THE DEREK STEWART CHARITABLE TRUST Scottish Charity No: SC031442
REPORT AND ACCOUNTS
,
FOR THE YEAR ENDED 30TH APRIL 2025
Book]
08/12/2025
THE DEREK STEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2025
The Trustees present their annual report and financial statements for the charity for the year ended 30th April 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 Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019).
Objectives and activities
Objectives of Trust: The Trustees are directed in terms of the Trust Deed to pay or apply the income or capital of the Trust fund for the benefit or furtherance of such purposes, objects or institutions, charitable in law, as the Trustees in their absolute discretion shall determine.
Although the objectives as set out in the Trust Deed are far reaching, the Trustees favour supporting projects in the fields of health and education.
It should be noted that the Trustees are not bound to continue supporting organisations in these areas and may in the future favour other areas of benefit whilst remaining within the objectives of the Trust Deed.
The Trustees do not engage directly in charitable activities or projects.
By support of other charities the Trustees’ aim is to provide public benefit by ensuring that the front line charitable activities of those organisations can be sustained.
Grant making policy The Trustees have opted for a policy of making donations to those organisations they feel require most support and whose purposes fall within the spectrum of the Trust Deed, and within the Trustees' favoured areas of support. These are principally health related although consideration would be given to organisations involved in the areas of education, animal welfare or cultural causes or other causes which the Trustees consider deserving.
Unsolicited applications for funding are not encouraged.
The Trustees' preference is to make grants to UK charities where the grant will make a significant difference to a specific project and where the funds are applied to a particular project rather than the organisation's general expenditure. Report on the During the year the Trustees made donations totalling £72,553.10 (2024 £71,384.37) including activities of the Trust unwound discount of £1,764.42 (2024 £1,496.34),as recorded at Note 4. Net new commitments totalling £47 ,788.68 (2024 £57,888.03) were made in the year.
Page 2
THE DEREK STEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2025
Achievements and performance:
| Investment policy | In accordance with the Trust Deed, the Trustees have powerto invest in such stocks, shares, | |
|---|---|---|
| and performance | investments and property in the United Kingdom or abroad as they in their sole discretion think fit. | |
| The Trustees engaged Rathbone Investment Management as investment managers. | ||
| The Trustees’ investment policy is geared towards a balanced return between capital and income. | ||
| There are some constraints as to the investments which may constitute the portfolio at any time, | ||
| as the Trustees are aiming to invest around 20% ofthe portfolio in investments which focus on | ||
| Ethical, Social and Governance factors. | ||
| In the year to 30th April 2025 capital values have depreciated by 2.50% (2024 depreciated 2.04%) | ||
| although gross investment income has increased by4.45% (2024 increased 7.72%). The capital | ||
| depreciation is afternet disposals ofapproximately £40,000.00 in the year, and there are unrealised | ||
| losses ofapproximately £9,000.00 at the year end indicating lower market prices. | ||
| Investment policy | Therewas an increase in dividend income during the period ofthe accountdue as a result ofa | |
| and performance | change in investment strategy in the current and preceding year. | |
| Financial review: | ||
| Financial report | The Trust's ability to make meaningful donations is reliant on income and investment returns from | |
| its investment portfolio. | ||
| The Trustinvestments havea fairvalue of£1,922,102.00 (2024 £1,971,370.00) and there are net | ||
| current liabilities of£80,429.93 (2024 £70,571.19). In addition there are long term liabilities | ||
| of£24,990.38 (2024 £37,470.57). Total funds amount to £1,816,681.69 (2024 £1,863,558.24) | ||
| all ofwhich is unrestricted. | ||
| During the financial year the Trust received income of£53,567.28 (2024 £51,310.04) and made | ||
| donations, including commitments, totalling £72,553.10 (2024 £71,384.37) as recorded at Note 4. | ||
| Reserves policy | The Accumulation Period ended on 23rd February 2022 and, in accordance with the Trust Deed, | |
| the Trustees are required to pay out the income generated during the period. It is the policyof the | ||
| Trustees to distribute meaningful grants and donations each year, funded primarily through total | ||
| return achieved on the Trust's investment portfolio andsupplemented, where necessary, by |
||
| drawing on the Trust's capital reserve. The intention is that theTrust will havea lifespan which | ||
| extends until around 2047, which is the Trustees’ current long-term projection ofthe Trust's likely | ||
| timespan. By that time, the Trustees anticipate having spentdown the bulk oftheir capital reserve | ||
| to the pointwhere the Trust should be wound up. The Trustees do not anticipate having excess | ||
| income at the end of any one financial yearon that basis. | ||
| As the Trust does not provide direct charitable services, the Trustees believe that normal expenditure | _ | |
| including grant-making can be met from total investment return orbydrawing on the Trust's capital | ||
| reserve, as appropriate. The funds ofthe Trust are wholly unrestricted and are represented by a portfolio ofinvestments and cash balances.The investments are managedona discretionary basis |
||
| bythe investment managers. The Trustees have the ability to expend capital as theysee fit and, given | ||
| the long-term projected timespan of the Trust, are willing to accept a degree of volatility in the Trust | ||
| fund’s value, particularlywhere short-term investment falls may be outweighed by longer-term gains | ||
| through investment into the market, orwhere falls in value are attributed to the making ofmeaningful | ||
| grants and donations. | ||
| Riskmanagement | The Trustees have assessed the major risks to which the charity is exposed, in particularthose | |
| related to the operations and finances ofthe Trust and are satisfied thatsystems are in place to | ||
| mitigatetheirexposuretothemajorrisks. |
As the Trust relies on its investment returns in order to make its donations, the principal risk faced by the Trust lies in the performance of its investments.
;
Page 3
THE DEREK STEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2025
Risk management The Trustees consider variability of investment returns to constitute the charity's major financial risk and have mitigated this by retaining investment managers to advise them and by having a diversified portfolio. As set out in the Trustees’ reserves policy above, the Trustees are willing to accept a degree of volatility in investment returns, where that volatility arises through normal exposure to the market or through reductions in value through expenditure of capital on grants and donations.
Going concern
The Trustees have no material uncertainties as to the Trust's ability to continue as a going concern.
Structure, governance & management Founding document Deed of Trust Trust
Deed of Trust Trust >» TE «-: 23rd February, 2001 and registered in the Books of Council and Session on 8th March, 2001.
Appointment of new
Reserved to the Trustees in office.
Trustees
Training of Trustees of Trustees Trustees
Training of Trustees of Trustees Trustees rmal training procedures in place, but the Trustees receive advice fron ing relevant changes in the regulation and governance of charities. Related parties The P stees) Ltd which is a Trust. rust for which which fees are In the year to 30th April 2025 Turcan Connell fees amounted to £11,760.00 (including VAT) (2024 £15,912.00).
----- Start of picture text -----
stees) Ltd which is a Trustee of the
rust for which which fees are charged.
(including VAT)
to undertake
----- End of picture text -----
----- Start of picture text -----
Employees The Trust has no employees (2024 None). The Trustees have engage to
the administration of the Trust, remuneration for which is recorded in the financial statements.
Management All Trustees are active in the management of the Trust.
----- End of picture text -----
Reference and administrative details
Scottish Charity Number:$C031442 Address: ,TT Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE
,
Trustees (Appointed by Deed or Assumption) Turcan Connell (Trustees)
Ltd - per Appendix
rinces Exchange { Earl Grey Street Edinburgh EH3 9EE
Investment managers Rathbone Investment Management George House 50 George Square Glasgow G2 1EH
-
affery
-
9 Haymarket Terrace Edinburgh EH3 8RY
Bankers Bank of Scotland New Uberior House 11 Earl Grey Street Edinburgh EH3 9BN
,
Page 4
THE DEREK STEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2025
Statement of Trustees' The Trustees are responsible for preparing the Report and the financial statements in accordance responsibilities in with applicable law and regulations.
respect of the financial statements
The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require 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 its results for that period.
In preparing those financial statements, the Trustees are required to follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust to enable them to ensure that the financial statements comply with the legislation. 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.
Financial statements preparation
The Trustees confirm that the financial statements for the year ended 30th April 2025 have been prepared so as to comply with current statutory requirements, the Charities SORP and the charity's own governing document.
Approved by the Trustees and signed on their behalf on
Date: 26/0\ 77 OCG pegsgees Dale ZO/OA/2O%
Truste
Full Na Directo
Page 5
THE DEREK STEWART CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
| report on the accounts of the charity for the year ended 30 April 2025 which are set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
The charity'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 charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts 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 report
.
