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← Thistledown Trust

2025-04-05-accounts

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Thistledown Trust
TRUST ACCOUNT
For year to 5 April 2025
Scottish Charity Number: SC035055
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Wright, Johnston & Mackenzie LLP

319 St Vincent Street

Glasgow G2 5RZ privateclient@wjm.co.uk

(Ref: T.2555.1/IM/BASF)

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|||||||||| |---|---|---|---|---|---|---|---|---| |Thistledown|Trust|‘i| |Contents|Page|No.| |Trust|Information|2| |Trustees'|Annual|Report|4-6| |Independent|Auditor's|Report|to|the|Trustees|7-11| |Statement|of|Financial|Activities|12| |Balance|Sheet|13| |Notes|to|the|Financial|Statements| |1.|Accounting|Policies|14| |2.|Charitable|Activities|15-18| |3.|Trustee|remuneration|and|expenses|19| |4.|Investments|19| |5,|Debtors|19| |6.|Creditors:|amounts|falling|due|within|one|year|19| |7.|Unrestricted|Funds|20| |8.|Analysis|of|Net Assets|between|Funds|20|

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The following pages do not form part of the statutory accounts

Investment Schedule

21-31

2

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Thistledown Trust
Trust Information
- ae
Address Wright, Johnston & Mackenzie LLP
319 St. Vincent Street
Glasgow
G2 5RZ
Independent Auditor Robb Ferguson
Chartered Accountants
Regent Court
70 West Regent Street
GLASGOW
G2 2QZ
ScottishCharityNumber: SC035055

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Thistledown Trust

Trustees' Report for the Year Ended 5 April 2025

The Trustees have pleasure in presenting their report and financial statements for the year ended 5 April 2025.

Status of Charity and Governing Document

The Thistledown Trust was set up under declaration of Trust dated 3rd December 2003. The Trust is a Scottish Charity - Number SC035055.

Trustees

The Trustees who served during the year and to the date of this report were as follows:

The Directors of Maritime Trustees Limited at the date of this report are:

Appointment and induction of Trustees

The Trustees have power to assume additional Trustees. New Trustees undergo an induction process which helps them to understand the charity’s purposes, financial position and current issues facing the charity.

Administration

The management of the Trust is the responsibility of the Trustees who are listed above. The Trustees administer the Trust's affairs at meetings arranged as necessary, but at least one meeting is held each year, at which finances are reviewed and decisions made on the recipients of grants. The day to day running of the Trust is undertaken by Wright, Johnston & Mackenzie LLP.

Statement on Risk

The Trust is open to fluctuations in Stock Exchange investments. However, the risk of this is minimised by taking advice and by investing in managed funds of mainly equities and corporate bond stocks. The Trust has no long term commitments and accordingly regards any risk as being low, minimal and easily contained.

Charitable objectives

The objective of the charity is to benefit such recognised or registered charities, particularly but not exclusively those concerned with the welfare of animals, or for other purposes charitable in law as the Trustees shall in their absolute discretion think fit to support or establish.

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Thistledown Trust

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Trustees' Report for the Year Ended 5 April 2025 (continued)

Achievements and Performance

The Trustees are committed to making charitable donations and are actively seeking suitable organisations to receive donations in line with the Trust's charitable objectives.

Since 5 April 2020, the Trustees have met and have made grants to charitable institutions.

Financial review

The financial statements for the year are set out on pages 12-20. The Statement of Financial Activities on page 12 reflects incoming resources for the year of £175,983 (2024 — incoming £165,686). The Statement of Financial Activities also reflects a net decrease in funds for the year of £272,817 (2024 — increase of £251,418) after including losses of £291,270 (2024 — gains of £251,418) . Net assets at 5 April 2025 were £6,304,623 (2024 - £6,577,440).

Details of the Trust’s investments are outlined in Note 4.

The financial statements have been prepared in accordance with current statutory requirements and the Trust deed whose provisions have been observed in the investment of the Trust funds.

Reserves policy

The Trustees are aware that the sources of its donations may not continue indefinitely. They do, however, wish to be in a position to make grants as and when needed by suitable recipients complying with the objectives of the charity. In addition, the Trustees anticipate helping to fund larger projects in the future. In such circumstances it is the Trustees’ view that surplus funds arising should be retained as a reserve, investing these funds for the medium term as set out below. The Trustees’ general policy at present is to use the investment income received to fund grants, and to treat any larger donations received as adding to the capital base to increase the income generated in future years.

Investment policy

The Trustees’ policy is to invest prudently with medium risk but with the aim of trying to preserve capital value and achieving the best possible income on that basis.

