Charity regi¥tr•llon number SC041929 IS¢otlandl THE ALFRED STEWART TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 JRW HOGG& THORBURN
THE ALFRED STEWART TRUST CONTENTS Page Judici81 Fa¢torfs report Leg81 and administrative infoallOn Stslemènl ol Judiaal F8dorf$ respSIt.1tIes Independent auditorfs report Statement oi finènc481 activities Statement of finèn¢J81 position 10 Notès lo the a(Younts
THE ALFRED STEWART TRUST JUDICIAL FACTOR'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 The Judicial Factor presents his report and accounts for the year ended 30 November 2023. The accounts have been prepared in 8rdanCe with the a)UntIng poknes set in note 1 to the accounts and comply with the Trust Deed, the Chanties and Trustee Investment {Scotlandl Act 2005, thè Charities Accounts {Scollandl ReguL8tions 20C6 las amended) and "AruntIng and Reporting by Charities.. Statement ol Recomrnended Practicè applicable to charities preparing their accounts in accordance wh the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021" las am&nded lor a¢UntIng peiiods commencing from 1 January 20161 Objectlvm •nd aetlviti•s The Trust Deed provides lor payment or applicalKJn ol the incomelcapilal ol the Trust fund or such part of it as the Iruslees $hall from time lo lime in t1r sole discreiion deode (all whether in the United Kingdom or elsewhere in the worldl lo or for the following charitable purpose5'.- lal thè prevention or rfjliel of poverty Ibl the advancement ol educat•Jn in so lar as it promotes the Irusfs other charitable purposes Icl the advancement ol heatth Idl the advancement ol Citizenship and o)mmunrty development {el the advancernenl ol enronmental proteclion and improvement lfj the advancement ol the arts. heritage. cutture or soence Igl the relief of those in neeil by reason of age. ill heatth. disabilrty. financAal hardship or other disadvantage Ihl lo or for such other purposes, fvnds. societies. organisaliL)ns or sthemos as a Charitable for not falling under the procèeilin9 purposes lil lany one or all ol such purposes. funds SOct5. org8nisatws and schemès being individually or collectilY referred to in the deed as charities) in such manner and in suth shar8s and proportions and al such limes as the Iwslees shall In their solg discre1 from lime lo time decide. 11 will make gran15. donalions. loans and gifts lo individuals or organis8tn$ which meet the objeclivos of the Tru81 an¢J there has beèn no change in these policies during the year. The JudTrcial Faclor has paid due regard lo guidance is$Ld by the Offieè of the S¢otti$h Charity Regulator in deciding what activit$ the Trust should undertake. Achl•vements and Perfornne• In furtherance ol the foregoing charitsble purposes. the tru$t88s will principally endeavour to provide IInanal provision and supporl for projects Carried out al the S¢ottssh PhotodynamK Therapy Centre IMedi-Lase Trusll al Ninewe115 Hospital. Dundee but will also supwt pfoj'ects In Frfe Iwth partKular lo$ on Ounlormlinel in order lo develop and improve the quality of life of the people in those areas. The Trusl has continued to fund its Co tharitatAe acIMt. being donal1¥ of £120.CI)O to the Modi-Lase Trust al Ninewells Hosprtal. The Trust ¢ontinues to pay for Ihe services ol the J11 Faclor, the amounl being approved by the 0ffi¢o ol the Accountant of Court. Flnanclal revl•v• The Trust had incoming resoUrS of £2.121 {2022- £3.077,976) The 2022 total incorne was re¢eNed from the Executry of the Lgle AW Stewart. and consisted of propety and loan5 assigned. The 2023 InMe was from interest r1Ved, together wth the nel proceeds from the disposal of a property re¢eiv8d Ltnder the al0mentiOned legacy. The Trust will distribute ts income as donatKmS. Funds may be carried from one year to another. The investments of Ihe Trust will be equivalent lo rts reserves. It does not mainlain a separate reserve ftjnd. however Ihis will be subject to review when the Judiaal F8(aor is feplaced by new and pemianenl truslees.
