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2024-11-30-accounts

ES REGISTERED CHARITY NUMBER: SC041929 |ST Te

REPORT OF THE JUDICIAL FACTOR AND wat FINANCIAL STATEMENTS Slr. heat FOR THE YEAR ENDED 30 NOVEMBER 2024

FAG THE ALFRED STEW ART TRUST Che A ew

t JRW Ss. HOGG& THORB hal chartered accountants

Pe THE ALFRED STEWART TRUST a

CONTENTS OF THE FINANCIAL STATEMENTS goar FOR THE YEAR ENDED 30 NOVEMBER 2024 leh

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THE ALFRED STEW ART TRUST ee REPORT OF THE JUDICIAL FACTOR ee FOR THE YEAR ENDED 30 NOVEMBER 2024 er Kt = Dun eTEe eae a

The Judicial Factor presents his report and accounts for the year ended 30 November 2024. Ea Fr re et Sis ee a ae SR

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts Tubal a ee ‘eta! stele and comply with the Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement Benne ; mee Se fa Ee a Z >> 7 le Oe ae Sy Fe of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Sa an 4 FS herr er a a PE Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" ( as amended for accounting periods commencing from 1 January 2016) Tete Objectives and activities 3 The Trust Deed provides for payment or application of the income/capital of the Trust fund or such part of it r chee ba, Or See ee =e as the trustees shall from time to time in their sole discretion decide (all whether in the United Kingdom or e elsewhere in the world) to or for the following charitable purposes:ad e ed2 eeehe eoeta See oe ih Le rear

(a) the prevention or relief of poverty

(b) the advancement of education in so far as it promotes the trust's other charitable purposes (c) the advancement of health is Gurr STot ( d) the advancement of citizenship and community development

(e) the advancement of environmental protection and improvement

(f) the advancement of the arts, heritage, culture or science

(g) the relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage (h) to or for such other purposes, funds, societies, organisations or schemes as are charitable for not falling See fet ner mer ar PD under the proceeding purposes (i) (any one or all of such purposes, funds societies, organisations and schemes being individually or collectively referred to in the deed as charities) in such manner and in such shares and proportions and at such times as the trustees shall in their sole discretion from time to time decide.

It will make grants, donations, loans and gifts to individuals or organisations which meet the objectives of the : ; - Tenet ats, Fat Trust and there has been no change in these policies during the year.

The Judicial Factor has paid due regard to guidance issued by the Office of the Scottish Charity Regulator in tw aero a eS pea oe ec ate ee deciding what activities the Trust should unde[r] take. Achievements and performance ence In furtherance of the foregoing charitable purposes, the trustees will principally endeavour to provide financial nema See a.[We] : "ae provision and support for projects carried out at the Scottish Photodynamic Therapy Centre (Medi-Lase Trust) ’ at Ninewells Hospital, Dundee but will also support projects in Fife (with particular focus on Dunfermline) in ™ rr ea Ae fa es a ~- a 2 El, - sefinelicne order to develop and improve the quality of life of the people in those areas. Ceara dopinend tenes Seaton La a PO The Trust has continued to fund its core charitable activities, being donations of£ 120,000 to the Medi-Lase Ee—s Trust at Ninewells Hospital. ee etts.ann hera Ste Sie, A. Coes Ske oe The Trust continues to pay for the services of the Judicial Factor, the amount being approved by the Office of a the Accountant of Court.

Financial review

The Trust and its subsidiary had incoming resources of £7,839,900 (2023 -£58,042)

SeeEns The 2024 total income consisted of the disposal of the property received under the legacy of the late Alfred Stewart, rental income and interest received. SaasKia AAS Seratoee AMR ASC aerate ot te ore “ih

ee The Trust will distribute its income as donations. Funds may be carried from one year to another. The investments of the Trust will be equivalent to its reserves. It does not maintain a separate reserve fund, however ee ee ee this will be subject to review when the Judicial Factor is replaced by new and permanent trustees. see st x ea Mita ae Pmal Page 1 to ayer BE

us THE ALFRED STEW ART TRUST a Fr REPORT OF THE JUDICIAL FACTOR FOR THE YEAR ENDED 30 NOVEMBER 2024 ELT ea easete,

on company, although no dividends were received in the year to 30 November 2024. There are sufficient funds The principal source of income for the Trust will continue to be dividends from the Trust's subsidiary a8 pene gga tan Ft Thy o's mys Sore a " tel seeshein Tang fase tpn to enable the Trust to continue its ongoing donations to the Medi-Lase Trust.

