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THE ROBIN LEITH 2003 CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR ENDED 5™ APRIL 2025
Reference and Administrative Details
Scottish Charity No: $C034148
Address:
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|---|---|---|---|
|Trustees:|
|Advisers:|Solicitors|Accountants|
|Turcan|Connell|Frmwork|Ltd|
|Princes Exchange|31|Kirkgate|
|1|Earl Grey Street|Edinburgh|
|Edinburgh|EH14 6AR|
|EH3|9EE|
|l|Administrat|
|Value-Trac Administration|
|Broadgate Tower|
|London|
|EC2A 2EW|
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Structure Governance & Management
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|---|---|---|---|---|---|---|
|Founding|Document|Deed of|Trust|by|
|ME|ciatediii20th|March 2003 and recorded|in the Books of Council and|
|Session|on|16th April|2003.|
|By Deed|of Appointment dated 2nd April 2003 the assets of The Robin|Leith|
|Charitable Trust (an|English|Charity,|reference 282785) were appointed to the|
|Robin|Leith|2003|Charitable Trust.|
|Appointment|of|New|Trustees|The power to appoint new Trustees|is vested|in the settlors during their|
|respective|lifetimes providing they retain|Capacity to exercise such|power.|
|Decision|Making|Both Trustees are involved in the decision making process.|Requests for|
|funding are reviewed|by the Trustees as they arise.|
|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 the exposure to the major risks.|
|Related|Party|Transactions|There are no related|party transactions.|
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THE ROBIN LEITH 2003 CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR ENDED 5™ APRIL 2025
Objectives and Activities
Objectives of Trust The Trustees are directed in terms of the Trust Deed to pay or apply the Income or Capital of the Trust Fund for the advancement of music, sport and academic education of children or in furtherance of such purposes, objects or institutions charitable in Law and in such proportions as the Trustees shall think fit. The Trust makes grants principally to support projects for young people relating to education, music, sport and health although they are not bound to maintain those lines of benefit. The Trustees may favour other areas of benefit if they wish to do so. Aims From the donations made during the year, the Trustees hope to encourage youth development through its educational grants, and social responsibility at home and abroad, from other grants. Report on the Activities During the year the Trustees continued their support of charities of the Trust involved in the areas of Community Development, the Arts and Health. Their principal concern is to focus funding on organisations benefiting or promoting youth education and development although they also have discretion to favour other areas of benefit. Awards were lower this year as the Trustees wished to build up an income pool for use in a future period. Grantmaking Policy The Trustees have adopted a policy of making donations to those organisations they feel require most support and whose purposes fall within the spectrum of the Trust Deed. Achievements and Performance The value of the investments has increased by 4.5%.
Gross dividend income for the year was £25,936 (2024: £14,264).
The Trustees are satisfied with this performance for the year.
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THE ROBIN LEITH 2003 CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR ENDED 5™ APRIL 2025
Financial Review
Financial Review
The investments of the Trust have a market value of £967,475 (2024 £925,188) and there are net current assets of £12,983 (2024 £34,925)
The Trust received incoming resources of £25,936 (2024 £14,264) during the financial year of which £0 (2024 £0) was in the form of donations and gift aid thereon by the settlor. Event income was £0 (2024 £0).
Investment Policy
In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, investments and property in the United Kingdom or abroad as they in their sole discretion think fit. Until 9 August 2021, the Trustees engaged Vestra Wealth LLP to provide investment management services. On 9 August 2021, all of the non cash assets were sold and reinvested in units of Vanneck Defensive Fund.
The Trustees’ investment policy is geared towards a balanced return between capital and income.
Reserves Policy
It is the policy of the Trustees to distribute the income of the Trust in the form of grants or donations. It is anticipated that any surplus income at the close of the account would be distributed in the following year.