THE ALFRED STEWART TRUST JUDICIAL FACTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Th$ principal source of income will ¢orth"nue lo be dMdend5 from the Trust's subsidiary company, allhou9h no dividends were reeeived in the year lo 30 November 2023 The Trust has suffiaenl fund$ to enable it to continue it$ ongoing donations lo Ihe Medi-Lase Trusl. The Judiual Factor plan5 to take PTofes5ional InveStnt adwce and have ils fvnds managed accordlng lo the Trust'5 investment policy. which is to genefate income on a low risk profile. The JLKI1al Faclor has assessad th8 maior risks lo whth the Trust is exp05ed. and 15 satisfied that system5 are in place to rniligate exposurg to the major risks. Plan• for lutuY• porfod• The Trust will continue to make monthly paymeftts lo Ihe Medi-L8se Trust al Ninvwells Hospiial. No other charitable donalions or grants are likely lo be made. Stru¢tur•. govfrm•n¢• and man•g?m#nt The Alfred Stewart Trust was established as a dwrtable trust by Trust Deed in 2010. Thefe were no Trustees other than the Jullicaal Factor. Mliam ch¢vn. durirvJ the yoar. en Ihe Judiaal Factof is dis¢h8rged. new Tru51ees will be appointed. ENJht pot8nlial Trustees have indicalod 8 willingness lo ad. but have not yet signed Deeds ol Assumption. The new TDJSteg$ will be responsible for policy selling and strategic deasitins. and their dubes ifflposod by statute. The Trust, until the appointment ol ihe JudKial Factor was managed by a Board of Trustees, Ihw of whom. ints)rredly designaied Ihemselves "ExecLrtive Trustees" and regularfy. From investigations carried out by the Judicial Factor the remaining Trustees. who arg nct $ignorie$ lo Ih&se A¢o)unls We only invited lo meet with the olher thrée Trustees once pgr annum. The Trust has run Ihg whokn year under the gtsvemance ol the Judicial Factof. Group Stru¢ture The group Consisls of the fdlrywing enliliè8'. The Awred Stewart Trust (the parent) which is separatety managed. Alfreo Stewart Propety Found8lion Limited - this is a wholty owned tradiThJ sub%diary, acquired al l Jung 2012. The princip31 adivity of the company during the year has bTr prortY development and investment. The company rtseN has a subsidiary. Atfred Stewart Properlies Limrted. It is the intention that the Trust will obtain funding via diwdends on the shareholding in the company. During the period to 30 November 2023 the company recorded a loss of £140,555. At 30 Novembgr 2023. the aggregato prtaI and feserves ol the rMpanY were £5,676.446. Alfred Stewart Properties Limited- this is a wholty owned subs*lK4ry ofAllred Stewart Prowrty Foundation Lirnited IASPFLI which ceased to trade at 25 Novomber 2013 and has prepad domianl company accounts. Approved by the JudirAal Factor.. Iliam Cleghom Judl¢l•l F•¢tor 26 August 2025
THE ALFRED STEWART TRUST LEGAL AND ADMINISTRATIVE INFORMATION Judl¢lal Factor William C*h(Nn Charity numb•r (Scotlandl SC041929 Prlnclpal •ddrn•8 P.0 8ox 24213 Edinburgh EH19AX Audltor JRW Hogg & Thorbum LLP RiverSe House Ladhope Valo GALASHIELS TD1 18T Bank•r• H¥ndelsbanken 18 Chadotte Square EDINBURGH EH2 4DF
THE ALFRED STEWART TRUST STATEMENT OF JUDICIAL FACTOR'S RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2023 The Judicial Factor is responsible for preparing his Report and the financial statements in acLordance vthh applicable law and United 'ngdorn AcLounting Standards (United Kingdom Ggnèralty Accpted Accounting Practicel. The law applicable to charities in Scolland requi5 the JLM1ioal Factor lo prepare fin8nts81 stslements for each financial year which give a Irue and lair wew of Ihe state of affairs of the Trust and of the inming resources and applicatK*n of r8sources of the Trust lor that yeai. In preparin9 these finanual statements Ihe jJ1al Factor is wuired lo.. - select suitsble accounting Wicies and thèn appty them c¥)nsistenlly.' - obseNe Ihe methods and pr¥iciple5 in the Charilie$ SORP: make judgements and estimates that are reasonab and PTudenl'. - state whether applicable accounting standards have been follN8d, $ubJ9¢t lo any material departures disclos8d and explain8d in tho financral statements.. and prepare the financial statements on the going con¢em basis unless rt is inappropriate lo presume that the charity will continue in opefalion. The Judicr81 F8Ctor is re8poft$ible for keek)ing suffi¢renl 8¢ttJunting records that disdose wrth reasonable a¢cura¢y at any lime the financial position ol the Trust and enable him to ensure that the financAal statements comply wilh th8 Charitie3 and Trustee Investment (Scotlandl Act 21J)5. the Charity Accounts (Scotlandl RegulatnS 20Cf 188 amendedl and Ihe provisions ol the Trust deed. He is also responsib for safeguarding the assels ol the ¢harily an¢J hence for taking reasonabFe steps IN the pre¥enlh)n and delectptin of fraud and other irregularilios.
