B5636.1/TZH/LLR/GFC
THE MISS MARY G BURNETT TRUST
Accounts
For The Year Ended
15 February 2026
Registered Scottish Charity No: SC041266
B5636.1 The Miss Mary G Burnett Trust 2026 accounts(1020300695.1)
THE MISS MARY G BURNETT TRUST
Contents
Page
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1-3 Trustees' Report
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4 Statement of Receipts and Payments
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5 Statement of Balances
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6-9 Notes to the Accounts
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10 Independent Examiner's Report
THE MISS MARY G BURNETT TRUST
General Information and Report of the Trustees
For Year Ended 15 February 2026
Reference and Administrative Information
| Charity Number: | SC041266 |
|---|---|
| Address of Principal | Shepherd and Wedderburn LLP |
| Office: | 37 Albyn Place |
| Aberdeen AB10 1YN | |
| Trustees: | George Stevenson |
| Graeme McCaw | |
| George Leadley | |
| Bankers: | Bank of Scotland |
| 33 Old Broad Street | |
| London | |
| PO Box 1000 BX2 1LB | |
| Solicitors and | Shepherd and Wedderburn LLP |
| Administrators: | 37 Albyn Place |
| Aberdeen AB10 1YN | |
| Independent Examiner: | Neil McNab |
| 40 Hawkhill | |
| Edinburgh EH7 6LB | |
| Investment Manager: | RBC Brewin Dolphin |
| 23 Rubislaw Terrace | |
| Aberdeen AB10 1XE | |
| Structure, Governance | and Management |
| Overview: | The trust was established by Mary Gray Burnett by Trust Disposition and Settlement |
| dated 8 October 2002 and registered in the Books of Council and Session on 14 May | |
| 2009. | |
| Charitable Status: | The trust is a registered Scottish charity. As such, the trustees must ensure the |
| circumstances and operations of the trust continue to meet the charity test and the | |
| governors are required to comply with their statutory duty to supply information to the | |
| Scottish Charity Regulator, the Office of the Scottish Charity Regulator. | |
| Trustee Tenure: | On the basis of trustee appointment, there is no predefined period. The power to appoint |
| new trustees is reserved to the trustees in office. The induction process involves | |
| awareness of a trustee's responsibilities, the governing document, administration | |
| procedures, and the history of the charity. A new trustee should receive a copy of the | |
| previous year's account and also an extract from the Charities and Trustee Investment | |
| (Scotland) Act 2005 relating to charity trustees. Shepherd and Wedderburn LLP is | |
| responsible for the induction of new trustees. |
Page 1
THE MISS MARY G BURNETT TRUST
General Information and Report of the Trustees
For Year Ended 15 February 2026 (Contd)
Objectives of Trust
Trust Objectives:
The Trust Disposition and Settlement names the following charitable institutions:
Macmillan Cancer Relief (now known as Macmillan Cancer Support) Cancer Research Campaign Scotland (now known as Cancer Research UK) Alzheimer Scotland Rachel House Children's Hospice (now known as Children's Hospice Association Scotland) Help the Aged Scotland (now known as Age Scotland) British Red Cross Salvation Army (now known as The Salvation Army) Royal National Lifeboat Institution Arthritis Care (now knows as Arthritis UK) Royal National Institute for the Blind (now known as Royal National Institute of Blind People)
The trustees have unrestricted discretion to apply the trust income in favour of one or all of the named charitable institutions, or any other charitable institutions or bodies engaged in similar charitable work. Whilst the late Miss Burnett expressed a preference for the trust to continue in perpetuity, the trustees have discretion to encroach on the trust capital in furtherance and/or satisfaction of the charitable purposes of the trust.
Grant Making Policy: The trustees meet from time to time to consider applying trust funds in furtherance of the charitable objects of the trust.
Financial Review
Overview:
The period closed with unrestricted funds of £675,616.91 (2025; £639,541.51). Investment income and bank interest amounted to £15,072.49 (2025; £15,111.64). Total resources expended amounted to £29,020.92 (2025; £27,709.86) including charitable awards of £18,000.00 (2025; £16,500.00). The trustees report a deficit for the period of £3,324.66 (2025; £6,766.13 deficit).
The trustees note the performance of the trust portfolio over the period. Overall investment gains for the period were £50,023.83 (2025; £39,700.24 gains) which reflects the general market and economic sentiment over the year. The trustees will continue to monitor the performance of the trust portfolio and take action as necessary.
Investment Policy: In accordance with the Trust Disposition and Settlement and statutory provision, the trustees have the power to invest in such stocks, shares and investments in the United Kingdom or overseas as they in their sole discretion think fit. The trustees have retained RBC Brewin Dolphin as Investment Manager. The trustees' investment policy is geared towards a balanced return between capital and income from a diversified risk perspective and this policy is reviewed on a regular basis. The composite benchmark is a weighted average of various indices to best reflect the underlying asset allocations. The trustees review the investment performance on a regular basis and will take action as and when necessary.
