RLI CISTLI RLII) CIIARI'fY NUMBDR: SC041929 RFPORT OF'I'IID. JUI)ICIAI, fACTOR AND INANCIAL STATII MFNTS 'OR'fiik YLI Ali fiNDF.D 10 NOVEMBf.R 2022 THTr ALTr'RLD s'l'b WAR'f'i'AIUS'I' io HOG(>414oRBURN CA Charlered AeeounibThi: CHAR TERED 14CCOU NfANTS T AX SPICIAL15TS BUSIN155 ADVISORS Moat House. 14 Gala Park, Ge188hiels, 5collish Borders, TD1 1 EX T 01896 753233 F 01896 755706 t CDfdhu99andthuiburD.ro.uk www.hD99Hndlhprburn.cg.u
THF. AL'RED S'l'b.WAR'I' TRU&iT CONI'LN'I'S OD 'I'HL IIINANCIAL STATEMLI N'rs FOR TIIEI Yfi AR FNDFD 10 NOVEMBFR 2022 Pig¢ Report of the Judlcial fiactor L¢%al & Admli118¢railve InforinAtlon StAtement of Judlclal Faetor'8 Ile8ponglbllltles Report of the In(lependent Audliors Consolldited Stmtement of Tr'lnanclal Actlvltle% 10 StAt¢ment of finftnelfil Aetlvltles Cong011114tcd B8l•n¢o Shoct ConsolldAtcd Cash lilow StAt¢nient 13 Notei to the CoJiBolldnted Cftsli Iilow StAtemen¢ 14 Cfftgh lilow StAtement 13 Note¥ to the CA%h li low Statement 16 Notc8 to the f<lnanclAI Statcmentg 17 to 25
THF. AI,FRFD STFWART TRUST
RLI l?Oll'l' OTr 'l'lIlI. JUDICIAI, IIAC'I'OII
OR I'14E YEAR ENDED 30 NOVEMBER 2022
'rhe Judicial I",actor pr¢s¢nls Iiis report and accounts for the year elided 30 Noveniber 2022.
The llccounls have beeli pr¢p8red in accordanc¢ with the accounting policies sel oul in note I lo Ilic accounts
and cotnply with Ilie 'frusl Deeil, tlie Cliai'ilies aiid .1 i'uslee Iiive.4lnieiil (Sci)tlaiid) Act 2005, Ilie C"l)ai'ilie8
Accoui)ts (Scoilai)d) Reu>ulation$ 2006 (as ain¥ii(l¥d) ai)(I "ALC()Iltttiiig lind IILp£)riing by Chiirili¢.%'. Si&lLllILtIt
of RLcominLndLd PraLIILL
I'Hk ALFRED STfi WART TRUST R Tr:PORI' OF'fiiL JUDICIAL Tr AC'I'OII FOR'I'IIL YkAR LNDED JO NOVEMBf.R 2022 Tlie prinLipal soiir(% ofiiiLOIIIL will Lontiiiue lo be divideiids Iroi)) tlle Trust's subsidiary LOlY)pany, alihougih no dividcnds wcrc rcceived in tlie year lo 30 Nnv¢mber 2022. Tlie F.x¢¢iilry ofiliL c%lcilc c?r Ihc lalc Alfred SILwan l)fts foi'wardLd 511ffiLieiii funds to e112( ble tlie Trusl lo coi)liiiue its oiigoiiig dotiaiions io IIIL Me(li- Lose'frui*t. The Judicial facloi. plans lo lake prolessiondl inve5tmellt advi¢e aiid liav¥ its fundx Inllna¥ed a(xording to the Tru81's invcslmbnl policy, which is lo &Jenerate incoin¢ on a low risk profile. 'Iie Judityial Fa¢toi' lias a8$Sed the major I'isks to wl)iLh Ili¢ Trust is cxpos¢d. and is satisfied Ih#t syt>leiii8 are in place lo miii¥alL ¥xpx)sure lo the major risks. Ans for fiiture perlods 'nie'l'rusl will ci)iilii)ued lo iJ]ake monihly PAyrnenls lo Ihe Mdi-La5e'l Tust al Nincwells14ospilal. No oilier ¢hMril4blc paymLnls arL likely lo be made. Stru¢¢urt. Kov¢rnance And mAnAgement The Alfred Sicwart Tru81 was eslablisliLd bharitable Iru4t by Trust D¢ed iii 2010. Wl)il&t Ilie above Trusle¢8 w¢r¢ itt oifice. Ihcy did not Act in Ilio of Il)e'l'rusl duiiiig tlie period. When Il)e Judicial f#clor is clis¢liHrgd, n¢w Tnislee5 will bc appointed. Discu&Aion8 are well advanced for ncw Irusl(%'8 lo bv Iippi)ii)led. Ncw .1 iusle¢s will b¢ ru'spoi)sibl¢ loi. p(blicy selling anil slrAlegi¢ dccibiOI)%, und Illeir dulics iinposed by yldluttt. The I'NSI has the whole year uiidcr Ilie ¥ov¢nianco of the Judicial Pactor. Groiip Structure 'h¢ giroup LOI)sisls ot Ille following enltlie8'. The Alfred Stewart Trusl {Ih¢ par¢'ni) whiLh is 8cparalely managed. Alfred Slewarl Prop¢ny Foundolion Limited - Iliis is a wliolly nwiied trading sub8idiAry, ocquired al I Jiiiiu 2012. '1'hc priiicii)al activity of the comi)8ny duriilg Ilic y¢ar has bccn propLrly devclopi))Liil aiiil IIIVC.g11))ciii. I'IIC Loillpdny ilsLif IiAs u siibsidiary, Alfird Stewart Pmp¢rti¢s l.iinitcd. It ig Il)e inlciilioii Ihul Il)L Twst will ol>laiii fuiidiiig via divid¢nd8 on Ihc sharcholding in Illc coiiiphny. Durin¥ Ihc period to 311 November 2022 11)c coinpuny reL'ordcd d loss of £6311,136. AI JO Noveniber 2022. the aggregate capitul and reservcs ot tl)c coinpany w¥rc £5,817,001. Alfred Stcwart Propcrii¢8 Limit¢d - this is n wholly ()wn¢d ¥ub5idiury (Trf Alfred Stewart PN)perty roiindalion Limited wl)ILh ceased lo trade al 25 Nov¢inber 2013 aiid lia8 prepared donnanl company aCC(TrLllIts. Page 2
TIIE AJ.FRF.D STEWART TRUST REPOR'I. Ob I'FIL JUDICIAL IIAC'I'()11 'OK'I'IIL YLIAR LI iYDED JO NOVb'lVIBER 2022 Approved by (he JudiLiuI Fdctor. D4te: 12 April 2024 Page 3
TIIF ALFRfi D STEWART TRUST ,F,GAL AND ADMINIS'I'IIA'rivr. INTrc)RMA'fioN l¢OR'I'IIL YfiAII NDf.D 30 NOVEMJJER 2022 ChRrliy number {ScollAndl SC041929 Aii(litor 14n&u & 'l'horburn Cl)&ri¥reil Aulounlanlb SlatLltI)iy Audilor Muiii Holis¥ 14 (joln l)ark GALASIIIF.'I,S Sci)Ili%h 14(Ir(l¥rs TDI IEX BAnker8 H&ndel8bai)kLn 18 ('1)ai'li)Ilv 8quA EI)INBUR(il I E142 4D Page 4
THE ALFRF.D STEWAR'I i'xus'r SI'A'I'LMLN'I, Ob JUDICIAL FAC.TOR'S RFSPONSIBILITILS FOR'fHE YEAR LNDLD 30 NOVLMBLIll 2022 'I'lie Judicial faclor is respoii8iblL foi. prepariiig his RLporl aiid Ili¢ finunLial 51ateinenl8 in accordaiice with applicabl¢ law and Unileil Kingdom Accountiii¥ Staiidards (United Kin8doin Gencrally A¢pIed Ac¥ounliiig Practice}. The Ilkw llppli¢al)Ic lo charilics in Scoiland rLqiiirLs IhL Judicial factor l() piEpare fiii41i¢i41 slalcineiils foi. ea¢li fiiidiiLial year whiLI) give (I t¢ aiid fail. view ol'ilie slate ol'aflairs of il)L Trusi Aiid ol'iliL iilLoiniiiu resoiirLes and appliclliion of r¢sourcu of Ihe Trust for Ihal yeur. In preparins Ihese fiithn¢ial slale2nenl& tliv JudiLiMI bactor is required to.. select suitable a¢iounling poliLies and tliei) apply Ihein consislei)Ily' observe the metl)ods aiid pi'iii¢ii)les in the Cliaritie8 SORP,. make judgement8 and eslimales Ihal nsOnable and pTudLnl,' slllle wl)ctlicr applicable a¢couiilii)g slaiidnrds hav¢ been followed, yubject lo any Inalei'ial d¢partur¢8 di8Gloscd dnd Lxpluine(l in tlie fii)aiiLial sl¢lleinenly,' aiid prepare Il)L lin#nLiul ylalLinent8 on th¢ goiiiy coi)cern ba8is unles8 il 18 inappropriale lo presvine Iliat Ihe cliurily will ci)Iiliiiue in operalion. I'lie Judicial r,Rclor is respon8iblc for kLepiiig suffi¢i¢nl iicL(iunling records Ilial disclnNe with rea$nnable c(>inply wilh IliL C.l)uri(iLs #ncl .1 IiistL'L InvL&liiienl (Scoilaiidl Acl 20115, Ilie C Iiarily ALLI)unls ISLoilaiid) Rcgiilulions 2006 (as uinendedl and Ihc pmvi8iOI)8 of Ilie TNSI d¢cd. 14¢ 18 also rcspoi)siblc r()I' %afc&FLinrclin¥ Ili¥ a8scl% (if Iliu cliarily and hvnLe for lakiny irlls()i)abl¢ ¥tep$ for th¢ pirvenlioii and detectioii of fraud aiid otlILr ii'r¢gul(ii'ili¢y. AUDITORS 'I'he lluditor.s, I logg & Tlioi'burn, will be proposcd for rc-appoinlinenl al Ilic forth¢uiniii% Annunl CIenornl Meelin¥. Appr(>ved by the Judicial fa¢toi In 12 April 2024 Pa¥¢ 5