THE ALFRED STEWART TRUST INDEPENDENT AUDITOR'S REPORT TO THE JUDICIAL FACTOR OF THE ALFRED STEWART TRUST Opinlon We have 8udiled the acryjunls of The Alfred Stewart TDJst for the year ended 30 November 2023 which compTise thè Statement ol Finanaal Aclivilies linCrpOratIng the Income and EXndlIUfe Accoijnti, the Bal8n¢e Sheet. and the notes to the accounts, induding signthcant ac£ounlin9 poliaes. The financial reporting framework that has been applied in their pfepar*ion is applicable law and Unrted Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting St8nd8rt1 applicable in the UK and R8PUtkn of lrnland {Unit8d Kingdom Generally Accepte(1 Accounting Pra¢ti¢el. In our opinitsn. the finanual $18tements'. giv& a true and lair view of the sLiie of the charity's affaifs a$ al 30 November 2023 and of rts income and expendrture for the year then ended.. ha bean Properly prgpared in aC0)rda with Unrte(1 Tr9doM Generalty Accepted Accounting Practice,. and have been prepared in accordance with the CharItS and Tnjsloe Invesknent IScotl8ndl Acl 2005 and regulation 8 01 the Charities Accounts {Scollandl Reguialions 2( Basis for oplnlon We wnducted our audit in accordance wlh Int8malional SlaThJards on Audityng IUKI IISAS IUKII and applicable law. Our r&sponsibililies under those standards are fvrthef described in Ihe Audilorfs responsibilities for the audil of the fin8ncio1 slalements section of our report. are independent ol Ihtr Tru$¢ in accordance with the elhi¢al requirements that are relevant to our audrt of the financial slatemenls In the UK, including the FRC'5 Ethical Standard. and have fulfilled our other ethical responsibil'ÈS In a¢cordance with the requirement$. We believe that the audit evidence we have obtained is suffioent and appropri81& to prowde J basis for Our opinion. Con¢lu8lon• relatlng to golng conrn In auditing the financial slalemenl$. we have condud8d thal the Judloal Facto¢s use of the going con¢em basis of accounting in the prgparation ol th& financaal slalement$ is appropri81e. Based on the work wo have performed, we h¥ve not entrfd any malerial uncerlainlies relaling lo events or conditions that. indivKlually or colledively, may cast Significant doubl on the Trusl'5 abilrty lo continuè 8$ a going Concern for a period ol at least hye6 month$ from wthen the finan¢ial stslements are aulhoris&d for issue, Our responsibilitie5 and the responsitiilities of th8 Judicial Factor wrth respect to wng ¢XJncem are described in the felevanl sections of this rewl. Oth•r Infomi•tlon The other information comprises the iftfomiatiort induded in the annual rewrt, other than the ar[nIS and our auditor's report thereon. The JUdla1 Fador is responsible for the other infornation. Our opinion on the accounts does not er the olher Infmiation and we (k) rwjt express any fom) of assuran condusion theieon. Our responsibilrty is to read th& other inf0mtKIn and. in dtyng so, conSer whglher the other informatlon 18 materially in¢onsistenl with the accounts or Ouf knuéledge obtsined in the au¢Jil Of Otherwise appears to be materially misstated If we idenlfy $lh material inconsistenaes or apparent material misstatements, we are required lo deteiminè whether Ihere is a material misstalement in Ihe accoun15 or a material mi5s181em8nt of thè other information If. based on the work we have perflymed, we tr)ndude thal there is a material misstatement of this other Infomll0n. we are ¥equirgd to report Ihal fact We have nothing to report in thi5 regard.
