TURCAN CONNELL E M WHITTOME 2013 CHARITABLE TRUST Scottish Charity No SC044044 REPORT AND FINANCIAL STATEMENTS YEAR TO 28th FEBRUARY 2025 W03399.0001-AGMF-1410812025
WHITTOME 2013 CHARITABLE TRUST ENERAL IN RMATI NAN EP RT THE TRUSTEES FOR YEAR 28th FEBRUARY 2025 The Trustee5 present their annual report and financial statements for the charity for the year ended 28th February 2025. The financial statements have been prepared in accordance wtth the accounting policies set out in Note 110 the financial slalemenls and Comp wf(h the Chaws Trust Deed, the Charities and Trustee Inveslment (Scotlandl A¢t 2005, the Charrt5 Accounls l&otlandl Regulations 2006 (as amended) and the Accounting and Reporting by Charitie$'. Slalement of Recommended Practi¢e applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 1021 {effeclive 1 January 20191. Ob ectfves and actlvltles Ob'èctNèS of Trust.. The Trustees ar8 directed in tom)s of th8 Trust Deed lo hokl thg Trust Fund and thg Income of it or apply thè same to or for the benefrt of or furtherance of Such purposes. object8 or institutions charitable in law and in 8uch proportions and manner as the Trustees think rrt. In exeTrysing their disGretron the Trustees shall give primary consideration to the wshes of those persons who gNe or lend funds to the Trust bul this prolSu shall impose no binding obligalNJn on the Trustees. Tho Trustees are also aulhorised to accumulate Income for the Mpnty one year period from 5th February 2013. The purposes of the Trust are general in their naluie and the Trustees have no specific aims as fegards the donations made other than lo benef* so¢iety as a whole. The Trustees do not engage directly in charitabLg actNities or wojects. The principal activity of the Trust is granlmaking. By support of other charities the Trustses atm is to provide publ ben6fft ty ensuring that the front line tharitable actiV9S of those organIsatnS can be sustaintsj. Granl-makin As the Trust's objectives are broad the Twstees have opted for a policy of making donations lo charttable organisalion$ operating in theÉr preferred arealsl of benefit who they feel require most support, and who the Trustees believe can make significant front line impact as a result of that s¢Jpport. The Trustees, current focus L8 on Organisatn Invofvéd in heatth and the arts although they are not bound to favourthese are88 of benefit in the future. rt on the 8Ctwitse5 The Trust's public b8nefil has been discharged by making donations in accordance with its objectives, aims and granlmaking policy, to organisations directty inVoed in the promsion of charitable semces. Donations totslllng £95.000.00 were made to 9 organfsallons Involved In health related issues and 8ninal webfare {2024 £32,000.00 to 7 OrganrtIQnsl. Paye 2
E M WHITTOME 2013 CHARITABLE TRUST NE RMA ND THE TRUSTEES FOR YEAR 28th FEBRUARY 2025 Achievements and rformanco: Investment lic an In accordance with the Trust Deed. the Trustees have powei lo invest in such stocks, shares, investments and propety in the Unfted Kingdom or abroad 8$ Ih¢y in their sole disGrets"on think fit. The Trustees engage James Hambro & Partners 88 investment managers. The Trustees, investment policy ts geared towards a balanced return betsIn capital and income. Thefe are no constraints as lo the investments comprising the porttolio at any time. In the year to 28th February 2025 capital valu88 have appTeGiated by 10.51% with gros5 investrnenl income decreasing by 10.65%. Capital appreciation is prirnari due lo higher market prices at the account date and is after disFosals of approximate £80.000 to m*1 donations. Thè