Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E Blackadders THE MCPHERSON TRUST Account for the year to 31 March 2025 Scottish Charity No. SC033350 10 Euclid Crescent Dundee DDI IAG Tel- 01382 229222 062109-0001
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Date of Settlement 10 May 2002 Settlor The late Miss Jean McPherson Benef iciaries The University of St. Andrews for the study of music and musical activities. Capital To be applied at the discretion of the Trustees Revenue To be applied at the discretion of the Trustees Powers of Investment Very wide at the discretion of the Trustees Charity Number SC033350 Principal Bankers Bank of Scotland Uberior House, Earl Grey Place, Edinburgh, EH3 98N. Investment Advisors Blackadders Wealth Management LLP 10 Euclid Crescent, Dundee, DDI IAG. Independent Examiner BK Plus Limited, Chartered Certified Accountants 144 Nethergate, Dundee, DDI 4EB. Solicitors Blackadders LLP 10 Euclid Crescent, Dundee, DDI IAG Page 2
DwJsb3n EnNEIoFe ID.. 1352D98WEA4DAW714F985960F85E THE MCPHERSON TRUST Trust••s' Annual R•port and Accounts for th• y•ar •nd•d 31 March 2025. Thls report and the accounts have been prepargj in aCcordae with the Xcounting wlirie$ set out In note I to the accounts and comk4y with th8 charity's Constitution, thè Charities ar Trusteè Investment {Scodand) Act 2005, the Charities Accounts Iscotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities.. Statement of Recommended Praclice applicat4e to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepuWic ot keknd 2019. The charity information set out on page 2 form5 Part of this reporL lvl The Purpose ot the Trust is to advance the educatlon and appreciatlon of the public In music by encouraging the study ot music and musieal activities by students at The University ol St. Andrews. The Trustee5 may app the Trust Fund and thè income thèrèol for thÈ trust purposès and that in any and Èvèry way whith thèy, in thèir uncontrled dlscration, may thlnk prowr or feasibl& and, wlthout praiudice to the forègoirwj 98neralty, may include the following as being indicative of the possiiAe uses of the Trust Fund, nametr.- That in the event that the Department ol Music or facties lor the teachiryj of music to students shwkl. after the date hereof, be estabhshed or re-estsbh5hed within the University of St Andrews, the Trust Fund can be applied for the benefit of Students withln thot department or u$in9 those facillties, ond the provision of addltional teaching in thè widast sense shall come wthin the scope ot thè Trust purposes," To provide funds for buikling premises for musical rehears4 practice, concert givin9 and associated administrative and storaoe accommodation.- To providè furwjs lor the purchase ol musical instrumènts.. For payment of emobJments for a short term apwintee such a5 a composer in residence or a visitiry felow provided that students at the Univèrsity of St Andrews benafit from tha apwintmènL To provide funds for the purchase of substantial items such as Collected Editions for incorporation in the musical section of the University library.. ar To provide tunds for musical activities at the University ol St Andrews rlot Specifical covered above provided that the Trustees, having considered any such applicatiorts. fully satisfy themsthes that the objects come within the trust purp05e& evie otou lev The Trust madè or promised donations during the year 8$ detailed in Note 2. Fln•n¢lal R•vlew Flnanclal R•s•Jlts The results for the year are set in the Statement of Financial Activities and Baance Sheet. The advice of 8lackadder5 Wealth Management LLP has been taken and accepted throughout the period on investrnents. It was noted that the value ot inve5trnents at 31 March 2025 wa5 É2,399,991.00 (2024- £2.284,248.00). There was deti¢lt 01 £12.081.07 before InveStmt movements12024- £16,317.12). Inv•stm•nt Policy #nd P•rforni#fte• Thè primary invèstment objÈttive in respect ol any investments whieh may be held by the Tntst from time to tlmè is to achieve a baance ot income and capitsl growth subject to a medium degree of risk Blackatlers Wealth Management LLP act as Investment Managers aThJ Advisors to the Trustee& A J Bel Nominees Ltd have responsibility for custody of stock and to provide collection and other service& Page 3
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Trustees, Annual Report and Accounts for the year ended 31 March 2025 (contd). Flnanclal Revlew contlnued Risk Management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation5 and finances of the Trust. Apart from sustained downward 5tockmarket movement, the Trustees do not believe that there are any major f inancial risks to which the Trust is exposed. Reserves Policy The reserves of the Trust originate from original and subsequent capital donations including the residue of the estate of the late Miss Jean McPherson who died on 27 November 2012. The Trustees aim to distribute the whole or a significant part of the annual net income of the Trust and, if need be, to encroach on the accumulated revenue balance or the capital. Capital and Revenue balances are retained primarily to meet Sl9nificant requests for financial assistance. The level of free reserves at 31 March 2025 amounted to £2.480,823.82 (2024 - £2,491,393.08). Structure Governance and Mana ement Constitution The Trust was constituted by a Deed of Declaration of Trust by the late Miss Jean McPherson dated 10 May 2002 and reoistered in the