Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** Accounts for the year to 30 September 2025. Scottish Charity No. SC033589 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** Date of Settlement 9 August 1996 ## Settlor Beneficiaries: For the furtherance of charitable and educational work in the City of Dundee with special consideration given to: 1. the education (including job training) of young people and 2. the encouragement and furtherance of the arts generally and particularly traditional painting and sculpture. 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. Trustees: |CharityNo.|SC033589| |---|---| |Principal Bankers:|Bank of Scotland| ||New Uberior House| ||Earl Grey Street| ||Edinburgh| ||EH3 9BN| |Independent Examiners:|bk plus Limited| ||Chartered Certified Accountants| ||Stannergate House| ||41 Dundee Road West| ||Broughty Ferry| ||Dundee| ||DD5 1NB| |Investment Managers:|Blackadders Wealth Management LLP| ||10 Euclid Crescent| ||Dundee| ||DD1 1AG| |Solicitors:|Blackadders LLP| ||10 Euclid Crescent| ||Dundee| ||DD1 1AG| Page 2 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** ## **Report of the Trustees for the year to 30 September 2025.** ## **Structure Governance and Management** ## **Legal & Administrative Arrangements** The report is prepared in accordance with the Constitution of the Charity and the Statement of Recommended Practice - Accounting and Reporting by Charities issued in 2019 and complies with applicable law. The charity is an unincorporated association. ## **Constitution** The Trust was constituted by the Will and Settlement of the late who resided at and who died on 19[th] October 2001. ## **Method of Appointment or Election of Trustees** The Trustees during the period of this account are as stated on page 2. Trustees are nominated by the existing Trustees and their appointment confirmed by a formal Deed of Assumption. The Trustees have considered a policy on Trustee inductions and training prior to new Trustees being approached. This will include awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. A new Trustee would receive copies of the previous year’s accounts, minutes of the Trustees’ meetings and a 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. ## **Organisational Structure and Decision Making** ## The Trust is administered by Blackadders LLP, The Trust is administered by Blackadders LLP, half of the Trustees who meet regularly. The Trustees agree the broad strategy and areas of activity for the Trust including consideration of grant making, investment reserves, risk management policies and performance, and receive reports from Blackadders LLP in connection with the recent activities of the Trust. Day to day administration is carried out by Blackadders LLP. There are no restrictions on the way the body may operate save that the Trustees must implement the objectives of the Trust. is a partner in the firm of Blackadders LLP. ## **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. Apart from sustained downward stock market movements, the Trustees do not believe that there are any major financial risks to which the Trust is exposed. ## **Objectives and Activities** ## **Strategy** The Trustees have pursued their strategy of making donations to locally based charities and organisations wholly from income generated and continued their practice of receiving and considering reports from the Investment Managers on the position of the Trust’s portfolio of investments. ## **Achievement and Performance** The Trustees made grants/donations during the year totalling £98,240.00 (2024 - £82,312.78). Income generated amounted to £38,728.12 (2024 - £64,683.29) with the overall value of the unrestricted funds being £2,705,061.71 (2024 - £2,569,459.60). Page 3 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** **Report of the Trustees for the year to 30 September 2025 (continued)** ## **Investment Policy and Performance** The investment remit is to achieve a balance between capital growth and income subject to a moderately adventurous (mediumhigh) risk tolerance. Investment performance is measured and reviewed quarterly against appropriate indices. During the period of this account, Blackadders Wealth Management LLP provided advice and portfolio