The Judicial Factor plans to take professional investment advice and have its funds managed according to Loree the Trust's investment policy, which is to generate income on a low risk profile. el neg econ ie gt 7

Yew The Judicial Factor has assessed the major risks to which the Trust is exposed, and is satisfied that systems SstLetearovest erga ee oe eee Pe oe are in place to mitigate exposure to the major risks. ee cee ee ee

hen Plans for future periods e M erey ee, Soe

The Trust will continued to make monthly payments to the Medi-Lase Trust at Ninewells Hospital. No other Ee charitable payments are likely to be made. Lee The subsidiary will look to make suitable investments to support the charitable objectives of the Trust. ee See ei! Feeel e e e

Structure, governance and management The Alfred Stewart Trust was established as a charitable trust by Trust Deed in 2010. Fe ea Ua aes ha toy Zeke “mate ea,

There were no Trustees other than the Judicial Factor, William Cleghorn, during the year.

Bola When the Judicial Factor is discharged, new Trustees will be appointed. Eight potential Trustees have Beceiateend! gener oPscape nome eeaeegan seeen indicated a willingness to act, but have not yet signed Deeds of Assumption. The new Trustees will be responsible for policy setting and strategic decisions, and their duties imposed by statute.

The Trust has run the whole year under the governance of the Judicial Factor. ies SS ae oe eee ee

Group Structure

The group consists of the following entities: aL

rn! Page 2

THE ALFRED STEW ART TRUST REPORT OF THE JUDICIAL FACTOR FOR THE YEAR ENDED 30 NOVEMBER 2024

Approved by the Judicial Factor:

William Cleghorn Judicial Factor

Date: 29 August 2025

Page 3

THE ALFRED STEWART TRLTST LEGAL ￿ND ADMIP*]STRATIVE INFORMATIOIY FOR THE YEAR ENDED 30 NOVEMBER 2024 Judicial Factor William Cleghorn Charity number (Scotland) SC041929 Prineipil addre5S P.0 Box 24213 EDINBURGH EHI 9AT Auditor JRW Hogg & Thorburn LLP Chartered Accountants Siatulory Auditor Riverside House Ladhope Vale GALASHIELS Sconish Borders TDI IBT Bankers Handelsbanken 5th floor Waverley Gale 24 Waicrloo Place EDINBURGH EII13E(i Page 4

THE ALFRED STEW ART TRUST STATEMENT OF JUDICIAL FACTOR'S RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2024

The Judicial Factor is responsible for preparing his Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Judicial Factor to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements the Judicial Factor is required to:

The Judicial Factor is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable him to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Tmst deed. He is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The auditors, JRW Hogg & Thorburn, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by the Judicial Factor William Cleghorn on 29 August 2025

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE JUDICIAL FACTOR OF Testa THE ALFRED STEW ART TRUST oe

over. Opinion (fe We have audited the accounts of The Alfred Stewart Trust for the year ended 30 November 2024 which nae ee cee le Sw le ew Be es Seg ee Ls ee Oe comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, and the notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting a eo ery = wks Z a 6S eee de ve ae le Se oe Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Utes eg ae ok Ale Reet ae ewe

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance rope with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the een ony Sere noe FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Frere

Tie Conclusions relating to going concern te he at oe Be fee eh Oo ; In auditing the financial statements, we have concluded that the Judicial Factor's use of the going concern basis e 47 of accounting in the preparation of the financial statements is appropriate. rae Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a | going concern for a period of at least twelve months from when the financial statements are authorised for RSE Satie Spe aneuae tien teens Oy ecoFa im bebe Ser issue. elpeket ihe vies Eemeems sor) Fie owkll i hemes seem Our responsibilities and the responsibilities of the Judicial Factor with respect to going concern are described in the relevant sections of this report.

