Miss E A Kidney’s Trust for St Paul's Cathedral
(Charity Ref: SC030645)
Accounts for the year to 30 June 2025
Contents
Reference & Admin Information Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments
2
Eileen Kidney’s Trust for St Paul’s Cathedral
Reference and Administrative Information
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Names of Trustees
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Date/Manner of
Appointment
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Charity Reference No. SC030645 pT" ~
" ~ Charity
Investment Managers
Thorntons Investment Management Limited, Whitehall House, 33 Yeaman Shore, Dundee DD1 4B)
Nominee Company:
Lawshare Nominees Limited, or such other nominee company as A J Bell Securities may appoint
Principal Bankers
Royal Bank of Scotland pic, 3 High Street, Dundee DD1 SLY
;
3
Eileen Kidney’s Trust for St Paul’s Cathedral
Report of the Trustees for the year to 30 June 2025
The trustees present their report and accounts for the year ended 30 June 2025. The report and accounts have been prepared in accordance with the charity's trust deed and with the accounting policies set out on page 10.
Structure, Governance and Management
Constitution datedWill dated20 May18 August1999 and1998 >»30 August
tyyy respectively, Veedesor Arrangement relative to thediedestate on 9of Julythe 2009lat
ra
dated 26 October 2001.
Note:
On 4 March 2009 the trustees agreed, under the terms of the Charities and Trustee Investment (Scotland) Act 2005 Section 39 (1), to the transfer into the trust the capital funds of the Misses Clunie Charitable Trust for St Paul's Cathedral, following consent from the Cffice of the Scottish Charity Regulator (OSCR). The total funds transferred amounted to £2,093.
Appointment of trustees
Trustees are nominated by the then existing trustees and their appointment confirmed by formal Deed of Assumption.
Trustee induction and training
The trustees deal appropriately as regards induction and training on new trustees being appointed. This includes awareness of a trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. A new trustee receives copies of the previous year’s accounts, minutes of recent trustee meetings and a copy of the OSCR booklet “Guidance and Good Practice for Charity Trustees”, if appropriate.
Organisation
The day-to-day administration is carried out by Thorntons Law LLP, as agents for the Trust. The Trustees meet as and when required to review all aspects of the Trust’s affairs.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the trust, and are satisfied that systems are in place to mitigate exposure to those risks.
Objectives and Activities
Purposes
For the benefit of the Vestry of the Cathedral Church of St Paul, High Street, Dundee; for the works, maintenance or other purposes of the Cathedral in such a manner or way as the said Vestry shall determine provided the said Vestry shall at the time of payment be (i) a charitable institution, and (ii) in communion with the Scottish Episcopal Church.
In December 2023 the Trustees resolved to guarantee that, moving forward, there would be 2 half yearly payments of £40,000 and a balancing payment at the end of each year.
Achievements and Performance
Financial Review
The results for the year are set out on pages 6 and 7. Distributions totaling £87,212 (2024 - £80,000) were paid to the Cathedral Church of St Paul.
4
Eileen Kidney’s Trust for St Paul’s Cathedral
Report of the Trustees for the year to 30 June 2025 (cont)
Investment Policy and Performance
There are no restrictions in the Deed on the trustees’ power to invest.
-
(i) The portfolio is medium-risk with the aim being for long-term steady capital and income growth, preserving the values of both in real terms.
-
The performance of the portfolio is measured against the MSCI PIMFA Balanced Growth Index. The performance is reviewed atthe annual Trustees meeting each year.
-
(ii) Investments should be targeted long term as to approximately 20% in Gilts Corporate Bonds or equivalent Alternatives, and 80% in equities, split 60% as to UK equities and 20% as to World ex UK equities. The 60% UK equities should be split as to approximately 85% in FTSE100 companies, and 15% in FTSE250 companies. Any collective investments should help give exposure to markets and geographica! regions which the equities do not cover.
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(iii) |= The target minimum value of any one holding should be around £25,000.
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(iv) | The aim is for an overall dividend return of around £100,000 net.
Reserves Policy
The reserves of[the][trust][originate][from][the][initial][bequest,][together][with][growth][in][the][value][of][investments][and][accumulated] revenue. The trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. The level of free reserves held at 30 June 2025 was £141,719 (2024 - £110,077).
