APPENDIX 1 oscr- Period start date Month 09 Period end date onih Year 2024 Year 01 2023 31 Office of the Scottish Charlty Regulator Reference and admlnlstration details Charity name Other narn6s charity is known by R•glst•rad charlty number Charfty's princlpal address Tha May Maclfjntosh Charitable Trust SC050415 Miller Beckett & Jackson, 190 St Vincent Sl, Glasgow Po$t¢odg G2 5SP Namès of th• charfty trustees on date of approval of TNstees' Annual RoPQrt Trust Offlc? (If any) Date$ acted If not for whole ye•r . Name of porÈon lor body) gntltlod to appolnt tntst•• Ilf any) 10 11 12 13 14 15 16 17 18 19 20
APPENDIX 1 Referance and admlnlstration details Names of all other charlty trustees during the period. if any. (for exampl8, those who resigned part way Ihrough the flnanclal perlod) N?me Dates acted If not for whole y•ar Dec6ased 30.01.24 Structure, governance and management Type of govemlng documnt Trust Deed dated 13th March 2020 set up by Ihe Executors-norninale of the late Catherine Mary Duncan Mackinlosh In lem18 of her Will and règistèrèd in the Bc4)kg of Council and Session on 291b.July 2020. Trustoe recrultment and appolntment Serving Trustees may app)int additional TnJ51ees as required taking into account their skills and knovledge. Objectives and activities Charltable purposes The Trustees are empower¢d lo Telain the wIle or part of the residue of the means and eststo of tho fund for $u¢h time as they may think fit, or pemiAnently. and to apply the whole or such part of Ihe incom8 for such ¢haritable purpo8e8 as the Tru8iee8 in their discretion may d&cidg and in a¢cordance of the Trust purposes established under thè Trust D88d. The Trustees have resolved lo retain the capitsl meantim8 and to app only the income for the foregoing charitable purposes. Surnmary of the main activities In relatlon to these object5 During the year income from Investments totalled £42,912 for use in the Charitable activities. Brewin Dolphin are the Stockbrokers for the Trust and there was a gain of £260,025 reported on the Investments.
APPENDIX 1 A¢hleveinonts and.perfonnancp. . Summary of the maln achlevements of The Trust granl£d ch3ri1able donations totalling £34,500, assisting len tho charlty durlng the financial perfod Charities, in accOrdae with the trust purpos8S. Financial review Bri•f $tstgmonl of thg ¢harity's policy on reserves The endowment fund as at 31st AU9* 2024 was £2,217.840 which represents the Invegtments and Capital Cash def1t. The unrestricted Fund represents Income eamed but not yet utlllsed in supporting Charitable aclivilies. Al 31 August 2024 Ihe Charity's unrestricted fijnd was £86,520 and Ihereft)re the Tnjstees consider the level of reserves to be sufficient. Delalls of any deficlt None Donated facllltles and $eNlces lif •ny) None
APPENDIX 1 Other Optional Inforniatlon Declaration The INstees dKlare that the h8ve roved the tru$t•e$' re rt above. Slgngd on b8half of th Slgnatur8($1 Full name{s) Pogltlofft {è.g. Chalr) TrLLqt88 Date
REGISTERED CILIRITY NIIMBER: SC0504JS M¢lay M¢Alister & McGtbbon LLP Chartered A¢utantS 145 St Vincenl Sireel Glasgow G2 5JF
Pag¢ Report of thc Trustees Independeni Examinerfs Rewrt ststem¢nt Df Financial Activitie5 Balan¢¢ Sh¢¢t Not¢s to the Financial Stat¢rn¢nts 6 to 11 Detailed Ststement of Finan¢ial Activities 12
