## **The Stables Charitable Trust**
**Annual report and financial statements for the year ended 31 March 2025**
**(Scottish Charity Number SC031116)**
## **The Stables Charitable Trust**
## **Charity information**
|**Trustees**||
|---|---|
|**Principal Address**|22 Meadowside|
||Dundee|
||DD1 1LN|
|**Solicitors**|Thorntons Law LLP|
||Whitehall House|
||33 Yeaman Shore|
||Dundee|
||DD1 4BJ|
|**Independent Examiner**|David Taylor CA|
||Henderson Loggie LLP|
||Chartered Accountants|
||The Vision Building|
||20 Greenmarket|
||Dundee|
||DD1 4QB|
|**Bankers**|Bank of Scotland|
||11 Earl Grey Street|
||Edinburgh|
||EH3 9BN|
|**Investment Managers**|William Thomson & Sons|
||22 Meadowside|
||Dundee|
||DD1 1LN|
|**Charity number**|SC031116|
1
## **The Stables Charitable Trust**
## **Trustees’ report**
The Trustees present their annual report and financial statements of the Trust for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust’s Constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in 2019. The Trust information set out on page 1 forms part of this report.
## **Objectives and activities**
The Trust Deed states that:
The Trustees shall hold the Trust Fund and the income of it to pay and apply the same to or for the benefit of or in furtherance of such purposes, objects or institutions charitable in law and in such proportions and manner as the Trustees shall think fit. In exercising their discretion in terms of this Clause the Trustees shall give primary consideration to the wishes of those persons who gift or lend funds to the Trust but this proviso shall impose no binding obligation on the Trustees.
## **Grant making policy**
The Trustees meet each year to consider the distribution of income in terms of the Trust purposes and review the Trust investments. Reviews are also carried out during the year as considered necessary.
Unsolicited applications for donations are not encouraged and will not normally be acknowledged.
## **Structure, governance and management**
## **Constitution**
The Trust was constituted by a Deed of Trust on 5 March 2001.
The Trust Deed gives the Trustees discretion in regard to payment or application of capital or income of the Trust to charitable institutions or for any charitable purpose the Trustees may decide upon.
## **Trustees**
The Trustees at the date of this report and throughout the year are shown on page 1.
The power of appointing and removing Trustees rests with the settlor, Mrs Bridget Joanna Thomson.
## **Trustee induction and training**
The Trustees have considered a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the Trust. A new Trustee receives copies of the previous year’s financial statements, minutes of Trustees’ meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees”, if appropriate.
2
## **The Stables Charitable Trust**
## **Trustees’ report (continued)**
## **Key management personnel**
The Trustees consider the board of Trustees to be the key management personnel of the Trust, in charge of directing and controlling the Trust and running and operating the Trust on a day to day basis. All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year.
Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
## **Achievements and performance**
During the year under review the only funds received by the Trustees were from investments and deposits. Donations made by the Trustees are as recorded in the financial statements.
The Trustees noted that the level of income received increased from £25,188 to £25,801 and that the grants made to charitable organisations totalled £22,003 (2024 - £19,998).
## **Financial review**
The results of the year are set out in the statement of financial activities showing net expenditure of £910 (2024 – net income of £1,156) before gains on investments of £6,744 (2024 – £29,897). The Trust’s investment portfolio decreased in value from £572,213 to £568,070 during the year.
## **Investment policy**
There are no restrictions in the Trust Deed on the Trustees’ power to invest. The policy is, long term, to adopt a medium risk investment strategy, including equity investments, to produce a balance of income and capital growth.
In these financial statements stocks and shares, gilts, debentures and warrants are valued at their stock market value, if listed on a registered Stock Exchange, or otherwise at the latest available valuation known to us.
## **Risk management**
The principal risk faced by the Trust lie in the performance of investments. The Trustees consider variability of investment returns to constitute the Trust’s major financial risk.