RF,PORT OF THE INDEPLNDEN'I, AUDITORS 'I'O I'HL JUDICIAL Tr AC'I'OR 01,. TIIF. Al,fRF.D STF.WART TRUST Oplnio W¢ have audit¢d the a¢coiinls of Thc Alfred SILwart Trust for IIIL year eiidLd 30 Nuveiiiber 2022 whicli coillpi'isL the Stiilciiieiil of 14jl)<liicial Activities (ii)cni'poi'utillLY Ilie Iiicoine and r:xi)ei)ditui'e Accoui)t), tlie Balanee Slieei, aiid Ilie nol¥s lo Il)¥ oLcounls. iiiLluclin¥ si¥iiifiv(Inl aLL'I)untin¥ poliLicti. 'I'hc financial I'cpi)rting rninework Iliiil Iiils beei) ai)plied li) Ilieir Iirepai'atioi) 18 applicable law and Uiiiled Kii)8doin Accouiitin Sldl)Il<ll'ds', iIiLludii)gi Fii)4lllUi¢il Rvpoi1iiig Siill)d¢irnl 102 llic, Trinciii¢ial RLiic?rliiiA, ,Sitiiiclard L7ppliL'alJle in ihL' UK aiid leL'i)iil)lic nfli¢'laii<l (Unilcd Kingdoin Gcncrally Acc¢plcd Accounting PraLlicc). In oiir opinion the finuncial sldtenienls.. live a true ai)d fair viLw ofili¥ s'ial¢ of Il)e yroiip's aii(l ofilie parent Lharity'?i affairs ll5 al 30111 N<)vembei' 2022 111)d of il.% IllLoiniiig resouw¢s ai)d appli¢atian of r¢soiiw¢s, iiicluding 118 income and expenditure, for Ilie PLrio(l iliLii ei)ded' liave l)eei) i)IDpci'ly i)repuitd iii &ccord4ii¢e willi Unit¢d Kiiigdom Cicnerally A¢c¢pled Accounting PracliLL: and I)ve l)eei) pi'epnred ii) accordance with Il)c requireiftenls of Ihc C.hariliLs and TruslLc liivcslmciil {ScoilÉii)d) AGI 200.$ <incl I'L¥Liliili(111 8 1)f tliL C',hill'ities Acci)uiils {Scotlai)d) Rek)Iilatiniis 21111(Tr1os ainend¢dl. BASIS for oplnlon Wc ci)i)du¥l¢d our audit in accordance willi InlLrn44lional SIRnd&rds on Audiliny (UK) (ISAS (UK)) lind pi)IiL¢il)le liiw. ()ui' retsPI)ii&ibililies undei. Iliosc standuids are luiiliei. dLSCI'ibLd iii Ility Auditors, r¥spoiisibililics loi. Ili¢ Audit ofilic liiilliiLial blal¥inLI)Is lL1](TrA (IE. ()Iii' rL'poii. WL iirL' iiidcpLiiilciil ofil)c gi'oiip iii acLoi'dlli)¢e willi Ilic LiliiLÉil I'eqiiii'Liiittiil$ Ilitil I'elcv¢iiil to oui. Rudil ol. Il)L Iii)AiiLial slalLIIILnls iii lh¥ UK. illLludiiig Ilic FRC:'8 r..IlJiLal Siandar(l. and WL liavL fuifillLd our uihur uil)ILuI rL$P()11sibilitie8 in Iiccordaiice will) Ilies¢ r¢iiiiirciiiLlIt.4. We believ¢ tl)al tl)e audit evidence we liave obtained is suflicieiil and nppr()priale lo piY)vide basib foi. oui. opinion. Coiicliiylons relMtlnLI to Lioljix cojicern li) uuililii)g the Iiiiill)Lial slolLiii¥iils, w¥ l)av¥ ¢onLliidLd Il)al Il)e Judicial I",IiLlor's u8L ofiliL ¥oing LOI)CLrn bu2il of UCL(iuniing ii) IIIL pfLpcifclti()ii of Ilie f11i2c l)¢iiil %liil¢illoiit4 is appi'i)priale. Ba¥LcI oil Il)e wui'k we l)ave perfnrined, we liave not identified any Inalerial unc¢rtainlie8 r¢laiing lo evenl8 or ()iii¥ conLeim for a period of lll lellsl twelve Inoiiilis Irom wl)eii Ilic financial slal¢incnls are aullioris¢d for 18811¢. Our r¢spoiisibilili¢s an(1 IliL I'L5ponsibililiL's of Iliu Jucliuiml Paclur will) I'espeLI lu uoing concern llre d¢s¢rib¢d in the relevuiit seclioi)s of tl)is report. Other ljiformAtIoii The Jii(li¥ial fiiclor 14 rL4P()1)siblL fi)r Iliu i)IlIGI' iiif()riiikili(Iii. Thu i)Ilicr iiifi)riniili(In Loniiiri8c8 tl)c ii)fDiiiicilion inLluded iii Ilie Aiinual Ilepoit, oiliei. tliaii Ilie liiiaiicial slatLillLiils aiid our Rcpoi'l ol. IliL Iti(ILPLlI(Icnl Au(litors therLOn, Our opiiiioi) 01) Ilie finaiiLial statements does not oover the otl)ei' information and, except lo Il)e exteiit otherwise explicitly 8laled in Dur reporl, we do not ¢xprc8$ any lorm ot. 8ssurAn¢c ¥onclusion Ihcrcon. In conneLlion with our audit of the Iinancial slftlemcnts, our respon5ibilily is lo r¢'ad Ilie other inforn)4lion and, in Iloing so. con$id¥r whLII)ci' tlie otli¥r ii)f()rtllatiOli is Ill<crially iiicoii8i8tcnl with the financial statein¢i)ts oi. ()ur k21nwledge ol)laiiied in tlie au(lil or oilienviye appears lo be maiLridlly mis'SlalLd. Ir WL idLiilify SULII tnalcrial inconsislLm¢iCS or uppiirl'nl material Ini$?ilalLm¢nls, wc are reqiiired to detennii)e wl)eihei' this gives ri8e tl) cl Iii&ilcrial Inisst<lteineiil iii tl)e financial 8lalcii)enl.s thems¢lv¢s. It., based on tli¢ work w¢ have p¢rtorin¥d, we coiiclude Ilial Il)ere is M malLridl Inisslatemeiil of this oilier infonnatiuii, we are required lo iyport tlul faLI, We118ve notliing to report in tl)is rcgard. Page 6
RLPORI, Oli 'I'HL INDLI PLNDLNT AUDI'foRS I'O I'IIE TRUSTEES ANI) MLI MBLRS OF
THf Al.FRED STEI WART TRUST
MAtter8 on whlch we Are reqiiired to rcport by cxccptio
In Il)e IiLihi <)f ilie ki)owled&)e aiid uiiderslaiidiiig ofil)e giDUP and Ilie Trusl and its LnvirotimLiII obtained in the
c()ursc ()r IliG kiiidil, wc havc n()l idciilificd iiiatcrial iiii8slaleniciil8 in tl)e Report i)f the Judicial F
IILPOR'I. Ob 'l'HL INDLI PENDENT AUDITORS TO TIIF TRUSTFFS AND MFMIJFRS OF
THE ALfRED STEWAIIT 'fRUST
WL obidin aiid Lipdi1te QLII. IiiideiTtaiidiii&F of Il)e charity, 118 a¢livili¢s, ils ¢oi)Irol ei)vironineiil, aiid likely tuluir
devel()pinei)ts, inLludii)g iii I'elalioii lo Ilie ILgul diid rL'giilttiory frdlnLwork appliL41ble diid liow IIIL 'fni&l is
Lomplyiii¥ with Ilial fraiiicwork. Ila8ed on tliis iinderstAiiding, w¢ ideiilify aiid a8s¢s8 th¢ risks nf mal¢rial
Inisslaleiiienl ol. Ilie financial slalLtnenls, wl)Lilicr due lo Iraud ur Liror, cles'igii ind perloi'm aiidil procedlires
re%p(>iisive t<) tl)08c I'isk.8, ai)d ol)lain audil evidence Iliat is sul'li¢iei)l ai)d appiopri
REPORT OF THE INDLPLIYDEN'I. AUDITORS Tn TIIL TRUSTF.FS AND MF.MBERS OF THE ALFRED STEWAIIT TRUST U$e of our r¢port 'l)i% rei)ori 1.% made .%i)lely ta Ilie ¢liarity's Iruslecs in accordancc willi rcgulalion 10 of the C.Iidrilies AcLOllI)Is (SLuilai)cl) RLuulalions 200b. l)Lir audit work Iikis beei) undertuken so tl)at we Iniglil stale to Ilib ehttrily'$ liSLe($ thosc TnatteiT we are required to Slat¢ lo Ih¢in in an audilor's rcporl ftnd for no oihcr purpobc. '1 u Ilic lullesl exlLIii PLrIiiilled by Illw. w¢ do ii(Il aLLepl or assuiDe Ir41)on8ibility lo aiiyoiie oilier Iliai) Ilie Llthrily aild Ilie charity's Iriistees as a bodv. for our aiidil woi'k. for this reporl. or for Ihe opinio1)5 we l)uve foriiied. Lliai1eiYd Accouiiloii18 & SlalulDry Auditor Moal House 14 (iiilii ljiirk GAI.ASI III";I,S SLolli.411 13()rders Tl)I Ir,x Dale.. 12 April 2024 l-Ic)gu & Tliorhiiiii is Cliyiblc fc)r appoiiilineiil MiiLlilor of IliL TrLisI by virlue of its eligibility for appoiiitmenl at> audilvr uf u Luii)pany undLI' SCLtiun 1212 of Ille Loinpanies ACL 20U6. Piige 9
