THE MISSE5 ROBINSON CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 SCOThISH CHARITY NUMBER: SC043713
THE MISSES ROBINSON CHARITABLE TRUST CONTENTS Page Trustees, report Independent auditor's report to the trustees Statement of financial activities Balance sheet Notes to the financial statements io
THE MISSES ROBINSON CHARITABLE TRUST TRUSTEES, REPORT For the year ended 31 March 2025 Introduction The Trustees present their report and the financial statements of the Trust for the year ended 31 March 2025. The financial statements have been prepa", ed in accordance with the accounting policies set out in note I to the financial statements and comply with the Trust Deed, the Charities and Trustee Investment (Scotlandl Act 2005,. the Charities Accounts IScotl3ndl Regulations 2006 las amended) and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 published in October 2019. Objectives. activities and grant-making policy The Trustees hold the funds for the purposes specified in the Trust Deed. namely that they should be applied for such charitable purposes only within the United Kingdom as are within the meaning assigned to the term "charitable purposes" under s7 of the Charities and Trustee Investment (Scotlandl Act 2005 and which are also regarded a5 a charitable purpose in relation to the application of the Taxes Acts. Although the Trust's charitable objectives are drawn in wide term5 in the Trust Deed, in practice I he Trustees have had regard to the specific grant-giving criteria which were applied by the hen they were alive subject to a degree of updating from time to time. As such the Trustees do noi invite applications from other organisations but make grants on the basis of their own knowledge and experience. The Trustees have the power to apply the capital and income of the Trust's funds towards these purposes to such an extent a5 they may from time-to-time think fit and, in so far as any such income is not so utilised in any one year, it may at the Trustees. discretion either be retained by them and expended in the following year or year5 for the Trust's purposes or added to the capital of the Trust's funds. Achievements and performance Ouring the year the Trustees agreed to make grants to 1212024.. 131 charities totalling £99,500 (2024.. £ 110,0001,. details of the recipient5 are shown in note 4 to the f inancial statements. All these grants were paid out during the year and there were no grants or commitments outstanding at the year end. Financial review The results for the year are set out in the Statement of Financial Activities on page 8. The total income received by the Trust during the year amounted to £119,82312024'. E118,1761. With expenditure of £110,12812024.. £132,834), there was net income before gains and losses on investments of £9,695 12024.. net expenditure of £14,6S81 Net losses on investment5 for the year amounted to £26.154 12024.. gains of £128,077). resulting in net expenditure for the year of £16,45912024'. net income of E113,419}.
THE MISSES ROBIN50N CHARITABLE TRUST TRUSTEES, REPORT For the year ended 31 March 2025 Financial review (continued) All funds held by the Trust are unrestricted. The value of these funds held as at 31 March 2025 amounted to £3,765,18712024: £3,781,646). The Trust's free reserves, defined 35 those unrestricted reserve5 not tied up in fixed assets, was £223.28412024.. £157,177). The Trustees are satisfied th3t adequate funds were available at the year end to continue to fulfil the charitable objectives of the Trust. Investment policy and performance The annu31 income Eenerated from the Trust's funds provides the means whereby the Trust is able to fulfil its purposes- the investment objective of the Trustees is thef efore to achieve a balance between capital and income growth The Fund is invested in a range of good quality equity investments, including managed funds. to provide a spread of geographical and sector risk, along with a proportion in f ixed interest stocks. The Trustees have delegated the management of the listed investments to professional firms who report to Trustee5 on quarterly basis as to the performance of the portfolio. The investments were managed by Rathbones until February 2024 and thereafter by The Trustees have also directed that the portfolio 5houlcl not be invested in companies generating greater than 25% their income from tobacco, 3rm3ment5 or gambling. Risk management The pri nci pal risk faced by the Trust lies in the performance of its investments. The Trustees consider variability of investment returns on the listed investment portfolio to constitute the charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. In the current year. the Trustees directed the investment managers to manage the funds with a balanced mandate between income and capital growth and observe the ethical considerations noted above. Going forward. the mandate will be to achieve a total return of CPI + 2% + fees. Reserves policy The Trustees regard the investments as their funding base the purpose of which is to generate income. They are also aware of the need to promote capital growth in order to secure the longer-term future of the Trust. The investment income received by the Trust during the year amounted to £119.823 12024. £118,176) and £110,12812024.' £119.3241 was spent on charitable purposes.
