S¢ottish Charity No. SC029907 REPORT AND AccouTrrrs From: 1st April 2024 To." 3181 March 2025
ERA Reftre Twem C(nnell, Soli¢ito PriK¢i ExCh&C l Earl Grey Str¢¢t EdInbu& EH3 9EE Able & Y(Mm8 Ltd Aip)rt House Pwl¢y Way, Su CRO OXZ S¢hmts & Co. Limit1 Tradkng as C¥ithl Mana8rn1 12 Moor8 Londo EC2R 6DA De¢d of Tnth by Nlchol&q P.u#ace H&ldoh Esq and Mrs Mthrw Je DUTh F•rguson 2nd Mnrch 2fy)O and r•8l#ernl In tIK Book8 orcn¢11 and Session on 9th Marth 2000. By Mlnts orth¢ Tn¥t¢¢s dattsl 28th Decank 21N)6 the Th4m¢ Of Tvjst waq ChSed 'ThI Kilfinan Tn,. The power to appoint new Thtses li vesled in the durln8 their Jolnt liftlimts w Ions as they retain cpa¢ity lo exerGi5e Such All fnthees are actively involved in the deelsloh making pm¢as. Reqlts fLY fimdin8 are revi¢w¢d by the Trustepi th¢y ¥is¢. Durln8 the year the frust paid sum of £13200 (2024 £13200) to Solid Mana8enKnt and Consultartcy Lirnited forthe provision of an odmifftistrativ¢ consufrarf to the Kilfinan Gn>up. Kiifinan Group 15 1 meniorin for ih Chief Executive Officm of Charitics and emblished by paymeTrt is re8wded as a thnwtion ¢0 Kilfinkn Group. Iring the year the Tntst made a donions of f85iXJQ to Lets Grow Kld8 UK Ltd, A tharity in 1¢h the trusQes
The Trustees hw¢ auessed the major risks to which the Ghrity 1$ exposed, ift particular those related to the operntions and finKes of the Tnut and are sitisfied thal sysm$ are kn place to mitl8ate their exposure ts th¢ major risks. The TTU5tQe5 we dire¢tsd in taiiij of thr Trust D&d to w or apply the Incorn¢ or Capitsl of the Trnst Fund for thc b¢n¢fii or fiffthrn¢e of such purpoge& objects or instIlOn$, clwitabl¢ ID law. as the Thte£S in thelr absolute discretion $hall dttermine. The Tntste¢s akn authori5 to ac¢umulat¢ for the twenty one year I10d fiDm 2nd MaTclJ 2(KM). There bave been no mat¢rial d>anges in obJectAves Olnce the last ann1 report The principal mission of the Tntstees is to inWrO th¢ opportLmities for young people of Argyll to lead a lfill1Th8 lifr there. In addition the Trnsleex hope to benefit society In 86n¢rnl by other donaiions 1¢h they may make. The TTU5tees hove adopted a poli¢y of makin8 donations or lo$ to those Oan1ti£ they feel require most support and whw pwpw¢s fall wrthin th¢ spectrum of the Thut Deed. 41 The TTUStees have recelved applications from a number of org4fiisitiMs thrOUout th• ymr £226342 wlied In makin8 don105. The TTUgt¢e$' Inv¢Jtyneht policy is 8e8red towards I trfal retyrn basi Investtnent inrome including intereat recelved £61,827 during the y¢ and dpnalions in form of shaS in the swn of £209.744 The inYeslmeThts ofthe Trust have & markd value of £2.285,776 (2024 £2,434,489) and th¢r¢ are net ¢urrent assets of £2.781.957 (2024 £2,848,945). Th¢ Trust r¢¢eived inwme of £61,827 and £209744 (2024 £46.234) during the year nd £226,342 {2024 £227,002) 4)plied in m8king donationi. T1¢ are ongoing fvture ¢ommitments. Clwilable donations paid in the year amount¢d to 8Y• of the adjuqted trus¢ funds. In xcordanc¢ with the Trwt D¢ed. the Trusttts have power to iTrvest in $u¢h Sha3, inv¢skn¢nts propety in th¢ Unlted Kingdom or abroad as they in their sole discretion thll)k fit. Th¢ Trnsloes engaged hrodeTS Priva¢¢ Bank &$ inv¢slmwrt mAnwrs, TIM are no ¢onstraints pla¢¢d upott th¢ Investm which may b¢ held in ihe portfolio.
