Docusign Envelope ID.. B579BEcFD374F6E.92EQ-4641BBE4DEF3 Scottish Charrty No SC046216 JEAN AND ROGER MILLER'S CHARITABLE TRUST Iscottish Charitsble Incorporated Organi5ationl TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Brodies LLP Capital Sqtjare 58 Morrison Street Edinburgh EH3 8BP T.. 0131228 3777 Ref.. KPI.CET.MIL0651
Docusign Envelope ID.. B579BEcFD374F6E.92EQ-4641BBE4DEF3 JEAN AND ROGER MILLER'S CHARITABLE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Rèfargncg and Administration Infomiation Scottish Charity Number SC046216 Contsnts Pag• Reference and Administrative Information Annual Report of the Trustees Independent Examiner's Report Slalement of Receipts and Payments Slalement of Balances Notes lo the Financial Statements Trustees Rogisterod Office. Solicitors. Secrotarias & Tr8asurors 8rodies LLP Capital Square 58 Morrison Street Edinburgh EH3 88P 8ankern Royal Bank of Scollantj 36 Sl Andrew Squa Edinburgh EH2 2AD Investment Manag•r8 RBC Brewn Dolphin Sixth Floor Atria One 144 Morrison stet Edinburgh EH3 8EX Independent Examiner Chartered Accountant Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 88P Acc 2024 Mil 651 31De¢2024 SCIO R*P(75432151.1Itsx Brodies
Enwbp8 ID.. B5MECLVD374F6E-92EC-4641BBE4DEF3 JEAN AND ROGER MILLER'S CHARrrABLE TRUST ANMUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their rep¢xt ith the financial statements for the year ended 31 December 2024. structurn, Govemanco and Planag•m•nt E8Lgbllghm•nt of trust The trust was established as a Scotli8h Chantable Incorporated Organisalion {SCIOI on 17 Oecember 2015. It i¥ a Scotb'sh regi$lered Charity. nrnb SC046216 and it is aho registered for tax rel'ef Imth HM Revenue & Customs. Trust•e m••tln95 and appolntm•nt New tru¥tee¥ are un4nlmou$ty appolr)tsd by the exl8llng tru8tee8. and are brlefed on the SCIO'S alm8, obj'ectives, grant making poly and purposes. At the annual trustee's meeting, 8rodie8 LLP infonn the trustees of any changes in the l¥w Ihal may affect th¢ SCIO and the inve$tm8nl manager, RBC Brewn Dolphin, provides a detsiled presentation or report on ¢hange$ in market condrfi'on. The trusl•es th•n agreo the broad strategy and areas of athirty for the SCIO. induding con81der8tson of grant making, in¥e8trnent, reserves and risk management policie3 and perfonnarKe. The day lo d8y management of the SCIO is daled lo Brodies LLP. ObJ•ctlvM and ActSvlt Charttabl• purpoM• In operating 48 a'gfantiwng' chanty the SCIO hos on int•ntion81ty V•ide of charitatl? purpo$•8 to keep open OpF4)rtun.ey f¢x funding ¢hantle$, commmrty groups other8 ) lurther4n¢e of Section 7 of the char"e5 and Trustees Iscotlandl Act 2005. The purpose of the SCIO is to prom¢)te, advance arKI operate as a "grant givin chanty for the benefit of those charitatle purwises KIentif in Secti 7 of the Charites and Twstee Investment ISGodandl AGt 2005. by making grants to oppropriate inslrtutws and individuab. Regarding the Criteria used by the tTUStee$ to as$5 $u¢ce$$, the trustees monitor the perforniance of the SCIO'8 investment plfollO lo measure the gro%th of capital and Income. The trustees are atle lo dlsffibute 411 of IM generated income lo $upport the chen MclarI•S. Grnnt maklng pdlcy Grants ar• awarded in ac¢ordanc• with the ol'•¢tive8 out In SCIO'8 purposes above, The trusl•e8' polw 18 to ¢81er 8ppli¢ation8 for grants annually. A¢hl•v•m•nts and P•rfornianc• A donation of £182,750.00 was recobved frcrfn tho eslate of the fourKler. the late Roger Milknr during tho year 12023.. £352,611.33). The Inveglment income amounted lo £23,171.23 (2023.. £16,889.52). SCIO made donations amounb'ng to £205,250.00 durlng the year12023'. £175,250.00) a$ dets11 In note 10 to the aUnIS in fvrtherance of its ¢hantable purposes. 11 Should be noted that within the lot41 don8tion$ paid, £22,500.00 had been agreed last year. Flnanclal Rovl•w As al 31 Dember 2024 the m)rICe market value of ts SCIO'$ p10 £944,866 12023.. £871.4941. The SCIO does not raise any income from the pubk. Reserves policy It is the poli¢y of th• SCIO to mainlain unrestri¢Xed fvnd$ al a knl suffi¢1 to cover management, administrats.on and donations. Reserves at 31 December 2024 there £964,49124 12023.. £897,095.74), $htr•4ing that the Sc) hokjs sufficient fvnds to Cover thege experrte$. . Acc2024 MIL651 51l 2024 SCIO R*P(7Y32151.11)1&¥ Brodies
