W3283.1/TZH/KAZM/GFC ## **TOM AND THELMA WILSON TRUST** ## **Accounts** ## **For The Year Ended** ## **31 December 2024** ## **Registered Scottish Charity No: SC035023** W3283.1 Tom and Thelma Wilson 2024 accounts(1008916885.1) **TOM AND THELMA WILSON TRUST** ## **Contents** ## Page - 1-4 Trustees' Report - 5 Statement of Receipts and Payments - 6 Statement of Balances - 7-9 Notes to the Accounts - 10 Independent Examiner's Report **TOM AND THELMA WILSON TRUST** ## **General Information and Report of the Trustees** ## **For Year Ended 31 December 2024** ## **Reference and Administrative Information** |Charity Number:|SC035023|| |---|---|---| |Address of Principal|Shepherd and Wedderburn LLP|| |Office:|37 Albyn Place|| ||Aberdeen|| ||AB10 1YN|| |Trustees:||| |Bankers:|Bank of Scotland|| ||33 Old Broad Street|| ||London|| ||PO Box 1000|| ||BX2 1LB|| |Solicitors and|Shepherd and Wedderburn LLP|| |Administrators:|37 Albyn Place|| ||Aberdeen|| ||AB10 1YN|| |Independent Examiner:||| |Investment Manager:|RBC Brewin Dolphin|| ||23 Rubislaw Terrace|| ||Aberdeen|| ||AB10 1XE|| |**Structure, Governance and Management**||| |Overview:|The trust was established by Thelma Jean Simpson Wilson by Declaration of Trust last|| ||dated 7 July 2003 and registered in the Books of Council and Session on 14 July 2003, as|| ||amended by Supplementary Declaration by|| ||dated 5 April 2004 and registered in the Books of Council and Session on 9|| ||April 2004. Following the death of Thomson Adam Wilson on 12 January 2004 the residue|| ||of his estate was transferred into the trust. Following the death of Thelma Jean Simpson|| ||Wilson on 19 January 2016 the residue of her estate was transferred into the trust.|| |Charitable Status:|The trust is a registered Scottish charity. As|such, the trustees must ensure the| ||circumstances and operations of the trust continue to meet the charity test and the trustees|| ||are required to comply with their statutory duty to supply information to the Scottish Charity|| ||Regulator, the Office of the Scottish Charity|Regulator.| Page 1 **TOM AND THELMA WILSON TRUST** ## **General Information and Report of the Trustees (Contd)** ## **For Year Ended 31 December 2024 (Contd)** ## **Structure, Governance and Management (Contd)** Trustee Tenure: There shall at all times be not less than three and not more than five trustees. On the basis of trustee appointment, there is no predefined period. The power to appoint new trustees is reserved to the trustees in office. The induction process involves awareness of a trustee's responsibilities, the governing documents, administration procedures, and the history of the charity. A new trustee should receive a copy of the previous year's account and also an extract from the Charities and Trustee Investment (Scotland) Act 2005 relating to charity trustees. The Chairman is responsible for the induction of new trustees. ## **Objectives of Trust** Trust Objectives: The Declaration of Trust names the following charitable institutions: Chest, Heart and Stroke Scotland Royal National Lifeboat Institution The Salvation Army Mrs Murray's Home for Stray Dogs and Cats DAWGS British Retinitis Pigmentosa Society (Fighting Blindness) (now known as RP Fighting Blindness) Guide Dogs for the Blind Association Cancer & Leukaemia in Children Orienated (now known as CALICO) Cancer & Leukaemia (now known as CLIC Sargent) The Boys' Brigade Crossroads Caring for Carers Aberdeen The George Crombie Trust The Phoenix Club (now removed from the charity register) CLAN Cancer Support The Friends of Woodend The National Trust for Scotland for Places of Historic Interest or Natural Beauty (now known as The National Trust for Scotland) The trustees have unrestricted discretion to apply trust funds in favour of one or all of the named charitable institutions, or any other organisation(s) or individual(s) engaged in similar charitable work. The late Thelma Wilson expressed a wish for the trustees to direct funding to be used for the good people in Aberdeen and Aberdeenshire. Grant Making Policy: The trustees meet from time to time to consider applying trust funds in furtherance of the charitable objects of the trust. Details of any charitable payments are set out in note 5 to the accounts. ## **Financial Review** Overview: The period closed with unrestricted funds of £2,635,347.77 (2023; £2,555,970.61). Investment income and bank interest amounted to £59,853.69 (2023; £59,077.28). Total resources expended amounted to £80,776.35 (2023; £73,580.33) including charitable payments of £58,000.00 (2023; £53,000.00). The trustees report a deficit for the period of £91,561.33 (2023; £39,420.18 deficit). Page 2 ## **TOM AND THELMA WILSON TRUST** ## **General Information and Report of the Trustees (Contd)** ## **For Year Ended 31 December 2024 (Contd)** ## **Financial Review (Contd)** Overview (Contd): The trustees note the performance of the trust portfolio over the period. Overall investment gains for the period were £100,299.82 (2023; £93,279.73 gains) which reflects the general market and economic sentiment over the period. The trustees will continue to monitor the performance of the trust portfolio and take action as necessary. Investment Policy: In accordance with the Trust Deed and statutory provision, the trustees have the power to invest in such stocks, shares and investments in the United Kingdom or overseas as they in their sole discretion think fit. The trustees have appointed RBC Brewin Dolphin as investment manager. The trustees' investment policy is geared towards a balanced return between capital and income from a diversified risk perspective and this policy is reviewed on a regular basis. The composite benchmark is a weighted average of various indices to best reflect the underlying asset allocations. The trustees review the investment performance on a regular basis and will take action as and when necessary. Reserves Policy: It is the policy of the trustees to distribute the net income of the trust for charitable purposes, it is anticipated that any surplus income at the close of the accounts will be distributed in future years. The trustees can also encroach on the trust capital in furtherance of the trust objectives. The trustees are satisfied the unrestricted funds of £2,635,347.77 as at 31 December 2024 is adequate to fulfil the charity's obligations. Charitable Activities Details of the charitable payments made during the period are set out in note 4 to the During Year: accounts. **Risk Review** Risk Management The trustees have assessed the risks to which the trust is exposed and are satisfied that Policy: systems are in place to mitigate those risks. The most significant areas of uncertainty are the level of investment return and overall performance over time of the mix of assets in the portfolio in volatile markets. These areas are regularly reviewed by both the investment managers and the trustees. Related Parties: No remuneration or expenses were paid to any trustee. acts as a consultant with Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provides legal and accounting services to the trust for which fees are charged. In the accounting year Shepherd and Wedderburn LLP fees amount to £6,222.00 (2023; £4,620.00). A fee of £nil is outstanding at close of period (2023: £432.00). Fees are inclusive of VAT at the prevailing rate of 20%. Page 3 TOM AND THELMA WILSON TRUST Genèral Inforniatlon and Report of the Trustees Icontdl For Year Enderl 31 Decèmber 2024 Icontdl Plans for the future The trustees do not antiupale any material impact ￿ the opeTatiMs of the chartty in the forthcc4ning year. Approved by the Iruslees and signed on their behatf." &gned'. Dale Paje 4 ## **TOM AND THELMA WILSON TRUST** **Statement of Receipts and Payments for the year ended 31 December 2024** |**Note**
**Receipts**
Incoming resources from generated funds:
Investment income payable during year
2
Bank interest
2
**Total incoming resources**
**Payments**
Costs of generating funds:
Investment management costs
3
Charitable activities:
Charitable payments
4
Support costs
5
Governance costs
6
**Total resources expended**
**Net (outgoing) resources before asset and**
**investment movements, and transfers**
**Asset and investment movements**
Proceeds from sale of investments
7
Purchase of investments
7
**Net (payments) / receipts after asset and investment movements**
**Transfers to / (from) funds**
**(Deficit) for year**|**2024**
£
57,487.36
2,366.33
59,853.69
(16,204.35)
(58,000.00)
(3,111.00)
(3,461.00)
(80,776.35)
(20,922.66)
852,222.57
(922,861.24)
(91,561.33)
-
(91,561.33)|**2023**
£
56,978.49
2,098.79
59,077.28
(15,610.33)
(53,000.00)
(2,310.00)
(2,660.00)
(73,580.33)
(14,503.05)
605,633.08
(630,550.21)
(39,420.18)
-
(39,420.18)| |---|---|---| All movements relate to unrestricted funds The notes on pages 7 to 9 form part of these accounts Page 5 ## **TOM AND THELMA WILSON TRUST** ## **Statement of Balances as at 31 December 2024** |**Note**
