Charity No. SC048904
THE BLACKADDER HOUSTON CHARITABLE TRUST TRUSTEES� ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 March 2022
THE BLACKADDER HOUSTON CHARITABLE TRUST
CONTENTS
Page Legal and Administrative Information 1 Report of the Trustees 2 � 4 Independent Auditor�s Report 5 � 7 Statement of Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements 10-14
THE BLACKADDER HOUSTON CHARITABLE TRUST
Legal and Administrative Details Trustees Registered Office Level 5 9 Haymarket Square Edinburgh EH3 8RY Auditors CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL Solicitors Morton Fraser MacRoberts LLP Level 5 9 Haymarket Square Edinburgh EH3 8RY Bankers: Barclays 83 Argle Street, Glasgow G2 8BJ Charity number: SC048904 The Blackadder Houston Charitsble Trust REPORT OF THE TRuEEs For the year ended 31 March 2022 The trustees present their third annual retx)rt and financial statements of the charity for the year ended 31 March 2022. The financial statements have bn prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity+s trust deed, the Charities and Trustee Investment (Scotland) Att 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommend8J practi applicable to charities preparing their financial statements in accordance with the Financial Rekx)rting Stsndard 102 applicable in the UK and
Republic of Ireland (FRS102).
Objectives and aims
The Trust Fund shall be held for the benefit of the public in Scotland and elsewhere, for payment or application of the whole free income and if the Trustees think fit, the capital of the Trust Fund from time to time in the Trustees' charge for any of the aforementioned purposes, namely: -
(1) The advancement of education by primarily, though not exclusively, supporting, encouraging and providing financial assistance, bursaries and grants to established charities and aspiring artists.
(2) The advancement of the arts, heritage, culture or science by primarily, though not exclusively, supporting, encouraging and providing financial assistance, bursaries and grants to established charities and aspiring artists, and making works of art available for exhibitions to increase public exposure to arts.
Grant making
The benefits of the Trust's work are the provision of grants in furtherance of the objectives of the trust.
Achievement and Performance
Charitable activities
The main focus has been investing funds to establish the Trust on a firm financial footing. Distributions will be made in future years in furtherance of the charitable purposes.
Financial Review
Considering the underlying market conditions and charitable commitments, the trustees are comfortable with the financial position.
All funds are unrestricted. The closing balance of funds is �6,534,056 (2021: �6,538,898).
Financial Position
The income and expenditure accounts show net expenditure for the reporting year of �4,842 (2021: net surplus �13,489).
Investment policy and objectives
RBC Brewin Dolphin manage the Charity's investment funds and have appropriate financial controls in place. Income received from investments is held by RBC Brewin Dolphin, on behalf of the Charity. Any expenditure is approved by the Trustees. Morton Fraser MacRoberts will only distribute funds on the instruction of the Trustees.
Reserves policy
The Trust's policy is to maintain a level of reserves sufficient to generate adequate investment income to enable the Trust to maintain its activity in the medium to long term.
At 31 March 2022 total unrestricted funds amount to �6,534,056 (2021: �6,538,898), which includes �5,949,740 in artworks. The balance of reserves held is considered necessary to fund future operations.
Future developments
The trustees intend that the Trust funds are invested in such a way to produce sufficient income to enable them to carry out their grant making policies so that the charity can make a difference to other people lives
wherever this is possible.
The Blackadder Houston Charitable Trust
REPORT OF THE TRUSTEES (continued)
For the year ended 31 March 2022
Structure, governance and management
Governing document
The Trust is a Charitable Trust as set out in the Declaration of Trust dated 6 December 2018. The Trust was awarded charitable status on 13 December 2018. The charity is controlled by its governing documents, a deed of trust, and constitutes an unincorporated charity.
Recruitment and appointment of trustees
The initial Trustees were appointed under the Declaration of Trust. Additional or replacement Trustees may be appointed by the Trustees.
Risk management
The Trustees have a duty to identify and review the risk to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees meet regularly and as part of those meetings identify and review the major risks to which the charity is exposed. The steps being taken to minimise risks are kept under review and decisions to implement changes made as appropriate.
The principal risks identified are as follows: -
� Loss or damage to the art collection
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Ineffective grant making and inability to meet the charitable objectives
� Poor performance of investments
The risks of loss or damage to the art collection are addressed by ensuring that it is stored in specialised premises with temperature and humidity controls, appropriate security and appropriate insurance cover.
The risks of ineffective grant making and inability to meet the charitable objectives are addressed by maintaining close contact with beneficiaries and potential applicants and seeking appropriate advice from experts operating in the art market.
