THE ETTRICK CHARITABLE TRUST Scottish Charity Number SC044386 REPORT AND FINANCIAL STATEMENTS YEAR TO 31ST MARCH 2025
E.1083.001-AGMF
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THE ETTRICK CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025
The Trustees present their annual report and financial statements for the charity for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019).
Objectives and activities
| Objectives of Trust | The Trustees are directed in terms of the Trust Deed to pay or apply the |
|---|---|
| income or capital of the Trust fund for the benefit or furtherance of such | |
| purposes, objects or institutions, charitable in law, as the Trustees in their | |
| absolute discretion shall determine. The Trustees are also authorised to | |
| accumulate income for the twenty one year period from 2nd September 2013. | |
| The Trustees' aims are to direct charitable grants and donations to charitable | |
| organisations who have demonstrated a need for funding and, in particular, | |
| where the funding will have a material effect for the recipients. | |
| The Trustees do not engage directly in charitable activities or projects. | |
| By support of other charities the Trustees' aim is to provide public benefit by | |
| ensuring that the front line charitable activities of those organisations can | |
| be sustained. | |
| Grant-making policy | As the Trust's objectives are broad the Trustees have opted for a policy |
| of making donations to charitable organisations operating in their preferred | |
| area(s) of benefit who they feel require most support, and who the Trustees | |
| believe can make significant front line impact as a result of that support. | |
| The Trustees have indicated a preference to support organisations involved in | |
| the promotion of the Arts, Culture and Heritage, Conservation and Environmental | |
| protection and Innovation and those involved in dealing with the under-privileged, | |
| with others being supported as the Trustees think fit. | |
| It should be noted that the Trustees are not bound to continue supporting | |
| organisations in these areas and may in the future favour other areas of | |
| benefit whilst remaining within the objectives of the Trust Deed. | |
| No direct requests for funding are encouraged. No replies will be issued to any | |
| unsolicited applications unless the Trustees feel that an award should be made. | |
| Report on the activities | The Trust's public benefit has been discharged by making donations in |
| of the Trust | accordance with its objectives, aims and grantmaking policy, to |
| organisations directly involved in the provision of charitable services. | |
| The Trustees have received applications from a number of organisations | |
| during the period with awards totalling £196,000.00 being made to 14 organisations | |
| (2024 £35,000.00) to 11 organisations) over 4 areas of benefit (2024 4 areas). | |
| Of this, £100,000.00 was paid to Cyrenians in two separate amounts. |
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THE ETTRICK CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025
Report on the activities The Trustees continue to communicate regularly to discuss policy and donations of the Trust Contd to the various charities who apply to the Trust for support.
The diverse nature of the donations reflect the intention to support charities which focus on educational support, conservation, welfare, community integration and environmental research.
The Trustees have ongoing associations with various charities, including The Edinburgh International Book Festival (education), Scottish Association for Marine Science (environmental research), Cyrenians (combatting the effects of homelessness) and Aptitude Trust (education for traumatised children).
The Trustees consider each application on its merits and endeavour to attain diversity within the range of charities supported.
Achievements and Performance
Investment policy In accordance with the Trust Deed, the Trustees have power to invest in and performance such stocks, shares, investments and property in the United Kingdom or abroad as they in their sole discretion think fit. The Trustees engage Cazenove Capital Management as investment managers.
The Trustees' investment policy is geared towards a balanced return between capital and income. There are no constraints as to the investments comprising the portfolio at any time.
In the year to 31st March 2025 capital values have depreciated by 7.06% with gross dividend income remaining static.
Capital values have depreciated due to disposals to meet donations in addition to unrealised losses at the account date. The Trust holds a single diversified investment.
Financial report The Trust's ability to make meaningful donations is reliant on income and investment returns from its investment portfolio. The sole investment of the Trust has a fair value of £1,575,013.00 (2024 £1,694,630.00) and there are net current assets of £81,421.37 (2024 £140,850.98) giving total funds of £1,656,434.37(2024 £1,835,480.98). The Trust received income of £72,325.08 (2024 £73,792.87) during the period. £196,000.00 (2024 £35,000.00) was applied in making donations.