THE MISSES ROBINSON CHARITABLE TRUST TRUSTEES, REPORT For the year ended 31 March 2025 Structure. governance and management The Trust was formed in 2013 by Deed of Trust and received funds from two earlier charitable trusts set up by the Misse5 Robinson. narnely Miss S E Robinson's Charitable Trust and Miss J H R Roblnson's Charitable Trust. The Trustees who served during the year are noted below The Trustees seek to maintain a balance of relevant skills and experience within the trustee body. No changes are envisaged to the trustee body at the present time but in the event of new trustees being appointed they would be provided with copies of the Trust Deed, Minute5 and/or relative correspondence. recent financial statemerrts and OSCR'S Guidance Appointments are not limited in time. Reference and administration information Scottish charity number SC043713 Principal address Caledonian Exchange 19A cannng Street Edinburgh EH3 8HE Trustees Secretaries and legal advisors Lindsays Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE Auditors MHA 6 St Colme Street Edinburgh EH3 6AD Investment managers Charles Stanley 2 Multrees Walk St Andrews Squares Edinburgh EHI 3DQ
THE MISSES ROBINSON CHARITABLE TRUST TRUSTEES, REPORT For the year ended 31 March 2025 Statement of Trustees. Responsibilities The Trustees are responsible for preparing the Trustees, Report 3nd 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statement5, the Trustees are required to: select suitable accounting policies and then apply them conslStently,- observe the methods and principles of the Charity SORP 2019 IFRS 1021.. make iudgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare f inancial statements on a going concern basis unless It is ina ppropriate to presume that the cha rity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable it to ensure that the financial statements comply with the Charities and TrLJStee Investment (Scotlandl Act 2005, the Charities Accounts {5cotlandl Regulations 2006 las amendedl and the provisions of the Trust Deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. Approved by the Trustees on 18 August 2025 and signed on their behalf bv..
Independent Auditorfs Report to the Trustees of The Misses Robinson Charitable Trust Opinion We have audited the financial statements of The Misses Robinson Charitable Trust (the 'charity'} for the year ended 31 March 2025 which comprise the statement of financial activitie5, the balance sheet and notes to the f inancial statements, including signif icant accounting policies. The f inancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicoble in the UK ondRepublic of Ireland (United Kingdom Generally Accepted Accounting Prxticel. In our opinion the financial statements= give a true and fairview of the state of the charitrfs affairs as at 31 March 2025, and of its inming resources and application of resources, including its income and expenditure, for the yeJ then ended have been properly prepared in accordance with United Kingdom Generally Accepted AccInting Practice,- an have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotlandl Act 2(K15 and regulation 8 of the Charities Accounts (Scotlandl Regulations 26. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U K, including the F Rc's Ethical Standard the provisions available for smal l entities. in the circumstances set out in note 9, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, LAse of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng 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 finlncial statements are authorised for issue. Our responsibilities and the responsibilities of theTrusteeswith respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees, Report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Trustees, Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Independent Auditor's Report to the Trustees of The Misses Robinson Charitable Trust Other information (continued) Our responsibility IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the f inancial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thls gives rise to a material misstatement in the f ina ncial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Accounts1Scotlandl Regulations 2006 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, Report,. or proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more ful IV in Statement of Trustees, Responsibil ities, the Trustees are responsi ble or the preparation of the financial statements and for being satisfied that they give a true arsd fair view, and for such interna I control as the trustees determine is necessary to enable the preparation of f inancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fi nancial statements, the Trustees are responsible for assessing the charity's abil itv to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the cha rity or to cease operations, or have no realistic a Iternative but to do so. Auditor's responslbilities for the audit of the financlal statements We have been appointed as auditor under section 44llllcl of the Charities and Trustee Investment Iscotlandl Act 2005 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements a5 3 whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's port 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 IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. I rregularities, including f raud, 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 irregularitie5. i ncluding f raud.