THE ALFRED STEWART TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE JUDICIAL FACTOR OF THE ALFRED STEWART TRUST Matterj on which we are required to report by excep0 We have nothing to feport in iespe¢t of the folbwing matters in relation lo which the Charities Accounts Iscoijandl Regulations 20( requires us lo port lo you rf. In our opinion.. the information given in Ihe finarnial statements i8 innSISteI in any material respect wilh the Judicial Fa¢torfs rgport,. or proper accounting records have not been kept," or the financial statements are not in agreement wth the accounting f8eord$,' or we have not r&¢eiveil all the inlomiab.on and expnatIns we require lor our audrf. Reipon•ibilitie• ol Judlcial Factor As &xplained mor& lully in the Stslement of Judiual Fadorf$ Responsibilrties. the Judic4al Factor is spOnSible for thè preparation ol the a¢¢ounls and for being salisffied thal Ihey give a true and lair view, and for such inleTnal control as the Judi¢ial Fador determines is necessary lo enable the preparalion ol a0UnIS thal ar& free from materi81 misslalemenl, whether due to fraud or error. In preparing the acctyjnts. the JLbJicaal Factor 1$ respon$ib18 for assessing the Twsl's ability lo conbnue as a going concem, disclosing, as applicable, matters related lo going concem and using the going concert) basis of accLJunting unless the Judicial Factor either int•nd$ to ceasg operati¢)ns, or h8s no realisltc arternalive bul lo do so. AudStorf8 rn8ponslbllltl•$ for th• audlt ol th• fln•n¢lal ¥t•t¢ments We have been appointed as audrtor under section 4411llcl ol thè Chanti&$ and Trustee Investment {Scollandl Act 2005 and rewl in acoJrdanr* with Ih•Act and relevanl rogulatn$ made or hawng effecl Ihereunder. Our objectives are to oblain feasonable assurance about whether the financial slalements as a whole are free from material mi$s¢alement. whether due lo fvaud or error. and to issue an audilorfs report thal includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee thal an audil condLtct8d in accordanL¥ with ISAS IUKI will always detect a material misstatement when rt exists. Misslalem8nts afise from fraud or error and are consi¢Jered material if. indNidualty or in Ihe aggregale. Ihey could reasonably be expected to influenc8 the econom deosions ol usèrs laken on thè basis of ihese firkinc4al statements. A further description of our responsibilities Is availab on the Financial ReIng Counal's weblle al". https."Il wv.frc.org.u}avd1toISresp0n$lbIIrfies. This description fomis part ol our audilofs report. Extent to whlch th• audlt was eon•ld•r•d ¢•pable of d#t¢¢tlng Irrttgulariti, includlng fraud Irregularilies. including fraud. are instances ol non-compliance with laws and regulations. We design procodures in line wilh our responsibililies. outlined above. to detect matenal misstatements in rèspect ol irregularities, induding fraud. The extent lo which our procedures are capable of delecting irregularrties. Iuding ffaud, Is detailed below. We obtain and update our Undelanding of thg ¢harrty. 11$ a¢tiwDes. rts )ntrol enwronment, and likely future dovelopments, including in relation lo the legal and re9ulalory fraM¥0th applicable and how the Trust 15 complying with that framework. Based on this undèrslanding. we identify and assess the risks of malerial misstatement ol the fsnancial $latemènts, whelher due lo frau¢J or error. deSn and perforrn audit procedures responsive to those risks, and obtain audit ewdence that is suffioent and appropriate to provide a basis for our opinion. This includes ConS$ration ol tha risk ol ads by th& Trust that wwe ntrary lo apW&4ble18ws and iegulation5, induding fraL4d.