EN ND TO The Trust funds ar¢ unTEStricted and repremted by a portfolio of inve5tmcntsand ¢h balances. The invalments ¢ maDa8ed on a discretionary basis by the investsnent managers. The Tnwtees have Power lo drnw upon Ihe fimd$ in filltherwKe of the Trusfs obitIVeS wljllrt ret•ining suffl¢lt funds to meet any Mmmitinonts tlw may undcrtake. It IS the policy of the TThstc¢s to distribute the ffid$ of the Tnt in the forni of dontnI. The ThMte Jr¢ responsibb for pr¢pariTh8 the RgpLYt and the Accounts a¢cordance with applicable law and re8ul#tions. The Thariti¢$ Ond Trustee inve8th)ent (Scotland) Ac¢ 2005 and The Charities Accounts (Scotland) Regulations 21x16 Tequirc the Tnmees to prepare a Sts¢ement ofa¢counts exh financial year whi¢h 8iv¢ a tru¢ and falr vlew of the stht¢ of 4ffair• of the Th18t and of its rwults for that period. In prepIng those xcowit4 the ThMteeJ are rquired to follow bell prn¢tice - 8ele¢t $ultabl¢ a¢wuntiDg policies and then Papply them ¢cfflsist¢ntly> - obseTht the method$ and principl¢s in the Charities SORP. . make iudg¢mffits estim#eg thnt are re•sonabl¢ and PTiMlent' - stale whether applicable accounling standardj and ststements of recomMed practice have b¢¢n followed, Jubject thy departu dixlosed explained in the x¢ounts' and - prrpar¢ th¢ accounts on the goin8 coftrxrn basil unle$$ it is iii•pproprial¢ to •sgun that the TTUSt wlll rA)ntinu¢ on thii basi& The above nthed kgislition also rtquirtt the Thistees to be Tespmsible foT keeping proper coUntIng rewds whith disclos¢ with re&wnable curY * Nny time the financial p05i¢lon of the trltht to enable them to ¢n5ure that th¢ accounts ¢omply with th¢ le8isl&tion. They are also responsible saf¢8uarding the assets of th¢ Ttusi hen¢¢ for tsking reasonable steps for the pr¢v¢nI1 and detrction of fraud Oth hregularities. Accounts preparalio The Trustees confinn that & a¢¢ounts for the year ended 31 st Mwch 2025 have been prepared so as to comply with current ststutory r¢quirement& the Charity SORP and the TntsV3 own governing document.
RTO MAR Approved on behalf otthe Thistees
KILFINAN TRUST rNDEPENDEMf EXAMINER'S REPORT TO THE TRUfftES I Iwt on Ihe d>ity tho)wended Jllt Mt¢h 2025 which we out&va 6th12. tenusof ThaTrilM & TrusteE InvestrAen¢ (S& Aa 2005. the LTrit Acth (s11 Re8ulAtirni th# Tnjst lknl. Th¢ dwity Iht the I111 reguifftncnt of r•8ullon 10(1> <4) 10 (¢ ) Df thi M6 A(¢¢unl R4ul)tknns thx9 noi pIy. It 15 T¢SwA¥ibility lo fA•rniN¢fv I1 uNkr seetion 44(70) {¢ ) of th¢ OF My ex•filnthtk)n ts In atrdIn with ReBulon I l ofthc 21Th A¢nts Rwl•tioM An VAarnin1on Inrluths a rwivw uf tht reqjrth k¢p¢ by the prcsthba with It al&) o1Y ile dbck)Jures in thr •Jd x¢ks¢xplmiow frofft tho tyv910M miL¥mwJi NK The urtrS>tkn thj Thjt Nov&le ali d% evlthntt &t would t¢ requiMI in m I11( t•wwrAly16) ool wrtsy iudil opinlon on thtr vi¢w 8ivffl by th¢#Ull IA thfrLy+un¢ of njy ¢XWJthJ1O. fiD h45)Jnbeb) my tsttenthi l. 8iva ffle TOnbItC1tO bdi¢vt thrt the . lo in tt<¥rfaJK¢ Mth Etion Wl) (É) ofth 2MJ Act Reylth 4 orth¢ 2tsJ6 A(xvJThts W*h)n8 . to prepue ¢ouTh twrd the accou1 r•rdSd wowly with R4ul#im l ofth• 2. 10 Whi¢ In ¥y opiolork aMNHv)o th)uld be in i woper Dfthe Abk & Young Ltd Airyt Hoult PuAcy Way Sur CRO OXZ 2026
