JOHN D MILNE'S CHARITABLE TRUS[ SCOTllSH CHARITY NUMBER.. SC(148846 TRUST ACCOUNT FOR THE PEIUOD 15tAprll 2024 Yo 31st March 2025 INTROOUCTION TRUST DEEL) Wlll ol the lats John Milne. dited l April 2014 re815t¢red in tho 8ooks of Councl and Se3s1on on I AugLst Z017 CURRENTTRU5TEES BENEFICIARIES Cancer Research UK Charity Number.. 1089464 2 R•dman P ace, L4)ndon, E20 UQ Brltish Heart Fouidatlo Chority Number: 225971 Greater london Ilouse, 180 Hampstead RDsd. Londcn, NWI 7AW PROFESSIONAL ADVISERS Rail4bones 50 George Square Glasgtrw G2 IEH Tclophor.é No., 014.1248 4311 Mes5r5 Irving Geddes WS Soll¢ltors 25 Wcst Al8F street Crlèff Perthshire PH7 4AU TelephDp.e Na.. 01764 653771
JOHN D MILNE'S CHARITABLE TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR 1st APRIL 2024 TO 31st MARCH 2025 Charit Name and Number John D M Ilne's Charitable Trust Scottish Charity Number SC048846 Princi al Address c/0 Irving Geddes WS 25 West High Street Crieff Perthshlre, PH7 4AU Current Trustee5 Governln Document The Trust Is an unincorporated Trust constituted by the Will of the late John Duncan Milne, dated 2 April 2014 and recorded in the BoDks of Council and Session on l August 2017. Professional Advlsers Le al Advisers I rving Geddes WS Solicitors 25 West High Street Crieff Perthshire PH7 4AU Investment Mana Rathbones George House 50 George square Glasgow G2 IEH ers Inde endent Examiner Drummond Laurie Chartered Accountant5 Algo Business Centre Glenearn Road Perth PH2 ONJ
JOHN D MILNE'S CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE PERIOD FROM 1ST APRIL 2024 TO 31ST MARCH 2025 Histo and Ob'ectives of the Trust The Trust was established by the Will of the late John Du nc3 n Milne, dated 2 April 2014 and recorded in the Books of Council and Session on l August 2017 The terms of the Trust d irect the Trustees to distribute the annual income of the Trust Fu nd to the nom inated cha rita ble beneficiaries in such proportions as they may determine in their sole discretion. The Trust was granted charitable status on 15 November 2018. Recrultment and A olntment of Trustees Trustees are assumed land resign) with the consent of the existing Trustees, under Sectlon 3 of the Trusts Iscotlandl Act 1921 and Section 13 of the Law Reforrn IM i5cellaneous Provisions) Iscotla ndl Act 1990, Trustees Remuneration Ex enses and Transactions Remuneration was paid to the Firm of Irving Geddes WS for legal services rendered during the period . David Geddes is a Partner of the said Irving Gedde5 WS. Remuneration of £2,748 was paid to Me5srs Irving Geddes WS during the period under review. No expense5 were paid to the Trustee5. Review of Flnanclal Posltlon and Actlvitles Durin the Year The value of the investment portfolio decreased by 4.31% from £474,988 to £454,513 and in light of the current economic situation, the Trustees a re satisf led with the f ina ncia I position at the year end. The net Income generated enabled the Trustees to ma l<e tota I donatlons of £8,000 in the financial year under review. Investment Polic & Performance The Trustees have instructed Rathbones, to manage the Trust funds on a dlscretlonary basls. The Trustee5 have advised that they are prepared to accept a medium level of risk and Rathbones Stockbrokers are Instructed to seek both capita l and income growth. Poli for Donations The Trustees are guided by the wlshes of the Settlor in determining donations to be made. las Indlcated In the Trust Deedl, In considering the extent of donations to be made, the Trustees donate a maximum total a mount of the Trust's a n nual income receipts.
