The Colin Grant Charitable Trust
Charity Ref: SC032613
Accounts for the year to 30 June 2024
Contents Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments
2
The Colin Grant Charitable Trust
Report of the Trustees for the year ended 30 June 2024
Appointment of Trustees
Trustees are nominated by the then existing Trustees and their appointment confirmed by a formal Deed of Assumption
Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Brothockbank House, Arbroath, DD11 1NE.
Note: The fees paid to Thorntons (including where partners or nominee companies of that firm are Trustees) are as detailed in the Schedules to the Accounts.
a Examiner
Investment Managers
Thorntons Investment Management Ltd, Whitehall House, Yeaman Shore, Dundee DD1 4B]
Nominee Company
Lawshare Nominees Ltd, or such other nominee company as A J Bell Securities may appoint
Constitution and Objects
Will by Colin John Grant dated 3 October 2000. The Trust was registered with OSCR on 10 August 2001 and commenced on 18 September 2002.
The purpose of the Trust is to make grants to such charitable institutions as the Trustees in their uncontrolled discretion may from time to time select.
Organisation
The day-to-day administration is carried out by Thorntons Law LLP as agents for the trust. The trustees meet twice a year to review all aspects of the Trust's affairs.
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.
Activities and achievements
During the year grants totalling £23,350 (2023 - £22,000) were paid in furtherance of the stated objects of the charity.
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The Colin Grant Charitable Trust
Report of the Trustees for the year ended 30 June 2024 (cont)
Financial Position
The results for the year are set out on pages 5 and 6. The Trust has an accumulated revenue surplus of £29,904 (2023 - £34,439).
Reserves Policy
The reserves of the Trust originate from the original capital bequest, together with the movement in the value of investments, and accumulated revenue. The trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. The level of free reserves held at 30 June 2024 was £907,006 (2023 - £853,305).
Approved by the Trustees and signed on their behalf:
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WO-t. 32998
Date
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The Colin Grant Charitable Trust
Independent Examiner’s Report to the Trustees of the Colin Grant Charitable Trust
I report on the accounts of the charity for the year ended 30 June 2024 which are set out on pages 5 to 9.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body, for my work or for this report.
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 Charities Accounts (Scotland) Regulations 2006 (as amended). 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 I 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
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which gives 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
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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 to be reached.
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5
The Colin Grant Charitable Trust
Receipts and Payments Account for year ended 30 June 2024
| Schedule/ | 2024 | 2023 | |
|---|---|---|---|
| Appendix | £ | £ | |
| Receipts | |||
| Investment income | Sch. 1 | 26,015.47 | 28,274.97 |
| Sale of investments | App. 1 | 165,415.99 | 94,874.77 |
| Total receipts | 191,431.46 | 123,149.74 | |
| Payments | |||
| Charitable activities | Sch. 2 | 30,550.00 | 29,200.00 |
| Governance | Sch. 3 | 7,200.00 | 7,980.00 |
| Costs of generating funds | Sch. 4 | 7,799.57 | 7,779.50 |
