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 <ippIiLable lo cli&ii'iti¢4 pirpai'i21g tl)eii' accouiils li) accoi'dai)ce will) Ilie l iiiaiicial
Ilepoitiiiup Standard applicable in IIIL UK aiiil R¥publi¥ of ii'cl(In(l (PRS 102)" (¢lS ainendLd for ULLounliii
pLriods commeiiLin¥ from l Jaiiuary 2n16)
01)jectives aiid Actlvitles
T]iL Trubl DLud pi'(>viilL% r()r pthytllenl oi. applicAtian nf th¢ in¢oine/¢apital of th¢ Trust ftind or such pait ot. il
a8 Ilie Iruslees shall fioiyj lim¢ to IiiiiL in Il)eir &ulL disLrelioii d¢¢id¢ {ull wlieil)Lr iii Ili# U1)ilC￿ KiiiL>di)In i)I'
elsewhirL' in the world) l() or for tlie tollowiiig ch8rilubl¢ purposcs'.-
(a) Ilie preveiilion ui. Irliet ot. poverty
(b) Ili¥ advancuinLnl ofc(ILILulion ii) s() flir as il proinoles the trust's ail)er ¢ho1'ilable puipns¢s
(c) Ilie ndvaiiceineiil of liealili
(d) Ili¥ a(Iviin¥¥inkniil ul-Lilii.LiiS1)ip ai)d LC)11)Inuiiily developm¢i)I
(¢1 Il)e ￿dVance[neiit of LiivironineiilAI prolLclioi) Riid iinproveiy)enl
ID Illi uilvaiiLLiiivnl ()r Il)e Iiils, IILI'iltlgYL, CLiliui'e (Ir science
(&) ilIL Irliel'i)I'il)0.8¢ iii ii¢¢d by I'¢asi)i) ol'a¥c. ill Iic<ilil), di$￿￿bIlitY, fiiilliiLiuI hardship or uilier disadvantage
(h) lo or Ioi. SULII ()Ilier piii'i)(i%es, fundti, societies, oruai)isalions oi. scheiy)es a8 are LlIAril&ble lor noi falling
undei. tlie pro¢¢cdii)& i)uip()s¢s
illl of SULI) putyus¢.4, lui)ds Societies, organigalions aiid scheine8 beiiig individulllly or
¢olleLlively i'elori'ud lo iii ili¢ dL¥d tls LliiiriliLb) in bULli iiithiiner lli)d li) ¥ULI) 8IMrL.¥ £ind i)r()i?uilioiis Miid at su¢l)
liniLS as Ihv 1]￿SteeS Sliall ii) Ilieir sole dis¢retion Iroin tiine lo liine (lecide.
It will Inllke yrai)ts, dniiulioi)s, lolliis 41)d gills lo iiidividuals or orgaiiisalion8 wl)icli In¢cl Iliu objLLlives ol'ihe
Trusl and Ihei'L hA8 bL'en no change in Ihvse policiLS (liiring th¢ year.
The JudiciAI FaLlor hd8 Ptiiil duL rcLiard (o LILiidai)Le issued i)y tli¢ l)ffi¢e of tl)¢ Sci)tlisl) Lliarily Ileuulalor in
deciding wl)at activities the TruNI should undLrlak¢.
Aclil¢v¢m¢nts and perforinAnce
In furlli¥i'iin¢i ()fil)L fi)rLg()in¥ Ll)kiriliihle purpo8c8, tlie Ii'u8lee$ will pi'iiicipHlly ci)dcllvoui' In pii)vidc tiii8n¢ial
pr()visioii ai)d sLii)Iiort for pmjecls cai'i'iL<l oul al Ihu SLolli¥li l)liuloclyi)dllliL'I'I)Ll'dPy C'.Ll)IrL' (Me(li~Ld5L'I Nsl)
al NinLwL115 14()si)iliil, Dun(le¢ bill will lll,g0 suppoI11)IDjeL'l% in filc (wiih P¢ii1iculMI' fo¢u8 on DuiilcrinliiiL) in
ordei. lo develop And improv¢ Ilie quality of lifc ofihc pcoplc in Ihosu areas.
