2024-12-31-accounts - The Aitchison Trust SCIO

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Scottish Charity No. SC048651

The Aitchison Trust SCIO

Trustees’ Report and Accounts For the year ended 31 December 2024

The Aitchison Trust SCIO

Contents of the Accounts for the year ended 31 December 2024

	Page
Report of the Trustees	1
Report of the Independent Examiner	3
Receipts and Payments Account	4
Statement of Balances	5
Notes to the Accounts	6

The Aitchison Trust SCIO

Report of the Trustees for the year ended 31 December 2024

The Trustees are pleased to present their report together with the Accounts of the charity for the year ended 31 December 2024. The figures for the year ended 31 December 2023 represent merged Accounts combining the activities of The Aitchison Trust SCIO (Scottish Charity No. SC048651) and the now former unincorporated charity, The Aitchison Trust (Scottish Charity No. SC015510).

Status of Charity and Governing Document

The Aitchison Trust SCIO (‘the charity’ or ‘the SCIO’) was established by Constitution on 24 August 2018 and is a registered Scottish Charitable Incorporated Organisation (SCIO) No. SC048651. Prior to the year ended 31 December 2023, the charity’s affairs were conducted via the unincorporated charity, The Aitchison Trust, which was wound up and removed from the Scottish Charity Register in March 2024.

Investment Advisers

Bankers Solicitors The Royal Bank of Scotland Holmes Mackillop Cartsdyke Avenue 109 Douglas Street Greenock Glasgow PA15 1EF G2 4HB

Independent Examiner

Rathbones 10 George Street Cornerstone Accounting Ltd Edinburgh 11 Erngath Road EH2 2PF Bo’ness EH51 9DP

Charitable purposes

The purposes of the charity are:

The advancement of the Christian Faith and the spreading of the Gospel by (but not limited to) distribution of the Bible as the Holy and Inspired Word of God, by supporting Missionaries and full time Christian workers in the UK and elsewhere in the world (particularly those who are not salaried and live by faith and Scottish Missionaries throughout the world as well as Evangelists in Scotland and in the rest of the UK); and by supporting Church and para-Church organisations;
The prevention or relief of poverty, the advancement of education and the advancement of health in the UK and elsewhere in the world by Christian Missionaries, Christian Organisations and Evangelical Church or para-Church projects; and
The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage by Christian Missionaries and full-time workers in the UK and elsewhere in the world.

Trustees and organisational structure

The Trustees who served voluntarily throughout the year and to the date of this report were as follows:

The Constitution requires a minimum of five Trustees, who as the Board, may at any time appoint any person to be a Trustee by way of a resolution passed by majority vote at a Board meeting. As part of their induction programme, new Trustees are required to understand their statutory responsibilities and are provided with a copy of the charity’s last annual Accounts along with the OSCR publication ‘Guidance and good practice for charity Trustees’.

Page 1

Report of the Trustees for the year ended 31 December 2024

The Aitchison Trust SCIO

Trustees and organisational structure (continued)

The affairs of the charity are directed by the Trustees who meet at least twice yearly. Administrative support including (1) the remitting of grants to beneficiaries and (2) the placing of Bible verses as chosen by the Trustees in daily editions of The Herald newspaper, is provided by the missionary agency, Echoes International, Charity No. 1173851, England and Wales and Scottish Charity No. SC047797.

Activities and achievements

In relation to activities, the Trustees:

Met in April and December 2024 to discuss and handle the charity’s affairs.
Continued to provide daily bible texts for publication within The Herald newspaper.

In relation to funding, the Trustees:

Continued to mainly restrict financial support to the charity’s primary “family” of beneficiaries - i.e. individuals who are associated with the missionary agency, Echoes International and to a number of charitable organisations.

Investment policy

At their meetings, the Trustees consider the charity’s investment strategy, its income requirements, risk profile and the Investment Managers’ view of the market prospects in both the short and medium term. Normally, an Investment Manager would attend one of the Trustees’ meetings. The policy objective is to achieve an appreciation in capital values while at the same time aiming to generate a reasonable and growing level of income. All the charity’s investments are held as unrestricted funds.

Grant making policy

Annual grants are awarded to missionaries and full-time Christian workers who, within the context of the SCIO Constitution, are associated with Echoes International. Annual grants are also paid to a number of Christian charities and ministries as selected by the Trustees. Details of grants paid in 2024 are outlined in Note 2.

Risk Assessment

At one of their twice-yearly meetings, the Trustees assess, review and where appropriate, update the risks as recorded in the charity’s risk register. This is normally undertaken in conjunction with the charity’s Investment Managers.

Financial review

The Accounts for the year are set out on pages 4 to 7. The Receipts and Payments Account on page 4 reflects a deficit for the year of £14,509 (2023: deficit of £4,005). Excluding investments, total reserves, which are all unrestricted, amounted to £21,477 (2023: £35,986).

Reserves

The Trustees’ policy is to hold a level of investments that will generate an income stream to part fund the charity’s annual grants and governance costs.

Independent Examiner

Cornerstone Accounting Ltd was appointed Independent Examiner on 16 December 2024 following the resignation of of Azets Audit Services. The Trustees recommend that remains in office as Independent Examiner until further notice.

The Accounts were approved by the Trustees on 10 April 2025 and signed on their behalf by:

Trustee

Page 2

The Aitchison Trust SCIO

Report of the Independent Examiner for the year ended 31 December 2024

I report on the Accounts of the charity for the year ended 31 December 2024 which are set out on pages 4 to 7.

