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← Daphne H Smith Charitable Trust

2023-12-31-accounts

OocuSlgn Envelope 10: 420696A6-3CS8-4000.S9AD·6B50CEB2C685

Charity Registration No. SC038114(Scotland)

DAPHNE H SMIT H'S CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED PlNANOAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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MURRAY BEITH MURRAY

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Charitynumber(Scotland) SC038114
**Principaladdress ** Murray BeithMurray
3 Glenfinlas Street
Edinburgh
EH36AQ
Independent examiner
Bankers Royal Bankof Scotland
36St Andrew Square
Edinburgh
EH22AD
Solicitors Murray BeithMurray
3 Glenfinlas Street
Edinburgh
EH3 6AQ
Investment advisors MurrayAssetManagementUKLimited
50Jermyn Street
London
SW1Y6LX

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

CONTENTS

Page
Trustees'repor t 1- 2
Independentexaminer's report 3
Statement of financialactivities 4
BalanceSheet 5
Notesto thefinancialstatements 6 -11

SMI024

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report and financial statements for the year ended 31 March 2023.

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, 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 £200 to £2,000 (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 one institution worth a total of £3,200 (2022: £2,100 to one). The grant was awarded to finance such activities as the institution receiving the funds deemed appropriate.

Financial review

The Financial Statements, presented overleaf, show that the Charity's gross income amounted to £3,367 (2022: £3,001). Investment income generated by the Expendable Endowment Fund amounted to £3,352 (2022: £3,000) and other sources of income together amounted to £15 (2022: £1).

Gross expenditure in Unrestricted Funds amounted to £3,855 (2022: £2,793).

The value of the Charity's Endowment Fund stood at £134,382 at the end of this reporting period (2022: £141,991).

Inves tmen t man agemen t costs chargeable to the Charity's Expendable Endow men t Fund amounted to £1,048 in this reporting period (2022: £1,156.) In addition, a proportion of the Charity 's governance costs were attributable to the Expendable Endowment Fund, which this year amounted to£403 (2022: £445).

Reserves Policy

The Charity's reserves at the end of this reporting period stood at £2,046 (2022: £2,534). The Trustees generally seek to apply the whole free income of the Charity, making reasonable provision for professional fees and outlays where appropriate.

Investment Policy

The Trustees have instructed MAM UK Ltd 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. MAM UK Ltd are instructed to seek a balanced return between both capital growth and income.

-1 -

OocuSlgn Envelope10: 420696A6-3CS8-40 00.S9AD·6B50CEB2C685

DAPHNE H SMITH'S CHARITABLETRUST

TRUSTEES' REPORT (CONTINUED)

FOR THEYEAR ENDED31 MARCH2023

Risk Management

The Tnistees monitor the p<?rfonnance of each institution supported by the Charity. Where appropriate, the Charity may require instit1.1tlons that receive g rants to prnvide a copy of their An11ual Report a nd Accow1ts Lo facilita te the consideration of sup port in future years.

The Tnistees have considered the risks to whid1 the Charity is exposed. These relate in the main to investment management and have been ameliorated by the employmen t of an i.twes tme11l manager. Another risk is fraud. However, the Trustees conside r the lo w level of donation s made by lhe Trust reduces the risk. 1n add itio n. at leastone of t:h e Trus tees will hav e some know ledge of any chosen charit.,ble body to which a donation is made.

Plansfor the Future

The Trustees plan lo conlimte to award grants, provided sufficient funding remains available.

Structure, governance and management

The Charity is an uni.tlcorpor a ted Tn,s t const itut ed by Deed of Trust by Daphne Helena Smith dated 19 March 2007 and ,·egis te red in the Books of Co,ll\cil and Session on 22 March 2007.

The Trustees who serve'<! du ri ng the year and up to the date of signature of the financial statemen ts were:

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Trus tees are assu med (a nd resign) with con,ent of the exis ting Trus tees, under sec tion 3 of the Trusts (Scotland) Act 1921.

The Tmstee.s' re po rt was approved by the Board of Trustees .

Ooc11S1Qne,(I by!

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Trustee 30 A ug us t 2023 Dated: .........................

~~.,~~

OocuSlgn Envelope10: 420696A6-3CS8-40 00.S9AD·6B50CEB2C685

DAPHNE H SMITH'S CHARITABLETRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEESOF DAPHNE H SMITH'S CHARITABLE TRUST

l report on the financial s tatements of the Charity for the year ended 31 March 2023, which are set out on pages 4 to 11.

Respective responsibi"li tics of Trustees a_nd cxam_in CJ'

The Cha rit t s T r us tees are r e Sponsible for the preparation of the financial s tatements in accordance with the tem,s of the Charities and Tmstee' Investments (Scotla nd) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 11,e charity's T rustees consider that the audit reqllirement of Regulation JO(l)(d) of the 2006 Accounts Regulations does not apply. 11. is my res p onsib ility to examine the financial statements as required under section 44(1)(c) of the Act and to sta te whether particular matters have come to my attention.

Basis of indep endent examiners s tatement

My examination is carried out in acco rdance with Regula tion 11 of the 2006 Accounts Regulations. An examinatiq n includes a review of the accounting records ke pt by the charily and a comparison of the financial statements presented ·with those records. Ita lso includes consideration of any unusual items or disclosures in the financial s ta tements, and seeks explanations from the trustees concerning any such matters. The procedu res ,indertaken do not provideall the evidence that would be required in an audit andconsequently I do not expres.s an audit opinionon lhe view given by the financial statem,ents.

Independent examiner'sstatement

In connection with myexamination, no matter has come to my attention:

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OS Se pt embe r 202 3 Dated: .....