The TNSI has continued lo fund ils cor¢ chariluble &clivitlG8. being donations of £120,000 10 Il)e medi-l.llse
Trust al Ninewells l.luspital.
FlnAnclAI rcvlew
'riie I'rusl l)ad incoininy resourLes of £3,077,976, (2021- £0)
Th¢ lolhl ii)com¢ included the legacy froin Ilie Execiilry of the late Alfred Stewart, which consisted of laiid
and pi'up¢ily iiiid loan4 assigyi)ed, Iiel ()I' the assigiimeiil ol. the lomn by the subsi(liary. AifrL'd Slcwarl Propcrty
roundAtion l.imitcd, lo th¢ F.x¢culry.
The Trust will distribute its incom¢ as donalions. Futtds may be carried froni one year lo another. 'I'he
inv¥slm¥nls oliliti Tru￿% will bu c(IUlVic Icnl lo ils i'escives. 11 does iiol tnainl£1ill <7 sepic iale I'eseive fund, liow¢v¢r
tliis will b¢ subject tu Irview wliLii Ilie Judicial I,'acloi' 18 rLplaLLd by nLW diid PLlIt)111)Li)I IrusieL'S.
Page I

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$id¥r whLII)ci' tlie otli¥r ii)f()rtllatiOli is Ill&ltcrially iiicoii8i8tcnl with the financial statein¢i)ts oi.
()ur k21nwledge ol)laiiied in tlie au(lil or oilienviye appears lo be maiLridlly mis'SlalLd. Ir WL idLiilify SULII
tnalcrial inconsislLm¢iCS or uppiirl'nl material Ini$?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<icIoi'.
We l)¢ive iii)IliiiiLtr l() report li) respeLI nf Ilie followiiigy matter.s whei'e tl)e Lharilies Accou1)15 (Seoilai)d)
Rcgiilalions 2006 (as ainLndLd) rL(iuircs 118 lo rcporl lo yoii if. in our opiniuii..
Ihe inloi'inali()i) giveii iii Ilie fiiiaiiLiMI 8talemttiit8 18 11)L()i)si4lei)t ii) any material respect witli Ilie Judicial
ra¢lor's rcpurt,. or
proi)ei' accnuiiliiig I'e¢ords118ve i)ol bceii kept,. or
Ilikn fin¢iiiLi#I &lulLmei)l& ÉirL' i)()I 111 dgi'eeineiil will) Ilie ULLDlllltii)&y record8,' or
w¢ h8v¢ Iiot I￿￿1Ved all the intonnalion and explaiialions wc rcquire for our audil.. or
Re8poiINlbllltle8 of Ju(IlclRI FActor
As exi)IciiiiLd In()I'e fiilly iii tlie Slateineiil ()f Jiidi¢ial I,a¢ti)1 5 Ile81)011.qil)ililies, Ilie Judicial I,acloi' 14 reqpoi)8ible
rui. Ili¥ pi'¥paThiliun uf IliL fiiiuiiviul ts1(Ilviiicnls Éin(I f(>r b¥iiig biilibfiL(I Iliiil Il)ey gJivL u IruL Iiiicl fiiii. viLw, uiid
foi. SLILli ii)teriial ¢oi)tiol as Ilie Judicial I'actor d¢lei'illiiies is iiec¢ssai'y lo eiiablc Ilie prcpnralion ot. linancial
stal¢ih¥nts Ihul Mre free fivm iiialLrial iiiisslalviiieiil, wlieihei. diie lu fi'tiud ur en()i'.
In preparinu Ilie fii)llllLial slaleineiils, Ilie Judicial P'aLtor 18 resP()nsibl¢ for HsBessii)g Ilie .1 riists, ability lo
oiiliiiiic ths i gFoiiig coi)c¢'m, dis¢losiiigF, aq appliLabl¢. Iniill¥i's IL.Iiil¥(I lo g()in¥ LC)IILLrii #lid usin¥ Ihu going
L(?nLLrii bii%is 1)f IlLLOUlltingJ Liiiles.4 tIiL JLidiLILII I'iiLlnr LltIILr inleiid to liquidate tl)¢ ¢liariluble ¢ompai)y oi. lo
cease i)l)Ll¢ili()Iis, oi'11¢lV¢ 11(I rLalisli¢ ali¢'n)alivL bul l(J (lo su.