| Purchase costs of investments | App. 1 | 120,014.03 | 151,150.22 |
| Total payments | 165,563.60 | 196,109.72 | |
| Surplus/(Deficit)foryear | 25,867.86 | (72,959.98) |
Note: All funds are unrestricted
6
The Colin Grant Charitable Trust
Statement of Balances as at 30 June 2024
| Schedule/ | 2024 | 2023 | |
|---|---|---|---|
| Appendix | £ | £ | |
| Cash on deposit and on hand | |||
| Opening balance | 18,946 | 91,906 | |
| Surplus for year | 25,868 | (72,960) | |
| Closing balance | 44,814 | 18,946 | |
| Reserves | |||
| Unrestricted Funds | 44,814 | 18,946 | |
| Investments | |||
| Market value as at 30 june 2024 | App. 2 | 868,353 | 850,660 |
| Estimated Liabilities as at 30 June 2024 | |||
| Thorntons, balance of fee for year to 30.06.2024 | 4,200 | 14,400 | |
| Thorntons Investment Management Ltd, fee apportioned | 1,361 | 1,301 | |
| Condie & Co Ltd, fee for Independent Examination | 600 | 600 | |
| 6,161 | 16,301__ |
Approved by the trustees and signed on their behalf:
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lo. l. 2996-
ate
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7
The Colin Grant Charitable Trust
| 2024 | 2023 | |
|---|---|---|
| Schedule 1 | £ | £ |
| Investment income | ||
| Dividend income, per Thorntons Investment Managers Ltd | 25,957.09 | 28,241.73 |
| Deposit interest, perThorntons | 58.38 | 33.24 |
| 26,015.47 | 28,274.97 |
| Schedule 2 | |||
|---|---|---|---|
| Charitable Activities | |||
| Distributions made in year: | |||
| Young Lives vs Cancer | 1,000.00 | ||
| Skillz Academy | 2,000.00 | ||
| Dundee & Angus ADHD Support Group | 1,000.00 | ||
| Scottish Fire & Rescue Service | 1,000.00 | ||
| Arbroath Youth Football Club | 1,000.00 | ||
| Angus Young Engineers After School Club | 1,000.00 | ||
| RSABI | 1,500.00 | ||
| Arbroath Garden Allotment Association | 2,000.00 | ||
| Arbroath West Kirk | 500.00 | ||
| The Café Project | 1,500.00 | ||
| Auchmithie Village Hall | 5,000.00 | ||
| Art Moves | 500.00 | ||
| SIMBA | 500.00 | ||
| Arbroath Choral Society | 350.00 | ||
| Royal Air Force Benevolent Fund | 500.00 | ||
| Arbroath Lawn Tennis Club | 2,000.00 | ||
| Mum & Me | 2,000.00 | ||
| 23,350.00 | 22,000 | ||
| Support Costs (Schedule 3) | 7,200 | 7,200 | |
| 30,50 | 29,200 | ||
| Schedule 3 SupportCosts |
Governance | Charitable Activities |
2024 Total |
| Thorntons, to account of their administration fee for | 7,200 | 7,200 | 14,400 |
| the year to 30.06.24 (inc VAT) | |||
| 7,200 | 7,200 | 14,400 |
No trustees received any remuneration or expenses from the trust during the two years ended 30 June 2024.
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The Colin Grant Charitable Trust
| Schedule 4 | |||
|---|---|---|---|
| Costs ofgenerating funds | 2024 | 2023 | |
| Thorntons Investment Management Ltd, | portfolio management fees for | ||
| year to 30 June 2024 | 7,779.57 | 7,779.50 | |
| Schedule 5 | |||
| StatementofRevenuebalanceasat30June2024 |
| Income received in year | 26,015 | 28,275 | |
|---|---|---|---|
| Distributions paid in year | (23,350) | (22,000) | |
| Support costs | (7,200) | © | (7,200) |
| Deficit for year | (4,535) | (925) | |
| Balance as at 30 June 2023 | 34,439 | 35,364 | |
| Balanceasat30June2024 | 29,904 | 34,439 |
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The Colin Grant Charitable Trust
Notes to the Accounts
1. Accounting Policies
Basis ofPreparation
The Accounts are prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).
2. 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.
3. Independent Examiner
The Trustees approve the continued appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.
4. Nomineeship
The trustees approve the 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.
