MCKENZIE SISTERS CHARITABLE TRUST
Charity Ref: SC032481
Accounts for the year to 5 April 2025
Contents Reference & Admin Information Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments
2
MCKENZIE SISTERS CHARITABLE TRUST
Reference and Administrative Information
Date/Manner of Appointment
Names and Addresses of Trustees
Pagan Osborne & Grace Trustees Ltd
Assumed 05.10.2016
Charity Reference No: $C032481
Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4B)
Investment Managers
Evelyn Partners, Atria Two Third Floor, 148 Morrison Street, Edinburgh, EH3 8EX
Principal Bankers
The Royal Bank of Scotland plc 3 High Street, Dundee DD1 SLY
Independent Examiner
GE Henderson Black & Co, Edenbank House, 22 Crossgate, Cupar, Fife, KY15 SHW
.
3
MCKENZIE SISTERS CHARITABLE TRUST
Report of the Trustees for the year ended 5 April 2025
The Trustees present their report and accounts for the year ended 5 April 2025. The report and accounts have been prepared in accordance with the charity's trust deed and with the accounting policies set out on page 10.
Structure, Governance and Management:
Origins
The Trust was established by the Will of Winifred Margaret McKenzie dated 3 November 2000. Miss McKenzie died on 4 February 2001.
Objectives, Activities and Plans for Future Periods
The purposes of the Trust are a) to benefit St Andrews Community Hospital by providing equipment and support to the nursing and support staff, and b) to encourage and support the standard of public nursing and care in the community in Fife and Scotland.
The Trust operates principally by making grants to enable Art Therapy projects in the hospital.
During the year to 5th April 2025 the Trustees' objectives remained unchanged. The Trustees made the decision to liquidate the investment portfolio with the aim to invest the funds in a high interest earning account, thus avoiding turbulent Markets impacting on their future plans.
Connected Bodies
Thorntons Law LLP carry out administration work for the Trust and are deemed to be a connected party by virtue of Pagan Osborne & Grace Trustees Ltd, which is owned by Thorntons, being a Trustee.
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.
Achievements and Performance:
Grants
No grants were paid in the year to 5 April 2025 (2024 — none). Income for the year was £1,701 (2024 - £2,670) and general administration costs were £7,056 (2024 — as restated £6,237) including VAT
Financial Position:
The results for the year are set out on pages 6 & 7. Corresponding figures for the year ended 5 April 2024 are also shown.
Reserves Policy
The reserves represent the funds arising from past operations. The Trustees are satisfied these funds are sufficient for the continuation of the trust for the foreseeable future.
As shown in the Statement of Balances, the total assets of the Trust, net of liabilities, were £87,492 (2024, £91,789).
Investment policy and performance
During the Accounting period the Trustees made the decision to liquidate the investment portfolio with the aim to invest the funds in a high interest earning account.
4
MCKENZIE SISTERS CHARITABLE TRUST
Report of the Trustees for the year ended 5 April 2025 (cont)
Future Strategy
No significant changes are presently envisaged in the trust’s policies as outlined above.
Approved by the Trustees and signed on their behalf:
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
MCKENZIE SISTERS CHARITABLE TRUST
| report on the Accounts of the Charity for the year ended 5 April 2025 which are set out on pages 6 to 10.
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 (“the 2005 Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity’s trustees consider that the audit requirement of Regulation 10/(1)(d) of the 2006 Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the 2005 Act and to state whether particular maiters have come to my attention. .
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken So that | might state to the trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the trustees for my work or for this report.
Basis of Independent Examiner’s Statement
My examination is carried out in accordance with Regulation 11 of the 2006 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:-
- 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 Regulations, and
= to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 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 to be reached.