The risk of poor performance of investments is addressed by ensuring appropriate professional advisors with considerable experience in the charity sector are engaged to advise on the management of the funds invested and the performance and risk profile is regularly reviewed.
Key management personnel remuneration
The trustees consider the Board of Trustees as comprising the key management personnel of the Trust in charge of directing and controlling operations on a day-to-day basis. No trustees were paid remuneration as a trustee during the period. Details of related party transactions are enclosed in note 12 of the financial statements.
Administration services are provided by Morton Fraser MacRoberts LLP.
The Blackadder Houston Charitable Trust
REPORT OF THE TRUSTEES (continued)
For the year ended 31 March 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each 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 the 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 Charity SORP;
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make judgements and estimates that are reasonable and prudent.
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state whether applicable accounting standard 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 charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with Charities and Trustee Investment (Scotland) Act 2005, The Charities Accounts (Scotland) Regulations 2006 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 decision of fraud and other irregularities. 18 December 2025
Approved by the Trustees on ������������������.and signed on their behalf by:
�.............................................................................................. Morton Fraser MacRoberts Trustees Limited
THE BLACKADDER HOUSTON CHARITABLE TRUST
INDEPENDENT AUDITOR�S REPORT TO THE TRUSTEES OF BLACKADDER HOUSTON CHARITABLE TRUST
For the year ended 31 March 2022
Opinion
We have audited the financial statements of Blackadder Houston Charitable Trust (the �charity�) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 �The Financial Reporting Standard applicable in the UK and Republic of Ireland� (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity�s affairs as at 31 March 2022, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor�s responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC�s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees� use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees� annual report, other than the financial statements and our auditor�s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
THE BLACKADDER HOUSTON CHARITABLE TRUST
INDEPENDENT AUDITOR�S REPORT TO THE TRUSTEES OF BLACKADDER HOUSTON CHARITABLE TRUST
For the year ended 31 March 2022
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
� the information given in the financial statements is inconsistent in any material respect with the trustees� report; or
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proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the trustees� responsibilities statement set out on page 4 the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity�s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable trust or to cease operations, or have no realistic alternative but to do so.
Auditor�s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor�s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. This included but was not limited to the Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006.
We focused on laws and regulations that could give rise to a material misstatement in the charity�s financial statements. Our tests included, but were not limited to:
� agreement of the financial statement disclosures to underlying supporting documentation;
� enquiries of management;
� review of minutes of Trustee meetings throughout the period; and
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obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council�s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor�s report.
THE BLACKADDER HOUSTON CHARITABLE TRUST
INDEPENDENT AUDITOR�S REPORT TO THE TRUSTEES OF BLACKADDER HOUSTON CHARITABLE TRUST
For the year ended 31 March 2022
Use of our report
This report is made solely to the charity�s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity�s members and trustees those matters we are required to state to them in an auditor�s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity�s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Signature - CT Audit Limited
CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL 18 December 2025
Date:��������..
CT Audit Limited is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.
THE BLACKADDER HOUSTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)
For the year ended 31 March 2022 2022 2021 Notes � � Income from: Investment income 3 7,120 4,828 Income from other trading activities 4 128,177 - ------------ -------------Total income 135,297 4,828 ------------- -------------
Expenditure on: Cost of charitable activities 5 136,375 10,395 Cost of raising funds (investment manager fees) 5,270 8,591 ------------ ------------Total expenditure 141,645 18,986
Net (outgoing)/incoming resources before other gains/(losses) (6,348) (14,158) Realised gain/(loss) from sale of investments 8 3,164 4,780 Unrealised (loss)/gain on revaluation of investments 8 (1,658) 22,867
Net (expenditure)/income for the reporting year (4,842) 13,489
Reconciliation of Funds:
Total funds brought forward 6,538,898 6,525,409 Total funds carried forward 6,534,056 6,538,898 ------------- -------------
All activities relate to continuing operations and are unrestricted.
The notes on pages 10 to 14 form part of these financial statements. THE BLACKADDER HOUSTON CHARITABLE TRUST
BALANCE SHEET
As at 31 March 2022
2022 2021 Notes � � Fixed assets
Investments 8 457,493 455,923
Current assets
Artworks 9 5,949,740 5,995,340 Debtors 10 351 576 Cash at bank and in hand
169,572 108,703 -------------------------
6,119,663 6,104,619
Liabilities
Creditors: amounts falling due within one year 11 (43,100) (21,644) -----------------------
Total assets less current liabilities
6,534,056 6,538,898
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Income funds
Unrestricted funds - general
6,534,056 6,538,898
-------------Total charity funds
6,534,056 6,538,898
======== ======== 18 December 2025
The financial statements were approved by the Trustees on ���..���..��.... and are signed on their behalf by:
�����������������.. Morton Fraser MacRoberts Trustees Limited
The notes on pages 10 to 14 form part of these financial statements
THE BLACKADDER HOUSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
1 Accounting policies 1.1 Accounting convention
1.2 Going concern
1.3 Charitable funds
1.4 Income
Charity information
Blackadder Houston Charitable Trust is an unincorporated charity and is registered with Office of the Scottish Charity Regulator (OSCR).