I'HE AI,FRFD STEWART TRUST CON.SOLIDATED S'I'A'I'LMII N'l, 01, II INANC.IAI, AC'I'IVITifi.. (INCORPOIIA'I'INC. AN INCOMI,: AND Tr:XPLI Nl)I'fuRE ACCOUNI,) FOR'I'H&' YEAII LNDED 30 NOVlI'Miif.R 2022 2022 2021 Notes INCOMI,. ,'ROM Donaiions and Icgacies 3,077,050 oiliei. Irading) A¥tiviliLs Ii)vLstiiieiil iii¢oin¢ 65,115 109,545 'I'otRI 3 144 MOI) 10() 547 LXPLNDI'I'URL ON Oilicr Iiading acliviliLs Adiiiiiiiyli'Lilive LXI)eiises 11,836 187.903 (61,517) 127.778 Ch4rltahlc Rctlvl¢le% Gi'(Iiils owiii(lud Adiniiiislralive aclivilics 120,000 120,1100 TotAI 395 459 210677 Ncl gains/(l()s8es) i)ii 505 280) Nct Income l(expendlturc) Net inoveJi)eiit In fuiid8 2,244,121 (101.130) RFCONCILIAI'ION OI", I.'UNI)S Toial funds brought forwllrd 6,467,085 6,568,215 'I'()'I'AI, II'UNI) CARIIILD thORWARD 8711206 6 467 085 Tl)e notes form part ofihcsL' financial slatvmenls Page 10
Tllfi AI,FRF.D STF,WART TRUST CIIARII'Y SI'A'I'Tr'MLI Iy'l, 01, II'lNAIYC:IAI. AC'I'IVI'I'ILI S (INCORP()RA'I'INC. AN IN(.'OMF. ANI) EXPENDII'URE ACCOUNTI roR THF YLAR LNI)b l) 30 TYC)VI,.MIII,:1121122 2022 2021 Not&4 INCOME FROM l)onalioiis and le&yacies 3.077,050 Oilier trading uclivities Invcslnienl incoine 926 TotAI 3 077 ()76 EXPENDI'I'URE ON ChArltAble *ctlvltl¢8 Cii'iiiils aW6ir(l¢il AdminiblrkilivL #clivilies 120,000 120,000 I'ot41 195 720 144416 N¢t Income l{¢xp¢ndltiir¢) 2,882,256 {144,416) Rfi CONC.ILIATION OII FUNJ)S 1.olal fui)ds biouglit forwaid 12.048 156,464 'ro'TAL fuNDS CARRJlI.J) FORWARD 2 894,304 The notes lonyl part of Ilie8L' finanLial stdtements Pllgell
TIIF ALFRFD STEWART TRUST {REGIS'I'ERLD NUMIILR: SC162581) CON.SOI.IDATF.D BAI,ANCF. SHF.LI' 3U'I'II NOVV.MBER 2022 CIroup 2022 Ciroup 2021 Charity 2022 Cliarily 2021 Notes Ilxed Assets Inve&linentt Inv¢slin¢nl Property 12 13 100 1875,0(X) 2 380 2811 1,875,000 2,380,280 100 CURRFNT AS.SF.TS Debtor.q InvLniofi¥8 Co411 al hank 14 192,641 1,314,921 4,C)4(),810 545,041 4.01)5,114 2 098 945 2 579 036 724 648 917282 6,938,396 4,438,998 4,729,762 917,282 CRII Dl'foRS Aiii()Iiiil% liilliiiy duL wiiliiii 01)¢ ycur 13 (102,191) (352,1().i) 17,680) (294,334) NEI. CURRLN'f ASSE'I'S 6.836.205 4,086,805 4,722,082 622,948 Totftl Assets Le•8 Current LIAbllltles 8.711.205 6.467,085 4,722,182 t$23,0411 Aiiiouiilq 1ollii)g due after morc Il)an onL yty¢l1' 16 (1,827,517I1) (611,0(M)) PROVISIONS FOR I,IABII,I'I'ILS Net A&gets 8 711205 6467085 2 894704 121148 'und5 UnrLsiricl¢d funds 8 711205 6467 085 2 894 31M TOTAL FUNDS 8 711205 6467085 2894.304 The findnLial stalemenls were approved by tlie Judicial factor on 12 April 2024. Judlclal Tr'lctor The notes form part of th¢s¢ financial slal¢inents PRge 12
I'll1 ALFRfi D S'TKWART'fRUST COIYSOLIDA'I'ED CASII II LOW SI'A'fit FOR THF, YFAR F.NDF,D.10 NOVF.MBF,R 2022 2U22 2021 Noles Cash tlow& from oper&tlng actlvltles L'asl) geiieraled fi'oin ui)erali()i)s 259 0118) N¢l Lash provid¢d by op¢raiing activities 259 088) Cpsh flows from Invostln% 4¢tlvltles l)IirLIi#sL ol. laiigYiblL IIXLLI clSSLlg PuwliEl8e Qt. tix¢d a,ss¢l invcslin¢iJlg S£ilL ()f IixLxl 1lS5el investiiiviit Inieresl I'coLivLd Ileiitiil inL()ille received 2,695 65,115 109545 Nel iasl) (used iii)/provided by ii)V¢81ii)g ll¢livilies 109 547 Cfish floivy froni fliiAncln% Rctlvltles In¢niii¢ Alli'ibulabll In loaii t'i'l)111 IL'lal¥d party 288.814 486,339 Exp¢i)dilui'¢ allribulabl¢ lo loai) repftyin¢iil to r¥lal¢d party 288 814) N¢1 casli piDvid¢d by linanLing aclivilics 288 814) 775 153 Chnnge In ehsli an(1 cA&h equlvAleJits In thc repnrtliii pcrlrjd Cllsli Mnil cA¥h e(iiilvAlents at the beglJinlnR of th¢ rcportliig perlod (480,092) 928,793 2 57() 1116 1650 243 Cash and ca8h equlvAlent8 at thc eiid of the reportln# perlod 2 098 495 2 579 030 Tlie notes fonn part ol. these tinaiicial stateinenls Puge 13
TIIF Al,fRfi D STF,WART TRUST NOTfi S Tn TIIF. C.nNSOI,IDATF.D C.ASII FI,OW STATF.MFNT ,'OII'I'IIL Yb:AR II Nl)Ii 1) 30 NC)VlI'MIII,:112022 RFC.ONCII,IATION OF NET INCOME TO NET CASH FLOW fROM OPERATING AC'I'IVI'I'ITr S 2022 2021 Net Income for the reportinL7 period (•% per the Statcment of Flll&ncl41 A¢ilvltl¢i) Adju%tnieiits for: LossLsl{U41in) oil invcslinciits Ii)t¢r¢81 Irccivcd Ii)LOlll¥ li'oiii reiils Iiicoinc froin l¢g8Cy l)eci'eHsL (inci'eci%L.) iii 8locks Deci'La8a{iii¢rLase) iii d¢bi(Irs (E)ecrclls¢)/inor¢88¢ in ci'¢dilors 2,244,121 (101,130) 505,280 (2.695) {2) (65,115) (109,545) (4,101,7(1()) (94.600) (70,205) 402,065 N¢t ¢nsh provldcd by op¢rAtlons 25() 088) ANALYSIS OF CEIANGES IN NET FUNDS Ai 1,12.21 Cus11 flow AI 30,11,22 Net cfish 2 579 036 480 UQ2 2 0914 495 2 579 036 480 092 2 098 495 2 579,036 480 092 2 0911495 Th¢ nol¢s forni part orth¢ financial slalcmvnts Page 14
TIIF. AI.FRFD STFWART TRUST CIIARITY C.ASH FLOW STATF.MENT 'Oll'l'llb; YII'AR li lyI)fi.l).10 NOVI,:MIII,.R 2022 2022 2021 Notes CR511 flows from opcrAtliig a¢tlvltle5 Cic.811 gLnei'uled froi?i / {Iised iii) opLralioii 1 121,624) 144,416) Nel Lash providvd by (Ubed by)operMting aLlivities 1 121624} 144 416) Cash flowy from Investlng Actlvltles Iiileresl reL'Lived 20 Net Lash (u%ed iii)IpiDvided by inve81ii)g aclivilies 926 Cfftsh flows from finMncln% Hctlvltlcy InLI)Inti dll1'ibul¢iblL lo loaii fii)i)I I'Llalid paity Inc()iiie alli'iliiitèiblL to loan fi'i)11) sub8idiaiy InLI)Iiie allribulAblL lo loan Iroin I'LlcilLd pllrly InLoiiie Atlribuluble lo Ic)an liDill subsidi4iy 1,216,878 288,814 120,1100 486,339 80,uoo Llxi)enditure allribiilable to loai) from subsidiary 288 8141 Nel caNlI prDvided by finalicing activities 928 064 975 153 ChAiiKc In eAs1i Aii(I cash ¢qulvAlent$ In the rei)ortln% perlod Cash Aiiil cash equlvfilelltg At the bexlnnln% of the reptsrtln% perlod ( I lJ2,634) 830,737 917282 CA%h And citsh eqtslvilents #i ¢h¢ ond of the reportlng perlod 724 648 917,282 PAge 15 conliiiiied.
