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CHARTERED ACCOUNTANTS
Mrs Edna Mary Edwards Memorial Trust
Financial Statements
for the year ended 23rd May 2025
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The Edna Mary Edwards Memorial Trust Scottish Charity Number SC048996
Trustees and Professional Advisers
Factors and principal address: Mackinnons Solicitors LLP 379 North Deeside Road Cults Aberdeen AB15 9SX
Stockbrokers:
Brewin Dolphin
Independent examiner: P| Chartered Accountants 5 Bon Accord Square Aberdeen AB11 6XZ
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The Edna Mary Edwards Memorial Trust Scottish Charity Number SC048996
Trustees’ Report for the year ended 23rd May 2025
Recruitment and appointment of Trustees New Trustees are appointed by the current Trustees as and when they are required.
Governing document The Trust had been established by virtue of the Will of Mrs Edna Mary Edwards dated 30th April 2012.
Charitable purposes The Trust had been established for charitable purposes, namely to assist or otherwise benefit the community in Ballater by means of the improvement of the facilities available in The Albert Memorial and Victoria Halls, Ballater.
Activities and achievements The Trustees met on 10th September 2024 at the office of Mackinnons Solicitors in Cults, to approve spending for various projects at the Halls and to approve the annual payment to the individual responsible for controlling the upkeep of the Halls.
Trustees’ remuneration and expenses The Trustees did not receive any remuneration or expenses during the year.
Reserves
As a result of the deficit of £6,006 for the year, along with a loss in revaluation of investments of £2,124, the Trust held unrestricted funds of £8,199 and endowment funds of £558,633 at the year end.
Approved by the Trustees on 1% Joma) a L and signed on their behalf by
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The Edna Mary Edwards Memorial Trust Scottish Charity Number SC048996
Report by the Independent Examiner
| report on the accounts of the charity for the year ended 23rd May 2025 which are set out on pages 4 to 10.
Respective responsibilities of Trustees and examiner The charities 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 2006 Accounts Regulations does not apply. Itis 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. 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 matters. The procedures undertaken do not provide 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 matters have come to my attention
- which give 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, and
e to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
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have not been met, or
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towhich, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
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Mrs Edna Mary Edwards Memorial Trust
Statement of Financial Activities for the year ended 23rd May 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Endowment|Unrestricted|Endowment|
|Note|Funds|Funds|Total|Funds|Funds|Total|
|£|£|£|£|£|£|
|Income|and|endowments|
|from:|
|Investment|income|3|25,728|-|25,728|24,149|-|24,149|
|Legacy|income|-|-|-|-|-|-|
|Total|income|25,728|-|25,728|24,149|-|24,149|
|Expenditure|on:|
|Investment|management|
|costs|-|5,416|5,416|-|5,276|5,276|
|Charitable|activities|5|26,318|-|26,318|26,483|-|26,483|
|Total|expenditure|26,318|5,416|31,734|26,483|5,276|31,759|
|Net|income/(expenditure)|
|and|net movement|in|
|funds|before|gains/|
|(losses) on|investments|(590)|(5,416)|(6,006)|(2,334)|(5,276)|(7,610)|
|Net|gains/(losses)|on|
|investment|
|6|-|(2,124)|(2,124)|-|19,931|19,931|
|Net|income/(expenditure)|(590)|(7,540)|(8,130)|(2,334)|14,655|12,321|
|Transfer|between funds|(1,507)|1,507|.|4,210|(4,210)|-|
|Net movement|in funds|(2,097)|(6,033)|(8,130)|1,876|10,445|12,321|
|Reconciliation|of funds|9|
|Total|funds|brought forward|10,296|564,666|574,962|8,420|554,221|562,641|
|Total funds|carried|forward|8,199|558,633|566,832|10,296|564,666|574,962|
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The notes on pages 6 to 10 form an integral part of these accounts
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The Edna Mary Edwards Memorial Trust
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Balance Sheet
at 23rd May 2025
Note 2025 2024
£ £ £ £
Fixed assets
Investments 6 558,633 564,666
Current assets
Debtors . -
Cash at bank 7 13,985 15,912
13,985 15,912
Creditors: amounts falling due
within one year 8 (5,786) (5,616)
Net current assets 8,199 10,296
Total assets less current liabilities 566,832 574,962
Funds of the charity 9
Expendable endowment funds 558,633 564,666
Unrestricted funds 8,199 10,296
(566,832 574,962
Approved by the Trustees on 13 Jonna DOM40o
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The notes on pages6 to 10 form an integral part of these accounts
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Notes to the Financial Statements for the year ended 23rd May 2025
The Edna Mary Edwards Memorial Trust
- Accounting policies Accounting convention The financial statements are prepared under the historical cost convention as modified by and the restatement of investments at market value. 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) issued on 16th July 2014 - (Charities SORP (FRS102), 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 Trust constitutes a public benefit entity as defined by FRS 102.
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 period, the most significant areas of uncertainty that affect the carrying value of the assets held by the Trust are the level of investment return and the performance of investment markets (see the Trustees report for more information).
