APPENDIX 1
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_| Trustees’ AnnualReportfortheeeperiod
| Period startdate || _Periodenddate__
OSCFr Day | Month | Year | ————| Day. ___—Month_~‘| Year if
From * \4| |— 2 Toan| 3 || 25 ||
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Office of the Scottish Charity Regulator
Charity name The Dr Helen Cargill Thomson Endowment Trust | Other names charity is _—— Registered charity number $C050830 Charity’s principal address P| | re oe | Postcode fii | Names of the charity trustees on date of approval of Trustees’ Annual Report Trustee Dates acted if Name of person name Office (if any) not for whole year (or body) entitled to appoint trustee (if any) 1 Trustee 3 Trustee 03/06/24 Above named Trustees :a Tt 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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APPENDIX 1
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Reference and administration details
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Names of all other charity trustees during the period, if any, (for example, those who resigned part way through the financial period) _ Name *Dates acted if not for whole year ; — Structure, governance and management Type of governing document Trust Deed registered 3 November 2008 in Books of Council and Session Trustee recruitment and appointment _ Trustees are appointed as required with skills and knowledge being taken into consideration
| Objectives and activities | |
|---|---|
| Charitable purposes | TheTrust Estate istobeheld bytheTrustees for the b nefit ofthe |
| University ofStrathclyde Library. | |
| Summaryof themainactivities | Duringtheperiod the Incomefrom investmentstotalled £48,351 foruse in |
| in relation to these objects | our charitable activities. |
| Evelyn Partners act as Investment Managers in respectofthe share | |
| Portfolio and the return of Investments is in accordance with the | |
| benchmarksagreedwiththeTrusteesandthem. |
2
APPENDIX 1
Achievements and performance
theSummary of the main achievements of | There has been no[donations][ paid][as] yettothe University of Strathclyde charity during the financial period | Library. The Trustees are currently liaising with the library. ! | | j |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Financial|review|
|Brief statement of the charity’s|policy|_As|the|Charity|has|no|recurring|expenditure|on|an|annual|basis,|the|Board ||
|on|reserves|of Trustees|consider the|current|level|of reserves|to|be|sufficient.|
|||
|Details of any deficit|None|
|Donated|facilities and services|(if any)|||None|
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3
APPENDIX 1
Otheroptionalinformationeee
Declaration 7 . TheSigned trustees declareon behalf of the that theycharity’s havetrusteesee, |ees’ report above. Position (e.g. Chair) Trustee Date ~« . eu\2la
4
REGISTERED CHARITY NUMBER: SC050830
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2025
for The Dr, Helen Cargill Thompson Endowment Trust
McLay McAlister & McGibbon LLP Chartered Accountants 145 St Vincent Street Glasgow G2 SIF
The Dr. Helen Cargill Thompson Endowment Trust
Contentsof the[Financial][Statements] for the Year Ended 31 March 2025
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|---|---|---|---|---|
|Page|
|Report ofthe Trustees|1|to|2|
|Independent Examiner's Report|3|
|Statement of|Financial|Activities|4|
|Balance|Sheet|5|
|Notes to the Financial|Statements|6|to|10|
|Detailed Statement of|Financial|Activities|11|
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The Dr. Helen Cargill Thompson
Endowment Trust
Report of the Trustees
for the Year Ended 31 March 2025.
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 ofIreland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objects of the charity are for the benefit of the University of Strathclyde's Library Information Service and the Collins Gallery. Trustees may also hold, pay and apply the Trust Estate, for the benefit of the two aforementioned charitable bodies to the extent that the income will pass to the aforementioned charitable bodies and that in such proportions and at such times they may think fit.
FINANCIAL REVIEW
Financial review The Unrestricted Income Fund at the beginning of the period was £17,699, to which was added income of £48,351 and from which was deducted expenditure ot £7,440, leaving a balance of £58,610 carried forward.
The Unrestricted Expendable Endowment Fund at the beginning of the year amounted to £1,452,186 to which investment gains of £33,986 were added and from which expenditures of £18,949 were deducted, leaving a balance of £1,467,223 carried forward.
Investment policy and objectives
The Trustees have the power to invest in securities by the Charities and Trustee Investment (Scotland) Act 2005 and as set out in the Trust Deed. The investment policy, which is reviewed by the Trustees from time to time, is aimed at maintaining the real value of the Trust funds over a period of years and thereby providing a reasonable level of income for charitable donations.
Reserves policy
As the charity has no recurring expenditure on an annual basis the Board of Trustees consider the current level of reserves to be sufficient.
Risks The Trustees consider variability of investment returns to constitute the charity's major financial risk. This is mitigated by the investments being discretionary managed by expert investment managers and having a diversified portfolio.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust is a registered charity, number SC050830 and is constituted under a Trust Deed dated 30 October 2008. On this date an initial £100 was transferred to the Trust by Dr Helen Cargill Thompson.