decréase sn in¢¢yne is due lo change5 in the portfolio in the current and prwous year8. Financial vi Financial re ort The TnJ5t's abilty to make rneaningful donation5 15 reliant on income and investment fetums flom ts investment F4)rtfolio. The investmènts of the Trust had a fair value of £1,969,019.0012024 £1,781,686.00) and there are nel current assets of £18.476.2212024 £50.689.841 grvmig total funds of £1,987,495.2212024 £1,832,375.84). The Trust recewed income of £60,208.43 (2024 £75,603.28) during th8 year includin9 a donation of £37.430.60 by the Settk)r. 9 donations totalling £95,000.00 were made during the year {2024 7 donations totslling £32,000.00). e8eNes 11 13 the poli¢y of the Trustees lo d$8lribule the income of the Trust in the fomi of grants or donabons. 11 is anlicipaled that. where possible, any surplus inctyne at the close of the account would te so distributed in a following year. The funds of tho Tfust ar¢ vtholly unrestre and are rgpresenlgd by a portfolio of investments and cash balance$. Th$ Investments are managed on a discretionary basis by the investment manager8. The Trustee8 have power lo draw upon the investments in furtheiance of the Trust's objectives whilst retaining sufficient funds to meet any commitments they may undertake. Page 3
E M WHIThOME 2013 CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR 2 h FEBRUARY 2 Risk man ement The Trustees have assessed Ihe major nsks to which the charity is exposed, in particular thos¢ r8kted to the op8ration$ and financ9$ of Iht Trust and are sab'sfied that systems are in pkce to mÉtlgale our exposure lo the major risk$. As the Trust relEs on ts investment returns in order lo make rts donations, the principal rk4k faced by the TnJ3t lies in the perfomiance of its investrnents. The Tnjslees consKler vanabiltty of investment retums to constitute the charills major financial risk and have mitigated this by retsining investrnenl managers to advise them and by having a dfversrfied portfolio. The Trustee5 havg no mats11 uncertainties as to the Trust's abilty to ¢onts'nue as a going concem. Stru ovem mana emo Foundin document Deed of Trust by ated 5th February 2013 Charrtablg Status was granted by the Office of Ihg Scottish Charitsos Regul*or on 31 sl May 2013 and by HMRC for tax purposes on 8th November 2013 {effeclTve trom 5th February 20131. ointment of new Trustee5 ReseNed lo the $8tt1or during h8r lrfetime lo the exclusion of the Tru$lees' power of a55umption, provided she relain5 sufficient capacty to do 50, whom failing, the Trustees in offKe. n makin All Trustees are actively involved in the decision making pr955. Requests for ftsnding are revithved by the Trustees. The partners of Turcan Connell are directors of Turcan ConneH (TfUStees} Limi(a. Turcan Connell prowdes legal, and accounting setvKes to the Tiusl for which fees are charged. In the year lo 28th February 2025 Turcan Connell fees amounted to £9,138.93 {2024 £8,299.49) of which £1,500.0012024 £1,500.00) w05 Outstanding al the year end. the Settlor of the Trust. gffted investments to the value of £37,430.60 during the year. The Trust has no employees {2024 None). The Trustees engage Turcan Connell to un¢Jertake the adminisiratv)n of tho Trust, remuneration fOr4¢h is recorded in the financial 8tatement8. n8 l Trustees are active in the management of the TTUSI. P?4
ITAB f•r•nc• and idml rntlve d sh ha Num Turcan Connell Prince8 Exchange 1 Eari Grey Street Edinburgh, EH3 9EE Truslees dlassum Turcan Connell ITruste881 Llmf(ed (See Appendix) Tur Connel Princes Exchange 1 Earf Grey Street Edlnburyh, EH3 9EE Jam88 Hambro & P8rtn8rs 8a Randolph Place Edinbuigh EH3 7TE Inde endent Examiner Azels Audit Servicès Chartered Accountant8 Quay 2 139 FDuntainbridgé Edlnburgh, EH3 9QG