5. 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. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Appendix 1
Colin Grant Charitable Trust Year ended 30th June 2024
Investment Transactions
Disposals -
| Date | Name | |
|---|---|---|
| 10/07/2023 | Pennon Group Ord | |
| 10/07/2023 | DowlaisGroup PLC | |
| 10/07/2023 | = | Alliance Trust Ord |
| 29/09/2023 | Jupiter Unit Managers | |
| 11/12/2023 | Gresham House | |
| 25/03/2024 | Experian PLC Ord | |
| 13/05/2024 | WS Ruffer Mngd Fds | |
| 15/05/2024 | Experian PLC Ord | |
| 15/05/2024 | Astrazeneca PLC Ord | |
| 20/05/2024 | Severn Trent Ord | |
| 06/06/2024 | UnileverPLCOrd |
| Qty | Transaction | Proceeds | ||
|---|---|---|---|---|
| 1,200 | Sale | 8,257.44 | ||
| 2,429 | = | Sale | 2,942.49 | |
| 1,100 | Sale | 10,865.74 | ||
| 0 | — | Equalisation | 81.63 | |
| 2,600 | Sale | 28,524.80 | ||
| 569 | = | Sale | 20,021.65 | |
| 30,000 | _= | Sale | 29,490.00 | |
| 270 | Sale | 10,035.22 | ||
| 99 | Sale | 12,091.64 | ||
| 1,100 | Sale | 29,081.81 | ||
| 321 | Sale | 14,023.57 | ||
| —__165,415.99 | 165,415.99 |
Purchases -
Date Name
10/07/2023 Jupiter Unit Managers 13/05/2024 Blackrock Frontier 15/05/2024 ICG Enterprise Tru Ord 20/05/2024 Schroder Asian Tot Ord 06/06/2024 National Grid Rights Issue
| Qty | =‘Transaction | Cost |
|---|---|---|
| 9,500 | Purchase | 10,198.80 |
| 22,781 | Purchase | 34,998.70 |
| 2,533 | Purchase | 29,994.78 |
| 8,753 | Purchase | 39,997.15 |
| RightsIssue | 4,824.60 |
__ 220,014.03
Total Sale Proceeds Total Purchase Costs
Net Proceeds
165,415.99 -120,014.03 45,401.96
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INVESTMENTS
| Portfolio - Colin Grant Charitable Trust (JPO000122A) 23-10-2024 10:39:03 “a an Valuation date: 30-06-2024 |
Portfolio - Colin Grant Charitable Trust (JPO000122A) 23-10-2024 10:39:03 “a an Valuation date: 30-06-2024 |
Portfolio - Colin Grant Charitable Trust (JPO000122A) 23-10-2024 10:39:03 “a an Valuation date: 30-06-2024 |
Investments: £868,353.03 |
Investments: £868,353.03 |
Cash: £35,544.93 |
Total: £903,897.96 |
Total: £903,897.96 |
|
|---|---|---|---|---|---|---|---|---|
| Investment | Quantity | Price | Cost(£) | Value(£) | Profit&Loss a (e) |
Change(%) | ||
| ALLIANCE W: P0.02 pie aNd eNOCIOS (SEDOL:B11V7W9) |
5,200 | 12.11 | GBP | 12,787.11 | 62,972.00 | 50,184.89 | 392.46 | |
| Se eee CeaReeS DO 25 (SEDOL:0989529) |
251 | 123.55GBP | GBP | 5,902.93 | 31,011.05 | 25,108.12 | 425.35 | |
| BLACKROCK FM LTD BLACKROCK | ||||||||
| EUROPEAN DYNAMIC | 14,167.169 | 3.007798 | GBP | 23,324.52 | 42,611.98 | 19,287.46 | 82.69 | |
| (FUND:BCZRNM2) | ||||||||
| R FRON 01 EEANNIE STASISUSSEItB (SEDOL:B3SXM83) |
22,781 | 1.4375GBP | GBP | 34,998.70 | 32,747.69 | -2,251.01 | -6.43 | |
| DIAGE PO.28 101/1 Ta TBSCinAiea (SEDOL:0237400) |
1,400 | 24.8925GBP | GBP | 11,352.37 | 34,849.50 | 23,497.13 | 206.98 | |
| PERIAN P a) Se a ORAS e AO (SEDOL:B19NLV4) |
811 | 36.865GBP | GBP | 4,545.46 | 29,897.52 | 25,352.06 | 557.74 | |
| FUNDSMITH EQTY FD FUNDSMITH EQUITYFUND |
DIS (FUND:B4MR8G8) | 5,700 | 6.4624GBP | GBP | 29,436.61 | 36,835.68 | 7,399.07 3 |
|
| GSK PLCORD GBP0.3125 (SEDOL:BN7SWP6) |