Docusign Envelope ID.. B579BEcFD374F6E.92EQ-4641BBE4DEF3 JEAN AND ROGER MILLER'S CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy The SCIO uses the services of RBC Brewn Dolphin as discretionary investment adwsers. The policy 15 to look for a balance of income and capital gro vAth a medium risk profile and medium priorty for income generation. Risk managèmant The trustees have assessed the risks to Ythich the SCIO is exposed, in particular those related to the operations and finances of the SCIO and are satisfied that systems are in place to rnits'gate exposure to major risks. The trustees ¢onsider variability of investment retums as one of Ihe maj¢y risks, and therefore the SCIO uses the services of RBC Brewn Dolphin as investrnent advisers. Future Plans By ctsnlinuing to award funding lo chantses, the SCIO provides 8 long lem mmItMent to meeting i(8 objectives. Stslemgnt of the Twst•' RpOnSIbIlItIeS The trustees are responsible for preparing the trustees, annual report and the financial stslemenls in accordance with applicable law and United KiNJdom Accounting Standards {Uniled Kingdom Generally Accepted Accountin9 Practicel. The law applicable to cham'es in Scotland requires the trustees to prepare financial statemen15 for each financial year vthich give a true and fair wew of the Stale of affairs of the SCIO and of the in¢oming resources and application of resoufces of the SCIO for that period. In preparing these financial slatemenls. the trustees are required lo.. select suitable accounting policies and then apply them consislenlly". observe the methods and principles in the Charitses SORP", make judgments and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures di$¢losed and explained in the financial $tatements'. and prepare the financial statements on the going concern basis unless it 1$ inappropriate to presume that the trust wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the trust's transactions and disclose wlh reasonable accuracy at any time the financial position of the SCIO and enable them lo ensure Ihal the financial slalements compty with the Charrties and Trustee Investment (Scollandl Act 2005. Regulation 8 of the charib.es Accounts Iscollandl Regulations 2006 and the provisions of the SCIO'S constitution. They are also responsible for safeguarding the assets of the SCIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularib'es. The trustees confirm that the Financial Statements comply with the above requirements. Approved by the trustees and authorised for issue on their behall on'.08 Augu5l 202516..09 AM PDT rustee . Acc 2024 Mil 651 31Dec 224 SCIO R*PI75432151_11. Brodies
Docusign Envelope ID.. B579BEcFD374F6E.92EQ-4641BBE4DEF3 JEAN AND ROGER MILLER'S CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR EhlDED 31 DECEMBER 2024 I report on the financial stslements of the SCIO for the year ended 31 Decembei 2024 which are sel out on pages 5 10 9. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the pparats.0n of the a¢¢ounls in a¢¢ordan¢e wth the temis of the Charib'es and Trustee Investsnenl (Scotlandl 2005 Act and the Charities Accounts (Scotlandl Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10111 Idl of the Accounts Regulations does not apply. It is my responsibilty to examine the accounts as required under section 44111 Icl of the Act and to state vthether particular matters have come lo my attenti¢)n. Basis of ind8p8nd8nt 8xamin8rf8 statem•nt My examination is ¢arTied out in accordance with Regvlation 11 of the Chari(ies Accounts (Scollandl Regulations 2006. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and $eeks explanations from the trustees ¢oncerning any such matters. The procedures undertaken do not provide all the eVenCe that Yuld be quired in an audit and. consequently, I do not exDre$$ an audit opinion on the accounts Ind•p•nd•nt •xamin•rfs statsment In the course of my examination, no matter has come to my attention 1. vthich gives me reasonable cause lo believe that in any material respect the requirements.. lo keep accounting records in accordance Imth $eclion 44111 lal of Ihe 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and lo prepare accounts vthich accord Vt the aceounling records and comply th Regulation 9 of the 2006 Accounts Regulations have not been met. or 2. 10 which, in my opinion. attention should be dravm in order lo enable a proper understanding of the accounts lo be reached. Chartered Accountant 8rodies LLP Capital Square 58 Morrison Street Edinbur h EH3 8BP 06 August 2025112".12 PM BST . Acc 2024 Mil 651 31Dec2024 SCIO R4P(75432151.1Ithx Brodies
Enwbp8 ID.. B5MECLVD374F6E-92EC-4641BBE4DEF3 JEAN AND ROGER MILLER% CHARrrABLE TRUST STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Unre•tiicted Fund Exp•ndabl• 2024 2023 Fund Fund Total R•Ipts Oonation8 Investment income 182,750.LX) 182,750.00 23,171.23 352,611.33 16.889.52 23.171.23 Total rg¢0ipts 182.7. 23,17123 205,921.23 389,500.85 Paym•nts Investment managoment CO8ts 11 Oonations made 10 Administration expen8es 12 3.928.44 3,928.44 205,250.CQ 8,0.c? 3,234A2 175.250.00 6,120.00 205,250.C(I 3,C(().(KJ 3.LNM),rA) 6.928.44 208,25(1 215,178.44 184,604.42 Inv8stm•nt8 purChad In•tl 19,217.91 19,217.91 182,628.80 Total payThenls 26.146.35 208.25() 234,3.35 387,233.02 Nel recelp18 1 IpayYnent8) 156.803.65 1 185,07&771 ( 28.475.121 2,267.83 Tran8fer (from) I lo lund8 18S.839.16) 185,639.16 (Deffiot) IsurFIu$ 29.03S.51 S8029 28.475.12 2.267A3 All act11188 of Ihe SCIO Telale to conllnuing Operat5. Tho not88 on pages 7 to 9 form part of thKe financial slat•m8nts. . Ar& 2024 MI_651 31t)eG2024 S(X) R+PI7S132151.1Ithx Brodie¥
JEAN AND ROGER MILLER'S CHARrfABLE TRUST STATEIIENT OF BALANCES AS AT 31 DECEIIJBER 2024 2024 Total 2023 Total Funds R•v•nu• Funds Cash Funds Opening cash at bank and in hand Add.. Recelpt and Payments Surp(e¢1t) 46,027.56 2,074.18 48,101.74 45,833.91 { 29,035.51) 560.39 1 28,475.12) 2,287.83 Clo8lng cash at bank and In hw 16,992.05 2,634.57 19,626.62 48,101.74 8ank and ca•h b•lanc•• R8C 8rthMn Dol)hin- cash Brodies LLP. cash Royal B4nk of S¢otland- SSDA 16,937.98 2,634.57 19,572.55 25,558.77 287.20 22.277.77 54.07 54,07 16,992.05 2,634.57 19,628.62 48,101.74 Inv••tm•nts Inveslments at market valug as monapd by RBC Br•v*in Do¢>hln 944,865.82 944.865.62 871,494.00 Donations agrmd. paid post y•ar •rnl 22,500.00 Total Reserv•# 961,857.67 2,634.57 964,492.24 897,095.74 08 Aug1 2025111..09 PM PDT Approved on behalf of the trustees on Trustee . Ar& 2024 MI_651 31t)eG2024 S(X) R+PI7S132151.1Ithx Brvji
Enwbp8 ID.. B5MECLVD374F6E-92EC-4641BBE4DEF3 JEAN AND ROGER IAILLER'S CHARrrABLE TRUST NOTES FORMING PART OF THE FIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 84118 ol Accountlng These accounts have been prepared on the Rtttypt$ and Payments basis in accordance the Charities and Trustee Investment IS¢otlandl A¢1 2005 and the Charities A¢wJnts (Scotlandl Re9allon 20C6. The gr055 income this year means the total reC(ded income in all funds trt not including resources received as capit4 1th1n the "Expendat4e Endolnent Fund. 2 Natur• and Purpos• of FurMI• unreStrted fvnd$ are those that may be u¥ed at the dixretiry) of the trustee¥ in furtherance of the objects of the charty. The tru$Y$ unStricted fvnds ¢ompftse of a Expenda14e Endowment fund and Revenue fund. The Expendable Endowment fund represents capitsl fvnds rewved and subsequent Ir8nsacllon$ for investment to generate the irKome {revenuel ks$ any relevant expense$ incurred. Revenue is the Income recewed from the caprt4 investments also subject to expenses. Donatn8 are usualty paid froffl the availabb Revenue b4ance. Hthvaver the trustees arn fr00 lo uso eithgr fund for any purpose in furtherance of the ¢harrtat4e purposos rf they w delerniine. There 1$ a transfer of £185,639.161£161,764.03) frrffi the Expend•ble ErKlowmonl Fund to Revonuo Fund lo cover donabon$ made. Admlnislration costs hav• been allocal•d b•tw••n capital and rw•nu• on a 50'.50 ba$S8. 