management services and A J Bell Nominees Ltd had responsibility for custody of stock and to provide collection and other services. ## **Reserves Policy** The reserves of the Trust originate from the original Estate of the late together with the growth in value of investments. The Trustees' present intention is to distribute the whole of the annual net income of the Trust or such funds which are considered appropriate in any one year. ## **Grant Making Policy and Objectives** The objective of the Trust is to distribute the income of the Trust for the furtherance of charitable and educational work in the City of Dundee with special consideration given to the education (including job training) of young people and the encouragement and furtherance of the arts generally, and particularly, traditional painting and sculpture. The Trustees also have powers, if they deem it appropriate, to expend whatever capital of the Trust's estate they may determine for the furtherance of the aims and objects of the Trust. The Trustees investigate and consider possible funding of various projects in accordance with the terms of the Trust’s founding deed. Applications are reviewed and considered on a regular basis and can be funded for more than one year. ## **Plans for the Future** No changes are envisaged in the Trust’s policies as outlined above. ## **Independent Examiner** The independent examiner appointed for the current and following years is bk plus Limited, Chartered Certified Accountants, Dundee. So far as each Trustee is concerned there is no relevant information of which the independent examiner is unaware. Each Trustee has taken the appropriate steps as a Trustee to make themselves aware of such information and to establish the independent examiner is aware of it. ## **Financial Review** The results of the year are set out in the statement of financial activities. Approved by the Trustees and signed on their behalf: ate:[ 21 January 2026 | 1:3][5 PM GMT ] Page 4 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** ## **Statement of Trustees' Responsibilities** The Trustees are responsible for preparing the annual report and the accounts in accordance with applicable law and regulations. Charity law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Practice and applicable law). The accounts are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those accounts the Trustees are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue its activities. - observe the methods and principles in the Charities SORP. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND Independent examiner’s report to the Trustees.** I report on the accounts of the charity for the year ended 30 September 2025 which are set out on pages 7 to 11. ## **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 Trustees Investment (Scotland) Act 2005 ("the 2005 Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) ("the 2006 Accounts Regulations"). The charity’s Trustees consider that the audit requirement of Regulation 10 (1) (a) to (c) 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 was carried out in accordance with Regulation 11 of the 2006 Accounts 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 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: 1. 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 Accounts Regulations; and - to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met; or wn in order to enable a proper understanding of the 21 January 2026 | 6:02 AM PST Date: bk plus Limited Chartered Certified Accountants Stannergate House 41 Dundee Road West Broughty Ferry, Dundee DD5 1NB Page 6 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** ## Statement of Financial Activities for the year to 30 September 2025. |_Note_
**Income from**
Investments and deposits
**Total Income**
**Expenditure on**
Charitable Activities
_2_
Cost of raising funds
_3_
**Total Expenditure**
**Net (expenditure) before gains and losses in investments**
Gain on realisation of investment assets
Net unrealised increase/(decrease) in valuation of investment
assets
**Net Gains/(Losses) on Investments**
**Net movement in funds**
**Funds reconciliation**
Total Funds brought forward
Total Funds carried forward
_5_|Unrestricted
Funds
Total
2025
£
