LADY MARGARET SKIFFINGTON TRUST SCIO REPORT AND FINANCIAL sTATEMErs FOR THE YEAR TO 31 MARCH 2025 scorrisH CHARITY NUMBER: SC048388 COMPANIES HOUSE NUMBER: CS003413 (SCOThISH CHARITABLE INCORPORATED ORGANISATION)
LADY MARGARET SKIFFINGTON TRUST SCIO CONTENTS Page Trustees. Annual Report Independent Auditor's R8POrt Slatement ol Financial Activilies Balare Sheet 10 Statement ol Cash Flows Notes lo the Accounts 12-16
LADY MARGARET SKIFFINGTON TRUST SCIO TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees present thelr annual report and financlal slalemenls ol the charty for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 lo the accounts and comply witt) the charty's Conslilulion. the Charities Accounts (Scolland) Regulaiions 2006 (as amend8dl and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Starmlard applicab19 in the UK and Republ1¢ of Ireland IFRS 1021 leflectfve 1 January 20191. ObJ8ellvo8 and a¢tlvltle• for lh• publlc benelft The organisation's purposes are lo provide benefil for Ihe blind and partially sighied living in Easi File and blind and partially sighted persons who come to East File lor training or rehabililalion so Ihat Iheir ¢ondilion$ ol life may be improved. The area ol Easl Frfe lor Ihe purposes set out above shall be as defined from lime lo lime by thé stalulory planning authority or as may b8 delemined from tlme to time by the charlty trustees of the organisallon. In addition, it is an objective ol the charity lo conserve, preserve and proie¢t lor the benefit of the public the woodland and other areas ol Innergellie Estate which are relain8d by the charty and not leased or otherwlse utilised. The Iruslees consider how best lo rne public benefft when Teviewing the charity's aims and objectives, in planning luluie aclivili8s, and setting the gTanl making policy lor the year. The Iruslees work closely with Seescape (formerly Fl18 Society for the Blindl and with Royal Voluntary Seryice IR VSI in order to oblain the best advice for assisling indwiduals with grants and the provision ol transport lor the visually impaired. Indepondenl professional advice is soughi to provide assistance with a management plan and maintenance ol th8 woodland lor the sale and enjoyable use of Ihe public. Grant maklng pollcy The charity has established its grant maklng rKillcy 10 achieve its objects for puts1 benefit. The charity's principal aim is to improve the lives ol the visually impaired in Easi Frfe. The Iruslees review Ihe grant making policy annually io ensure r( reflects the charty's objects and thereby athancos publlc beneflt. The benellcSaries ol the charity's granl-making prograrnme are visually impaired individuals residing In East FS1e. The majority ol grants, in number, are made lo individuals lo assist in purchasing equipment lo improve the quality of their daily life. Sp8cialised magnification lenses, glasses and other optscal aids as well as other equipment such as computers, telephones. door bells and even talking microwave ovens arè amongst tha equipment obtained with the grants provided. Most equipmenl applications are reviewed by experts at Seescape who providé independent assessrnenls ol need and identily the most appropriate solution. Some institutional grants are awarded lo assist with equipmenl, facilities and th8 provlslon of sensory gardens. Such applications are carefully considered and independent advice obtained where appropriate. Slgnifi¢ant grant funding is provided lo R VS io enalAe them to lund their transport programm8 in East Fife. The Irusiees dis¢uss the prografflme arKI policies aFplied by RVS in its operation so as lo achieve the falresl and most widespread service posslble. Rovlèw ol o¢hlèvèmonl$ and porformance The trustees are salislied with the achievements and perf0mae of the Charity as described below. Individual grants to visually impaired IndivU81$ Most individual awards are to either lully lund, or to assist in fundlng, pieces of specialist equipment. Grants are mainly paSd through Seescap8 who recover VAT, wherever possible. to maximise the value of the awards. The charSty maée 18 grants lo indivjUaIS lolalling £20,380 in the year lo 31 March 202512024 - 26 granlsl. Th8 cost ol th8 averag8 grant award was £1,13212024 £1,504). In Ihe year to 31 March 2025 the charity paid lor magnilier8, piano le8son8, mobile lelephones and computer equipment.
