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2025-04-05-accounts

MISS M A CRAIG’S CHARITABLE TRUST

Charity Ref: SC037226

Accounts for the year to 5 April 2025

Contents

Reference & Admin Information Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments

2

MISS M A CRAIG'S CHARITABLE TRUST

Reference and Administrative Information

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Date/Manner of Appointment
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Names and Addresses of Trustees

Pagan Osborne & Grace Trustees Ltd

Assumed 14.11.2005

Charity Reference No: S$C037226

Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4B)

Investment Managers

Evelyn Partners, Atria Two Third Floor, 148 Morrison Street, Edinburgh, EH3 8EX

Principal Bankers

The Royal Bank of Scotland plc 3 High Street, Dundee DD1 SLY

Independent Examiner HR Henderson

Henderson Black & Co, Edenbank House, 22 Crossgate, Cupar, Fife, KY15 SHW

ne

3

MISS M A CRAIG’S CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2025

The Trustees present their report and accounts for the year ended 5 April 2025. The report and accounts have been prepared in accordance with the charity’s trust deed and with the accounting policies set out on page 10.

Structure, Governance and Management:

Origins

The Trust is the residue of the Estate of the late Miss Margaret Alison Craig from her Will dated 11th November 1985 and registered in the Books of Council and Session on 1st June 2004.

Objectives, Activities and Plans for Future Periods

In terms of the relevant provisions of the said will, which constitutes the Trust's founding document, the Trust assets are to be held for charitable causes and applied for the following purposes, namely:

1) The care of people disabled by illness

2) Provision of mobility for the elderly

3) Provision of talking books for the blind

with the Trustees having full discretion to select beneficiaries.

During the year to 5th April 2025 the Trustees’ objectives remained unchanged. However, they recognise that there may be an impact on their plans as a result of turbulent Markets. The Trustees have also considered the possibility of winding up the Trust and are liaising with the Office of the Scottish Charity Regulator (OSCR) on this matter.

Connected Bodies

Thorntons Law LLP carry out administration work for the Trust and are deemed to be a connected party by virtue of Pagan Osborne & Grace Trustees Ltd, which is owned by Thorntons, being a Trustee.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to those risks. The Trustees consider variability of investment returns to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

Achievements and Performance:

Grants

No grants were paid in the year to 5 April 2025 (2024 — none). Income for the year was £5,090 (2024 - £4,770) and general administration costs were £9,830 (2024 — as restated £9,718) including VAT

Financial Position:

The results for the year are set out on pages 6 & 7. Corresponding figures for the year ended 5 April 2024 are also shown.

Reserves Policy

The reserves represent the funds arising from past operations. The Trustees are satisfied these funds are sufficient for the continuation of the trust for the foreseeable future.

As shown in the Statement of Balances, the total assets of the Trust, net of liabilities, were £195,583 (2024, £209,933).

Investment policy and performance

The Trustees have issued an investment policy statement to the investment managers. Both the policy and performance are reviewed annually.

4

“hs

MISS M A CRAIG'S CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2025 (cont)

Future Strategy

No significant changes are presently envisaged in the trust’s policies as outlined above.

Approved by the Trustees and signed on their behalf:

<< 2 —_ oe ae, Pagan Osborne & Grace Trustees Ltd 26/(0/2025C Date

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

MISS M A CRAIG’S CHARITABLE TRUST

| report on the Accounts of the Charity for the year ended 5 April 2025 which are set out on pages6 to 10.

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 (“the 2005 Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity's trustees consider that the audit requirement of Regulation 10(1)(d) of the 2006 Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the 2005 Act and to state whether particular matters have come to my attention.

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that | might state to the trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the trustees for my work or for this report. Basis of Independent Examiner’s Statement My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. 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 items or disclosures in the accounts 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 | 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 Regulations, and

  2. ° to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations have not been met, or

  3. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Henderson Black & Co Chartered Accountants Date: 12, | I 2s 25

22 Crossgate Cupar Fife, KY15 5HW

5

6

i

MISS M A CRAIG’S CHARITABLE TRUST

Receipts and Payments Account for the year ended 5 April 2025

Schedule/
Appendix
2025 2024
As restated
£ £
Receipts
Investment income Sch 1 5,090.42 4,769.93
Proceeds from investment sales App2 39,010.38 36,552.90
Total receipts 44,100.80 41,322.83
Payments
Investment purchases App2 36,145.25 31,211.91
Charitable activities Sch2 - :
Governance Sch3 6,000.00 6,091.20
Costs of generating funds Sch 4 3,830.06 3,626.51
Total payments 45,975.31 40,929.62
(Deficit)/Surplusforyear (1,874.51) 393.21

All funds are unrestricted.