Books of Council 2nd Session on 7 June 2002. Organisation The Trust is administered by Blackadders on behalf of the Trustees who meet regularly. The Charity's Reference Number is SC033350. The Trustees agree the broad strategy for the trust including consideration of grant making, investment, reserves , risk management and performance. Day to day administration is carried out by Blackadders. The Trust has no employees. Trusteas Trustee Induction and Training The Trustees consider a policy on trustee induction and training prior to new trustees being approached. This includes awareness of a trustee's responsibilities, the governing document, administrative procedures, the history of the charity and its philosophical approach. A new trustee receives copies of the previous year's account, minutes of the trustees. meetings and 2 copy of the OSCR leaflet -Guidance for Charity trustees acting with care and diligence" if appropriate. Training is offered to current trustees as and when required. Connected bodies There are no bodies connected to the Trust. Independent Examiners The Independent Examiners appointed for the current year are BK Plus Ltd, Chartered Certified Accountsnts. So far as each Trustee is concerned there is no relevant information of which the Independent Examiners are unaware. Each Trustee has taken the appropriate steps as a Trustee to make themselves aware of such information and to establish that the Independent Examiners are aware of it. Page 4
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Statement of Trustees Responsibilities The law applicable to charities in Scotland requires the Trustees to prepare an annual report and accounts for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP). In preparing accounts, giving a true and fair view. the Trustees should follow best practice and.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity 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 accounts,. and prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the a55ets of the charity 8nd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf.. 12 December 2025 | 10.'17 AM GMT Date.. lackadders Trustees Limited Page 5
DwJsb3n EnNEIoFe ID.. 1352D98WEA4DAW714F985960F85E THE MCPHERSON TRUST Indop•nd•nt Examin•rfs Report to th• Trustw on th• Unaudlt•d Accounts of Th• McPhwson Trust I report on the accounts of the Charity for the year ended 31 March 2025 set out in the report and notes on pages 7 to 12. Res ective res onsibilities of Trustees and Ind ndent Examiner The charity's trustees are responsib 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) (d) of the 2006 Accounts Regulations does not appty. 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 nde endent Examinef s Statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination in¢ludes 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 consequenthl I do not express an audit opinion on the view given by the accounts. Inde endent Examiner's Statement In the ¢our$e of my examination, no matter has come to my 8ttention which gives me reasOnale c8use to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act arKI Regulation 4 of the 2006 Accounts Requlations. and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Requlation5. 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. Date: 12 December 2025112:CiI PM GMT Chartered Accountant, 144 Nethergate. Dundee. DDI 4EB Page 6
DwJsb3n EnNEIoFe ID.. 1352D98WEA4DAW714F985960F85E THE MCPHERSON TRUST Statemwt ol Finon¢i•l A¢tiviti¢s tor the y¢ar to 31 Mor¢h 2025. Unrestricted Funds Total Unrestricted Funds Total 2024 Note In¢om• from: Investment and deposits 64,497.27 54,017.97 Total In¢om• Expendlture on: Charitable Activities Raising Funds 59,902.00 16,676.34 23,850.00 13,850.85 Total Expendlture 76,578.34 37 700.85 Not income and net movement in funds b•hKo gain5 and lossos In Inv•stm•nts (£ 12.081.07) 16,317.12 Net gainsl(losses) on investment assets 1.511.81 194.149.80 N•t in¢om•l(•xponditur•) and mov•m•nt in lunds (£ 10,569.26) 210,466.92 Funds rnconcliation Total funds brought forward 2.491,393.08 £ 2,280.926.16 Total funds carried forward 2.480.823.82 £ 2,491,393.08 All activities relate to continuing operations The notes on pages 9 to12 form part of these accounts. Page 7
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Balance Sheet at 31 March 2025. Note 2025 2024 Fixed Assets Investments £ 2,399,991.00 £ 2,284,248.00 Current Assets Cash held by AJ Bell Nominees Ltd Bank of Scotland 56,858.70 39,350.36 96,209.06 203,202.46 15,835.72 219,038.18 Current Liabilities Due to Agents Sundry Creditors - due within one year 12,210.14 3,166.10 9,054.13 2,838.97 15,376.24 11,893.10 80,832.82 £ 2,480,823.82 207,145.08 £ 2,491,393.08 Unrestricted Reserves £ 2,480,823.82 £ 2,491,393.08 The notes on pages 9 to12 form part of these accounts. Approved by the Trustees and signed on their behalf by Date.. 12 December 2025 | 10.'17 AM lackadders Trustees Limited Page 8