I'llk Al,fRfi J) STFWART TRUST NOTLS'I'O'fHLI CIIARITY CASII fil,OW STATF,MFNT FOR Tiir, Yri AR IINI)ED 10 NOVlI.'Mllli'R 21122 IILCONCILIATION OF NF,T INCOME TO NET CASH FLOW FROM OPERA'I'INC. AC.TIVITIF.8 2022 2021 N¢t income for tlie reportlng perlod (As ptr the Statement of FlnnnclAI Aetlvltle$) Adjii$tincnts for: liilei'esl rLL¢ived t)¢UlL'IISL/ (incrLase) in sloLks Decreaqe/liii¢rease) iii dcbiors (D¥LrLMbvyinLruisL in Li'edil()rs 2,882,256 {144,416) (926) (4,005.114) Iyet cAsh provlded by (used Ill) operitloiifj 1 121,624) 144,41 ()) ANAI,YSIS OI", CIIANGfi S IN NET IIUNDS Al 1,12.21 Cash flow AI 10.11.22 Nel eA8h 917 282 192 634 724 648 917282 192634 724 648 'rotAI 917282 192634 724 ()4 Page 16 Coiiliiiued.
7'14L ALfRLD SI'KWART TRUST
NO'I'ES 'I'O 'I'IIE II INANCIAL S'I'AI'LMEN'rs
FOR THF. YFAR F,NDF,D.10 NOVF.MIIF,R 2022
Crltlcal accountii)g esilmales and Judgements
Iii tlic applicatioi) ot'tlic I'rusl's accounling policies, Ili¢ Judicial l.'aLtor 18 fLquifL'd lo Inake judgeineiils,
e%lii))alc8 ui)d ag%umiilioi)s ubi)ul the cai'ryii)bJ lliJ)ouiil ol'a8sels and liabilities ilial i)ol IEiidily api)arenl
froin oihcr soiircL8. The ¢sliinalus and 41bsoLialLd cissuinplions arc bi?sud un liisloriual CXPLricnLe aiid
oiliei. faLlor% tlial are COliAidered lo be relevai)t. Actual resuliq Inay differ fi'oin tl?ese eslimal¢8.
'I'l)e estimates ai)d iinderlyiiig as8uinplioi)s are reviewed oil an ongoiiig basis. Revi810118 to ac¢ouiiling
et¥limMleb are reLI)g?iii&ed iii the pei'i(?d in wliicl) Ilie efliinale is revi%cd where Ili¢ I'evision ÉirfeL1 ni)ly
Ilial period, or in the period ol'ihc rcvision and fulurc period8 wlierc the revision al'f¢cls both currenl and
rulure periods.
A¢¢ountin% pollcici
Chnrlty Inforinatlon
'I'li¢ Luiiliiiuing uclivily of 'l'l)u Alfiyd S'iewui'l 'l'rusl it• Ilie prevenli()n i)f poveity and Ility <idvaiiLLiiienl
)I' ¢ducatioii. l)cAlih, ooniinunily d¢vulopin¢nl, arls, lierilAge, cultur¢, .gciuii¢c. LIiviry111in¢nlal prolc¢lion
Iiicl rL.IiLt'oF tli().4L iii ncecl Iiy rL'klS()n ()I'
'lie I I'LI.4115 111¢()I'pofLil¢d in Scoilciiid ai)d 118 r¢gistcred iiumber is SC041929, 1.lie 'l'ni.4t'8 regi8lei'¢d
¢i<ldr¢ss is I la Diibliii Sii'¢LI. L(lii)biirL411, Llll 31)(i
The Trusl MeLtS thL dLfii)ilion of u publiL b¢nttfil L41lily.
2.1 Accoiintlng conventlon
'I'l)e accoui)ts liHvc beei) pipHrcd iii ¢lCLordHI)cc willi Il)c I iusl's t)ecd, Il)e C'.l)di'ilies aiid I I'ustcc
InvublinLiil {SLuIILincl) ALI 2005, 11)u ClidriliLS ALLOUnls (SL()IILincl) IILb7uliili()1)5 2006 (d¥ &imui)IlLII) Iiiiil
'Acc()111)tiiig aiid Repotliiigi by Cl)Ai'iliu8.' SIAleincnl ol. RLcoininLiidLd lJIAclicc ni)pliLiil)le Io Lliarilie8
l<¢i?Iibli¥ ol, IrLIAI)d {I,'IIS 102)" (us &in¥i)(ILd Ic>r llcii)111111iig i)cri(>d8 COlI)i))Liiciiig Iii)ii) l Jai)uaiy 2016).
'liu'l r(i.%l 18 ti l)Iiblic ljeiiLfil l-'i)lily kis dcfiiicd by I,'IIS 102.
I'hL financi414latcmenls nrc propkired in st¢rjin, whiLh is Ihc functional Lurreiicy (Trf th¢ Trust, Mvn#tary
ainounls 111 Ilicsv fiiiaiicial slalcillenls arL roui)
THE ALFRED STEWAII'I, TRUST
NOTES TO THE FINANCIAL SI'AI'EMENTS - contlnued
011 I'llth. YII,AR II.NDF.J).30 Novf.MBfi.R 2022
ACCOUNTING POLICILS- contlnued
2.4 Reeognltlon And Allocation of incomo
Leuacy gifts recogi)is¢d on a ¢ase by case basis tollowing the grai)l of probate when tlie
adiniiiislialorlexeeulor lor ili¢ ¢sl¢ilL has LoininuniL#led iii wriliiiLtr both Ilie amount and settlement dllle.
lii Ilie ev¢iit that Ilie gTift 18 iii tl)¢ torm of an as8cI oil)cr Ihan Lasli or a financial assol IrAclLd oil
I'LLugni&LcI sloLk LxLlidiiue, rLLugi)itioii is subj¢L'I l() tl)e valu¢ (If Ilie gift beingy I'eliably i))ea%ui'able with
d¢gFI'¢e ol. r¢48oiiAble ac¢uracy an(1 IliL liilL (If Ihu M%SLbl havin¥ b¢Ln Ii'Èiii%fLrrLLI i() IhL IrLlSI.
Other trA(Iliig N¢tlvl¢l¢$
.1 rlidingy iiicnniL 1.% rLCI)giiised oiicc the 8ervic¢ 18 pei'tormed oi. Ihc product 18 dclivertyd lo Ihc CLisloiner.
Investment Ineome
liilLI'cbl c?n liii)11s1)Lld on deposit is incllided wli¢ii Ir¢eivabl¢ aiid Ihv ainoui)I cali l)e Ineasured I'eliably
l>y Ilie cliarily., Iliis is i)oiiJ)ally upoi) iioliliLalii)n of IliL int¥'bI pai(1 oi. pMyublE by Il)e bank. Dividciids
IirL' rL'Lugniscd oncL Ihc dividend lia5 been declmred and nolifi¢alioii lias been rcccived of the dividend
diie.