us CIAL 20 le8acies 209,744 209.744 Investment Income 61,827 01.827 46234 Total 271571 271571 46.234 Charitable a¢tivities Custodial fe 226J43 S,J81 3,466 226.343 5.581 3.466 227.002 3,993 J,423 Total 234419 NET EXPENDITURE 36.182 36,182 188.18S Net sain10> on investhients For¢lp CuThew Giin l(Loss) 93,756 2.414 93,756 2,414 219,990 4,508 Net Mov¢mMt in Fw)d$ 59,918 S9.988 27,297 1 At lt April 2024 2.848,945 2,848.945 2,821.648 8al•nce 45 * 31st M•rch 2025 2,788,957 2.788.957 2,848,945
RCH2 2 454 488 CAqh on d•poslt wd In hand Sundry debtors io 475.851 29.728 349,017 47,840 Current Liabili¢ Crt41itors: arnounts due within M¢ y¢ar 2,400 2.4 2.40Q 2.41)0 Net CwTertt A31¢ts 503.180 394.457 Net Asnts 2,788,957 2.848,945 Credltora: wnowts due after one )vr Totsl As8d8 2 788 957 EudOnl Fund (UnRstri¢d) 2,788.957 2.848,945 Utsliitrltd iti¢4mi 2 788 957 2 848 945 Apprnved by d% TNei and authorised to be s*d on th¢r behalf
l A¢e•un¢lry Polleles The Acc<xmts of the trust are prepared undw tk Historfcal Cost Conventioft modified to Mee revaluation of fixed to comply with Tnt law, The Charities TnLStee inve31meftt (S¢odand) Act 2005 , and Clwities ACts (Scotld) Regulations 2006. The accouxts also ¢omply with th¢ A¢¢ountin8 and ReWtI by Charlties: stateme of Reccqnmended Prncticz (revlsed 2005), To compty fulty with the Ststement of Re¢thnrn Practi knvestsiients included in the Balanc¢ Sheet at markd value at the y¢ar end date, the Unreali sain IS bein8 appli to Capital. Net realised 8ains losses on sale of investments slThD in the Ststement of Financial Adivlties. ¢) Inveslm¢n¢ income is Included in the accounts in the year in whith It is receivable. d) Expendlturn Is Included In the Kcoun¢ oft an I¢¢n basts and reColsed in fvll u goon as ony obll8alion arises. DOnOn5 are Tetk¢ted in the OUnts oft a paid bjsis. F¢e$ char by Able & Youn8 for ¢0try berf ¢har8ed lOA to othér costs. The Independeirt Examiners fe¢s have been allo¢ated 100% to other ¢oJts. Fe¢s charged by Cazepove Capital Mwwymeni for m•ugin& the invesbyxm Portfolio hv¢ be¢n allocate410 Custodial ftts Support Md other Costs are nol alloted a8ain8t indiviknl yams or donations. Grants OrISed to be paid in rewt of the accountipg or futwe yetrs we provid¢d for tn the Iounts, I) YAI The Thllt is not re8iStffed for VAT puoSe8 Ind all VAT incurred is ther¢fore Strecovernble. Where applied. VAT 15 as part of the expen.
cco 2 Debtors due from S J Noble Thut Botsnie4 loan 25.92821 44.039,06 47 39.66 3 Credttors t) Due wlthl• on¢ year Abl¢ & Youn& Exmnination Feeg Able & YouD& AccountarKy Fees 1,200.00 1.200.00 1.200.00 I,2,00 4 Ch•rltible DoniiloTr• 4) Adv•M¢¢m¢nt of Eduu¢loR Dunoon School SoGi¢ty Of Wrilm Edinbur8h S¢l¢nce Kilfir4n Tntyt Th¢ Marine Socltty Sea &dets Internati(M41 D¢ndrology 500.1Y) 100.00 i.000.00 2J,000.00 3,330.00 b) Adv•neemtnt of Rellwon St Georg¢s Chur¢h Kilfinth P4riJh Church St. Mlrtins EpfJcopaT Church 28 330.00 160Q.00 2,730.00 17200.00 2,750.00 2,200.00 3.151.74 19 950.00 8 101.74 c) Adv•nttm¢Nt of Health Scottlshsplnablf Kllfman Mid Ar8yII Youth DevelopThKnt Serviceg I,000.cKJ 3,400.00 3,300.00 d) Adv•ne¢mtnt of Cltlzew&lp or Commialty D*velopnKmt Cowal Eld¢rly Burg Hall Trust The Rediwtld Foundation Kandc Foundarton West ithdon Acllon for Children ThTr Dist Glasgow C41edon7a Highland Society of London Youth Impacl io.000.00 iJo.00 12.694.66 1,000.00 i.000.00 1,000.00 15.OthJ.00 2.000.00 11.040.00 250.00 15.¢)00.00 1,000.00 15,000.1]O 2208.00 250.00 15.000.00