THE ALFRED STEWART TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE JUDICIAL FACTOR OF THE ALFRED STEWART TRUST Our approach lo idenlifyiny and asseSng the risks ol material misststemenl in respect of irregularitigs. including non-compliance with law5 and wulatKsns, was as follm". the engagement partnef en$Ud that the engagement team conectively had the appfOPTiale competence, CapablItIeS and skills to entfy or recognise non-compliance with applble laws and regulations.. we idenlrfied the laws and regulations applicable to the Trusl through discjjssions wrth the Judiual Factor, and from our knvwledge and experience of the chaiity sedor", we focused on spècific laws and reguktions which we consmlered may have a direct material effect on the financial slalements or Ihe operalK)ns of the Tnjst. Induding the Charit5 8nd Trustee Investment (Scotlandl Aet 2005. the Charities Accounts Iscollandl Regulations 2006 las amended) and taxabon. dats protection. anti-britry. environmental. employment and health and safety legisLition'. • we assessed Ihe eent ol compliance wrth the laws and regulations identified above through making enqUIrS of the Judicial Fador and inspecling al correspondere." and identified laws and regulations were communi¢ate<l within Ihe audil team regularty and the le8m remained alert lo in$lanc8s of nofvcompliance throughoul the 8jit. In response lo the risk ol irregularrties and rtlance with Lqws aThJ regulations, we designed prrtedures which included, bul were not limrted to.. agreeing finan¢i81 slalemenl disdosures lo undedying supporting document*ion', enquiring of management as to aclval and poi&ntial lrtigalion and daims." and rwbewing any cofrespondencfj. relovanl regulalors. W6 assessèd the suKeptibilrty of Ihe Trust's financaal stalements lo material misslalement, induding obtainbng an understanding ol how fraud rnht occur, ty. making enquiries of the Judicial Factor as lo where they o)nsidered there was susceptlbility to fraud, Ihelr knowledge ol adual, suspecied and alleged fraud.. and considering the inlgmal controls in place to mitigate risks of fraud and non.CXJmpliance wrth laws and regulat¢on5. To address the risk offraud Ihrough management bias and ovgrride ofconlrols. we." pertomied analytical proce¢Jyres to enIfy any unusual or unexpecled rel8lionship$'. assessed wheiher jvdgemenls and assumptN?ns made in determining the a¢¢ounting eslimales were indicative ol potential bias." and inve51igaled the rationale behbntj signfficant or unusu81 Iransaclions. Because of Ihe inherent limitatnS of an audrt. there is a risk that we will not detect all irTegulanlie$. including those leading to a material misstalement in the finanaal statemenls or non-compliance wilh regulation. This risk increases the more that compliance wth 8 law or regulation is removed from the events and transactions flected In the financial slaternents. as we will be less likety lo become aware ol ins¢an¢e$ ol non-compli8nce. The risk ol ol delecling a materi81 misstatèment resulting from fraud is higher than for one f8SUrting from error. 8$ fraud may involve collush)n. forgery, intentional omissions, MispIeSentat1Ons, or the override of intemal control.
THE ALFRED STEWART TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE JUDICIAL FACTOR OF THE ALFRED STEWART TRUST Usè of our rnport This report is made solely lo the charity's Injstees, as a body. in accordance wilh Regulalion 10 of Ihe Charitie6 Accounts Iscotlandl Regulations 2CK6. Our audrt work has been undertaken so thal we Mht state to the charity's Iruslees thos& matters we arè required to slate lo them in an auditor's pOrt and lor no other purpose. To the fullesl extent pemirtteil by law. we do nol accept or assume (esponsilty to anyone other than the charity and the charity's Iruslees as a bot1y, for our audrt work. fof Ihis rew1. or fo( the opinions we have fwmed. Vlv5•n Hogg Isenlor St*t Audltorl lor •nd on b•h•ll of JRW Hogo & Thorburn LLP 26 August 2025 Charter•d Ac¢ountsnts Statutory Audltor Riverside House Ladhope Vale GALASHIELS T01 18T JRW Hogg & Thorburn LLP is eligible for 8ppoinlment as audrtor ol the Trust by virtue of its eligibility for appoinlmenl as auditor of a company under section 1212 01 thè CompaniesAcl 2.
