**Charity Registration No. SC035510 (Scotland)**
**THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
|**Charity number (Scotland)**|SC035510|
|---|---|
|**Principal address**|c/o Murray Beith Murray LLP|
||3 Glenfinlas Street|
||Edinburgh|
||EH3 6AQ|
|**Independent examiner**||
||Drummond Laurie|
||Unit 5, Gateway Business Park|
||Beancross Road|
||Grangemouth|
||FK3 8WX|
|**Bankers**|Royal Bank of Scotland|
||36 St Andrew Square|
||Edinburgh|
||EH2 2YB|
|**Solicitors**|Murray Beith Murray LLP|
||3 Glenfinlas Street|
||Edinburgh|
||EH3 6AQ|
|**Investment advisors**|Rathbones Investment Management Ltd|
||10 George Street|
||Edinburgh|
||EH2 2PF|
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance Sheet|5|
|Notes to the financial statements|6 - 11|
MON752
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The Trustees present their report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Objectives and activities**
The Charity's objects are established in its Constitution, and these are; such charitable purposes as the Trustees may determine at their sole discretion.
To these ends, the Charity awards grants to eligible institutions ranging from £500 to £5,000 (exceptionally the Charity may award a greater sum). The grants are intended to help these institutions provide tangible benefits to such beneficiary groups as the Trustees may deem appropriate.
To sustain the Charity's activities, the Trustees maintain an Endowment Fund, the income from which is used to finance the Charity's grant-making activities.
## **Achievements and performance**
In this reporting period, the Charity awarded grants to fourteen institutions worth a total of £58,000 (2024: fourteen institutions worth a total of £54,000). The grants were awarded to finance such activities as those institutions receiving the funds deemed appropriate.
## **Financial review**
The financial statements, presented overleaf, show that the Charity's gross income, excluding funds released from the Endowment Fund, amounted to £71,552 in this reporting period (2024: £61,240). Investment income generated by the Endowment Fund amounted to £70,532 (2024; £60,298) and other sources of income together amounted to £1,020 (2024: £942).
Gross expenditure in Unrestricted Funds amounted to £61,941 (2024: £57,615).
The value of the Charity's Endowment Fund stood at £2,340,987 at the end of this reporting period (2024: £2,356,685).
Investment management costs chargeable to the Charity's Expendable Endowment Fund amounted to £13,376 (2024: £17,627). The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.
## **Reserves Policy**
The Charity's reserves at the end of this reporting period stood at £59,775 (2024: £50,163). The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.
- 1 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Investment Policy**
The Trustees have instructed Investec Wealth & Investments UK Ltd, a subsidiary of Rathbones Group with effect from 21 September 2023 to manage the Charity’s investment funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk. Investec Wealth & Investments UK Ltd are instructed to seek a balanced return between both capital growth and income.
The Investment portfolio and cash was transferred from Investec Wealth & Investment UK Ltd to Rathbones Investment Management during April 2025.
## **Risk Management**
The Trustees monitor the performance of each institution supported by the Charity. Where appropriate, the Charity may require institutions that receive grants to provide a copy of their Annual Report and Accounts to facilitate the consideration of support in future years.
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 Trust reduces the 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 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.
## **Plans for the Future**
The Trustees plan to continue to award grants, provided sufficient funding remains available.
## **Structure, governance and management**
The Charity is an unincorporated Trust constituted by Reverend William Neve Monteith dated 8 April 2004 and registered in the Books of Council and Session on 23 April 2004.
The Trustees who served during the year and up to the date of signature of the financial statements were: William Ruthven Gemmell
MBM Trustee Company Limited
Trustees are assumed (and resign) with the consent of the existing Trustees, under Section 3 of the Trusts (Scotland) Act 1921.
The Trustees' report was approved by the Board of Trustees.
**MBM Trustee Company Limited** Trustee 08 September 2025
Dated: .........................
- 2 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
I report on the financial statements of the Charity for the year ended 31 March 2025, which are set out on pages 4 to 11.
## **Respective responsibilities of Trustees and examiner**
The Charity’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's Trustees consider that the audit requirement of Regulation 10(1)(d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements 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 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Drummond Laurie Unit 5, Gateway Business Park Beancross Road Grangemouth FK3 8WX
08 September 2025
Dated: .........................
- 3 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Notes**
**Income from:**
Investments
**2**
**Expenditure on:**
Raising funds
**3**
Charitable activities
**4**
Other
**9**
**Total resources expended**
Net gains/(losses) on investments
**10**
**Net movement in funds**
Fund balances at 1 April 2024
**Fund balances at 31 March 2025**|**Unrestricted**
**funds**
**2025**
**Endowment**
**funds**
**2025**
**£**
**£**
71,552.04
-
-
13,375.74
61,940.86
-
-
3,400.87
61,940.86
16,776.61
-
1,079.23
9,611.18
(15,697.38)
50,163.82
2,356,684.12
59,775.00
2,340,986.74|**Total**
**2025**
**£**
71,552.04
13,375.74
61,940.86
3,400.87
78,717.47
1,079.23
(6,086.20)
2,406,847.94
2,400,761.74|**Total**
**2024**
**£**
61,239.94|
|---|---|---|---|
||||17,626.70|
||||57,615.10|
||||3,339.10|
||||78,580.90|
||||81,843.69|
||||64,502.73
2,342,345.21|
||||2,406,847.94|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Cash at bank and in hand
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**Income funds**
Unrestricted funds|**2025**
**£**
**£**
2,346,029.01
54,732.73
54,732.73
2,400,761.74
2,340,986.74
59,775.00
2,400,761.74
08 September 2025|**2024**
**£**
**£**
2,344,984.63
61,863.31
61,863.31
2,406,847.94
2,356,684.12
50,163.82
2,406,847.94|**2024**
**£**
**£**
2,344,984.63
61,863.31
61,863.31
2,406,847.94
2,356,684.12
50,163.82
2,406,847.94|
|---|---|---|---|
||||2,406,847.94|
||||2,356,684.12
50,163.82|
||||2,406,847.94|
|||||
The financial statements were approved by the Trustees on .........................