7

MISS M A CRAIG’S CHARITABLE TRUST

Statement of Balances as at 5 April 2025

Schedule/ 2025 2024
Appendix As restated
£ £
Cash on deposit and on hand
Opening balance 11,326.82 10,933.61
(Deficit)/Surplus for year (1,874.51) 393.21
Closing balance 9,452.31 11,326.82
Reserves
Unrestricted Funds __9,452.31 __
11,326.82
Investments as valued at 05.04.25 App 2 189,310.65 202,326.60
198,762.96 213,653.42
Estimated Liabilities as at 05.04.25
Thorntons Law LLP, administration fees 2,640.00 3,240.00
Henderson Black, Independent Examination fee 540.00 480.00
3,180.00 3,720.00
Approved by the trustees and signed on their behalf:
_
sporne
Tr ru
22/10/2029
Date

8

:

MISS M A CRAIG'S CHARITABLE TRUST

Schedule 1 Income Received

2025 2024 As restated £ £ Dividends and Interest, per Appendix 1 5,090.39 4,769.93 5,090.39 4,769.93 Schedule 2 Charitable Activities Grants paid in year - - - Support Costs (Schedule 3) - - Schedule 3 Support Costs Charitable 2025 Activities Governance Total Thorntons Law - administration fees - 5,520.00 5,520.00 Henderson Black — independent examination fee - 480.00 480.00 - 6,000.00 6,000.00

2024
Charitable
Activities
Governance As restated
Total
Thorntons, administration fees - 5,551.20 5,551.20
Audit Services North — independent fee assessment - 180.00 180.00
Henderson Black — independent examination fee - 360.00 360.00
- 6,091.20 6,091.20
2025 2024
Schedule 4 As restated
£ £
Costs ofgenerating funds
Evelyn Partners - Investment Management fees 3,758.06 3,554.51
Evelyn Partners - LEI renewal fee 72.00 72.00
3,830.06 3,626.51

Schedule 4

Costs of generating funds

"

9

MISS M A CRAIG'S CHARITABLE TRUST

Schedule 5

Reconciliations on adoption of receipts and payments basis

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Reconciliation|of equity|05/04/24| |£| |Balance|Sheet|as|reported|under|FRS102|accruals|basis|209,933.42| |Add:|liabilities|3,720.00| |Statement|of|balances|as|reported|under|receipts|and|payments| |basis| |213,653.42| |Reconciliation|of surplus/ (deficit)|for|the|financial|year|2024| |£| |Surplus|for|the|year|to|5|April|2024|reported|under|FRS102| |accruals|basis|5,897.01| |Add:|Creditors|781.40| |Sale|of|investments|36,552.90| |Less:|Purchase|of|investments|(31,211.91)| |Gains|on|investments|(11,626.19)| |Surplus|for|the|year|to|5|April|2024|reported|under|receipts|and|393.21| |payments|basis|

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10

MISS M A CRAIG’S CHARITABLE TRUST

Notes to the Accounts

1. Accounting Policies

1.1 Basis of Accounting

These accounts have been prepared on a Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

For the year to 5 April 2025, the charity changed its accounting policy from preparing its financial statements on the accruals basis in accordance with the Charities Statement of Recommended Practice (SORP), to the receipts and payments basis, as permitted under the Charities Accounts (Scotland) Regulations 2006. This change was made because the charity’s gross income for the year fell below the £250,000 threshold, and the Trustees considered the receipts and payments basis to be more proportionate and cost effective for the charity’s size and complexity.

As a result of this change, comparative figures from the previous year’s Accounts, which were prepared on an accruals basis, have been restated. The restatement schedule can be found in Schedule 5.

1.2 Taxation

The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable objectives.

1.3 Cash Flow Statement

The charity is entitled to the exemptions available in the Charities Accounts (Scotland) Regulations 2006 (as amended) and is not required to prepare a Cash Flow Statement.