## **Reserves policy**
The reserves of the Trust originate from the original donation together with the growth in value of investments. The Trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. Reserves are retained primarily to meet significant requests for financial assistance and stock market risks. The level of free reserves held at 31 March 2025 was £642,690 (2024 - £636,856).
3
The Stables Charitable Trust
Trustees, report {continued)
Strategy
The Trustees have pursued their strategy of making grants to charitable organisatiors to an extenl
which absorbs as nearly as is praclicable the whole incoming resources on a rolling basis.
Future strategy
The Trust is predominantly a grant giving charity and has no material ongoing commitments. The
Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the
potential decrease in fLrture investment income and will manage the Trust's affairs in a manner that
will ensure the Trusl's abilty to achieve its charitsble objectives in the medium to long term can be
met.
The report and financial ststements were approved by the Trustees on . 31 October
were signed on their behalf by:
. 2025 and
## **The Stables Charitable Trust**
## **Statement of responsibilities of the Trustees**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust’s constitution. 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.
5
The Stables Charitable Trust
Report of the Independent Examiner to the Trustees of The Stables Charitable Trust
I report on the firnCial statements of the charty for the year ended 31 March 2025 which are set out
on pages 7 to 16.
This report is made to the trustees, as a b)dy. in accordance wth the terms of my eryagement. 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 responsibilty to anyone
other than the trustees, as a body, for my work or for this report.
Respective responsibilities of the Trustees and Examiner
The charty's Truslees are responsible for the preparation of the financial stalements in accordance
with the te5 of the Charities and Trustee Investrnent (Scotland) Acl 2005 and the Charities
Accounts (Scotland) Regulations 2006 (as amended). The charity's Trustees consider that the audrt
requirement of Regulation 10(1) (a) to (c) of the 2006 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
stste whether particular matters have come to my attentTron.
Basis of Independent Examinerfs 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 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 seeks explanations from the Trustees conceming
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 financial
statements.
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:
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and
Regulation 4 of the 2006 Accounts Regulations
to prepare financial statements which accord wth 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 lo enable a proper understanding of
the financial statements to be reached.
Partner
For and on behalf of Henderson Loggie LLP
Chartered Accountants
The Vision Building
20 Greenmarket
Dundee
DD14QB
3 November .2025
**The Stables Charitable Trust**
## **Statement of financial activities for the year ended 31 March 2025**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**Total**|Total|
||Note|**2025**|2024|
|||**£**|£|
|**Income from:**||||
|Investment income|2|**25,801**|25,188|
|||_______|_______|
|**Total income**||**25,801**|25,188|
|||_______|_______|
|**Expenditure on:**||||
|Raising funds|3|**2,683**|2,467|
|Charitable activities|4|**24,028**|21,565|
|||_______|_______|
|**Total expenditure**||**26,711**|24,032|
|||_______|_______|
|**Net (expenditure)/income and net movement in funds**||||
|**before gains on investments**||**(910)**|1,156|
|||_______|_______|
|Net gains on investments|6|**6,744**|29,897|
|||_______|_______|
|**Net income and net movement in funds**||**5,834**|31,053|
|**Funds reconciliation:**||||
|Total funds at 31 March 2024||**636,856**|605,803|
|||_______|_______|
|**Total funds at 31 March 2025**|10|**642,690**|636,856|
All activities relate to continuing operations.
The notes on pages 9 to 16 form part of these financial statements.
7
The Stables Charitable Trust
Balance sheet at 31 March 2025
Note
2025
2024
Fixed assets
Investrnents
568.070
572.213
Current assets
Cash at bank
Debtors
75,913
65,764
76,262
66,144
Current liabilities
Sundry creditors
(1,642>
(1.501)
Net current assets
74,620
64,643
Net assets
642.690
636,856
The funds of the Trust:
Unrestricted funds
10
642.690
636,856
The notes on pages 9 to 16 fom part of these financial statements.