Page 2
THE MISS MARY G BURNETT TRUST
General Information and Report of the Trustees
For Year Ended 15 February 2026 (Contd)
Financial Review (Contd)
Reserves Policy: It is the policy of the trustees to distribute the net income of the trust for charitable purposes, it is anticipated that any surplus income at the close of the accounts will be distributed in future years. The trustees can also encroach on the trust capital in furtherance of the trust objectives. The trustees are satisfied the unrestricted funds of £675,616.91 as at 15 February 2026 is adequate to fulfil the charity's obligations.
Charitable Activities Awards amounting to £18,000.00 were made to 12 charities and these are set out in Note During Year: 4 to the accounts.
Risk Review
Risk Management The trustees have assessed the major risks to which the charity is exposed, in particular Policy: those related to the operations and finances of the trust and are satisfied systems are in place to mitigate exposure to the major risks.
Related Parties: No remuneration or expenses were paid to any trustee. George Stevenson acts as a consultant with Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provide legal and accounting services to the trust for which fees are charged. In the accounting year Shepherd and Wedderburn LLP fees amount to £4,722.00 (2025; £4,980.00). These fees are inclusive of VAT at the prevailing rate of 20%.
Plans for the future The trustees do not anticipate any material changes to the operations of the charity in the forthcoming year.
Approved by the trustees and signed on their behalf:
Signed: ……………………………………………………………………………. Cece KT George Stevenson, trustee Date ……………………………………………………………………………. 28 April 2026
Signed:
Page 3
THE MISS MARY G BURNETT TRUST
Statement of Receipts and Payments for the year ended 15 February 2026
| Note Receipts Incoming resources from generated funds: Investment income payable during year 2 Bank interest 2 Total incoming resources Payments Costs of generating funds: Investment management costs 3 Charitable activities: Charitable payments 4 Support costs 5 Governance costs 6 Total resources expended Net (outgoing) resources before asset and investment movements, and transfers Asset and investment movements Proceeds from sale of investments 7 Purchase of investments 7 Net (expenditure) after asset and investment movements Transfers to / (from) funds (Deficit) for year |
2026 £ 14,748.98 323.51 15,072.49 (5,998.92) (18,000.00) (2,361.00) (2,661.00) (29,020.92) (13,948.43) 169,532.12 (158,908.35) (3,324.66) - (3,324.66) |
2025 £ 14,588.13 523.51 15,111.64 (5,929.86) (16,500.00) (2,490.00) (2,790.00) (27,709.86) (12,598.22) 182,882.48 (177,050.39) (6,766.13) - (6,766.13) |
|---|---|---|
All movements relate to unrestricted funds
The notes on pages 6 to 9 form part of these accounts
Page 4
THE MISS MARY G BURNETT TRUST
Statement of Balances as at 15 February 2026
| Note | 2026 | 2025 | |
|---|---|---|---|
| £ | £ | ||
| Funds reconciliation | |||
| Cash at bank and in hand 15/02/2025 | 16,556.97 | 23,323.10 | |
| (Deficit) for year | (3,324.66) | (6,766.13) | |
| Cash at bank and in hand 15/02/2026 | 13,232.31 | 16,556.97 | |
| Represented by | |||
| Bank accounts | 8 | 13,232.31 | 16,556.97 |
| Other Assets | |||
| Investments at market value | 7 | 662,384.60 | 622,984.54 |
| Liabilities | |||
| RBC Brewin Dolphin, fees (inc VAT) | 9 | 2026 £ - |
2025 £ - |
| Shepherd and Wedderburn LLP, fees (inc VAT) | 9 | (2,400.00) | - |
| Independent Examiner's fee: | |||
| Neil McNab | 9 | (300.00) | (300.00) |
| (2,700.00) | (300.00) |
All funds are unrestricted
The notes on pages 6 to 9 form part of these accounts
Approved by the trustees and signed on their behalf:
Signed: ……………………………………………………………………………. Cece George Stevenson, trustee KT Date ……………………………………………………………………………. 28 April 2026
Signed:
Page 5
THE MISS MARY G BURNETT TRUST
Notes To The Accounts
For The Year Ended 15 February 2026
1 Accounting Policies
These accounts have been prepared on a receipts and payments basis in accordance with the Charities and Trustees Investment Act (Scotland) 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
Incoming Resources
All incoming resources are included in the Statement of Receipts and Payments when the trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- Investment Income is included when receivable.
Resources Expended
Expenditure is recognised on a receipts and payments basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:
-
Costs of generating funds comprise the costs associated with the attracting voluntary income and the investment administration fees.
-
Charitable activities include charitable payments made and support costs.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity. Shepherd and Wedderburn's fee is split between general accounting and administration costs, and governance costs. The allocation is based on staff time.
-
All costs are allocated between the expenditure categories of the Statement of Receipts and Payments on a basis designed to reflect the use of its resource.
Investments
Investments are included at market value at the year end, with investment sales and purchases reflected through the Statement of Receipts and Payments.
