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 info￿allOn Stslemènl ol Judiaal F8dorf$ resp￿SIt￿.1￿tIes 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 8￿rdanCe 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 "Ar￿untIng and Reporting by Charities.. Statement ol Recomrnended Practicè applicable to charities preparing their accounts in accordance w￿h 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 $hall from time lo lime in t￿1r sole discreiion deode (all whether in the United Kingdom or elsewhere in the worldl lo or for the following charitable purpose5'.- lal thè prevention or rfjliel of poverty Ibl the advancement ol educat•Jn in so lar as it promotes the Irusfs other charitable purposes Icl the advancement ol heatth Idl the advancement ol Citizenship and o)mmunrty development {el the advancernenl ol en￿ronmental proteclion and improvement lfj the advancement ol the arts. heritage. cutture or soence Igl the relief of those in neeil by reason of age. ill heatth. disabilrty. financAal hardship or other disadvantage Ihl lo or for such other purposes, fvnds. societies. organisaliL)ns or sthemos as a￿ Charitable for not falling under the procèeilin9 purposes lil lany one or all ol such purposes. funds SOc￿t￿5. org8nisatws and schemès being individually or collecti￿lY referred to in the deed as charities) in such manner and in suth shar8s and proportions and al such limes as the Iwslees shall In their solg discre1￿ from lime lo time decide. 11 will make gran15. donalions. loans and gifts lo individuals or organis8t￿n$ 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$L￿d by the Offieè of the S¢otti$h Charity Regulator in deciding what activit￿$ the Trust should undertake. Achl•vements and Perforn￿ne• In furtherance ol the foregoing charitsble purposes. the tru$t88s will principally endeavour to provide IInan￿al provision and supporl for projects Carried out al the S¢ottssh PhotodynamK Therapy Centre IMedi-Lase Trusll al Ninewe115 Hospital. Dundee but will also supwt pfoj'ects In Frfe Iwth partKular lo￿$ 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 J￿1￿1 Faclor, the amounl being approved by the 0ffi¢o ol the Accountant of Court. Flnanclal revl•v• The Trust had incoming resoUr￿S 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 In￿Me was from interest r￿1Ved, together wth the nel proceeds from the disposal of a property re¢eiv8d Ltnder the al0￿mentiOned 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 InveSt￿￿nt adwce and have ils fvnds managed accordlng lo the Trust'5 investment policy. which is to genefate income on a low risk profile. The JLKI￿1al 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 c￿h¢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 nc*t $ign*orie$ 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 b￿Tr pro￿rtY 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 r￿MpanY 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 prepa￿d 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 RiverS￿e 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 Acc￿pted Accounting Practicel. The law applicable to charities in Scolland requi￿5 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 in￿ming resources and applicatK*n of r8sources of the Trust lor that yeai. In preparin9 these finanual statements Ihe j￿J1￿al 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 Regulat￿nS 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 linC￿rpOratIng the Income and EX￿ndlIUfe 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 CharIt￿S 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 con￿rn 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 ￿entrf￿d 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 hye￿6 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 JUd￿la1 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 inf0m￿tKIn and. in dtyng so, conS￿er 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 $l￿h material inconsistenaes or apparent material misstatements, we are required lo deteiminè whether Ihere is a material misstalement in Ihe accoun15 or a material mi5s181em8nt of thè other information If. based on the work we have perflymed, we tr)ndude thal there is a material misstatement of this other Infom￿ll0n. we are ¥equirgd to report Ihal fact We have nothing to report in thi5 regard. THE ALFRED STEWART TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE JUDICIAL FACTOR OF THE ALFRED STEWART TRUST Matterj on which we are required to report by excep￿0￿ We have nothing to feport in iespe¢t of the folbwing matters in relation lo which the Charities Accounts Iscoijandl Regulations 20(￿ requires us lo ￿port lo you rf. In our opinion.. the information given in Ihe finarnial statements i8 in￿nSISte￿I in any material respect wilh the Judicial Fa¢torfs rgport,. or proper accounting records have not been kept," or the financial statements are not in agreement wth the accounting f8eord$,' or we have not r&¢eiveil all the inlomiab.on and exp￿nat￿Ins 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 a0￿UnIS 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 rogulat￿n$ 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$s¢alement. whether due lo fvaud or error. and to issue an audilorfs report thal includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee thal an audil condLtct8d in accordanL¥ with ISAS IUKI will always detect a material misstatement when rt exists. Misslalem8nts afise from fraud or error and are consi¢Jered material if. indNidualty or in Ihe aggregale. Ihey could reasonably be expected to influenc8 the econom￿ deosions ol usèrs laken on thè basis of ihese firkinc4al statements. A further description of our responsibilities Is availab￿ on the Financial Re￿Ing Counal's weblle al". https."Il wv￿.frc.org.u￿}avd1toISresp0n$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. I￿uding ffaud, Is detailed below. We obtain and update our Unde￿landing 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 $latemènts, whelher due lo frau¢J or error. deS￿n and perforrn audit procedures responsive to those risks, and obtain audit ewdence that is suffioent and appropriate to provide a basis for our opinion. This includes ConS￿$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 asseS￿ng the risks ol material misststemenl in respect of irregularitigs. including non-compliance with law5 and wulatKsns, was as follm". the engagement partnef en$U￿d that the engagement team conectively had the appfOPTiale competence, Capab￿lItIeS and skills to ￿entfy or recognise non-compliance with appl￿ble 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 Charit￿5 8nd Trustee Investment (Scotlandl Aet 2005. the Charities Accounts Iscollandl Regulations 2006 las amended) and taxabon. dats protection. anti-brit*ry. environmental. employment and health and safety legisLition'. • we assessed Ihe e￿ent ol compliance wrth the laws and regulations identified above through making enqUIr￿S of the Judicial Fador and inspecling *al corresponder￿e." and identified laws and regulations were communi¢ate