Bank account

The Trustees have considered OSCR’s recommendation that the charity holds a bank or building society account in the name of the charity. The Trustees have discussed and agreed that holding an account through their solicitors provides the Trust with additional safeguards such as cover from the Client Protection Fund which is administered and maintained by the Law Society of Scotland which can compensate clients against loss. Additionally, all clients accounts held by a solicitor must comply with the Law Society of Scotland Accounts Rules which regulate and monitor the funds held by law firms. Finally, it is very difficult for Charitable Trusts to open and operate accounts through High Street or Specialist banks. Operation of such accounts would create additional administrative costs without the safeguards and benefits offered when operating the account through the Trust’s solicitors. Accordingly, the Trustees have agreed to maintain the existing banking arrangements.

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T histledownrust.

Trustees' Report for the Year Ended 5 April 2025 (continued)

Grant making policy

The Trust makes grants to organisations that are involved in activities which comply with the objectives of the Trust Deed and which have obtained charitable status.

The Trust has established a bursary fund to support individuals who are pursuing horticutural studies; undertaking relevant work experience and engaging with research projects to further advance their knowledge and practical skills.

Taxation

The Trust is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.

Plans for Future Periods

The Trustees have agreed to continue to seek donations to the charity and make grants to suitable recipients complying with the objectives of the charity.

Trustees’ responsibilities

The Charity Trustees are responsible for preparing a trustees’ annual report and_ financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Charity Trustees to prepare financial

In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Trustees

Trustee

Dated: 22.12, tate

6

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The Thistledown Trust

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Independent Auditor’s Report to the Trustees of The Thistledown Trust

Opinion

We have audited the financial statements of The Thistledown Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UkK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Thistledown Trust

Independent Auditor’s Report to the Trustees of The Thistledown Trust (cont.)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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The Thistledown Trust

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Independent Auditor’s Report to the Trustees of The Thistledown Trust (cont.)

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that The engagement team collectively had The appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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The Thistledown Trust

Independent Auditor’s Report to the Trustees of The Thistledown Trust (cont.)

Audit response to risks of irregularities identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: Agreeing financial statement disclosures to underlying supporting documentation; Reading the minutes of meetings of those charged with governance; Enquiring of management as to actual and potential litigation and claims; and Reviewing correspondence with HMRC, OSCR and the charity's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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The Thistledown Trust

Independent Auditor’s Report to the Trustees of The Thistledown Trust (cont.)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 44(1)c of the Charities and Trustees Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robb Ferguson

Chartered Accountants Regent Court 70 West Regent Street GLASGOW G2 2QZ

Date: 22nd December 2025

11

WMr /

The Thistledown Trust

Statement of Financial Activities
Year Ended 5 April 2025
Unrestricted Unrestricted
Funds Funds
2025 2024
Notes £ £
Income and endowments:
Investments
Dividend & interest income 175,373 165,296
Equalisation payments 225 207
Bank interest 385 183
Total 175,983 165,686
Expenditure on:
Charitable Activities 2 123,141 132,980
Raising funds 0 0
Investment management costs 34,389 33,103
Total 157,530 166,083
Net gains/(losses) on investments 4 (291,269) 251,814
Net income/(expenditure) (272,816) 251,418
Net Movement in Funds (272,816) 251,418
Total funds brought forward 6,577,440 6,326,022
Totalfundscarriedforward 7 6,304,624 6,577,440

The notes on pages 14 to 20 form part of these financial statements.

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The Thistledown Trust

Balance Sheet at 5 April 2025

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||||||| |---|---|---|---|---|---| |Notes|2025|2024| |z|£|a|£| |Fixed|Assets| |Investments|4|6,131,047|6,472,017| |Current|Assets| |Debtors|5|0|0| |Bank|and|cash|177,677|107,283| |177,677|107,283| |Creditors:|Amounts|falling|due| |within|one|year|6|4,100|1,860| |Net|Current Assets|173,577|105,423| |Net Assets|6,304,624|6,577,440| |The|funds|of|the|Charity| |Unrestricted|funds|7|6,304,624|6,577,440|

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The financial statements were approved by the Trustees on 22 )UrLe/ 2a” and signed on their behalf by:

Trustee

The notes on pages 14 to 20 form part of these financial statements.

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The Thistledown Trust

WM /|

Notes to the Financial Statements for the Year Ended 5 April 2025

  1. Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of lreland (FRS 102)(effective 1 January 2019) — (Charities SORP (FRS 102), UK Generally Accepted Accounting Practice (UK GAAP) including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in Sterling (£).

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. There were no significant areas of adjustment and with respect to the next reporting period, no significant areas of uncertainty.