The tru5te¢s present their report with the finatKial sthm¢nts of th¢ ¢harity for the year ended 31 August 2024. The tr¢t¢S liave adopted the provisiotjs of A¢¢ountiTh$ and Reporting by ChaTities.' Statem¢ni of Rewmmcnded Pra¢ri¢¢ applicable to chwities prcparing their ac¢ounts irt A¢¢ordAn¢¢ with the Fthnancial Keporting standa applicable in the UK and R¢publi¢ of Ireland (FRS 102} (effective l January 2019). OWECTIVES AND ACTIVITIES Objectives and gin The trustees are empowered w retain the 14rfJole or part of ihe residue of means and esiaie of ihe thJ]d for such lime as they may djink fit, ur perma]ienily , and to apply the whole UT su¢h part of the in¢ome of 8aid rctaincd portion (to bc called "The May Ma¢Kintosh Charitable Trust") for such charilable purp05&% a5 thc trustee5 in Ih¢ir absolute dis¢rction may de¢id¢. Th¢ trustees apply the thnd5 of the charity at their discretion and irt a¢#¢¢ with Ihe Tnist Purposes established under thc TnLsi Deed. The trustCC5 havc agreed both capital 8nd incom¢ wi be us¢d f(Fr lh¢ for¢going charitabl¢ pIrpo5. Plans for the Future Thc trustees plon to follow a policy of making grants to thos¢ organisations they f¢¢] reqllir¢ rnost support And whose purrx)se ftsil within th¢ sp¢¢trLmi of the Trnst Dee(L FIP4ANCL4L REVIEW Reserves policy As the charEty ha5 no recurring expendiiure on 4n annual basis the Board of Trlee5 consider the cwrrnt level of res¢tv¢s to be sutYL¢ient. INv¢stty¢nt poliey The investment policy th1¢h is reviewed by ihe trustees from time to time is airned at Tnaintaining rlie real v8lue of the Trusi fidS over a period of years and thereby providing a TeagDnable level of in¢om¢ for ¢harilable donaiions. As shOm in Noi¢ 8. th¢ MatI value of listed invesmients at 31 August 2024 amounted to £2.220.242. FiD&ncial posltion The Unrestri¢t¢d Fund at the beginning of the year arnount¢d to £84.905 to ithi¢h was added r¢¢¢ipts of £43,675 2nd from Mthieh w&8 deducted paym¢nis of £42,060 leaving a balance of £86,520 carried forward. The Expendable Endowmeni Fund at the b¢ginning of the year aftx)uAted to £1.987.479 frorn leh investrnent gains of £260,025 8nd payments (Jf £29.664 were deducied. le&Ying a balance of £2,217,840.. Risks The trustees ¢onsider vari•bility of investment returns to conslirutc the charity's major financial risk. Thig is mitigat¢d by retaining eXrt investment managffs arbd hairittg a diversifjed portfolio. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing doeument The chariry is controlled by its governing document. a deed and ¢onMiiu(es an uThinc(Yporated ¢h8rity. Orynisa¢ional structure The frust 15 a registered ¢h•rity. number SCO50415 and is con5titirtcd under a Trust Deed doted 29 July 2020. REFERF.f4CE AND ADMINISTRATIVE DETAIIS Regi¥tÈred Charity nMber SC050415 Page I
FriClp1 addre55 Millcr, Berken & Jarkson 190 St Vincent Street Glasgow G2 5SP *niiDer r & McGibboK LLP C.harteTed Accnuntani% 145 St Vincent Strcet Glasgow G2 5JF Solieitr•Y$ Miller Beckett & Jackson Limited Solicitors 190 St Vincent Stre Glasgow 02 5SP Jnvestment Jdvisers RBC Brewin Dolphin 12 Smithfield Sireet l.ondon ECIA9BD royed b OTd¢r of tlie board of trusiees on.... . and signcd on its khajf by.. Page 2
I report on the accounts forthe year ended 31 August 2024 set oui on pages four to eleven. Respecdve responsibilities of tnle¢S gnd ¢xaminer The charity's irnrtee5 are reswnsiblc for the prtparatlDn of the OlS in a¢¢ordan¢¢ with the tenns of the Charities and Tnte¢ Investtncnt {Srotland} A¢t 2005 ond the Charities Accounts (Scotland) R¢8ulations 200618s anded1. The chariws trustees ¢OTisid¢r that the audit requiTcment of Regulation l 011)l&l to {¢) OC Ihe Accounts Regulation5 does lJOt apply. It is my responsibility to ¢xamiTJe lh¢ accounts as required under Section 44(1)IrJ of the Atl and io Stsie whether particular matters hov¢ ¢ome to my attentio. Bisl8 of the Indepexdent examiner's rewbrt My examination was caffied