1 ## **J Macdonald Menzies Charitable Trust** **(Charity Ref No: SC032370)** **Accounts for the year to 31[st ] December 2024** ## **Contents** Reference & Admin Information Report by Trustees Report by Auditors Accounts Notes to the Accounts Appendices of Investments Thorntons Law LLP, Solicitors, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ Telephone: 01382 229111 Fax: 01382 202288 2 **J Macdonald Menzies Charitable Trust** ## **Reference and Administrative Information** ## Names of Trustees Date/Manner of Appointment Trust Deed Assumed May 2009 Assumed Jan 2010 Assumed Jan 2010 Assumed Feb 2020 ## Charity Reference No Scottish Charity No: SC032370 Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ ## Investment Managers Thorntons Investment Management Ltd, Whitehall House, 33 Yeaman Shore, Dundee DD1 4BJ ## Nominee Company Lawshare Nominees Limited, or such other nominee company as A J Bell Securities may appoint ## Principal Bankers Royal Bank of Scotland, 3 High Street, Dundee DD1 9LY ## Auditors Findlays Audit Limited, 11 Dudhope Terrace, Dundee DD3 6TS 3 **J Macdonald Menzies Charitable Trust** ## **Report of the trustees for the period to 31 December 2024** The trustees present their report and accounts for the year ended 31 December 2024. The report and accounts have been prepared in accordance with the charity’s trust deed and with the accounting policies set out on pages 17 & 18. Structure, Governance and Management ## **Constitution** Deed of Trust by John Macdonald Menzies, 14 Dundee Road West, Dundee dated 6[th ] November 2001 and registered in the Books of Council and Session on 5[th ] December 2001. ## **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. ## **Trustee interests** was a partner in Thorntons Law LLP until 30 April 2024. Thorntons Trustees Ltd is a nominee company administered by Thorntons Law LLP. A majority of the shareholders in Thorntons Investment Management Ltd are partners in Thorntons Law LLP ## **Organisation and grant-making policy** The day-to-day administration is carried out by Thorntons Law LLP, as agents for the Trust. The Trustees meet annually and correspond regularly to review the grants position and any other relevant aspects of the Trust’s affairs. As stated in the Deed of Trust, Beneficiaries are to be drawn from the following categories: - (1) Charitable organisations promoting the preservation and protection of health, or the relief of sickness and disease - in particular heart disease, cancer, arthritis, Alzheimer’s Disease and Parkinson’s Disease; - (2) Charities for benefit of inhabitants of Dundee and environs, in particular those related to health, education, and recreation for social welfare purposes; - (3) Other charities. The settlor’s wish is that **at least** one half of the total distributions to beneficiaries be made from category (1) and **at most** one half from category (2). It is also the settlor’s wish that the trust continues to support research into Parkinson’s Disease until such time as a cure is found. ## **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. The trustees consider variability of investment returns to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. ## **Vesting Date** 31 December 2080 (unless postponed) ## Achievements and Performance ## **Grants** During the period the trustees continued to identify and agree support for a number of projects principally to benefit Parkinson’s UK and the University of Dundee for research. As at 31 December 2024, the sum of £254,000 (2023 - £291,530) is considered to be committed and the appropriate accrual has been made in these accounts. ## **Financial Review** The results for the period are set out in the Statement of Financial Activities on Page 9 There was an increase in the total funds during the period of £115,894 which is due to the increase in the value of quoted investments in line with market conditions offset against the decrease in the value of the unlisted investments. 4 **J Macdonald Menzies Charitable Trust** ## **Report of the trustees for the period to 31 December 2024 (cont)** ## **Reserves Policy** The reserves of the trust originate from the initial and subsequent funds transferred, together with growth in the value of investments and accumulated revenue. The trustees have adopted a reserves policy that should ensure the continuing ability of the Trust to meet its objectives. In general, the trustees look to distribute grants at a level commensurate with the annual net revenue of the trust, with only occasional grants being made out of capital funds. The level of free reserves held at 31 December 2024 was approximately £1,273,000 (2023 - £1,280,000). ## **Investment Policy and Performance** - (i) There are no restrictions in the Deed on the trustees’ power to invest. (ii The portfolio is managed on a Discretionary basis. - (iii) The portfolio is medium/high 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 both the WMA Balanced Index and a composite index based on 75% of the FTSE 100 Index and 25% of the UK Gilts Index - (iv) Investments should be targeted long term as to approximately 25% in Cash, Gilts and conventional Corporate Bonds and 75% in equities including Collective Investments. The 75% of equity investments should be split as to between 25 -45% in UK shares, and 30 – 50% in Collective Investments, which should be used to give exposure to international markets and geographical regions which the UK shares do not cover, subject to certain investments potentially being made directly in overseas stocks if felt appropriate. Overall, the total should be around 75% of the portfolio. - (v) The target minimum holding should be around 1% of the overall portfolio value, with around 50 holdings overall. (vi) The Trust will not invest directly in either tobacco or alcohol shares. The investment portfolio is considered to have performed satisfactorily over the period having regard to the above criteria. ## **Future Strategy** No changes are presently envisaged in the trust’s policies as outlined above. ## **Auditors** So far as each trustee is aware, there is no relevant audit information of which the auditors are unaware. Each trustee has taken the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## **Approved by the trustees and signed on their behalf:** ## 09/30/2025 Date 5 **J Macdonald Menzies Charitable Trust** ## **Statement of Trustees’ Responsibilities** The Trustees are responsible for preparing the Trustees’ Report and the accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments 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 accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity 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 charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 6 **J Macdonald Menzies Charitable Trust** ## **Independent Auditor’s report to the trustees of J Macdonald Menzies Charitable Trust** ## **Opinion** We have audited the financial statements of the J Macdonald Menzies Charitable Trust (‘the charity’)for the period ended 31[st ] December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31[st ] December 2024 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) ## **Basis of opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: - The information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - proper accounting records have not been kept, or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the Statement of Trustees’ responsibilities the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 7 **J Macdonald Menzies Charitable Trust** ## **Independent Auditor’s report to the trustees of the J Macdonald Menzies Charitable Trust (cont)** ## **Responsibilities of Trustees (cont)** In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material miss-statements in respect of irregularities, including fraud and non compliance with laws and regulations is detailed below. The audit team has appropriate skills and expertise required and through discussions with management and trustees and knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting instances of fraud that might have occurred. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. - Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations, including GDPR and fraud; - Enquire of management & trustees as to where they consider there is a susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur; - Reviewing minutes of meetings of those charged with governance; - Review of correspondence with regulators including OSCR; - Review of any areas where there is potential of management bias, large & unusual transactions and the risk of undisclosed related parties; - Auditing the risk of management override controls, including through testing of journal entries and other adjustments for appropriateness Because of the field in which the charity operates in, we identified the following areas as those most likely to have a material impact on the financial statements: Direct Impact on the Financial statements: - Charities Trustees and Investments (Scotland) Act 2005 and the - • The Charities Accounts (Scotland) Regulations 2006 - SORP – FRS102 Indirect Impact on the Financial Statements: - GDPR and Data Protection Act 2010 - Charities Constitution - OSCR requirements Because of the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA’s (UK). For instance,, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 8 **J Macdonald Menzies Charitable Trust** ## **Independent Auditor’s report to the trustees of the J Macdonald Menzies Charitable Trust (cont)** ## **Use of our Report** This report is made solely to the trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body for our audit work, for this report, or for the opinions we have formed. ## _findlays_ findlays (Sep 30, 2025 17:12:12 GMT+1) **Findlays Audit Limited Chartered Accountants Statutory Auditor 11 Dudhope Terrace Dundee DD3 6TS** 09/30/2025 9 ## **J Macdonald Menzies Charitable Trust** ## **Statement of Financial Activities for the year ended 31 December 2024** |Schedule
**Income and Endowments from:**
Investments
2
Donations
3
**Total Income**
**Expenditure on:**
Charitable activities and governance
1
Managing funds
5
**Total Expenditure**
**Net income/(expenditure) for the period**
**before gains on investments**
Gains on disposals of investments
6
(Decrease)in unrealised appreciation of
investments
6
**Net movement in funds**
Total funds at 31 December 2023
**Total funds at 31 December 2024**|**Unrestricted**
**Revenue**
**fund**
**£**
**242,710**
**-**
**242,710**
**249,196**
**-**
**249,196**
**(6,486)**
**-**
**-**
**(6,486)**
**1,280,129**
**1,273,643**|**Unrestricted**
**Capital fund**
**£**
**-**
**-**
**-**
**35,527**
**50,096**
**85,623**
**(85,623)**
**280,820**
**(72,817)**
**122,380**
**7,007,990**
**7,130,370**|**Total**
**2024**
**£**
**242,710**
**-**
**242,710**
**284,723**
**50,096**
**334,819**
**(92,109)**
**280,820**
**(72,817)**
**115,894**
**8,288,119**
**8,404,013**||Unrestricted
Revenue
fund
£
256,782
400,000
656,782
285,868
-
285,868
370,914
-
-
370,914
909,215
1,280,129|Unrestricted
Capital fund
£
-
-