2.5 Rcco%nltloii An(1 Rllocfttlon of exi)en(Iltiire
Liul)ili1iL lll'¥ rcL(Ib?iii%cd 11$ expci)dilLII'L 11$ soon Hs Ihcrc is a legal or ¢on51ru¢tivo obliyalion Qoininillii)g
Ilie cl)ai'ily lo IhAI expLnililurL', il i¥ probllble th411 ki Irunsfcr uf CL()iioniiL bLiiefits will l)e reqiiir¢d in
%¢iIILin¢iil Iiiid Ili¢ aini)unl <)r Il)L c)l)li&?nlii)i) cai) bL ij)easiirLd I'Llial)ly. l-..xpLn(lilurc is ¢lCLOUI)l¥(I for on
1111 LILUI'ualb bttbi¥ aiid liu¥ bLLI) Ll41ssifiLd uiiilLI' lieiidii)gFs tliul ugL41'L14lltL all ¢osl Irlulcd to Ili¢ ciilegoi'y.
C.linrll'Able Actlvltles
Q'.licil'ilHhl¢ cxpeii(lilure ¢nmpi'i8es 11i08e cogls incurrL'd by Il)e ¢liArily in Ihe delivery of ils HLlivilies iiiid
SLfviLLS for ily bLIILflLiiiriLs. It iiiLludLli b()Ih L'i)%ts Il)iil ciiii bL' Iilli)Lalcd direLily lo sucli kiclivilic8 aiid
tl)0.8e costs ol'an indi2rcl i)alu nLce8sary lo yupport ihuin. Supporl Uobls includL L¢nlr
THF ALFRED STEWART TRUST NOTFS TO T14E FINANCIAL STA TF,MF,NTS- con¢iiiu¢d IIOI{ 'I'lll,: All II IyI)II 1).10 NOVI* Mllb112022 ACCOUNTING POLICIES - contlnued 2.7 Inventories Inv¥nlori¥s aru v#liiLd at th¥ l()w¥r uf¥osl Nn(l ¥stiinalcd nvl rvalisabl¢ value. The ii)v¢iilory of the COlllllcl1)y consists of land l)eld toi. Irsale wliich i.s tlie (lcciiiiiullltion of IliL L05t of Ilie laiid piirLhasLd, prolissional ¢oslS inLurr¢Yl obiiining plaiiniiig p¢nnission un SULli Idnd and Losls iiiLuftYd ii) pr¢pariiig tli¢ land tor sale. Ai ¢A¢h r¢portin8 dalL, an ass¢ssmLnl is madc lor iinpairmcnl. Aiiy ¢x¢c89 of th¢ Garrying ainoui)l (yf iiivci)l()I'ies over its estiinilted sellii)g pi'ice ILSS cos1.4 1(} coiiiplLIL diid SLII is I'LLO¥IIiSLd cls cin iinpainii¥nl IoÈ+S in profil or Iosb. RknvLI's¢ilts of impairin¢nl Iv?iSCS air Also r¢¥ouniwd iii protit oi. loss, 2,8 Trade ftn(l other reeefivftble8 Accrued inc02n¢ is ainoLinls duc for services Nlre4dy providcd by tl)e chnrily bul not yel elaiined. ALLlllLII illL()IIIL is I'LLOiIIIiSL.d I tIiL Ul)cIisL()uiIILII cimounl ol'Ll£ 811 rLLLiViiblc. wliiLlJ is norinally invoice pi'i¢¢, less any All()w4nc¢s lor d()ubiliil dlbls, 2.9 CAsh and cRsli eqiilvAl¢nt8 Bl) Iiiid casli c(IUlVi21LI)t8 iIILILide La.8h iii liund, depo%11 l)Ll£l Éil cllll will) biii)kb, ()Il)Lr t>liort-Icnn liiiuid invcslinLiJ18 will) ori¥ii)lll Iiiuliii'iliLs o)r IlliL Inoni118 or Ic88, ai)d bank overdi'aft8. 11a1)k oveixlraftg ure tyliown wiiliii) l)oi'i'owii)gJs in cuii'ei)I lilibililics. 2.10 C.rcditory 1]d otlici. pMynl)Icy Ci'LililL)18 cll'L obli¥ciliui)b l(} i)Iiy for ¥(iocls or serviccs that havL bL¥n &¥qiiiru'd. 'fii¢y are ronisd al tl)e uiidiscouiiled lliiioui)l owed lo Ilie qupplier, wl)icli 1% iiorinally Ilie invi)iCL l)rice, 2.11 li InniiclI In8trumentfj lttAnclMI ps¥et 14asiL lii)aiiLial asscls, incluiliiiy Ii'Ad¢ and olli¢r dcblor8 and bank balances, ar¢ iiiitially r¢Gogi)iyed Ml triinsii¢lion pi'l¢#, At Ilie eiid ()f eiicll I'eii()rtiiig pei'iod fiiiuiiLilll assets IllLdSufLII dl Lusl iifc dSbU¥bLd fur evidLnLL of impRirmenl. Any impAirineni loss 1$ re¢ogFnised in tlie SIAteiy)enl of r,ilinllLial Aclivilie8. FinAnci&l assL%ls are dereLo¥nis'L(I when Ihe Lonlraclual riylils lo Il)e ca81) flow8 Iroin tl)e asset expiir or ure settled. ri InftnclAI Illll)Illtle 13asiL financial liabilities, includiiig Iradc and ollier cr¢dilors, arc initially r¢cogni8¢d at Iransaclion rad¢ Ci'edilors are i)l)lixalioi)8 t() pay tor uoods oi. seiviLe.4 IliEit l)ave l)eeii IlLquired li) tIIL ()i'dinary ¢ours¢ ()f busiiiess froin $upi)li¥r.%. '1'1111sL rfl. Ll¢lSSLcI ¢ur.n1 liiibililiLs if P41yIDLiiI is du¢ within ofte year or less. It. not tl)¢y ar¢ pre8¢nl¢d es Iioi).currenl liHbililie.8. rinaneilll liAbilitie8 are d¢r¢cogni8ed when tlie liability is extinguished, Ihut is when the conlraclual obliLidlioii is disLharLied, LIlllLvIILJd ur expircs. 2.12 Fqiilty Instriiments L'quity iiislruiiients issued by the compdiiy are recoi'ded al Ilie PTOLeeds rec¥ived, net of Iransdclion cosls. Divi(l¥nds PdydblL on ¢(iuily inslrum¢nls arc r¢coyiiised as liabililie8 once they are no longer al the discretion of tlie Lompany. Page 19 Coiitiiiu¢d.
I'HL ALb IIED S'I'EWAR'I I'RUSI. No'rES TO 'I'HL & INANCIAL STA'fLMLN'I'S - eontlnued ri QR Tiif. YF.AR fi.NDfi.D 30 Novf,MJIF,R 2022 ACCOUNTINC POLicifi.S- contlllucd 2.13 Leascs RLnlal$ piiyLiblL Lindcr operatiiig Ica8c.8, iiicliidiiigJ any Icase iiicci)IIvc8 I'CLLiVLcI, Iiir cliargLd i(} pr()fil ()r loss oi) a sli'aiglil liiic basis ovci. Ilic Icriii of. tlie relevaiil ILase LXCLpI wl)cre aiioiliLI' Inoir systcinalic b¢lSiS is InofL represei)lulive uf the liine pallei'n in wliicli ecoiioinic beiittfil& froin the lea%et> asset are consunied. Renlul inLomu fi'onl ()perftlin¥ IcÉi2*GY is rL'Logniscd (jn A slruigJhi line ba8is over Ilie ILnn of IliL rLlevanl lease. Ii)ilial dii'ecl cos18 incuii'ed iii i)cgolialiiig aiid ai'i'aiigii)g ali 01)ei'alii)g lease air added to Ilie cirryii)g lliii()uiil of Ihc leased assel aiid rccogi)isvd on sli'aiglil line busi& over Ilio lellse term. 2.14 Tmxation Tli¢ Llirtrily is excmpl from corporalion lax on ils charilable aclivilie8. In IL'bp¢¥I ol'ili¥ bub&icliury 1oxÉiliui) for IIIL PLlI(Id Loinpri&Ls Luri'Gnl und d¥fciTLxI lux. T£ix ib rLLo¥i)is¢(I iii Il)c Iii¢nine Sial¢incnl, cxticpl lo Ilie extent Ilial it r¢lalcq to il¢ill.8 1'e¢og?niqcd in oilier ci)Inpi'¢l)eiisive iii¢vin¢ vi. Ilir¢oily iii ¢(Iiiily. CiiriL'I)l or d¥liiT¢'II l¢lX¢l1ioi) IISSLIS 411)<l lidbilili¢b dl'¢ iiol (IisLouiilcd. ('urr¢iil lax is wognis¥d al Il)¥ ainouiil ol. lax payAbl¢ using lh¢ lax rAte.s and laws (hal l)ave bcci) IlaLlcd ur subytJnliv¢ly eiitiLled by IliL bLilai)L¢ slieei dal¢. l)eferrtd tAX l)eli'rrL'(I Inx is I'LLI)ulli5L(l in ie$p¢¢l of all liiJ)ing diflcr¢n¢es thai l)av¢ original¢d bui nol IL'V¢i'$ed 41 Il)e b¢ilai)knL 8lie¢l dale, ii))iii&J dit'lei'ences arise I'i'oin ilic ii)clu8101) c)I' ii)COlllL aiid Lxpeiise8 li) Ilix 119gC.5811)eiil8 ii) i)erii)ds dilTLI'Lnl lix)In Il)ClSL iii wIIiLli Il)Ly iifL' rL'Lo¥ni¥Lcl iii lii)dllLl<il sliilLtllLI)Is. l)LfLri'L(I Iiix i.¥ 1llLHyiiru'd usinu liix I'll1e. 11)d law8 11)Ml l)Ive beeii enklLILd or 8ul?sliiiilively ei)IlLtcd l)y Ilie i)¢riod und ii)d Ililll rc expeLtLd lu apply lu Iliu rL°vei'sal of Ilie liininLI LliffeiriiLL. UnreliLvud lax losyes ai)d uihci. dLfLrred lux asselm iirL' reLOglllSLd only lo Il)0 exlLI)I Ihiil il is prubablc Il)ul Iliey will be recovered again81 Ilie reversal ofd¢lerird lux liabililies or ()Iher future taxable profits. DONA'I'IONS AIYD LLGAClbS CJroiip Group 2021 C.liarily 2022 Charity 2021 2022 3 077 050 3 077 050 3 077.050 3 077,050 'I'IIv Llidi'ily Wcls left a legacy by the Lalv Alfi'ed Stewari, beiiiLI land and buildii)Lts diid aiiy rLsidual e$tale. The value plaecd on ilic land and pr()perty wa9 £4,005,114 al Ilie poinl i)I' Iran8ltir. Al(Ing with IhL IransfLr, the l(Traii Ii) Il)e L".xeLulry W<lS ci8sigJncd lo IhL 'frust {£288,314) lind Il)c 'l'iiiBI MssumLcI th¢ liability due by Ilie r,slale ol'iliL I,ate Alfird Stewart lo Ilie subsidiary coinpany, Alfird Siewait Property F()undulion Limited (£1,216,878}. Pa8c 20 Lontii)Iied.