984 | 15.2975 | GBP | 12,147.39 | 15,052.74 | 2,905.35 | 23.92 | |
| HENDERSON FE INCORDSHSNPV (SEDOL:B1GXH75) |
6,009 | 2.4225GBP | GBP | 21,087.55 | 14,556.80 | -6,530.75 | -30.97 | |
R BPO.1 ONNKUSO ETS (SEDOL:0329200) |
2,533 | 12.21 | GBP | 29,994.78 | 30,927.93 | 933.15 | ||
| PMOR TPTTOTS ONY (CIEILEEE (C10) (C131 (SEDOL:B5ZZY91) |
. MO |
21,000 | 1.3575GBP | GBP | 28,948.00 | 28,507.50 | -440.50 | -1.52 |
| JUPITER UTMNGRS JUPITERJPN INC U2 GBP DIS (FUND:BFF5BH8) |
39,240.97 | 1.1643 | GBP | 41,032.15 | 45,688.26 | 4, 11 pee |
11.35 | |
| LEGAL&GENERALGPORD GBP0.025 (SEDOL:0560399) |
7,500 | 2.2695 | GBP | 8,423.56 | 17,021.25 | 8,597.69 | 102.07 | |
| MELROSE INDUST PLCORD GBP0.001 (SEDOL:BNGDN82) |
2,429 | 5.535GBP | GBP | 7,623.63 | 13,444.52 | 5,820.89 | 76.35 | |
| MI CHELVERTON EQTY MI | ||||||||
| CHELVERTON UK EQ INC BD | 30,571.262 | 1.064759 | GBP | 35,444.29 | 32,551.03 | -2,893.26 | -8.16 | |
| (FUND:B1FD646) | ||||||||
| NATIONALGRIDORD GBP0.12431289 (SEDOL:BDRO5CO0) |
3,314 | 8.825GBP | GBP | 22,504.07 | 29,246.05 | 6,741.98 | 29.96 | |
| NATIXIS LOOMIS S USEQUITY LEADERS IAGBP(FUND:B97J2NQ9) |
9,283.635 | 6.3121 | GBP | 30,000.00 | 58,599.2 ae |
28,599.23 gee |
95.33 | |
| PERSIMMONORD GBPO0.10 (SEDOL:0682538) |
840 | 13.5175 3.5175 |
GBP G |
11,573.84 , |
11,354.7 ‘ 0 |
-219.14 9 |
-1.89 |
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|---|---|---|---|---|---|---|---|
| Investment | (Quantity | Price | 7 Profit & Loss © ost (hy value £ |
. Change (%) |
|||
| rt | |||||||
| PR NTIAL P BPO. EDE petri (SEDOL:0709954) |
800 | 7.183GBP | GBP | 10,345.66 | 5,746.40 | -4,599.26 | -44.46 |
| BeeEEBENSSROneaer oa? (SEDOL:B24CGK7) |
300 | 42.825GBP j |
GBP | 3,363.93 ale ek |
12,847.50 Ares |
9,483.57 ita |
281.92 : |
| RIO TINT R BPO.1 [EAPO RE CBr old (SEDOL:0718875) |
790 | 52.005GBP | GBP | 10,473.04 | 41,083.95 | 30,610.91 | 292.28 |
| SARASIN FUNDS ICVCSARASINGBL HIER DIV P DIS (FUND:B850BNO0) |
22,070.56 | 1.976GBP | GBP | 35,763.89 | 43,611.43 | 7,847.54 | 21.94 |
| SCHRODERASIANTOTORD GBP0.05 (SEDOL:0871079) |
8,753 | 4.605GBP | GBP | 39,997.15 | 40,307.57 | 310.42 | 0.78 |
| SCOTTISH MORTGAGE INVESTMENT TRUST (SEDOL:BLDYK61) |
5,856 | 8.843 | GBP | 27,067.22 | 51,784.61 | 24,717.39 | 91.32 |
| SHELLORD EUR 0.07 (SEDOL:BP6MXD8) |
1,206 | 28.3375 | GBP | 17,027.06 | 34,175.03 | 17,147.97 | 100.71 |
| MITH &NEPHEW PLC ORD USD0O.20 eM . BeUe (SEDOL:0922320) |
2,075 | 9.805GBP | GBP | 7,955.79 | 20,345.38 | 12,389.59 | 156:73: |
| SSE PLC GBP0.50 (SEDOL:0790873) | 1,700 | 17.8925 | GBP | 11,320.85 | 30,417.25 | 19,096.40 | 168.68 |
| UNILEVER PLCORD GBP0.031111 (SEDOL:B10RZP7) |
464 | 43.445 | GBP | 9,979.34 | 20,158.48 | 10,179.14 | 102.00 |
| Total | 544,420.89 | 868,353.03 | 323,932.14 | 59.50 |
Key: * Price not available
Prices shown are the latest closing prices available
The change column represents the difference between book costs and current value only. Income from dividends and interest are not taken into account and therefore these numbers should not be considered as ‘the total return’ when assessing the overall performance of your portfolio.