Other information

The Judicial Factor is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors Salpeter eta ene «neat degen eenpet ted Deg tee gt thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise da ar CeeM explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, a JS? we 5 = > mull ‘ine BLES Bs few Treas in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are required to detennine whether this gives = Seep es Sue io ca geen tone ecieret oe = rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, e we conclude that there is a material misstatement of this other information, we are required to report that fact. S eScars wake Kensie say eapwersereOSs yee 8

We have nothing to report in this regard. Se ee ae fowi Page 6

Se REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF hy a KS ee oe eeed oS Se THE ALFRED STEW ART TRUST [4 (eee.AD oe ey

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the Trust and its environment obtained in the aoe i ae course of the audit, we have not identified material misstatements in the Report of the Judicial Factor. Scere eS See Pr Ste A 3 2 as pe PoE ty hese Taner We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) a specmach Aim, serpents Coe ea FOROS, emia ott, ye St ee erence clare 4 Regulations 2006 (as amended) requires us to report to you if, in our opinion: = 1 eea - the information given in the financial statements is inconsistent in any material respect with the Judicial Factor's report; or

Responsibilities of Judicial Factor

As explained more fully in the Statement of Judicial Factor's Responsibilities, the Judicial Factor is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Judicial Factor detennines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

= In preparing the financial statements, the Judicial Factor is responsible for assessing the Trusts' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going SS concern basis of accounting unless the Judicial Factor either intend to liquidate the charitable company or to ta‘ a 7 Se i.aeteesHii. =p By. LO," a cease operations, or have no realistic alternative but to do so. ana ae wes oe Our responsibilities for the audit of the financial statements mas pes SP ee Set - We have been appointed as auditor under section 44(1 )( c) of the Charities and Trustee Investment (Scotland) lied Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Enea ae ee? a pote ae

ee Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors eee ae es ceil ales ela ee a that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, oe they could reasonably be expected to influence the economic decisions of users taken on the basis of these pak se pe ene oeeee fmancial statements. Se eK Pee : eer eteety wa a, A further description of our responsibilities is available on the Financial Reporting Council's website at: kT ce ty[AZT] a[w][Soe][eh] https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Eee a el 1 ASSIeesPo eee) Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, x r, Se Es yes "m including fraud, is detailed below. Weasdktkdeet = ee

Page 7 sa'T

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF ES THE ALFRED STEW ART TRUST eS

We obtain and update our understanding of the charity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the Trust is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures ola ee ee nee at aires ee ee responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the Trust that were contrary to applicable laws and wipe regulations, including fraud. Alter p Sasi atl te ictca Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non-compliance with laws and regulations, was as follows: oerus saneaaa ks ee ice eeam eren Me al eS ee eee

agreeing financial statement disclosures to underlying supporting documentation; e pa rk Let et = on enquiring of management as to actual and potential litigation and claims; and 2 reviewing any correspondence with relevant regulators SS Pe ra peor :

We assessed the susceptibility of the Trust's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

investigated the rationale behind significant or unusual transactions.

Tage Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including Ml seat Pc tes Fer ets 2 ce ls Lr —_. those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions SeSestoelse Se Ba edtae,tig ESP,nmr Ce eB wathderen snaeatercm, tier ws backsAidan eeeAe EO2 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from foe A 2 eea internal control. error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of LseeePeepeee Re eenyee eeeee eee ae ee we Hae Page 8 &

THE ALFRED STEW ART TRUST CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £ £
INCOME FROM
Donations and legacies 3
Other activities 4 7,794,140 297
Investment income 6 12,695 1,824
Total 7,806,835 2,121
EXPENDITURE ON
Charitable activities 7
Grants awarded 120,000 120,000
Administrative activities 119,324 57,734
Other costs 5,109,146 5,114
Total 5,348,470 182,848
Net income /(expenditure) 2,458,365 (180,727)
RECONCILIATION OF
FUNDS
Total funds brought forward 2,713,577 2,894,304
TOTAL FUNDS
CARRIED FORWARD 5,171,942
2,713,577
se
ws

The notes form part of these financial statements Page 11

THE ALFRED STEWART TRUST (REGISTERED NUMBER: SC162581)

