TRUST ACCOUNT FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
AGNES H N WALLACE'S CHARITABLE TRUST SCOTTISH CHARITY NUMBER: SC045297
INTRODUCTION
TRUST DEED Will of the late Mrs Agnes Hyndman Nicol Wallace, dated 7 January 2014 and registered in the Books of Council and Session on 7 February 2014.
Deed of Assumption and Conveyance, dated 29 October 2014 and registered in the Books of Council and Session on 30 October 2014,
Minute of resignation dated 13 September 2019 and registered in the Books of Council and Session on 16 February 2023.
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BENEFICIARIES
The terms of the Trust direct the Trustees to hold the residue of the Trust for the benefit of such charitable organisations as the Trustees in their sole discretion think fit.
PROFESSIONAL Investment Managers ADVISERS Rathbones
George House
50 George Square Glasgow G2 1EH Telephone No: 0141 248 4311
Solicitors Messrs Irving Geddes WS Solicitors 25 West High Street Crieff Perthshire PH7 4AU
Teiephone No: 01764 653771
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AGNES H N WALLACE'S CHARITABLE TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
Charity Name and Number
Agnes H N Wallace's Charitable Trust Scottish Charity Number $C045297
Principal Address
c/o Irving Geddes WS
25 West High Street Crieff Perthshire, PH7 44U
Current Trustees
Governing Document
The Trust is an unincorporated Trust constituted by the Will of the late Mrs Agnes Hyndman Nicol Wallace, dated 7 January 2014 and recorded in the Books of Council and Session on 7 February 2014,
Professional Advisers
Legal Advisers
Irving Geddes WS Solicitors 25 West High Street Crieff
Perthshire PH7 4AU
Investment Managers Rathbones
George House 50 George Square Glasgow G2 1EH
Independent Examiner
Drummond Laurie
Chartered Accountants Algo Business Centre Glenearn Road Perth PH2 ONJ
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AGNES H N WALLACE'S CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
History and Objectives of the Trust
The Trust was established by the Will of the late Mrs Agnes Hyndman Nicol Wallace, dated 7 January 2014 and recorded in the Books of Council and Session on 7 February 2014 and by a Deed of Assumption and Conveyance, dated 29 October 2014 and registered in the Books of Council and Session on 30 October 2014.
Minute of resignation dated 13 September 2019 and registered in the Books of Council and Session on 16 February 2023.
The terms of the Trust direct the Trustees to hold the residue of the Trust for the benefit of such charitable organisations as the Trustees in their sole discretion think fit.
The Trust was granted charitable status on 18 December 2014.
Recruitment and Appointment of Trustees
Trustees are assumed {and resign} with the consent of the existing Trustees, under Section 3 of the Trusts (Scotland) Act 1921 and Section 13 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990.
Trustees Remuneration, Expenses and Transactions
No remuneration or expenses were paid to the trustees during the period under review
Review of Financial Position and Activities During the Year
The value of the investment portfolio decreased by approx 31.87% from £1,328,921 to £905,412 and in light of the current political climate and economic situation, the Trustees are satisfied with the financial position at the year end.
During the year investments generated income totalling £26,285 which, along with funds realised from the reorganisation of investments enabled the charity to make donations totalling £380,857.
Investment Policy & Performance
The Trustees have instructed Rathbones (Formerly Speirs & Jeffrey Stockbrokers Ltd) to manage the Trust funds on a discretionary basis. The Trustees have advised that they are prepared to accept a medium level of risk and Rathbones are instructed to seek both capital and income growth.
Policy for Donations
The Trustees are guided by the wishes of the Settlor in determining donations to be made, (as indicated in the Trust Deed}. In considering the extent of donations to be made, the Trustees donate a maximum total amount of the Trust's annual income receipts. The Trustees used their discretion to make donations to, Richmond House, Crieff Community Trust and Creative Crieff.
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AGNES H N WALLACE'S CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR 6 APRIL 2024 TO 5 APRIL 2025
Reserves Policy
The Trustees’ policy is to disburse the whole of the net income in donations and to utillse the free reserves in any years of deficit.
Deficit
There were no funds in deficit during the financial year.
Donated Facilities and Services
There were no donated facilities or services in this financial year.
Plans for the Future
It is the Trustees’ intention to continue making donations in a similar way to the recent past retaining flexibility on the scale of donations and restricting these to available income.
Risk Management
The Trustees have considered the risks to which the charity is exposed. These relate in the main to investment management and have been ameliorated by the employment of an investment manager. Another risk to which the charity is exposed is fraud. However, the Trustees consider the low level of donations made by the charity reduces this risk. In addition, at least one of the Trustees will have some knowledge of any chosen charitable body to which a donation is made. The Trustees also protect against the risk of financial mismanagement by the appointment of Solicitors, who are bound by the Law Society of Scotland Solicitors’ Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compliance with regulations governing charities.
Approved by the Trustees and signed on their behalf by
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Trustee F \
Date: @) \O /25
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Independent examiner's report to the Trustees of
Agnes H N Wallace's Charitable Trust
| report on the accounts of the charity for the year from 6 April 2024 to 5 April 2025 which are set out on pages 1 to 9.