Use of funds The Trustees are required to apply the Trust funds in accordance with the terms of the Will of Mrs Edna Mary Edwards dated 30th April 2012. These terms are fully described in the Trustees’ report. The capital comprising an expendable endowment fund and unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charity objects.
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. Dividends from equity investments are included when receivable. Interest on government securities is included on the accruals basis.
Realised gains and losses arising on disposal of investments during the year and unrealised gains and losses arising on the revaluation of the investments at the end of the year are included in the statement of financial activities.
Debtors Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank Cash at bank includes balances within accessible bank accounts with no maturity date.
Creditors Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
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The Edna Mary Edwards Memorial Trust
Notes to the Financial Statements for the year ended 23rd May 2025
1. Accounting policies (continued) Accounting convention
Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Taxation
As acharity, the Trust is not liable to income tax and capital gains tax and recovers tax deducted at source from interest received. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Support costs
Support costs include the cost of the external accountancy and legal costs associated with constitutional and statutory requirements. Governance costs are recognised on an accruals basis.
- Related party transactions and Trustees’ expenses and remuneration The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind. Expenses paid to the Trustees in the year totalled £Nil.
| Investment income | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Dividendsonother listed investments Intereston investmentdealing account |
25,279 449 |
23,717 432 |
| 25,728 | 24,149 |
All investment income in 2025 was attributable to unrestricted income.
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| Supportcosts | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Lawagents’fees Independentexaminersfees Otherprofessional fees |
4,758 822 238 |
4,596 780 230 |
| __5.818 | —__5,606 |
In 2025 all expenditure on support costs was from unrestricted funds.
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The Edna Mary Edwards Memorial Trust
| Notes to the Financial Statements | ||||
|---|---|---|---|---|
| fortheyearended 23rd May 2025 | ||||
| 5. | Charitable activities | 2025 | 2024 | |
| £ | £ | |||
| Upkeepand maintenanceofHalls Supportcosts(note4) |
20,500 5,818 |
20,877 5,606 |
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| 26,318 | _26,483 | |||
| In 2025 all expenditureon charitable activitieswasfrom unrestricted funds. | ||||
| 6. | Investments | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Listed investments (Note 6.1) Cash on depositwith brokers |
forinvestment purposes | 554,869 3,764 |
557,789 6,877 |
|
| 558,633 | 564,666 | |||
| 6.1 | Listed investments | |||
| Marketvalue at23rd May2024 Additions Disposals Net(losses)/gains |
557,789 115,284 (116,080) (2,124) |
535,101 64,643 (61,886) 19,931 |
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| Marketvalue at23rd May2025 | 554,869 | 557,789 | ||
| Historical costat23rd May2025 | 539,773 | 555,617 | ||
| Investments at market value comprised: Government stocks |
71,974 | 68,059 | ||
| Equities | 482,895 | 489,730 | ||
| 554,869 | 557,789 |
All investments are carried at their fair value. All investments are listed on a recognised Stock Exchange. The basis of fair value for the quoted investments is equivalent to market value being the bid price. Investment sales and purchases are recognised at the date of trade at cost (that is their transaction value).
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The Edna Mary Edwards Memorial Trust
Notes to the Financial Statements for the year ended 23rd May 2025
7. Cash at bank
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|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Cash|held|by|law agents|-|-|
|Cash|at bank|13,985|15,912|
|13,985|15,912|
|All|balances|for cash|at bank|in|2025|relate|to|unrestricted|funds.|
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8.
Creditors: amounts falling due within one year
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||||
|---|---|---|
|2025|2024|
|£|£|
|Law agents fees|4,758|4,596|
|Independent examiners fees|790|790|
|Other professional fees|238|230|
|5,786|5,616|
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All balances for creditors in 2025 relate to unrestricted funds.
- Analysis of charitable funds
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|||||||||
|---|---|---|---|---|---|---|---|
|At|Gains/|At|
|23/05/24|Income|Expenditure|Transfers(Losses)|23/05/25|
|£|£|£|£|£|£|
|Unrestricted|funds|10,296|25,728|(26,318)|(1,507)|-|8,199|
|Expendable endowment|564,666|-|(5,416)|1,507|(2,124)|558,633|
|Total|574,962|25,728|(31,734)|-|(2,124)|566,832|
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(a) The unrestricted funds are available to be spent for any purpose of the charity.
(b) The expendable endowment was established by a will from 2012 when the Estate of Mrs Edna Mary Edwards was conveyed to the Trustees.
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The Edna Mary Edwards Memorial Trust
Notes to the Financial Statements for the year ended 23rd May 2025
9. Analysis of charitable funds (continued)
(c) Allocation of net assets amongst funds
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|---|---|---|---|---|
|Unrestricted|Expendable|
|Funds|Endowment|Total|
|£|£|£|
|Investments|-|558,633|558,633|
|Cash|at bank|13,985|-|13,985|
|Creditors|(5,786)|-|(5,786)|
|Net assets at 23/05/2025|8,199|558,633|566,832|
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