LADY MARGARET SKIFFINGTON TRUST SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Supwrt lor the R VS TranSrtprO9rafflm6 Obtaining satisfactory and safe tran5POrt from home to hospttal ar4x)intments, Shopping deslinalions. social aclNilies and lor other purpose5 presenis a significant challenge lo visually Impaired indivithjals. The charty provides substantial oranl supwrt lo RVS who oFerate a transport $8rvKg for such bgneliciaries in East File and a grant 01 £32,75312024 £31,567} was made in Ihe year. R VS worf(s directly with visually imgaired individuals ar also wfLh related ¢haritigs such as Seescape and BASE who ariange specific soclal actsvities lor the blind and partially slghled. RVS continued Io WOVKJe "sale and well" lelephore checks lor clients and volunteers and now consider this a key aspect ol their servre deliveTy. RVS are cwtinually seeking creative ways lo support their seThice users and have introduced lunch groups, a day cenlre. companionship services and monthly Irlps Irom the East Neuk to Si Andrews lo alk)w par1iclpants lo access services such as banks_ Some hardship supwt is also offered with Initial help In the Itym of toothai arxj light vouchers and Mtarm pack8'. Oih8r grants The Trustees were delNJhtod lo partner with two new organisalions in 2024125. £3.000 was awarded lo The MacLdar Society to help with the set.up ol a new volunleer.led peer SLPPOrt group in Si Andrey. A grant ot £1.560 was made lo the File Council Vision Impairment Team lo allow them lo take vlsually impaired children lor actlty days al Lochore M8adthvs. Inneryellie Wo¢xlland Unrelated to the bulk of its work in assisting the visually impaired, Ihe charity has a Second PLXP05e which is lo malntain Innergellie Woodland as a place ol public recreation. The Iruslees oversee a prograrnrne ol work to malnlain the woodland environment and lo allow sale ae$S throughout the year. Since ihe year end the Trustees have appointed a professional lor85try management company lo regularty Inspe tho woodland and co-ordinate any work Wthh may be required 10 safeguwd the habitat and visitors alike. Unlversity ol si Andrews Scho18rship The Irustees have remaintxl in close e£)nlacl with of th8 School ol Medicine al the Univefsity ol Sl Andrews regarding the Lady Margaret killiiigion Trusi Scholarship. This is a four year PhD opportunity for an applicart who is registered as Sh1 Impaired or severely sight impaired. Due lo various logislral issues, the successlul candidate finally ti)ok up posl in Awil 2024 and has made an impressive starL Although a Specif research topic has, at Ihe b'me ol writin9, not been decided. Iha ir*Jividual is particularly interested in exploring sighi impaimi8rn and the possible impact it has on health within the community. An exlenswe survey has been designed with a vigw lo achIr9 around 25 to 30 participants. Related charities, Including Seescape and R VS, are arnorYJ Ihe organisallons the student has contacted lo generate interest and recruit participants. An unexpecled benefrt ol this sludenl's appoinlmenl was Ihal it had highlighled the Inadequacy ol some ol the facilities lor partially-sighled students. 11 was hoped thai this exFofience could be used lo inlluence the wider educatK)nal establishmeni netwotl('8 ars)roach io meeiiry the needs of partialty- 8bghted Students. Publithty 8ndpromolK)n The charity's website can be fou1 al h kilfin Monltorlng •¢hl•vernonl The trustees monitor the wogress of their activitlgs in VarU$ ways. An annual budg8Vlorecasl is prepared arKI reviewed al the quarterly meetings. The trustees maintain regular contact with Seescape and R VS with whom they work closely lo deliver seryices. The reports from, and discussions with, these partners provK4e valuable feedback lo the Iruslees and help in assessing decisions and plans lor lulure support.
LADY MARGARET SKIFFINGTON TRUST SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Plans lor the future The charity is in a strong financial position and, with a plateaulng demand lor equipment grants. the Iruslees are keen to idenllfy new and innovative ways ol achieving the charity's aims and objectives. Some success was achieved in 2024125 with the grants lo two new partner organisalions as noted above. The Trustees are in regular contact with their main service partners, Seescape and RVS, and arrange in"person discussions with them at least every other year. Consideration is being given to re-defining the charity's operation al area of "East File" as the SCIO Conslilulion does offer some Ilexibilty in this dellnition. 11 is hoped this mlghl reach more applicants and allow more granls to be considered. The trustèes arg considering the lulure ol the woodland and whether there may be interest from local communlty groups to take over this amenity area. Flnanclal revlew Income in the yèar was £161.106 12024 - £151,796) ol whl¢h all was from Investments. Expenditure totalled £167,11012024 - £127,714) resulting in nei expenditure lor Ihe year of £6.004 12024 net income £24,082), before net gains on investmen18 of £85.059 {2024 £288.15n. Unrestricled resenrfes al the year end were £5,975,12012024 - £5.896,0651. The charity's work is reliant on the income Irom ils inv8slmenis. Quartedy reports are recerved from the charily's Investment advisers setting out key factors lo be considered and projecting levels ol income and Investment management charges. The strategy ol the trustees is to budgei io apply all forecast income in pursuit of the charitablè purposes, whilst prolecling the capital investèd. $0 as lo preserve future income levels and so sustain the activity level ol the Charily. Raihbones continued lo make various changes lo the investment portlolio during 2024125 to ensure that Sufficienl income Is available to Service the Trust's charitabl8 expenditure. Investment pollcy and performanc• The Irusl8es have appointed inveslment advisors and liaise wilh them regularly. The trustees are keen to maintain the real value ol th& Charity assets tor the long t6mi and presently undertake a relatively uncomplicated approach whefeby investments consist ol UK government securities. lixed income bjnds and investment trusts. Many ol thè investment trusts have an inlemalional focus. Investment performance is reviewed and assessed against an appropriate benchmark index on a quarterly basis. The trustees are satisfied ihal the present approach ensures there is adequale spread ol risk. Rlsk managèment The Irusiees have assessed the major risks to which the charlty18 exposed by creating a risk table which they will review every two years or mor8 Irequenlly should changes need to be addressed. The risk table and reviews conslder the procedures in place to address and minimise Ihe risks and changes ale applied as aFpropriale. The risk analysis was lasl fully reviewed in March 2022 and will be tabled for rèview again in 2025. The principal risks faced by the charity lie In the performance ot Its Investments. operatlonal rlsks from ineffeclive grant rnaking as well as the capacity ol the charity lo make effective grant5. A further potential risk is the ability to be able to recruit new trustees with relevant skills arml experience. The Iruslees were delighted to b8 loin8d by Steven Halstead. in December 2024, whose direGI clin5 experierte has proved invaluable. The trusl8es consider the vaTiabilily ol investment returns from the portfolio lo be the charity's major financial risk. This risk is mitigated by the appoinlrnenl ol expert professional advisers with conslderable experience in the charity sector. Taking professional advice into considoralion, the Irustees seek lo maintain a diversified portfolio providing a predictable level of Income lo suslaln the programme of charrtable grants and support lor relevant activities and services. The risk ol ineffective grant rnakiThJ is addressed by maintaining close contact with partner charities and arranging periodic presentations from them. Inlormallon from recipionts ol grants is noted al quarterly m881Sngs and appropriale action is tsken lo lollow up concerns.
