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Docusign Envelope ID: 79BA5739 ~~-~~ 7192 ~~-~~ 453 ~~E-~~ 9D4 ~~F-~~ 0DF47251EA34
THE NANCY ROBERTS CHARITABLE TRUST
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ Annual Report | 2-5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance sheet | 8 |
| NotestotheFinancialStatements | 9-14 |
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Docusign Envelope ID: 79BA5739 ~~-~~ 7192 ~~-~~ 453 ~~E-~~ 9D4 ~~F-~~ 0DF47251EA34
THE NANCY ROBERTS CHARITABLE TRUST
Trustees’ Annual Report
for the year ended 5 April 2025
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5 April 2025.
Constitution
The Trust was set up by and recognised as a Scottish registered charity with the number S$C030859 with effect from 22 December 2000. The Deed of Trust was presented for registration in the Books of the Lords of Council and Session on 29 January 2001.
Objectives and Activities
The purpose of the Trust is to benefit other charities whose purposes are education, medical research, the encouragement of kindness and humanity in the treatment of animals, the conservation of wildlife and which will benefit the public.
There is a more general purpose and power within the Trust Deed to allow the Trustees in their uncontrolled discretion to assist in implementing any charitable purpose which is minuted by them from time to time. By Minute of the Trustees it was agreed that donations would be made only to charitable organisations which are already registered and not to individuals to minimise the risk of abuse of funds.
It is also a policy of the Trust to try to keep donations at a level which allows both donations and support costs to be met by the income generated through the investment portfolio. This has not always been possible, particularly in years where global events such as the pandemic, cause uncertainty within stock markets and result in companies reducing or ceasing dividend payments. This is a matter which is kept under constant review by the Trustees as the assets of the Trust increase.
Achievements and Performance
In view of the Trust’s size, general advertising of its existence and purposes is not appropriate, but by making donations and by personally contacting those institutions and charitable bodies which may be able to benefit from the Trust, the Trustees have achieved their objective of making donations from the income of the Trust annually.
Donations of £41,500 (2024: £43,600) were made during the year.
Financial Review
The financial position of the Trust is disclosed in the financial statements on pages 7 to 14. Income for the year comprised of investment income of £63,674 (2024: £57,505) derived from the investment portfolio and £791 (2024: £713) of bank interest. Expenditure for the year was £69,181 (2024: £70,734) comprising donations and professional fees, with increase in both categories of expenditure. Losses on investments of £84,741 (2024: gains of £14,986) resulted in net expenditure for the year of £89,457 (2024: net income of £2,470).
The Trustees confirm that the assets of the Trust disclosed in the Balance Sheet are available to fulfil any of its obligations and that the financial position is satisfactory in view of the Trust’s future plans and commitments.
Taxation
The Trust is a charity and is recognised as such by HMRC for taxation purposes. As a result there is no liability to taxation on any of its income or gains arising to the extent these are applied to the charitable objects. No tax charge arose in the Trust in the year.
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THE NANCY ROBERTS CHARITABLE TRUST
Trustees’ Annual Report (Continued) for the year ended 5 April 2025
Reserves Policy
The Trust has no identified minimum reserve requirement, however in order to be able to meet commitments as they fall due, the Trustees take into account market volatility and predicted income receipts in determining the reserve funds to be held. Total reserves at 5 April 2025 were £1,685,448 (2024: £1,774,905). Actual “free reserves”, excluding fixed asset investments, at 5 April 2025 were £70,514 (2024: £61,757).
In December 2024, Trustees agreed to start the process of winding-down the charity over the next couple of years by encroaching on capital and making larger donations.
Grant Making Policy
Grants are made to recognised registered charities in the United Kingdom whose remit comes within the Trust’s purposes. Their area of work may be worldwide or confined to the United Kingdom.
Where appropriate a condition of the donation may be for the funds to be used for the benefit of the respective charity’s work in Scotland.
