GEORGE & NELLIE WHYTE CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR TO 31 MARCH 2025
CHARITY NO. SC048545
Peterkins Solicitors 160 Union Street Aberdeen AB101QR RJM/31832-4
GEORGE & NELLIE WHYTE CHARITABLE TRUST
TRUSTEES
Peterkins Trustees Limited
Principal Office
100 Union Street Aberdeen Charity Number: SC048545
Secretaries and Solicitors
Messrs Peterkins 100 Union Street Aberdeen
Bankers
The Royal Bank of Scotland 78 Union Street Aberdeen
Stockbrokers
LGT Wealth Management Limited One Lochrin Square 92 Fountainbridge Edinburgh EH3 9QA
Auditors
Tawse and Partners, C.A. 18 North Silver Street Aberdeen
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR TO 31 MARCH 2025
The Trustees have pleasure in presenting their report along with the financial statements of the charitable trust for the year to 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005,
Structure, governance and management
The Trust was created by a Deed of Trust dated 19th & 20th December 2017 and registered in the Books of Council & Session on 2nd November 2018. The initial Trustees were appointed in the said Deed of Trust and new Trustees will be nominated and appointed by the existing Trustees, when necessary. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the donor through careful stewardship of its existing resources.
Trust purposes and objectives
The Trust was set up by for the purpose of paying the revenue to voluntary bodies and registered Charitable Trusts within the Area of Benefit, ie. Aberdeen City, Aberdeenshire and Moray Local Authority Districts and thereafter, elsewhere in Scotland, the choice and the amounts to be determined by the Trustees.
Financial information and future developments
All of the funds are restricted. There was a surplus of funds for the period amounting to £8,187 (2024 - surplus of £1,323,707). To this figure, £Nil (2024 - ENil} of realised investment gains and £51,303 of unrealised losses (2024 - £125,710 of unrealised gains} on revaluation of investments have been added, giving a total decrease in funds for the year of £43,116 (2024 - increase in funds of £1,449,417).
The Trustees will be meeting to consider applications for funding received from Charitable Organisations and to allocate the appropriate funds.
Investment policy
The objectives of the Trustees at the present time are to invest the trust funds in fixed interest bonds and equity shareholdings with a view to producing a balanced growth of both capital and income.
The Trustees aim to distribute all or substantially all of the annual income, less expenses, for trust purposes. The trustees meet once annually to consider applications and to select suitable charities for assistance. The minutes of the annual meeting contain full details of the distributions agreed by the Trustees.
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR TO 31 MARCH 2025
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable jaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP FRS 102;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 {as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. and are satisfied that systems are in place to mitigate the exposure to the major risks.
Reserves policy
The reserves at the year end totalled £2,028,239 (2024 - £2,071,355) and represents both the capital and revenue balance. The trustees are not empowered to encroach upon the capital balance of the total funds. The funds applicable to revenue are £63,994 (2024 - £25,014} and as the trustees aim to only distribute annual income, this level of revenue is considered more than adequate to meet the ongoing requirements of the Trust.
Ler PrrcuST 2025
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR TO 31 MARCH 2025
| report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 which are set out on pages 5 to 11.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts {Scotland} Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matiers. The procedures undertaken do not previde all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accaunting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations;
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and to prepare accounts which accord with the accounting records and comply with Regulation [8] of the 2006 Accounts Regulations;
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached,
Chartered Accountant
Institute of Chartered Accountants of Scotland
Tawse & Partners 18 North Silver Street Aberdeen AB10 1JU Mot Prrguet 2025
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 MARCH 2025
{including Income and Expenditure Account)
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Notes|2025|2024|
|£|
|INCOME FROM|
|Executry Account|2,426|1,368,620|
|Investment|income:|
|Dividends|and|interest|2|57,757|27,976|
|TOTAL INCOME|60,183|1,396,596|
|EXPENDITURE|ON|
|Cost of generating|funds|3|33,219|59,170|
|Charitable|activities|-|
|Donations|to charities|5|14,500|8,500|
|Governance|costs|6|4,277|5,219|
|TOTAL EXPENDITURE|51,996|72,889|
|NET|INCOME|AND|NET|MOVEMENT|IN|FUNDS|BEFORE|GAINS|
|AND|LOSSES ON|INVESTMENT|8,187|1,323,707|
|Realised|investment gains/losses|-|-|
|Unrealised|(loss)/gain|on|revaluation|of|Investments|7|(51,303)|125,710|
|NET MOVEMENT|IN|FUNDS|(43,116)|1,449,417|
|Total|funds at1|April|2024|2,071,355|621,938|
|TOTAL FUNDS|AT|31|MARCH|2024|9|2,028,239|2,071,355|
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All of the above funds are restricted.
