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
e:::::1t::::::,
[ID
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**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 ]`
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.
- 8 -
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**_
- _9_ Other
|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**
## is a Trustee and:-
- a Partner of Murray Beith Murray, whom the Charity has engaged as legal agents.
- **A** Director of MAM UK Ltd, whom the Charity has engaged as investment advisors.
||**2023**|**2022**|
|---|---|---|
||£|£|
|Total Remuneration|1,853.00|2,045.00|
- 11 -