Independent Auditor's Report to the Trustees of The Misses Robinson Charitable Trust Auditor'5 responsibilities for the audit of the financial statements (continued} The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims; Enquiry of charity management and those charged with governance to identify any instances of non-compliance with laws and regulations,. Performing audit work over the risk of management override of controls, including thetesting of journal entries arbd other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charity's activities and reviewing accounti ng estimates for bias,. Reviewing minutes of meetings of those charged with governance; Reviewi ng f inancial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including 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 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website www.frc.or auditorsres onsiblities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, a5 a body, in accordance with Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charity and the charity's trustees as a body, for ourauditwork, for this report, or for the opinions we have formed. MH4 MHA Statutory Auditors 6 St Colme Street Edinburgh EH3 6AD 18 August 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC4555421. Eligible to act a5 an auditor in terms of Section 1212 of the Componies Act 2006.
THE MISSES ROBINSON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2025 Notes Unrestricted Unrestricted 2025 2024 Income from.. I nvestments 119,823 IIB,176 Expenditure on: Raising funds Charitable activities 1.050 109,078 13,510 119,324 Total expenditure 110,128 132,834 Net income/{expenditure) before gains and losses on investments 9.695 (14,6581 Net Ilosses)/gains on investments 126,1541 128,077 Net lexpenditure}/income and net movement in funds 116,4591 113,419 Reconciliation of funds Total funds brought forward 3,781,646 3,668,227 Total f unds carried forward 3,765,187 3,781.646 All income and expenditure derive from continuing activities. The notes on pages 10 to 14 form part of these financial statements.
THE MISSES ROBINSON CHARITABLE TRUST BALANCE SHEET For the year ended 31 March 2025 Notes 31 March 2025 31 March 2024 Fixed assets Investments 3,541,903 3,624,469 Current a55ets Accrued income Cash held by Lindsays Cash held by Charles Stanlev 10,575 105,890 113,538 11,066 106,293 60,842 230,003 178,201 Creditors: amounts falling due within one year Accruals 16,719) 121,0241 Net current assets 223,284 157,177 Net assets 3,765,187 3,781,646 Funds U nrestricted funds 3,765,187 3,781,646 These financial statements were approved and authorised for issue on 18 August 2025 and are siined n hph If nf thg TriiEtpoE
THE MISSES ROBINSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Accounting policies The signif icant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. la) General information and basis of preparation The Misses Robinson Charitable Trust is an unincorporated charitable trust. registered in Scotland, Scottish Charity Number SC043713. The address of the registered office is 19A Canning Street, Edinburgh, EH3 8HE. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their f inancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts {Scotlandl Regulation 2006 las amended) and UK Generally Accepted Accounting Practice. (b) Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered performance and financial posltion of the Trust and the level of f unds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The expected income and expenditure is suff icient with the level of resenles for the Trust to be able to continue as a going concern. Income All income is recognised once the Trust has entitlement to the income. it is probable that the income will be received and the amount of income can be measured reliably. Income from investments is included in the year in which it is receivable and when the amount can be measured reliably. Interest on funds held on deposit is included when receivable,. this is normally upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividends have been declared and notification has been received of the dividend due. io