Income

Donations and legacies are recognised in the Statement of Finanacial Activities (SOFA) when received. Investment income is recognised when it is receivable. Grants are credited to the SOFA for the year to which they relate.

Expenditure

Liabilities are recognised as soon as there is a legal or contractual obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basis.

Donations are payments made to third parties in the furtherance of the charitable objectives of the Trust. Donations are accounted for when the Trustees have agreed to make the donation.

Investments

Investments, which are all quoted in the UK, are shown at market value in accordance with the Statement of Recommended Practice for Charities. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value or pyrchase date if later. Unrealised gains and losses are calculated between the market value at the year end and the opening market value or purchase date if later.

VAT

The Trust is not registered for VAT and accordingly expenses include VAT where appropriate.

Statement of Financial Activities

For the purpose of the Statement of Financial Activities as shown on page 11, funds are defined as follows:

Unrestricted funds comprise gifts and other income received for the objects of the charity without further specified purpose and which are available as general funds.

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The Thistledown Trust

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Notes to the Financial Statements for the Year Ended 5 April 2025

2. Charitable Activities
2025 2023
£ £
Grants approved by the Trustees in the yearwere as follows:
Thistledown Trust bursary award 1,000
Thistledown Trust bursary award 1,500
Thistledown Trust bursary award 4,000
Thistledown Trust bursary award 2,000
Thistledown Trust bursary award 3,000
Thistledown Trust bursary award 500
Thistledown Trust bursary award 3,000
Thistledown Trust bursary award 2,200
Thistledown Trust bursary award 1,210
Thistledown Trust bursary award 760
Thistledown Trust bursary award 595
Thistledown Trust bursary award 1,850
Thistledown Trust bursary award 2,500
Thistledown Trust bursary award 500
Thistledown Trust bursary award 2,121
Thistledown Trust bursary award 2,720
Thistledown Trust bursary award 741
Animal Concern 2,000
Answer Project Limited 1,000
Art in Healthcare 1,000
Asthma & Lung UK 1,000 1,000
Big Give - Hearing Dogs 1,000
Big Give Cairns 1,000
Blackburn House Animal Shelter 2,000
Brains Trust 2,000
British Diabetic Association 1,000
British Horse Society 5,000
British Thyroid Foundation 1,000
British Wireless for the Blind Fund 1,000
Cairns Counselling 1,000
Camphill School 1,000
Care for Carers
Carers ofWest Lothian 1,000 4,000
Cats Protection
CCST
Cerebral Palsy Scotland
Cetacean Research and Rescue Unit 1,000
CFPH
CharlieHouse 4,000

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The Thistledown Trust

JIN

Notes to the Financial Statements for the Year Ended 5 April 2025
2. Charitable Activities (cont.)
2025 2023
£ £
Chest Heart & Stroke Scotland
Child Bereavement UK 2,000
Clan Cancer Support 2,000
Community One Stop Shop 1,000
Compass Therapy Support Community 1,000
Connect Alloa 500
Corbenic Camphill Community 1,000
Crew 2000 1,000
Cruse Scotland Bereavement Support 2,000
Dean Orphanage and Cauvins Trust 1,350
Dundee Sea Cadets 2,000 2,000
East Ayrshire Churches Homeless Action 1,000
East Ayrshire Pipe BandAcademy 2,000
Eco Drama 2,000
Edinburgh Childrens Hospital Charity 2,000
Empty Kitchens 1,000
Endangered Species Protection Agency 2,000
EPIC East Ayrshire Pipe Band Academy 2,000
Eric Liddell Centre Ltd 2,000
Families First StAndrews 1,000 1,000
Families Outside 1,000 1,000
Fetlor Youth Group 1,000
Fife EmploymentAccess Trust 1,000
Friends ofAshton 2,000
Gareloch RDA 1,168
Generation Arts SCIO 1,000
Glasgow Care Foundation 1,000
Glasgow Childrens Holiday School 1,000
Glasgow Childrens Hospital Charity 2,000
Glasgow Golden Generation 1,000
Global Family Care Network 500
Harbour (Ayrshire) 1,000
Hearing Dogs for Deaf People 2,000
Held in Our Hearts Ltd 1,000
Home Link Family Support 2,000
Home Start Aberdeen 2,000
Hopscotch Childrens Charity 2,000
HorseBack UK 2,000
Hourglass (Safer Ageing) 1,000
Work 4 Me 1,000
JuvenileDiabetesResearchFoundation 1,000

