LADY MARGARET SKIFFINGTON TRUST SCIO
REPORT AND FINANCIAL sTATEME￿rs
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
Balar￿e 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 perf0ma￿e of the Charity as described below.
Individual grants to visually impaired Indiv￿U81$
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 indiv￿jUaIS 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 TranS￿rtprO9rafflm6
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 $8rvKg for such bgneliciaries in East File and
a grant 01 £32,75312024 £31,567} was made in Ihe year. R VS worf(s directly with visually imgaired individuals
ar￿ also wfLh related ¢haritigs such as Seescape and BASE who ariange specific soclal actsvities lor the blind
and partially slghled. RVS continued Io WOVKJe "sale and well" lelephore checks lor clients and volunteers and
now consider this a key aspect ol their servre deliveTy. RVS are cwtinually seeking creative ways lo support
their seThice users and have introduced lunch groups, a day cenlre. companionship services and monthly Irlps
Irom the East Neuk to Si Andrews lo alk)w par1iclpants lo access services such as banks_ Some hardship
supwt is also offered with Initial help In the Itym of toothai arxj light vouchers and Mtarm pack8'.
Oih8r grants
The Trustees were delNJhtod lo partner with two new organisalions in 2024125. £3.000 was awarded lo The
MacLdar Society to help with the set.up ol a new volunleer.led peer SLPPOrt group in Si Andrey￿. A grant ot
£1.560 was made lo the File Council Vision Impairment Team lo allow them lo take vlsually impaired children lor
act￿lty days al Lochore M8adthvs.
Inneryellie Wo¢xlland
Unrelated to the bulk of its work in assisting the visually impaired, Ihe charity has a Second PLXP05e which is lo
malntain Innergellie Woodland as a place ol public recreation. The Iruslees oversee a prograrnrne ol work to
malnlain the woodland environment and lo allow sale a￿e$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 Wth￿h 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 S￿h1 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 fou￿1 al h
kilfin
Monltorlng •¢hl•vernonl
The trustees monitor the wogress of their activitlgs in Var￿U$ 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 clin￿5 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
an1￿￿Pated 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$. An induction pack 15 provided
containing a copy ol Ihe Trust Dged. most recent minuie8, lalesl annual repon and accounls current
guidance Iroffl OSCR Iottice ol Ihe Scottish Charity Regulalorl trustees.
The charity is administered und6r thp supervision ol the trustees. The day lo day adminislralion is carried out by
the Secretaries in conjunction with the chairman and other trustees as required. Quarterly in-person meelings ol
trustees were h8ld throug￿ul the 2025 linancial year. Occasionally sU￿¢0mmItteeS may be organisod lo
Consider specific matters and Ih8n report to ihe full meeting of trus188$. 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. DU￿ee DDI 3JA
Audltors
In￿StM*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 IL￿geMents 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 a￿1 delecllon ol fraué and other
Irregularities.
The Injstees are responsib￿ lor the maintenance and iniegtity ol Ihe charity aThd h'nancial Inltymaiion i￿l￿ded
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 appI￿able 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•$ponsibililies urmjer those slaTrJards are further described in theAudilor's
r8spjnsibiliti8s lor th8 8udil ol the finanoal slatements secbon ol our rwrt. We are indepeThJenl ot the
charity in accordance wilh the eih¢al r8quir8m8nis thai are relevant to our audrt ol the tinan¢ial slalements
In the UK, including the FRC'S Ethical Siandard, and we have luttilled our other ethical r8swnsibili118s in
a¢¢ordance with these requirements. We believe Ihal Ihg audit 8vidence we have obtained is suff icienl and
approprlale lo yovide a basis lor our oiynion.
Con¢luslon8 rel•llng to golng concern
In auditing the financial slatemenls. we have concluded thal the Iruslees, use ol Ihe going concern basis ol
accounting in the preparalion ol the financial slalements is appropriate.
Based on the work we have performed. we have nol identified any malerlal uncertainllès rèlating 10 èv6nis
or conditions that, individsjally or colleclively, may cast signilunl doubl on the ¢harrty s ability lo Continue as
a goin9 concern for a period of al least 12 months from when Ihe fina￿la1 slalemenls are aulhorisod lor
issuo.
Our responsibilities and Ihe responsibllrties ol th8 trusl8es with respèct 10 golno ¢on¢orn are descAlbed In
the relevant seciions ol this report.
Olher Inlormatlon
The oiher information comprises the inlormalion irKluded in the annual report, including the Iwstees, report,
other than the financial slaiemenrs and our auditor's report Ihereon. The Iruslees afe iesponsible for the
other information contained within the annual report. Our ¢Jpinion on the financial slalements does nol ¢over
the other inlormalion and we do not exwess any lorm ol assurance conclusion Ihereon.
Our r8spon$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 AC￿nIS 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 d￿ls1OnS 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-