JOHN D MILNE'S CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE PERIOD FROM 1ST APRIL 2024 TO 31ST MARCH 2025 Reserves Poll The Trustees, policy is to disburse the whole of the net income in donations to utllise the free reserves in any years of deficit. Detlclt There were no funds in deficit during the financia l yea r. Donated Facillties and Servlces There were no donated facilities or Services in thi5 f irna ncial yea r. Plans for the Future It is the Trustees, intention to continue making donatlons In a simllar way to thÈ recent past retalnlng f lexibility on the scale of donations and restricting these to availa ble income. Risk Mana ement The Trustees have consldered the rlsks to which the charity is exposed. These relate Sn the maln te investment managernent and have been amellorated by the employment of an Investment manager. Another risk to which the charity is exposed is fraud. However, the Trustees conslder the low level of donations made by the charity reduces this risk. In additior), at least one of the Trustees will have some knowledge of any chosen charitable body to which a donation is made. The Trustees also protett agalnst the risk of financial misiranagement by the appointment of Solicitors, who are bound by the Law Society of Scotland Solicitors, Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compllance wlth regulatlons governlng cha rltles. Approved by the Trustees and signed on theii behalf by ee rus ee Date.. L.la.2 Date: 4ojl.ls
Independent examlner's report to thè Trustees of John D Milne's Charltsblo Trust I report on the accounts of the charity for the period from 1st Aprll 2024 to 315t March 2025 which are set OLrt on pages I to 7. Respective r8spctyn51bilitles of trustees and examiner The charity's Trustees are responsible for the prep8ration of the aciount5 in accordance with the terms of the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts Iscotlandl Regu latioiis 2006. The charity's Tru5tee5 CDnslder that the audlt requirement of Regulation 10111{dl of the Accounts Regulatlon does not apply. It Is rny responsibility to examine the accounts as requlred under Sectlon 44llllcl of the Act and to state whethr*r partlcular matters have come to my attentlon, Basis of independent examiner'5 Statement My examination is carried out in accordance with Regulation 11 of the Charitie5 Accounts (Scotla nd} Regulatlon 2006. An exan)Irbatlon includes a revlew of the accountlng record5 kept by the charity and a comparison of the accounts presented wlth those records. It also includes con51deration of any unusual terms or disclosures in the accounts, and See explanations from the Trustees concerning any such matters. The procedure5 undertaken do no provide all the evidence that would be required in an audit and consequently I do not expre55 an audit opinion on the view glven bythe accounts. Indèpèndetrt examiner's Statement In the course of rny examination, no matter has come to my attention:. which 8ives me reasonable cause to bel ieve that in a ny material respect the requirements: -to keep accounting records in accordance with section 44llllal of the 2005 Act and Regulatlon 4 of the 2006 Accounts Regu.ations, and -to prepare accounts which accoid with the accounting records and comply wlth Regulation 9 of the 2006 Accounts Regulatlons have not been met, or 2. to which, in rny opinion, attention should be drawn in Drder to enable a proper understanding of the accounts to be reached. For and on behalf of Drummond Laurie Chartered Accountants Algo Busine&s Centre Glenearn Road Perth PH2 ONJ Date..
JOHN D MILNE'S CHARITABLE TRUST TRUST ACCOUNT FOR THE YEAR 1ST APRIL 2024 TO 315T MARCH 2025 STATEMENT OF RECEIPTS AND PAYMENTS RECEivfs 2025 2024 Re¢elpts from Investments Dlvidends from UK Companies Interest Income from Unit TrustlOEIC Overseas Income Bank Interest 4,353 1,830 4,307 631 4,947 2,360 3,363 225 11,120 10,895 Proceeds from sale of Investments 57,386 62,848 TOTAL RECEIPTS 68,506 73,743 PAYMENTS Donations relatlnE dlrectly to charitable actlvltles The Brit15h Heart Foundatlon Cancer Research lu 1<1 4,000 4,000 4,000 4,000 8,000 8,000 Govemance costs Messrs Irving Geddes, legal fees for previous year per assessment by Law Accountant Benchmark Law Accountant's Fee Other Expenses Independent examination fee Investment management costs 2,748 138 3,300 166 300 4,363 15,549 288 4,113 15,867 Pur¢hase of Investments 49,8g3 60,078 TOTAL PAYMENT5 65,443 75,945 SURPLUSIDEFICIT FOR THE YEAR 3,063 12,2021 All funds are unrestrlcted No remuneration or expenses were paid to the trustees during the period under review Messrs Irving Gedde5 WS, a firm which the Trustees are partners received £2,748 in respect of legal services rendered to the Trust
JOHN D MILNE'S CHARrrABLETRUST TRUST ACCOUNT FOR THE YEAR 1st APRIL 2024 TO alst MARCH 2025 STATEMENT OF BALANCES AS ATYEAR END 2025 2024 BÈnk and cash in h?nd Opening balances Surplus/Deficit for year 14,616 3,063 16.818 12,202 Closln8 balances 17,679 14,616 Investments Market value at start of year Purchase of Investments Sale of investments Increase/ldecreasel in market value 474,988 456,266 49,893 60.078 157,386) 162,8481 112,983) 21,492 Market value at end of year 454,513 474.988 All funds are unrestricted Approved bythe Trustees and signed on their behalf by rus=ee Date.. Date: