2025-03-31-accounts - The Pettigrew Charitable Trust

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THE PETTIGREW CHARITABLE TRUST

TRUSTEES’ REPORT AND ACCOUNTS for the year ended 31°! March 2025

Charity Number SC042790

REFERENCE AND ADMINISTRATIVE INFORMATION

CHARITY NAME The Pettigrew Charitable Trust

CHARITY NUMBER $C042790

CONTACT ADDRESS Lochnagar Main Street Newtonmore PH20 1DR _ ae INDEPENDENT EXAMINER aee artnersnip Limited Abercorn School Newton Broxburn EH52 6PZ

BANKERS

Royal Bank of Scotland 14 Allan Street Blairgowrie PH10 6AD

LAWYERS

Sarah Brown Charity Law W.S 17 Torwoodlee Perth PH1 1SY

THE PETTIGREW CHARITABLE TRUST TRUSTEES ANNUAL REPORT

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for the year ended
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315™ MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT The Pettigrew Charitable Trust is constituted by a Deed of Trust dated 2. September 2011 and was registered in the Books_of Council and Session for preservation on the 9'" December 2015. The Trust

Trustees are appointed to the charity by a vote of the existing Trustees based on the needs of the charity. The existing Trustees would select new Trustees from individuals they believed had the necessary skills and talents to assist in achieving the charity's constitutional objectives. New Trustees are provided with suitable induction training upon appointment to address any training needs

OBJECTIVES AND ACTIVITIES

The Charitable Purposes of the Trust include:-

The advancement of education; 2. The advancement of health (including the prevention of relief of sickness, disease or human suffering);and 3. The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage (including relief given by the provision of accommodation or care); w aser theiToriginal intention thatectheonTrust28" Februarywould become 2014 allactivehis assetson theweresecondtransferreddeath, byto hisreceiving wife. aIt testamentary bequest, but it was Wish that the Trust became active during her lifetime so she could see the benefit of its work while she was still alive. Mrs Pettigrew transferred assets into the Trust in the year ended 31° 16 and has added further funds in the subsequent years including gift aid donations died on 28tht December 2024 and the Trust will, in due course, benefit from her estate to a substantial extent. The Trust has operated two strands. The first of these is the distribution of annual grants to various charities, particularly health related initially as set out in a letter of wishes fro but the list of charities supported has increased year on year. The second strand relates strong links to the Scottish motor trade industry and his wish to assist young people in embarking on a career de, in particular those suffering financial hardship or other disadvantage. In order to fulfil ishes the Trustees have provided financial assistance towards apprentice training costs or candidates. The Trustees have agreed a process with The Scottish Motor Trade Association as to how this support can best be used and how the Trust also might assist in raising aspirations in young people connected with the Scottish motor trade industry. Unfortunately, due to funding changes for colleges, some changes may have been required for this support, but it currently continues

FINANCIAL REVIEW

During the yea ontibuted £430,000 to the Trust prior to her death in December 2024 £375,000 of this sum was invested with Quilter to provide income for future grants and £55,000 was kept aside to enable grants awarded in 2025 to be maintained at least at the same level as for 2024

The Trust supported 18 SMTA apprentices and 43 charities received grants. There was an exceptional number of grant applications, and the Trust was unable to give any support to almost the same number as it was able to assist. Grants to charities amounted to £68,000, an increase of £9,000 over the previous year.

differenceIn due courseto thethefinancialresidue 0position.TE...It is the intention willthatgotheintonewtheinvestmentTrust, andwillthisbewillsplit makebetweena mas$iveRBC Brewin Dolphin and Quilter and the income from these will most certainly increase the Trust's ability to give grants At 31% March 2025 the RBC Brewin Dolphin portfolio was worth £516,134 an increase over 2024 of £5,219. The investment in Quilter made in November 2024 was worth £361,893 compared to the initial investment of £375,000 due to initial costs and the reduction in the closing valuation