MBM Trustee Company Limited **Trustee**
- 5 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The Expendable Endowment Fund represents the principal sum settled to the Trust, which the Trustees have invested in accordance with the powers conferred on them by the Trust Deed for the benefit of future beneficiaries; the Trust Deed confers on the Trustees the power to apply such funds for charitable purposes at any time and may do so at their sole discretion. The Trustees apply the unrestricted income of the Trust for the benefit of the current beneficiaries in accordance with their policy for donations; the Trust Deed confers on the Trustees the power to accumulate such income not expended to the Expendable Endowment Fund for reinvestment at any time and may do so at their sole discretion.
The financial statements are prepared in sterling, which is the functional currency of the Charity.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **1.4 Incoming resources**
Investment Income is included in the Account in the year in which it is received.
## **1.5 Resources expended**
Expenditure is recognised in full in the year in which it is paid.
- 6 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
**2 Investments**
|**Unrestricted**
**funds**
**2025**
**£**
Income from listed investments
70,532.37
Interest receivable
1,019.67
71,552.04
**3**
**Raising funds**
**Endowment**
**funds**
**general**
**2025**
**£**
Investment management
13,375.74
13,375.74
**4**
**Charitable activities**
**2025**
**£**
Grant funding of activities (see note 5)
58,000.00
Share of support costs (see note 6)
3,400.86
Share of governance costs (see note 6)
540.00
61,940.86|**Total**
**2024**
**£**
60,298.15
941.79|
|---|---|
||61,239.94|
||**Total**
**2024**
**£**
17,626.70|
||17,626.70|
||**2024**
**£**
54,000.00
3,339.10
276.00|
||57,615.10|
- 7 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **5 Grants payable**
|||**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|Grants to institutions (14|grants):|||
|Other||58,000.00|54,000.00|
- **6 Support costs**
|**Support costs Governance**
**costs**
**£**
**£**
Murray Beith Murray Trust Administration Fees
3,400.86
-
Independent Examiners Fee
-
540.00
3,400.86
540.00
Analysed between
Charitable activities
3,400.86
540.00|**2025**
**£**
3,400.86
540.00
3,940.86
3,940.86|**2024**
**£**
3,339.10
276.00
3,615.10
3,615.10|
|---|---|---|
Governance costs includes payments to the Drummond Laurie of £540 (2024 - £276) for independent examination fees.
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
## **8 Employees**
There were no employees during the year.
- 8 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **9 Other**
|**Endowment**
**funds**
**general**
**2025**
**£**
Murray Beith Murray Trust Administration Fees
3,400.87
3,400.87|**Total**
**2024**
**£**
3,339.10|
|---|---|
||3,339.10|
## **10 Net gains/(losses) on investments**
|**Endowment**
**funds**
**general**
**2025**
**£**
Revaluation of investments
3,560.25
Gain/(loss) on sale of investments
(2,481.02)
1,079.23|**Total**
**2024**
**£**
85,255.56
(3,411.87)|
|---|---|
||81,843.69|
- 9 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **11 Fixed asset investments**
|**Cost or valuation**
At 1 April 2024
Additions
Realised Gain/(Loss)
Unrealised Gain/(Loss)
Disposals
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
Investments greater than 5% of portfolio comprised:
Brown Advisory US Flexible Equity C
JPM US Equity Income C2 GBP|**2025**
**£**
182,864.00
143,078.00
325,942.00|**Listed**
**investments**
**£**
2,344,984.63
190,605.38
(2,481.02)
3,560.25
(190,640.23)
2,346,029.01
2,346,029.01
2,344,984.63
**2024**
**£**
176,374.00
140,321.00
316,695.00|
|---|---|---|
## **12 Analysis of net assets between funds**
|**Unrestricted**
**Funds**
**2025**
**£**
Fund balances at 31 March 2025 are
represented by:
Investments
-
Current assets/(liabilities)
59,775.00
59,775.00|**Endowment**
**Funds**
**2025**
**£**
2,346,029.01
(5,042.27)
2,340,986.74|**Total**
**2025**
**£**
2,346,029.01
54,732.73
2,400,761.74|**Total**
**2024**
**£**
2,344,984.63
59,665.70|
|---|---|---|---|
||||2,404,650.33|
- 10 -
## **THE REVEREND W N MONTEITH'S 2004 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **13 Related party transactions**
William Ruthven Gemmell is a Trustee and:-
- was a Partner of Murray Beith Murray until his retirement on 31 January 2024
- was a Consultant with Murray Beith Murray, from 1 February 2024 to 31 March 2024
- was a Consultant with Murray Beith Murray LLP, until his retirement on 31 January 2025, whom the Charity has engaged as legal agents.
MBM Trustee Company Limited is a Trustee and the Directors are Members of Murray Beith Murray LLP, whom the Charity has engaged as legal agents.
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Total Remuneration|6,801.00|15,351.00|
- 11 -