The Capital fund is an unrestricted fund represented primarily by a series of investments. These are managed on an administrative basis by the Trustees. The Trustees have power to draw upon the fund in furtherance of the Trust's objectives whilst retaining sufficient funds to meet any commitments they may undertake.
The Trustees have power to accumulate income for a period of twenty-one years from the date of the Trust Deed.
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THE ROBIN LEITH 2003 CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR ENDED 5™ APRIL 2025
Statement of Trustees’ Responsibilities in Respect of the Accounts:-
The Trustees are responsible for preparing the Report and the Accounts in accordance with applicable law and regulations.
The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require the Trustees to prepare a statement of accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of its results for that period.
In preparing those accounts, the Trustees are required to follow best practice and:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Trust to enable them to ensure that the accounts comply with the legislation. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Accounts Preparation
The Trustees confirm that the accounts for the year ended Sth April 2024 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Trust's own governing document.
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Approved of beh f th s’
stee
ll Name
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__ 26RecemberpA. 202F 44
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THE ROBIN LEITH 2003 CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
| report on the accounts of the Trust for the year ended Sth April 2025, which are set out on pages 7 to 11.
R ti ibilities of trust ;
The charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities & 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) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Ac and to state whether particular matters have come to my attention.
My examination was 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 seeking explanations from you as 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
- which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44 (I)(a) of The Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the 2006 Accounts Regulations (as amended); and
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
Name: a Frmwork Ltd
Address: 39 Bryce Road Edinburgh EH14 SLP
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Date: DE combe,Do 2025
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Page 6
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THE ROBIN LEITH 2003 CHARITABLE TRUST
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BALANCE SHEET AS AT 5™ APRIL 2025
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Notes 2025 2024
£ £
Fixed Assets
Investments 8 967,475 925,240
Current Assets
Cash on Deposit 12,983 34,925
Debtors 2 - -
FSS
12,983 34,925
Less:
Current Liabilities °
Creditors less than 12 months 3 (650) (650)
eeSD a
ttt(650)Se (650)bladedtha SeA
Net Current Assets 12,333 34,275
Total nC iat a cohA
Assets 979,808 959,515
N,N
Representedby:
Capital Fund 979,808 959,515
lS
979,808 959,515
SSS?
All funds are unrestricted psec
Approved of behalf of the Trustees’
Trustee
Full Name
Date 26 Oecteube 2025r
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THE ROBIN LEITH 2003 CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5™ APRIL 2025
| Notes — |
Capitaland IncomeFund |
2025 —— Total |
2024 — Total |
|
|---|---|---|---|---|
| £ | £ | £ | ||
| Income Resources | ||||
| Incoming Resourcesfromgenerated funds | ||||
| Voluntary Income | - | - | - | |
| InvestmentIncome | 4 | 25,936 | 25,936 | 14,264 |
| TotalIncomeResources | ne 25,936 25,936 14,264 re eeaes |
|||
| ResourcesExpended | ||||
| CostofGenerating Funds | - | - | - | |
| Charitable Activities | ||||
| Donations | 5 | (70,176) | (70,176) | (31,305) |
| Fundmanagement Fees | 8 | (7,476) | (7,476) | (7,153) |
| Governance | 7 | (650) | (650) | (650) |
| Total ResourcesExpended | nr errr (78,302) (78,302) a |
ene (39,108) |
||
| Net (Outgoing) Resources Before: | (52,366) | (52,366) | (24,844) | |
| OtherRecognised Gains/(Losses) | ||||
| Realised Gains | 8 | - | -— | - |
| UnrealisedGains/(Losses) | 8 | 72,659 | 72,659 | 73,413 |
| penetra | ||||
| NetIncomeResources | 20,293 20,293 48,569 ee ane eenecenees meena |
|||
| Balanceasat5™April2024 | 959,515 | 959,515 | 910,946 | |
| Balanceasat5™April2025 | ee 979,808 979,808 959,515 |
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| Allfundsareunrestricted |
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THE ROBIN LEITH 2003 CHARITABLE TRUST
NOTES TO THE ACCOUNTS
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1) Accounting Policies
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a) Accounts Preparation The Accounts of the Trust are prepared under the Historical Cost Convention modified to include revaluation of fixed assets, and to comply with Trust Law, The Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006 (as amended). The accounts also comply with the Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005).
b)_ Investments To comply fully with the Statement of Recommended Practice investments are included in the Balance Sheet at market value at the year end date, the unrealised gain or loss being recognised in the Statement of Financial Activities and applied to Capital.