**Funds reconciliation**
Cash at bank and in hand 31/12/2023
(Deficit) for year
Cash at bank and in hand 31/12/2024
**Represented by**
Bank accounts
8
**Other Assets**
Investments at market value
7
**Liabilities**
9
Shepherd and Wedderburn LLP, fee
9
, Independent Examiner fees|**2024**
£
154,642.23
(91,561.33)
63,080.90
63,080.90
2,572,266.87
**2024**
£
-
(350.00)
(350.00)|**2023**
£
194,062.41
(39,420.18)
154,642.23
154,642.23
2,401,328.38
**2023**
£
(432.00)
(350.00)
(782.00)| |---|---|---| All funds are unrestricted The notes on pages 7 to 9 form part of these accounts Approved by the trustees and signed on their behalf: Signed: Date Page 6 ## **TOM AND THELMA WILSON TRUST** ## **Notes To The Accounts** ## **For The Year Ended 31 December 2024** ## **1 Accounting Policies** These accounts have been prepared on a receipts and payments basis in accordance with the Charities and Trustees Investment Act (Scotland) 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **Incoming Resources** All incoming resources are included in the Statement of Receipts and Payments when the trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: * Investment Income is included when receivable. ## **Resources Expended** Expenditure is recognised on a receipts and payments basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates: * Costs of generating funds comprise the costs associated with the attracting voluntary income and the investment administration fees. * Charitable activities include charitable payments made and support costs. * Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity. Other professional fees are split between general accounting and administration costs, and governance costs. The allocation is based on staff time. * All costs are allocated between the expenditure categories of the Statement of Receipts and Payments on a basis designed to reflect the use of its resource. ## **Investments** Investments are included at market value at the year end, with investment sales and purchases reflected through the Statement of Receipts and Payments. ## **2 Investment Income** |UK dividends
UK unit trust dividends
UK interest
UK property income distributions
Overseas dividends
Overseas interest
Bank interest|**2024**
**2023**
11,074.14
£
11,066.51
£
14,795.11
15,642.21
6,241.41
7,862.87
-
-
12,801.38
11,267.28
12,575.32
11,139.62
2,366.33
2,098.79
59,853.69
£
59,077.28
£| |---|---| Page 7 ## **TOM AND THELMA WILSON TRUST** ## **Notes To The Accounts (Contd)** ## **For The Year Ended 31 December 2024 (Contd)** |**3**
**Costs of Generating Funds**
Investment Management Costs:
RBC Brewin Dolphin, fees to 31/12/2024 (inc VAT)
**4**
**Charitable Payments**
The Boys' Brigade
CALICO
Chest, Heart and Stroke Scotland
CLAN Cancer Support
CLIC Sargent
Crossroads Scotland
DAWGS
The George Crombie Trust
Guide Dogs for the Blind Association
Mrs Murray's Home for Stray Dogs and Cats
National Trust for Scotland
NHS Grampian Endowment Fund for George Ramsay Fund
Retina UK
Royal National Lifeboat Institution
The Salvation Army
UCAN Grampian
Charitable payments 2023 (17 awards to charitable entities)
**5**
**Support Costs**
Shepherd and Wedderburn LLP, fees to 31/12/2024 (inc VAT)
**6**
**Governance Costs**
Shepherd and Wedderburn LLP, fees to 31/12/2024 (inc VAT)
Independent Examiner:
, fee relative to the 2022 accounts
, fee relative to the 2023 accounts|**2024**
16,204.35
£
**2024**
3,111.00
£
**2024**
3,111.00
£
-
350.00
3,461.00
£|**2023**
15,610.33
£
**2024**
2,000.00
£
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
5,000.00
2,000.00
1,000.00
10,000.00
10,000.00
2,000.00
2,000.00
10,000.00
58,000.00
£
53,000.00
£
**2023**
2,310.00
£
**2023**
2,310.00
£
350.00
-
2,660.00
£| |---|---|---| Page 8 ## **TOM AND THELMA WILSON TRUST** ## **Notes To The Accounts (Contd)** ## **For The Year Ended 31 December 2024 (Contd)** ## **7 Investments** |Market value at 31 December 2023
Additions during the year
Disposals during the year
Realised gains on investments
Unrealised gains on investments
Market value at 31 December 2024|**2024**
**2023**
2,401,328.38
£
2,283,131.52
£
922,861.24
630,550.21
(852,222.57)
(605,633.08)
32,611.29
32,292.36
67,688.53
60,987.37
2,572,266.87
£
2,401,328.38