Oiir rcspoii%ll)Illtle¥ for tlie #udlt of tlie finAiicinl NtAtemcnts
WL Iiav¥ buLII IippoinlLcI IILI(liloi' uii(ILr %LLlioii 44{1)(L) ul. IIIL C.hMrilicy aiid 'l'rusleL. IIivLslinenl (SL()tllliid)
Acl 2005 Ai)d r¥porl in aLcor(laiiL¢ willi Ihv ALI Mnd I'Ll¥vanl r¥gullllioi)t4 IniidL (Trr l)civing IIILtL'UI)£ILI'.
Our i)bJ'L¢live8 arL lo ()biilill fLII¥I)Ili)blL HSS'UI'IIIILL Hbvul wliLiliur IhL finunLi£il slcilLillLI)Is lib 11 wli(IlL III'L fi'LL
from iiiiilui'iiil ini58laleiiieiil, wli¢iliir diie lo Iriiud oi. ci'rDI', ai)d Ii) issue a l£cpoil ol. Ilic Iiid¢pciidcnl Au(lilor4
(hal in¥lu(ley our opinioii. RL#sollciblc as'sui'iiiiLe is i? higli ILVLI ol. dSbufclllLL, bul is i)ol d ¥Udl'anluL Ihdl
udil Ll)IicliiLl¢d in acci)I'dance will) IgA% (IIK) will alway4 delecl a Innlerial llli481alcinei)I wlieii il cxi81s.
Misslal¢in¥iils ¢411 ai'isu Iroin Iraiid oi. crror tirid IirL' Loiisiil¥rc<l IniilEri£il il-. inclividiiiilly oi. in IIIL ÈIYLifL¥iIIc.
Iliey i()Iild iyosoiiahly he expected lo iiillu¢i)c¢ Ilie eci)ii()IniL decisions ol. u$ei's lakeii 011 Ilie basis ol. Il)Lse
finan¢io18iAieinknnls.
A lurthLr dLSLripliun of uur r¢spuiisibililiLS IS MVqiilabl¢ on lh¢ FinMn¢ial Reporiii?g Coiin¢il's w¥b5il# al.,
hiips://www.frc.org.uk/auditot*re.%poiisibililic3. This desci'iption fonns pprt of our audiloi s repoit.
Extent to whlch the Audit ¢on55dered eapAble of detectinx IrregulAritjes, including frAud
Ii'regului'ilies, inLlu(ling fruud, are inslHIiLes ol. t)()n.coinpliaiicL willi laws and rLuiilttliotiy. We de8i¥n
pn)LLcliircs in IIiiL willi oiir rc.8poi)&ibililie8, ouiliiicd abi)vc, lo dclect malci'i<il mi88t￿leIne]]1N iii rc8pecl of
11.￿gu[a1.1t1es, ii)cludiny fiaud. 'Ili¥ exlci)I lo wliiuli our pr￿¢{lU1.￿¥ are LIJPdblL ol. dLILLlinu irreguldriliLs',
including frtlud, iti deluiled bel<)w.
Pagc 7

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<ilc to proviil¥ a basis tor our
opinion. This inLILidLs con8iclLf<ilion ofihL risk ofclLts by Ilie .1 111st Ihcil WLrL' Lontrilry to appli¢£1ble laws and
i'¢gulMtions, inLludiiiL> frJud.