CONSOLIDATED BALANCE SHEET 30TH NOVEMBER 2024

Group Group Charity Charity
2024 2023 2024 2023
Notes £ £ £ £
Fixed Assets
Investments 12 100 100
Investment Property 13 1,552,800 2,022,300 2,022,300
1,552,800 2,022,300 2,022,300
100		 100
CURRENT ASSETS
Debtors 14 1,596,029 1,596,029
309,296		 309,296
1,572,395		 162,757
Inventories 897,770 897,7705,621,792 5,621,792
8,000		 4,785,640
Cash at bank 8,018,250 8,018,250
525,668		 525,668
7,762,377		 406,658
10,512,049 6,456,756 10,512,049 6,456,756 10,512,049 6,456,756
9,342,772		 5,355,055
CREDITORS
Amounts falling due within one year 15 (1,442,136) (1,442,136)
(89,132)		 (89,132)
(4,170,930)		 (4,170,930)
(13,700)
NET CURRENT ASSETS 9,069,913 6,367,624 9,069,913 6,367,624 9,069,913 6,367,624
5,171,842		 5,171,842
5,341,355
Total Assets Less Current
Liabilities 10,622,713 8,389,924 10,622,713 8,389,924 10,622,713 8,389,924
5,171,942		 5,171,942
5,341,455
CREDITORS
Amounts falling due after more than 16 - (2,627,878)
one year
PROVISIONS FOR LIABILITIES
Net Assets 10,622,7138,389,924
5,171,942
EE
ES
SSS EEE
ESN
Funds
Unrestricted funds 10,622,713
a		 10,622,7138,389,924
5,171,942
ea		 2,713,577
TOTAL FUNDS 10,622,713 10,622,7138,389,924 8,389,924
5,171,942		 2,713,577

The financial statements were approved by the Judicial Factor on 29 August 2025.

William Cleghorn

Judicial Factor

The notes form part of these financial statements Page 12

THE ALFRED STEWART TRUST

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations		 (781,903)
es		 (1,571,580)
——$_.
Net cash provided by operating activities (781,903) (1,571,580)
Cash flows from investing activities
Sale of land for development		 7,794,140
Purchase of fixed asset investments
Sale of fixed asset investments		 434,585 (59,738)
Interest received 13,752 3,609
Rental income received 32,008 54,434
Net cash (used in)/provided by investing activities 8,274,485 {1,697)
Cash flows from financing activities
Expenditure attributable to loan repayment to related party
Net cash provided by financing activities
Change in cash and cash equivalents
in the reporting period 7,492,582 (1,573,277)
Cash and cash equivalents at the
beginning of the reporting period 525,668
—_——————————.		 2,098,945
—_—__
Cash and cash equivalents at the end
of the reporting period 8,018,250
—		 525,668
Ee

'-' The notes form part of these financial statements Page 13

THE ALFRED STEWART TRUST

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERA TING ACTIVITIES

ACTIVITIES
2023 2023
£ £
Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:		 2,232,790 (321,282)
Losses/(gain) on investments
Losses/(gain) on fixed assets
Income from disposal of property		 34,915
7,794,140		 (87,562)
Interest received
Income from rents		 (13,752)
(32,008)		 (3,609)
(54,433)
Decrease (increase) in stocks 4,500,761 (974,982)
Decrease/(increase) in debtors (1,286,734) (116,653)
(Decrease)/increase in creditors 1,576,265 (13,059)
Net cash provided by operations (781,903) (1,571,580)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£ £ £
Net cash
Cash at bank 525,668 7,492,585 8,018,250
525,668 7,492,585 8,018,250
Total 525,668 7,492,585 8,018,250

The notes form part of these financial statements Page 14

THE ALFRED STEW ART TRUST

CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from_I_(used in) 1
operations 7,343,024 (319,814)
Net cash provided by/ (used by) operating activities 7,343,024 (319,814)
Cash flows from investing activities
Interest received 12,695 1,824
Net cash (used in)/provided by investing activities 12,695 1,824
Cash flows from financing activities
Income attributable to loan from related party
Expenditure attributable to loan from subsidiary
Net cash provided by financing activities
Change in cash and cash equivalents Change in cash and cash equivalents
in the reporting period 7,355,719 (317,990)
Cash and cash equivalents at the
beginning of the reporting period 406,658 724,648
Cash and cash equivalents at the end Cash and cash equivalents at the end
of the reporting period 7,462,377 406,658

Page 15

continued ...