LADY MARGARET SKIFFINGTON TRUST SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Resorveg pollcy The Irusiees aim lo maintain tree or IKiukl reserves ai a level whrh equates to approximately Nefve months of unresiricled normal ¢harilable expenditure plus a further amount lo meet any known committed awards or an1Pated large requests lor sensory garden grants or as a contingency lof unlofeseen repairs or maintenance to Ihe woodland. Structura, Governan¢8 •nd M?nagement The chanly is a Scottish Charitable Incorporated Organmknon. fonned on 18 May 2018 and governed by its Constitulion. The original chanty. Lady Margaret Skiffirvjton Tru51. was an unincorp)raied Irusl. established by a Deed ol Trust dated 2 and 3 June 2004 and recorded in the Books ol Council and Session on 7 June 2004. The charity was eslablished by a legacy from Lady Margaret Skiflington who desired lo assist those with blindnes5 or Sight problems in East Fl1• and also b rKe8eThe tho woodland adjoining her horne as a pL9ca of public recreation. New trustees are appointed by tho existing trustees and. ¢)nce appointed. continue in office unlil they retire. An Induclion process lor polenlial new trustees includes an invilalion to a Quarter meeting to provide an opponunity lo see what is involv&J and 10 ask questions ol exislino trus18e$. An induction pack 15 provided containing a copy ol Ihe Trust Dged. most recent minuie8, lalesl annual repon and accounls current guidance Iroffl OSCR Iottice ol Ihe Scottish Charity Regulalorl trustees. The charity is administered und6r thp supervision ol the trustees. The day lo day adminislralion is carried out by the Secretaries in conjunction with the chairman and other trustees as required. Quarterly in-person meelings ol trustees were h8ld througul the 2025 linancial year. Occasionally sU¢0mmItteeS may be organisod lo Consider specific matters and Ih8n report to ihe full meeting of trus188$. Expert a(fvice is soughl on various matters and regular presentalK)ns lo meeiiros are arrarvJed from investrneni advisers, Seescape, RVS and others as appropriale. The trusiees have expertise and knowS8dge of s¥Jht KKoblems. woodlarKI management, a¢counling and legal matters and several have currenl or past experie& with other chariti'e5. In seekiryj lo apwinl new trustees the relevant skilLs required are carefully consMJ8red. R•f•ron and •dmln181rallv• Inlomiallon Address ol Charlty Scottlsh Ch•rtty numb•r Companlo8 HOU number Secretarlo8 CS003413 Henderson Black & Co, Chartered A(xounlanls, Ch8Stney House, 149 Markel Street. si Andrews. Frfe, KY16 9PF Sumer Audilco LimrtwJ, 14 City Quay. DUee DDI 3JA Audltors InStM*nI Advlsors Raihbone Investment Management, G80rge House. 50 George Square. Glasgow, G2 1 EH Bank•r• Virgin Mon•y. 718 High Street. Dundee DD1 1 SS
LADY MARGARET SKIFFINGTON TRUST SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trusteeg The following persons have swed as Irusiees duriThJ the year and sinGe the year eThg. Tru8teés' Re$ponslbllhles In relatlon to th• Ilnanclal st•t•m•nts The charity trustees are responsible for preparing a Iruslees. annual repjrt and linancial slatemenls in accordance with appllcable law arKJ United Kingdom Accounling Standaids (Uniled Kir4Jdom Generally Accepted Accounting Pracli¢e}. The law applicable to charil•s in Scoil8n(I requires the charity iruslees lo prepare financlal stalemenls lor each hnancial year which give a true and lair view ol Ihe state ot affair5 01 the charity lor that y8ar. In Preparing the tinancial statements, the Iruslees are required to: select suitable accoJniing pol and then comply them conslstently; observe the metho(L8 and pTincip18s in the applicable Charities SORP: make ILgeMents and eslimaies thal are reasonable and prud8nl,' stale whether applicable a¢couniing slaThJards have b8en followed, $ublecl to any material d8partUT88 disclosed and explained in the financial statements-, arKJ prepare the tinanGial stalem8nts on the ooing cortern basis unless il is inaFproprial• to kvesum• that Ihe charlty will conlinue in operabon. The Iwstees are re$FN)nsiblo for keepKig woper accounting re$ which disclose with reasonable accuracy at any time the financial posilion of ihe Gharty and to enable Ihem 10 ensure Ihat Ihe financial slalem8nls comply with the Charities and Trus:ee Investment (Scotlandl Act 2005. the Charities Accounts IScollarKII Regulations 2(KJ6 las amended) and the provisions ol the charty's Constitution. They are also responsible for safeguarding the assets ol the charity and lakiThJ reasonab steps lor the prevenlK)n a1 delecllon ol fraué and other Irregularities. The Injstees are responsib lor the maintenance and iniegtity ol Ihe charity aThd h'nancial Inltymaiion ilded on the charity's website in accordarte with gISlatIon in Ihe United Kingdom govemirvJ the preparation and ¢isseminailon ol financial slalemenls. Approved by the Iruslees on 28 Novemb8r 2025 and slgned on thelr behall by:
LADY MARGARET SKIFFINGTON TRUST SCIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LADY MARGARET SKIFFINGTON TRUST SCIO FOR THE YEAR ENDED 31 MARCH 2025 Oplnlon W8 have audlt8d th8 linancSal sialements ol Lady Margarel Skiffington Trust SCIO I'the charity'l lor tho year ended 31 March 2025 which comprise the Sialemenl ol Finanoal Activities, thg Balance Sheet. the Slaltrmenl ol Cash Flows and noles lo the financial slalernents, incl¢Jding significant accounting policies. The financial roporting Ifamowork that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard appIable in the UK and Republic ol Ireland (United Kingdom Gonerally A£cepled Accounting Practice). In our opinion, the thnancid $lalemenls', 'give a true arKI lair view ol Ihe state ol the charity's attairs as al 31 March 2025 and of ils Incomlng resources and applution ot resources for the year then ended.. .have t*en properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and .have been prepared in accordance with Ihe requirements of th6 Charrtios and Trust88 Invg$trn8nt (Scollandl Act 2005 and regulation 8 01 the Charities Ac¢ounis IS¢ollar#Jl R8gulation$ 2006. Basls for oplnlon We conducted our audit in accoffjan¢o with International Slarbjards on AudiliNJ IUKI IISAS IUKII and applicabl¢ law. Our r•$ponsibililies urmjer those slaTrJards are further described in theAudilor's r8spjnsibiliti8s lor th8 8udil ol the finanoal slatements secbon ol our rwrt. We are indepeThJenl ot the charity in accordance wilh the eih¢al r8quir8m8nis thai are relevant to our audrt ol the tinan¢ial slalements In the UK, including the FRC'S Ethical Siandard, and we have luttilled our other ethical r8swnsibili118s in a¢¢ordance with these requirements. We believe Ihal Ihg audit 8vidence we have obtained is suff icienl and approprlale lo yovide a basis lor our oiynion. Con¢luslon8 rel•llng to golng concern In auditing the financial slatemenls. we have concluded thal the Iruslees, use ol Ihe going concern basis ol accounting in the preparalion ol the financial slalements is appropriate. Based on the work we have performed. we have nol identified any malerlal uncertainllès rèlating 10 èv6nis or conditions that, individsjally or colleclively, may cast signilunl doubl on the ¢harrty s ability lo Continue as a goin9 concern for a period of al least 12 months from when Ihe finala1 slalemenls are aulhorisod lor issuo. Our responsibilities and Ihe responsibllrties ol th8 trusl8es with respèct 10 golno ¢on¢orn are descAlbed In the relevant seciions ol this report. Olher Inlormatlon The oiher information comprises the inlormalion irKluded in the annual report, including the Iwstees, report, other than the financial slaiemenrs and our auditor's report Ihereon. The Iruslees afe iesponsible for the other information contained within the annual report. Our ¢Jpinion on the financial slalements does nol ¢over the other inlormalion and we do not exwess any lorm ol assurance conclusion Ihereon. Our r8spon$ibilty is lo read th8 other inloimation aThJ, in doing so, consider whether the other information Is materially inconsislenl wrth ihe financial statements or our knowledge obtained in the course ol the audil or otherwise appears lo be materially misslaled. 11 we identify such material in¢onsislen¢ies or apparent material rnis5talem8nls. w• aro r8quiTed lo determine whelher this giv8s rise lo a material misslalemenl in
LADY MARGAREf SKIFFINGTON TRUST SCIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LADY MARGARET SKIFFINGTON TRUST SCIO FOR THE YEAR ENDED 31 MARCH 2025 the linancial slalements Iheff6elv•s. If, based on Ihe work we have performed. we rAinclud8 that Ih8r8 is a material misslalemenl ol this other inlormalion, we are required lo report that lact. We have nothing to report in this regard. Mott•r8 on whlch w• •re r•qulréd to report by exceptlon In th8 light ol the knowledge aThJ understanding ol the charity and its environment obtained in the course ol thè audit, we have not idèntifi mat810 misstatemenls in the Irusleès. report. W8 h8ve nothing 10 rèport in respect of the following matters in rèlaik>n lo whfch the the Charities and Truslaes Inv8s1m8nl Iscoiiandl Act 