Investment Policy and Performance
Trust funds are invested directly in the stock market following a medium risk strategy with an appropriate spread of risks across the portfolio. A balance between capital growth and income production is sought with due consideration to be given to dividend yield. To give effect to the former, half yearly reports and valuations are required from the investment managers for consideration by the Trustees and action is taken as appropriate. Trustees have considered the assets held and the requirement for both ethical considerations in view of the Trust’s purposes and the spread of assets held for risk purposes. With the advice given by the investment managers the Trustees review and make changes as appropriate. Consideration is always given to protection of the Trust’s assets and the requirement for income to produce monies for the purposes of the Trust.
The first half of the financial year was strong with markets positively responding to a turn in the interest rate cycle. Equity markets fell in the final quarter of the year as Donald Trump was inaugurated as US President, immediately reversing climate initiatives and subsequently introducing tariffs worldwide. Inflation and tariffs are concerns which will be carried into the following financial year.
Against this backdrop the portfolio total return decreased by 2.38% (2024:increase 3.52%) whilst the total return on the MSCI PIFMA Private Inv Balanced index increased by 0.48% (2024:increase 11.7%).
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THE NANCY ROBERTS CHARITABLE TRUST
Trustees’ Annual Report (Continued) for the year ended 5 April 2025
Structure, Governance and Management (continued)
Trustees’ Responsibilities Statement
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the Charities SORP 2019 (FRS 102);
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e make judgements and estimates that are reasonable and prudent;
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e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Trustees
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a
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20 October 2025
Trustee
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THE NANCY ROBERTS CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT for the year ended 5 April 2025
Independent Examiner’s Report to the Trustees of The Nancy Roberts Charitable Trust
| report on the financial statements of the Trust for the year ended 5 April 2025 which are set out on pages 7 to 13.
Respective responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The 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 financial statements as required under section 44 (1) (c) of the 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 Accounts Regulations. An examination includes a review of the accounting records kept by the Trust 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 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 | do not express an audit opinion on the view given by the financial statements.
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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e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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e to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
MHA
6 St Colme Street Edinburgh EH3 6AD
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Docusign Envelope ID: 79BA5739-7192-453E-9D4F-0DF47251EA34
THE NANCY ROBERTS CHARITABLE TRUST
Balance Sheet as at 5 April 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Fixed asset investments | 5 | 1,614,934 | 1,713,148 |
| Current assets | |||
| Debtors | 6 | 6,298 | 4,981 |
| Cash on deposit | 68,002 | 63,431 | |
| 74,300 | 68,412 | ||
| Liabilities: Creditor amounts falling due | |||
| within one year | 7 | (3,786) | (6,655) |
| Net current assets | 70,514 | 61,757 | |
| Net assets | 1,685,448 | 1,774,905 | |
| Funds | |||
| General—unrestricted | 8 | 1,685,448 | 1,774,905 |
These financial statements were approved and authorised for issue by the Board of Trustees on 20 October 2025 and signed on their behalf by:
Trustee
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Notes to the Financial Statements
THE NANCY ROBERTS CHARITABLE TRUST
for the year ended 5 April 2025
- Accounting Policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.
- (a) Basis of preparation and going concern
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £.
The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.
The Trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in Sterling which is the functional currency of the Trust and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. In December 2024, Trustees agreed to start the process of winding-down the charity over the next couple of years by encroaching on capital and making larger donations. Trustees regularly monitor the income streams and projected expenditure and have concluded that the Trust has adequate resources to continue in operational existence for a period of at least 12 months from approving the financial statements. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.
- (b) Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust. This is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividends has been declared and notification has been received of the dividend due.
(c) Expenditure recognition Expenditure is recognised as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required 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 costs related to the category.
Expenditure on raising funds include costs associated with generating income for the Trust through its investment portfolio. Expenditure on charitable activities includes costs incurred in the delivery of the Trust’s objectives. It includes both the direct costs of grant making and more costs of an indirect nature necessary to support them.
Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
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THE NANCY ROBERTS CHARITABLE TRUST
Notes to the Financial Statements (Continued) for the year ended 5 April 2025
1. Accounting Policies (continued)
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(c) Expenditure recognition (continued)
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Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the Trust and therefore include the cost of Independent Examination. Other support costs relate to the administration costs of running the Trust.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
- (d) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
-
(e) Debtors
-
Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt.
(f) Cash Cash at bank includes cash and highly liquid short term investments with a maturity of three months or less from the date of opening of the deposit or similar account.
- (g) Creditors
Creditors are recognised when the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.
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(h) Financial instruments The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value
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(i) Funds structure Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.
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Docusign Envelope ID: 79BA5739 ~~-~~ 7192 ~~-~~ 453 ~~E-~~ 9D4 ~~F-~~ 0DF47251EA34
THE NANCY ROBERTS CHARITABLE TRUST
Notes to the Financial Statements (Continued) for the year ended 5 April 2025
| 2. | Charitable activities | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Donations awarded | |||
| Action Medical Research for Children | 1,000 | 1,000 | |
| Aero Space Scientific Educational Trust (ASSET) | 2,000 | - | |
| Asthma and Allergy Foundation | - | 600 | |
| Asthma + Lung UK | 1,000 | 1,000 | |
| Bowel Cancer | 1,000 | - | |
| Branch Out Together | - | 1,000 | |
| British Heart Foundation | 1,000 | - | |
| British LiverTrust | - | 1,000 | |
| Breast Cancer Now | - | 1,000 | |
| Butterfly Trust | 1,000 | 1,000 | |
| Care for Carers | 1,000 | 1,000 | |
| Carers ofWest Lothian | 1,000 | - | |
| Cerebral Palsy Scotland | - | 1,000 | |
| CHAS | - | 1,000 | |
| Cleft Lip & Pallete Association | - | 1,000 | |
| Compass | 1,000 | - | |
| Crohn’s & Colitis UK | 1,000 | 1,000 | |
| Crew2000 | - | 1,000 | |
| Cure Parkinson’s | - | 1,000 | |
| Deafblind Scotland | 1,000 | 1,000 | |
| Dean & Cauvin Young People’s Trust | 1,000 | - | |
| Diabetes UK | - | 1,000 | |
| Dunedin School Ltd | 1,000 | - | |
| Edinburgh Carers Council | 1,000 | - | |
| Edinburgh Children’s Hospital | 1,000 | - | |
| Edinburgh Jam Group | - | 1,000 | |
| Edinburgh Leisure | - | 1,000 | |
| Edinburgh Science | - | 1,000 | |
| Edinburgh Young Carers | - | 1,000 | |
| Enable Scotland | - | 1,000 | |
| Endangered Species Protection Agency | - | 1,000 | |
| Families Outside | 1,000 | - | |
| Farplace Animal Rescue | - | 1,000 | |
| Fife Young Carers | 1,000 | - | |
| Garvald Edinburgh | - | 1,000 | |
| Glasgow Children’s Hospital Charity | - | 1,000 | |
| Hearts & Mind | 1,000 | 1,000 | |
| Home Link Family Support | - | 1,000 | |
| Leuchie House | 1,000 | 1,000 | |
| Marie Curie | - | 1,000 | |
| Marine Conservation Society | 1,000 | - | |
| Mental Health Foundation Scotland | 1,000 | 1,000 | |
| Money Advice Scotland | 1,000 | - | |