RESERVES POLICY

The Trust has no Reserves Policy as such given the value of the investments. However, it is the intention that future grants will be restricted to dividend income on the RBC Brewin Dolphin portfolio and a fixed annual withdrawal from the Quilter investment. Funds for SMTA considerations will be allocated as and when required

The Trust has no Restricted Funds and the disbursement of all the funds is at the absolute discretion of the Trustees who will always consider the wishes of the Trust's benefactors Mr and Mrs Geofge Pettigrew

Approved by the Trustees and signed on their behalf _

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rustee

THE PETTIGREW CHARITABLE TRUST BALANCE SHEET as[at] 31%* MARCH 2025

	2025	2024
FIXED ASSETS
INVESTMENTS
Market value as per note 2	£878,027	£521,353
CURRENT ASSETS
Sundry debtors — note 3	£9,782	£10,718
Cash at bank	3421	18,582
	£12,903	£29,300
CURRENT LIABILITIES
Creditors and accruals	600	600
NET CURRENT ASSETS	12,303	28,700
TOTAL ASSETS LESS CURRENT LIABILITIES	£890,330	£550,053
NET ASSETS	£890,330	£550,053
FUNDS OF THE CHARITY
As at 31*' March 2025	£550,053	£570,407
Increase/(Decrease) for the year	340,277	(20,354)
TOTAL CHARITY FUNDS — unrestricted	£890,330	£550,053
	=- Trustee

Trustee

THE PETTIGREW CHARITABLE TRUST STATEMENTfor the year OFendedFINANCIAL31** MARCHACTIVITY2025

INCOMING RESOURCES

INCOMING RESOURCES
		Unrestricted	Unrestricted
		2025	2024
- ex personal income and capital		£430,000	£30,000
Dividends received		20,100	18 236
Gift Aid		7,500	7,500
TOTAL INCOMING RESOURCES		£457,600	£55,736
RESOURCES EXPENDED
Charitable activities- note 4	£98 400		£94,000
	_9,939
Governance costs- note 5			5.322
TOTAL RESOURCES EXPENDED		108,339	99,322
NET INCOMING / OUTGOING RESOURCES	(before
Investment transactions		£349 261	£(43 586)
Purchases less cost of sales		(20,225)	-
Gain/(loss) on sale of investments		22,307	(1,042)
Gain/(loss) on revaluation of investments		(11,066)	24.274
NET INCOMING /OUTGOING RESOURCES	(after	£340,277	£(20,354)
Investment gains and losses)
NET MOVEMENT IN FUNDS
Total funds brought forward at 1.4.24		550,053	570,407
Totalfundscarriedforwardat31.3.25		£890,330	£550,053

NOTES TO THE ACCOUNTS as at 31ST MARCH 2025

ACCOUNTING POLICIES

THE PETTIGREW CHARITABLE TRUST

Basis of Accounting

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These accounts have been prepared in accordance with the charity's governing document, the Charities Trustee Investment (Scotland) Act 2005, the Charities ie (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charites: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)” (as amended for accounting periods commencing from 1° January 2019). The charity is a public benefit entity as defined by FRS102. The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulleting 1 not to prepare a Statement of Cash Flows. The accounts are prepared in Sterling, which is the function currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention except for quoted investments which have been revaluated to fair value at the reporting date. The accounts of the charity for the year ended 31% March 2025 are prepared in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The reported financial position and financial performance for the previous period are not affected by transition to FRS102. Fund Accounting All the funds are Unrestricted and available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Income Income and debtors are recognised when the charity is legally entitled to it after ahy performance conditions have been met, the amounts can be measured reliably, and itis probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Gift aid tax recoverable is recognised at the time of donation. Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditufe includes any VAT which cannot be recovered and is reported as part of the expenditufe to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for the beneficiaries. Governance costs include the costs associated with meeting the constitutional and statutory requirements of the charity. Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third pa and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Investments

(a) RBC Brewin Dolphin All the investments are quoted on a recognised stock exchange and valued atfair value at the year end date. Any gains or losses arising on disposal or annual revaluation are debited or credited to the Statement of Financial Activities.