-
46,339
45,637
91,976
(91,976)
69,339
(373,935)
(396,572)
7,404,562
7,007,990|Total
2023
£
256,782
400,000
656,782| |---|---|---|---|---|---|---|---| ||||||||332,207
45,637| ||||||||377,844| ||||||||278,938
69,339
(373,935)| ||||||||(25,658)
8,313,777| ||||||||8,288,119| 10 J Macdonald Menzies Charitable Trust Balance Sheet as at 31 December 2024 2024 2023 h8duA Flxed Assets Inveslmwts 21 Current Assets sh on de[￿>￿t and Debtors 405.100 405.100 711.833 Current Liobilities cred￿￿￿5 due within one Net CUrrentAssetsl(Llablllt￿S} 137 692 credito￿ due after more than one year Total Net Asse Represontod ty= Total funds at 31 December 2024 (page g) Approved by the trustees and signed on their behalf: 0913012025 11 ## **J Macdonald Menzies Charitable Trust** ## **Statement of Cash Flows for the period ended 31 December 2024** |Net cash used in operating activities (as below)
Cash flows from investment activities:
Dividends and interest
Proceeds from sales of investments
Cost of purchases of investments
Proceeds from sale of property
Net cash from investment activities
Movement in year
Cash brought forward
Cash carried forward|**2024**
2023
**£’000**
£’000
**(345)**
55
**243**
257
**942**
408
**(1,122)**
(461)
**0**
0
**63**
204
**(282)**
259
**687**
428
**405**
687| |---|---| ## **Reconciliation of net movement of fund to net cash flow from operating activities** |Net movement in funds
Deduct: Investment income
Deduct: Gains on investments
Add/(Deduct): Decrease/(Increase) in unrealised
appreciation (including adjustment)
(Increase)/decrease in Debtors
(Decrease)/increase in Creditors|**2024**
2023
**£’000**
£’000
**165**
(26)
**(243)**
(257)
**(281)**
(69)
**37**
374
**25**
(25)
**(48)**
58
**(345)**
55| |---|---| 12 ## **J Macdonald Menzies Charitable Trust** |**Schedule 1**
**Charitable Activities**
**(i) Grants paid in year -**
Parkinson’s UK re Virtual Biotech
Parkinson’s UK, for CRLP, Cascade Learning & Virtual Classrooms
Parkinson’s UK, for Excellence Network
Parkinson’s UK, Parkinson’s Active Programme
Parkinson’s UK, for Young Parkinson's event
Parkinson’s UK, for New Nurses Proposition
PATCH
Alzheimers Research UK, Dr McDermid’s project
Brain Tumour Charity
Perth Theatre & Concert Hall, Dance for Parkinsons
Make Seconds Count
Leuchie House
Scottish Huntington’s Association
Scottish Opera
**(ii) Grants committed and accrued in year but not yet paid -**
Parkinson’s UK, for Young Parkinson's event
Parkinson’s UK, for Excellence Network
Parkinson’s UK, for CRLP, Cascade Learning & Virtual Classrooms
Parkinson’s UK, for Virtual Biotech
Parkinson’s UK, for Parkinson’s Active
Parkinson’s UK, for New Nurses Proposition
Brain Tumour Charity
Make Seconds Count
Alzheimer’s Research UK, Dr McDermid’s research project
PATCH
Oxford Hospitals Charity
University of Dundee – MRI Guided Focus Ultrasound
Maggies
Pitlochry Festival Theatre
Scottish Chamber Orchestra
**(iii) Accruals at 31.12.23 paid or cancelled in period**
Total Grants paid or payable
**Support costs (Schedule 4)**
(a) Revenue costs
(b) Capital costs (Governance)
**(a) Revenue**
**(b) Capital**|**115,000**
**25,000**
**20,000**
**20,000**
**20,000**
**25,000**
**1,530**
**25,000**
**15,000**
**5,000**
**5,000**
**-**
**-**
**-**
**20,000**
**20,000**
**10,000**
**100,000**
**20,000**
**30,000**
**-**
**-**
**-**
**-**
**15,000**
**15,000**
**3,000**
**3,000**
**3,000**
**10,196**
**35,527**|**2024**
**£**
**276,530**
**239,000**
**(276,530)**
**239,000**
**45,723**
**284,723**
**249,196**
**35,527**
**284,723**||2023
£
115,000
25,000
10,000
20,000
20,000
-
13,000
-
-
-
-
5,000
3,000
3,000
214,000
20,000
20,000
25,000
115,000
20,000
25,000
30,000
5,000
25,000
1,530
5,000
5,000
5,000
5,000
5,000
291,530
(234,000)