offi in accordance Mqih Regulation I l of the Charilies Acco[S IScoiland} Regulatioiis 2006. An examinaiion includes a review of t]ie ac¢vunling record5 kepi by th¢ eharity and a coniparisDn ofthe accoun15 presented with those Tecords. It alsts includes consideration of any uThusual items or dis¢105Us in the i¢¢out)ts, and steking explaAatlDnS from you as truslees concerning any such matter5. The pro¢¢dur¢s und¢rtaken do not providc all the evidence that would be required in an audit, and consequently I do not express an alt opinion OD the view given by the ac¢ount$. Independent tiarniner's statement In connection with my exalnination. no matter his come my auention '. (l) whi¢h gives me reasonable cau5¢ to b¢li¢Y¢ that. im m8t¢rial r¢spect, the requirements ¢0 keep accoutiting re¢ords in a¢cord¢e with Section 4411)lal of the 21X)5 Act and Regulation 4 of the 2006 A¢counig Regulations. and to prepare accounts whi¢h x¢ord with lh¢ accounting records and to comply wlth Regulation 8 of th¢ 2006 Accounts Regulations have not b¢¢n m¢t.' or 12) to which, in my opinion, attentloll 5htsuld be drawn in order to enable a proper understanding of the a¢¢ount$ to I a¢hed. McLa>' McAli5t¢r & McGibbon LLP Chartered Accoiintants 145 Si Vitb¢ent Street Glas8OW G2 SJF Dale.. Page 3
31.8.24 Total fund5 31.8.23 Total funds Unr¢sirirtcd Endowm¢ni fvnd Note5 INCOME AND EP4DOWMENTS FROM Donations and legacies 763 763 Investm¢nl irKom¢ 42.912 42.912 42,894 Tot#1 43,675 43,675 42,894 EXPETrIDITURE ON Raising 13.824 13.824 11,816 Charitable activities Support COSt5 GrAnt5 7,560 34,5( 15,840 23,4( 34,500 27,674 34.000 Total 42,060 29.664 71.724 73,490 Net gain$l{losses) on investments 260,025 260,025 {14,898) NET If4COMEI{EXPENDrruRE) 1,615 230J61 2J1.976 145,494) RECONCII.IATJON OF FUPIDS Total fihnds broJ8ht forward 84.905 1.987.479 2.072.384 2.117.878 TOTAL FUNDS CARRIED FORWARD 86.520 2,217,840 2,304,360 2,072 JR4 The JM>tes fonn paTt of these financial slgtements Page 4
31.8.24 Total funds Uni¢strici¢d fvnd Endowmeni fund Total funds Note5 FIXED ASSETS Investments 2.220,242 2220.242 1,925,560 CURRFNT ASSETS Cash ID hand 94,081 14,024 108,105 174,427 CREDITORS Amounts fallin8 due Mryihin one year 10 17,561) (16,426) {23,987} (27.603) NET CURREiYT ASSETS 86,520 {2.402) 84.118 146,824 TOTAL ASSETS CURREf4T LIABILITIES 86,520 2.217,840 2.304,360 2,072.J84 NET ASSETS 86.520 2,217,840 2,304,360 2,072,384 FIINDS Unresirifftd funds EndoM'm¢nt funds li 86.520 2,217,840 84,905 1,987.479 TOTAL VUNDS 2.304,360 2,072 J14 The fin nti ment5 re approved by the Board of Tnjstees and authorised for issue IIIE! I4LfL.%jUtiLd on it$ b¢half by= on The noles fomi part of these finaDcial statements Page 5
ACCOUNTING POLICIES Bg$1s of prepArlDg the fmancial 5tatenkDts The fjnttncial alen]entS of tlie ¢lwity, thi¢h is a publi¢ bl¢fir ¢ntity under FRS 102, havc IKcn prepared in a¢¢ordanc¢ the Charitics SORP {FRS 1021 'Accounting Reporting by Chariti¢s: Stot¢m¢nt of Re¢ended Practic¢ applicable io ¢hariti¢s PralIng their atcgunts in accordance with the Financial R¢portitt8 Stsndard Applicable in the UK and Republic of ITcl#nd (FRS IQ2) leffectiv¢ l Janugry 20191.. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Chllrities Ttustee Investh)ettt (Scotlandl Act 2005. The financial siaiemenis have been prepared under the historical cost convention, the ex¢¢piion of inve51ments Ththi¢h are included at rnarket value, as modifi¢d by the revaluation of certain askts. TneoM¢ All income is recogni5ed in ihe Siat¢n)ent of Financial Activities once the charity has entitlement to the funds. it ig probable that the income will be received and the amount Can be measured reliably. EIpenditure l.iabilitie5 are reciJ¥riistd as expEnditure as soon as there is a legal or consiThdive obligaiion wrnmitting the charity to thai rxpendi¢ure, it is probabl¢ that a trdnsfer of econoinic benefits will bc required in settlement and thc amoilnt of thc obligation can b¢ Tncasurd lIablY. Exp¢nditur¢ is a¢¢ounted for on Sn accnmls basis and has b¢¢n rl4ssifi¢d under headings that aggreggte Étll cost related to the cat¢gory. Wh¢r¢ r05ts cannc%t bc dirtrtly attributed to particuiar hradings th¢y hav¢ b¢en aSlo¢at¢d to a¢livitie$ on ¥ basis ¢onsistent with the use of resourc¢s. Grants offeTed subj¢¢t to conditions which hav¢ noi been met at the year end da* ar¢ Thed as a ¢ommitm¢nt but t a¢¢rued as ¢xp¢ndiivre. Allocatlon #rtd apportionm¢n¢ of costs Governonce costs comprise all ¥osts involving th¢ publi¢ a¢counl¥biliiy of the chajity 4nd its compliance with regulatsons and 8ood praciice. These costs include costs related to statutory audii and legal fees. T9Xa¢ll The tliarity is exempt from tax on lis charitsble activities. Investments Inv¢5tn)¢nts are recw2sed initially at fair value which is normally the transaction price ex¢luding transa¢¢ion C051s. Subsequently, th¢y are measured at fair value with changes recognised tn knet gains l {Iossc5) on investments, it) the SOFA if the sh&res are publically trAded or their tair value ¢an otherwis¢ be meAsured reliably. Current asset investments are short terni highly liquid investsnents arnd are held at far valu¢. Trse in¢lude cash on deposil and cash equivalents with a maturity ofiess than one year. INVESTMENT INCOME 3J.8.24 31.8.23 Dividends 42,912 42.894 Page 6 ¢ontinu¢d...
IL4isif4G FUNDS Investment Ib)#Dagement ¢osts 31.8.24 31.8.23 Portfglio mdnageDient 11,816 CHARITABLE AcrtVJTIES COSTS Gtht)t fundins of acliviiies (Sce tK)te Support Costs (5CC not¢ 61 5} Totals Supwrt costy GTants 23,400 .400 34,500 34,500 34.500 23,400 57,9)0 GRANTS PAYABLE 31.8.24 31.8.23 Grants 34,500 34,000 The iothl graJJis paid to inllitutions durin8 tlie yearwas a5 follow5- 31.8.24 31.8.23 BeatKJn Cancer Hom¢ Starl, Clackmannanshirt Mercy Ships Play Alloa Rathel Housc, Kinr035 Sauchic Active 8 St Margarpt's Home, Polmont Strathcarrtsn Hospi¢e Sunshijje Wishes The Gate Charity Brit15h Red Cr05S•Ukn*ine Disaster Funrf Salvation Anny SCO 5.OQO 4.000 3.000 5,000 3.000 3,000 5.000 2,000 4.000 4.000 4.000 2.000 4,000 2,(rf)O 2.000 4,000 2.000 4,000 2,01)0 34,500 34.000 Page 7 ntinued...
SUPPORT COSTS Governance ¢osts M4nagement Tolals Supp)rt costs 18,720 4,680 23,400 Supp)rt costg. included ID ihe above, are as folloivs.. 31.8.24 Support Costs 31.8.23 Total Factor fees lThJepend¢nt exominer fees 18.720 4.680 24,674 3.000 23.400 27.674 TRUSTEES REMVNERATION AND BENEFITS There were rn trLLStees' remurteraiion or other benefit$ for the year ended 31 August 2024 nor for the year ended 31 August 202). Trustees, exptnses Ther¢ were no truslees, ¢xpen8es pahd for die year ended 31 Au8u5t 2024 rr for the y¢8r ended 31 August 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACYIVITIFS Unrestricted fund Endowment fund Total nds INCOME AND ENDOWMENfs FROM Inve5tmcnt income 42,894 42,894 EXPENDITURE ON Raising funds 11.816 11.816 Ch#r114ble A¢tfvltks Support costs Grnnts 6,960 34,000 20.714 27,674 34,000 Tot41 40.960 32.530 73.490 Net gain511105SCs) on invcslnjer 114.898) (14,898) NET INCOMEI{EXPENDrrLIRE) 1,934 {47,428} (45,494) RECX)tYClLIATION OF FUIYDS Totsl fvnd5 brought forward 82,971 2.034.907 2,117,878 TOTAL FUNDS CARRIED FORWARD 84,905 1,917,479 2,072,384 Page 8 ¢onilliu¢d...