Recruitment and appointment of new trustees
Serving trustees are appointed as required, taking into account their skills and knowledge.
Induction and training of new trustees Generally trustees are familiar with the work ofthe chairty prior to their appointment. Training is provided as required.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
$C050830
Principal address c/o Miller Beckett & Jackson Limited Solicitors 190 St Vincent Street Glasgow
Page 1
The Dr. Helen Cargill Thompson Endowment Trust
Report of[the][Trustees] for the Year Ended 31 March 2025
Independent Examiner McLay McAlister & McGibbon LLP Chartered Accountants 145 St Vincent Street Glasgow G2 SIF
Factors & legal advisers Miller Beckett & Jackson Limited Solicitors 190 St Vincent Street Glasgow G2 5SP
Investment advisers Evelyn Partners 177 Bothwell Street Glasgow G2 7ER
: |order ofthe board: on . .24 G2. ZO@le...... andsignedon itsbehalf by:
Page 2
IndependentThe Dr. Helen Examiner'sCargill ThompsonReport to the[Trustees] of | Endowment Trust
I report on the accounts for the year ended 31 March 2025 set out on pages four to ten.
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's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) 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 the independent examiner's report My examination was 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 seeking explanations from you as trustees concerning any 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 connection with 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; and - to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations 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.
The Institute of Chartered Accountants of Scotland McLay McAlister & McGibbon LLP Chartered Accountants 145 St Vincent Street Glasgow G2 SIF 2\
Page 3
| :
The Dr. Helen Cargill Thompson Endowment Trust
Statement of Financial Activities. for the Year Ended 31 March2025.
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|||||||
|---|---|---|---|---|---|
|Period|
|25.4.23|
|Year Ended|to|
|31.3.25|313.24|
|Unrestricted|
|Unrestricted|Expendable|
|Income|Endowment|Total|Total|
|fund|fund|funds|funds|
|Notes|£|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|-|-|-|1,417,804|
|Investment income|2|48,351|-|48,351|23,639|
|Total|48,351|-|48,351|1,441,443|
|EXPENDITURE ON|
|Raising funds|3|-|12,755|12,755|9,326|
|Charitable|activities|
|Support costs|7,440|6,194|13,634|38,056|
|Total|7,A40|18,949|26,389|47,382|
|Net gains on investments|-|33,986|33,986|75,824|
|NET INCOME|40,911|15,037|55,948|1,469,885|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|17,699|1,452,186|1,469,885|-|
|TOTAL FUNDS CARRIED FORWARD|58,610|1,467,223|1,525,833|1,469,885|
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The notes form part of these financial statements Page 4
The Dr. Helen Cargill Thompson Endowment Trust
Balance Sheet 1 March 2025
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||||||||
|---|---|---|---|---|---|---|
|313.25|31.3.24|
|Unrestricted|
|Unrestricted|Expendable|
|Income|Endowment|Total|Total|
|fund|fund|funds|funds|
|Notes|£|£|£|£|
|FIXED ASSETS|
|Investments|7|-|1,494,792|1,494,792|1,471,853|
|CURRENT ASSETS|
|Cash in hand|66,050|(18,399)|47,651|39,178|
|CREDITORS|
|Amounts|falling due within one year|8|(7,440)|(9,170)|(16,610)|(41,146)|
|NET CURRENT ASSETS|58,610|(27,569)|31,041|(1,968)|
|TOTAL|ASSETS LESS CURRENT|
|LIABILITIES|58,610|1,467,223|1,525,833|1,469,885|
|NET ASSETS|58,610|1,467,223|1,525,833|1,469,885|
|FUNDS|9|
|Unrestricted funds|1,525,833|1,469,885|
|TOTAL FUNDS|1,525,833|1,469,885|
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The financial statements were approved by the Board of ‘Trustees and authorised for issue on i i signedon its behalfby:
The notes form part of these financial statements
Page 5
TheDr. Helen Cargill Thompson Endowment Trust Notes to the Financial Statements _ for the Year Ended 31 March 2025
1, ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.
Taxation The charity is exempt from tax on its charitable activities.
Investments Investments are recognised initially at fair value which is normal the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can be otherwise measured reliably. Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
2.
INVESTMENT INCOME
Investment asset income
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Period
25.4.23
Year Ended to
313.25 31.3.24
Unrestricted Total
funds funds
48,351 23,639
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continued...
