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
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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 aCcorda￿e 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 uncontr￿led
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 fac*ties 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 InveStm￿t 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 Blackat*lers 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&
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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.
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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
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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 reasOnal￿e 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
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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.
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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
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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.
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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. CharIta￿e 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.
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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.
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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