2005 and Charities ACnIS IScollaTrJl R8gulalions 2006 r8quire us 10 report to you il, in our opinion.. •lhe information given in the linarKial statements is inconsistent in any malerial respect with the trus188S' annual raport- or 'prop8r accounting records havo not been kept: or .the financial slatemenls are nol in agreemènt wlth ihè acwunling rocord$.' or •we have not received all the information and explanations we requlrè lor our audrt. Re8pon$lbllltle$ of tN$toe$ AS explained more lully In the trustees, r8spon8ibililies statement set oul on page S, the Irusi88s arè responsible lor th& preparation ol Ihe linancial slalemenls which give a true and lair view, and lor such nlernal control as the Iruslees delefmine is necessary 10 •nablg th8 preparation ol linancial slalemenls that are free Irom mai•rial misstaiemeni, whèther due to fraud or error. In preparing the financial sta18menl$. tho Ifustees are resp)nsible lor assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters rglaled lo going concern and using the going concern basis ol accounting unless the Iruslees er(h8r intend lo liquidate the charity or to cease op8raiion$, or have no r8alisli¢ alternative but lo do so. Audltor'8 r•spon81bllltl•s for th• audlt ol the Ilnanc6al 8tatemenls We have apwinted as auditor under S8clion 4411 Ilcl Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with thé Act and relevant regulalions made or having ett•ci thereunder. Our objectives are lo obtain reasonable assurancè about whether the linancial statements as a whole are Iree from material misslalemenl, whether due lo fraud or error, and to Issu8 an auditor's report thai includes our opinion. Reasonable assurance Is a high level ol assurance bul is not a guarante8 that an audit conducted in accordance wilh ISAS IUKI will always detect a malarial misstal8m8nl when il exists. Misslaiemenis can arise from Ifaud or error and arg considered material Il. Individually or in the aggregate, they could reasonably be expected lo inlluence the economic dls1OnS ot users taken on the basis ol these linancial slalemenls. Irregularities. including Iraud. ar• instances of non.compliance wrth laws and ffjgulalions. We design procedures In line with our fesponsibililies. outlined atove, lo detect material misslalemenls in respeci ot Irregularities, including Iraud. The exlenl lo which our pr¢xedures are capable ol delecling irreaularilies, Including fraud is déiailed below-
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LADY MARGARET SKIFFINGTON TRUST SCIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2025 Prlor Yoar Tolal funds 2024 Total lunds 2025 Note Incom• Irom: Investments Investrnent income Interest receivable Total Incom 157,527 3,579 161.106 151,244 552 151,796 Expendlture on: Raising funds.. Investment rnanagemenl costs Charitable activili8s.- Grants and other expenses Tolal expendllure 35,094 32,949 132,016 167,110 94,765 127,714 Not Income boforè galn$ on Inv0$1ment$ 16,0041 24,082 Nel gains on investments 85,059 288,157 Net Income and net movemenl In lund8 79,055 312,239 Reconclllatlon ol funds: Total funds brought forward Tolal lund$ carrled forward 5.896,065 5.975,120 5.583,826 5.896,065 The siatemenl ol financial activities includes all gains and losses recognised in the year. All Income and expenditure derives from activities which will continue after the year end. All funds are unrestricted. The notes on pages 12 to 16 torm an integral part ol these a¢unts.
LADY MARGARET SKIFFINGTON TRUST SCIO BALANCE SHEET AS AT31 MARCH2025 Prlor Yr Total funds 2024 Total lunds 2025 Nol• Flxod asg•t•: Tangible assets Invesimenls Totol flxed a1$ 5.848.359 5.851,359 5 758.845 5.761,845 Current ass•ts: Prepaymenls Cash on deposit arKJ In hand Totol ¢urr•nl a$•t• 453 166.479 166,932 453 153.602 154,055 Llabllltl•: Cfedltom falllng due wlthln one yoer Ciedilors and aecruals Not eurront assatg Total as8ets10g8 currnnl Ilabllltlosl Tot•1 n•t •gMI• 43,171 123 761 19.835 134.220 5,975,120 5.896.065 Th• lund• ol th• chwty.. General lund Deslgnaled fund Tolgl unreslrlcted crIty lund• 5,923.246 51,874 5,975,120 5,796,065 I00.OCIO 5 896 065 Al funds are unrestr1&. The notes on pages 12 to 16 torm an Integral part ol these accounts. Approv8d by the trustees 28 November 2025 a1 Sb3ned M Ihalr behalf by: (Chairman 10