Future Strategy
No changes are presently envisaged in the trust’s policies as outlined above.
Approved by the trustees:
5
Eileen Kidney’s Trust for St Paul’s Cathedral
Independent Examiner's report to the trustees of Eileen Kidney’s Trust for St Paul’s Cathedral
I report on the accounts of the charity for the year ended 30 June 2025 which are set out on pages6 to 10.
This report is made to the trustees, as a hady, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act’) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (‘the 2006 Regulations’). The trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Regulations 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 2006 Regulations. 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 seeks 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 I 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:
-
which gives me reasonable cause to believe that in any material respect the requirements: e to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and
- e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations
-
have not been met, or;
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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2025
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6
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Eileen Kidney’s Trust for St Paul’s Cathedral
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Receipts and Payments Account for the year ended 30 June 2025
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Schedule/ 2025 2024
Appendix £ £
Receipts
Investment income Sch.1 95,847 94,193
Net proceeds from investments App. 1 59,813 33,359
Total receipts 155,660 127,526
Payments
Charitable activities Sch. 2 91,964 87,927
Governance SC F 8,298 12,490
Investment Management Costs Sch. 4 19,776 18,765
Total payments 120,038 119,182
Surplus for year 35,622 8,344
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Note: All funds are unrestricted
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7
Eileen Kidney’s Trust for St Paul’s Cathedral
Statement of Balances as at 30 June 2025
| Schedule/ | 2025 | 2024 | |
|---|---|---|---|
| Appendix | £ | £ | |
| Cash on depositand on hand | |||
| Opening balance | 121,271 | 112,927 | |
| Surplus for year | 35,622 | 8,344 | |
| Closing balance | 156,893 | 121,271 | |
| Reserves | |||
| Unrestricted Funds | 156,893) | 121,271 | |
| Investments | |||
| As valued at 30.06.25 | App. 2 | 2,926,802 | 2,933,252 |
| Estimated Liabilities as at 30.06.25 | |||
| Henderson Loggie LLP, Independent Examination fee | 726 | 660 | |
| Thorntons Investment Management Limited, Balance of Investment fee | 3,353 | 3,322 | |
| St Paul’s Cathedral — balance of Revenue | 11,095 | ipa Pe |
|
| 15,174 | 11,194 |
.
8
Eileen Kidney’s Trust for St Paul’s Cathedral
| Schedule 1 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Investment income | £ | £ | ||||
| Dividend and interest |
income | per | Thorntons | Investment | ||
| Management Limited | 95,386 | 93,666 | ||||
| Intereston Thorntons deposit account | 461 | 527 | ||||
| 95,847 | 94,193 |
Schedule 2 Charitable Activities
(i) Payments in year -
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Cathedral Church of St Paul -
18.12.24 Donation as Agreed 40,000 40,000
10.03.25 Balancing Donation as Agreed 7,212 -
04.06.25 Donation as Agreed 40,000 40,000
Subtotal 87,212 80,000
(ii) Support Costs (Schedule 3) 4,752 7,927
91,964 87,927
Schedule 3 Charitable 2025
Support Costs Activities Governance Total
£ £ £
Thorntons, administration fees 4,752 7,128 11,880
Registers of Scotland — registration dues - 20 20
Audit Services North — independent fee assessment - 490 490
Henderson Loggie LLP, fee for Independent
Examination - 660 660
4,752 8,298 13,050
Charitable 2024
Activities Governance Total
£ £ £
Thorntons, administration fees 7,927 11,890 19,817
Henderson Loggie LLP, fee for Independent
Examination - 600 600
7,927 12,490 20,417
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No trustees received any remuneration or expenses from the trust during this or the preceding year. The trust has no employees.
:
9
Eileen Kidney’s Trust for St Paul’s Cathedrai
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Schedule 4 | |||||
| Investment Management Costs | |||||
| Thorntons Investment |
Management | Limited, | portfolio | ||
| management fees | 19,776 | 18,765 | |||
| Schedule 5 | 2025 | 2024 | |||
| Statement of Revenue | balance as at | 30.06.25 | |||
| Income receipts in year | 95,847 | 94,193 | |||
| Distributions paid to beneficiaries | (87,212) | (80,000) | |||
| Support costs | (4,752) | (7,927) | |||
| Surplus for year | 3,883 | 6,266 | |||
| Balance as at 30.06.24 | 7,212 | 946 | |||
| Balanceasat30.06.25 | 11,095 | 7,212 |
,
10
Eileen Kidney’s Trust for St Paul’s Cathedral
Notes to the Accounts and General Notes regarding Financial Services and Markets Act 2000, Law Society Rules and related matters
1. Accounting Policies
Basis of Preparation
The Accounts are prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).
2. Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate 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.
3. Trustee Interests
Thorntons Trustees Limited is a nominee company administered by Thorntons Law LLP.
4. Investment Managers
The trustees approve the continued appointment of the Investment Managers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.
4. Independent Examiner
The trustees approve the continued appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.
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THORNTONS INVESTMENTS
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|pate|te for St Pauls (JP000169A)|Eoannaty|F|Gust|Total:|
|Valuation|date:|30-06-2025|ites|ial|a|merc|rey|
|soalhrhenai|iy aScss aang!|4,162|15.37 GBP|24,984.83|63,969.94|38,985.11|156.04|
|oie|mioee MKTS INC|70,540.18|0.7947 GBP|49,595.22|56,058.28|6,463.06|13.03|
|poecon|pirated|eee lenis|10,265|12.23 GBP|32,326.77|125,540.95|93,214.18|288.35|
|peepee NBT HNC|34,177.35|3.1656 GBP|79,128.28|108,191.82|29,063.54|36.73|
|Sider|CAD GarOOns|2,740|20.575 GBP|13,398.62|56,375.50|42,976.88|320.76|
|innas|517|101.21|GBP|16,257.07|52,325.57|36,068.50|221.86|
|eat———— RETEANe|53,508.4829|1.2437 GBP|64,999.99|66,548.50|1,548.51|2.38|
|rane|net|aru|8,649|8.07 GBP|64,993.21|69,797.43|4,804.22|7.39|
|a|eainieiin ela|5,036|17.4625 GBP|69,654.79|87,941.15|18,286.36|26.25|
|ae|aaoe|26,008.026|2.041593 GBP|49,908.13|53,097.80|3,189.67|6.39|
|poceoapine i|eine|2,488|18.2775 GBP|23,944.06|45,474.42|21,530.36|89.92|
|alt ction|attains|14,373|11.085 GBP|37,585.39|159,324.71|121,739.32|323.90|
|tase|cserom|epicom UK|98,391.7227|0.8399GBP|109,221.25|82,639.21|-26,582.04|-24,34|
|aoe|pete|itciber|a|ca|497|220.04 GBP|60,288.33|109,359.88|49,071.55|81.39|
|a|4,163|13.8975 GBP|65,083.58|57,855.29|-7,228.29|“tat|
|ncoutanteienSa|10,249|8.685 GBP|79,995.74|89,012.57|9,016.83|11.27|
|apiece saath eaten|11,373|13.83GBP|109,991.94|—_157,288.59|47,296.65|43.00|
|ste|ra aeaashndac)|2,073|17.35 GBP|25,131.02|35,966.55|10,835.53|43.12|
|agente|dda Lal|55,631|1.157 GBP|59,999.05|64,365.07|4,366.02|7.28|
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| investment | : Quantity |