THE ALFRED STEW ART TRUST

NOTES TO THE CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES

ACTMTIES
2024 2023
£ £
Net income/(expenditure) for the reporting period (as per the 2,458,365 (180,727)
Statement of Financial Activities)
Adjustments for:
Interest received (12,695) (1,824)
Decrease/ (increase) in stocks 4,777,640 (780,526)
Decrease/(increase) in debtors (1,409,638) (162,757)
(Decrease)/increase in creditors 1,529,351 806,020
Net cash provided by (used in) operations 7,343,024 (319,814)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£ £ £
Net cash
Cash at bank 406,658 7,355,719 7,462,377
406,658 7,355,719
~~——~~		 7,462,377
Total 406,658 7,355,719 7,462,377

Page 16

continued ...

THE ALFRED STEW ART TRUST

La, NOTES TO THE FINANCIAL STATEMENTS aie FOR THE YEAR ENDED 30 NOVEMBER 2024 2 Atee etalon? Se eeeet

‘. 1. She Critical accounting estimates and judgements rageea SL

Pepys In the application of the Trust's accounting policies, the Judicial Factor is required to make judgements, ye oe ae, ‘ re es “7: 1k fn = ye Peacoat estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent Tai from other sources. The estimates and associated assumptions are based on historical experience and oe, LS ee) SE See other factors that are considered to be relevant. Actual results may differ from these estimates. eee Te ett wk ay pantieSereves, F roire i»oerng 'yct 4 __Ly ere The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting pT eets ray — Li see fa=IS 7 fe mie whey estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ee. Fee ep Accounting policies ae, Charity information The continuing activity of The Alfred Stewart Trust is the prevention of poverty and the advancement of education, health, community development, arts, heritage, culture, science, environmental protection and relief of those in need by reason of age, ill health, disability, financial hardship or disadvantage. Pelle Tore Ti atten tySides Seat lar hektnct shee Dan

fee 2. Accounting policies ae,

The Trust's registered address is P.O. Box 24213, Edinburgh, EHl 9AT. TtSeePe Dee Be.

ws The Trust meets the definition of a public benefit entity. Ste ene wee. a a

‘ 2.1 Accounting convention

The accounts have been prepared in accordance with the Tmst's Deed, the Charities and Tmstee - | Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and pe ih nh a Pees ae sen Feo Z | Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. Ce aaa

ee The financial statements have been prepared under the historical cost convention. The principal teers oemune"on SS GT GretelSes ea accounting policies adopted are set out below.

— 2.2 Going concern The Judicial Factor is of the opinion that the Trust can continue to meet its obligations as they fall due for the foreseeable future. As a consequence the Judicial Factor has prepared the financial statements asple on the going concern basis. a tse mm yal OE Sa Se igen ee yea 2.3 Charitable funds Unrestricted funds are available for use at the discretion of the Judicial Factor in furtherance of the eerie 7 Se(ors charitable objectives unless the funds have been designated for other purposes. ee bratelie Dee ases a anh Pree Fh

Page 17 am ent continued ...

ELAear: THE ALFRED STEW ART TRUST 3 ce NOTES TO THE FINANCIAL STATEMENTS- continued se FOR THE YEAR ENDED 30 NOVEMBER 2024 cave een es

2. ACCOUNTING POLICIES - continued

a 2.4 ue Recognition and allocation of income cialren ara eras = | Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending en distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is * ee.[pe Rael aye= eee Pn“Ee eeeet, ge, treated as a contingent asset CGS C-RTE!Sae

Other income Other income represents amounts receivable for property rentals, property sales and property Es420 development, net of value added tax. ogyEa sepaean cogrs vaste te mapee ake weg NC uy

beds Investment income Noten Interest on funds held on deposit is included when receivable and the amount can be measured reliably a@ betatetSaiZ| as ee ere on aay Ber ee, eaten ut Oe by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend =e due. Recognition and allocation of expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in = settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on es fF leew ord “on lasekeee Ge me SE re? alee ss il me x Rew an accruals basis and has been classified under headings that aggregate all cost related to the category. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and Sit services for its beneficiaries. It includes both costs that can be allocated directly to such activities and TheaepTeckmeciets Be_eke-reryary a etlayo aterwaresaea those costs of an indirect nature necessary to support them. Support costs include central functions. Gemey Governance costs mae'r Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs relate to statutory audit and accounting f s. There is no “MySeto apportionment of overhead costs. her[vero] eed ate ibsin ate eee eee