271,530
14,338
46,339
332,207
285,868
46,339
332,207| |---|---|---|---|---| |||||| |||||| |||||| 13 **J Macdonald Menzies Charitable Trust** |**Schedule 2**
**Income**
Dividend income, per Thorntons Investment Management Ltd
Gross Interest, per Thorntons Investment Management Ltd
Deposit interest, per Thontons Law LLP
Cure Parkinson’s 2020 Grant – being returned as no longer
required
**Schedule 3**
**Donations received**
Menzies and Sons Ltd, gift aid payments|**2024**
**£**
**236,750**
**3,806**
**2,154**
**242,710**
**- **
**242,710**
**-**|2023
£
227,511
2,402
1,869
231,782
25,000
256,782
400,000| |---|---|---| |**Schedule 4**
**Support Costs**
Thorntons Law LLP, administration fees
Findlays, audit fee
Trustee Meeting expenses
Thorntons Law LLP, administration fees
Walker Dunnett, audit fee|**Governance**
**30,589**
**4,800**
**138**
**35,527**
Governance
43,015
3,324
46,339|**Charitable**
**2024**
**Activities**
**Total**
**10,196**
**40,785**
**-**
**4,800**
**-**
**138**
**10,196**
**45,723**
Charitable
2023
Activities
Total
14,338
57,353
-
3,324
14,338
60,677| |---|---|---| No expenses or any other forms of remuneration were paid to any of the trustees during this or the previous year. The trust has no employees. |**Schedule 5**
**Managing funds**
Thorntons Investment Management Ltd, fees|**2024**
**50,096**
**50,096**|2023
45,637
45,637| |---|---|---| A majority of the shareholders in Thorntons Investment Management Ltd are partners in Thorntons Law LLP. 14 ## **J Macdonald Menzies Charitable Trust** |**Schedule 6**
**Summary of Investments**
Book Value as at 31.12.23
Unrealised appreciation as at 31.12.23
Movements in year: -
Purchases at cost per Appendix 1
Sales –
proceeds per Appendix 1
realised gains per Appendix 1
Adjustment to book cost in previous Accounts
Increase/(decrease) in unrealised appreciation
**Market Value as at 31.12.24 per Appendix 3**
Book Value as at 31.12.24 per Appendix 3
Unrealised appreciation/(depreciation) as at 31.12.24
All Investments held are listed UK Securities
Book Value as at 31.12.22
Unrealised appreciation as at 31.12.22
Movements in year: -
Purchases at cost
Sales –
proceeds
realised gains
Adjustment to book cost in previous Accounts
Increase in unrealised appreciation
Market Value as at 31.12.23
Book Value as at 31.12.23
Unrealised appreciation as at 31.12.23|**Listed**
**£**
5,606,778
1,936,500
**7,543,278**
1,121,957
(942,307)
280,820
458
(37,575)
**7,966,631**
6,067,706
1,898,925
**7,966,631**
**Listed**
**£**
5,549,499
1,699,238
7,248,737
460,969
(407,921)
69,339
(65,108)
237,262
7,543,278
5,606,778
1,936,500
7,543,278|**Unlisted**
**£**
1,285,000
(949,610)
**335,390**
-
-
-
-
(35,700)
**299,690**
1,285,000
(985,310)
**299,690**
**Unlisted**
**£**
1,285,000
(403,521)
881,479
-
-
-
(546,089)
335,390
1,285,000
(949,610)
335,390|**Total**
**£**
6,891,778
986,890
**7,878,668**
1,121,957
(942,307)
280,820
458
(73,275)
**8,266,321**
7,352,706
913,615
**8,266,321**
**Total**
**£**
6,834,499
1,295,717
8,130,216
460,969
(407,921)
69,339
(65,108)
(308,827)
7,878,668
6,891,778
986,890
7,878,668| |---|---|---|---| The Trust’s unlisted investments consist of 6,682 ‘A’ 50p and 3,477 ‘B’ £1 shares in Dunshelt Investments Ltd. These holdings represent approximately 3.6% in value of the Trust’s investment portfolio. Investments considered material: |Investments considered material:||| |---|---|---| |**Investment**|**Market Value (£)**|**No. of shares**| |ICG Enterprise|445,074|34,001| |Scottish Mortgage Investment Trust|