TOT Lts Orow Kld8 UK Nobk Trwt 15.IKXI.00 85,000.fy) 2,OOIlOQ 121608. 145 984.66 e) Advincernent of the Arts, Ikrltsp or CuknTt Courtauld Institute of Art The kugby Portthllo TnAt Newbwy Festtl Bdtlsh museum Eng NatiNh#l Balk Tr Royal Opera Hous¢ 7,050,IXI 7,050.00 I,cxx).00 2,Q50.QO 2hOD.00 12(Ki.00 5,510,00 10,000.(xi 2.600.IN) 4.820.00 10.orKJ.00 I,.00 I,ooo.00 CO1$ of Romanc5 British Archaeologiral 26 470.00 O courWallOn NOr1w eonservotlve Ardknont shttp d08 loo. 100,00 I,000,00 10.00 10. g) Oth•r Ch•rltabk Purpo . Solid Man•8emeftt (Kilfinan hlenlofing Grw) Charities Aid FodItion, Kin8 Edw4rd Fffids Hollmd Pwk Historic Sc¢xld 13200.00 300.00 13200. 300. 15.¢X) 73.5 3.075.00 1,225.00 8,087,40 ??.00 2.9J2.50 1,575.00 Others vario 1,200.00 ISS.00 9.420.¢0 i.(K)o.00 The GrDb Tnisl Fi8lKing words 100.00 19 36 395.9) 226 2.50 227 IK12,30 Dth#k)N mpAle In the >tar 3 1st M•rth 2025 226 42.50 227 002.30 5 TT¥¢ Expenie8 Nll fees OT expenses bav¢ b¢£n pald to the Trte¢S (202 nil). All Trustees act grntuitOU81y. FM$ paid to S¢hroder Priv4tt Bahk for thetr aedmg as Inveslmert M8na8us and for administttlng the Tn* an11 th £5.581 (2O24-£3.993) and ks ClUded in the SOFA under ¢oJts of rnlslng fids.
6 Cost of yn¢rA¢h)i fu•di Invesiment rnaDigan¢M fees 5 581.07 7 Other Coit• Examination Fees (hKluding VAT) ACmn14nCY F¢cs (In¢h1n8 VAT) Bank Clwgcs Legal fe¢5 Substriptio 2,4.00 2,$20.00 240.00 388,38 60.QQ 215.00 389.00 6n.00 3 423.38 8 Inv•8im¢Thts Value of Investmm It Is¢ April 2024 2.454,487.99 Aequtsititms 209,744.38 2.664.232.37 D511S t¥iiil repayments 284.699.00 Reallsed Gain Unr¢alis¢d Gain unlIsed L•ss 77,281.00 171,037.00 Mwket Value of Investments at 3 1st MAT¢h 2025 2 285 777.37 Indlvidual holdings whi¢h ex¢¢¢d 5% of portfolio by vijue as at 3 lit March 2023 Visa Sclwoder Asla Alpha Pl Man GLG Sterling Corporat¢ Bond Fd WisdomTr¢¢ Physlcal Gold ETC Alphab¢t ( Shares C) Apple 208.311.00 182,198.00 215.425.00 151.013.00 127.427.00 200 367,00 1084 741.00
Foreign Currency Gain l{LosJ) Exd1g¢ difftr¢n¢¢ 4 508.00 9 InvMtrn¢iit Ineom¢ Divithnd Inwme Bank Int0rn81 28251.00 30267.40 08.54 .94 25,260.98 17.645.13 3 327.55 46 233.66 10 Calh on depNIt and In hand Capitsl )Ot cve Income acc(Mint 48297.04 144,967J2 25.756.72 70.55 256 759.70 475 851.33 102,469.54 116,741.70 29,834.07 71.00 99901.00 349017.31 EURO account USD ac¢ount 10 N¢¢ R•cOlltIon Capital In¢om• Totsl Inveatffl¢nts 2.285,777.00 2.285,777.00 Cwh on •nd In hand 475,851.33 473,851.33 29,728.21 29.728.21 2.791 J56,54 2.791,3S6.54 Crditors (2,400.(X)) 2,400.00 2 788 956.54 2 788 956.$4
I l Doiatl•M from Trustus txwing the year the tritst received domtions in the forn) of kn fmm the tnisf¢¢S.