2.5 Recognition and allocation of expenditure

er 2.6 Fixed asset investments eet

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and rok any impairment losses or reversals of impairment losses are recognised immediately in net income/ rt ee ae ae sangre e Mn Iyenl fyeee: oe ee ee etn,a erate (expenditure) for the year. so Ee ae ee deenee if Ba A subsidiary is an entity controlled by the Trust. Control is the power to govern the financial and ee oy So my me “Pyengites any Rn yall.Ue og be eT operating policies of the entity so as to obtain benefits from its activities. ec lig resumen: Sans Fes yen he ee - Investment property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially Sah recognised at cost, which includes the purchase cost and any directly attributable expenditure. eeee eae” pean ie Deas! crpcet uta ‘kp Pay ana et oat nae alley ieee ee ee Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised Ea in profit or loss. Fleet RAE AS RENE Sn ert

(RS! Where fair value cannot be achieved without undue cost or effort, investment property is accounted for peer Seer eS ees ee Se as property, plant and equipment. a 3 Page 18

continued ...

es THE ALFRED STEW ART TRUST ee - NOTES TO THE FINANCIAL STATEMENTS- continued ore ae eR sl eT 1 FOR THE YEAR ENDED 30 NOVEMBER 2024 fat a a) eee ates"cae

2. ACCOUNTING POLICIES - continued Pe eR tees Ss 9-

2.7 Inventories Ti Inventories are valued at the lower of cost and estimated net realisable value. The inventory of te. thn the company consists of land held for resale which is the accumulation of the cost of the land purchased, in pain professional costs incurred obtaining planning permission on such land and costs incurred CRS cae ogee oe eee ll ee er dem Sa eta ma ieeedern sale. ee preparing the land for ok id of At each reporting date, an assessment is made for impaim1ent. Any excess of the carrying amount ah row stom inventories over its estimated selling price less costs to complete and sell is recognised as an loss. ShraedyUr impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or or ey ee eSota 5 Asayeta illeeomeri. ied a7BeesSome i.RageELLs‘oliai. 2.8 Trade and other receivables i kee claimed. een Accrued income is amounts due for services already provided by the charity but not yet satay toa} = oie (pec aes foe erate to tee ey ee Accrued income is recognised at the undiscounted amount of cash receivable, which is nonnally invoice pin,momar price, less any allowances for doubtful (y See PW GSRES Weep debts. mga nds hag enrreiny LST OES 2.9 er Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term Cash and cash equivalents liquid are investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts Soares thep a g e aris coher? cl meamaeee teenies oon shown within borrowings in current % - liabilities.

2.10 Creditors and other payables

Zz 2.11 Financial instruments "AwT ims Financial assets Ae Basic financial assets, including trade and other debtors and bank balances, are initially recognised at al ie ee Pte eee, ee et Pee) ek al tre transaction price. baie At the end of each reporting period financial assets measured at cost are assessed for evidence of der Tay 24 wien OF impairment. Any impairment loss is recognised in the Statement of Financial Activities.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or fay are settled. Lalo spam ony yD nemo dae TRS OUI ANE Us So, aes

Financial liabilities Basic financial liabilities, including trade and other creditors, are initially recognised at transaction faker price. Te Coe ay acs Wace wren ley — nal Sep dee A WES Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one ROT a eS ee year or less. If not they are presented as non-current liabilities. eae ke“ieeetaonaencegerperecnt,’ = ea ee =Some ea at Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. gts St ee ee ee CS ee

tam Page 19

a continued ...

THE ALFRED STEW ART TRUST i Ss DeRe NOTES TO THE FINANCIAL STATEMENTS- continued areS FOR THE YEAR ENDED 30 NOVEMBER 2024 ee Ey deee SEeeeene eeeark =.