E M WHITTOME 2013 CHARITABLE TRUST GENEPAL INFORMATION AND REPORTOF THE TRUSTEES FOR YEAR 28th FEBRUARY 2025 st8temenl of Trustees, onsibil((ies in res ecl of the financial statements The TnJsleeB are responsible for preparing the report and the financial stalernents in accordance with appIable law and regulations. The Charities and Trustee Investment Iscolland) Act 2005 and The ChantE$ AccDunts Iscouandl Regulations 2006 las amended) require the TrUstS to prepare financial statements lor each financial year which give a true and fair view of the stale of affairs of the Trust and of its resuts for that period. In preparng those financial $talements, the Trustees are requir8d lo lolbw best practlcè and". - sekct surtable accounting policies and then apply Ihem consistently, - obseNe the Methods 8nd pnnciples in the Charrttes SORP.. - make sudgements and estirnales that are reasonable and prudent.. - state wneiher applicable accounting standards and ststements of recornmended pracllce have been followed, subject lo any departures disclosed and explained in the financial Statemts. and - prepare the financial slatemenls on the going conrn basis. unle55 It is ineppiopiiate lo presume that the Trust will Gontinue on Ihal bas15. The 8bove noted legislation 81s0 requires the Tru51ees to be responsible for keeping proper accounting records whi¢h discbse with reasonable occuraey at any time the finonciol pogitv)n of the Trust to enable them to ensure that the financial Slalernenls ¢ompW with the legislation. They are also responble for safeguarding tho 0s$01s of th• Trust and henca for tsking reasonable st8PS for the pravention and datècliDn of fraud and other irregularities. Financial ststoments r8 aralion The Trstee$ conlim that IhÉ financial statemènts for the period endèd 28th February 2025 have been prepared so as lo ccmply with current statutory requirements. the Charity SORP and the Trusfs own govèming document. Page 6
E M WHITTOME 2013 HARITABLE TR ST INDEPENDENT EXAMINER'S REP RTT THE TR STEES I report on th8 financAal stat8ments ofthe trust for th& arakd 28th February 2025, which Arg Set out on pages 8 to 14. R•BpgCtlv• rg8ponllblllt1 of truotoos and oxamln•r The tharTty'$ trustee$ are responsible for the prlatIon ofthe fiftan¢ial $taknn¢nts in •¢¢ordan¢e with the Igmis of th& Chafitias & Trustee Investment IScoUand} Act 2OJ5 f'th8 ACV'I 8nd the Charithgs Accaunts IScoUand} Regulation5 201X las amended) I'the Regulatiws"). The charivs trustees consider that the audit reqUirnent of Regulation 10111 (al lo Icl of trE Regulations dogs not apply. It Is my responslbllity to gxamints the fin8ncSal 5tat8ments as r8quifEd undar secuon 4411)1¢1 ofthe Act and (o state whether wticular mattern have ccme to my attention. Baol8 of Independentexamlnerfs report My examinatson was carried out in accordance Regulats'on 11 of the Regulatiorffj. An examination indudès a remtw ofthe accounting Tècords kept by the charity 8nd a comparison ofthg financial statamants presontod wth Ihosa rgcords. It also indudes consider8bon ol any unusual items or disdostJr66 in the finarK4al statements, Seeks eyplanatioThs the trustse¥ ¢onremir#J any surtl rnatte. The procBdures undertaken do not providg all the emdance lttat would be requlred in an audit and consequenfjy l ¢Jo not axpress an audr( onIOn on tha viaw gtvan ty thg flnancial statèm8nts. Indopgndgnt •xomlnof$ tatorn•nt In Il course ofmy examinati. no matter has Come to my attention '. 