'I'HL ALb IILD SI'LWAII'I I'IIUST No'rES TO THL DINANCIAL SI'A'I'EMLI NTS - eontlnued FOR Tlir. Yri,AR fi.Nl)r,D.10 Novfi,MBfi,R 2022 OTIILR TRADING ACTIVITIFS Tl)e ti'ading activity cotiliiiued to be il)e developineiit ot. lan(1 aiid pioperty lor sale. Tliere was no tradin¥ inL()nic in Ilie ycllr. Oiliei. opci'aliii¥ iiicoine was iii repect of rents received from property held witli view lo realising by sale oi. developiiicni. INCOML LI ARNLI D'l'IIADINC AC'I'lVI'fiFS I'lie wholly owned tiadiiig subsidiaiy'l'lie Alti'ed Siewai'l Property I,oundalion I,ii))iled is incorpoiated iii Ilie Ui)iled Kiiigdnin (coinpMI)y i)umber SC3()30()3). 1'1)c cl)arity owns Ilie entire shal'e cmpilal of 100 ordiiiHry £1 sliai'es. 2022 2021 I'ui'jiover ()IhLr (?PLr81inbF IIIL()It)¢ 5,115 1,769 {2O<),¥451 (.505,2801 (Ci411,3411 I Q.205 63X.1.16 109.545 Loxl ofxal¢¥ & AdmiiiiNlrativb LxpenN¢ Oth¢r uiiiiili and lox%¢x Net Profil Ilvt¥) 'I,X1111 IlelaiiiLd iii t4ubsidiAry {56,0561 110,2051 4.3.2t¢ Tlie H¥xet4 and liabililieN ol. Ilie 4ubtyidiory were.. Non.currenl a44ety 1,87.S,1100 4,036,512 {Y4..511 } 2,380,280 4,132,716 157.85411 LiirrL'lit liMhililiL% Deferred tax .S,817,001 5.817,001 6,413,137 6,455,137 AggJ¢ga¢¢ yhare capiial aiid rci¢rv¢s INVTrS'I'MENI' INCOME Group 2022 (imup 2021 Cl)arity 2022 Charity 2021 Dcposil aLLouiII ii)Icrest 926 2,695 926 CHARITABLE ACTIVITIES COSTS (iroup & Charity Gi'oiip 21122 Gruup 2021 Cliarity 21122 Cliarity 2021 CJfilllts paid (note 8) Support ¥osls (nolc 9) 120,000 120,0110 120,000 120,000 195 721) 144416 195 720 144416 Pagc21 coiiliiiued.
THE ALI,'RLD SI'LWART TRUST NOTLS 'fo I'HE INANCIAL STATEMENTS- eontlnued rinR TJir. Yri,AR fi.NDfi,D 30 Novfi.MBfi.R 2022 CRANTS PAID CJr()Iip & Cl)1( I'lty DiiringJ Ilie year lln atnounl of £120,000 (2021 £120,000) wlls pllid lo Medi-LMse RL%eurLh Fui)d. All Ilie c()sls relate lo one tyhurilable activity ()f the LhLirily, lo pruvide grant fuiidiiig to Ili¢ Scollisli Pholodynamic Tlicrapy Ccnlrc (Medi-LL4SC) Trust ai Nin¢w¢lls Hospital. Dundee. No grkiiils were awardLd i() indivicluult> during IhL yGRr. ADMINlS'fRA'I'IVK AC'I'IVI'I'lkS N¥1 incoine/(expeiiditure) is ylul¢d aftei. Lliargingl(Lr¥diling) Ili¥ followiiig yupport Losls,, (il'OUP Crroiip C'114rity 2022 'harily 2021 2022 2021 MIJ)ageJJ)¢nt Ikgal ai)d PlDlcsèJioiial lees C()11)IlllllllLÈltion support Gov¢rJiAnc¢ 62,522 8,639 62,522 8,639 14,390 7,816 7,816 2,159 1,105 1,105 24.410 2,159 1.105 Audiior'$ r¢inuiieio1ioi) (non Audit work) 10. JUDICIAL Tr AC'I'OII IILMUNLI RA'I'ION AND BLNLFI'rs N¢ith¢i' tlie Judi¢iMI I,aclor (noi. any p¢rsoi)8 ¢onn¢¢lod with l)im) re¢¢ived any reinunLruliui) ur LXPLIISLS durin¥ Ili¥ year (2021- nil). Thc commi8sion piid lo Ilic Judicial r,8Ctor is d¥l¢nnin¢d by Il)¢ Account8111 ot. C'()urt, ii. liMPL()YLI li f The average Inontl)ly nuinbei. of einployces during tlic period wms us f()Ilows'. (il'nup (ir()up Chui'ily 2021 2022 2021 2022 Total No employees rLLeivLd Linoluinen18 in excess of £60,000. ThL key lllcind¥ciiiGnl pLrboniicl of Ihc Trusl is Ilic Judicial faclor. Non¢ ot, Ilie Iru81c¢8 w¢r¢ reii)unei'aled lor Il)eir duties als Ii'u%lees dui'inup Ilie i)eriud. I'lie key Inaiiageii)eiit p¢i'.soiinel of tli¢ subsidiaiy are th¢ directors. T]ie direcloi's receive reinuiiei'alioii undcr conlr¢icls for svrviLkntTr. Pagc 22 coiiliiiued.
THE ALFRFD ,STlI WART I'RUSI. NOTfi.S TO TIIF. fi INANCIAI, STATf.Mf.NT% - continued II'OR'I'IIL YLI AR LNDED 30 NOVLI MBER 2022 12. FIXII D ASSLIT INVESTM&'NI'S Gioup The fixed asset investments lli'e shal'es in tlie t>ubsidiury, owned IOO/ts by Ihe"frusl. Ll)arity group Profill(108s) undei1akings Capital lid i'e.sLrvLS N&me of llndertRidng Alli'e(I Slewait l)Ix)i)erty foui)dalion Liiniled 100 638 136) 5 817 001 Ai 30111 November 2022 100 (638,136) 5,817,001 Tlier¢ w¥rL no inveslmenl8 assels outside tlie UK. Tl)e Triist'g siib&idi44ry undeilaking is I'egistei'ed in Scoilaiid. It's principal activity 18 that nf biiyiii&F uiid %ellii)g I'eal e%tale, ui)d Ilie devel()piiieiil ()f it's luiid pi)I'ifiilio for Il)e bty'i)¥lil ol. Ilii PHIL'I)I Irusl. I'lie l)ircLlorN of Alfred Siewnit l)ropeiXy Foiii)dalion Liiiiiled liav¢ ooiifirni¢d Ihal Ihe compaiiy will Loi)liiiuL I() %LlPP(lrt I I'usl. 13. INVES'I'MEN'I. PROPER'I'Y CJroiip 21122 CJr()up 2U21 (;liarily 2021 2U22 FAIR VAI,UF Al l D¢Lcmb¢r 2,380,280 2,380,280 505.280 11175 000 2 380 280 Ai 30th November N.1. IIOOK VAI,UK AI 30th Novcinbcr 2 380 280 2 38112110 Investmvnl property Luinprises vmrioub land aiid building8 purL'lias¢d by tl)¢ coinpai)y over Il)e years. The laii. value of Il)e iiivc.qlinei)t pi'i)perty IIMS bceii #i'i'ived al (In tho l)ayi8 of ll vdlu4lioii cui'rieil oiil by BiilwLIIs LLI) l)ropcrty L'.uiisulidnls bascd in C,ainbridgc, wlio Are iiol conncctcd will) tlie cni11p11y. 'I'he valualioti was made on ali i)pei) iy)ark¢t vulue bJsis1)y rel¥i'¢i)Le to Indi'kel evideiiLe ol'iransdLliun priLCS for similai. propcrtlLS. air value al 30th Noveinber 2022 15 rcpr¢s¢nlod by Cost Valualion adju$liy)eiil in November 2022 AI 30 Novcnibcr 2022 2,380,280 505,280 1875 000 PAge 23 conlinlied.
THF ALFRED STEWAR'I I'RUS'I, NOTCI &) TO TIIF, fi INANC.IAI, STA'I'EMLI N'I'S - eontlnued 011 'I'HE YEAII LNDl,D 30 Novfi.IVJIIFR 21)22 14. Df.BTORS: AMOUNI'S DALLING DUL WI'I'IIIN ON AR (iroup 2022 Gi'oup 2021 C'liai'ily 2022 C,Iiarily 21121 Ilelaled l)arty loaii Oiliei. Debioi's c.orporatioi) Tax Pr¢puyineiils 1,210,878 91.913 179,475 10,205 2.962 192 642 1314,921 15. CRfDITORS: AMOUN'fs FALLING Dull, Wl'l'IIIN ONF YfAR CJroup Group 2021 C.harily 21122 C.h41'ily 2021 2022 Ti'4d¢ Credilors Oilicr rclaled party loaii VAT ALLiwed exp¢i)se8 ai)d deferi'ed ii)coine CoiporHli()i) TMX Oil)er Lredilors 288,814 288.814 27,575 71,866 37,487 10.205 7,680 5.520 102 191 352 192 2()4,334 16. CRfi DITORS: AMOUN'fs bALLINCJ l)UI,.' AFI'I,.'R MORC TIIAN ONfi YEAR Gr()up 2022 Cyroiip Cliarily 2022 Charity 21121 2021 Ilelaled Pnrty loan 1827 878 611000 1827,878 611000 Page 24 cont11141ed.
THF ALFRED STEWART TRUSI. NO'fF,% TO 'fiiF. filNANC.IAI, STATEMENTS- ¢ontlnued OR'I'IITr. YlIAli fi,Nl)Tr:1) 30 NOVb.NIIIF,R 2022 17. LEASING AGREEMENTS- LESSEE Mlnimum Ivdse Pdymeiits undei. non-cancellable operaliiig leases tall due as follows., GIDup 2021 Cliariiy 2022 Cllarity 2021 2022 Wiil)in oiie year 101100 10,Iioi) 18. 1,F.ASING AGIIFb.Mb.N'l'8- I,b.6>8()R Minimum l¢ase pllymLnls undcr non-cuncellable oporttlin&J leases tall duo 18 fc)IIow8.' (imup 2022 Gr()up 2021 C.li&rity 2022 C,harily 2021 Wiiliiii oiie y¢8r 53,1)00 IIJ. RFI.ATFD PARTY I)ISCI.OSURES During Ihc ycar Il)L company enteiid into the following lrnnsaclioiis willi r¢lal¢d partieq., Ire joint directurs in Alfi'ed Stewait Property Ai ilie hi11aiice ili¢¢l dHl¢, th¢ balancL (luL lo AifrLII SILwllii Proi)urtlLS Limiled l?y Alfred Stewart Prvp¥rty Fviiiidalivn Limilcd wiis £1 (2020 £1). 'I'licrc 1$ i)0 ii)Ici'esl cl)Eilbved 011 tliis loaii. Ai IliL. balaiiLL sIILet dilte, Ilie l)l£ IdiiL¢ du¢ Ii) Alfi'ed Si¢wai'l PropL'riy foui)dulii)n l.iinile(I by tIIL, Tru&1 wa8 £1,21 (1,117N 'I'I)i8 W&8 118%i&Fiicd on Il)¢ win(ling up ()[ IhL E,,XbLulry in LuiillLLli(In willi IhL Ic¥acy rroi)I Il)c liilL Alrd Stcwart, Ni) iiiter¢8111o8 bc¢ii ¢liarg¢(l 01) tliis loan. I)IirinbT tho ycllr £45,645 (2021- £17.254) for other work including invesligalinnq Rnd qrrniin19ne 'a4 1111ylI l)IL l(1 Aver Q..onrate Aclvisciry SLrviLLS Lid, Li L()mpdny iii wl)ILII IIL direclors. inrk Ind 'I'h¢ company hns paid Director's fees duriiig the year 01. £23,747 (2021 £0) ror rVic¢S provided lo th¢ Mpany. Page 25
OSCR Scottish Charity Re%ulator DECLARATION BY CHARITY TRUSTEEICORPORATE TRUSTEE If the organisation has a corporate trustee (another organisatlon which acts as trust88, such as cornpanyl its dSrectors should complete this declaration. In this form we ask you for som8 P8rsonal Information. This Informatlon may be used by OSCR for the following purposes.. to identlfy charlty trustees., Io carry out checks on Information provlded to ensure that you are not disqualified from being a trustee., to contact you If necessary, for example where we cannot make contact with th8 P8rson the charlty has named as its Principal Contact for OSCR., and for any other purpose in Ilne with our I li Illl lji lili ii.'lji)n find Pr1vclfy Policy. Please find and read our Privacy Notice for more Information relatlng your data as the Prlncipal contact or a Charity Trustee. Any personal Informatlon provlded by you wlll b8 held by OSCR In accordance wlth the Data Prote¢tlon Act 2018 and the General Data Protectlon R6gulatlon8. We wlll only uge It for the purposes118ted above. The informatlon suppli&d on this form15 for internal purposes only and will not appear on the public Scottish Charity Register, unless you are the principal contact for the charity and the (proposed} charity does not have a principal office. In that case your name and address will be displayed.