4 Price |
Cost (£) | Value (£) | Profit & Loss (€) |
Change (%) | |||
|---|---|---|---|---|---|---|---|---|---|
| JPMORGANAMER ITORDGBP0.05 (SEDOL:BKZGVH6) |
13,27 3,270 |
10.21 0.21 |
P GB |
ki 21,323.78 |
1 | mr 35,486.70 |
s 114,162.92 |
; 535.38 |
|
| JPMORGAN GBLGTH&ORDGBP0.05 (SEDOL:BYMKY69) |
22,238 | 5.465GBP | GBP | 88,859.46 | 121,530.67 | 32,671.21 . |
a7 ” |
||
| JUPITER UTMNGRS JUPITERJPN INC U2GBP DIS (FUND:BFF5BH8) |
55,846.64 846.6 |
1.2474 | GBP GB |
76.44 59,676 |
10 69,663 |
A 9,986.66 |
: 16.73 |
||
| LEGAL & GENERAL GP ORD GBP0.025 (SEDOL:0560399) |
25,149 | 2.5455GB | GB | 29,026.13 | 64,016.78 | 34,990.65 | 120.55 | ||
| MERCANTILE INVTRUORDGBP0.025 (SEDOL:BF4JDHS) |
ry 37,500 |
F 2.56GB |
P GB |
10. 36,910.94 |
IK 96,000.00 |
i 59,089.06 |
i 160.09 |
||
| MI CHELVERTON EQTY MI | |||||||||
| CHELVERTON UKEQ INCBD | 75,545.056 | 1.081705 | GBP | 88,996.63 | 81,717.46 | -7,279.17 | -8.18 | ||
| (FUND:B1FD646) | |||||||||
| NINETYONEFOS SRSGLOBALGOLD | GBPDIS(FUND:BMCR2N39) |
50,293.526 | 1.542 | GBP _ |
§9,772.2 . . |
77,552.62 = |
17,780. ae |
||
| PERSIMMONORDGBP0.10 (SEDOL:0682538) |
4 928 |
12. 2.9625GB |
P GB |
407. 33,407.00 |
4,991.7 24,991.70 |
-8,415. 8,415.30 |
-25.1 25.19 |
||
| RENISHAWPLCORDGBP0.20 (SEDOL:0732358) |
564 | 28.625GBP | GBP | 12,542.23 | 16,144.50 | 3,602.27 | 28.72 ‘ |
||
| RIO TINTOORDGBP0.10 (SEDOL:0718875) |
1,142 | 42.4525GBP | GBP | 18,271.63 | 48,480.76 | 30,209.13 = |
165.33 = |
||
| ROYAL LONDON BD FD RL | |||||||||
| CORPORATE BOND Z GBP DIS | 76,879.5783 | 0.9328 | GBP | 74,769.79 | Tif10-27 | -3,056.52 | -4.09 | ||
| (FUND:B3MBXC4) | |||||||||
| SARASIN FUNDS ICVCSARASINGBL HIER DIVPDIS (FUND:B850BN0) |
60,627.66 | 2.007 | GBP : |
99,885.78 | 121,679.71 | 21,793. _— |
1.82 _— |
||
| SCHRODERASIANTOTORDGBP0.05 (SEDOL:0871079) |
18,035 | 4.605GBP | GBP | 89, Fab ——_ |
,051.1 _ 5 |
-6,946.93 | -7.72 | ||
| SCHRODER UNITTRSTSCHRODER USMIDCAPZ DIS(FUND:87M4CS0) |
7,480. is |
1.87 P anes |
1 | he oo |
126,796.7: ee |
~3,204.45 one |
-2.46 mine |
||
| SHELLORDEUR0.07 (SEDOL:BP6MXD8) |
2,74 748 |
25.537 5.5375GB |
P GB |
wf 50,167.79 |
ri 70,177.05 |
F 20,009.26 |
r 39.88 |
||
| SSE PLC GBP0.50 (SEDOL:0790873) | 2,060 | 18.3075GBP | GBP | 12,916.76 | 37,713.45 | 24,796.69 | 191.97 | ||
| UK(GOVTOF)IDX/LKD SNR 26/01/2035 GBP (SEDOL:3179082) |
10,337 | 240.015GBP | GBP | 20,998.29 | 24,810.35 | 3,812.06 | 18.15 | ||
| WEIRGROUP ORDGBP0.125 (SEDOL:0946580) |
2,395 | 24.91 | GBP | 6,758.57 | 659.45 =e |
2,900.88 ssa |
782.72 _ |
||
| WHITBREADORDGBP0.76797385 (SEDOL:B1KJJ40) |
1 1,93 |
21 28.215 GBP |
f 19,165.85 |
483. 54,483.17 |
x 35,317.32 |
r 184.27 |
|||
| Total | 1,989,935.91 | 2,926,801.93 | 936,866.02 | 47.08 | |||||
| Key:*Pricenotavailable |
Prices shown are the latest closing prices available The change column represents the difference between book costs and current value only. Income from dividends and interest are not taken into account and therefore these numbers should not be considered as ‘the total return’ when assessing the overall performance of your portfolio.