3 VAT The trust 18 not regster•d for VAT and acceingty exp•nditur• indude$ VAT ere appropriate. 4 Taxatlon The Iru8t18 a charty and is OgnISed as such by H M Revenue & Customs for taxation purposes. A$ result there is liability to taxation M any of Its Income. Employ••s The tnjst had no emFtyeJ at any time dwlng the >ar. 8 Tru•t••• r•mun•rntlon 2023 .. £ nil 2024 .. £ nil 7 Tru•t•• •xp•n••# 2023 .. £ nil 2024 .. £ nil Rdated P•rty Tran¥ction Bfodies & Co. (frusleesl Limited, a trustee, 1$ 4s8ttiate¢l vhth the fimi Brodies LLP. Brodies LLP are $ecretarie$, solicrtors, and treasurers to the tru$L During the year 8rc#J$ LLP c*arged the trust £6,000.00 for these ser¥ices12023.' £6,120.00). . Acc 2024 MM_651 31Dec2024 SCIO R+PI75432151.1lJtsx Brodie8
Enwbp8 ID.. B5MECLVD374F6E-92EC-4641BBE4DEF3 JEAN AND ROGER IAILLER'S CHARrrABLE TRUST NOTES FORMING PART OF THE F*IANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 kn¥•stm•nts Investments are quoted Internatior Stsxk Exchanges and staled at market value. Investment8 are revitmed 8t least yearti by the investrnenl managers and changes In the pth11011o are made on their recMIMendat wthin Iheir diycreb"¢)nary mandate. 2024 2023 Opening market value Les$'. DSspo811s at openlng market value l cost Add.. Acqui8ilion8 81 cost N•1 gainslllossesl on r•vthJ4tion at 31 D•c•mb Clos9 market value Cost 871.494.00 625,498.00 67,857.28) { 408,360.231 97,633.36 43,595.54 944,865.62 619,748.93 34,609.30 871,494.00 856,909.00 827.132.92 Cash mov•m•nt Investment5 realised Inve$lment5 purchased N•t investments (pJrchasedyr•al8ed 78,415.45 97,633.36 19,217.91 437,120.33 619,748.93 182,628.60 10 Donatlon• mad• 2024 2023 Caprtal Theatres Childrens Hospi¢e8 A¢roYJ Scodand Edinburgh Napier Universty Devewienl Trust Galapagos Conservation Trust Napier University DevelOeftt TnAt National TNst for Scorfand Ocean Yotrth Trust (SlIan) Ltd Rewldlng Brftain Royal National Lrfeboat Inslitulion Royal Scottish Nation81 Or¢he8tr8 SAUKT- Safvation AJMY Scottish Schools DebotirMJ STAR- &"t4ings Reunrted st Andrews & St Georges West Church St Cc4umbia'$ Hospice The Woorjand Tntst Vl$ual Arts Scolland WaterAd Limrted 12.500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 20,000.00 25,000.00 12,500.00 10.000.00 12,500.00 6.000.00 5,000.00 3,000.00 10,000.00 6,250.00 12,500.00 20,000.00 12,500.00 205,250.00 40,000.00 12,500.00 10,000.00 12,500.00 6,000.00 3,000.00 10,000.00 6,250.00 12,500.00 12.500.00 175,250.00 Note.. Included in the above 2024 are 2 donat9 agreed in the pm1$ year amLNJnting to £22,$00.00, and paid in the current year. . Acc 2024 MM_651 31Dec2024 SCIO R+PI75432151.1lJtsx Brodie8
Enwbp8 ID.. B5MECLVD374F6E-92EC-4641BBE4DEF3 JEAN AND ROGER IAILLER'S CHARrrABLE TRUST NOTES FORMING PART OF THE F*IANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 knv•8tm•nt manag•m•nt ¢08ts 2024 2023 RBC Brewn Dolphin- portlolio management fees 3,928.44 3,234A2 (Note." 8rev•in Doh1n dealing charw for Ihe r amnted to £nl12023". £3.00). These We in add"on to the portloloo management fees). 12 Admlnl•tr•tlon •xp•nM• 2024 2023 8rodie8 LLP- Manernent feeg + VAT 6.000.00 6,120.00 6,000.00 6,120.00 13 Gu•rantsM and Commllm•nts There are no conb'ngent h"abilb'e$ at the balance sheet date. . Acc 2024 MM_651 31Dec2024 SCIO R+PI75432151.1lJtsx Brodie8
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