FIXED ASSET INVEsfMLf¥TS Listed invc51m¢nts MARKET VALUE Al I September 202) Additions Dispo.vls Revalualiu% 1,925.560 382.092 (347.4351 260,025 At 31 Aususl 2024 2.220,242 NET BOOK VALUE At 31 August 2024 2.220.242 Ai 31 AuguM 2Q23 1.925,560 The investments ofthe Trust art reco8nised on UK and iniemationai sto¢k eXCle5. Cost or waluation at 31 August 2024 is represented by.. Listed investsn¢nts Valuation in 2024 2,220,242 The cosl of Listed Fixed Assel Inveslmenls held on 31 August 2024 is £1,819,040. CREDITORS: AMourS FALLING DIJE WITHif4 ONE YEAR 31.8.24 31.8.23 Other ¢r¢ditors 23.987 27.603 MOVEMENT IN VUNDS Net tnov¢menl in funds At 31.8.24 At 1.9.23 ljnrestricted funds G¢neral fund 84.905 ,615 86,520 EhdoThThent fwnds Capitsl fund .987,479 230,361 2217,840 TOTAL FUNDS 2,072,384 231.976 2,304,360 Page 9 conlinued...
MOVEMEIYT IN FUNDS- ¢4bntinued Net movement in funds, included in Ihc abov¢ are a5 follows- Incoming r¢sources R¢sour¢es expended Gains and losscs Movernent in funds Unrestrieted funds Generaj fvnd 142.Q601 1,615 EndoiYn)ent fuTJd5 Capital fund {29,6641 260,025 230,361 TOTAL FUNDS 43.675 (71,724) 260.025 231,976 Comparatives for movemellt io funds Net movement in funds At 31.8.23 Ai 1.9.22 UnrestriLtsd fund5 Gcttera] fvnd 82,971 1,934 84,905 Endowment funds Capital fund 2,034,907 (47,428) ,987,479 TOTAL FUNDS 2,117,878 (45,4941 2,072.384 Comparative net rnovcmcnt in funds, in¢luded in th¢ above ar¢ as follows.. Incoming r¢sourc¢s R¢source8 expentkd Gains and IosKs Mov¢tnrnt in fuMIs Unrestricted funds Gefieral fund 42.894 {40.960) 1,934 EndowTheDt tunds Capital fund 132.530) (14.898) {47,428) TOTAL FUNDS 42.894 (73,490) (14,898} {45,494) Page 10 ntinued...
MOYF.MENT IN FUNDS- eontinued A current y¢ar 12 month5 and prior year 12 months ¢ombiThed 1t10Th is &5 follows.. Net movement in fL)nds At 31.8.24 At 1.9.22 Unreslricted funds GeD¢ral hrjd 82,971 3,549 86,520 Endowmtnt fund5 Capiial fund 2,034,907 182,933 2.217.840 T(yfAI. FIINDS 2,117,878 186.482 2,304,360 A Cuent year 12 months and prior year 12 months ¢ombit)ed n¢t movement in fjjnds, included in the #Eove are as follows.. Incoming resour¢¢s Resources exnd¢d Gains and lossts Movement in fuTrd5 UThrestrlrt¢d thnds Gcneral fuTKI 86.569 (83,020) 3,549 Endowment C2piial (62,194) 245,127 182,933 TOTAL FIJNDS 86,569 1145,214) 245.127 186.482 12. RELATED PARTY DISCLOSURES is a diT¢Ctor And sh#r¢hold¢tr of Mill¢r Beckett & Jackson Ltd. Fa¢ioiial F¢¢$ of £18,720 12023.. £22,59014te du¢ to this wmphny. Page 11
31.8.24 3 1.8.23 INCOME AND ENDOWMENTS Dongtion$ and legatie5 Other income 763 Ixv¢stment incorne Dividends 42,912 42.894 Total resourees 43,675 42.894 EXPENDITURE Ivestment mgnagement C$11 Portfolto managemeni 13,824 11,816 Choritable actii'ities GrAn15 to institutions 34.500 34.000 Support Costs M9Dagemenl FactOT fee5 18,720 24.674 Govern*nee cosTS Indep¢nd¢nt ¢xaminw fees 4,680 3,000 Total resourccs expend¢d 71.724 73,490 Net expenditure Ixfore yln$ losses (28.049) {30,596) Reilised recogHised gaths and losses Realised gainsl(10s5¢5} on fjxed &sset invc5tmenis 260,025 {14,898) Net inromeJ(txp¢DditDr¢) 211,976 {45.494) Thi5 pag¢ do¢¥ not fonn part of th¢ stabjtory finthy¢ial stat•n¢nls Page 12