609,399|64,100| 15 **J Macdonald Menzies Charitable Trust** ## **Schedule 6 Investments (cont)** ## **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. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Charity’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios. Further information on the Trustees’ approach to risk management and the Charity’s exposure to credit and market risks are set out below. ## **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. ## **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 investment and 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. ## **Currency risk** The Charity is subject to currency risk because some of the Charity’s investments are held in overseas markets, via the pooled investment vehicles. ## **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. 16 ## **J Macdonald Menzies Charitable Trust** |**Schedule 7**
**Debtors**
Cure Parkinsons returned 2020 grant
Income tax recoverable|**2024**
2023
**£**
£
**-**
25,000
**-**
**-**
25,000| |---|---| |**Schedule 8**
**Creditors**
Grants committed -
due within one year
due after one year
Thorntons Investment Management Ltd, fees
Findlays, audit fees
Walker Dunnett, audit fees|**254,000**
**-**||**2024**
**£**
**254,000**
**8,608**
**4,800**
**-**
**267,408**|2023
£
276,530
15,000| |---|---|---|---|---| |||||
291,530
7,702
-
3,150| |||||
302,382| 17 **J Macdonald Menzies Charitable Trust** ## **Notes to the Accounts** ## **1. Accounting Policies** ## Basis of Preparation and assessment of going concern The accounts are prepared under the historical cost convention as modified by the revaluation of investment assets and include the results of the charity’s operations as indicated in the financial report, all of which are continuing. The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice: “Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102” (SORP FRS 102) and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity 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. The accounts are prepared in sterling which is the functional currency of the trust. Monetary amounts in these accounts are rounded to the nearest £ or nearest £’000 as appropriate The trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. This included consideration of the potential impact of Covid-19. With respect to the next reporting period (2021), the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the ‘Investment Policy and Performance’ and ’Risk Management’ sections of the trustees’ annual report for more information). ## Funds Structure Unrestricted capital and income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. ## Income and Expenditure Investment income is accounted for in the period in which the Trust is entitled to receipt. Expenditure is included on an accruals basis. All other income has been recognised on the basis of entitlement, certainty and measurement. ## Grants Grants comprise those paid in the accounting period and, when applicable, include grants payable in future accounting periods where there exists a legal obligation to make such payments. ## Debtors Debtors include amounts owed to the trust for the provision of goods and services. Debtors are measured at their recoverable amounts - the amount the trust anticipates it will receive from a debt or the amount it has paid in advance for goods and services. ## Creditors Creditors are recognised where the trust has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligations can be measured reliably. Creditors are normally recognised at their settlement amount. ## Financial Instruments The charity has financial assets that qualify as basic instruments and assets qualifying as instruments measured at fair value. Financial liabilities of the charity only qualify as basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Financial instruments measured at fair value are initially recognised at transaction value and are subsequently measured at their fair value with re-measurements being taken to the statement of financial activities. |**Carrying amount of financial assets**
