P CHARLES BROWN'S TRUST SCOTTISH CHARITY NUMBER: SC036667 TRUST ACCOUNT FOR THE YEAR TO 5 APRIL 2025
INTRODUCTION
TRUST DEED Will by Percy Charles Brown dated 31 August 2000 and recorded in the Books of the Lords of Council and Session on 1 February 2005.
CURRENT TRUSTEES P|
Both care of Irving Geddes WS, 25 West High Street, Crieff, PH7 4AU
BENEFICIARIES Children's Hospice Association Scotland Charity No: $CO019724 18 Hanover Street (SCC), Edinburgh, EH2 2EN
The Cancer Research Campaign UK Scotland Charity No: 1089464
Federation House, 222 Queensferry Road, Edinburgh, EH4 2BP
Royal National Lifeboat Institution Charity No: 209603 West Quay Road, Poole, BH15 1HZ
The Comrie Community Centre Charity No: SCO03555 Dunira Street, Comrie, PH6 2L)
Annual income to be divided at Trustees’ discretion
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PROFESSIONAL Investment Managers ADVISERS Rathbones (Formerly Speirs & Jeffrey Stockbrokers Ltd) George House 50 George Square Glasgow G2 1EH Telephone No: 0141 248 4311
Solicitors
Irving Geddes WS Solicitors 25 West High Street CRIEFF Perthshire, PH7 4AU Telephone No: 01764 653771
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P CHARLES BROWN'S TRUST TRUSTEES' ANNUAL REPORT
FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
Charity Name and Number
P Charles Brown Trust Scottish Charity Number SCO36667
Principal Address
c/o Irving Geddes WS
25 West High Street Crieff PH7 4AU
Current Trustees
Both care of Irving Geddes WS, 25 West High Street, Crieff, PH7 4AU
Governing Document
The Trust is an unincorporated Trust constituted by the Will of the late Percy Charles Brown, dated 31 August 2000 and recorded in the Books of Council and Session on 1 February 2005.
In addition a Deed of Assumption and Conveyance, dated 6 October 2021 and recorded in the Books of Council and Session on 19 October 2021 applies to the Trust.
Professional Advisers
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Legal Advisers
Irving Geddes WS Solicitors 25 West High Street Crieff Perthshire, PH7 4AU
Investment Managers
Rathbones (Formerly 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
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P CHARLES BROWN'S TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
History and Objectives of the Trust
The Trust was established by the Will of the late Percy Charles Brown, dated 31 August 2000 and recorded in the Books of Council and Session on 1 February 2005. In addition a Deed of Assumption and Conveyance, dated 6 October 2021 and recorded in the Books of Council and Session on 19 October 2021 applies to the Trust.
The terms of the Trust direct the Trustees to distribute the annual income of the Trust Fund to the nominated charitable beneficiaries in such proportions as they may determine in their sole discretion.
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
No expenses were paid to the Trustees and no transactions were undertaken between the Charity and the Trustees or any person connected to the Trustees.
Review of Financial Position and Activities During the Year
The Charity’s gross income, excluding funds released from investments, amounted to £11,796 (2024: £11,380) in this reporting period and was generated solely from investments held by the charity. Gross expenditure in Unrestricted Funds amounted to £19,925 (2004: £14,942),
The value of the investment portfolio decreased by approx 4.12% from £465,873 to £446,701 and in light of the current economic situation the Trustees are satisfied with the overall financial position at the year end. During the year donations totalling £11,250 were made.
Investment Policy & Performance
The Trustees have instructed Rathbones (Formerly Speirs & Jeffrey Stockbrokers Ltd) to manage the Trust funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk and Rathbones (Formerly Speirs & Jeffrey Stockbrokers Ltd) are instructed ta seek both capital and income growth.
Policy for Donations
The Trustees are guided by the wishes of the Settlor in determining donations (as indicated by the Trust Deed).
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FOR THE YEAR 6 APRIL 2024 TO S APRIL 2025
P CHARLES BROWN'S TRUST
TRUSTEES' ANNUAL REPORT
Reserves Policy
The Trustees’ policy is to disburse the whole of the net income In donations to utilise the free reserves in any years of deficit.
Deficit
There were no funds in deficit during the financial year.
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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 the scale of 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 Saciety 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 by the Trustees and signed on their behalf by
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Independent examiner's report to the Trustees of
P Charles Brown'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 to 7.
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 the 2005 Act Act and Regulation 4 of the 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 ;
-to keep accounting records in accordance with Section 44(1)(a) of the the 2005 Act Act and Regulation 4 of the the 2006 Accounts Regulations, and
-to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
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:
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P CHARLES BROWN'S TRUST
TRUST ACCOUNT FOR THE YEAR 06 APRIL 2024 TO 05 APRIL 2025
STATEMENT OF RECEIPTS AND PAYMENTS
| RECEIPTS | 2025 | 2024 |
|---|---|---|
| Receipts from investments | ||
| Dividends from UK Companies | 5,947 | 6,014 |
| Overseas Income | 3,672 | 3,296 |
| UnitTrust Interest | 1,957 | 1,816 |
| Bank interest | 144 | 80 |
| Misceallaneous income | 76 | 174 |
| , | 11,796 | 11,380 |
| Proceedsfrom sale ofinvestments | 48,425 | 4,348 |
| TOTAL RECEIPTS | 60,221 | 15,728 |
| PAYMENTS | ||
| Donations relating directlyto charitable activities | ||
| RNLI | 2,250 | 2,250 |
| Comrie Community Centre | 2,250 | 2,250 |
| Childrens Hospice Scotland | 2,250 | 2,250 |
| Cancer Research Scotland | 4,500 | 0 |
| 11,250 | 6,750 | |
| Governance costs | ||
| Messrs Irving Geddes, legal fees forprevious year | ||
| per assessment by Law Accountant | 3,898 | 3,684 |
| Law Accountant Assessment Fee | 194 | 186 |
| Independent Examiner - for previous year | 288 | 288 |
| Investment management costs | 4,295 | 4,034 |
| 8,675 | 8,192 | |
| Purchase of investments | 43,630 | 2,990 |
| TOTAL PAYMENTS | 63,555 | 17,931 |
| SURPLUS/{DEFICIT) FOR THEYEAR | (3,334) | (2,203) |
| Allfundsareunrestricted |
No remuneration or expenses were paid to the trustees during the period under review
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P CHARLES BROWN'S TRUST
TRUST ACCOUNT FOR THE YEAR 06 APRIL, 2024 TO 05 APRIL 2025 STATEMENT OF BALANCES AS AT YEAR END
| 2025 | 2024 | |
|---|---|---|
| Bank and cash in hand | ||
| Opening balances | 12,565 | 14,768 |
| Surplus/Deficit foryear | (3,334) | (2,203) |
| Closing balances 9,231 12,565 eee |
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| Investments | ||
| Marketvalue at start ofyear | 465,873 | 445,994 |
| Purchase of Investments | 43,630 | 2,990 |
| Sale of Investments | (48,425) | {4,348) |
| Increase/decrease in market value | (14,377) | 21,237 |
| Marketvalue at end ofyear SEES— |
446,701 | 465,873 |
All funds are unrestricted
Approved by the Trustees and signed on their behalf by
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