1) gives rne reasonab cause to believe that in any material r8spec* the rryuirernents.. . to keep accounting Rcords in aCrdance Mth Secb'on 4411llal of the Aca arKI RegulatK)n 4 ol thg R8gulatK)ns, 8nd . to prepare financial statements hvhith accord wth the accountiro rectKds and compty with Regu18tion 8 of the Regulation5 have not been met., or 2} to which, in my opinK)n. attenlK)n Shpuld be dravm ordgrto enabl• a propBr undgr8tsnding ol the finanal statements to be reached. Qu8y2 139 Fountainbridge Edinburgh. EH3 9QG Partner A2ets Audit SeMce8 Chartered Accountants Date 20 August 2025 Pa7
E M WHITTOME 2013 CHARITABLE TRUST NCE SHEET ASAT 28th FEBRUARY 2025 Notas 2025 2024 Fixgd 05$ots Investments 10 1969 019 00 1 781,686 00 ur Cash on deposrt and in hand DebtDrs 24,048.22 44,653.84 10.022.00 Total current assets 24,048.22 54,675.84 Currènt LiabilÈknes Amounts due in less than tsvelve months 15,572.001 (3,986.001 Totsl ¢urront liabilitlOS 5,572.00 3,986.00 Net current assets 18,476.22 50,689.84 Net assets 1,987,495.22 1,832,375.84 Funds of the Chant Unlestrted Funds 1.987,495.22 1,832,375.84 Total charty lunds 1,987,495.22 1,832,375.84 All funds we unresirictea in both the current and previous years. The Notes on pages 10 10 14 form part oflhese aCcCnIS. Approved by the Trustees and outhorised to be Sign on their tfhalf on Page8
E M WHITTOME 2013 CHARITABLE TRUST ME FOR THE YEAR ENDED 28th FEBRUARY 2025 2025 Total 2024 Total Nol88 Income an ndowme Donations Investments 37,430.60 22.777.83 50.110.00 25.493 28 11 Total Income 60,208.43 75.603.28 Ex nditure on: Investment management costs {17,680.241 {14,431.241 ritable Aetivilies Donations SupF(Srt and govemance costs (95.000.001 {10,626.93) {32,000.00) 19,649.49) Total expendlture 123.307.17 $6,080.73 (63.098.74) 19.522.55 Nel gains on investments 10 218,218,12 120,316.37 Net income and net movement in funds 155,119.38 139.838.92 Balance as at 28th February 2024 1,832,375.84 1,692,536.92 Balance a$ at 28th Febrnary 2025 1,987,495 22 1.832,375.84 l of the above resuks are derNed from continuing activities. Al funds are unrestllcted in both the current and previ)us years. The Mxes on pages 10 to 14 form part of these accounts. Pape 9
E M WHifroME 2013 CHARITABLE TRUST TEST THE FINAN IAL STATEM NT FOR THE YEAR ENDED 28th FEBRUARY 2025 1 Accountin ias al Financial statements re aration The financlal statements have been PTgpared under tho hlstorfcal cost conventlon wf(h Ren)s rgnIsed al cost ortran$action value unless otherwise $tatad in the ro18vant notelsl to these accounts. The financial stslements have been prepared in acwrdance wbth th8 '. Acc4)unting and Reporting by Charil'es.. Statement of Recommèntled Practice applicale lo chariti&s preparing their finanrAal stalemen15 in a¢cord8n(* with the Financial Reporb"ng Stsndard applicable in the United ltingdom and Republic of Ireland IFRS 1021 (offective 1 January 20191 and the Financial Reporting Standard applicablg in the Unitgd Kingdom and R8public of Ireland IFRS 1021 the Charilies and Trustee Investfflenl IScoNandl Act 2005. and the Charities Actounts (Scolland) R8gulations 20C6 las amendéd). The Trust ctsnstilules a public benefbt entty as defined by FRS102. charfty has taken advantag8 of th8 provlsions in th& SORP not to preparg a Statemonl of Cash Flows. The financk81 slatemenl$ a prepared in sterting which is the funclional rrencY of the charrty. mOtary amunls In these financlal statgments are rounded to thè nearest whola nCe. The financial statements have ken prepared on a going concem basis. The Twslees have assessed the Tru5t'$ 8bility lo continue as 3 going concèrn and have asonable