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← Skene Trust

2025-04-05-accounts

Charity registration number SC028573 (Scotland)

SKENE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

SKENE TRUST

CONTENTS

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SKENE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report and financial statements for the year ended 5 April 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

The principal objectives and activities of the Trust are to give financial support to organisations, activities, churches, missionary organisations and individuals carrying out Christian religious work.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance

The Trust achieved its objectives for the year by donating £95,500 (2024 - £87,000) to a number of relevant organisations. These gifts were funded from the receipt of investment income and donations received during the year.

Financial review

The Trust maintains the Unrestricted Reserve to achieve its charitable objectives. As at 5 April 2025, the balance on this reserve was £2,570,453 (2024: £2,717,911). During the year, donations were given by trustees of £50,000 (2024: £28,300). The donations recaived have been added to fixed asset investments, which are handled bya third party broker so investment decisions are not handled directly by the trustees. To ensure the investment holdings are in line with the overall charity's objectives and goals, they ensure investments are held in ethical companies.

Reserves policy

As the Trust has no employees or overheads other than professional fees, the Trustees are of the view that the minimum level of reserves appropriate to the Trust is £2,000 for operational purposes. They have also invested in longer term capital assets that will provide an annual income and the possibility of future capital growth.

Plans for future periods

The trustees plan to make further donations to the trust in order to maintain the investments so the trust can continue to meet its objectives of supporting the Christian faith in the future.

Structure, governance and management

The Trust is controlled by its governing document, a deed of trust dated 18 January 1999 and constitutes an unincorporated charity.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Trustees are appointed by existing Trustees on the basis of bringing appropriate skills, experience and knowledge to the Trust. As the Trust does not employ staff, all decisions are taken by the Trustees and } | ma: delegated as Executive Trustee to enact the decisions of the Trustees.

SKENE TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Reference and administrative details Principal address c/o Ledingham Chalmers LLP Johnstone House 52-54 Rose Street Aberdeen AB10 1HA

Bankers

The Royal Bank of Scotland pic Liverpool Csc Stephenson Way Wavertree Liverpool L13 1HE a-

SKENE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SKENE TRUST

| report on the financial statements of the Trust for the year ended 5 April 2025, which are set out on pages 4 to 11.

Respective responsibilities of Trustees and examiner The trust'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 trust's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations (as amended) does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the 2005 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 Charities Accounts (Scotland) Regulations 2006. 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 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 financial statements.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

| understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

22 December 2025

SKENE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 2 62,500 35,375
Investments 3 64,211 74,215
Total income 126,711 109,590
Expenditure on:
Raising funds 4 13,892 13,510
Charitable activities 5 102,147 90,438
Other expenditure 8 89,708 3,793
Total expenditure 205,747 107,741
Net gains/(losses) on investments 9 (68,422) 23,058
Net income/(expenditure) and movement infunds (147,458) 24,907
Reconciliation offunds:
Fund balances at 6 April 2024 2,717,911 2,693,004
Fundbalancesat5April2025 2,570,453 2,717,911

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SKENE TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 10 2,455,949 2,486,132
Other assets
Debtors falling due after one year 11 21,030 105,552
Debtors falling duewithin one year 11 24,690 37,075
Cash at bank and in hand 74,509 95,107
120,229 237,734
Creditors: amounts falling due within
oneyear 12 (5,725) (5,955)
Net current assets 114,504 231,779
Total assets less current liabilities 2,570,453 2,717,911
Income funds
Unrestricted funds - general 2,570,453 2,717,911
2,570,453 2,717,911

SKENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 i 1Accounting policies

Charity information

Skene Trust is a trust controlled by a deed of trust dated 18 January 1999 and constitutes an unincoporated charity. The principle address is c/o Ledingham Chalmers LLP, Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

1.1. Accounting convention The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting 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 are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequete resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

Further explanation of the nature and purpose of each fund in included in the notes to the financial statements.

1.4 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance condifions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SKENE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 1 Accounting policies

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Liabilities are 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.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.

SKENE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 62,500 35,375

3 Income from investments

Unrestricted Unrestricted
funds funds
2026 2024
£ £
Income from listed investments 54,836 60,945
Other income 6,140 6,574
Interest receivable 3,235 6,696
64,211 74,215

4 Raising funds

Investment management

Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
13,892 13,510
13,892 13,510

SKENE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

ee

5 Expenditure on charitable activities

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||||||| |---|---|---|---|---|---| |Charitable|Charitable| |activities|activities| |2025|2024| |£|£| |Direct|costs| |Gifts|to|christian|education|70,000|47,000| |Gifts|to|organisations|25,500|40,000| |Legal and|professional|fees|1,180|-| |Audit|and|accountancy|fees|4,554|3,438| |Conference|and|events|913|-| |102,147|90,438| |Analysis|by|fund| |Unrestricted funds|102,147|90,438|

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6 Description of charitable activities

Charitable activities

The charitable activities are to give financial support to organisations, activities, churches, missionary organisations and individuals carrying out Christian religious work.

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

8 Other expenditure

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |general|general| |2025|2024| |Loans|written|off|86,331|-| |UK tax on|investment|income|1,002|1,315| |Foreign|tax|on|investment|income|2,375|2,478| |89,708|3,793|

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SKENE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

NN$$

9 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluationofinvestments (104,758) 32,355
Sale of investments 36,336 (9,297)
(68,422) 23,058
10 Fixed asset investments
Listed Unlisted Cash in Total
investments investments portfolio
£ £ £ £
Cost or valuation
At 6April 2024 2,303,436 156,057 26,639 2,486,132
Additions 1,388,098 - (1,365,866) 22,232
Valuation changes (104,758) . . (104,758)
Dividend income - - 52,905 52,905
Othermovements 215 - (14,282) (14,067)
Disposals (1,510,995) - 1,524,500 13,505
At5April 2025 2,075,996 156,057 223,896 2,455,949
Carrying amount
At05April 2025 2,075,996 156,057 223,896 2,455,949
At05April 2024 2,303,436 156,057 26,639 2,486,132
11 Debtors
2025 2024
Amounts falling duewithin oneyear: is £
Other debtors 24,690 37,075
2025 2024
Amounts falling due aftermorethan oneyear: £ £
Loans and receivables 21,030 105,552
Totaldebtors 45,720 142,627

10 Fixed asset investments

SKENE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

eee 12 Creditors: amounts falling due within one year

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2025 2024
£ £
Accruals and deferred income 5,725 5,955
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13. Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

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At 6 April Incoming Resources Gains and At 5 April
2024 resources expended losses 2025
£ & £ £ £
General funds 2,717,911 126,711 (205,747) (68,422) 2,570,453
Previous year: At 6 April Incoming Resources Gains and At 5 April
2023 resources expended losses 2024
£ £ £ £ £
General funds 2,693,004 109,590 (107,741) 23,058 2,717,911
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14 Related party transactions

During the year, 3 trustees donated £50,000 (2024 - £28,300) to the trust.

During the year £20,000 (2024 - £35,000) was donated to Westminster Theological Centre, a charity that provides theological educational training to degree level. A trustee is the Finance Director of the Westminster Theological Centre.

During the year £3,229 (2024 - £4,101) was paid to AW Financial Management LLP, a Wealth Management firm, for oversight of the investment portfolio. A trustee is the Managing Partner of AW Financial Management LLP. These amounts were paid viaa

15 Ultimate controlling party

The charity is controlled by the trustees.