2 Investment Income
| UK dividends UK unit trust dividends UK interest Overseas dividends Overseas interest Bank interest |
2026 2025 2,053.52 £ 2,086.15 £ 3,171.19 2,926.08 1,045.37 1,339.51 3,689.73 3,503.35 4,789.17 4,733.04 323.51 523.51 15,072.49 £ 15,111.64 £ |
|---|---|
Page 6
THE MISS MARY G BURNETT TRUST
Notes To The Accounts
For The Year Ended 15 February 2026 (Contd)
3 Costs of Generating Funds
| Investment Management Costs: Brewin Dolphin Limited, fees to 15/02/2026 (inc VAT) |
2026 2025 5,998.92 £ 5,929.86 £ |
|---|---|
| 4 Charitable Payments Age Scotland Alzheimer Scotland Arthritis UK The British Red Cross Society Cancer Research UK Children's Hospices Across Scotland Grampian Society for the Blind Macmillan Cancer Support Royal National Institute of Blind People Royal National Lifeboat Institution The Salvation Army UCAN Grampian Charitable payments 2025 (awards to 11 charitable entities) 5 Support Costs Shepherd and Wedderburn LLP, fees to 15/02/2026 (inc VAT) 6 Governance Costs Shepherd and Wedderburn LLP, fees to 15/02/2026 (inc VAT) Independent Examiner's fee: Neil McNab, fee relative to the 2025 accounts |
2026 2,361.00 £ 2026 2,361.00 £ 300.00 2,661.00 £ |
2026 1,500.00 £ 1,200.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,200.00 1,500.00 2,400.00 1,200.00 1,500.00 18,000.00 £ 16,500.00 £ 2025 2,490.00 £ 2025 2,490.00 £ 300.00 2,790.00 £ |
|---|---|---|
Page 7
THE MISS MARY G BURNETT TRUST
Notes To The Accounts
For The Year Ended 15 February 2026 (Contd)
7 Investments
| Market value at 15 February 2025 Additions during the year Disposals during the year Realised gains on investments Unrealised gains on investments Market Value at 15 February 2026 |
2026 2025 622,984.54 £ 589,116.39 £ 158,908.35 177,050.39 (169,532.12) (182,882.48) 1,665.31 8,828.63 48,358.52 30,871.61 662,384.60 £ 622,984.54 £ |
|---|---|
UK domiciled securities are held on the trust’s behalf by RBC Brewin Dolphin and registered in their nominee name. Overseas domiciled securities are held on the trust's behalf by a sub-custodian appointed by RBC Brewin Dolphin and registered in the name of the sub-custodian's nominee. As at 15 February 2026 the market value of the UK domiciled securities was £289,649.51 and the market value of the overseas domiciled securities was £372,735.09.
Investments with a current market value in excess of 5% of total:
| Fidelity US Quality Income ETF 7,000 NPV shares Schroder Asian Income Fund 50,000 L income units UK (Gov of) £50,000 treasury 0.625% stock 31/07/2035 Breakdown of Closing Bank Balances RBC Brewin Dolphin: Deposit account Income account Shepherd and Wedderburn LLP: Client account Liabilities RBC Brewin Dolphin, fees (inc VAT) Shepherd and Wedderburn LLP, fees (inc VAT) Independent Examiner's fee: Neil McNab, fee relative to the 2026 accounts |
2026 9,209.81 £ 930.92 3,091.58 13,232.31 £ 2026 - £ 2,400.00 300.00 2,700.00 £ |
2026 65,065.00 £ 52,500.00 £ 35,497.95 £ 2025 4,045.90 £ 434.50 12,076.57 16,556.97 £ 2025 - £ - 300.00 300.00 £ |
|---|---|---|
8 Breakdown of Closing Bank Balances
9 Liabilities
Page 8
THE MISS MARY G BURNETT TRUST
Notes To The Accounts
For The Year Ended 15 February 2026 (Contd)
10 Related Party Transactions
No remuneration or expenses were paid to any trustee. George Stevenson acts as a consultant with Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provide legal and accounting services to the trust for which fees are charged. In the accounting year Shepherd and Wedderburn LLP fees amount to £4,722.00 (2025; £4,980.00). These fees are inclusive of VAT at the prevailing rate of 20%.
Page 9
THE MISS MARY G BURNETT TRUST
Independent Examiner's Report To The Trustees
I report on the accounts of the charity for the year ended 15 February 2026, set out on pages 4 to 9.
Respective responsibilities of the Trustees and the Independent Examiner
As described in the Trustee's Report, the trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirements of Regulation 10 (1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under 44 (1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended). 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 seeking 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 accounts.
Independent Examiner's Statement
In the course of my examination, no other matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements;
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to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended); and
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to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations (as amended);
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name: Neil McNab
Relevant professional qualification/professional body; Society of Law Accountants in Scotland
Address: 40 Hawkhill Edinburgh EH7 6LB
Date: 28/04/26
Page 10
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