These financial statements were approved by the Trustees on .31 October 2025 and were signed on
their behalf by:
**The Stables Charitable Trust**
## **Notes to the financial statements**
## **1 Accounting policies**
## **Trust information**
The Stables Trust is a charity registered in Scotland. The principal address is 22 Meadowside, Dundee, DD1 1LN.
## **Basis of preparation and assessment of going concern**
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Trust’s operations as indicated in the Report of the Trustees, all of which are continuing.
The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in 2019, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust constitutes a public benefit entity as defined by FRS102.
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.
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 following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.
## **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.
Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Trust and it is probable that those conditions will be fulfilled in the reporting period.
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 dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividends yield of the investment portfolio.
9
**The Stables Charitable Trust**
## **Notes to the financial statements**
## **1 Accounting policies (continued)**
## **Expenditure recognition**
Liabilities are recognised as expenditure 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.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs.
Grants 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 grand award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
## **Raising funds**
Raising funds consist of investment management costs.
## **Charitable activities**
Costs of charitable activities include grants paid and support costs as shown in note 4.
## **Allocation of support costs**
Support costs include costs related to the independent examination, secretarial services and bank charges.
## **Investment policy**
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 Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
10
**The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
## **1 Accounting policies (continued)**
## **Realised gains and losses**
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 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.
## **Debtors**
Debtors are recognised at the settlement amount due.
## **Cash at bank**
Cash at bank includes cash held in a deposit or similar account.
## **Creditors and provisions**
Creditors and provisions are recognised where 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 or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **Financial instruments**
The Trust only has financial assets and financial 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.
## **Structure**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for any other purpose.
11
**The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
|**2**
**Investment income**
Dividends
Interest
Tax Rebate
**3**
**Raising funds**
Investment management fees
**4**
**Charitable activities**|**2025**
**£**
**22,376**
**3,076**
**349**
______
**25,801**
**2025**
**£**
**2,683**|2024
£
22,502
2,296
390
______
25,188
2024
£
2,467|
|---|---|---|
||||
|The Trust did not undertake any activity directly but met its charitable purposes by making|The Trust did not undertake any activity directly but met its charitable purposes by making|The Trust did not undertake any activity directly but met its charitable purposes by making|
|---|---|---|
|grants.|||
||**2025**|2024|
|**Charitable organisations for general purposes**|**£**|£|
|Big Hearts Foundation|**-**|1,500|
|Dundee Bairns|**1**|1,666|
|Euan’s Guide|**4,000**|-|
|Euan MacDonald Centre|**-**|1,000|
|Gregg’s Mission USA|**5,500**|5,000|
|Insight Counselling|**5,500**|5,000|
|Our Neighbours Ministry|**1,500**|2,500|
|Shelter Scotland|**1**|1,666|
|Strathmartine Community Larder|**1**|1,666|
|Grassmarket Community Project|**2,000**|-|
|Pilrig Park School|**2,000**|-|
|Children with Cancer UK – London Marathon|**1,500**|-|
||______|______|
|Total grants paid to charitable organisations|**22,003**|19,998|
|Support costs (note 5)|**2,025**|1,567|
||______|______|
||**24,028**|21,565|
|**5**|**Support costs**||||
|---|---|---|---|---|
|||**Charitable**||**Total**|
||**2025**|**activities**|**Governance**|**2025**|
|||**£**|**£**|**£**|
||Independent examiner’s fee|**-**|**851**|**851**|