Oiir appmgcl) to idei)lifyiiig and assesqing Ihc risks of Inftterial misslaleineni in respeLI of irrLgulMrilies,
inLli1diii￿tr ii()11-L()mpliunce willi lthw.8 aiid re&Juliili()11S, Wli$ tollows..
tl)e eiikyakyeineiil pariner en8uird tl)at tlie eii&>ageinent teAm colleelively liad Ihe oppropriat¢ eotnp¢t¢n¢¢,
capahilili¥li Iiii(l %ki11s 1() iilGYilify i)r I'LLI)byniyL n()n~ci)illi)liiillLL with 111)pliciihlc lllwl ciiid I'Lgiilcili()11.8,'
we ideiilified Ili¢ laws ft1)d I'e¥iilali0118 ai)pli¢able lo Ilie 'l'rust IliiDugli di8cussion8 Wltl) tlie Judicial
'¢i¢lor, titlLI fr()In ()Iii' kil(IwlLcl￿Nu iii)d Lxi)Ll'ICIILL of tlie Lh￿rItY 8ecli)r;
w¢ fnciised nii 8pccili¢ lawq ai)d Kgiilalioiis wl)icl) WL con8iderL'd inay have a direLI mAleriRI effcLI on
lh¢ fiiiaiiLiul sltilLiiieiils ()r Il)e c)pei'uli()n8 <)f Ilie 'fi'u$l, iiicludiiig Il)e Cliarilies and I'i'uslee Iiive811))enl
(Scoildiid) Acl 200.5, 111¢ (:IIAriliLs Actiounls {SL()Ilaii(11 Rugulalions 2006 {IlS ciinun(ILcl) l#x*lion,
we ass¥ss¢cl Ili¥ ¢xl¥i)l ol. Ll)InpliiiiiLL willi Ili¥ law% and rLgululi<)n8 idLnlifiL(I Iib()vL Ihr()Liuli tnllkiiig
LIICIIIII'IL5 of Il)e JiidiciLII I'ilctoi. 4iid iiisi)ectii)g) legjal coi'respoiideii¢e,' aiid
i(ILnliliLd Imws diicl r¢giil¢ilioiis WLfv' ¢oiiiii)Ul)ILaled wiiliii) IIIL ULidil ILUM regularly niid the leaill
rLiiiuii)ed aleil to in$tlli)c¢s of iioi)-coinpliaiic¢ Il)mughoul Ihc audit.
In I'e8POI)8e lo Ihc risk ol'ii'regulHrilics Ai)d i)on-Gomplianc¢ willi law8 and rcgulalions. WL dusign¥d proc¥diirey
wl)icl) illLludLcI, bul WLfL nul liinilLd i()..
¥rcL'in¥ finiinLiiII slMILmLiiI di%Llusures l() Liiidei'lyinb¥ suppoiliiigT di?ciiinenl8lion,'
cii(iuii'ii)ky ol. i)ianu&JLinei)l ay lo aLluAI and polLI)lilll lili¥#lii)n Iii(l el#iinY,'
rcvi¢wiiiLI al)y corresi)oiidvnLL will) relcvaiil I'Lgulatui's
WL a8SL8scd Il)e 8usceplil)ility of Il)e'l'ruNI's financial statements lo iyJateri&l mi88lllleiy)ei)I, ii)rludiiig obiainiiig
an uiid¢rslandii)g ol. l)ow fraud Iniglil oc¥ur, by..
making ¢nquirics ot, Ilic JudiLial Faclor as lo wlierc IhLy LonSIder￿ IlierL' WRS SUSLLplibilily lo fraud,
Ilieir kiiowledLFe of llLtUiil, SUSPLLted diid &ill¢Li¢d tiaud,. ai)d
coi)4idcriny Ihc inlcrnal Lonlruls in plaLc lo miligule ri%ks uf frau(l Mnd non-compliMnLe witli lllws aiid
rLgulalii)Iis.
I'o llddres8 the risk of fraud IhiDugh manllgctncnl biws 3nd ovcrridc of controls. we.,
performed uiimlytical ptt)cedure$ t() identify any unusual or unexpeeled rclalionships.,
assLss¥(I wliGII)Li' jiidgcni¥nlb aiid asbuinplions made in detennining Ilie accouiiling estimutes were
iiidiLalive ofpc)leiiliul bias,. atid
inv¥sli¥uled Il)G rlllioi)kilu bLlJincl sigiiificRnt or unusulll Irllii8EicIi()1)8.
Bevuuyc of th¢ inhereiil liinilaliuns ()f an uudit, Ih¢re is a ri8k tl)al we will not delecl all imgul&rilies, including
those leadiiig tn 8 iy)alei'i81 Inis$laleineiil li) tli¢ fiiiancial slatem¢nls oi. iioii-coimpliancc willi rcgulalioii. Tliis
ris'k iliLrLasLS ihe more tliat LunipliaiiLe witli d Idw ur regulÈitiun is rem()ved fr()In Ilie events uiid ti'uii%aclitsns
reflected in Ihc finllncilll 8lalemenl8, a8 we will be less likely lo b¢come awHre ol. inslan¢¢8 of. non-coinplian¢¢.
Tlie I'i8k ot, not del¢cliiig a Inal¢i'ial niisylal¥mcnl rcsuliin¥ frum frdud ib liiWier tlian for onG rcs'uliinL4 fiom
errur, as fraud may involve collusion, forgery, iiitei)tional omissioiis, misrepresenlalion8, or the override of
intei'nal coi)trol.
Page 8

REPORT OF THE INDLPLIYDEN'I. AUDITORS Tn TIIL TRUSTF.FS AND MF.MBERS OF
THE ALFRED STEWAIIT TRUST
U$e of our r¢port
'l)i% rei)ori 1.% made .%i)lely ta Ilie ¢liarity's Iruslecs in accordancc willi rcgulalion 10 of the C.Iidrilies AcLOllI)Is
(SLuilai)cl) RLuulalions 200b. l)Lir audit work Iikis beei) undertuken so tl)at we Iniglil stale to Ilib ehttrily'$ li￿SLe($
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'll￿1 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 MeL￿tS thL dLfii)ilion of u publiL b¢nttfil L41lily.
2.1 Accoiintlng conventlon
'I'l)e accoui)ts liHvc beei) pi￿pHrcd 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)<l¢d lo Il)¥ ncai'c81 £.
Tlic finan¢iiil sluliiiivnl% h41vi bLLn pr¢'piirLd undcr thc hi81ori¢al ¢osl convcttlion. Th¢ prinLipal
llLc(Trunling pi)licie8 adopted tire sel out heli)w.
2.2 C¥oin% eonccrn
'I'lIL JudiLldl F,'dLtoi' is of iliL opinion Ilidl Ihe'frusl cnn conlinuu> lo Ineel ils obligdlions as Ili¢y fall due
for Il)e foresectsblc future. AS a conscquence tl)e.ludiciMI fllclor lias prepared the financial stateinentg
on the going conL¥ni ba818.
2.3 Charltftble funds
Uiiir4ti'i¢t¢d tuiids are available foi. use at Il)e discrelioii of Il)e Judi¢i81 I,'acloi' iii furtliei'ai)ce of Ihe
Llidrildblc ubjLclive?i unless Ihc fuiid& l)uv¢ bL¢i) dcbigniiled fur uiliLI' purpo8¢s.
PagL 17
contlllLied...

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<il funclioiis
GovernAn¢¢ ¢o$tg
(iuvLriiaiiLL Lo&ls Luiiipi'ise illl L(Ist5 iiivolviiig Ilie pul)liL a¢¢nuiiltibilily ot'ilie I'i'uql and ils coinplirtiice
will) Iru>ulalic)ii ai)d &Jood pr*cliLL, TII¢ytt Gosts ￿.lat¢ lu ylalulory audit ond acLounling fccs. 'I'hLrL is i)u
&ll)P(irti(IniiiLnl c)f UVLI'lIL'ad Losts.
2.6 fi Ixcd As¥ct Inve4tment¥
Iiixcd dssel illVLslinui)Ib arc inilially ineasurvd dl Lost dnd &ubsv4ueiitly meayured llt cost less ai)y
cLuinulated iillpairment104se8. Tlie inve8liy)eiils ar¢ 118s¢ssed tor iinpairmcnt Nl efjcli r¥porting dalL and
ai)y iinpairinunl losses or rcv¢rsals of iinpainnent losses ure reco¥ni%ed imiiiediately iii net incoin
(exp¢iidituiY) foi. Ili¢ year.
A sul)sidiaiy 18 ali eiilily ¢oiiliDlled by Ilie 'l'i'usl. CoiiliDI is the powLr lo govern the linanLial And
OPC1411ing poliLiLS of IliL Liility so Ms lo obiuin bei)efit.4 fr()in its aclivilie8.
