## MRS LILIAN L WORK'S TRUST SCOTTISH CHARITY NUMBER: SC034905 TRUST ACCOUNT FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025 ## INTRODUCTION TRUST DEED Will of the late Mrs Lilian Latta Fergus or Work, dated 12 August 1998 and recorded in the Books of Council and Session on 20 February 2002. Deed of Assumption, Conveyance and Resignation, dated 17 October 2002 and recorded in the Books of Council and Session on 18 October 2002. Deed of Assumption and Conveyance, dated 15 March 2012 and recorded in the Books of Council and Session on 16 March 2012, Minute of Resignation by Mrs Shona Robertson Geddes dated 5 April 2017 and recorded in the Books of Council and Session on 10 April 2017 a“i BENEFICIARIES National Trust for Scotland Charity No: $CO07410 28 Charlotte Square, Edinburgh, EH2 4£T Children First (formerly RSPCC} Charity No: SCO16092 83 Whitehouse Loan, Edinburgh, EHS 1AT The net annual income to be divided equally between the beneficiaries. PROFESSIONAL . investment Managers ADVISERS Rathbones / Speirs & Jeffrey Stockbrokers George House 50 George Square Glasgow G2 1EH Telephone No: 0141 248 4311 Solicitors Messrs Irving Geddes WS Solicitors 25 West High Street Crieff Perthshire PH7 4AU Telephone No: 01764 653771 aL. MRS LILIAN L WORK'S TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025 ## Charity Name and Number Mrs Lilian L Work's Trust Scottish Charity Number SC034905 Principal Address c/o Irving Geddes WS 25 West High Street Crieff Perthshire PH7 4AU ## Current Trustees ## Governing Document The Trust is an unincorporated Trust constituted by the Will of the late Mrs Lilian Latta Fergus or Work, dated 12 August 1998 and recorded in the Books of Council and Session on 20 February 2002, Deed of Assumprion Conveyance and Resignation, dated 17 October 2002 and recorded in the Books of Council and Session on 18 October 2002, a Deed of Assumption and Conveyance, dated 15 March 2012 and recorded in the Books of Council and Session on 16 March 2042 and a Minute of Resignation by Rated S April 2017 and recorded in the Books of Council and Session on 15 April 2017. ## Professional Advisers Legal Advisers Irving Geddes WS Solicitors 25 West High Street Crieff Perthshire PH? 4AU ## Investment Managers Rathbones / Speirs & Jeffrey Stockbrokers George House 50 George Square Glasgow G2 1EH ## Independent Examiner Drummond Laurie Chartered Accountants Algo Business Centre Glenearn Road Perth PH2 ONJ 2 ## MRS LILIAN L WORK'S TRUST ## TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR6 APRIL 2024 TO 5 APRIL 2025 ## History and Objectives of the Trust The Trust was established by the Will of the late Mrs Lilian Latta Fergus or Work, dated 12 August 1998 and recorded in the Books of Council and Session on 20 February 2002. A Deed of Assumption Conveyance and Resignations, dated 17 October 2002, 15 March 2012 and 5 April 2017 and recorded in the Books of Council and Session on 18 October 2002, 15 March 2012 and 10 April 2017 also apply to this Trust. The terms of the Trust direct the Trustees to distribute the annual income of the Trust Fund to the nominated charitable beneficiaries in equal proportions. ## Recruitment and Appointment of Trustees Trustees are assumed (and resign) with the consent of the existing Trustees, under Section 3 of the Trusts (Scotland) Act 1921 and Section 13 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990. ## Trustees Remuneration, Expenses and Transactions Remuneration of £2,430 was paid to the Firm of Irving Geddes WS for legal services rendered during the period. The Trustee, Mr David Geddes, is a partner in said firm. ## Review of Financial Position and Activities During the Year The Charity's gross income, excluding funds released from investments, amounted to £3,999 (2024: £5,809) in this reporting period and was generated solely from investments held by the charity. Gross expenditure in Unrestricted Funds amounted to £8,933 (2024: £11,604). The value of the investment portfolio has decreased from £191,399 to £185,219 (3.23%) and in light of the current economic situation the Trustees are satisfied with the financial position at the year end. Donations of £4,000 were made through the financial review. ## Investment Policy & Performance The Trustees have instructed Speirs & Jeffrey Stockbrokers Lid (now trading as Rathbones) to manage the Trust funds on an advisory basis and have advised that they are prepared to accept a medium level of risk and Speirs & Jeffrey Stockbrokers/Rathbones are instructed to seek both capital and income growth. Spiers & Jeffrey Stockbrockers Ltd merged with Rathbones on 1st July 2020. ## Policy for Donations The Trustees are guided by the wishes of the Settlor in determining donations (as indicated by the Trust Deed). In considering the extent of donations to be made, if any, the Trustees consider the level of the Trust's annual income receipts. 