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| THE ETTRICK CHARITABLE TRUST | |
|---|---|
| GENERAL INFORMATION AND REPORT OF THE TRUSTEES | |
| FOR THE YEAR TO 31ST MARCH 2025 | |
| Reserves policy | It is the policy of the Trustees to distribute the income of the Trust in the |
| form of grants or donations. It is anticipated that, where possible, any surplus | |
| income at the close of the account would be so distributed in a following year. | |
| As the Trust does not provide direct charitable services, the Trustees | |
| believe that normal expenditure can be met from income generated. | |
| The funds of the Trust are wholly unrestricted and are represented by a | |
| portfolio of investments and cash balances. The investments are managed | |
| on a discretionary basis by the investment managers. The Trustees have | |
| power to draw upon the investments in furtherance of the Trust's objectives | |
| whilst retaining sufficient funds to meet any commitments they may | |
| undertake. | |
| The assets of the Trust are held in a readily realisable form and the Trustees | |
| do not therefore consider it necessary to maintain specific reserves. | |
| Risk management | The Trustees have assessed the major risks to which the charity is exposed, |
| in particular those related to the operations and finances of the Trust and are | |
| satisfied that systems are in place to mitigate their exposure to the major risks. | |
| As the Trust relies on its investment returns in order to make its donations, | |
| the principal risk faced by the Trust lies in the performance of its investments. | |
| The Trustees consider variability of investment returns to constitute the charity's | |
| major financial risk and have mitigated this by retaining investment managers | |
| to advise them and by having a diversified portfolio. | |
| Going concern | The Trustees have no material uncertainties as to the Trust's ability |
| to continue as a going concern. | |
| Structure, governance & management | |
| Founding document | Deed of Trust by dated 2nd September 2013 |
| registered in the Books of Council and Session on 4th November 2013. | |
| Appointment of new Trustees | New Trustees may be appointed by a simple majority of the Trustees in office. |
| The minimum number of Trustees is three with no maximum. | |
| Decision making | All Trustees are actively involved in the decision making process. |
| Requests for funding are reviewed by the Trustees. | |
| Related parties | There were no related party transactions in the year. |
| Employees | The Trust has no employees (2024 None). |
| Management | All Trustees are active in the management of the Trust. |
| The Trustees engage , the settlor's mother, |
|
| on a voluntary basis, to act as Secretary for the Trust. | |
| Trustee Training | The Trustees attend the annual charities seminar organised by Cazenove Capital |
| in Edinburgh |
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THE ETTRICK CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025
Reference and administrative details
Scottish Charity Number
SC044386
Address
Advisers
Solicitors
Independent examiner
Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh, EH3 9EE
Saffery LLP 9 Haymarket Square Edinburgh EH3 8RY
Investment advisers
Cazenove Capital Management 18 Charlotte Square Edinburgh EH2 4DF
Bankers
Handelsbanken Suite 3 The Old Academy 6 Rose Street Perth PH1 5HA
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THE ETTRICK CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025
Statement of Trustees' responsibilities in respect of the financial statements
The Trustees are responsible for preparing the Trustees' annual 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 Trustees 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 period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Financial statements preparation
The Trustees confirm that the financial statements for the year to 31st March 2025 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Trust's constitution.
Approved by the Trustees and typesigned on their behalf by
Date 22nd December 202
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THE ETTRICK CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
Independent examiner’s report to the trustees of Ettrick Charitable Trust (‘the Trust’)
I report to the charity trustees on my examination of the financial statements of the Trust for the year ended 31 March 2025.
Responsibilities of trustees and examiner
As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (the ‘2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 (‘the 2011 Act’). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s financial statements as carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
Since the Trust has prepared its financial statements on an accruals basis and is also registered in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by section 44 (1) (a) of the 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and section 130 of the 2011 Act; or
2. the financial statements do not accord with those records; or
- the financial statements do not comply with the accounting requirements Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Signed:
Saffery LLP 9 Haymarket Square Edinburgh EH3 8RY
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THE ETTRICK CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31ST MARCH 2025
| Income and endowments from: Investments Total Expenditure on: Raising funds Investment management charges Charitable activities Donations Support and governance costs Total Net (losses)/gains on investments Net (expenditure)/ income and net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Note | 2025 Total £ 72,325.08 |
2024 Total £ 73,792.87 |
|
|---|---|---|---|---|
| 2 3 4 5 6 |
||||
| 72,325.08 | 73,792.87 | |||
| (5,274.69) (5,106.67) (196,000.00) (35,000.00) (4,552.00) (3,282.00) |
||||
| (205,826.69) (43,388.67) |
||||
| (133,501.61) 30,404.20 (45,545.00) 87,607.00 |
||||
| (179,046.61) 118,011.20 1,835,480.98 1,717,469.78 |
||||
| 1,656,434.37 1,835,480.98 |
All funds are unrestricted.
The notes on pages 10 to 14 form part of these accounts.
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THE ETTRICK CHARITABLE TRUST
BALANCE SHEET AS AT 31st MARCH 2025
| Fixed assets Investments Current assets Cash on deposit and in hand Total current assets Less: Liabilities Creditors: amounts falling due within twelve months Total current liabilities Net current assets Net assets Represented by: The funds of the charity Unrestricted funds Total charity funds |
Notes | 2025 2024 £ £ 1,575,013.00 1,694,630.00 |
|---|---|---|
| 6 7 |
||
| 85,127.37 144,526.98 |
||
| 85,127.37 144,526.98 |
||
| (3,706.00) (3,676.00) |
||
| (3,706.00) (3,676.00) |
||
| 81,421.37 140,850.98 |
||
| 1,656,434.37 1,835,480.98 |
||
| 1,656,434.37 1,835,480.98 |
||
| 1,656,434.37 1,835,480.98 |
The notes on pages 10 to 14 form part of these accounts.
Approved by the Trustees and typesigned on their behalf by
Date 22nd December 2025
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THE ETTRICK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025
1 Accounting Policies
a) Financial statements preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the 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 United Kingdom and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust constitutes a public benefit entity as defined by FRS102.
The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
b) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair (market) value at the balance sheet date. The statement of financial activities includes the net gains or losses arising on revaluation and disposals throughout the year.
Fair value revaluation of the portfolio at the account date is done at either mid market price or bid price depending on the nature of the investment.
c) Investment gains and losses
All gains or losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between the 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 gains and losses are combined in the statement of financial activities.
d) Income
Investment income is included in the financial statements in the year in which the Trust becomes entitled to it, it can be reliably determined and there is probability of receipt.
Voluntary income is included in the financial statements together with associated gift aid, where applicable, when the Trustees have been advised of the donation with notification of both amount and intended settlement date.
e) Expenditure
Expenditure is included in the financial statement on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
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THE ETTRICK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025
f) Cost of raising funds
Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.
g) Support and governance costs
Support costs are the costs associated with the direct management of the charity.
Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity.
Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows:
Governance (accountancy costs) - 15%
Support (legal and administrative costs) - 85%
These are recorded in the Statement of Financial Activities as appropriate.
Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities.
All other support and governance costs are recorded in the Statement of Financial Activities as appropriate.
As the charity does not provide services directly but by way of grants to other organisations, support and governance costs are not allocated against individual grants or donations.
h) Grants
Grants payable are payments to third parties in furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient.
i) VAT
The Trust is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.
| 2 | Investment Income Dividends & Interest Deposit Interest |
2025 £ 69,953.64 2,371.44 |
2024 £ 69,954.50 3,838.37 |
|---|---|---|---|
| 72,325.08 | 73,792.87 |
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THE ETTRICK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025
| 3 4 |
Cost of raising funds Investment management fees Charitable activities Grants and donations Conservation Scottish Association for Marine Science Surfers Against Sewage Health Edinburgh Young Carers Playlist for Life Arts, culture & heritage Edinburgh International Book Festival RSNO National Library of Scotland Music in Hospitals and Care Regional Screen Scotland National Theatre of Scotland Citizenship and community development The Yard Scottish Mountain Rescue Rory's Wells Cyrenians Branch Out Together Education Aptitude Trust |
2,000.00 2,000.00 |
2025 £ 5,274.69 |
2024 £ 5,106.67 |
|
|---|---|---|---|---|---|
| 5,274.69 | 5,106.67 | ||||
| 2025 £ 50,000.00 2,000.00 |
2024 £ 10,000.00 3,000.00 |
||||
| 52,000.00 4,000.00 13,000.00 109,000.00 18,000.00 |
13,000.00 2,000.00 2,000.00 5,000.00 2,000.00 3,000.00 - - 2,000.00 2,000.00 2,000.00 - - 2,000.00 - |
||||
| 5,000.00 2,000.00 2,000.00 2,000.00 2,000.00 - |
|||||
| 2,000.00 2,000.00 5,000.00 100,000.00 - |
|||||
| 196,000.00 | 35,000.00 |
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THE ETTRICK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025
| 5 6 |
Support and governance costs Support costs Administration Other costs Governance costs Accounting Independent examination Investments Fair value of investments at 01/04/24 Less Sales Net realised gains/(losses) Net unrealised (losses)gains Fair value of investments at 31/03/2025 Held Thus: Multi Asset Funds |
397.80 1,800.00 |
2025 £ 2,254.20 100.00 |
2024 £ 749.70 600.00 |
|
|---|---|---|---|---|---|
| 2,354.20 2,197.80 |
1,349.70 132.30 1,800.00 |
||||
| 4,552.00 | 3,282.00 | ||||
| 2025 2024 £ £ 1,694,630.00 1,612,076.00 |
|||||
| 1,694,630.00 1,612,076.00 (74,072.00) (5,053.00) |
|||||
| 1,575,013.00 1,694,630.00 |
|||||
| £ % 1,575,013.00 100.00 |
|||||
| 1,575,013.00 100.00 |
The sole investment is listed on a recognised stock exchange and held within the UK.
The main risk to the Trust from financial instruments lies in the volatility of the markets.
The Trust’s investment is mainly traded in markets with good liquidity and high trading volumes. The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Trust manages these investment risks by retaining expert advisers and operating an investment policy that provides for a high degree of diversification within investment asset classes that are quoted on recognised stock exchanges.
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THE ETTRICK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025
| 7 | Creditors Legal and accounting Independent examination Investment management |
2025 £ 936.00 1,770.00 1,000.00 |
2024 £ 936.00 1,740.00 1,000.00 |
|
|---|---|---|---|---|
| 3,706.00 | 3,676.00 |
8 Related party transactions
There were no related party transactions in the year (2024 None).
9 Trustees' expenses
No fees or expenses have been paid to the Trustees (2024 None). All Trustees act gratuitously.