£| |---|---| UK domiciled securities are held on the trust’s behalf by RBC Brewin Dolphin and registered in their nominee name. Overseas domiciled securities are held on the trust's behalf by a sub-custodian appointed by RBC Brewin Dolphin and registered in the name of the sub-custodian's nominee. As at 31 December 2024 the market value of the UK domiciled securities was £1,712,069.45 and the market value of the overseas domiciled securities was £860,197.42. Investments with a current market value in excess of 5% of total: |Nil
**8**
**Breakdown of Closing Bank Balances**
RBC Brewin Dolphin:
Deposit account
Income account
Shepherd and Wedderburn LLP:
Current account|**2024**
4,016.71
£
5,125.41
53,938.78
63,080.90
£|**2024**
-
£
**2023**
85,160.00
£
5,009.39
64,472.84
154,642.23
£| |---|---|---| ## **9 Liabilities** |Shepherd and Wedderburn LLP, fee to 31/12/2024 (inc VAT)
Independent Examiner's fee:
, fee relative to the 2024 accounts|**2024**
**2023**
-
£
432.00
£
350.00
350.00
350.00
£
782.00
£| |---|---| ## **10 Related Party Transactions** No remuneration or expenses were paid to any trustee. acts as a consultant with Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provides legal and accounting services to the trust for which fees are charged. In the accounting year Shepherd and Wedderburn LLP fees amount to £6,222.00 (2023; £4,620.00). A fee of £nil is outstanding at close of period (2023: £432.00). Fees are inclusive of VAT at the prevailing rate of 20%. Page 9 TOM AND THELMA IfiiLSON TRUST Independent Ex•minerf8 Report To The Trustees I report on the accounts of the charrty for the year ended 31 December 2024, sel out on pajes 5 to 9. Respocllvo r8spon$lbllFlles of the Trustses and the Indèp8nd•nt Examlmr As described in the fru51ee's Report. the Iruslees are responsible for the preparallon of the flnan¢ial statemen1$ In accordance wrth the tem18 of the Charthe$ and Trustees Investment Iscollandl Act 2005 and the Charrties Accounls (Scollandl Regulaltons 200618s amended). The ¢harW5 Iruslees cOnS￿eT that the audrt Tequiremenls of RegulalDn 10111 Idl of the Accounts Regulations doe8 not apply. 11 is my re5ponsibilrty lo examine the financial statements as reqUI￿d under 44111 Icl of the Act and lo stale whether particular matters have come lo my attenl*)n. B•sl8 of Ind•p•nd•nt Examln•rf• R•port My examinalion was c•rri8d out in accordanco wth Ragulalion 11 of fhg Chartties A¢coun16 (Scollandl Regulations 20C6 las amended). An 9xgminalion includes a review of the accounting records kept by the charty 8nd a eomparison of the accounts pres8ntfjd wlh those record8. It al80 includes ceffjgideration of any unusual ilems or disclogufos in Ihe 8ccounts. and seeking explanation$ from the Trustees concerning any guch matters. The procedures undertaken do not prowde all the evidenee that would ￿ réquir8d in an oudil, and consaquenlfy I do not express an avdit ¢¥inion on the viow giv¢n by Ihg occounls. Indbp•ndènt Ex•mlnarf$ 8t*tomont In the Gourse of my examinati￿, no other matter has come lo my attention.. which 9iv•s me feasonable cause lo bdieve that in any material respect the requirements.. to keep accounting rèctxds in a¢¢ordanGe %wth Section 44111 lal ol the 2005 Acl and Regulation 4 of the 2006 Accounts Regulations {as arnended},' and lo prepare accounts whKh accord wrth the a¢¢ounting records and Gomply wilh Regulation 9 of the 2006 AcGounls R•gulalion8 la8 amendédl.. have not b•en mol., or to whl¢h, In My opinlon, attention Should bo dr￿rn in order lo enable a proper undergtvjnding of the accounts lo be reached. Page 10 37 Albyn Place Aberdeen AB10 1YN DX:AB103 Aberdeen 1 T +44 (0)1224 621 166 F +44 (0)1224 623 103 ## **shepwedd.com** Shepherd and Wedderburn LLP is a limited liability partnership incorporated in Scotland with number SO300895. Registered office and principal place of business: 9 Haymarket Square, Edinburgh EH3 8FY. The term partner in relation to Shepherd and Wedderburn LLP is used to refer to a member of Shepherd and Wedderburn LLP. A list of the names of the members is available for inspection at the principal place of business. All correspondence signed by a named individual is signed for and on behalf of Shepherd and Wedderburn LLP. Details of the country or jurisdiction in which the firm’s lawyers are professionally qualified are set out at shepwedd.com/legal-notices. Shepherd and Wedderburn LLP is regulated by the Law Society of Scotland and is authorised and regulated by the Solicitors Regulation Authority (with number 447895).