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 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 | 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:
-
1 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 accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
-
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
Page 6
THE DEREK STEWART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH APRIL 2025
| Total | Total | ||||
|---|---|---|---|---|---|
| Notes | 2025 | 2024 | |||
| £ | £ | ||||
| Income and endowments from: | : | ||||
| Investments | 2 | 53,567.28 | 51,310.04 | ||
| Total income | 53,567.28 | - | 51,310.04 | ||
| Expenditure on: | |||||
| Raising funds | 3 | (14,119.53) | (14,135.00) | ||
| Charitable activities | |||||
| Donations | 4 | (72,553.10) | (71,384.37) | ||
| Supportand governance costs | 5 | (13,920.00) | (17,952.00) | ||
| Total expenditure | (100,592.63) | (103,471.37) | |||
| (47,025.35) | (52,161.33) | ||||
| Net gains/(losses) on investments | 6 | 148.80 | (9,572.55) | ||
| Net (expenditure) and netmovement in funds | (46,876.55) | (61,733.88) | |||
| Reconciliation offunds | |||||
| Total funds brought forward | 1,863,558.24 | —1,925,292.12 | |||
| Totalfundscarriedforward | 1,816,681.69 | 1,863,558.24 |
The Notes on pages 9 to 14 form part of these financial statements
All funds are unrestricted in both the current and previous years.
The incoming funds and resources expended are derived from continuing activities.
Page 7
THE DEREK STEWART CHARITABLE TRUST BALANCE SHEET AS AT 30TH APRIL 2025
| Notes | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixed assets | ||||
| Investments | 6 | 1,922,102.00 | 1,971,370.00 | |
| Current assets | ||||
| Cash on deposit and in hand | 10,794.39 | 16,729.21 | ||
| 10,794.39 | 16,729.21 | |||
| Current liabilities | ||||
| Amounts due within 12 months | 7 | . | (91,224.32) | (87,300.40) |
| Net current (liabilities) | (80,429.93) | (70,571.19) | ||
| Long Term Liabilities | ||||
| Amounts due after 12 months | 7 | (24,990.38) | (37,240.57) | |
| Net assets | 1,816,681.69 | 1,863,558.24 | ||
| The funds of the charity | ||||
| Unrestricted funds | 1,816,681.69 | 1,863,558.24 | ||
| Total charity funds | 1,816,681.69 | 1,863,558.24 | ||
| The Notes on pages9 to 14 form part ofthese financial statements | ||||
| Allfundsareunrestrictedinboththecurrent | andpreviousyears. |
Approved by the Trustees and authorised to be signed on their behalf on
Date:
Truste
Full N
Page 8
THE DEREK STEWART CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2025
1 Accounting Policies
a) Financial statements preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the 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 United Kingdom and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), 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.
The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
b) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year.
Fair value revaluation of the portfolio at the accounting date is done at either mid market price or bid price depending on the nature of the investment.
c) Investment gains and losses
- All gains or losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between the sale 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 gains and losses are combined in the Statement of Financial Activities.
d) Income
- Investment income is included in the financial statements in the year in which the charity becomes entitled to it, it can be reliably determined and there is probability of receipt.
Donations are included in the financial statements together with associated Gift Aid, where applicable, when the Trustees have been advised of the donation with notification of both amount and intended settlement date.
e) Expenditure
-
Expenditure is included in the financial statements on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
-
f) Cost of raising funds
Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.
Page 9
THE DEREK STEWART CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2025
g) Support and governance costs
Support costs are the costs associated with the direct management of the charity.
Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity.
Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows:
Support (Legal and Administrative Costs) - 66.667% Governance (Accountancy Costs) - 33.333%
These are recorded in support and governance costs in the Statement of Financial Activities.
Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities.
All other support and governance costs are recorded in the Statement of Financial Activities as appropriate.
As the charity does not provide services directly but by way of grants to other organisations, support and governance costs are not allocated against individual grants or donations.
h) Grants
Grants payable are payments to third parties in 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 one-year or multi-year grant. Grants 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.
Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient.
A provision for a multi-year award is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2% to be appropriate.
i) VAT
The Charity is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.