||Secretarial services|**918**|**229**|**1,147**|
||Bank charges|**27**|**-**|**27**|
|||_____|_____|_____|
|||**945**|**1,080**|**2,025**|
12
## **The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
## **5 Support costs (continued)**
|**5**|**Support costs (continued)**||||
|---|---|---|---|---|
|||Charitable||Total|
||2024|activities|Governance|2024|
|||£|£|£|
||Independent examiner’s fee|-|774|774|
||Secretarial services|613|153|766|
||Bank charges|27|-|27|
|||_____|_____|_____|
|||640|927|1,567|
||**Key management personnel**||||
||No Trustees received any remuneration or expenses in either||of the previous two|years.|
||The Trust has no employees.||||
|**6**|**Investments**||**2025**|2024|
||||**£**|£|
||At 31 March 2024, at cost||**508,522**|521,612|
||Unrealised appreciation||**63,691**|43,295|
||||_______|_______|
||At 31 March 2024, at fair value||**572,213**|564,907|
||**Movements in the year**||||
||Purchases at cost||**59,523**|52,214|
||Sale proceeds||**(70,124)**|(74,805)|
||Equalisations||**(286)**|-|
||Net realised gains on investments||**4,769**|9,709|
||Increase in unrealised appreciation||**1,975**|20,188|
||||_______|_______|
||**At 31 March 2025, at fair value**||**568,070**|572,213|
||**Represented by**||||
||Investments at cost||**491,295**|508,522|
||Unrealised appreciation||**76,775**|63,691|
||||_______|_______|
||||**568,070**|572,213|
||Listed UK securities||**227,213**|300,336|
||Overseas securities||**340,857**|271,877|
||||_______|_______|
||||**568,070**
|572,213|
13
**The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
## **6 Investments (continued)**
The Trustees consider individual investment holdings in excess of 5% of the portfolio to be material.
||**Fair value**|Fair value|
|---|---|---|
|**Material interests**|**31 March 2025**|31 March 2024|
||**£**|£|
|Aberforth Smaller Companies Trust|**39,360**|40,440|
|Investment Fund Services Ltd Church House|**-**|30,704|
|JP Morgan US Equity Income ‘C’ Inc|**78,507**|77,088|
|M&G Corporate Bond Income Unit|**-**|31,108|
|STS Global Income & Growth TST Red|**-**|28,600|
## **Investment Risks**
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:
Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Market risk: this comprises currency risk, interest rate risk and other price risk. Currency risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.
Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
The Charity has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Charity’s strategic investment objectives.
## **Credit risk**
The Charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.
14
**The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
## **6 Investments (continued)**
## **Analysis of direct credit risk**
Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.
Pooled investment arrangements used by the Charity comprise authorised unit trusts.
Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.
## **Interest rate risk**
The Charity is subject to interest rate risk through investments comprising bonds.
## **Other price risk**
Other price risk arises principally in relation to equities held in pooled vehicles. The Charity manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.
## **7 Debtors**
|Tax Rebate 2023/24
Tax Rebate 2024/25
**8**
**Creditors**
Independent examiner’s fee
Investment management fees
Secretarial services|**2025**
**£**
**-**
**349**
**______**
**349**
**2025**
**£**
**851**
**659**
**132**
_____
**1,642**|2024
£
380
-
______
380
2024
£
774
606
121
_____
1,501|
|---|---|---|
15
**The Stables Charitable Trust**
## **Notes to the financial statements (continued)**
|**9**|**Financial instruments**|||
|---|---|---|---|
|||**2025**|2024|
|||**£**|£|
||**Carrying amount of financial instruments**|||
||Financial assets measured at fair value through statement of|||
||financial activities|**568,070**|572,213|
Financial assets measured at fair value through statement of financial activities comprising listed and unlisted investments.
|**10**
**Unrestricted funds**
At 31 March 2024
Revenue (deficit)/surplus
Realised gains on investments
Increase in appreciation on investments
**At 31 March 2025**
Being -
Reserves: Realised
Unrealised|**2025**
**£**
**636,856**
**(910)**
**4,769**
**1,975**
_______
**642,690**
**577,232**
**65,458**
_______
**642,690**|2024
£
605,803
1,156
9,709
20,188
_______
636,856|
|---|---|---|
|||573,165
63,691
_______
636,856|
**11 Material commitments**
There were nil material commitments at 31 March 2025 _(2024 - nil)._
16