Partner Henderson Black & Co Chartered Accountants
22 Crossgate Cupar Fife, KY15 SHW
Date: 26/11/2025
5
6
MCKENZIE SISTERS CHARITABLE TRUST
Receipts and Payments Account for the year ended 5 April 2025
| Schedule/ | 2025 | 2024 | |
|---|---|---|---|
| Appendix | As restated | ||
| £ | £ | ||
| Receipts | |||
| Investment income | Sch 1 | 1,701.20 | 2,669.81 |
| Proceeds from investment sales | App2 | 101,895.94 | 5,710.14 |
| Total receipts | 103,597.14 | 8,379.95 | |
| Payments | |||
| Investment purchases | App 2 | 8,734.51 | 6,423.31 |
| Charitable activities | Sch 2 | 100.00 | - |
| Governance | Sch 3 | 6,180.00 | 4,860.00 |
| Costs ofgenerating funds | Sch 4 | 876.46 | 1,377.46 |
| Total payments | 15,890.97 | 12,660.77 | |
| Surplus/(Deficit) for year | 87,706.17 | (4,280.82) | |
| Allfundsareunrestricted. |
7
MCKENZIE SISTERS CHARITABLE TRUST
Statement of Balances as at 5 April 2025
| Schedule/ | 2025 | 2024 | |||
|---|---|---|---|---|---|
| Appendix | As | restated | |||
| £ | E | ||||
| Cash on deposit and on hand | |||||
| Opening balance | 2,665.94 | 6,946.76 | |||
| Surplus/(Deficit) foryear | __ | 87,706.17 | __(4,280.82) _ | ||
| Closing balance | 90,372.11 | 2,665.94 | |||
| Reserves | |||||
| Unrestricted Funds | 90,372.11 | ___ | 2,665.94 | ||
| Investments as valued at 05.04.25 | App 2 | : | 89,302.84 | ||
| __90,372.11 | 91,968.78 | ||||
| Estimated Liabilities as at 05.04.25 | |||||
| Thorntons Law LLP, administration fees | 2,160.00 | - | |||
| Henderson Black, Independent Examination fee | 720.00 | 180.00 | |||
| 2,880.00 | ___ | 180.00 |
Approved by the trustees and signed on their behalf:
I3/II/ge 2095‘ ; Date
8
MCKENZIE SISTERS CHARITABLE TRUST
Schedule 1 Income Received
Dividends and Interest, per Appendix 1
Schedule 2 Charitable Activities
Hospital reception costs
Support Costs (Schedule 3)
Schedule 3 Support Costs
Thorntons Law - administration fees Henderson Black — independent examination fee
| 2025 | 2024 | |
|---|---|---|
| As restated | ||
| £ | £ | |
| 1,701.20 | 2,669.81 | |
| 1,701.20 | 2,669.81 | |
| 100.00 | - | |
| - | - | |
| 100.00 | - | |
| Charitable | 2025 | |
| Activities | Governance | Total |
| - | 6,000.00 | 6,000.00 |
| - | 180.00 | 180.00 |
| - | 6,180.00 | 6,180.00 |
Thorntons, administration fees Henderson Black — independent examination fee
| 2024 | ||
|---|---|---|
| Charitable Activities |
Governance | As restated Total |
| - | 4,680.00 | 4,680.00 |
| - | 180.00 | 180.00 |
| . | 4,860.00 | 4,860.00 |
| 2025 | 2024 | |
|---|---|---|
| Schedule 4 | As restated | |
| £ | £ | |
| Costs ofgenerating funds | ||
| Evelyn Partners - Investment Management fees | 876.46 | 1,305.46 |
| Evelyn Partners - LEI renewal fee | - | 72.00 |
| 876.46 | 1,377.46 |
9
MCKENZIE SISTERS CHARITABLE TRUST
Schedule 5
| Schedule 5 | |
|---|---|
| Reconciliations on adoption of receiptsand payments basis | |
| Reconciliation ofequity | 05/04/24 |
| £ | |
| Balance Sheet as reported under FRS102 accruals basis | 91,788.78 |
| Add: liabilities | 180.00 |
| Statement of balances as reported under receipts and payments | |
| basis | |
| 91,968.78 | |
| Reconciliation ofsurplus/(deficit) forthe financial year | 2024 |
| £ | |
| Surplus for the year to 5 April 2024 reported under FRS102 | |
| accruals basis | 150.25 |
| Add: Sale of investments | 5,710.14 |
| Less: Purchase of investments | (6,423.31) |
| Gains on investments | (3,717.90) |
| Deficit for the year to 5 April 2024 reported under receipts and | (4,280.82) |
| payments basis | __ |
10
MCKENZIE SISTERS CHARITABLE TRUST
Notes to the Accounts
1. Accounting Policies
1.1 Basis of Accounting
These accounts have been prepared on a Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
For the year to 5 April 2025, the charity changed its accounting policy from preparing its financial statements on the accruals basis in accordance with the Charities Statement of Recommended Practice (SORP), to the receipts and payments basis, as permitted under the Charities Accounts (Scotland) Regulations 2006. This change was made because the charity’s gross income for the year fell below the £250,000 threshold, and the Trustees considered the receipts and payments basis to be more proportionate and cost effective for the charity’s size and complexity.
As a result of this change, comparative figures from the previous year’s Accounts, which were prepared on an accruals basis, have been restated. The restatement schedule can be found in Schedule 5.
1.2 Taxation
The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable objectives.
1.3 Cash Flow Statement
The charity is entitled to the exemptions available in the Charities Accounts (Scotland) Regulations 2006 (as amended) and is not required to prepare a Cash Flow Statement.
1.4 Fund accounting
All of the charity’s funds are unrestricted. Unrestricted funds are those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives.
2. Going Concern
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.
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. Independent Examiner
The Trustees approve the appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.
5. Employees, Trustees and their Remuneration
The charity had no employees during the year (2024 — none). No remuneration or expenses were paid to Trustees during the year (2024 — none).
MCKENZIE SISTERS CHARITABLE TRUST
APPENDIX 1 Investment Income from 06/04/24 to 05/04/25
==> picture [503 x 601] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Date|Paid|Company|Holding|Dividend|
|11/04/24|||VANG|UK|EQTY|INC|44.42|39.90|
|18/04/24|FIDELITY|INV|FUNDS|ICVC|GLBL|DIV|FD|2302.36|54.40|
|30/04/24|LIONTRUST|MONTHLY|INCOME|BOND|3086.836|10.80|
|30/04/24|TB|EVENLODE|GLOBAL|FUND|3005.154|28.33|
|30/04/24|NINETY ONE|FD|SERIES|DIVERDIFIED|INC|3370.675|11.88|
|30/04/24|INTEREST TO|30/04/24|2.60|
|30/04/24|TB|EVENLODE|CONTINUING|FUND|1043.259|25.03|
|30/04/24|BFM|CONT|EU|INC|2372.651|5.66|
|07/05/24|©THREADNEEDLE|INVT FUNDS|ICVC|1968.3045|40.02|
|10/05/24|© SCHRODER|ORIENTAL|INC|FD|L325|26.50|
|31/05/24|NINETY|ONE|FD|SERIES|DIVERDIFIED|INC|3370.675||r|Bs 7|
|31/05/24|| FRANKLIN|UK|EQUITY|INCOME|FUND|2510.667|42.54|
|31/05/24|||HENDERSON|UK &|EUROPE|FUNDS|2079.08|20.36|
|31/05/24|||GREENCOAT|UK WIND|PLC|2720|68.00|
|31/05/24|INTEREST TO|31/05/24|2.94|
|31/05/24|| LIONTRUST MONTHLY INCOME|BOND|3086.836|10.80|
|28/06/24|| HICL|INFRASTRUCTURE CO|LTD|2100|43.47|
|28/06/24|INTEREST TO|30/06/24|11.61|
|28/06/24|NINETY|ONE|FD|SERIES|DIVERDIFIED|INC|3370.675|14.84|
|01/07/24|BAILLIE|GIFFORD|OVERSEAS|GRWTH|FD|130.902|24.62|
|01/07/24|INVESCO|PERPETUAL TACTICAL|BOND|FD|1740.89|65.93|
|01/07/24|| LIONTRUST|MONTHLY|INCOME|BOND|3086.836|10.80|
|12/07/24|||VANG|UK|EQTY|INC|44.42|41.27|
|18/07/24|FIDELITY|INV|FUNDS|ICVC|GLBL|DIV|FD|2302.36|33.38|