LADY MARGARET SKIFFINGTON TRUST SCIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 MARCH 2025 Tolal funds 2025 Prlor Yoar 2024 Not• Ca$h used In op•rallng actlvllles (see below) 143,774 122.949 Cash flows from Invesllng actlvltle$: Investment income Interest PTo¢eeds from sale ol investments Movement in cash held lor investment Purchase ol investments 157,527 3.579 635.552 30.552 670,559 156.651 151,244 552 575.965 19.2791 564.536 153.946 Change In c•8h and ¢•¥h •quSv8l•nt8 In tho year 12,877 30,997 Ca8h and cash equlvalents at th• b•glnnlng of tho yoar 153,602 122,605 Cash and rA8h equlvalents at the end ol Iho year 166,479 153,602 Analys19 01 changes In not dobt 2025 2024 Cash ai 1 April 153,602 122,605 Cash flows in year 12,877 30,997 Cash al 31 March 166,479 153,602 AOn¢Il•l10n of nel movomonl In lund• to n•1 cash Ilow Irorn oporatlng a¢tlvlt1•8 2025 2024 Net Income for the year (as per the statomenl of Ilnanclal actlvllles) Investment income shown in investing aclivilies Interest income shown in investing activities Gains on investments Increase in debtors (Decreasellincrease in creditors Net cash used In op8iatlng actlvltlgs 79,055 1157,5271 13,5791 185,0591 312,239 (151,2441 15521 1288,1571 1131 4,778 122,949 23,336 143,774
LADY MARGARET SKIFFINGTON TRUST SCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 1. AccountSng Poll¢lo8 The principal aoUntIng policies adopted, ludgem8ni$ and key sources of estimalion urtertainty in Ihe preparation ol the financial slatem8nls are as follows: •> 80818 of prgparatlon and a8wJsment of golng concern The accounts Ilinancial slalemenlsl have been preparod u101 the hislorlcal cost convention with Items recognised al (x)sl or Iransa¢lJ'on value unless otherwise slated in the relevant nolelsl lo Ih8S8 accounts. The financial Slalemenls have been prepared in accordance with the Slalemonl ol Recommènded Praui¢e.' Ac¢ounknng and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard aFplicab18 in the UK a1 Republic ol Ireland IFAS 1021 ellective 1 January 2019. and Financial Reporting SlaThdard applicable in the Uniled Kingdom and Flopublic ol Ireland (FRS 1021 atvj Ihe Charitses Accounts Iswllandl Regulalions 2006 las amendedl. The Iruslees consider that there are no material UrtaInlieS about the charitls ability lo continue as a going concern. The charlty conslitules a pthlic benelit entity as delined by FRS 102. These finarrial slalemenls are presented in pounds sterling wthich is the Trust's lunclional Currency. Monelary amounts are rourthd to the nearesl wuThJ. b> Fund• tru¢tur• All ol the charity luTrJs are unrestricted. Unrestricled iome funds comprise those fuThJs which the truslees are Ire8 to U88 lor any purpw In lurtherance ol the charitable objects. c) Income recognltlon Al income is recognised once the charity has entitlement lo Ihe inoome. il is probable that the income will be received and the amounl ol income reo9ivable can be measured reliably. Investment Incom8 is recognised once il has ten declared and nolilicalion has been received. Thi5 is normally upon notification by the Charity inv&slm8nl adviser. Inlerest on funds held on deposit 1$ included when r8ceivabl8 arKI ihe amounl can be measured r6liably by Ihe charity. This is norrnally upjn nolification ol the interèst paid or payalJe by the bank or investment a(fviser. d) Expendlturo rncognlllon Expendilur8 is recogniS as soon as there is a legal or conslruclive oljigalion committing the charity to Ihal expenditure, il is probable thai s8ttl&mènl wll be required and the amount ol the obligailon can b8 measured reliably. All expenditure is accounted lor on an accruals basis. Grants payable are payments made lo Ihifd parties in the furtherance ol the charilable objects. In the case ot an unconditional grant offer this is accrued once the recipient has been nolilied ol the grant award. Grant awards that are subject lo the recip'enl lullillin9 performance conditions are only accrued when tho recipi8nl has been notslied ol the grant arKJ any remaining unlullilled condition allachinA lo that oranl is outside the Control ol Ihe charity. 12
LADY MARGARET SKIFFINGTON TRUSTSCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (contlnued) 1. Aceounllng Pollcl•s (eonllnu•dl •} Irre¢ovorablo VAT Irrecoverable VAT18 Charged against Ihe expenditure heading lor whlch11 was Incurred. f) Tonglble flxed assets and depreclatlon All assèts cosllng more than £1.000 are capllalised and valued al historical cosl. No depreciation is charged on land. g) Flxed asset Investments Investments are a lom of basic Ilnancial instruments and arè initially recognised at their transaction value and subsequenlly measured al Ih8lr fair value as al Ihe balance she81 da18 using the closing quoted market price. The slalemenl ol linancial acliviliès includes