>CJO) CJ CID-
02112r2025
E-

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 Y￿r
Total
funds
2024
Total
lunds
2025
Nol•
Flxod asg•t•:
Tangible assets
Invesimenls
Totol flxed a￿1$
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 c￿rIty lund•
5,923.246
51,874
5,975,120
5,796,065
I00.OCIO
5 896 065
Al funds are unrestr￿1&￿.
The notes on pages 12 to 16 torm an Integral part ol these accounts.
Approv8d by the trustees ￿ 28 November 2025 a￿1 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
A￿On¢￿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 a￿oUntIng 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 u￿101 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 a￿1 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 U￿rtaInlieS 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 i￿ome 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 t*en 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 COm￿eX 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 Carr￿n9 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 rea￿nable expectallon that th8Se ¢OSts wlll
not b8 invoiced in the futurè.
13

LADY MARGARET SKIFFINGTON TRUST SCIO
NOTES TO THE AcCou￿rS
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$t*
There wero no ern￿Oy8e8 in the yeaf {2024 . none).
4. Exp•ndltur• on ¢harhable •cllvltl••
2025
2024
Grant to RVS Aezessible Tfan5POrt Project
Equipmenl grants lo indivtduals
Universlly ot Sl Andrews s¢holar$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 secU￿tIo1
UK Inveslmenl compan*s
Fixed incorne inveslrnonls
A$14 P#¢ili¢ Inveslrnents
Glcèal Inv￿MInI•
Olher
5,583
.832
1.019,536
325,545
208.810
2,7&3.784
36,135
1.1CiI.474
212,730
202.923
3.072,097
694.186
Tho historic￿ c￿t ol Inmtmorls al 31 Mw¢h 2025 was £42Z3.88312024. £3.981.4991.
Mov•m•nt In Ilx•d au•1 InV••tyt￿nI*
2025
2ff24
Markvt value ￿h1 Icywwd at 1 Wl
Addillon$ io In¥•sirnenls al cost
Lh'spvdals al Can￿r￿J value
Movement In cash hek1 Invutm•nt
Net gains on re¥￿Ual
Mthel V￿￿9 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 I￿r ¥￿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)gnSs*l at
the dai¢ Qt trade ai cosi Ithai is Iheir liansa￿lOn v￿ul).
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 tr*r• mr• rK* ma10rt￿ hcAdiTrJ&
In￿￿Then1 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 th￿h￿90 an ¢Uigalk)n.
MarfK•t rf*'. tr￿8 COM￿￿# tho cwrorKy rfsk. Inlowo51 r4t• arKI olh8r pnc8 rtsk.
￿Ik.. Ihii i# th• Ih41 Iho I￿r vahja ￿ luture ¢ash IIM of a finanrA as881 *ill I￿lu￿•
bx8u$e of in luwgn 8xchang• rnt•$.
Int8resl rai• rtsk.. Ih"$ 1$ risk that Ihe Iwr valu• crf lU￿rn cash Iknv8 01 a fInan&￿ a88et *411 I1￿1￿•t
b¢¢8us¢ of ¢tWbJe8 in market inlernst rnles.
Other price visk". thi$ 1$ th$ ri$k Ihal Iwr valu• or lulurn eash Ik)vo of a linancial asset bMII lI￿t￿lI
beeausg ol ¢hang0s ith rnarkel pnus lollw than lts)se Irom inlerest rale n9k or cutrency ri$kl,
whèthei Ihos¢ ¢hanges are caused by l*tori spo¢rfic to Ihe I￿11￿1dUal 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 imr40m￿l ils
In¥eslment slralegy. T￿ TnJ8tees manage inve51menl dsks. I￿udI￿ ¢wdil risk markel n3k.
thin agreed risk lrnils wNch sei takJ'n9 ¢nto accwnt Ihe charilys 8trai¥lc Invo8lmenl s*Secllve8.
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-le￿1 Irom thè pooled marnager. Ihe
rèoulaiory envlronments in which Ihe pcKJled managers opefaie and divo￿lIk01￿)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 Iny￿b￿¢￿ts h•bJ.
Cxhtr prk• rfsk.. Qh•r pnce risk wises wir*ipalty 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 sig1￿1 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 pay**l• over lour y•ars beginniThJ the student $1gns a
Sludenlship Agreem*ni aThJ annually ihefeafter. A sui1a￿t s￿dent 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
h*om• Exp•ndltUM and IIMM•l
Ai 31 m4￿h
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 a*de 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