|26/07/24|©TEMPLETON|EMERGING|MARKETS|INV TR|1605|48.15|
|31/07/24|INTEREST TO|31/07/24|5.14|
|31/07/24|© LIONTRUST|MONTHLY INCOME|BOND|3086.836|10.80|
|31/07/24.|TBEVENLODE|CONTINUING|FUND|1043.259|18.33|
|31/07/24|UK|Gilt|.875%|31/07/2033|3000|13.13|
|31/07/24|GUINNESS|GLOBAL|EQUITY INCOME|FUND|114.27|40.77|
|31/07/24|BFM|CONT|EU|INC|2372.651|115.29|
|31/07/24|NINETY|ONE|FD|SERIES|DIVERDIFIED|INC|3370.675|13.76|
|31/07/24|TB|EVENLODE|GLOBAL|FUND|3005.154|23.13|
|01/08/24|TRPROPERTY|INVESTMENT TRUST|660|66.33|
|02/08/24||SCHRODER|ORIENTAL|INC|FD|1325|26.50|
|07/08/24||THREADNEEDLE|INVT FUNDS|ICVC|1968.3045|42.07|
----- End of picture text -----
| 09/08/24 | BNY MELLON US EQUITY INCOME FUND | 2222.702 | 22.80 |
|---|---|---|---|
| 30/08/24 | §FUNDSMITH EQUITY | 944.85 | 8.32 |
| 30/08/24 | NINETY ONE FD SERIES DIVERDIFIED INC | 3370.675 | 10.97 |
| 30/08/24 | §GREENCOAT UK WIND PLC | 2075 | 51.88 |
| 30/08/24 | INTERESTTO 31/08/24 | 5.82 | |
| 02/09/24 | LIONTRUSTMONTHLY INCOME BOND | 3086.836 | |
| 30/09/24 | LFS LT UK EQUITY | 1273.001 | 48.47 |
| 30/09/24 | HICL INFRASTRUCTURE CO LTD | 2100 | 5.62 |
| 30/09/24 | NINETY ONE FD SERIES DIVERDIFIED INC | 3370.675 | 14.75 |
| 30/09/24 | INTERESTTO 30/09/24 | 4.31 | |
| 30/09/24 | LIONTRUSTMONTHLY INCOME BOND | 3086.836 | |
| 30/09/24 | HICL INFRASTRUCTURE CO LTD | 2100 | |
| 07/10/24 | HENDERSON SMALLERCO INVTRUST | 370 | |
| 15/10/24 | VANG UK EQTY INC | 44.42 | |
| 18/10/24 | FIDELITY INV FUNDS ICVC GLBL DIV FD | 2302.36 | 34.31 |
| 22/10/24 | INTERESTTO 22/10/24 | 28.62 | |
| 31/10/24 | TB EVENLODE GLOBAL FUND | 3005.154 | 25.15 |
| 31/10/24 | INTERESTTO 31/10/24 | 21.34 | |
| 31/10/24 | LIONTRUST MONTHLY INCOME BOND | 3086.836 | |
| 31/10/24 | TB EVENLODE CONTINUING FUND | 1043.259 | 18.33 |
| 31/10/24 | BFM CONT EU INC | 2372.651 | 16.79 |
| 31/10/24 | NINETY ONE FD SERIES DIVERDIFIED INC | 3370.675 | 10.97 |
| 07/11/24 | THREADNEEDLE INVTFUNDS ICVC | 1968.3045 | |
| 08/11/24 | BNY MELLON US EQUITY INCOME FUND | 2222.702 | 17.94 |
| 22/11/24 | INTERESTTO 22/11/24 | 0.47 | |
| 29/11/24 | INTERESTTO 30/11/24 | 0.04 | |
| 29/11/24 | NINETY ONE FD SERIES DIVERDIFIED INC | 3370.675 | 11.65 |
| 12/12/24. | INTERESTTO 12/12/24 | 0.02 | |
| 23/12/24 | INTERESTTO 23/12/24 | 0.01 | |
| 31/12/24. | INTERESTTO 31/12/24 | 0.01 | |
| 15/05/24 | CMS Interest | 5.52 | |
| 31/05/24 | CMS Interest | 0.58 | |
| 15/11/24 | CMS Interest | 40.47 | |
| ~1,701.20 |
s
(
MCKENZIE SISTERS CHARITABLE TRUST