2 Investment income 2025 2024 £ £ Dividends and Interest 53,067.91 50,805.64 Bank Interest 499.37 504.40 53,567.28 51,310.04
;
Page 10
| ' | |||||||
|---|---|---|---|---|---|---|---|
| THE DEREKSTEWART CHARITABLE TRUST | |||||||
| NOTES | TOTHE ACCOUNTS | ||||||
| | | FORTHE YEAR ENDED 30TH APRIL 2025 | ||||||
| 3 | Costs ofraising funds |
2025 | 2024 | ||||
| £ | £ | ||||||
| Rathbones investment fees | 14,119.53 | 14,135.00 | |||||
| 4 | Donations . |
2025 | 2024 | ||||
| £ | £ | ||||||
| Other | : | ||||||
| St Crispin's Out of | School Care | Association Ltd | 13,000.00 | 13,000.00 | |||
| Borders Children's | Charity | : | 13,000.00 | 13,000.00 | |||
| The University of Edinburgh | Development Trust | 6,000.00 | 412,000.00 | ||||
| Home-Start Edinburgh | . | 10,000.00 | 10,000.00 | ||||
| Leuchie House | 13,000.00 | - | |||||
| Cure Parkinsons | 13,000.00 | - | |||||
| Outward Bound Trust | , | 13,000.00 | |||||
| Discount unwound | 1,764.42 | 1,496.34 | |||||
| 82,764.42 | 49,496.34 | ||||||
| Less: Committed payments | (58,000.00) | (36,000.00) | |||||
| Less: | |||||||
| Commitments revoked | |||||||
| Leuchie House | - | (21,793.92) | |||||
| Cure Parkinson's | - | (21,793.92) | |||||
| New Future Commitments | |||||||
| Outward Bound Trust | 25,240.29 | - | |||||
| Home Start | 9,803.29 | - | |||||
| Borders Children's | Charity | 12,745.10 | |||||
| Cure Parkinsons | - | 25,745.10 | |||||
| Leuchie House | - | 38,240.29 | |||||
| St Crispin's Out ofSchoo! | Schoo! Care | Association Ltd | - | 37,490.48 | |||
| 72,553.10 | 71,384.37 |
Page 11
‘
THE DEREK STEWART CHARITABLE TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH APRIL 2025
| 4 | Future commitments | 2025 | 2024 | |
|---|---|---|---|---|
| & | £ | |||
| The Trustees’ commitments at 30th April 2024 | 120,220.97 | 96,836.60 | ||
| Less: Committed payments made in year | (58,000.00) | (36,000.00) | ||
| Less: | ||||
| Commitments revoked | ||||
| Leuchie House | - | (21,793.92) | ||
| Cure Parkinson's | - | (21,793.92) | ||
| Discount unwound | 1,764.42 | 1,496.34 | ||
| 63,985.39 | 18,745.10 | |||
| New Commitments in Year | ||||
| Outward Bound Trust | 25,240.29 | - | ||
| Home Start | 9,803.92 | - | ||
| Borders Children's Charity | 12,745.10 | |||
| Cure Parkinsons | - | 25,745.10 | ||
| Leuchie House | - | 38,240.29 | ||
| St Crispin's Out of School Care Association Ltd | - | 37,490.48 | ||
| The Trustees' commitments at 30th April 2025 | 111,774.70 | 120,220.97 | ||
| Due thus: | ||||
| University ofEdinburgh Development Trust | - | 6,000.00 | ||
| St Crispin's Out ofSchool Care Association Ltd | 25,240.29 | 37,490.48 | ||
| Leuchie House | 25,745.10 | 38,240.29 | ||
| Cure Parkinsons | 13,000.00 | 25,745.10 | ||
| Borders Children's Charity | 12,745.10 | 12,745.10 | ||
| Outward Bound Trust | 25,240.29 | - | ||
| Home Start | 9,803.92 | - | ||
| 111,774.70 | 120,220.97 | |||
| 5 | Supportand governance costs | 2025 | 2024 | |
| £ | £ | |||
| Management and administration | 7,840.40 | 10,608.54 | ||
| 7,840.40 | 10,608.54 | |||
| Governance | ||||
| Accountancy | 3,919.60 | 5,303.46 | ||
| Examination fee | 2,160.00 | 6,079.60 | 2,040.00 | |
| . | 13,920.00 | 17,952.00 |
Page 12
----- Start of picture text -----
THE DEREK STEWART CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH APRIL 2025
----- End of picture text -----
| 6 | Investments | 2025 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| FairValue of Investments at 30/04/24 | 1,971,370.00 | 2,012,526.00 | |||
| Add | |||||
| Investment purchases | 530,126.07 | 291,942.27 | |||
| 2,501,496.07 | 2,304,468.27 | ||||
| Less | |||||
