The Ranald & Jennifer May Charitable Trust (Charity Ref No: SC048043) Accounts For the year ended 31st Marth 2025 Contents Reference and Admin Information Rert by Trust Repjrt by Independent Examiner Accounts Notes to the Accounts ApPendIS of Investments Thomtons Law LLP, So//tors Kinbum Castle, StAndrews, Fife KY16 9DR Telephone.. 01382 229111 Fax." 01382 202288
The Ranald & Jennifer May Charitable Trust Reference and Administrative Inforniation Datel Manner of Appointment Trust Deed Assum&J 11 August 2020 Names of Trustees td Charity Reference No. SC048043 Agents and AdmknlstrJtor5 for the Tryst (and priftcipal address of the Charlty) TlivwiiLuii> LdV¥ LLP Kiiilpwii CdSLle, SL Armjrews, Fift 9DR Investment Managers Thwntons Invethenl manaEnt Ltd, Whrtehall Fknuse. 33 YeThn Sh(xe, Dundee, tK)14BJ The portfolio is managed a discreti(ary basi& HTrIee Company Lawshare Nc[reeS Limited, or such dher n¢>ni c(nDanY as A J Beu Securitses may aoDoinL Prwapal Bankers Royal aank d kotland. 3 Al &reet. Dundee DDI 9LY Independent Ex4wnlner Partner, Hender50n Loggr LLP, The Vsion Building, Genmk&, Dundee DDI 4QB
The Ranald & Jennrfer May Charitsble Trust Report of the trustees for tIR year ended 315t March 2025 trustees present their pt and accounts fc¥ the year ended 31g M&ch 2025. Tr report and accounts have be prepared In accordano wrth the ch3nVS trust deed arKI with the accountsng policR5 Set out on page 10. Strurture Govemance and Man•ryemert Constltution Deed of Trust by dated ilth July 2017, and registwed in the Books of Council and Session on Ilth Septwnber 2017. ijialile >i&u> TA granted by OSCR on 10th January 2018. Appdntment of trustees Trustees are nunirated lry the then existing trustees and ther appJntrnert confirnd by forrnal Deed of Assumption. Key management personnel remuneTrtlon The trustees consiéer the board of trustees as comprisrw the key nwnagement personnel of the charty in charge of dirLrting and controlling the charity and running and operab.ng the charty on a day to d3y basis. All trustees give of their tine free and no trustee reTrDerab0n or eXSe5 were told during the FeriLxJ cl this account. Trustee inductio• and trainiTrg tnJstee5 deal appropriately as regard5 induth'on and training cffj any new trustees beiry appointed. This includes awareness of a trustee's S[M)r61bIits, the g)veming docurnent. 3dministratNe rYCS, and the histrmy and philosophical apprcach of the thanty. A rew trustee will receive copies of the preVu5 year's accounts, minutes of recert trLSte nEebngs and a ccpy of the OSCR LKJklet "GudarKe and Gctsj PractKe Charty Trustees", rf appropnate. Trustee Interests Thorntons Trustees Limited is a nomi mmpary ayninthred by Th¢ynt¢)ns Law LLP. Oryanisation and gTrnt-rnaking poliry The day-to.iyay adninstration Is carried out by Thcrntws L3w LLP. as agents for the Trust. The trustees meet as and when required to review all asttts of the Trusys affairs. The wrp)ses as ouuined in the Deed of Trusr are to pay or the caprtal cr the nc¢me of the Trusc F, in sums or 5uth arnt as the trustee5 in their ab5dute dITht1 may deude, in anYC rK more or all of followirmj way5. (a) To or for the beneft such one or more Charitle Instituti or Chafrtable Insttutions as the trustees in ther uncontrolled discrebon may from trme to trme setr. or (b) In implementirg or assi5tirYJ to implement any chartab]e purpo or thantable purposes which the tnJ5tees in their uncortr01 disueb'on may frorn time to bme by Mintjte resolve u[. Rlsk Managemert The trustees have assessed the major risks to thich the charty is ex1, in parttular those lated to the operatons and finances of the trvrt, and are satisfied that systems are in rdace to mitigate exrx)sure to those risks. The trustees consid variability of inve*ment retums to constthte the chanty's mapr financial risk. This is rngated by retaining expert intment manag8s and hawThJ a d1verSrfd investmt F4)rtfol. Achievements arnl Perforniance During the periijj the trusr fte grants of E25,{j (3034 - £10 LWJ. Finartial Posilio The results for the vear are set out in the 1[rtS PaYThts P£cowrt, and Ststement of BalanS on pages 6 & 7.