Appendix2
| Appendix22 | ||||||
|---|---|---|---|---|---|---|
| INVESTMENTTRANSACTIONS FORTHE YEAR TO 5APRIL 2025 | ||||||
| Holding 06/04/24 |
Cost 06/04/24 |
Additions | Disposals {atcost) |
Proceeds | Gain/ (Loss) |
|
| Vanguard Investment Series PicUS Gov'tBd Index INVESCO Perpetual Tactical Bond Fund Henderson UK& Europe Funds Strategic Bond Fund Uontrust MonthlyIncome Bond Fund Threadneedle Investment FundsICVC Franklin UK Equity Income Fund Henderson SmallerCompanies Investment Trust Pic TBEvenlodeContinuiing Fund Capita Financial Managers Lindsell Train UK Equity Brown Advisory US Sustainable Growth Fund GQG PartnersUS Equity Fund Premier Miton US Opportunities Fund Blackrock Fund Managers Ltd ContinentalEuro Baillie Gifford Overseas Growth Funds - ICVCJapanese Schroder Oriental Income Fund Ltd |
44.42 1,740.89 2,079.08 3,086.836 1,968.3045 2,510.667 370 1,043.259 1,273.001 128.6999 362.166 445.261 2,372.651 130.902 1,325 |
4,689.91 3,693.91 2,917.75 3,094.77 3,611.04 3,898.68 2,900.80 2,317.44 2,866.91 2,041.00 4,447.40 1,737.00 3,243.00 1,837.00 3,387.23 |
4,689.91 3,693.91 2,917.75 3,094.77 3,611.04 3,898.68 2,900.80 2,317.44 2,866.91 2,041.00 4,447.40 1,737.00 3,243.00 1,837.00 3,387.23 |
4,689.63 3,573.45 2,266.84 2,557.75 4,203.71 4,212.90 3,145.00 2,806.58 4,387.06 4,195.62 6,319.80 2,007.68 4,547.37 2,090.50 3,593.43 |
-0.28 120.46 -650.91 -537.02 $92.67 314.22 244.20 489.14 1,520.15 2,154.62 1,872.40 270.68 1,304.37 253.50 206.20 |
|
| Templeton Emerging Markets InvestmentTrust Plc Fidelity Inv FundsICVC Global Div Fd Fundsmith LLP Equity inc Nav Guinness Global Equity IncomeFund TBEvenlodeGlobal IncomeFund GreencoatUKWind PLC HICL InfrastructureCo Ltd Ord TR Property InvesmentTrust NinetyOne Fund Series - Diversified Inc fd LFSTrojanO INC Del BNY Mellon US EquityIncome Fund |
1,605 2,302.36 944.85 114.27 3,005.154 2,720 2,100 660 3,370.675 2,409.654 |
2,340.89 4,913.29 3,059.99 2,813.26 3,601.00 2,868.92 3,302.11 1,982.81 3,349.53 2,671.47 |
3,653.90 | 2,340.89 4,913.29 3,059.99 2,813.26 3,601.00 2,868.92 3,302.11 1,982.81 3,349.53 2,671.47 3,653.90 |
2,687.50 6,121.98 6,081.72 3,665.03 4,680.23 3,723.72 2,658.02 2,306.24 3,096.31 3,219.78 3,945.96 |
346.61 1,208.69 3,021.73 851.77 1,079.23 854.80 644.09 323.43 -253.22 548.31 292.06 |
| UK Gilt .875% 31/07/2033 | 2,297.16 | 2,297.16 | 2,310.62 | 13.46 | ||
| ArtemisSelectFund | 2,783.45 | 2,783.45 | 2,801.51 | 18.06 |
77,587.11 8,734.51 86,321.62 101,895.94
15,574.32