THE ALFRED STEWART TRUST STATEMENT OF FINANCIAL POSITION ASAT 30 NOVEMBER 2023 2023 2022 Notès Fix•d au•ts Investments Current a8•et• Inventories Trade and otheT receivables Cash at bank and in harKI 13 14 15 4,785,640 162.757 406.658 4.005,114 724.648 5.355.055 113.7(KJl 4,729,762 17,8801 Currnnt liab115tl•• 17 Net Trn1 assots 5,341.355 4,722,082 Total a•••t• l•¥¥ ¢uff•nt Il•blllll•8 5,341,455 4,722,182 Non<umint Ilablllt 12.627,8781 11,B27,8781 Not as8•ts 2.713,577 2.894,304 Incom• fund• Unrestricted lunds- genoral 2,713.577 2,894,304 2,713.577 2,894,304 Charlty number SC041929 The accounts were apprwd by the Judicial FaOr on 26 August 2025 Willrarn Cleghorn Judlclal Factor 10-
THE ALFRED STEWART TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLLIDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 2022 Note• Income •nd endovmi¢nts from: Donatn$ and kgacies Investments Other income 3,077.050 926 1,824 297 Totsl Sn¢om• 2.121 3,077,976 Exp•ndltur• on: Charitable activitses 177,734 195,720 other 10 5,114 Totsl resourc •xp•nd•d 182.848 195,720 Net {exndItre)lln¢0m0 lof the yearl N•t mov•m•nt In fund• 1180,7271 2,882.256 Fund balances al 1 December 2022 2.894,304 12,048 Fund b•lancM •t 30 November 2023 2.713,577 2,894,304 The statemènt ol fin8n¢ial adwilie$ indudas all gains and h)sses rne¥)3nised in th• ye8r. All inCrne and expenditure derive from ¢onlinuing a¢tiwties.
THE ALFRED STEWART TRUST STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 NOVEMBER 2023 Crlttcal accountlng estimates and judgem•nts In the application of the Trust's accounting poli¢ies. the JudKial Factor is required to make judgemenls. eslimale5 and assumptions aboui the carrying amount of a55el$ and liabilit9 that are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical experience and other factors that aTe considered lo be levant. Actual resutts may dthr from th estsmales. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimale$ are recognised in the period in whth the estimate is revtsed where the rewsion affects only that period, or in the period ol the levisn and lulure penods where the revision affecls both current and future periods. In¢om• from don•tlon• •nd •¢l•• Unrt•trl¢tsd fund• 2023 Unrn•trlctsd lund¥ 2022 Legaaes 3,077.050 A¢countlng poll¢l•• Charlty Snfornitlon The continuing activity of The ANred Stewart Trusl is the prev9n1n of poverty and the adVanMon1 ol education, heatth, communty development. arts. heritsge. cutture, xionc8, enwronrnenlal protection and relief of those In need by cgason c*1 age, ill heafth, disatslity. firtanaal hardship or disadvaniagè. The Trust is int1porated in Scolland and its regislered number * SC041929. Tho Trust's registered add8$ is P.0. Box 24213. Edinburgh. EH1 9AX. The Trust meets the definition of a publ ben•fft enlty. 3.1 A¢¢ountln9 eonv•ntlon Th• accounts have been popa in acwdance wilh the Trusl's Deed. the Charit$ ¥nd Trust8e Investment IScotland} Act 2005. the Charities A¢¢ounls Iswtlandl Regulations 2CQ6 las arnendetjl and "Accounting and Reporting by Charities.. Slatement of Recommènded Practice applicable lo charities preparing their accounts in accordance with the Financial Reporiing Slandafd applicablè in the UK and Republic of Ireland IFRS 1021. las amended lor accounting perKJds commenung from 1 January 20161. The Tfusl Is a Public Benefrt Entity as defined by FRS 102. The Trust has tsken advantage ofthe prowsions in the SORP for ¢harilies applw'ng FRS 102 Update Bulletin I not lo prepare a Ststèmenl of Cash FI5. The financial stalements afe prepared in sleding, which is the furKtional ulrn of tho Trust. Monetary amounls in these financial statements are rounded to the nearest £. The finanaal statements have been prepafed under the histor1 o)st convenlion. The prinopal accounting polioes adopted are set OLrt below. 3.2 Going ¢¢n¢¢rn Thè Judicsal Factor is of the opinim that thè Trust can continue to meet its oblylions as they fall due for the forèseeable future. As a ox•nsequencÈ the Judicial Factor has prepared the financyal statements on the going n¢ein basis.