(b) Quilter Investment Platform Ltd The funds invested with Quilter are in a Collective Investment Account spread over a number of investments available on the Quilter platform.
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instruments Financial instruments are recognised in the charity's balance sheet when the charity becomesa party to the contractual provisions of the instrument.

Going Concern

Atthetimeofapprovingthe	accounts,	theTrustees	haveareasonableexpectationthat	haveareasonableexpectationthat
the charity has adequate	resources	to continue	in operational	existence for the
foreseeable future and no material uncertainties exist that may cast significant doubt
upon the entity's ability to continue as a		going concern.
INVESTMENTS
(a) Listed Investments — RBC Brewin Dolphin			2025	2024
Value as at 1% April 2024			£521,353	£504,125
being
Investment Cash	£513,387 7,966 £521,353			£494,125 10,000 £504,125
Withdrawn during year
Management fees			(5,022)	(4,782)
			£516,331	£499 343
Investments purchased			(89,774)	(26,090)
Investments sold
Cost Gain/(Loss) on sale	£ 69,547 22,309			£31,102 (1,042)
			91,856	£30,060
			£518,413	£503,313
Gain/(Loss) on revaluation			(2,279)	18,040
Value as at 31% March 2025			£516,134	£521,353
being
Investments Cash			£512,295 3,839	£513,387 __7,966
			£516,134	£521,353

INVESTMENTS

	2025	2024	2024
(b) Quilter Investment Platford
Value as at 1° April 2024	£ .	a	-
Invested during the year	375,000		-
Dividends reinvested	57		=
	£375,057	£
Withdrawn during year
Advisor and management fees	4,377		-
	£370,680	£	-
Gain/(Loss) on revaluation	(8,787)		~
	£361,893	£	-
Value as at 31% March 2025
being
Investments	£361,639	£	-
Cash	254		-
	£361,893	£	-

3.	GRANTS AWARDED	GRANTS AWARDED
	(a)	Scottish Motor Trade Association		2025		2024
		Apprentices	£28,000		£35,000
		The George Pettigrew Award and
		Annual Dinner		2,400		-
			£30,400		£35,000
	(b)	Other Grants
		Bethany Christian Trust	£2,000		£2,000
		Blind Veterans UK		2,000		2,000
		British Heart Foundation		2,000		2,000
		Versus Arthritis		2,000		2,000
		British Red Cross		2,000		2,000
		Royal National Lifeboat Institute		2,000		2,000
		MS Society Scotland		2,000		2,000
		Prostate Scotland		2,000		2,000
		RNIB Scotland		2,000		2,000
		The Salvation Army		2,000		2,000
		Children with Cancer UK		2,000		2,000
		Asthma & Lung UK		2,000		2,000
		Worldwide Cancer Research Fund		2,000		2,000
		Support ED		1,000		1,000
		Rowan Alba		2,000		1,000
		Scottish Huntington’s Association		2,000		1,000
		Glasgow Children’s Hospital Charity		1,000		1,000
		Edinburgh City Mission		2,000		1,000
		Maggies Edinburgh		2,000		2,000
		Branch Out Together		1,000		1,000
		JDRF		.		1,000
		Care for Carers		1,000		1,000
		Shared Parenting Scotland		1,000		1,000
		Newlife Charity		1,000		1,000
		Pain Concern		1,000		1,000
		MYPAS		1,000		1,000
		Sunshine Wishes Children’s Charity		1,000		1,000
		Hearts and Minds		1,000		1,000
		Health in Mind		-		1,000
		Butterfly Trust		2,000		1,000
		Sight Scotland		-	(1,000)
		Inspire Foundation		1,000		1,000
		Poppy Scotland Edinburgh		2,000		2,000
		Cerebral Palsy Scotland		2,000		2,000
		Edinburgh Headway Group		1,000		2,000
		Macular Society		1,000		1,000
		Scottish Charity AirAmbulance		2,000		1,000
		Equi-Power Central Scotland RDS		1,000		1,000
		Tailor Ed Foundation		1,000		1,000
		Crohn's + Colitis UK		5,000		5,000
		Tourette Scotland		1,000		-
		Spark		1,000		.
		Artim Healthcare		1,000		-
		Hillhouse		1,000		-
		Light Up Learning		1,000		-
		Super PowerAgency		1,000		-
			£68,000		£59,000
4.	GOVERNANCE COSTS
				2025		2024
	Accounting fees		£	540	£	540
	Adviser/management fees			9,399		4.782
			£9,939		£5,322