the net gains and losses on revaluallon and disposals throughout thé year. Th8 charity does not acquire put i)plOons. derlvatives or other COmeX tinancial instrumenls. h) Flnanclal Ingtrumentg Flnanclal instruments are r8cognis8d In the charfvs balance sheet en the charity becomes party lo the conlracluai provisions of the instrument. Bast flnancial assels Ivthlch include cash and bank balances} and basic financial liabilities (which include credilorsl are initially mèasured al the amount receivable or payable In¢luding any transacllon costs and are subsequently carrled al amortised eosl using the etteclive interest method. Basic financial asselslliabililies. classilied as receivablelpayable hMihin one year, are not amortlsed. 11 R•all8ed galn• and Iou AIS oains and losses are taken lo Ihe Slalem6ni ol Financlal Acllvitles as they arise. RealSsod gains and losses on inve51menls are calculaled as the diff8r8nce belween the sales proceeds and the opening carying values or their purchase valu6 if a¢quired subsequenl to the first day ol th8 Ilnancial year. Unrealised gains and losses are ¢alculaled as the difference betW88n the lair value al the year end and Ihelr Carrn9 value. Reallsed and unreallsed inv8Stmgnt galns and losses are omts'ned in the Slatemenl ol Financial Aclivilies. l) Taxatlon The charity is exempl from lax on incom8 and g*n8 under applicable18glslallon lo the exlenl that these are appli8d lo ils charitab19 obiects. kl Judgamenlg In applylng accounilng pollcles and key 8ouree8 of èstlmaiion In th8 application ol thè charity's aexounling policies, the Charity Truslees are required lo make ludgemenls. estimates and assumptions about the carrying amount of assets and liabilili8s that are nol readily available from other sources. The eslimales and assoclal8d assumptions are based on historical exFerience and other factors that ar8 re18vanl. Actual results may differ from these estimales. In preparing these finan¢ial Slalemenls, the trus188s have made Ihe following ludgemenls.. Accruals: Charity Trustees estimate the requirements tor accruals usino post year end Information. This Identtli8s costs that are expecled lo b& Incurr8d lor services provided by other parties. Accruals are only released when there Is a reanable expectallon that th8Se ¢OSts wlll not b8 invoiced in the futurè. 13
LADY MARGARET SKIFFINGTON TRUST SCIO NOTES TO THE AcCourS FOR THE YEAR ENDING 31 MARCH 2025 (continued) 2. Tr•n8•¢tlons wlth Irust•es The Iruslees all give Ireely their time and expertise wiihoul any lorrn ol r¢mun¢raiion or other benelll in cash or klnd12024 - tnlll. EKponse8 pa lo Iwsie•s in Ihe year were £nil12024- Enill. The value ol the work done by Iruslees in giving ol Ihelr lime lor meetings and other matters on behall ol Ihe ¢harily not reliecled in a¢¢ounlS as11 canr¢ol b8 quanlilied. 3. Slall ¢o$t* There wero no ernOy8e8 in the yeaf {2024 . none). 4. Exp•ndltur• on ¢harhable •cllvltl•• 2025 2024 Grant to RVS Aezessible Tfan5POrt Project Equipmenl grants lo indivtduals Universlly ot Sl Andrews s¢holar$h Inslilulional grants Upkeep ol woodland Secretarial expen$8S Web sile costs Insurance Expenses ol meeling5 Auditor lees Sundry exponses 32,753 20,380 48,126 4.560 6.345 13,598 579 1.029 490 4.020 136 132,016 31.567 39.114 3.000 1,840 12.942 481 970 725 3,780 346 18 individual grants worn paid lo blind or partlalty-slghled persons lo a88181 with $pe¢iallsl equlpment and $upport servKes12024 . 26 granlsl. 5. T•nglbh Ilx•d •M•ts 2025 2024 Land 3,000 3.0 The land compr6so6 woodland. valued al the date on which il was bequeathed to the charity. 14
LADY MARGARET SKIFFINGTON TRUST SCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (conflnu6d) Inv•stm•nts Inv•tmwii• •1 ¥•lu• comprf••d: 2025 2024 Cash held lor Invesirne Inflallon Ilnked secUtIo1 UK Inveslmenl compans Fixed incorne inveslrnonls A$14 P#¢ili¢ Inveslrnents Glcèal InvMInI• Olher 5,583 .832 1.019,536 325,545 208.810 2,7&3.784 36,135 1.1CiI.474 212,730 202.923 3.072,097 694.186 Tho historic ct ol Inmtmorls al 31 Mw¢h 2025 was £42Z3.88312024. £3.981.4991. Mov•m•nt In Ilx•d au•1 InV••tytnI 2025 2ff24 Markvt value h1 Icywwd at 1 Wl Addillon$ io In¥•sirnenls al cost Lh'spvdals al CanrJ value Movement In cash hek1 Invutm•nt Net gains on re¥Ual Mthel V9 as ai 31 Ktsr¢h 5,7S8.845 670,559 1602.3131 130.5521 5.472.838 564.536 1581.2451 9.279 All inve51rnents are caryled al thelr Ir ¥Ul. Investmen13 ale traded thth•r at offor wc&s for n¥esimenl lurKts and unil or #tock ?xchange rnarkel prieffi. The basis ol lalr valu• is 8wlval8nl lo markei