3 ## MRS LILIAN L WORK'S TRUST TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025 ## Reserves Policy The Trustees’ policy is to disburse the net income in donations and to utilise the free reserves in any years of deficit. ## Deficit There were no funds in deficit during the financial year. ## Donated Facilities and Services There were no donated facilities or services in this financial year, ## Plans for the Future It is the Trustees’ intention to continue making donations in a similar way to the recent past retaining flexibility on whether to make donations, the scale of any donations and restricting these to available income. ## Risk Management The Trustees have considered the risks to which the charity is exposed. These relate in the main to investment management and have been ameliorated by the employment of an investment manager. Another risk to which the charity is exposed is fraud. However, the Trustees consider the low level of donations made by the charity reduces this risk. In addition, at least one of the Trustees will have some knowledge of any chosen charitable body to which a donation is made. The Trustees also protect against the risk of financial mismanagement by the appointment of Solicitors, who are bound by the Law Society of Scotland Solicitors’ Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compliance with regulations governing charities. Approved and signed on behalf of the Trustees by Trustee Date: 4 ## Independent examiner's report to the Trustees of ## Mrs Lilian L Work's Charitable Trust | report on the accounts of the charity for the period from 6 April 2024 to 5 April 2025 which are set out on pages 1 to7 ## 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 Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's Trustees consider that the audit requirement of Regulation 10{1}(d) of the Accounts Regulation 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) Regulation 2006, 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 terms or disclosures in the accounts, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do no 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 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 9 of the 2006 Accounts Regulations have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. For and on behalf of Drummond Laurie Chartered Accountants Algo Business Centre Glenearn Road Perth PH2 ONJ Date: 5 ## MRS LILIAN L WORK'S TRUST ## TRUST ACCOUNT FOR THE YEAR 06 APRIL 2024 TO 05 APRIL 2025 ## STATEMENT OF RECEIPTS AND PAYMENTS **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |RECEIPTS|2025|2024| |f|£| |Receipts from|investments| |Dividends from|UK|Companies|3,442|3,565| |Interest|Income|from|UK|Securities|35|186| |Overseas|income|238|1,295| |Unit|Trust/OEIC|Interest|159|738| |Bank|interest|126|26| |3,999|5,809| |Proceeds|from|sale|of investments|194,066|4,116| |TOTAL|RECEIPTS|198,066|9,925| **----- End of picture text -----**
## TOTAL RECEIPTS **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |PAYMENTS| |Donations|relating|directly to|charitable|activities| |National|Trust|for Scotland|2,000|2,800| |Children|First|2,000|2,800| |4,000|5,600| |Governance|costs| |Messrs|Irving|Geddes,|legal|fees|for|previous|year| |per|assessment|by|Law Accountant|2,430|2,556| |Law|Accountant|Assessment|Fee|120|132| |Independent|Examiner-|for previous year|300|288| |Miscellaneous|costs|-|28| |Investment|management|costs|2,084|3,000| |4,934|6,004| |Purchase|of|investments|188,760|2,998| |TOTAL|PAYMENTS|197,694|14,602| |SURPLUS/DEFICIT|FOR|THE YEAR|372|(4,677)| **----- End of picture text -----**
All funds are unrestricted No remuneration or expenses were paid to the trustees during the period under review Messrs Irving Geddes WS, a firm in which the Trustee is a partner received £2,430 in respect of legal services rendered to the Trust 6 ## MRS LILIAN L WORK'S TRUST TRUST ACCOUNT FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025 STATEMENT OF BALANCES AS AT YEAR END ||2025|2024| |---|---|---| |Bank and cash in hand|£|£| |Opening balances|3,124|7,801| |Surplus/(Deficit) foryear|372|(4,677)| |Closing balances
3,496
3,124
=——————— oo
oanBDDanDyxRDn=ooUaEEoooooaoaaoaoaEaEaEaEaEaEaESESESEEEE———yyyy———IIIIEEEEEIyCyyLLEEEEEEEe||| |Investments||| |Market value at start ofyear|191;399|190,069| |Purchase of investments|188,760|2,998| |Sale of investments|(194,066}|(4,116)| |Increase/{decrease) in market value|(874)|2,448| |Market value at end ofyear
185,219
191,399
Eau
O—=—=R9EElTElES_e_S=||| All funds are unrestricted ## Approved and signed on behalf of the Trustees by rustee Date: hi