The Ranald & Jennifer May Charitable Trust
(Charity Ref No: SC048043)
Accounts
For the year ended 31st Marth 2025
Contents
Reference and Admin Information
Re￿rt by Trust
Repjrt by Independent Examiner
Accounts
Notes to the Accounts
ApPendI￿S 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 mana￿￿Ent Ltd, Whrtehall Fknuse. 33 YeThn Sh(xe, Dundee, tK)14BJ
The portfolio is managed ￿ a discreti(￿ary basi&
H￿TrI￿ee 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, G￿enm￿￿k&, Dundee DDI 4QB

The Ranald & Jennrfer May Charitsble Trust
Report of the trustees for tIR year ended 315t March 2025
trustees present their ￿p￿t 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. ijiali￿le >i&u> TA*￿ granted by OSCR on 10th January 2018.
Appdntment of trustees
Trustees are nunirated lry the then existing trustees and ther appJntrnert confirn￿d 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 reTr￿Derab0n or eX￿￿Se5 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)r61bIit￿s, the g)veming docurnent. 3dministratNe rYC￿￿￿S, and the histrmy and
philosophical apprcach of the thanty. A rew trustee will receive copies of the preV￿u5 year's accounts, minutes of recert
trLSte nEebngs and a ccpy of the OSCR LK*Jklet "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 ast*tts 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 arn￿￿t 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 Charit*le Instituti￿ or Chafrtable Insttutions as the trustees in ther
uncontrolled discrebon may from trme to trme se*tr. 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 rn￿gated by retaining expert
in￿tment manag8s and hawThJ a d1verSrf￿d investm￿t F4)rtfol￿.
Achievements arnl Perforniance
During the periijj the trusr ft￿￿e grants of E25,{j￿ (3034 - £10 LWJ.
Finartial Posilio
The results for the vear are set out in the ￿￿1[rtS PaYTh￿ts P£cowrt, and Ststement of Balan￿S 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 T￿￿tee$ 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 trust￿5. 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 t￿stee5, a5 a b￿y* for my work or for ths rewt.
Respective reSP￿sIbIlitIeS of tn￿tee$ and examiner
The trustees are resp￿sIble 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 RegUlat￿n I￿1) (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 a￿or￿an￿ regulaticn 11 (* 2006 Reg￿atiOnS. 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 disclo￿reS in &cc￿nts, and Seeks explanab.ons from the trustees concerning any
such matters. The pfocedures uTrJertaken do not provide all tre eV￿en￿ ￿ would te required in an a(rlrt, and
consequently I do rot ex￿esS an audit opnIc￿ on the vE¥Y grven by the acC￿nt￿
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 p￿vIOuS 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 p￿pared 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 detaI￿d 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 Servi￿5 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.

*-8osg-