The Ranald & Jennifer May Charitable Trust Report of the Trustees for the year ended 31st March 2025 (cont) Investment Policy & Perforniance There are no restnctions in the Deed on the trustees. wer to invest. The portfolio is mediLFm/high risk with the aim being for low-tem) steèfy capital and income growth, preserving the values of tx)th in real terms. The perforn)an of the p)rtfolio is measured against the WMA Growth PortfolKJ Index Reserves Policy The reserves of the trust originate from the funds originally transferred by the settlors, together with any movement in the valLte of Investments and accumulated revenue. The trustees have adopted a reserves policy that ensures the continuing abilrty of the Trust to meet ts objectives. In general, the trustees will look to distribute grants at a level commensurate with the annual net VenUe of the trust. wrth only (Kcasional grants teing made out of catHtsI funds. The level of free reserves held at 31 March 2025 is £1,193,031 (2024 - £1,159,497). Approved by the trustees and signed on their behalf: Thorntons Trustees Ltd ?5 Date
The Ranald & Jennifer May Charitable Trust Independent Examinerfs Report to Ttee$ of The Ranald & Jennifer May Charitable Trust I repyt tjl the accwrts of the tharity for the year eTrJed 31 March 2025 whth are set out F4iges 6 to 10. This rer#xt is made to the trust5. as a b(Mly. in ac(Drtsn with terrns of my engagement. My work has teen undertaken LD enable tne to reFKJrt tny owllw Set (xjt and f(x no other purpx)5e. To the fullest exteTri permltt&J by law I (h) mt accept or assume resrthgbilty to aryone other than the tstee5, a5 a by for my work or for ths rewt. Respective reSPsIbIlitIeS of tntee$ and examiner The trustees are respsIble for the tyeparation of the accounts in acCorda[e with the terrn5 of the Charities and Trustee Investsnent {Scotlaid) Act 200S (Yhe 2005 PCV) ancj the Chwths Accounts (Scodand) Regulations 2006 (as amended) (he 2Cx)6 Regulations? The tru#ees consder that the audrt requirement of RegUlatn I1) (dl of the 2006 ReguLitions does not aoy. It is my responsibility to eyamine the a(C(nts as required under section 44{11 (c) of 2IyJ5 Act arKI to stste particukir matters have ccwne to my attention. Basis of independent examinerfs statement My examinab.on 15 orried out in aoran regulaticn 11 ( 2006 RegatiOnS. An examination includes a feview cl the accounting cOrdS kept by the charity and a compariw) of the acci)unts preswtol wrth those records. It a150 includes consHYeration of ary unusual rtems or discloreS in &ccnts, and Seeks explanab.ons from the trustees concerning any such matters. The pfocedures uTrJertaken do not provide all tre eVen would te required in an a(rlrt, and consequently I do rot exesS an audit opnIc on the vE¥Y grven by the acCnt Independent exaninerfs statemert In the course of my examfflation, no matter has come tD my &tention: which givs me rea9)nable cause to beltve that in any material re5pert the wuirements.. to keep accounting records in accordance wrth sedion 44(1) (a) of the 2(KJ5 Act and Regulabon 4 04 the 2X)6 Regulation5. and to prepare accourts whKh accord with the records and c(Nllpty with Regjlation 9 of the 2CIJ6 Regulat()ns have not teen met. or: to whith, in my cpiThon. attents'on should be drdwn in ¢yder to enable a proFer under*anding of the accounts to be reached. For and behalf Hen(kr9Jn Lc93ie LLP Chèrtffed AccoLnknts The Vision Building 20 Greenmarket Dund DDI 4QB 9 December 2025