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Notes to the Accounts Accounting policies The following accounting policies have been applied in dealing with items which are considered material in relation to the Trust's accounts. Basis of Preparation The accounts have been prepared in accordance with applicable accounting standards and recommended practice under the historical cost accounting rules as modified by the revaluation of investments and include the results of the Trust's operations all of which are continuino. The accounts have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). The charity constitutes a public benefit entity as def ined by FRS 102. The trustees consider that there are no material uncertainties about the charity s ability to continue as a going concern. b. Income recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measure reliably. Donations, are recognised when the charity has been notified in writing of both the amount and the settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fullilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notif ication by our investment advisor of the dividend yield of the investment portfolio. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal constructive obligation committing the charity to that expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs. d. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Page 9
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Notes to the Accounts Accounting policies Icontinued) Allocation of support and gov•rnanc• costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability ol the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal lees together with an apportionment ol overhead and support costs_ Inv•stm•nt Policy The charity invest5 In put options. derivatives and other cotnplex financial in5ttutnents to a limited degree. The Trustees are content with the position as it stands and they do not believe this poses any threat to the Charitv. The Investment Managers have been informed that the proportion ol these investments across the portfolios should not increase. g. Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired subsequent to the first day of the linancial year. Unrealised gains and Ios5e5 are c8lcul8ted as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. h. CharItae Activities Charitable Activities comprise those grants and support costs paid in the accounting period and when applicable include grants payable in future periods where there exists a legal obligation to make such payments. Grants Grants payable are payments made to third parties in the lurtherance ol the charitable objects of the charity. In the c3se ol an unconditional grant offer this is accrued once the recipient ha5 been notified of the grant award. The notification gives the recipient a reasonèble 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 the control of the charity. Provisions lor grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing ol the grant or the amount of grant payable_ The provision for the multi-year gr3nt is recognised at its present value where settlement is due over more than one year from the date ol the award. there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable and the effect of discounting is rnaterial. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discounted rate is regarded by the officials as providing the most current av8i18ble estimate of the ODDOrtunitv cost ol monev reflectino the time value of monev to the charitv. Funds With the adoption ol the SORP. all income and expenditure is dealt with through the SOFA and funds are now classified as either restricted or unrestricted. All funds held by the trust are unrestricted and are available for use at the discretion ol the Trustees in futherance of the general aims of The McPherson Trust. Page 10
Docusign Envelope ID.. 1352D986-EAEA4DAC-A971-FF9B5960F85E THE MCPHERSON TRUST Notes to the Accounts (Contd) 2025 2024 Charitable Activities The charity did not undertake any activity directly but met its charitable purpose5 by making donations during the year as follows= Univer51ty of St Andrews- Maintenance grant St. Andrews Voices 40,000.00 6,000.00 40,000.00 19,902.00 6,000.00 17,850.00 Add: Support Costs per note 4 59,902.00 23,850.00 Cost of Raising Funds Investment Management Costs 16,676.34 13 850.85 Support Costs Independent Examiner's Fee Management Costs 1,692.00 18,210.00 1,596.00 16,254.00 19,902.00 17,850.00 Trustees Remuneration & Related Party Transactions No Trustees received remuneration in their capacity as Trustees (2024 - Nil). No reimbursed expenditure was paid to the Trustees in the year (2024 - Nil) The Directors of Blackadders Trustees Limited are also the Partners in the firms of Blackadders LLP and Blackadders Wealth Management LLP, who act as agents for the Trustees and Investment Advisors respectively. Blackadders LLP was due to receive £14,595.00 plus VAT (2024 - £13,025 plus vat) for management services for the year ended 31 March 2025. £9,595.00 plus VAT (2024 - £7,025 plus vat) was outstanding et 31 M8rch 2025. Blackadders Wealth Management LLP were due to receive £13,896.95 plus VAT (2024 - £11,542.38 plus vat) for investment services for the year ended 31 March 2025. £1,228.42 plus VAT (2024 - £1035.81 plus vat) was outstanding at 31 March 2025. Page 11
DwJsb3n EnNEIoFe ID.. 1352D98WEA4DAW714F985960F85E THE MCPHERSON TRUST Notes to the Accounts (contd) Investments 2025 2024 Market Value at 31.3.2024 Additions at cost 2,284,248.00 634.255.94 2,918,503.94 2,089,972.00 296.964.62 2,386,936.62 Less: Disposals at carrying value (£ 510,206.70) (£ 2,408.297.24 300,083.00) 2.086.853.62 Add: Unrealised Gain on Revaluation Market Value at 31.3.2025 (£ 8,306.24) 2,399,991.00 197.394.38 2,284,248.00 Sundry Cr•ditors Blackadders Wealth Management LLP BK Plus Ltd 1,474.10 1,692.00 1,242.97 1,596.00 3.166.10 2.838.97 Commltm•nts None. Page 12