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Account5ng policl•s (Continued) 3.3 charItsb fund¥ Unrestricted funds are available for use at the discretion ol the Judiaal Factor in lurtherance of the ¢harit8ble objectives unless the fvnds have been enated for other purposes. 3.4 Recognition and allocation of income Income is recognised when the Trust is legalty enlilled lo it after any perfom)an¢e ndrtionS have begn m&1, the amounts can be measured reliabty. and rt Is probable that income will be received. Lèg8ues are recognised on ¢t1pt or othemfise rf the Trusl has boen notffied of an impending dislribub'on, th8 amount Is known. and receipt is expected. If the amount is not known. the leg8cy Is Irealed a$ a conling8nl asset, 3.5 R•eOgnI0n and allocation of •xndlrt Liabilities are reojgnised as resources expended as soon as there is a legal or rn$t1ctIVe obligation mmitting the charity to the expendilure. All 8xpendrture is acrLJunled for on an accruals basis. Govemance StS MprIse all costs invthng the publ a¢countabilrty of the Twsl and its compliance wllh regulation and good practice. These costs relate lo sLilulory audil and accounting fees. There is no apportionment of overhead cosis. 3.6 Nonrfurrent Inve¥tm•nts Fixed asset investments org initially me8$ured at cosl arml subs8quentty measuigd at cost less any a¢¢umulaled Impaimenl losses Thè invè$tment$ are a$$essed for impairmenl at each reporting date and any impaimenl losses or reversals ol impaimwnl losses ale rewJnised immgdialgly in nel in¢omo11oxpendilure) for the year A subsidiary is an enlty ¢onlrolW by the Trusl. Conlrol is the power lo 90¥orn Ihe financial and operating policies of th& enlrty so as lo obtain bengfits from rt$ a¢l1vit$. 3.7 Inv•ntorl•• Inventories are stated at the lower ol cost and estimated selling price le5S Costs lo complete and sell. Cost C4Jmprises direcl malerials and. where applicable. direct labour costs and those overhead5 that have been incurred in bringing the inventories to their present location and condition. Item5 held for distribubon at no or nominal ¢on$thfati¢)n are m•asured the tcwer of repbacement st and St. Nel realisable value is the estimaled selling prKe less all esl'mated costs of complelion and costs lo bè incurred in mark91ing, $911ing and distribukn'on. 3.8 Trnde and othtrr r•¢•ivobl Accrued income is amounts due for services alrea¢fy pTowded by ihe chanty bui not yet daimèd. Accrued income is recognised at the undiscounted amount of cash receivab, whh is normally invoice price, less any allowances lor doubfful debts. 3.9 C••h and eash èquivalènts Cash and cash equivalenls indLhle cash in hand. deposils hekl ai call wrth banks, other short-lem liquid investments with original malunties of three months OT less. and bank ove¥drafts. Bank overdrafts are shown within borrowings in c#Jrrent liabili1s. 3.10 Cr•ditor8 Credrtors are obligations lo pay for goods OT servi$ Ihat have 8¢qUiTed. They are recogni$ed at thg undiscounled amount owed to the supplier. which is normally the invryce prio. 12-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Accounting policles Icontinu•dl 3.11 Fln4n¢lal Instruments Financial instrurnenls are rÈcognised in the statements ol finanoal actiwiies when the Trust becomes a party to Ihe contractual provisions ol the inslnjmenl. Financ4al instruments are inilially measured al transaction price. Subsequent to inrtial recoynrtiM. they are accounted for as sel out below. Finaniial instrument are das5rf*d as ether'basi¢' or'otherf in accordance wrth Chapler 11 of FRS102. Al the end of each rgportiThJ period, basic finatKial instruments are measured al 3mortise(I cost using the effective r8le method. Financial assets a dere¢o9ni$ed when Ihe contr8du31 nghls lo the $h flows from the assgts expire, or when the Trusl has transferred substantvally all Ihe risks and rw4ard$ of ownership. Finan¢ial liabilrtios are dergcognised only once the liatslity has b8en extinguished