| Investment sales | 579,542.87 | 323,525.72 | |||
| 1,921,953.20 | 1,980,942.55 | ||||
| Net realised (losses)/gains | 9,399.38 | (3,998.92) | |||
| Unrealised (losses) | . | (9,250.58) | 148.80 | (5,573.63) | |
| Fairvalue of investments at 30/04/25 | 1,922,102.00 | 1,971,370.00 | |||
| Held Thus: | £ | % | |||
| UK Index Linked Government Bonds | 72,180 | 3.76 | |||
| UK Conventional Government Bonds | 158,047 | 8.22 | |||
| Overseas Index Linked Government Bonds | 40,392 | 2.10 | |||
| UK Investment Grade Bonds | 88,688 | 4.61 | |||
| Overseas Investment Grade Bonds | 43,430 | 2.26 | |||
| Pharmaceutical & Biotechnology | 15,019 | 0.78 | |||
| Life Insurance | 21,105 | 1.10 | |||
| Real Estate Investment Trusts | 418,432 | 0.96 | |||
| Consumer Services | 8,339 | 0.43 | |||
| Beverages | 31,903 | 1.66 | |||
| Personal Care, Drug & Grocery Store | 33,002 | 1.72 | |||
| Industrial Engineering | 20,563 | 1.07 | |||
| Industrial Support Services | 57,894 | 3.01 | |||
| Industrial Metals & Mining | 18,233 | 0.95 | |||
| Oil, Gas & Coal | 30,506 | 1.59 | |||
| Gas, Waterand Multi Utilities | 23,772 | 1.24 | |||
| UK Investment Companies | 96,836 | 5.04 | |||
| Private Equity Stocks | 47,136 | 2.45 | |||
| North American Investments | 460,298 | 23.95 | |||
| European Investments | 105,797 | 5.50 | |||
| Emerging Markets Investments | 41,300 | 2.15 | |||
| Global Investments | 334,723 | 17.41 | |||
| Infrastructure Funds | 69,513 | 3.62 | |||
| Property Closed Ended Funds | 19,781 | 4.03 | |||
| Actively Managed Strategies | 65,213 | 3.39 | |||
| 1,922,102 | 100.00 | ||||
| AllinvestmentsarelistedonarecognisedstockexchangeandareheldwithintheUK. | , |
The main risk to the Trust from financial instruments lies in the volatility of the markets.
The Trust's investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides tor a high degree ot diversitication ot holdings within investment asset classes that are quoted on recognised stock exchanges.
Page 13
THE DEREK STEWART CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2025
| 7 | Creditors | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Sum due within 12 months | ||||
| Turcan Connell, Solicitors, administration fee to 30th April 2024 | 2,400.00 | 2,400.00 | ||
| Saffery LLP, examination fee | 2,040.00 | 4,920.00 | ||
| University ofEdinburgh Development Trust | - | 6,000.00 | ||
| St Crispin's Out of School CareAssociation Ltd | 12,745.10 | 12,745.10 | ||
| Leuchie House | , | 25,745.10 | 25,745.10 | |
| Cure Parkinsons | 13,000.00 | 25,745.10 | ||
| Borders Children’s Charity | 12,745.10 | 12,745.10 | ||
| Outward Bound Trust | 12,745.10 | - | ||
| Home Start | 9,803.92 | - | ||
| 91,224.32 | 87,300.40 | |||
| Sums due after 12 months | ||||
| St Crispin's Out of Schoo! CareAssociation Ltd | 12,495.19 | 24,745.38 | ||
| Outward Bound Trust | 12,495.19 | - | ||
| Leuchie House | - | 12,495.19 | ||
| 24,990.38 | 37,240.57 | |||
| Total Creditors | 116,214.70 | 124,540.97 | ||
| 8 | TrusteeExpenses |
No fees or expenses have been paid to the Trustees (2024 £NIL). The Trust has no employees (2024 NIL). All Trustees act gratuitously. Payments totalling £11,760.00 (2024 £15,912.00) including VAT have been made to HE their acting as Solicitors and for administering the — trustees) Ltd is a Trustee Company of
Page 14
APPENDIX TO ACCOUNTS
DIRECTORS REPORT EXTRACT
Directors and their interests
The Directors who held office during the year ended 31st July 2024 were as follows :
;
Resigned 31st March 2025 Resigned 31st March 2024
Appointed 1st April 2024 Appointed ‘st April 2024 Appointed 1st April 2024 Appointed 1st April 2025
Page 15