Financial assets measured at fair value through statement of financial activities|**2024**
**£**
**8,266,321**|2023
£
7,878,668| |---|---|---| Financial assets measured at fair value through statement of financial activities comprise of listed investments. 18 **J Macdonald Menzies Charitable Trust** ## **Notes to the Accounts (cont)** ## Investments Investments are shown at market value, where available, or otherwise at (i) the latest available valuation known to the trustees or (ii) cost, at their discretion. Realised gains or losses are treated as capital and are dealt with in the Statement of Financial Activities. Unrealised appreciation or depreciation in the value of investments is also dealt with in the Statement of Financial Activities. ## Investment Property Investment Properties are shown at fair value and any surplus or deficit is recognised in the Statement of Financial Activities. ## Liabilities Liabilities are amounts due to creditors. Liabilities are measured at their settlement amount. A liability is recognised for the amount that the trust anticipates it will pay to settle the debt. ## VAT Irrecoverable VAT is charged against the cost of resource expenditure for which it has been incurred. ## **2. Related party transactions** Thorntons LLP were a related party during the period and all transactions and balances have been disclosed in the notes. ## **3. 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. Auditors** The trustees approve the continued appointment of the Auditors as detailed in the Report of the trustees in these Accounts. ## **5. Nomineeship** The trustees approve the continued appointment of the nominee company as detailed in the General Information section in these Accounts to continue to hold certain or all of the investments owned by the trustees, and that on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force. ## **J Macdonald Menzies Charitable Trust Year ended 31 December 2024** ## **Appendix 1** ## **Investment Transactions** **Purchases -** |**Date**
**Name**
**Qty**
**Transaction**
21.03.24
Sarasin Funds Hier Div
51,000
Purchase
11.04.24
ICG Enterprise
10,500
Purchase
12.04.24
Ninety One Global Gold
82,500
Purchase
JPM US Equity Inc
35,000
Purchase
29.07.24
Xtrackers Russell 2000
970
Purchase
Dowlais Group
92,300
Purchase
02.09.24
Ninety One Global Gold
65,000
Purchase
13.09.24
Xtrackers Russell 2000
630
Purchase
16.09.24
MI Chelverton UK Equity
94,006.144
Purchase
10.10.24
Jupiter Japan Inc
562.89
Purchase
JPM US Equity Inc
6.488
Purchase
Lazard Inv Funds Multicap UK Inc
25.0174
Purchase
Janus Henderson Strategic Bond
162.57
Purchase
Royal London Corporate Bond
111.0992
Purchase
Less: cost transferred from existing holding|**Cost**
100,398
130,231
91,308
161,170
251,550
60,213
74,854
150,372
100,711
661
31
172
183
103
1,121,957
0*
**1,121,957**| |---|---| **Disposals -** |**Date**
**Name**
**Qty**
**Transaction**
12.02.24
Renishaw
480
sale
21.03.24
JPM American
10,765
sale
24.05.24
Sarasin Funds Hier Div
0
Equalisation
29.07.24
Janus Henderson Bankers Inv Trust
215,130
sale
Henderson FE Inc
28,519
sale
Renishaw
2,030
sale
31.07.24
JPM US Equity Inc
0
Equalisation
25.08.24
Sarasin Funds Hier Div
0
Equalisation
02.09.24
WS Ruffer Diversified Return
373,000
sale
13.09.24
SSE
2,082
sale
Persimmon
1,200
sale
29.11.24
MI Chelverton UK Equity
0
Equalisation
Various
0
Equalisations < £2
Less: cost transferred to new holding|**Cost**
**Proceeds**
**Gain/**
**Loss**
8,185
20,726
12,541
18,009
104,975
86,966
270
270
0
82,803
246,508
163,705