TRUSTEES’ REMUNERATION

;

No Trustee was paid any remuneration or expenses during the year.

TRANSACTIONS WITH RELATED PARTIES

The AQ Partnership Limited in which Robert Alexander (Trustee) was ‘sap a director provided accounting services and professional support as stated in the accounts to the extent of £ (2024: £540). During the year, Mrs Robina Pettigrew (Trustee) donated £430,000 (2024: £30,000) to the charity before her death without any conditions attached.

AVERAGE STAFF NUMBERS & STAFF COSTS

	The average number of staff during the yearwas Nil (2024 — Nil).	The average number of staff during the yearwas Nil (2024 — Nil).
	There were no staff costs during the year.
8.	EINANCIAL INSTRUMENTS
		2025	2024
	Financial Assets stated at Fair Value
	(a)ListedInvestments	£516,134	£513,387

The charity has a stock market portfolio that is actively managed on a discretionary basis by RBC Brewin Dolphin fund managers with the investment objective of providing a further income stream for the charity. Fair values of the investments are determined based on the mid prices quoted on the London Stock Exchange and provided on RBC Brewin Dolphin investment reports.

The following items were recognised in the Statement of Financial Activities on the financial assets during the year:

	2025	2024
Dividends received	£20,403	£18,236
Investment manager fees	£ 5,022	£ 4,782
Gains/ (losses) on sales of investments	£22,308	£ (1,042)
Gains/ (losses) on year end revaluation
ofinvestments	£(2,279)	£18,040

(b) Other Investments

The charity has a portfolio with Quilter Investment Platform Limited. This is managed by Alan Steel Asset Management who provide all their recommendations to the Trustees for	The charity has a portfolio with Quilter Investment Platform Limited. This is managed by Alan Steel Asset Management who provide all their recommendations to the Trustees for	The charity has a portfolio with Quilter Investment Platform Limited. This is managed by Alan Steel Asset Management who provide all their recommendations to the Trustees for
approval. Overall valuations are provided monthly and quarterly investment reports afe
provided giving full transaction details.
	2025	2024
Dividends received	£ 57	£ -
Adviser/Investment manager fees	£4,377	£-
Gains/ (losses) on sales of investments	£ -	£ -
Gains/ (losses) on year end revaluation
ofinvestments	£(8,787)	£ -

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9. FUNDS
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The charity has only one unrestricted fund and details of its performance are reported in the Statement of Financial Activities. The net assets comprising the fund are as reported in the Balance Sheet.

There are no trust law restrictions imposed on the Trustees with regard to the use of the funds provided they are used solely for charitable purposes.

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PETTIGREW CHARITABLE TRUST

$C042790

| report on the accounts of the charity for the year ended 31% March 2025 which are set out on pages 4 and 10

Respective responsibilities of trustees and examiner

The Charity Trustees are responsible for the preparation of the accounts in accordance with the term$§ of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations (as amended) does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently | do not express an audit opinion on the view given by the accounts

Independent examiner's statement

In connection with my examination, no matter has come to my attention

which gives me reasonable cause to believe that in any material respect the requirements e To keep accounting records in accordance with Section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended): and
e To prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended)

have not been met or

2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

The AQ Partnership Limited Abercorn School Newton Broxburn EH52 6PZ Dated...... 2| qlox<