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CHARTERED ACCOUNTANTS
William Duguid Memorial Trust Scottish charity number $C032448
Trustees’ Report and Accounts
for the year ended 5th April 2025
William Duguid Memorial Trust Scottish charity number SC032448
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Trustees and Professional Advisers
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_ ae Administrators and Burnett & Reid LLP Solicitors Solicitors Suite A 1 Albyn Place Aberdeen AB10 1BR Accountants: James Milne Chartered Accountants 5 Bon-Accord Square Aberdeen AB11 6XZ Investment managers: Charies Stanley & Co Limited 25 Luke Street London EC2A 4AR
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William Duguid Memorial Trust Scottish charity number SC032448
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Trustees’ Report for the year ended 5th April 2025
Principal office
The Trust is administered by Burnett & Reid LLP, Solicitors, Suite A, 1 Albyn Place, Aberdeen, AB10 1BR.
Structure, governance and management
Governing document The William Duguid Memorial Trust is constituted as a trust governed by the Deed of Trust granted by f Gon 27th October 2001.
Trustees’ induction and training
The trustees are kept up to date on ongoing developments in the Charitable sector by Burnett & Reid LLP and are aware of their responsibilities as trustees re OSCR and the 2005 Charities and Trustee Investment (Scotland) Act.
New trustees are appointed by the existing body of trustees if they are suitable, bearing in mind the purpose of the Trust and the Trust assets.
The trustees meet each year at an annual trustees’ meeting. At such meetings, all decisions regarding the Trust's objectives are taken. The only decision making function which the trustees have delegated to date is the investment work, which is managed by the fund managers hired by the trustees on a discretionary basis, in line with current practice.
Objectives
The primary purpose of the Trust is to provide bursaries for boys or girls from country areas of Aberdeenshire, chosen for their academic promise or merit, to attend Robert Gordon's College, Schoolhill, Aberdeen, for their secondary schooling.
There is a secondary purpose to provide scholarships to graduates of Aberdeen University to study at post graduate level at another university should the trustees feel it inappropriate to continue to provide scholarships under the primary purpose or if the trust income exceeds the sum which the trustees consider proper to spend in the primary purpose scholarships.
In accordance with clause 3(ii) of the William Duguid Memorial Trust, all surplus income now forms part of the capital of the Trust.
Achievements, performance and financial review
During the year the trust made grants towards bursaries for secondary schooling at Robert Gordon's College, paying a total of £130,833 for the 2024 Summer and Winter terms.
Reserves policy
It is the policy of the Trust to retain adequate funds to safeguard the continuance of the Trust’s primary purpose. At Sth April 2025, the revenue fund sits at £nil and the capital reserves which now sit at £9,444,502. Although this endowment is expendable under the Deed of Trust, there is a desire by the trustees that only income generated in the year be used for the payment of scholarship to preserve the capital funds as far as possible.
Trustee
Date 27 | 4|A
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William Duguid Memorial Trust Scottish charity number $C032448 tt a8 Report by the Independent Examiner by the Independent Examiner the Independent Examiner Independent Examiner ="
Report by the Independent Examiner by the Independent Examiner the Independent Examiner Independent Examiner
| report on the accounts of the Trust for the year ended 5th April 2025 which are set out on pages5 to 7.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trustees consider that the audit requirement of Regulation 10(1) (d) 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 statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the Trust and a comparison of the 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 matters have come to my attention
- which give me reasonable cause to believe that in any material respect the requirements: e to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
Partner
James Milne
Chartered Accountants
- 5 Bon Accord Square Aberdeen
AB11 6XZ
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William Duguid Memorial Trust Bae Scottish charity number SC032448 Baasen
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Receipts and Payments Account for the year ended 5th April 2025
| Expendable | |||||
|---|---|---|---|---|---|
| Endowment | 2025 | 2024 | |||
| Revenue | (Capital) | Total | Total | ||
| £ | £ | £ | £ | ||
| Receipts | |||||
| Incomefrom investments | |||||
| Dividends and interest | 235,483 | - | 235,483 | 232,927 | |
| Bankinterest | 1,966 | . | 1,966 | 1,790 | |
| . | 237,449 | - | 237,449 | 234,717 | |
| Receipts from asset and investment sales | |||||
| Proceeds from sale of investments | - | 1,254,196 | 1,254,196 | 992,858 | |
| Total receipts | 237,449 | 1,254,196 | 1,491,645 | 1,227,575 | |
| Payments | |||||
| Investment management costs | 29,221 | 29,221 | 58,442 | 56,200 | |
| Grants | 130,833 | - | 130,833 | 220,283 | |
| Total costs of charitable activities | 130,833 | . | 130,833 | 220,283 | |
| Legalfees Accountancy fees |
2,532 1,912 a |
2,532 5,064 638 2,550 ee" |
2,900 2,550 a, |
||
| Total governance costs | 4,444 | 3,170 | 7,614 | 5,450 | |
| Purchase ofinvestments | - | 1,288,215 | 1,288,215 | 1,025,914 | |
| Total payments | 164,498 | 1,320,606 | 1,485,104 | 1,307,847 | |
| Net(payments)/receipts | 72,951 | (66,410) | 6,541 | (80,272) | |
| Transfers from/(to) funds | (73,001) | 73,001 | - | - | |
| (Deficit)/Surplus fortheyear | (50) | 6,591 | 6,541 | (80,272) | |
| ——————————————————————————————————— | = |
All funds are unrestricted.