38,728.12
£
38,728.12
£
137,162.00

£
18,573.56
£
155,735.56

(£
117,007.44)
(
£
135,602.11
£
2,569,459.60
£
2,705,061.71
£
9,926.14
£
242,683.41
£
252,609.55|Unrestricted
Funds
Total
2024
£
64,683.29
£
64,683.29
£
125,814.78
£
15,554.45
£
141,369.23
£
76,685.94)
£
170,022.21
£
2,399,437.39
£
2,569,459.60
£
76,692.27
£
170,015.88
£
246,708.15| |---|---|---| All activities relate to continuing operations The notes on pages 9 to 11 form part of these accounts Page 7 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** Balance Sheet at 30 September 2025. |_Note_
**Fixed Assets**
Investments
_5_
**Current Assets - Cash at bank**
AJ Bell Nominees Ltd
Bank of Scotland
Cash in hands of Law Agents
**Current Liabilities**
Creditors: Amounts falling due within one year
_6_
**Net Current Assets**
**Total Assets less Current Liabilities**
Creditors: Amounts falling due after more than one
year
_6_
**Net Assets**
**The funds of the Charity**
Unrestricted funds
Approved by the Trustees and signed on their behalf by|£
104,220.15
£
3.56
£
-
£
104,223.71
£
26,562.00|2025
£ 2,637,400.00
£
77,661.71
£
2,715,061.71
£
10,000.00
£
2,705,061.71
£
2,705,061.71|2024
£ 2,528,289.00
£
78,352.60
£
-
£
-
£
78,352.60
£
37,182.00
£
41,170.60
£ 2,569,459.60
£
-| |---|---|---|---| ||||£ 2,569,459.60| ||||£ 2,569,459.60| ||||| Date:[21 January 2026 | 1:35 PM GMT ] The notes on pages 9 to 11 form part of these accounts. Page 8 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** ## **Notes to the Accounts** **1. Accounting policies** ## **Basis of accounting** The accounts are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the charity’s operations as indicated in the Report of the Trustees, all of which are continuing. 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), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The accounts have been prepared in Sterling which is the functional currency of the charity. ## **Incoming Resources** Incoming resources comprise income from investments and deposits and are included in the Statement of Financial Activities (SOFA) in the year in which receivable. ## **Expenditure and irrecoverable VAT** All expenditure is included on an accruals basis and is recognised when there is legal obligation to pay for expenditure. Irrecoverable VAT is charged against the category of resources expended for which it is incurred. - Charitable activities include expenditure associated with grant making. - Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. - Support costs include central functions and have been allocated on a basis consistent with the use of resources. - The cost of managing investments is charged against investment capital, reflecting the total return approach to investment management. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments. ## **Fixed Asset Investments** Investments are included at market value. Realised gains and losses, representing the difference between sale proceeds and cost are dealt with in the SOFA. Unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from the date of purchase if acquired during the financial year, are shown in note 5. In the case of a permanent diminution in the value of investments, provision is made in the SOFA to reduce the carrying value of the recoverable amounts. ## **Grants** Grants comprise those paid in the accounting period and unconditional grants where the recipient has been notified of a future award. Grants 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 are outside the control of the Trust. Page 9 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F 2025 2024 ## **THE WILLIAM S PHILLIPS' FUND** ## **Notes to the Accounts (continued)** ## **2. Charitable Activities** The charity did not undertake any activity directly but met its charitable purposes by making Grants. Grants for Trust purposes included in the accounts were as follows: |Ye Amphibious Ancients Bathing Assoc
Add: Support Costs (note 4)
1232 ATC Squadron
Brae Riding for the Disabled
Brittle Bone Society, Dundee
Broughty Ferry Art Society
Broughty Ferry YMCA
Central Baptist Church
Cerebral Palsy Scotland
Chest, Heart & Stroke for work in Dundee
Dundee Carers Centre
Dundee Contemporary Arts Ltd
Dundee Design Ltd, for Kimono Interactive
Dundee Gymnastics Club