expectation that the Twst h8$ adequate $OUrCeS lo continuè In operational existence for the foieseeable lulure. thus they continue to adopt Iho going concem basis of accounting in preparin9 the financial stalements. Investments ar8 a fomi of basic finanrial inslrumenl and are initially recognis8d at their transaction value and subsequently measured at their fair value al Ihe balance sheet dale. The slalemenl of financial actiwlies Iude3 the net gain5 or losses arising on revaluation and dispJsals throughoul the year. Fair value revaluation of lh8 Portfolio at th8 aUnt date is done at eithvx mid martel prioe or bid wice depending on Ihe nature of the investrnent. As the Trust relies on its investment tum8 in order lo mak¢ ils donations, the prirripal risk faced by the Trust lies in the perfomiance of its InvestnIS. The Trustees COnder variability of investment ielurns lo consliiule the chantys major ffinanoal risk and have tigated this by retsining investment man8gers to advise them and by having a divergfied portfolv). andl All gains losses a taken lo the Ststemenl of Financ4al Activities as they arise. Realised g8ins and losses are ca11?tert as the difference beN¥een the sales proceeds and their opening Carrying value or their purcljase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses a calculated as the difference betsveèn the fair value al the year end and their carrying value. Realised and unroalis8d gains and Ioss8s arg combinèd in the Stslement of Finencial Aclivities. ncome Investment incune is included in the ffian ststemgnls in tho ygar in which it bo¢omes gntrfgd to it., 11 can be rdiably detemiined and there is probability of receipt. Voluntsry Income Is induded in the financi81 stslements tog9thgr wtth a$so¢kated gfft aid. wherg applicablg. wher7 Ihe Tru$tggs have bgen adws8d of the donation and are &8rtain of its receipt. Gffts of inv&slm8nts arg includad at a valuation for tax purpDses on the dat8 on which thoy were rec8iwd. Page 10
E M WHIThOME 2013 CHARITABLE TRUS TE THE FINAN IAL TATEME FOR THE YEAR ENDED 28th FEBRUARY 2025 Expendf(ure is induded in the financaal statements on an ac¢ruals basis and rect)gnl8ed In lull as soon as a constructive ObloI10n exists, the sums payabte can reliably nwasured and there Is probabllily of paymgnt. Support costs are the cosls g$sockqtsd wlth the dirgct managgmgnt of thg charity. Govemance ¢osl$ are the costs of compliance with the statutory and fegulalory reqirrirements of the charlty. Fees charged by Turcan Connell lor legal accounting 9eNices ale indu(let1 in the linancial statements as lollows". Support (Legal and Adminbstrative Costs) - 75% Govemance {AcoJuntancy Costs)- 25% These are recorded In support and gov8mancg Costs In the Slalament of Flnancial ACVilles. Independent examination fee5 are recorded in support and govemance costs in the Ststemenl of Financial AL#ivilies All 0th8r support and govemance cosls ar8 r80Jrded in the Slatofflent of Finanal Activities as appTopriale. SupFX)rt atwj govemarKe costs are not alkKated against indiwdual grants or donations. Investment management charge5 are induded on an accruals ba313 and recognised in full as 8oon as a consknjclive obligation exists. Grants and donations 8uthorised lo be paid In respect of the accounting year or future years are provided for in the finanrial slalemonts in the year in whi¢h they are aulhorised. The Charity is not registered VAT purposes and all VAT incurred is therefore iThecoverable. Whwe applied. VAT is induded as part ¢)f Ihe expense. Some investment a88els are traded in foreign currenaes. Transactions duritYJ the year are induded 01 their sterling value on the transaction date. Gains or losses on the subsequent o)nversion are included as other invostsnent incorne or other 8UPPOrt costs as necessary al the date of Ihe conversion Iransaclion. h balan Cash includes cash in hand, deposits held at call with banks and other short-lerm liquid investmèn18 w6th original maturtb.es of threo months or168S. 2 Debtors 2025 2024 Tax repayrnent 10,022.00 10,022.00 P44e11