The registered office is: Level 5 9 Haymarket Square Edinburgh EH3 8RY
Public Benefit Entity
The charity meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless stated otherwise in the relevant accounting policy note(s).
The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and �Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest �.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Dividend and interest from investments are included in the financial statements when the security is declared ex-dividend by the year-end and is shown gross, inclusive of recoverable tax. This is normally upon notification by the investment manager.
All purchases and sales of interest-bearing securities are recorded net of accrued interest which is recognised as revenue.
THE BLACKADDER HOUSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022
1 Accounting policies (continued) 1.5 Expenditure
1.4 Income (continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally UFMJn notificab'on of the interest paid or payable by the bank. Any donations and legacies are recognised when the twst has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performan before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charty, and it is probable that those conditions will be fulfilled in the reporting period. 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 or estimated reliably. Liabilities are measured on r nition at historical cost and then subsequently measured at the best estimate of the amount requir to settle the obligation at the reporting date. The eXptIon is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the rep)rting date. 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. This apportionment is based on a staff cost allocation model which is reviewed annually. Charitable activrties Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activrties includes the costs of both direct service provision and the payments of grant awards if applicable. 1.6 Fixed asset investments Investments are a form of basic financial instrument and are inrtially recognised at their transaction value and subsequently measured at their fair value (which is considered to be the same as market 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. P()nds and gilts are valued excluding accrued interest, which is recognised as revenue. 1.7 Realised and unrealised gains and losses All gains and losses are tsken to the Ststement of Financial Ath"vities as th arise. Realised gains and losses on investments are calculated as the differen betWn sales proceeds an opening market 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 market value at the year end and opening market value (or purchase date if later). 1.8 Artworks It consists of artworks gifted to the Trust at its inception. Artworks are accounted for based on independent valuations at the time of the gift and are assessed on a regular basis by the TrUStS to ensure they are not carried at more than net realisable value. Reductions in value are rec(yJnised in the Statement of Financial Activities.
THE BLACKADDER HOUSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022
- 1 Accounting policies (continued)
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THE BLACKADDER HOUSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022
3 General investments 2022 2021 � � Investment income 7,120 4,828 ===== ====
4 Income from other trading activities 2022 2021 � � Sale of artwork 128,177 - ===== ====
5 Cost of charitable activities
Unrestricted General Funds 2022 Unrestricted General Funds 2021 � � Cost of selling artwork 109,481 - Support costs 26,894 10,395
----------------136,375 10,395 ===== =====
6 Analysis of support costs
Support Costs Governance Costs 2022 2021 � � � � Audit fees - 8,340 8,340 8,340 Legal - 7,200 7,200 2,040 Bank charges - - - 15 Storage costs 5,529 - 5,529 - Insurance 5,825 - 5,825 - -----------------
11,354 15,540 26,894 10,395
====== ====== ====== ======
7 Trustees
No reimbursement of expenses was paid in the current year to any Trustees (2021: �nil). THE BLACKADDER HOUSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022
8 Investments
� Market value at 1 April 2021 455,923 Purchases 64,938 Sales (64,874) Realised gain/(loss) 3,164 Unrealised (loss)/gain (1,658)
-----------Market value at 31 March 2022
457,493
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9 Artworks
2022 2021 � � At 1 April 2021 5,995,340 5,995,340 Additions - - Disposals (45,600) - --------------------------At 31 March 2022 5,949,740 5,995,340 ======== ========
10 Debtors
2022 2021 � � Accrued investment income 351 576 ----------------351 576 ====== ======
11 Creditors
2022 2021
� � Accruals (43,100) (21,644)
(43,100) (21,644)
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12 Related party transactions
Trustees do not receive any remuneration or pay expenses on behalf of the trust or derive any other benefit.
Morton Fraser MacRoberts LLP carry out administrative work on behalf of the trust and are deemed to be a related party by virtue of the partners of Morton Fraser being directors of the corporate Morton Fraser MacRoberts Trustee Limited. Total fees payable to Morton Fraser during the year were �7,200 (2021: �2,040). On 31 March 2022 �7,200 was accrued with respect to fees due to Morton Fraser MacRoberts (2021: �2,054).