2. ACCOUNTING POLICIES - continued :. so eee

ie 2.13 Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant . lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the a PSS ee ee el ok i Seg le SY ok Sh oo carrying amount of the leased asset and recognised on a straight line basis over the lease term. cee oo ae oha

2.14 Taxation a ee The charity is exempt from corporation tax on its charitable activities. en

In respect of the subsidiary, taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive ee income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. emt wl bea 2 ell hs Tis ot sted Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. a es Pe yee oer Se

Deferred tax on - Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. LS eS eee

‘einen Timing differences arise from the inclusion of income and expenses in tax assessments in periods een, Peale Aree Lereres eg teRegen ew te= different from those in which they are recognised in financial statements. Deferred tax is measured Be using tax rates and laws that have been enacted or substantively enacted by the period end and that en ee ee ee am Tepes are expected to apply to the reversal of the timing difference. Pee ee Oe gts ae Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable ee ee At! maggryt that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

s 3. Se... DONATIONS AND LEGACIES en

Page 20 continued ... ee 475 ttle

THE ALFRED STEW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 NOVEMBER 2024

4. OTHER INCOME

The other income continued to be the development of land and property for sale. There was no such income in the year. Other operating income in the company was in respect of rents received from property held with a view to realising by sale or development. Other income in the Trust was in respect of the sale of the land received under the legacy from the Late Alfred Stewart.

5. INCOME EARNED TRADING ACTIVITIES

The wholly owned trading subsidiary The Alfred Stewart Property Foundation Limited is incorporated in the United Kingdom ( company number SC363663). The charity owns the entire share capital of 100 ordinary £ 1 shares.

in the United Kingdom ( company number SC363663). The charity owns the entire share capital of
100 ordinary £ 1 shares.		 in the United Kingdom ( company number SC363663). The charity owns the entire share capital of in the United Kingdom ( company number SC363663). The charity owns the entire share capital of in the United Kingdom ( company number SC363663). The charity owns the entire share capital of in the United Kingdom ( company number SC363663). The charity owns the entire share capital of
2024 2023
£ £
Turnover
Other operating income 32,008 54,136
Investment Income 1,057 1,785
Cost of sales & Administrative Expenses (223,725) (284,038)
Other gains and losses (34,915) 87,562
Net Profit (loss) (225,575) (140,555)
Taxation
Retained in subsidiary (225.575) (140,555)
The assets and liabilities of the subsidiary were:
Non -current assets 1,552,800 2,022,300
Current assets 3,974,230 3,729,578
Current liabilities (76,159) (75,432)
Deferred tax
Total net asset a 5,450,871 5,676,446
Aggregate share capital and reserves 5,450,871 5,676,446
6. INVESTMENT INCOME
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Deposit account interest 13,752 3,609 12,695 1,824
13,752
er		 3,609 12,695 1,824
7. CHARITABLE ACTIVITIES COSTS
Group & Charity
Group Group Charity Charity
2024 2023 2024 2022
£ £ £ £
Grants paid (note 8) 120,000 120,000 120,000
120,000		 120,000
120,000
Support costs (note 9) 119,324 57,734 57,734
119,324		 119,324
57,734
239,324
———$—$———$———————		 177,734 177,734
239,324		 239,324
177,734

Page 21

continued ...

THE ALFRED STEW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 NOVEMBER 2024

8. GRANTS PAID

Group & Charity

During the year an amount of £120,000 (2023 - £120,000) was paid to Medi-Lase Research Fund.

All the costs relate to one charitable activity of the charity, to provide grant funding to the Scottish Photodynamic Therapy Centre (Medi-Lase) Trust at Ninewells Hospital, Dundee.

No grants were awarded to individuals during the year.

9. ADMINISTRATIVE ACTIVITIES

Net income/(expenditure) is stated after charging/(crediting) the following support costs:

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Management
Legal and professional fe s		 46,113 36,965 46,113 36,965
Communication support 49,380 9,358 49,380 9,358
Insurance 144 817 144 817
Contribution to Executry 14,767 14,767
Governance
Auditor's remuneration 4,000 5,303 4,000 5,303
Auditor's remuneration (non audit work) 4,920 5,271 4,920 5,271
119,324 57,734 119,324 57,734

10. JUDICIAL FACTOR REMUNERATION AND BENEFITS

Neither the Judicial Factor (nor any persons connected with him) received any remuneration or expenses during the year (2023- nil). The commission paid to the Judicial Factor is determined by the Accountant of Court.