E M WHITT ME 2013 CHARITABLE TRUST NOTES T THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28th FEBRUARY 2025 Indep8ndant examination fees Investrnenl management fees Adinini5tration fees 1.362.00 2,710.00 1,500.00 1,236.CQ 1,250.CO 1,50C). 5,572.00 3,988. ifts into Tfusl 025 37,430.60 50,110.CQ 37,430.60 50,110.CO ha ble ac lies Bowel Cancer UK Highland HoSc4 Sports Driving Unlimlled Cancer Research UK MS Sooety AlzheiThr's Rgsearth UK Gulde Dogs for the Blind ASSO* 5,CK)O.(X) S.CM]O.CpJ 5.CMJO.00 10,CK)O.00 s.c4)0.00 S.0.00 s,0.(Y) 5,C¥)O.CXJ 5,000.tMJ 5,(N)o.ryJ 5,(MJO.LJJ s.[]. 35.000.00 30.[.C#) Anlmal Wdfare Arab Horse Soc¢ety 2,000.OJ mun Develo ment The Countysi¢Je Alli8n¢e Foundation Fyrish Gymnastics Club Highnd Group RDA S0,0 00 5,000.00 5.OC(I.00 95,OCrfJ.00 32.000.(K) Page 12
EMWHI FINANCIAL STATE FOR THE YEA The partners of Turcan Connell ar• threctors of Turcan Connell (Trustees} rnited. Turean Connell provldes legal. and accounting sefyices to the Trusl for which fees are charged. In the pèriod to 28th February 2025 TuTcan Connell fee$ 8nx)unted lo £9,138.93 (2ff24 £8,299.49) of which £1.50D.00 12024 £1.5.) was outs&ding at tha year ond. the Sèttlor of Ihe Tnjsl, grfted investm8nts to the value of£37,430.80 Lbnng i e year. No fee8 or expenses habE been paid to the Trustees (2024 Nill. All TN$tees grntuilously. The Trust has no employee812024 Nil). 2024 Administration 6,654.20 6.224.ff2 Govam Accounting Independent examination 2.284.73 1,488.00 2,074.87 1.350.C 3,772.73 10,826.93 9.649.49 of raisii fundg 2025 In$tM&nt klanagemonl 17.880.24 14,431.24 17 680.24 14431.24 P#y 13
E M VVHITTOME 2013 CHARITABLE TRUST NOTE FINANCIAL TA EMENTS R THE YEAR ENDED 28th FEBRUARY 2025 10 Invostments 2025 2024 Fair value of Invgsbnenls at 28102r24 1,781,686.CQ 1,623,703.00 Add.. Acquisitions Gift 701,243.67 37.430.60 312,476.50 Less Disposal proc8eds (769,559.391 1274.809.87) 1.750.8(aJ.88 1.881,389.83 213.22 131.673.92) 151.777.07 Realised gains Realised Ioss8S Unrealised gain51 Oossesl 27,153 83 {15,410.991 206.475.28 218,218.12 Fair fdlue of Investsnents al 28102R5 1,969.019.00 1,781,686.00 Held Thus-. Fixe(I Inlgrest Stocks UK Equities North Americ8n Equib88 European Equities Japanese Equiti¢s Asia P8crf (Ex Japanl Equibè8 Global Equ.98 Altemalive Inve$lmenls Commodf(iès 242.099.00 243.175.00 826.842.00 131,039.00 67.042.00 86,266.00 99.591.(K) 185.329.00 87,636.00 12.30 12.35 41.99 3.40 9.41 4.45 1.969,019.C 100.00 All irweslments a lisle(l on a (vanISed stock exd)ange and am held 7•rithin the UK. Invesinxnts reprèsent the totsl arnounl of assets rneasured 81 f8ir value that are recL*gnised thou not inMe1&xpendlIure. slmen income 2025 2024 Diwidends and interest Bank inlere8t 21,589.172 1,18B.81 24.305.99 1,187.29 22,777.83 25,493.28 Page 14
TURCAN CONNELL ITRUSTEES) LIMITED DIRECTORS REPORT EXTRACT DlroCtor6 and th•lr IntOrn8t8 Th• Dtyectors lld offr• th• y•areTrJ•d 31stJuty 2024weft as fDJItrs'. P40• 15
EDINBURGH Princes Exchange i Earl Grey Street Edinburgh EH3 9EE 0131228 8111 GLASGOW 180 St Vincent Street Glasgow G2 5SG 0141441 2111 LONDON 17a Curzon Street London 5HS 020 74918811 enquiries@turcanconnell.com turcanconnell.com