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
BALANCE SHEET AT 31 MARCH 2025
| Notes | 2025 | 2024 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| FIXED ASSETS | |||||
| Investments at Market Value | 7 | 2,028,611 | 2,039,705 | ||
| Cost £1,839,645 | |||||
| CURRENTASSETS | |||||
| Debtors | 8 | - | 36 | ||
| Cash at bank | 478 | 21,700 | |||
| LGT Wealth Management | |||||
| - Income Account Cash | 10,830 | 21,741 | |||
| 11,308 | 43,477 | ||||
| CREDITORS: AMOUNTS FALLING | |||||
| DUE WITHIN ONE YEAR | i] | 11,680 | 11,827 | ||
| NET CURRENTASSETS | (372) | 31,650 | |||
| TOTALASSETS LESS CURRENT LIABILITIES | 2,028,239 | 2,071,355 | |||
| NETASSETS | 2,028,239 | 2,071,355 | |||
| FUNDS | 10 | ||||
| Represented by: | |||||
| Restricted Funds - Capital | 1,964,245 | 2,046,341 | |||
| Restricted Funds - Revenue | 63,994 | 25,014 | |||
| TOTALCHARITYFUNDS | 2,028,239 | 2,071,355 |
The accounts were approved by the Trustees on Derbaver 2025 and signed on their behalf |
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31 MARCH 2025
1. ACCOUNTING POLICIES
(a) Basis of Accounting
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended)
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting year, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
The financial statement are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
{b) Reconciliation with previous Statement of Recommend Practice
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS 102 a restaternent of comparative items was needed. As these are the first accounts, no comparative items are available.
(c} Cash flow statement
(d} Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
(e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
The charity is not entitled to reclaim any VAT, irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31 MARCH 2025
1. ACCOUNTING POLICIES (continued)
{f) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
{g) Taxation
The Trust is a registered Charity in Scotland and is exempt from taxation
(h) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
(i) Costs of raising funds
The costs of generating funds consist of investment management costs and certain legal fees.
{j) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust dees not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
The fixed asset investments include cash held on deposit with a maturity of less than one year.
(k) Creditor payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(l) Funds
Allincome and expenditure is dealt with through the Statement of Financial Activities. The funds are classified as restricted funds subject to the specific terms declared by the donor.
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31 MARCH 2025
| 2.INVESTMENTINCOME | 2025 £ |
2024 |
|---|---|---|
| Net dividends and interest from stocks, bonds | ||
| and shares (note 7) | 57,440 | 27,770 |
| Bank deposit interestgross | 317 | 206 |
| 57,757 | 27,976 | |
| 3. COST OF GENERATING FUNDS | ||
| £ | £ | |
| Secretarial fees | 18,471 | §2,361 |
| Standard Lifemanagementfees | 14,748 | 6,809 |
| 33,219 ClCl—lS__ |
59,170 SSS |
- CHARITABLE EXPENDITURE All current annual commitments te donations to charities as agreed by the Trustees at their meeting on (to be arranged) have been met.