Investment pl￿perty
Invcslinenl piopcity? whieli is prop¢rty h¢ld lo earn ronlals ondlor for cftpilal apprccialion, is inilidlly
recogniscd al uosl. whiLh iiiLlud¥s Ilie pui'cliase Lost ai)d any dii'ectly atti'iblilable expendilulr.
Subxeqiiei)tly il is Ineasured al (air value at tlie reportin¥ cnd dale. Chang¢s in fair VAlu¢ arc r¢cognised
in protil or108S.
Where lair value Lannol b¢ achi¢￿.d wilhoul undu¥ COl>l or effort, invcslm¢nt pr()perty is accouiiled for
as propuhity. plant equipineiit.
Pa8c18
continued...

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 Illi￿L 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 r￿o￿nis￿d al
tl)e uiidiscouiiled lliiioui)l owed lo Ilie qupplier, wl)icli 1% iiorinally Ilie invi)iCL l)rice,
2.11 li Inniicl￿I 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 re￿pect 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,￿X￿11￿11
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 cni11p￿11y. '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 Yf*AR
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 Alr￿d 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..on￿rate 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 controls1processes1softwa￿Tr
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 3b￿t ￿0V￿￿r% estirnatesand di5chxures are wsonable iTht￿ context of the applicabk finantial repotbngfrarrthrjr
To undertak P￿￿ureS in relation to attOUTrting esDrnatesas required by1￿ 540
KeyAccounbng
Etym*e
Key Fusk tha IAssorbonl
ReviÈw and test pr￿e$S used try Mgt/ How Mgi
fflade the accounting etymate ICONTROLSI
REF to YAx>rk undert3kert
Develop an auditors ￿>*￿t
estimate Dr ra￿e
rall
eva1u3ti0n/cDnclu5￿n
Fixed Asset-
Depreciètion
Accuracy. Ex￿r￿.
Cla$5Ffitstion. Presentation &
Disclosure. Financial Ststernent
RevEwiJF and ex￿￿rtUre and otr£¥ records
including correS￿ndentr wtth ￿lated parries and
ertsure corrÈttly identifyand dassfyall transaaioA5
Annual r￿ewOf all
recort15 (Not high level of
tran5attionsl and
releY8nt rninutes or
correspjndènco.
Confimiation frorn JF rf
any rekvanttrèrtsacri0fi5
Satisfied n05ignificant
risk of materièl error.
Completeness. Ex￿ter￿.
Valuation and rohts and
oblig3tions. Presentstion &
Disdosur¢ FinarKial Ststernent
R￿1￿0{ 8ccounts forAifred siewart Property
FoLsndation and A￿red Stewart ProFerties Lsrnited.
Valuation is trA￿k value ol ck15irtg b31arKe sheeL
Accourrts audited by H &T. Workiftg papets wewed
to ensure consistent use of accounting wliciÈs and
esttrn3tes a5 the trust.
rate note prepared
on revEw of the
5ub5idrary accountsand
cons￿*da￿On prrxe¥
Val￿tiOn we￿red on
basis Cons￿nt wsth
eadiei yeaT5_ No eviden
of M3nagement bias
ide￿tified.
S3tisfied no sigftthcant
riskof m*erv41 erFDr.
siock
Accuracy, Completene55. Cut-off.
Existence, Valuation and ri8hts
and obli￿tions, (￿S$￿cO￿On.
Pre$￿tation & Disc10511re.
FinarKial Ststernent
Trust has bÈen a55i8r2ed land from exe£utsV.
Recogni5Èd at 2021 valuatson. Coftfim
reaxJnablene55with JF
Revwvaluatif>n and
dis￿sS requirements fvr
profeSs￿nal valu8tiolls
Re650nable proxIm￿t0
lastvaluation
S3tsfted no ggnificam
ri5kof rnater￿1 error.
Barf rjebt
AccUTr￿ Completene55. Cut-off.
Existence. Pr￿￿tkn0n &
Disdosure. Financkil Staterrent
Trust Th)t in habr(of maknrg sal
Area not rel￿allL
No 5￿cIfiC 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. C￿t￿ff.