Dundee Industrial Heritage Ltd
Dundee Orchestral Society, donation to DSO, by BACS
Dundee Sea Cadets
Dundee Therapy Garden
Forgan Arts Centre
Friends of Barnhill Rock Garden, donation, by BACS
Grampian Society for the Blind
Gurkha Welfare Trust
Harris Academy General Fund, donation, by BACS
Hearts & Minds Ltd, donation, by BACS
Helm Training Ltd, Dundee
Hot Chocolate Trust, Dundee
Kanzen for Life, donation, by BACS
Leisure & Culture Dundee, donation for Broughty Ferry Castle
MacMillan Cancer Support
Maggies Centre, Dundee
McManus Galleries - painting restoration
Mid Lin Day Care, Dundee
Mills Observatory, Dundee
MS Society Scotland
National Youth Choir of Scotland
Rotary Club of Claverhouse Trust Fund
RSNO Society Ltd for work in Dundee
Scottish Autism
Scottish Baroque Ensemble towards online events
Scottish Huntingtons Association for work in Dundee
Scottish Spina Bifida Association for work in Dundee
Sistema Scotland
Tayside Opera
Tayside Organists Society
The Butterfly Trust
The Edinburgh Science Foundation
The Unicorn Preservation Society
University of Dundee for two William S Phillips Awards
University of Dundee, donation re Design Festival|£
-
£
98,240.00
£
38,922.00
£
137,162.00
£
-
£
-
£
2,000.00
£
1,250.00
£
-
£
-
£
2,000.00
£
-
£
2,000.00
£
5,000.00
£
-
£
1,295.00
£
5,000.00
£
500.00
£
1,000.00
£
-
£
-
£
2,000.00
£
-
£
-
£
750.00
£
1,000.00
£
3,000.00
£
-
£
2,000.00
£
1,325.00
£
-
£
3,000.00
£
5,000.00
£
2,500.00
£
-
£
2,000.00
£
3,000.00
£
2,000.00
£
1,500.00
£
-
£
-
£
2,000.00
£
2,000.00
£
2,500.00
£
1,000.00
£
1,000.00
£
1,000.00
£
2,620.00
£
20,000.00
£
12,000.00
£
5,000.00|£
1,000.00
£
82,312.78
£
43,502.00
£
125,814.78
£
2,000.00
£
1,000.00
£
2,000.00
£
-
£
2,000.00
£
1,000.00
£
2,500.00
£
2,000.00
£
1,000.00
£
6,300.00
£
1,512.78
£
-
£
-
£
1,000.00
£
1,000.00
£
2,500.00
£
2,000.00
£
2,500.00
£
-
£
-
£
3,000.00
£
500.00
£
-
£
-
£
3,000.00
£
3,000.00
£
5,000.00
£
2,500.00
£
5,000.00
£
2,000.00
£
-
£
-
£
-
£
2,000.00
£
2,000.00
£
2,000.00
£
-
£
2,500.00
£
500.00
£
-
£
-
£
-
£
-
£
18,000.00
£
-| |---|---|---| Page 10 Docusign Envelope ID: 9354A9C5-3074-444F-BB45-6FD588121C3F ## **THE WILLIAM S PHILLIPS' FUND** ## **Notes to the Accounts (continued)** |**Cost of raising funds**
Investment Management Costs
**Support Costs**
Independent Examiners fees
Management Costs
**Investments**
Market Value at 30.09.2024
Additions at cost
Less: Disposals at carrying value
Unrealised Gain/(Loss) on Revaluation
Market Value at 30.09.2025
All investments held are UK listed securities.
**Sundry Creditors**
**Donations (as per Note 2);**
Dundee Industrial Heritage, 3 of 3 annual payments
Chest Heart Stroke Scotland
Dundee Contemporary Arts
Brae Riding for the Disabled
University of Dundee - Bursaries
**Others**
Due to Law Agents
Due to others
Total creditors under one year
**Creditors over1 year**
Unicorn Preservation Society|2025
£
18,573.56
£
1,770.00
£
37,152.00
£
38,922.00
£
2,528,289.00
£
96,336.69
£
2,624,625.69
£
229,909.10
£
2,394,716.59
£
242,683.41
£
2,637,400.00
£
-
£
-
£
-
£
-
£
12,000.00
£
12,000.00
£
11,364.00
£
3,198.00
£
14,562.00
£
26,562.00
£
10,000.00|2024
£
15,554.45
£
1,680.00
£
41,822.00
£
43,502.00
£
2,314,382.00
£
2,381,857.60
£
4,696,239.60
£
2,337,966.48
£
2,358,273.12
£
170,015.88
£
2,528,289.00
£
6,000.00
£
2,500.00
£
1,000.00
£
1,000.00
£
-
£
10,500.00
£
23,394.00
£
3,288.00
£
26,682.00
£
37,182.00
£
-| |---|---|---| ## **3. Cost of raising funds** ## **4. Support Costs** ## **5. Investments** ## **6. Sundry Creditors** ## **7. Controlling Party** The Trust was under the control of the Trustees throughout the current and previous year. ## **8. Charitable funds** The unrestricted funds are available to be spent for any of the purposes of the charity. ## **9. Trustees Remuneration & Related Party Transactions** No Trustee received remuneration or expenses from the Charity during this or the previous year. The Charity has no employees. Blackadders Trustees Ltd is a company wholly owned by the Partners, including Johnston Clark, of Blackadders LLP and Blackadders Wealth Management LLP. Blackadders LLP received £29,770 (2024 - £33,495) plus VAT for management services and Blackadders Wealth Management LLP received £15,627.97 (2024 - £12,732.04) plus VAT for investment management services. Page 11