pctlon 1 OrgHnisitlon dotalls Proposed charlty name Sectlon 2 Personal Details Title First name{s) Last name Prevlous names Hom6 address Postcode Home Tel no. Moblle no. Emall Dat8 of birth Occupallon Are you a trustee of any other charily? Yes No If yes, please provide detalls of the charlty namelsl and charity numbar Isl
SL>ction 3 Declaration Please read our Guidance for Charlty Trustees before 3lgnlng thls declaratlon. I declare that.. l am willing lo act as a charity trustee of the above named organlsatlon. l understand the organisations purposes and rules set out In Its governing document. l arn aware of my dulles and responsibilities as a charlty trustee in 16rms of section 66 of Ihe Charilies and Truslee Investment (Scotland) Act 2005 {'the 2005 Act'l. l am not disqualified from being a charity trustee in terms of the 2005 Act - that is.. l am not an undischarged bankrupt I have not granted a Protected Trust Deed {PTD) I do not have an unspent conviction for an off8nc8 involving dishonesty I do not have an unspent conviction for an offence und8r the 2005 Act I have not b88n removed by the Court of Session under the 2005 Act lor garliar legis18tlon) from being a charlty Iruslee or belng concerned in the management or control of any charity or body I have not been removed from being 8 charity trustee by the Charity Commission or the High Court in England dug to mlsconducl or mlsmanagement I have not entered Into an Indlvidual voluntary arrangement (IVAI to pay off debts with creditors. (This only applies to trustees living in England or Wales) l am not disqualified from belng 8 company dlrector. l understand that It Is an offence under sectlon 26 of tho 2005 Act to knowlngly or recklessly provld6 falso or misleadlng Informatlon. l understand and agroe that the por80nal Informatlon I have provlded OSCR In th18 form may be used for the purposes Ilsted above In Ilne wlth the l),'Il<l Pi"c)lÉ.'(:tioii ?rid P)I'iVclCy Policy. Signature Prlnt name Date
PFIO.I B31 Th Alfred Stewart Trust: 30 November 2022: Goln concern- Plannln Followin8 enquSries wlth those char8ed with governance1821-21, we have noted the following point5 wSth regards to going concern assessment at planning stage: Cllent has confirmed that they assess the trust as a goSng concern Industry E.g has Sndustry been prevented/strICte from tradlnB Not rellant on trading, but rellant on ongolng support and Income from subsldlary. If It were not forthcoming, the trust would not make ils usual level of donation, and has the support of its subsidiary. Company operatlons E.g Companles not beSng able to export 8oods, lack of demand for 8oods/servlces, Any historical 8oln8 concern IssuesP Any Impact from chan8ln8 controls1processes1softwaTr As above Supply cha5n Any Issues sourcing materlals/good57 Not relevant Staffln Any redundancies anticipated? Likely costP Not relevanl. continues in post until such time as new Trustees can be found. Continue to operate in same fashioii and no issue forseen. Legallcontrartugl Issues If company fails to meet a deadllne e.g project completlon date, are there any ImplicaUonsP NIA
Assets held Are valuations required and If so, are these up to dateP Any indications that charges on assets may be crystallised? No valuations done as subsidiary valued at book cost. Directors Satisfied that historic costs are lower than current market value. Value of land considered reasonable based on 2021 valuations R¢llablllty of personnellaccountlng records If management are basinB their opinion on accountin8 records, what are the chances of the records being accurate? Are manaÉement accounts prepared regularly and forecasts reviewed/update(IP Are mana8ement knowledgeable enough to draw an opinion on going concernP If155ue5 are identilied at Ihls stage wlth accuracy/knowledge, rlsk factors on the samplSng 51ze schedule will need adjusted. Knowledge anil accuracy are rellable and informed with I l)plliiiid Directors quallfi'ed chartered accountants/soliclior. However will note lo gel more lanp,il)Iii evidence on file rather than relylnB on oral representatton Share capltallreserves Any indicatlon of restructurln8/lssue of shares/slgnlflcant shareholding transfers? If so, will this Impact the day to day operatlons and if $0 , how Any dlvldends pald Since year end or expected In next 12 months? No dlvldends pald by subsidlary as walung on land dlspos&l. Stlll has sufficlent funds to support trust though, Overall goln8 concern assessment at plannlnB stage Are the management/those In governance of the oplnlon that there are any goln8 concern IssuesF No golng concern matters arlslng
PFI-8 B30 The fred Stewart Trust 30 November 2022 Accountin Esbmates Objecti$ To obtain sufficient appropriate evidentr 3bt 0Vr% estirnatesand di5chxures are wsonable iTht context of the applicabk finantial repotbngfrarrthrjr To undertak PureS in relation to attOUTrting esDrnatesas required by1 540 KeyAccounbng Etyme Key Fusk tha IAssorbonl ReviÈw and test pre$S used try Mgt/ How Mgi fflade the accounting etymate ICONTROLSI REF to YAx>rk undert3kert Develop an auditors >t estimate Dr rae rall eva1u3ti0n/cDnclu5n Fixed Asset- Depreciètion Accuracy. Exr. Cla$5Ffitstion. Presentation & Disclosure. Financial Ststernent RevEwiJF and exrtUre and otr£¥ records including correSndentr wtth lated parries and ertsure corrÈttly identifyand dassfyall transaaioA5 Annual rewOf all recort15 (Not high level of tran5attionsl and releY8nt rninutes or correspjndènco. Confimiation frorn JF rf any rekvanttrèrtsacri0fi5 Satisfied n05ignificant risk of materièl error. Completeness. Exter. Valuation and rohts and oblig3tions. Presentstion & Disdosur¢ FinarKial Ststernent R10{ 8ccounts forAifred siewart Property FoLsndation and Ared Stewart ProFerties Lsrnited. Valuation is trAk value ol ck15irtg b31arKe sheeL Accourrts audited by H &T. Workiftg papets wewed to ensure consistent use of accounting wliciÈs and esttrn3tes a5 the trust. rate note prepared on revEw of the 5ub5idrary accountsand consdaOn prrxe¥ ValtiOn wered on basis Consnt wsth eadiei yeaT5_ No eviden of M3nagement bias idetified. S3tisfied no sigftthcant riskof merv41 erFDr. siock Accuracy, Completene55. Cut-off. Existence, Valuation and ri8hts and oblitions, (S$cOOn. Pre$tation & Disc10511re. FinarKial Ststernent Trust has bÈen a55i8r2ed land from exe£utsV. Recogni5Èd at 2021 valuatson. Coftfim reaxJnablene55with JF Revwvaluatif>n and dissS requirements fvr profeSsnal valu8tiolls Re650nable proxImt0 lastvaluation S3tsfted no ggnificam ri5kof rnater1 error. Barf rjebt AccUTr Completene55. Cut-off. Existence. Prtkn0n & Disdosure. Financkil Staterrent Trust Th)t in habr(of maknrg sal Area not relallL No 5cIfiC wurk undert3ken on thtsarea 5atithed no &gnificant risk tsf rnaterial error. prwston NIA
PFI-8 B30 The AFFred Stewart TrusL 30 November 2022 Accountin Esttmates Accuracy. CompletEness. Ctff. Steft., Presentation & Disclosu. Finar£k?I Stateme Genetalty onty accrual is accoufttan¢yand audiL sed or2 brne on ledger as evsdÈnted byrost ledger and a0 rfany quotefor work provided by H & T. JF fee is recognised whÈn agteed byAccountartof Court and noatcrual is prDvided a5 Oft payaNe when propertyapprobtd. Te¢ on ortoff and rle of FX>5t year eTrJ trarsactions and Defed Incorre In linE previousar. unless mèdeaware durirg otheraudit enquiries Satisfied no signfficant risk of materkn31 errof. No evidence of Management bias mIentid. Prepayment Attulv, Cornpleter. CUtff , Presentation & DiSCk). FinBncial Ststemert Trust rv)t irÈ P¢bit of having ppayEnts. Risk this COld be o¥erlcKJktd. but inforTr£d rnarFagement to be awa of any inco •Jue b) be recer¥d and consider its tognthon_ Te5tOn Llrt off and rewew of )St ar end traEs&ctions and corresw)nden In lineth previovs year. unless made aware tluring otheraudit enquiries Satisfied no 5ignfficant rk of m*erial error. No idenCe of Managernert bvas tified.
PF>I 832-2 The Alfred Stewart Trust 30 Novernber 2022 Risk Assessment I. IT Excel spreadsheet maintained by William Cleghom cross referenced to documents of income and expenditure. Summarised Profit and Loss and Balance Sheet provided. Spreadsheet checked for corruption. incorrert formula. No area5 previously for concern 2. Financial Reliance on subsidiary for funds, hOVer not commwtted to expenditts and loans available until such time as executory 15 wound up or company has distributable cash. Confirmation from Subsidiary that funds available with no interest and no repayment anticipated until development complete. 3. Management Informed management. with no changes in period 4. Performance No income, but 5UPPOrted by executry and subsidiary. Not Possible to consider nom1 KPES as nature of trust unusual due to historic Postknon 5. Legislative Review of trust deed and transathons suggest no legislative concerns. 6. Fraud Judicial Fartor supervision ènd control of funds. Confirmed no known case of fraud and minimal opportunity-
- Management override Audttor5 scepticism to challenge any unusual transactions PF3-1 Risk Assessment 1STotsl Rellar- I No reltan? 13Total Resian- No RefvdrKel Reln on Ana1£34 Finantia Statement dlue per dTrft Inherent & Auditwork wired SampleSt2e le5 Income Occurrencè. Comp4eteness. Accurary. aassification. Pre5efttstion No sales expected Rental incorne Ottre. Completene55. Accuracy. (lalfilon. Pre*rtation No rentsl income expected IrNestrnent Irme OccurreTrce, Cornpletenes5. Acturary. Cla&sifitstion. Presentati¢)n Check in totsl to bank and subsidiary accounts Jndry receipts OCCurrer< cOmttene$s, Accuracy. Oassification. None anticipated
Salaries Cotnpleteness. Accuracy. None anticipated social security and pensions) Ftsising Funds Cornpleter*s5. Accuracy. OccurrerKe. Ckssification CharitsbIe AtreS CornWeness. Accuracy. OccurrerKe, Ckssthcation 195.720 Reconciled to bank and invoices Tangible A55ets Existence. Valuation. REghts & Obligations. Completene5S None arrt7cipated Valuatioll, ExE5tence. Completeness. prnOn & DiscSJre ILK) l(M) Cash/Bank Ex&ence. Completeness, Accuracy, Cut- off. Valuation and CCaM0n 724,648 Stock Existence. Valuation. 4.)5.114 None anticipated
Rhts & Obligations, Cornpletenes5 Debtors Valuation. Exence & occure. Compjetelless. Accuracy. Classification. Presentstion & Discbsure None anticipated Trade cometene$s. Exstence. ActuTacy. OassÉfication. PSentstiOn & Disclosure None anticipated Accrua15 and elerred IrMe Completeness. Existence. Right & Obligation. Presentstion & Di8ckgJre 7.680 Bank Lo2n Valuation. Completeness, Atturacy, aassification. PresÈntstion & Discbsure None anticipated Inier group balances Complete55. Existence. curacy. Right & OblitiOn, 1,827,878 Reconcile to subsidiary
Presentstion & Dsclosure Related Party tsala5 Completenes5. ExIstsn. Accuracy. Right & Obligatioll, Presentation & Dl05re Assigned when executry wound up Taxation Cornthefjess. EX£. Acojracy. Right & Obliwion, Presentstion & Discioyjre None anticipated