11. EMPLOYEES

The average monthly number of employees during the period was as follows:

Group Group Group Group Charity Charity
2024 2024 2024 2023
Total 3 3

No employees received emoluments in excess of £60,000.

The key management personnel of the Trust is the Judicial Factor. None of the trustees were remunerated for their duties as trustees during the period.

The key management personnel of the subsidiary are the directors. The directors receive remuneration under contracts for services.

Page 22

continued ...

THE ALFRED STEW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 NOVEMBER 2024

12. FIXED ASSET INVESTMENTS

Group

The fixed asset investments are shares in the subsidiary, owned 100% by the Trust.

Charity % Shares in % Shares in
group Profit/(loss) Capital
undertakings undertakings and reserves
£ £
Name of undertaking
Alfred Stewart Property Foundation Limited		 100 (225,575) 5,450,871
At 30th November 2024 100 (225,575) 5,450,871

There were no investments assets outside the UK.

The Trust's subsidiary undertaking is registered in Scotland. Its principal activity is that of buying and selling real estate, and the development of its land portfolio for the benefit of the parent trust.

The Directors of Alfred Stewart Property Foundation Limited have confirmed that the company will continue to support the Trust.

13. INVESTMENT PROPERTY

Group Group Charity Charity
2024 2023 2023 2023
£ £ £ £
FAIR VALUE
At 1 December 2,022,300 1,875,000
Addition 59,738
Disposal (469,500)
Revaluation 87,562
At 30th November 1,552,800, 2,022,300
NET BOOK VALUE
At 30th November 1,552,800
——
ee		 2,440,018
ee		 ee ee
ee

Investment property comprises various land and buildings purchased by the company over the years.

Fair value at 30th November 2024 is represented by

£
Cost 2,440,018
Disposal (887,218)
Valuation adjustment to November 2024
At 30thNovember 2024 1,552,800

Page 23

continued ...

THE ALFRED STEW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
VAT 5,604 162,460 162,460
Other Debtors 1,588,220 126,913 1,572,395 297
Corporation Tax 10,205
Prepayments 2,205 10,437
1,596,029 309,295 1,572,395 162,757

15. CREDITORS: AMOUNTS FALLING DUE WITIDN ONE YEAR

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Trade Creditors
VAT
Accrued expenses and deferred income		 1,353,976
88,160		 5,275
83,857		 1,353,976
235,262		 13,700
Related Party loan to subsidiary - 2,581,692
Other Creditors
1,442,136
aeeeeSeSSSeSeS		 89,132
4,170,930
eeeeSeSSSeSeS		 =
1�3,70_0
———
ee

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Related Party loan to subsidiary 2,627,878
i
2,627,878

Page 24

continued ...

THE ALFRED STEW ART TRUST er er”eS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 NOVEMBER 2024 ea rand La gS eS a

17. Mk RELATED PARTY DISCLOSURES us On eal

. During the year the company entered into the following transactions with related parties: St Set See rere ie

Emma Porter, Thomas Campbell and Peter Misselbrook are joint directors in Alfred Stewart Property Foundation Limited and Alfred Stewart Properties Limited.

At the balance sheet date, the balance due to Alfred Stewart Properties Limited by Alfred Stewart . . ae Ped, . Aeri Property Foundation Limited was £1 (2023 - £1). There is no interest charged on this loan. et tee ats e e e At the balance sheet date, the balance on the loan due to Alfred Stewart Property Foundation Limited by the Trust was £2,581,929 (2023 - £2,627,878). No interest has been charged on this loan. rp pd aod Le an Oy ;

In addition there was a creditor of £223,261 plus Vat in respect of costs paid by the company in relation Sear ere ee, es pe oe to the sale of Pitconochie in the Trust accounts at the year end. rele paler ring ahead arora During the year £37,349 (2023 - £34,660) for other work including investigations and accountancy work was payable to Aver Corporate Advisory Services Ltd, a company in which William Cleghorn and Emma Porter are directors. F -aip slph Dalepmall me a etre te tee sor eS, The company has paid Directors f r “s “Teabskt e s during the year of £35,472 (2023 - £34,274) for services provided ne per Bs ru agin, to the company. £11,717 (2023 - £23,514) of these f e s are in respect of work on property development e and are therefore included in the stock value rather than the income statement. ae arit

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