1.4 Fund accounting

All of the charity's funds are unrestricted. Unrestricted funds are those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives.

2. Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust 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.

3. Investment managers

The Trustees approve the continued appointment of the Investment Managers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.

4. Independent Examiner

The Trustees approve the appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.

5. Employees, Trustees and their Remuneration

The charity had no employees during the year (2024 — none). No remuneration or expenses were paid to Trustees during the year (2024 — none).

MISS M A CRAIG'S CHARITABLE TRUST

APPENDIX 1

Investment Income from 06/04/24 to 05/04/25

Date Paid Date Paid Company Holding Dividend
11/04/24 GlaxoSmithKline Ord 25p 296 47.36
18/04/24 Fidelity Investment Funds ICVC 5790 30.61
30/04/24 TB Evenlode Global Income 6757.688 63.70
30/04/24 Ninety One Series Diversified Income Fund 3801.521 13.40
30/04/24 = Blacrock European Dynamic Fund 2295.61 63.06
30/04/24 Artemis Corporate Bond Fund 6849.358 86.26
30/04/24 Interest to 30/04/24 13.63
30/04/24 RWEAG 60 38.01
17/05/24 — Finsbury Growth & Income Trust Plc 605 53.24
20/05/24 Fidelity Investment Funds ICVC 5790 13.78
23/05/24 =Aviva 504 112.39
24/05/24 = Reckitt Benckiser Ord 10p 90 104.31
31/05/24 Rathbone Ethical Bond 4309.43 46.54
31/05/24 Henderson UK & Europe Funds 5581.86 54.66
31/05/24 Greencoat UK Wind Plc 5600
31/05/24 M&G Investment Funds - Inflation Linked Corp Bd 5342.286 64.08
31/05/24 Ninety One Series Diversified Income Fund 3801.521 13.89
31/05/24 Interest to 31/05/24 14.39
13/06/24 International Public Partnership 3965 161.38
18/06/24 __ Fidelity Investment Funds ICVC 5790 13.78
24/06/24 Shell
B Shares EURO.07
247 66.54
25/06/24 Vanguard S&P S00 UCITS 70 14.37
28/06/24 Ninety One Series Diversified Income Fund 3801.521 16.74
28/06/24 BP Ord USD 0.25 865 49.15
28/06/24 — Utilico Emerging Markets Trust Plc 2360 50.74
28/06/24 Interest to 30/06/24 13.19
01/07/24 Baillie Gifford Overseas Growth Funds ICVC 271.607 51.09
05/07/24 Whitbread Ord 68 32/51p 180 113.22
11/07/24 GlaxoSmithKline Ord 25p 296
18/07/24 Fidelity Investment Funds ICVC 5790 13.78
31/07/24 Ninety One Series Diversified Income Fund 3801.521 15.52
31/07/24 Artemis Corporate Bond Fund 6849.358 87.06
31/07/24 Guinness Global Equity Income 331.94 118.44
31/07/24 Interest to 31/07/24 11.55
31/07/24 TB Evenlode Global Income 6757.688 56.51
01/08/24 Tr Property Inv Tst Ord 25p 2270 228.14
19/08/24 Fidelity Investment Funds ICVC 5790 13.78
30/08/24 = Interest to 31/08/24 12.01
30/08/24 Rathbone Ethical Bond 4309.42 46.54
30/08/24 Henderson UK& Europe Funds 5868.8
30/08/24 Ninety One Series Diversified Income Fund 3801.521 12.37
30/08/24 = Fundsmith Equity Fund Ltd 2356.5 20.76
