Fees to 05/04/2024 Fees to 05/04/2025 Independent Examiner's fee: fee 2024 7 Investments Market value at 5 April 2024 Additions during the year Disposals during the year Realised gains/(losses) on investments Unrealised (losses)/gains on investments Market value at 5 April 2025 |
Capital Revenue Fund Fund - £ - £ - - 3,952.50 3,952.50 3,952.50 £ 3,952.50 £ Capital Revenue Fund Fund - £ - £ - - 3,952.50 3,952.50 257.50 257.50 4,210.00 £ 4,210.00 £ |
Total Total 2025 2024 - £ 2,100.00 - 5,760.00 7,905.00 - 7,905.00 £ 7,860.00 £ Total Total 2025 2024 - £ 2,100.00 - 5,760.00 7,905.00 - 515.00 515.00 8,420.00 £ 8,375.00 £ 2025 2024 1,571,957.94 £ 1,447,802.00 £ 521,738.71 489,192.19 (588,838.94) (491,582.23) 20,833.72 (39.57) (71,560.58) 126,585.55 1,454,130.85 £ 1,571,957.94 £ |
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UK domiciled securities are held on the trust’s behalf by RBC Brewin Dolphin and registered in their nominee name. Overseas domiciled securities are held on the trust's behalf by a sub-custodian appointed by RBC Brewin Dolphin and registered in the name of the sub-custodian's nominee. As at 5 April 2025 the market value of the UK domiciled securities was £763,693.25 and the market value of the overseas domiciled securities was £937,841.10.
Investments with a market value in excess of 5% of the investment portfolio as at 5 April 2025:
| Vanguard FTSE 100 ETF 2,450 ordinary NPV shares |
2025 85,848.00 £ |
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Page 10
THE ELIZABETH SOUTAR CHARITABLE TRUST
Notes to the Accounts (Contd)
For the Year Ended 5 April 2025 (Contd)
8 Related Party Transactions
a Partner of Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provide administration, legal and accounting services to the trust for which fees are charged. In the accounting year ended 5 April 2025 Shepherd and Wedderburn fees amounted to £15,810.00 (2024; £15,720.00). No fees (2024; £nil) are outstanding at close of period. These fees are inclusive of VAT at the prevailing rate of 20%.
| 9 Liabilities Shepherd and Wedderburn LLP: Balance of fees to 05/04/2025 Independent Examiner's fee: , fee 2025 |
Capital Revenue Total Total Fund Fund 2025 2024 - £ - £ - £ - £ 257.50 257.50 515.00 515.00 257.50 £ 257.50 £ 515.00 £ 515.00 £ |
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Page 11
THE ELIZABETH SOUTAR CHARITABLE TRUST
Independent Examiner's Report to the Trustees
| report on the accounts of the charity for the year ended 5 April 2025, set out on pages 5 to 11.
Respective responsibilities of the Trustees and the Independent Examiner
As described in the Trustee’s Report, the trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirements of Regulation 10 (1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under 44 (1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended). 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 the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended); and
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to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations (as amended);
have not been met; or
Zz: to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name:
ee
Relevant professional qualification/professional body; Society of Law Accountants in Scotland
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