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Note s
Incomefrom:
Investments
2
Expenditureon:
Raisingfunds
3
Charitableactivities
4
Other
9
Total resources expended
Net gains/(losses) on investments
10
Net movementinfunds
Fundbalancesat 1April 2022
Fundbalances at31March2023		 Unrestricted Endowment
funds
2023
funds
2023
£
£
3,366.71
1,047.56
3,854.89
402.92
3,854.89
1,450.48
(6,158.35)
(488.18)
(7,608.83)
2,534.51
141,990.89
2,046.33
134,382.06		 Unrestricted Endowment
funds
2023
funds
2023
£
£
3,366.71
1,047.56
3,854.89
402.92
3,854.89
1,450.48
(6,158.35)
(488.18)
(7,608.83)
2,534.51
141,990.89
2,046.33
134,382.06		 Total
2023
£
3,366.71
1,047.56
3,854.89
402.92
5,305.37
(6,1583. 5)
(8,097.01)
144,525.40
136,428.39		 Total
2022
£
3,000.88
1,155.90
3,854.89 2,790.59
444.57
3,854.89 4,391.06
(488.18)
2,534.51
2,046.33		 (1,337.75)
(2,727.93)
147,253.33
144,525.40

The statement of financia l activities includes all gains and losses recogn ised in the year .

All income and expenditure derive from continuing activities.

. 4.

OocuSlgn Envelope10: 420696A6-3CS8-40 00.S9AD·6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

BALANCE SHEET

AS AT 311\1ARCH 2023

Notes
f ixedassets
lnvesbnents
11
Curren tassets
Cash at bank andin hand
Net currentassets
Totalassetslesscurrent Liabilities
Capital fun ds
Endowment funds ·general
Income funds
Unresti·ictedfunds		 2023
£
3,ll J.79
£
1 3, 3 316.60
3,111.79
136,428.39
134,382.06
2,046.33
136,428.39		 2022
£
2,749.03
£
14.1,776.37
2,749.03
144, 525.40
14, 1 990.89
2,534.51
144,525.40

The fin anc ial s ta tements were approved by the Tmstees on [30 August] ..................... . .. [2023 ]

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DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 d iscretion .

The finan cial s ta temen ts are prepared in sterling, which is the fun ctional currency of the Charity .

The financial statemen ts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and toinclude 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

Investmen t Income in 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 ·

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

2
Investments
Unrestricted
funds
2023
£
Incomefrom listedinvestments
3,352.01
Interest receivable
14.70
3,366.71		 Total
2022
£
3,000.69
0.19
3,000.88
3
Raisingfunds
Inveshn entmanagement
4
Charitable activities
Grant funding of activities(seenote5)
Share ofsupport costs(see note 6)
Share ofgovernance costs(see note 6)		 Endowment
funds
general
2023
£
1,047.56
1,047.56
2023
£
3,200.00
402.89
252.00
3,854.89		 Total
2022
£
1,155.90
1,155.90
2022
£
2,100.00
444.59
246.00
2,790.59

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Grants payable

2023 2022
£ £
Grants to institutions (1 grants):
Other 3,200.00 2,100.00

6 Support costs

Support costs Governance
costs
£
£
Murray Beith Murray Trust Administration Fees
402.89
IndependentExaminers Fee
252.00
402.89
252.00
Analysedbetween
Charitable activities
402.89
252.00		 2023
£
402.89
252.00
654.89
654.89		 2022
£
444.59
246.00
690.59
690.59

Governance costs includes payments to the Drummond Laurie of £252 (2022: £246) for independent examiners 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.

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Murray Beith MurrayTrust AdministrationFees Endowment
funds
general
2023
£
402.92
402.92		 Total
2022
£
444.57
444.57

10 Net gains/(losses) on investments

Endowment
funds
general
2023
£
Revaluation ofinvestments
(7,041.77)
Gain/(loss)onsaleof investments
883.42
(6,158.35)		 Total
2022
£
(1,337.75)
(1,337.75)

· 9 ·

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

11
Fixed asset investments
Cost or valuation
At 1April 2022
Additions
RealisedGain/(Loss)
UnrealisedGain/(Loss)
Disposals
At 31March 2023
Carrying amount
At31 March 2023
At 31 March 2022
Inves tments greaterthan 5%of portfolio com prised:
Edinburgh Worldwide InvestmentTrust
BrownAdvisory Funds AmericanB GBP
LawDebentu reCorporation
LFOdey ContinentalEuropean
HICLInfrastructure		 Listed
investments
£
141,776.37
24,663.09
883.42
(7,041.77)
(26,964.51)
133,316.60
133,316.60
141,776.37		 Listed
investments
£
141,776.37
24,663.09
883.42
(7,041.77)
(26,964.51)
133,316.60
133,316.60
141,776.37
2023
£
10,816.00
10,105.00
20,921.00		 2022
£
8,028.00
11,416.00
8,060.00
8,606.00
7,120.00
43,230.00

· 10 ·

DocuSign Envelope ID: 42D696A6-3C58-4DDD-B9AD-6B50CEB2C685

DAPHNE H SMITH'S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

12 Analysis of net assets between funds

Analysisof netassetsbetween funds
Unrestricted
Funds
2023
£
Fundbalances at31March 2023 are
represented by:
Investments
Current assets/(liabilities)
2,046.33
2,046.33
Endowment
Funds
2023
£
133,316.60
1,065.46
134,382.06		 Total
2023
£
133,316.60
3,111.79
136,428.39		 Total
2022
£
141,776.37
2,749.03
144,525.40

13 Related party transactions

==> picture [124 x 33] intentionally omitted <==

is a Trustee and:-

2023 2022
£ £
Total Remuneration 1,853.00 2,045.00