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The Thistledown Trust

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Notes to the Financial Statements for the Year Ended 5 April 2025
2. Charitable Activities (cont.)
2025 2023
£ £
Kidscan 2,000
Kindred Advocacy 1,000
Leukaemia Care 1,000
Livingston Caledonia Pipe Band 1,000
Loop Theatre 2,000
Lothian Autistic Society 1,000
Made 4 U in ML2 2,000
Make 2nds count 2,000
Meningitis Now 2,000
Moira Anderson Foundation 2,000
MoneyAdvice Scotland 1,000
Mossburn Community Farm 2,000
Nil by Mouth 1,000
Nordoff Robbins Music Therapy 1,000
One Parent Families Scotland 1,000
Outdoors for You 1,000
Penumbra 1,000
Penumbra Mental Health 1,000
Pet Fostering Service Scotland 1,000
Play Works - Simply Play 1,000
Portobello Free Church 1,000
Positive Help 1,000
Pregnancy Counselling and Care 1,000
Retina UK 1,000
Royal Botanic Garden Edinburgh 2,000
Royal Lyceum Theatre Company 1,000
Salvation Army 1,000
SAUKT Fundraising Income Account 1,000
Saving and Rehoming Strays 1,000
Scotland's Bravest 1,000
Scotlands Charity AirAmbulance 2,000
Scottish Mountain Rescue 1,000
Scottish Seabird Centre 1,000
Scottish Youth Dance 1,000
Scouts Scotland 1,000
Seamab 1,000 1,000
Simba Charity 2,000
South Ayrshire School Clothing Bank 1,000
South of Scotland Wildlife Hospital 1,000
Spark 1,000
SpinaBifidaHydrocephalusScotland 1,000

17

The Thistledown Trust

0

Notes to the Financial Statements for the Year Ended 5 April 2025 to the Financial Statements for the Year Ended 5 April 2025
2. Charitable Activities (cont.)
2025 2023
£ £
SSAFA 1,000
StAndrews Environmental Network 2,000
St Vincent's Hospice 1,500 1,500
Sunrise Partnership 1,500
The Birchvale Players 1,500
The British Horse Society 5,000
The British Liver Trust 1,000
The Carrick Centre 1,000
The Cats Whiskers 1,000
The Children's Wood 1,000
The Fife Carers Centre 2,000
The House ofHope (Scotland) 1,000
The Island Haven 5,000
The Muirhead Outreach Project 1,000
The Reanella Trust 1,000
The School Bank West Lothian 2,000 2,000
Tinnis Trust 1,000
Tron Theatre 1,000
Urban Uprising 2,000
Volunteering Matters 1,000
West Lothian over 50 Network 1,000 1,000
Wilderness Foundation UK 2,000
World Horse Welfare 1,000
Youth Theatre Arts Scotland 2,000
Governance/ management costs 21,425 19,980
123,141 132,980

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The Thistledown Trust

i

Notes to the Financial Statements for the Year Ended 5 April 2025

  1. Trustee remuneration and expenses HEEs a partner in Wright, Johnston & Mackenzie LLP, administrators for the Trust during the year, whose legal fees of £18,000 (2024 - £19,860) are included in "Governance Costs" per note 2. Investment management charges of £11,002 (2024 - £10,396) which are shown on the Statement of Financial Activities were paid to Wright, Johnston & Mackenzie LLP,

None of the other Trustees received remuneration or expenses.

  1. Investments
4. Investments
2025 2024
2 £
Market value at 6 April 2024 6,472,017 6,244,900
Additions during year 1,569,846 468,409
Disposals during year (1,619,546) (493,106)
Realised gains/(losses) on investments (25,118) 42,319
Unrealised gains/(losses) on investments (266,151) 209,494
Market value at 5 April 2025 6,131,047 6,472,017
Historical cost at 5 April 2025 6,093,214 6,245,376
5. Debtors
2025 2024
£ 3
—_— —
6. Creditors: amounts falling due within one year
2025 2024
£;
Accruals 4,100 1,860
4,100 1,860

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The Thistledown Trust

0

Notes to the Financial Statements for the Year Ended 5 April 2025

7. Unrestricted Funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Incoming|Resources|Other|Balance|at| |6|April|2024|resources|expended|gains/(losses)|5|April|2025| |£|£|£|£|£| |Revenue|Fund|6,577,439|175,983|_ (157,530)|(291,269)|6,304,623|

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Explanation of Funds

Revenue Fund- this represents funds available for general Trust purposes. All income is credited to the Revenue Fund.

  1. Analysis of Net Assets between Funds

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|||||| |---|---|---|---|---| |Total| |Revenue|Unrestricted| |Fund|Funds| |g|£| |Fixed|Asset|Investments|6,131,047|6,131,047| |Current Assets|177,677|177,677| |Current|Liabilities|(4,100)|(4,100)| |Net|Assets|6,304,624|6,304,624|

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