The Ranald & Jennifer May Charitable Trust Receipts and Payments Account for the year ended 31 March 2025 Year to 31.03.25 Year to 31.03.24 Receipts Investment income h.1 33.896 32,065 Sale proceeds of investments 168,274 111,342 Total receipts 202 170 143 407 Payments Charitable activities 26,205 12,400 Govemance h.3 4,532 8,034 Cost of generating funds h.4 10,079 9,522 Purchase cost of investments 145.802 96,191 Total paymcn 126 147 Surplus for the year Note,. All funds are unrestricted
The Ranald & Jennifer May Charitable Trust statement of Balances as at 31 March 2025 Year to 31.03.25 Year to 31.03.24 Cash on deposit and on hand Opening balance 63,795 46,535 Surplus for the year Closing balan Reserves Unrestritted Funds Investments As valued at 31.03.25 1 124 172 1 121462 Estlmated Llabllltles as at 31.03.25 University of St Andrews-grant agreed at meeting 27 February 2024 Glasgow School of Art*rant agreed at meeting 27 February 2024 Thornton5 Law LLP. administration fees Thorntons Investment Management Ltd, fees (apportioned) Henderson Loggie LLP, fee for Independent Examination 10,000 10,000 3,200 1,643 917 7,800 1,680 1.008 Thorntons Trustees Ltd Irli21>s Date
The Ranald & Jennifer May Charitable Trust Year to 31.03.25 Year to 31.03.24 Schedule I Investment income Dividend ir¢come, per Thorntons Investment Marsagement Deposit interest, per Thorntons Law LLP 33,692 204 31,973 92 Schedule 2 Charitable Activities Distributions made in year - Glasgow School of Art 10,000 10,000 University of St Andrews 15,000 Support costs, per Schedule 3 26,205 12,400 Schedule 3 Support costs Charitable Artivities 2025 Total Governance Thorntons Law LLP, administrakn.on fees 1,205 3,615 4020 Henderson Loggie LLP, fee for Independent Examination 917 917 Charitable Actiwties 2024 Total Thorntons Law LLP, administration fees 2,400 7,200 9,600 Henderson Loggie LLP, fee for Independent Examination 834 834 No trustee5 received any remunerdb.on or expenses from the trust during this or the pvIOuS year.
The Ranald & Jennifer May Charitable Trust Schedule 4 Costs of Generating Funds 2025 2024 Thorntons Investrnent Management Ltd. kKJrtfolio management tharges Foreign currency charges 10.074 9,516 A majority of the sharehdders in Thomtons Investment Management Limited are Partners in Thomtons Law LLP.
10 The Ranald & Jennifer May Charitable Trust Notes to the Accounts and General Notes regarding Finanaal Services and Markets Act 2000, Law Society Rules and related matters l. Accountsng Policies Bas of Preparation The Accounts are ppared in accordan with the Charities Accounts (Scotland) Regulations 2006 (as amended). 2. IndependentExaminer The Trustees approve the conb.nued apwntment of the Independent Examiner as detsiled in the Report of the trustees in these Accounts. 3. Investment Manage The Trustees approve the continued appointment of the Investment Managers as detaId in the Report of the trustees in these Accounts, and on the same basis as contsined in the Investment and Financial Services Terms of Business Agreement current5y in force. 4. Nomineeship The trustees approve the continued appointment of the nominee company (if any) as detailed in the General Information section in these Accounts to continue to hold certain or all of the investments owned by the trustees, and that on the same basis as contained in the Investment and Financial Servi5 Terms of Business Agreement currently in force. 5. Going Concem At the time of approving the financial 5tstements, the tnJStees have a reasonable expectstion that the Trust has adequate re50urce3 to continue in operational existence for the frJre3eeable future. Thus the tru5tee3 continue to adopt the going concern basis of accounting in preparing the finanaal ststements.
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