30/08/24 Greencoat UK Wind Plc 5600 140.00
13/09/24 Reckitt Benckiser Ord 10p 90 72.36
18/09/24 Fidelity Investment Funds ICVC 5790 13.78
20/09/24 BP Ord USD 0.25 865 52.33
23/09/24 Shell
B Shares EURO.07
247 64.59
25/09/24 Vanguard S&P S00 UCITS 70 14.92
27/09/24 ——UtilicoEmergingMarketsTrustPlc 2360 50.74
30/09/24 Ninety One Series Diversified Income Fund 3801.521 16.64
30/09/24 Interest to 30/09/24 9.41
10/10/24 GlaxoSmithKline Ord 25p 296 44.40
11/10/24 — Ruffer Investment Co Ptg preference Shares 1600 49.60
17/10/24 =Aviva 504 59.98
18/10/24 Fidelity Investment Funds ICVC 5790 13.78
31/10/24 Artemis Corporate Bond Fund 6849.358 87.88
31/10/24 TB Evenlode Global Income 6757.688 56.51
31/10/24 Interest to 31/10/24 6.92
31/10/24 — Ninety One Series Diversified Income Fund 3801.521 12.38
08/11/24 — Finsbury Growth& Income Trust Plc 605 65.34
18/11/24 _ Fidelity Investment Funds ICVC 5790 13.78
29/11/24 Greencoat UKWind Plc 5600
29/11/24 Henderson UK& Europe Funds 5868.8
29/11/24 Interest to 30/11/24 6.48
29/11/24 M &G Investment Funds- Inflation Linked Corp Bd 5342.286 75.84
29/11/24 Rathbone Ethical Bond 4309.42 48.27
29/11/24 Ninety One Series Diversified Income Fund 3801.521 13.14
06/12/24 Whitbread Ord 68 32/51p 180 65.52
18/12/24 Fidelity Investment Funds ICVC 5790 13.78
19/12/24 — Utilico Emerging Markets Trust Plc 2360 54.87
19/12/24 Shell
B Shares EURO.07
247 66.76
19/12/24 International Public Partnership 3965 165.74
20/12/24 BP Ord USD 0.25 865 54.46
31/12/24 Vanguard S&P 500 UCITS 70 17.11
31/12/24 Interest to 31/12/24 13.96
31/12/24 Ninety One Series Diversified Income Fund 3801.521 12.55
09/01/25 GlaxoSmithKline Ord 25p 296 44.40
10/01/25 ‘Tr Property Inv Tst Ord 25p 2270 128.26
20/01/25 _ Fidelity Investment Funds ICVC 5790 13.78
31/01/25 _ Interest to 31/01/25 24.02
31/01/25 Artemis Corporate Bond Fund 6849.358 84.96
31/01/25 Guinness Global Equity Income 331.94 98.62
31/01/25 TB Evenlode Global Income 6757.688 56.51
31/01/25 —_Ninety One Series Diversified Income Fund 3801.521 13.79
11/02/25 ~~ BNY Mellon US Equity Income Fund 3374.456 30.95
18/02/25 _ Fidelity Investment Funds ICVC 5790 13.78
28/02/25 —_ Interest to 28/02/25 19.39
28/02/25 Greencoat UK Wind Plc 5600 140.00
28/02/25 Rathbone Ethical Bond 4309.42 47.40
28/02/25 Fundsmith Equity Fund Ltd 1711.5 20.12
28/02/25 Ninety One Series Diversified Income Fund 3801.521 13.78
18/03/25 _ Fidelity Investment Funds ICVC 5790 13.78
24/03/25 Shell
B Shares EURO.07
247 68.64
28/03/25 —_Utilico Emerging Markets Trust Plc 2360 54.87
31/03/25 Ninety One Series Diversified Income Fund 3801.521 18.56
31/03/25 Interest to 31/03/25 14.38
31/03/25 Trojan Investment Funds 3587.199 61.58
02/04/25 Vanguard S&P 500 UCITS 70 17.29
04/04/25 = Ruffer Investment Co Ptg preference Shares 1600 45.60
05/04/25 Accumulated Dividends 87.19
15/05/24 CMS Interest 23.76
15/11/24 CMS Interest 20.50
5,090.42