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 (as amended). The charity Trustees consider that the audit requirement of Regulation 10(1) (d) 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 Charities Accounts (Scotland) Regulations 2006 (as amended). 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 such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I 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

which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended), and
to prepare Accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations (as amended)

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.

Cornerstone Accounting Ltd

11 Erngath Road Bo’ness EH51 9DP

Date: 11 April 2025

Page 3

The Aitchison Trust SCIO

Receipts and Payments Account

For the year ended 31 December 2024

Notes Receipts Investment income Proceeds from sale of investments Total receipts Payments Grants paid 2 Administration costs 3 Publication of Bible verses Net purchase of investments Cost of investment purchases Independent Examiner costs Bank charges Total payments Net receipts/(payments) Transfers between funds Surplus/(deficit) after transfers Total funds brought forward Total funds carried forward	Unrestricted 2024 funds Total £ £ 28,465 28,465 9,000 9,000 37,465 37,465 39,100 39,100 2,500 2,500 930 930 7,320 7,320 - - 2,124 2,124 - - 51,974 51,974 (14,509) (14,509) - - (14,509) (14,509) 35,986 35,986 21,477 21,477	Unrestricted 2023 funds Total £ £ 28,578 28,578 98,550 98,550 127,128 127,128 50,100 50,100 2,500 2,500 851 851 - - 75,859 75,859 1,872 1,872 (49) (49) 131,133 131,133 (4,005) (4,005) - - (4,005) (4,005) 39,991 39,991 35,986 35,986

The Notes on pages 6 to 7 form part of these Accounts.

Page 4

The Aitchison Trust SCIO

Statement of Balances

As at 31 December 2024

Notes Cash at bank and in hand Current accounts Total cash at bank and in hand Represented by: Unrestricted funds General fund 4 Total funds Statement of assets at 31 December Fixed asset investments - market value Statement of liabilities at 31 December Independent examination fee Supplier invoices outstanding	Opening Deficit Closing balance for year balance £ £ £ 35,986 (14,509) 21,477 35,986 (14,509) 21,477 21,477 21,477 2024 £ 784,997 784,997 2024 £ 600 76 676 2024	Opening Deficit Closing balance for year balance £ £ £ 39,991 (4,005) 35,986 39,991 (4,005) 35,986 35,986 35,986 2023 £ 785,158 785,158 2023 £ 2,000 69 2,069 2023

The Accounts on pages 4 to 7 were approved by the Trustees on 10 April 2025 and signed on their behalf by the undernoted:

Trustee

The Notes on pages 6 to 7 form part of these Accounts.

Page 5

The Aitchison Trust SCIO

Notes to the Accounts

For the year ended 31 December 2024

1. Accounting policies

Accounting convention

The Accounts have been prepared under the historical cost convention, on a Receipts and Payments basis and in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).

Receipts and Payments Account

For the purpose of the Receipts and Payments Account as shown on page 5, funds are defined as

Unrestricted funds comprise donations, grants and other income received for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds comprise income which has been received for the objects of the charity and specified for a restricted purpose within these objects by the donor.

The original charity, The Aitchison Trust (Charity No. SC015510) operated as an unincorporated charitable Trust. Its assets, liabilities and activities were transferred to The Aitchison Trust SCIO (Charity No. SC048651) on 23 December 2023. The figures for the year ended 31 December 2023 reflect the combined activities of the SCIO and the unincorporated Trust.

2. Grants paid

Grants paid in the year consisted of awards for mission work in accordance with the charity's Constitution and include the following:

Grants to organsations Scripture Union Scotland Faskally Christian Trust Gospel Literature Outreach JAM Trust Echoes International (Note 3) Gospel Literature Outreach (for Tilsley College) OPAL Trust Limited The Retired Missionary Aid Fund SASRA UCCF IBCM Network Grants to individuals 28 beneficiaries, £500 - £1,000 each (2023: 34 beneficiaries)	2024 £ 9,500 2,000 1,500 1,000 1,000 1,000 1,000 1,000 600 - - 20,500 39,100	2023 £ 7,000 2,000 1,500 5,000 1,000 1,000 1,000 1,000 600 3,000 3,000 24,000 50,100

3. Administration costs

The Trustees engaged Echoes International to provide administrative support for which the Trustees donated £2,500 to Echoes International (2023: £2,500). As indicated in Note 2, the Trustees also gave a £1,000 grant towards the charitable activities of Echoes International.

Page 6

The Aitchison Trust SCIO

Notes to the Accounts

For the year ended 31 December 2024

4. Unrestricted funds

General fund Total unrestricted funds	Balance at 01.01.24 £ 35,986 35,986	Receipts £ 37,465 37,465	Payments £ (51,974) (51,974)	Transfers £ - -	Balance at 31.12.24 £ 21,477 21,477

Explanation of funds

The General fund represents all income and expenditure relating to the primary focus activities of the charity, other than those for which funding is restricted.

5. Trustee and related party remuneration and expenses

No Trustees received any remuneration or expenses from the charity (2023: nil).

The charity donated £3,500 (2023: £3,500) to Echoes International (see Note 3) and £1,000 to The Retired Missionary Aid Fund (see Note 2). Trustee, is also a Trustee of both charities.

6. Donated facilities, goods and services

The Trustees are grateful for administrative support provided by Echoes International. Whilst this service is provided without charge, the Trustees chose to donate £2,500 to Echoes International for such support.

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