Respective responsibilities of trustees and examiner
The charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulation 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 Charities Accounts (Scotland) Regulation 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. |t also includes consideration of any unusual terms or disclosures in the accounts, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do no 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 the course of my examination, no matter has come to my attention:-
1, which gives me reasonable cause to believe that in any material respect the requirements: -to keep accounting records in accordance with Section 44(1)}(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
-to prepare accounts which accord with the accounting records and camply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
For and on behalf of Drummond Laurie Chartered Accountants Algo Business Centre Glenearn Road Perth PH2 ONJ Date:
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AGNES H N WALLACE'S CHARITABLE TRUST
TRUST ACCOUNT FOR THE YEAR G6 APRIL 2024 TO 05 APRIL 2025 STATEMENT OF FINANCIAL ACTIVITIES
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|---|---|---|---|---|---|---|---|---|
|RECEIPTS|2025|2024|:|
|£|£|
|Receipts from|investments|
|Dividends|from|UK|Companies|9,883|12,720|
|interest|Income|from|UK|Securities|6,250|9,049|
|Overseas|Income|9,962|9,292|
|Bank|Interest|191|120|
|Other|income|-|35,000|
|26,285|66,181|
|TOTAL|RECEIPTS|26,285|66,181|
|PAYMENTS|
|Grants|and|Donations|Relating|Directly to|Charitable|Activities|
|Richmond|House|-|13,000|
|Crieff|and|Strathearn|Museum|-|750|
|Perth|&|Kinross|District|Scount|Council|4,000|
|Morrisons|Academy|-|500|
|Crieff Community Trust|40,000|10,000|
|Crossreach|15,000|
|Creative|crieff|300,000|87,000|
|Comrie|Parish|Church|10,000|
|Innerpeffray|Library|11,857|:|
|380,857|Lh|eos|
|Governance|casts|
|Messrs|Irving|Geddes,|legal|fees|for|previous year|
|per assessment|by|Law Accountant|41,842|24,564|
|Law Accountant|Assessment|Fee|-|for|previous|year|2,868|1,229|
|Independent|Examiner|- for|previous|year|900|288|
|Investment|management|costs|10,985|11,920|
|Other|running|costs|14,920|12,180|
|71,514|50,181|
|TOTAL PAYMENTS|452,372|161,431|
|Net|gains/(losses)|on|investments|(17,890)|(36,129)|
|SURPLUS/DEFICIT|FOR YEAR|(443,976)|(131,379}|
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All funds are unrestricted
No remuneration or expenses were paid to the trustees during the period under review
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AGNES H N WALLACE'S CHARITABLE TRUST
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BALANCE SHEET AS AT 5 APRIL 2025
Note 2025 2024
Fixed assets £ £
Investments 4 905,412 1,328,921
Current assets
Cash at bank and in hand 28,443 23,856
Creditors: amounts falling due withing
one year 5 25,054 -
Net current assets 3,389 23,856
Total assets less current fiabiiities 908,801 1,352,777
Capital funds
Unrestricted funds $08,801 1,352,777
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All funds are unrestricted
Approved by the Trustees and signed on their behalf by
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Trustee a ; Trustee
Date: + ta 2s Date:
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AGNES H N WALLACE'S CHARITABLE TRUST
TRUST ACCOUNT FOR THE YEAR 06 APRIL 2024 TO 05 APRIL 2025
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared in sterling , which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements,
1.3 Incoming resources
Investment Income is included in the Account in the year in which it is received.
1.4 Resources expended
Expenditure is recognised in full in the year in which it is paid.
1.5 Fixed asset investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market vaiue.
2 Trustees
Noneofthe trustees {or any persons connected with them) received any remuneration or benefits from the Charity during the year ,
3 Employees
There were no employees during the year.
4 Fixed asset investments
| 4 | Fixed asset investments | ||
|---|---|---|---|
| Listed | |||
| investments | |||
| £ | |||
| Fair value | |||
| At 6 April 2024 | 1,328,921 | ||
| Additions | 197,845 | ||
| Realised Gain/(Loss) | 8,093 | ||
| Unrealised Gain/({Loss} | - | 25,983 | |
| Disposals | ~ | 603,464 | |
| At 5 April 2025 | 905,412 | ||
| 5 | Creditors: amounts fallingdue within one year | 2025 | |
| £ | |||
| Provision for Irving Geddes Fee | 22,546 | ||
| Provision for Drummond Laurie fee | 600 | ||
| Provision for Benchmark LawAccountant | 1,908 | ||
| 25,054 |
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AGNES H N WALLACE'S CHARITABLE TRUST TRUST ACCOUNT FOR THE YEAR 06 APRIL 2024 TO 05 APRIL 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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|---|---|---|---|---|---|---|---|---|---|
|7|Movement|in|Funds|Net|
|At|movement|At|
|06.04.2024|in|funds|05.04.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,352,777|(443,976)|908,801|
|TOTAL FUNDS|1,352,777|(443,976)|908,801|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resouces|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|26,285|470,261|(443,976}|
|TOTAL FUNDS|26,285|470,261|(443,976)|
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