90,178
64,709
-25,469
34,616
73,490
38,874
441
441
0
521
521
0
379,504
369,016
-10,488
30,706
41,320
10,614
15,423
19,500
4,077
827
827
0
4
4
0
661,487
942,307
280,820
0
0
0*
**661,487**
**942,307**
**280,820**| |---|---| |**J Macdonald Menzies Charitable Trust**
**Appendix 2**
**Year to 31 December 2024**
**Summary of Investment Portfolio as at 31 December 2024**
**Listed Investments managed by Thorntons Investment Management Ltd:**
Per Appendix 2 (b)
Less: cash balance
**Unlisted Investments held per Thorntons:**
6,682 Dunshelt Investments Ltd A 50p
(
3,477 Dunshelt Investments Ltd B £1
(
**Totals**|**J Macdonald Menzies Charitable Trust**
**Appendix 2**
**Year to 31 December 2024**
**Summary of Investment Portfolio as at 31 December 2024**
**Listed Investments managed by Thorntons Investment Management Ltd:**
Per Appendix 2 (b)
Less: cash balance
**Unlisted Investments held per Thorntons:**
6,682 Dunshelt Investments Ltd A 50p
(
3,477 Dunshelt Investments Ltd B £1
(
**Totals**|**Market**
**Value**
**£8,151,935**
**-£185,304**
**£7,966,631**
**£299,690**
**£8,266,321**| |---|---|---| |||| THORNTONS INVESTMENTS e7,BW6JO.76 t1￿￿03 Inv•skn•nt Profit & Loss Casrffl Ch•ng•(%l AEGC*q AM ICVC AE(XXI IW GRD BO STG S OIS IFUt40 BFOW2N71 233 487 4723 0 ￿16 W 229,246 12 318.177 -9.19 ALLIANCE WtTAN PLC ORD GBP0025 1243C (SE0(￿ 811V7W91 ASTRAZENECA PLC CRD LL8CQ25 {SEOL￿ CW5291 25297 73.￿1 62 314.44171 240.840f 327 22 114 66 IW 64.W 67 219.￿134 155.013.67 239 71 BAILLIE GIF JAP TR 0RDG8￿).( ISEO(L 7.11￿P 285.￿20 27T,485.(KI BlACKR￿K FM LTD EUROPEAN DYNAM (FUND BCZRNM21 83,759￿ 2.￿834 IW 1(O.(X•JIXI 178.835 78.835.OJ 7884 DOWLAIS GROUP PLC ORD GBPO 01 0 67425 C ISEt)OL'BMWRZOII FUNDSMITH EaTY FD FVND&irrH EauiTY FuNfJ i Ols (FUND B4MRBG81 1252e6 4,748.49 425 41,41385 6.4￿ I 159.￿744 I(￿.648.48 GSK PLC ORD G8PJ.3125 ISÉDQL BN7SWP61 13.4625 r 7T,123.11 76,655.48 467.63 .61 HICL INFFiASTRurfu OIID GBPO (n)1 ISEt)OL BJLP1YII HSBC HOLDINGS PLC (YID USDO 50IUK REGI ISEDOL (fj4(Lfj281 148, 1 191 W LO,U97.23 177,￿95 -s2,￿.28 7 854rw 104,79484 157.W.fX) 52,285 18 4989 ICG ENTERPRISE TRU OFL) GBPO.10 13 (￿GeP 3￿.317.9) 445.073.L 64.ns 19 17.02 ISEDOL (132WJX)I IMPAX ENWRO MKfs Ijio GBKI 10 ISEtXK 31232491 J PMORGAN U SEQUITYINCQMEC INC (FUND B3FJa591 34.Tr)1 3.855 G￿ 246.261.W 233727.9) -13.033. 4.857 1W.7&J.I 170.(r2651 9￿.42 578 JANUS HEND UK & EU JH 5niATEG BOND DIS IFiND 07￿￿) 1 117( 415.59112 -46,541 J(%INSON MArrHEY ORD GBP1.109245 IsEr￿ Bz4￿T) 13.4(ts 1 117.59123 78,697.￿ 48,gn.BB JPM EMERG MARK WVES TRUST ISED(L.BNtXWN181 1n.470 .02421 187.￿.01 107.843. 134 76 JPMORGAN AMÈR IT CXID L￿p0.[ ISEO(L".BKZGV￿j JUPITER Lrr MNGR5 JUPttER JPN I Lf2(*P DIS (Flthf)-BFF￿H8) 24,LKKI 11.25 40.149 16 270,LXJJ.W 84 572.49 198.835 1.1WJW 1¥87905 Z3721132 38,332.27 10.27 Inve5*nert C05rf£) V￿￿1£) 1£) Change(%} LA2ARD INvfMNT FDS MULTICAP UK INCOME I INC IFUNO."08470251 52227 412 691r￿P 213243 98 360.891.42 147.647 44 6924 MI CHELVERTON EaTY MI CHELvERT[￿ UKEQ INC BD JM 1.OM8(W ￿.545.11 319294XI 49.250.78 -13.36 IFUND".B1FtMI MUaNICH & CoMU￿NICH TCAT CRH GBP H (FUND BYV1C891 Z073nfj 91.18IW XI1.ff￿f￿l 189.￿￿.57 -11.￿7.43 NINETY ONE FDS ￿ls GLO￿ IX>LD I GBP OIS IFUP4D BMCR2N91 1.1036G8P 1￿.162[￿) 161781 .381.0) PERSIMMON ORD GBPO.10 {SEDc￿ 1197 9220 24 7625 (W 142.824 70 728,31025 ,685 55 SSE PLC GBFtI ￿lsE0cl..0￿rJ) 16Lwsr I￿1,•1102 1517&3 75 1167183 9( THE RENEWA8LES INF CXIO NFV ISEDCi.BDHX2H91 0.￿(￿P 249,357.$4 1n214. .77.142.84 UNILEVER PLC CXID GBPO 031111 ISEfKi B10RZP71 45.475 9133539 221,3r2 129,0￿91 139 75 (￿P0 025ISEOOL".8N4W5 59.4x1 31575f 41,86735 187.018 145,75130 348 13 XTrACKERS RUSSELL 2to) ISEDOLBWB%RR71 261975 1 401.921 $2 419.1￿*(1] 17,￿.48 429 T(tsl ,70SM 7.914W.76 1.M9XI.10