through discharge, cancAllalion or explry. Oth•r In¢om• unmtrlCt Unr•8tdcted fund¥ funds 2023 2022 Lh'sposal ol donated assets 297 Investments Unmtrl¢t•d fund• g•ner•l 2023 Total 2022 Interest receivable 1.824 926 13-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 6 Charitsbl• activiti•s 2023 2022 Insurance Legal and prolessional fees Audrtors, remuneration Audrtors. feès lor non-audrt wo Communication support 817 36,985 5.303 5,271 9,358 62,522 2,159 2,4 8,639 57.734 75,720 Grant lunding of ath'vitS (Seè note 111 120.OCrf) 120,Of 177,734 195,720 All the costs relate to one charitable activity of the charity, lo provid8 grant fttnding lo the Scottish Photodynamic Therapy Centre IMedi-Lasel Trust at Ninewells Ho$pilal, Dunde¥. N•t mov•m•nt In fvnd• 2023 2022 The nel movèmènt in hJnd8 is slaled after d0rgI{CreditifiY)'. Fees payable for the audit of the charity's financial slatements 5.303 2,159 JudSclal Factor Neither tho Jud131 Factor (r any p8rsons connecied with him) receivod any remuneralion during the year 12022- nill. Th¥ commissn paKI lo th& Judipal Fad¢y 1$ detem)ine<l by Ihe Accountanl of Court. Employ¢•• Thè average monthly number of employees the year was.. 2023 Number 2022 Numbor Total There were no employees whose annual remuneralion was more than £60,CO). 14-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 10 Oth•r ¢xpendliur• Unrestricted Unrestrlctèd fund• funds 2023 2022 Land disposed 5,114 11 Gr*nts p•ld 2023 2022 Grants to instilulths.. Medi-L3se Research Fund 120,000 120,000 During the year an amounl of £120.CO) {2022- £120,¢X(11 was paid lo Medi-Laso Research Fund. No grants were awarded lo iThJiwduals during the yeai. 12 Tax4tlon The charity is exempt from taxation on its activit$ all its in¢tsm& 16 applled for charrtable purposes. 13 Flx•d a•••t InvHtrn•nts Other Invt•trnonts Co•t or valuat5on At 1 December 2022 8 30 Novamber 2023 100 C•rylng •mount At 30 November 2023 AI 30 Nov8mber 2022 100 2023 2022 Olher inve51ments mPrise. Nots• Investments in subsidiaries 21 11XJ 15-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 14 Inv•ntorl•• 2023 2022 Finished goods and goods for Sale 4.785.640 4,005.114 InventOTies are made up of land receNed under the ternis of the Lal8 Alfred Stowarts exerAJlory, together wth the costs associated in bringing rt to it's saleable ndItIOn. 15 Trnde and oth•r r•c•lvabl•8 2023 2022 Amounts f•lllng du¢ wlthln on• y••r: Other recelvables 162,757 16 Borrowlngs 2023 2022 Loans from Subsl8ry und&rt8king$ 2.627,878 1,827,878 Payable aftgr one year 2.627.878 1,827,878 The loans are interest fr•8 with no fixed rapaymenl dale. 17 Curr•nt Ilabllltl•• 2023 2022 Accruals and deferred income 13.700 7,880 18 Non4urr•nt liabiliti0• 2023 2022 Borrowings 2,627,878 1,827.878 16-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 19 Unrestricted fund• The unrestricted funds ofthe thanty compn'se the unexperHled bakincos of legacies which are not subject lo sp8¢ffic conditions by donors and gr3nlors a$ to how tw may be used. At1 D•¢•mber 2022 Incoming rnsource• At30 Novembtrr 2023 expond•d General fund$ 2.894.304 2,121 1182.8481 2,713,577 Prnvlous y•ar. At1 DKember 2021 In¢omlng souK•• Re•our¢•$ exp•nd•d At30 Nov•mber 2022 General funds 12.048 3.077,976 {195,7201 2.894,304 20 R•lat•d party n$¢t10Th$ There WgTg no disck)sabltr iel8led paty tranSaCt)n$ durfng this year12022- Th)nel. 17-
THE ALFRED STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 21 Subsidbari Delails of the Trust's subsidiaries at 30 November 2023 a as folbvo." Nam• of und¢rtaklng R¢gl$t•rnd Office N•turn of bu¥ln¢• Class of shaf¢$ h•ld % Held Dlrnet Indlr•¢t Alfred Slewart Propety Foundation Limited S¢otland Property development and investment Ordinary 100.OJ The aggregate capital and re5eryes and the rewlt for the year of subwdiarig$ exduded from consolidation was as follow5.. Nam• of und•rtaklng ProfftllL)ul Capltsl •nd Atfred Stewart Property Foundation Limiled 1140,5551 5.876,446 18-