THE MISSES ROBINSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Accounting policie5 (continued) {d) Expenditure Expenditure is recognised once there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The Trust Is not registered for VA T, therefore expenditure includes irrecoverable VAT. Expenditure on raising funds includes costs associated with generating income from the Trust through its investment portfolio. Charitable expenditure comprises those costs incurred by the Trust in the delivery of its grant making activities. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Support costs are allocated between governance costs and other support costs. Governance Costs include these costs associated with meeting the constitutional and statutory requirements of the Trust and include the statutory audit fees and costs linked to strategic management of the Trust. Other support costs relate to the admi nistrative costs of running the Trust. (e) Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Reali5ed gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Finantial Activities. The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk. a nd changes in sentiment concerning equities and withi n particular sectors or sub sectors. li
THE MISSES ROBINSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Accounting policies (continued) Debtors Debtors are measured at their recoverable amount and included when reasonable certairstv exists over their receipt. Prepayments are valued at the amount prepaid. Ig) Cash at bank and in hand Cash at bank and in hand includes cash and highly liquid short-term investments with a maturity of three months or less from the date of acquisition or opening of the deposit or Similar account. (h) Creditors and provisions Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligatiorb can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount due. Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measure at that settlement value. Fund accounting Unrestricted funds are those funds that can used in accordance with the objectives of the Trust at the discretion of Trustees. (k) Judgements in applying key sources of estimation uncertaintv In the application of the Trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and li3bllities that are not readily apparent from other sources. The estimates and associated assumptions are based on historica l experience and other f actors that are considered to be releva nt. Actual results may differ from these estimates. In the view of the Trustees, no critical accounting estimates or judgements have been made in these financial statements. Investment income U nrestricted Unrestricted 2025 2024 Irscome from listed investments Income from bank interest 115,570 4,253 112,857 5,319 119,823 118,176 12
THE MISSES ROBINSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Expenditure on raising funds Unrestricted Unrestricted 2025 2024 Investment management fees 1,050 13.510 Charitable activities Unrestricted Unrestricted 2025 2024 Donations made ACE IT Edinburgh Cyrenians Jamie's Farm Leuchie Mission Aviation Fellowship UK Music at Paxton Nith Catchment Fishery Trust Papyrus UK RSABI Scotland's Charity Air Ambulance Scottish Ref ugee Council The HALO Trust The Scottish Bible Society WaterAid 7,500 10,000 7,000 15.000 5,000 10,000 7,000 2,000 7,000 10,000 7,500 7,500 7,500 7,500 12,000 7,500 10,000 5,000 7,500 10,000 15,000 7,000 ,000 5,000 10,000 Total direct charitable expenditure 99,500 iio,000 Support costs Secretarial, legal and administration costs Governance costs 3,188 6,390 3,300 6,024 Total support costs 9,578 9,324 Total charitable expenditure 109,078 119,324 Governance costs comprise Audit fees 6,390 6,024 6,390 6,024 13
THE MISSES ROBINSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Trustees, remuneration and expenses The Trust has no employees. No Trustee received any remuneration in either the cUrnt or prior year. No Trustee received any reimbursement of travel expenses in the current year 12024.. £nill. Investments 2025 2024 Market value At l April Additions at cost Disposal proceeds ILossesl/gains on revaluation 3,624.469 285.413 (341,8251 126,1541 3,524.184 306,726 1334,5181 128,077 At 31 March 3,541.903 3,624,469 Historic cost 2,625,626 2,523,159 The following investments comprise more than 5% of listed investments: Allianz Technology Trust plc 25p ord sha res 185.765 Polar Capital Technology 25p ord shares 188.313 184,175 196,500 Movement in funds Gain51 Ilossesl At 31 March At l April Income Expenditure 202412S Unrestricted 3,781,646 119.823 1110,1281 126,1541 3,765,187 2023124 Unrestricted 3,668,227 118.176 1132,8341 128,077 3,781,646 Related party transactions During the year, a donation of f 7 50012024.. £7,000) was paid to Nith Catchment Fishery Trust, a charity in which trustee, Is 3 director. Non audit services In common with many other charities of our size. we use our auditors to assist with the preparation of the fi nancial statements. 14