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’.
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**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
Trustee
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## 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
1. 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
2. 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.
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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
Trustee
The Notes on pages 6 to 7 form part of these Accounts.
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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.
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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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