| Orcadia Creative Learning Centre | - | 1,000 | |
| Pain Concern | 1,000 | - | |
| PDSA | 1,000 | 1,000 | |
| Penumbra | 1,000 | - | |
| PeopleKnowHow | - | 1,000 |
Carried forward
26,000
32,600
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THE NANCY ROBERTS CHARITABLE TRUST
Notes to the Financial Statements (Continued) for the year ended 5 April 2025
2. Charitable activities (continued)
| 2. | Charitable activities (continued) | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Brought forward | 26,000 | 32,600 | |
| Pet Fostering Service | - | 1,000 | |
| Rosebery Centre | 1,000 | - | |
| Rowan Alba | 1,000 | - | |
| RSPB Scotland | 1,000 | - | |
| Seamab | - | 1,000 | |
| Scottish Huntington’s Association | - | 1,000 | |
| Scottish Seabird Centre | 1,000 | - | |
| Sepsis Research | - | 1,000 | |
| Shared Parenting Scotland | 1,000 | - | |
| Shelter Scotland | 1,000 | - | |
| Sight Scotland | - | 1,000 | |
| Space @ The Broomhouse Hub | - | 1,000 | |
| Spina Bifida | - | 1,000 | |
| Sunshine Wishes Children's Charity | 1,000 | - | |
| St Columba’s Hospice | 1,000 | 1,000 | |
| SUSE | 1,000 | - | |
| Therapet | 500 | 500 | |
| The School Bank West Lothian | 1,000 | - | |
| The Yard | 1,000 | - | |
| Tourettes Scotland | 1,000 | - | |
| Venture Trust | 1,000 | - | |
| Wellbeing ofWomen | 1,000 | 1,000 | |
| Willow Foundation | - | 500 | |
| Whizz Kidz | 1,000 | - | |
| WWE UK | - | 1,000 | |
| Total donations awarded in the year | 41,500 | 43,600 | |
| Donations released in the year | (1,000) | - | |
| Support costs | |||
| Secretarial and administration fees | 9,469 | 8,637 | |
| Governance costs (note 3) | 4,191 | 3,888 | |
| 54,160 | 56,125 | ||
| 3. | Governance costs | 2025 | 2024 |
| £ | £ | ||
| Legal and administration fees | 1,671 | 1,524 | |
| Independent examination fees | 2,520 | 2,364 | |
| 4,191 | 3,888 |
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Docusign Envelope ID: 79BA5739 ~~-~~ 7192 ~~-~~ 453 ~~E-~~ 9D4 ~~F-~~ 0DF47251EA34
THE NANCY ROBERTS CHARITABLE TRUST
Notes to the Financial Statements (Continued) for the year ended 5 April 2025
- Trustees’ remuneration
No Trustee received any remuneration or was reimbursed for any expenses incurred during the year (2024: £Nil). All Trustees act gratuitously.
| 5. | Fixed Asset Investments | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Market value at 6 April 2024 | 1,713,148 | 1,670,261 | |
| Add: Acquisitions at cost |
96,366 | 144,028 | |
| Less: Disposals proceeds |
(109,839) | (116,127) | |
| Net (losses)/gains on revaluation | (84,741) | 14,986 | |
| Market Value at 5 April 2025 | 1,614,934 | 1,713,148 | |
| Historical cost at 5 April 2025 | 1,208,876 | 1,169,426 | |
| Investments held at 5 April 2025 which are over5% of portfolio | Market | Market | |
| value are: | Value 2025 | Value 2024 | |
| £ | £ | ||
| Alliance Witan Plc | 163,761 | 177,574 | |
| Murray International Trust Ord GBPO.25 | 96,751 | 97,340 | |
| Scottish American Investment Co Plc | 95,362 | ||
| Shell Plc EURO.07 | 84,842 | 98,523 | |
| 6. | Debtors | 2025 | 2024 |
| £ | £ | ||
| Dividends receivable | 6,298 | 4,981 | |
| 7. | Creditors: Amounts falling due within one year | 2025 | 2024 |
| £ | £ | ||
| Independent examiner’s fee | 156 | 2,364 | |
| Secretarial and administration fees | 3,630 | 3,291 | |
| Donations payable | - | 1,000 | |
| 3,786 | 6,655 |
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