MISS M A CRAIG'S CHARITABLE TRUST

Appendix2

INVESTMENT TRANSACTIONS FOR THE YEAR TO 5 APRIL 2025

Holding
06/04/24
Cost
06/04/24
Additions Disposals
(atcost)
Proceeds Gain/
(Loss)
Cost
05/04/25
Units (sold)/
purchased
Holding
05/04/25
MarketValue
05/04/25
Artemis CorporateBond Fund
Henderson Strategic Bond Inc
6,849,358
5,582
7,511.90
7,654.47
7,654.47 6,335.91 -1,318.56 7,511.90
0.00
-5,582 6,849,358
)
6,173.33
M & GInvestment Funds - Inflation LinkedCorp Bd
Rathbone UnitTrust EthicalBond
BPOrdUSD 0.25
Shell B Shares EURO.07
5,342.286
4,309.43
865
247
6,328.83
4,048.88
5,653.28
3,707.59
4,048.88
5,653.28
3,648.62
3,270.81
~400,26
-2,382.47
6,328.83
0.00
0.00
3,707.59
4,309
-865
5,342,286
0.00
0
247
7,105.24
6,129.31
Whitbread Ord6832/S1p
Reckitt BenckiserOrd 10 10/19p
GlaxoSmithKline
AvivaOrd 2Sp
RWEAG
Finsbury Growth& IncomeTrust Pic
GQG US Equity Fund
Premier Miton US Opportunities Fund
180
90
296
$04
60
605
691.399
1,078.052
2,397.77
1,770.08
4,533.17
1,654.10
2,083.43
5,204.90
8,621.00
4,063.00
11.38 2,397.77
1,770.08
4,533.17
2,083.43
4,653.02
4,479.92
3,993.50
1,553.91
2,255.25
2,709.84
539.67
-529.52
0.00
0.00
0.00
1,654.10
0.00
5,204.90
8,621.00
4,074.38
-180
-90
-296
-60
0
0
0
504
0
605
691.399
1,078.052
2,648.02
5,106.20
10,903.36
4,292.80
Loomis Sayles US Equity Leaders Fund 1,925.95 7,858.23 7,858.23 1,925.95 11,860.19
Vanguard S&P S00 UCITS
Blackrock European Dynamic Fund
Baillie Gifford Overseas Growth Funds ICVC
FirstState Asia Pacific Leaders Fund
Utilico Emerging MarketsTrust Pic
Allianz Technology Trust Pic
70
2,295.61
271,607
872.23
2,360
1,850
4,779.19
5,248.00
4,108.00
2,023.00
5,184.57
6,103.23
75.81 5,248.00 6,807.74 1,589.74 4,779.19
0.00
4,108.00
2,098.81
5,184.57
6,103.23
-2,296 70
0.00
271.607
872.23
2,360
1,850
5,329.83
4,106.70
8,499.79
4,885.20
5,929.25
Fidelity Investment FundsICVC Global Div Fund
Fundsmith Equity Fund Ltd
Guinness Global Equity Income
TB Eventode Global Income
Greencoat UKWind Pic
International Public Partnership
Tr Property Investment Trust Ord 25p
5,790
2,356.5
331.94
6,757.688
5,600
3,965
2,270
5,853.00
10,235.41
8,471.13
8,052.73
6,896.80
6,712.84
4,537.50
2,801.54 4,266.55 1,465.01 5,853.00
7,433.87
8,471.13
8,052.73
6,896.80
6,712.84
4,537.50
645 5,790
1,711.5
331.94
6,757.688
5,600
3,965
2,270
6,866.94
10,030.93
9,800.50
10,039.90
5,880.00
4,345.64
6,594.35
INVESCO Physical Gold ETC 30 4,145.82 4,145.82 30 6,779.85
NinetyOne Series Diversified Income fd
LFS Ltd Capita Trojan X
Ruffer InvestmentCo Ptg preference Shares
UK Gilt 1.625% 22/10/2028
3,801,521
3,587,199
1,600
3,887.19
3,577.00
4,463.28
:
3,176.11 0.40 0.40 0.00 3,887.19
3,576.60
4,463.28
3,176.11
3,426 3,801.521
3,587.199
1,600
3,426
3,452.54
4,831.24
4,544.00
3,185.49
BNY Mellon U.S. : 10,610.27 10,610.27 5,629 5,628.865 8,982.54
UK Gilt4% 22/10/2031 - 3,175.74 3,175.74 3,165 3,165 3,140.03
Artemis UKSelect Fund
iSharesCoreUK Gilts
Schroder ISF Asian Total Return
:
:
-
6,430.66
6,470.19
6,195.09
6,430.66
6,470.19
6,195.09
722.052
645
58.39
722.052
645
58.39
5,722.48
6,525.79
5,619.21
167,369.32 36,145.25 36,191.02 39,010.38 2,819.36 167,323.55 189,310.65

2,865.13