The notes on pages 6 and 7 form an integral part of these financial statements.
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William Duguid Memorial Trust Scottish charity number SC032448
| Statement of | Balances | Balances | |||
|---|---|---|---|---|---|
| at 5th April 2025 | |||||
| Expendable | |||||
| Endowment | 2025 | 2024 | |||
| Revenue | (Capital) | Total | Total | ||
| £ | £ | £ | £ | ||
| Bank and cash balances | |||||
| Opening balance | 50 | 402,170 | 402,220 | 482,492 | |
| Surplus/(Deficit) fortheyear | (50) | 6,591 | 6,541 | (80,272) | |
| Closing balance | - 408,761 408,761 BO |
402,220 | |||
| Whereof: | |||||
| Bankand cash in hand | . | 252,354 | 252,354 | 142,677 | |
| In hands of brokers | . | 156,407 | 156,407 | 259,493 | |
| In hands of legal agents | - | - | - | 50 | |
| - | 408,761 | 408,761 | 402,220 | ||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Investments at market value | |||||
| Listed stocks and securities | 9,035,741 | 9,257,588 | |||
| Other assets | |||||
| Interestaccruedon Government securities Income tax recoverable |
9,044 667 |
6,273 667 |
|||
| 9,711 | 6,940 | ||||
| Liabilities | |||||
| Legal fees | 5,697 | 3,024 | |||
| Accountancy fees | 2,575 | 2,550 | |||
| Investment advisers fees | 680 | 665 | |||
| Grants | 70,715 | - | |||
| 79,667 | 6,239 |
All funds are unrestricted. /
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Trustee
The notes on pages 6 and 7 form an integral part of these accounts.
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William Duguid Memorial Trust
Scottish charity number SC032448 oe wi | ig Notes to the Accounts ==s
for the year ended 5th April 2025
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Accounting policies
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1.1 The accounts are prepared on a receipts and payments basis as allowed by the Office of the Scottish Charity Regulator.
1.2 Fund accounting
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust.
1.3 Governance costs
Governance costs include the cost of the external accountancy and legal costs associated with constitutional and statutory requirements.
Accountancy fees incurred in relation to the preparation and review of the accounts are allocated as follows:
Revenue - 75% Capital - 25%
Legal fees incurred in relation to the administration of the Trust (including preparing for and conducting local trustee meetings) are allocated as follows: Revenue - 50% Capital - 50%
1.4 Investment management costs
Investment management costs are allocated as follows:
Revenue - 50% Capital - 50%
1.5 Taxation
As a charity, the Trust benefits from an exemption to income tax and capital gains tax, however there are certain types of income on which there is no exemption. The Trust recovers tax deducted at source from interest received.
- Trustee expenses and remuneration
The trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024 -£Nil). No expenses were paid to the trustees during the year (2024 - ENil).
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William Duguid Memorial Trust Scottish charity number SC032448
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Notes to the Accounts for the year ended 5th April 2025
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|---|---|---|---|---|---|
|3.|Investments|at|market value|
|2025|2024|
|£|£|
|Additions|at cost|1,288,215|1,025,914|
|At 6th April 2024|9,257,588|8,905,930|
|Disposals|(1,254,196)|(992,858)|
|Gain/(Loss)|on|disposals|60,425|35,831|
|Gain/(Loss) on|revaluation|(316,291)|282,771|
|At|5th|April|2025|9,035,741|9,257,588|
|Note:|Cost of investments|8,258,337|8,157,987|
|4.|Charitable|activities|
|2025|2024|
|£|£|
|Grants made towards the bursaries of pupils|at:|
|Robert Gordon's|College|130,833|220,283|
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