5. DONATIONS TO CHARITIES
| 5. DONATIONS TO CHARITIES | |||
|---|---|---|---|
| £ | £ | ||
| Read forGood | 2,000 | 2,000 | |
| TeapotTrust | - | 1,000 | |
| Breakthrough T1D (formerlyJORF (Juvenile Diabetes Research Foundation)) | 3,000 | - | |
| The Engineering Development Trust | 1,000 | 1,000 | |
| SSAFA | - | 1,000 | |
| Fife Carers Centre | 1,000 | 1,000 | |
| Willow | - | 500 | |
| TLC Foodbank | 1,000 | 1,000 | |
| North East of Scotland Music School Ltd | 1,000 | 1,000 | |
| Edinburgh Science Centre (Generation Science) | 1,500 | ||
| SomebodyCares | 2,000 | ||
| Quarriers{Aberdeen Befriending Network) | 2,000 | ||
| 14,500 | 8,500 | ||
| 6. GOVERNANCE COSTS | |||
| £ | £ | ||
| Secretarial fees | 2,662 | 979 | |
| Audit fee | 300 | 3,000 | |
| Independentexaminer's fee | 900 | 900 | |
| Other | 415 | 340 | |
| 4,277 | 5,219 |
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31 MARCH 2025
| FOR THETHE YEAR TOTO 31 MARCH 2025 | |||
|---|---|---|---|
| Cash & | |||
| 7. INVESTMENTS | Listed | Cash | |
| Investments | Equivalents | Total | |
| Cost or Valuation | |||
| At 1 April 2024 | 2,028,078 | 11,627 | 2,039,705 |
| Movement incash | - | 15,014 | 15,014 |
| Additions at cost | 25,358 | - | 25,358 |
| Disposals at cost | - | - | - |
| Unrealisedgain/lossonrevaluationofInvestments | (51,466) | - | (51,466) |
| Marketvalue at 31 March 2025 | 2,001,970 | 26,641 | 2,028,611 |
| Carrying amount: | |||
| At31 March 2025 | 2,001,970 | 26,641 | 2,028,611 |
| At1 April 2024 | 2,028,078 | 11,627 | 2,039,705 |
| Investment at fair value Comprised: | |||
| £ | |||
| Equities | 2,001,970 | ||
| Fixed Interest securities | - | ||
| Cash held within the investment portfolio | 26,641 | ||
| 2,028,611 |
All investments are carried at their fair value. Investments in equities and fixed investment securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using bid price. Asset sales and purchases are recognised at the date of trade at cost.
The significance of financial instruments to the ongoing financial sustainability if the Charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
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8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR £ £
2025 2024
Other debtors - 36
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR £ £
2025 2024
Accruals 11,680 11,827
—————— =————
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GEORGE & NELLIE WHYTE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31 MARCH 2025
10. RESTRICTED FUNDS
| Capital | £ |
|---|---|
| At 1.4.24 | 2,046,341 |
| Capital Invested | 2,426 |
| Unrealised gain on revaluation of investments | (51,303) |
| TransfertoRevenue | (33,219) |
| At 31.3.25 | 1,964,245 ————————————— ee |
| Revenue | £ |
| At 1.4.24 | 25,014 |
| Net income | 8,187 |
| Incomefrom executry invested | (2,426) |
| Transfer from Capital | 33,219 |
| At 31.3.25 | 63,994 |
| £ | |
| Total funds at 31.3.25 | 2,028,239 |
| Represented by: | £ |
| Investments at cost | 4,839,808 |
| Investment Revaluation Reserve | 188,803 |
| Net current assets | (372) |
| 2,028,239 |
The balance on the revenue account represents the accumulated surplus since the commencement of the Trust. The Trustees consider all funds prior to this date to be capital.
10. TRUSTEES’ REMUNERATION
Peterkins Trustees Limited, Trustee, is part of Peterkins, Solicitors.
Peterkins, Solicitors, manage the Charitable Foundation and received remuneration for the work undertaken in line with normal business practice.
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