Steft￿., Presentation &
Disclosu￿. Finar£k?I Stateme
Genetalty onty accrual is accoufttan¢yand audiL
sed or2 brne on ledger as evsdÈnted byrost ledger
and a￿0 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 r￿le*
of FX>5t year eTrJ
trarsactions and
Defe￿d
Incorre
In linE ￿ previous￿ar.
unless mèdeaware
durirg otheraudit
enquiries
Satisfied no signfficant
risk of materkn31 errof.
No evidence of
Management bias
mIenti￿d.
Prepayment
Attul￿v, Cornpleter￿. CUt￿ff ,
Presentation & DiSCk)￿￿.
FinBncial Ststemert
Trust rv)t irÈ P¢bit of having p￿pay￿Ents. Risk this
CO￿ld 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 line￿th previovs year.
unless made aware
tluring otheraudit
enquiries
Satisfied no 5ignfficant
r￿k 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, hOV￿er 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 nom￿1 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-

7. Management override
Audttor5 scepticism to challenge any unusual transactions
PF3-1
Risk Assessment
1STotsl
Rellar￿- I
No reltan￿?
13Total
Resian￿-
No RefvdrKel
Rel￿n￿ on
Ana￿1£34
Finantia
Statement
dlue per
dTrft
Inherent &
Auditwork
wired
SampleSt2e
le5 Income
Occurrencè.
Comp4eteness.
Accurary.
aassification.
Pre5efttstion
No sales
expected
Rental incorne
Ott￿￿r￿e.
Completene55.
Accuracy.
(la￿lfi￿lon.
Pre*rtation
No rentsl
income
expected
IrNestrnent
Ir￿me
OccurreTrce,
Cornpletenes5.
Acturary.
Cla&sifitstion.
Presentati¢)n
Check in
totsl to
bank and
subsidiary
accounts
Jndry
receipts
OCCurrer￿<
cOm￿ttene$s,
Accuracy.
Oassification.
None
anticipated

Salaries
Cotnpleteness.
Accuracy.
None
anticipated
social security
and pensions)
Ftsising Funds
Cornpleter*s5.
Accuracy.
OccurrerKe.
Ckssification
CharitsbIe
A￿treS
CornWeness.
Accuracy.
OccurrerKe,
Ckssthcation
195.720
Reconciled
to bank
and
invoices
Tangible
A55ets
Existence.
Valuation.
REghts &
Obligations.
Completene5S
None
arrt7cipated
Valuatioll,
ExE5tence.
Completeness.
pr￿n￿￿On
& Disc￿SJre
ILK)
l(M)
Cash/Bank
Ex&ence.
Completeness,
Accuracy, Cut-
off. Valuation
and
C￿￿￿CaM0n
724,648
Stock
Existence.
Valuation.
4.￿)5.114
None
anticipated

R￿hts &
Obligations,
Cornpletenes5
Debtors
Valuation.
Ex￿ence &
occur￿￿￿e.
Compjetelless.
Accuracy.
Classification.
Presentstion
& Discbsure
None
anticipated
Trade
com￿etene$s.
Exstence.
ActuTacy.
OassÉfication.
P￿SentstiOn
& Disclosure
None
anticipated
Accrua15 and
elerred
Ir￿Me
Completeness.
Existence.
Right &
Obligation.
Presentstion
& Di8ckgJre
7.680
Bank Lo2n
Valuation.
Completeness,
Atturacy,
aassification.
PresÈntstion
& Discbsure
None
anticipated
Inier group
balances
Complete￿55.
Existence.
curacy.
Right &
Obli￿tiOn,
1,827,878
Reconcile
to
subsidiary

Presentstion
& Dsclosure
Related Party
tsala￿￿5
Completenes5.
ExIstsn￿.
Accuracy.
Right &
Obligatioll,
Presentation
& D￿l05￿re
Assigned
when
executry
wound up
Taxation
Cornthefjess.
EX￿£￿￿.
Acojracy.
Right &
Obliwion,
Presentstion
& Discioyjre
None
anticipated