Net realised gains and losses on sale of investments are shown in the Statement of Financial Activities.
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¢) [Investment] and Voluntary Income
Investment and voluntary income are included in the accounts in the year in which they are receivable.
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d)_ Expenditure
Expenditure is included in the accounts on an accruals basis and recognised in full as soon as any obligation
arises.
e) Governance and Support Costs
Fees charged by Frmwork Ltd for accounting services are included in the accounts as follows:
Governance (Accountancy Costs) - 100%
These are recorded in the Statement of Financial Activities and are allocated on a 50:50 basis between capital
and income.
All other governance and support costs are recorded in the Statement of Financial Activities as appropriate.
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Governance and support costs are not allocated against individual grants or donations.
f)_Grants
Grants authorised to be paid in respect of the accounting year or future years are provided for in the accounts in the year in which they are authorised.
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g)_ VAT
The Trust is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is
included as part of the expense.
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2) Debtors
Notes 2025 2024
£ £
Less than 12 months
HMRC, Gift Aid Recoverable - :
re
——
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THE ROBIN LEITH 2003 CHARITABLE TRUST
NOTES TO THE ACCOUNTS
3) Creditors
| 3) Creditors |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Lessthan 12 months | ||
| Frmwork Ltd | 650 | 650 |
| 650 | 650 | |
| 4) InvestmentIncome |
||
| 2025 | 2024 | |
| £ | £ | |
| Dividend income | 25,819 | 14,143 |
| Bank Interest | 117 | 121 |
| 25,936 | 14,264 | |
| 5) CharitableDonations |
||
| 2025 | 2025 | |
| Citizenship&Community | £ | £ |
| Cornerstone Bookshop | 20,000 | |
| LightUp Learning | 5,500 | |
| Grassmarket Community Project | 6,000 | |
| 31,500 | ||
| Arts, Heritage, CultureorScience | ||
| Benedetti Foundation | 6,000 | |
| TrinityCollege | 1,000 | |
| ImpactScotland | 25,000 | |
| Newopera in Scotland events (NOISE) |
3,000 | |
| 35,000 | ||
| SavingofLives | ||
| Bertie’s Helpers-Batten Disease | 3,001 | |
| Small donations | 675 | |
| 3,676 | ||
| Tota!Donations:11(2024:9Donations) | 70,176 |
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THE ROBIN LEITH 2003 CHARITABLE TRUST
NOTES TO THE ACCOUNTS
6) Trustee Expenses
No fees or expenses have been paid to the Trustees (2024 Nil). All Trustees act gratuitously. The Trust has no employees (2024 Nil).
7) Governance Costs
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2025 2024
£ £
Accountancy ‘650 650
ee
——— 650 650
Investments
£
Market Value of Investments at 01/04/2024 925,240
Management Fees (Support Costs) ** (7,476)
Disposals (22,948)
Unrealised Gain on Revaluation 72,659
Market —
Value of Investments at 31/03/2025 967,475
eee ieee
Historical aT
Value of Investments at 31/03/2025 765,000
at tethn
Holdings exceeding 5% of portfolio by value as at 31% March 2025
Vanneck Defensive Fund 967,475
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8) Investments
** Management (or Fund) Fees are 0.79% of the fund based on the average net book value for the year. The Unrealised Gain (or loss) for the year takes this figure into consideration.
9) Related Party Transactions
There are no related party transactions.