value usirKJ tsd or Iraded rnarkel wic•s. Asset arKI purchages are reo)gnSsl at the dai¢ Qt trade ai cosi Ithai is Iheir liansalOn vul). Mot•rfol Inv••tm•nts The irusiaas eonsi¢Yer IrKlvidual in¥egtmerl hokliThJs, In èx$ of 10% ol Ihe FQrtlc4bo vakn, to bo m•1•r1. At 5 Ayll 2025 aThS S Aw'l 2024 trr• mr• rK ma10rt hcAdiTrJ& InThen1 rlgk FRS 102 requires (Isclosur• ol inlomiatson in rslAbon Io c4rtan In¥thIn1 ri$k8. Th8$0 nsks are set oul by FRS 102 as lolk)4,. Credlt rl$k'. Ihl$ Is the rfsk Ihat on• to a flnatKlal Iniirurnenl lll a IlnwKial 1058 f th8 oth•r party by lailiNJ io thh90 an ¢Uigalk)n. MarfK•t rf'. tr8 COM# tho cwrorKy rfsk. Inlowo51 r4t• arKI olh8r pnc8 rtsk. Ik.. Ihii i# th• Ih41 Iho Ir vahja luture ¢ash IIM of a finanrA as881 ill Ilu• bx8u$e of in luwgn 8xchang• rnt•$. Int8resl rai• rtsk.. Ih"$ 1$ risk that Ihe Iwr valu• crf lUrn cash Iknv8 01 a fInan& a88et 411 I11•t b¢¢8us¢ of ¢tWbJe8 in market inlernst rnles. Other price visk". thi$ 1$ th$ ri$k Ihal Iwr valu• or lulurn eash Ik)vo of a linancial asset bMII lItlI beeausg ol ¢hang0s ith rnarkel pnus lollw than lts)se Irom inlerest rale n9k or cutrency ri$kl, whèthei Ihos¢ ¢hanges are caused by ltori spo¢rfic to Ihe I111dUal linW inslwmenl rA Its Is8uer, or laclors alfttliw all Wmitsr linants inslnjments tr8Al&J in lh• marW. Th8 chadty has 10 thèse risks because ol Investrnenls il makes lo imr40ml ils In¥eslment slralegy. T TnJ8tees manage inve51menl dsks. IudI ¢wdil risk markel n3k. thin agreed risk lrnils wNch sei takJ'n9 ¢nto accwnt Ihe charilys 8trai¥lc Invo8lmenl sSecllve8. These Inv8stméni e*48thivè$ aThJ nsk limits are monilorod ty Ihe Trwlees by regular revigw8 01 invtttment s>JrfolirA8. Further Snlormalk)n lh• Tiusiee6' akyoach lo risk maMg8m•ni aThJ lh¢ tharily's •wui8 lo ci8dt arxl fflath81 wisk$ ar• s•t oul 16
LADY MARGARET SKIFFINGTON TRUST SCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (contlnued) Inv••tm•fits Icontlnu•dl Credit risk.. The charlty inv•$t8 in w)l•d Inv•stmant vefv'des and 1$ therefore direciiy exwsed to credit ftsk in rolaiion to the Instrumen it holds in the ed investmeni vehid•s and is iThJiredy OMpos•d io credit risk5 arising on the financial instruments hekj by th& pooled invesim•nt veh'clos. Oiroct credit iisk arising from pcol&d inv8sim8nt vehlcle8 is mits'gated by tho und•rlWng ass0 of lh• p)oled 8rraThJemenls being ring-le1 Irom thè pooled marnager. Ihe rèoulaiory envlronments in which Ihe pcKJled managers opefaie and divolIk01)n ol Inv8slm•nts amongsl a nurnb8r ol pooled arrangements, Pc4Yed inveslm•nt arrangements us•J by thè ¢harity compristr aulhorised unlt trusts. lTrdlrect ¢r•dil risk arfses In relallon to underf"no Investmants held in the bond w)led Invesimenl vehlcles. This nsk Is mlllgaied by only In¥IlrO in luThJs which invesi in at least Invesimenl.grad8 cr•dil-rai8d s8curiti•B. Currency rfsk.. Th• charity is subject to curffjn¢y risk bKau6• som? of lh• charilys Inv•5tmonts ar• h•kl In ov•wo8 mark•ts, vla lh• pooled invKknent hle188. Inter•61 rat• rfsk.. Th• ¢harfty 61 not gub to Intertsl rat• dgk through the Inyb¢ts h•bJ. Cxhtr prk• rfsk.. Qh•r pnce risk wises wiripalty In relation equttth h•KI In pool•d vehid•s. Tho charity managos this 8xp05ure to Othor wic• risk by ¢onslnKting a dlv•rso porfldio ot Inv•8tsn•nts xro88 vawlous mark•t•. An•ly•l8 ol ¢urr•nl Il•bS1111•• Credltor• •nd •¢¢N•l• 2025 2024 Cf•dlto A¢¢ruals 6.400 7,518 43.171 19,835 Conllng•nt Ll•blllll Durlng the Ilnanclal year to 31 March 2023 the Tnjslees sig11 an a9reemeni wAth Tho Unlversiiy Court ol th• Un¢voYs¢ly ol Si Andr8Ws lo award a linarKial lo us•J to the Lady Margaret Skilfington Tru$l Scholarship, Th• lunding agreed was £98,876 payl• over lour y•ars beginniThJ the student $1gns a Sludenlship Agreemni aThJ annually ihefeafter. A sui1at sdent was idenulied and siarted hls sttsdy pro9ramm• in April 2024. The truslees allo¢ated £1C4).0fy) lo a dgsignai•J lund lor this project as shown in r)19 9 b81ow. Mo¥•m•nl In lund• Al l Awll Al 31 M•i¢h 2025 Unr•itp1et•d lunds General lund Oesignaled lund - Uni¥grsity ScPK¥larship Tol•l tund• 5.796.085 100.000 161,106 (118.984 48,126 167,110 85,059 5,923,246 51,874 A¢ 1 141rf1 G•1 hom• Exp•ndltUM and IIMM•l Ai 31 m4h 2024 Unr••trl¢t•il lund• General lund DesigTrated lund . Unlver8ty SclKJlarshlp Tot•1 lund• 5.483.826 100.000 151.796 1127,714 288,IS7 5,7%,085 100,ODO 5 896 065 151.7 127714 288 157 The deslgnaled furé Is Ior 8XP8ThJituro Sei ade lor Ihe Uraversty ol Sl AN1r¥ schdarshlp I• not• 8 athJv81. It18 expg¢wd Ihai ihis fund will be US *?Ihin noxi y•ar5. 16