The Dr. Helen Cargill Thompson Endowment Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
3. RAISING FUNDS
| Investmentmanagementcosts | Period | |||
|---|---|---|---|---|
| 25.4.23 | ||||
| YearEnded | to | |||
| 31,3.25 | 31.3.24 | |||
| Unrestricted funds |
Total funds |
|||
| £ | £ | |||
| Investmentmanagementcosts | 12,755 | 9,326 | ||
| 4, | SUPPORTCOSTS | |||
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Support costs | 10,274 | 3,360 | 13,634 | |
| Supportcosts,includedintheabove,areas follows: | Period | |||
| 25.4.23 | ||||
| YearEnded | to | |||
| 313.25 | 31.3.24 | |||
| Support costs |
Total activities |
|||
| £ | £ | |||
| Factor fees | 10,274 | 33,736 | ||
| Auditors’ remuneration | 3,360 | 4,320 | ||
| 13,634 | 38,056 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the period ended 31 March 2024,
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 March 2025 nor for the period ended 31 March 2024.
|
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continued...
The Dr. Helen Cargill Thompson Endowment Trust
.
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 6. | COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES | COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | ||||
| Unrestricted | Expendable | |||
| Income fund |
Endowment fund |
Total funds |
||
| £ | £ | £ | ||
| INCOMEANDENDOWMENTSFROM | ||||
| Donations andlegacies | - | 1,417,804 | 1,417,804 | |
| Investment income | 23,639 | - | 23,639 | |
| Total | 23,639 | 1,417,804 | 1,441,443 | |
| EXPENDITUREON | ||||
| Raisingfunds | - | 9,326 | 9,326 | |
| Charitable activities Supportcosts |
5,940 | 32,116 | 38,056 | |
| Total | 5,940 | 41,442 | 47,382 | |
| Netgainsoninvestments | - | 75,824 | 75,824 | |
| NET INCOME | 17,699 | 1,452,186 | 1,469,885 | |
| TOTALFUNDSCARRIEDFORWARD | 17,699 | 1,452,186 | 1,469,885 | |
| 7. | FIXED ASSETINVESTMENTS | Listed | ||
| investments | ||||
| £ | ||||
| MARKETVALUE | ||||
| At 1 April2024 Additions Disposals Revaluations |
1,471,853 19,163 (30,210) 33,986 |
|||
| At31March2025 | 1,494,792 | |||
| NETBOOKVALUE At31 March2025 |
1,494,792 | |||
| At31March2024 | 1,471,853 |
The investments of the charity are recognised on UK, European and American stock exchanges.
continued...
Page 8
The Dr. Helen Cargill Thompson Endowment Trust Notes to the Financial Statements - continued_ for the Year Ended 31 March 2025,
;
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|---|---|---|---|---|---|---|
|7.|FIXED ASSET INVESTMENTS.-|continued|
|Cost or valuation|at 31|March 2025|is represented by:|
|Listed|
|investments|
|£|
|Valuation|in 2025|1,494,792|
|The historical cost ofthe portfolio|at 31 March 2025|is £1,395,458|(2024;|£1,398,619).|
|There are no|material|investments|within the portfolio.|
|8.|CREDITORS:|AMOUNTS FALLING DUE WITHIN ONE YEAR|
|31.3,.25|31.3.24|
|£|£|
|Other|creditors|16,610|41,146|
|9,|MOVEMENT|IN FUNDS|
|Net|
|movement|At|
|At|1.4.24|in|funds|31,3.25|
|£|£|£|
|Unrestricted|funds|
|Unrestricted Income fund|17,699|40,911|58,610|
|Unrestricted Expendable Endowment fund|1,452,186|15,037|1,467,223|
|1,469,885|55,948|1,525,833|
|TOTAL FUNDS|1,469,885|55,948|1,525,833|
|Net movement in|funds,|included|in the above|are|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|Unrestricted Income fund|48,351|(7,440)|-|40,911|
|Unrestricted Expendable Endowment fund|-|(18,949)|33,986|15,037|
|48,351|(26,389)|33,986|55,948|
|TOTAL FUNDS|48,351|(26,389)|33,986|55,948|
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continued...
.
The Dr. Helen Cargill Thompson Endowment Trust Notes tothe Financial Statementscontinued for the Year Ended 31 March 2025
9. MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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|---|---|---|---|
|Net|
|movement|At|
|in|funds|31.3.24|
|£|£|
|Unrestricted|funds|
|Unrestricted Income fund|17,699|17,699|
|Unrestricted Expendable Endowment|fund|1,452,186|1,452,186|
|1,469,885|1,469,885|
|TOTAL FUNDS|1,469,885|1,469,885|
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Comparative net movement in funds, included in the above are as follows:
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|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|Unrestricted Income fund|23,639|(5,940)|-|17,699|
|Unrestricted Expendable Endowment fund|1,417,804|(41,442)|75,824|1,452,186|
|1,441,443|(47,382)|75,824|1,469,885|
|TOTAL FUNDS|1,441,443|(47,382)|75,824|1,469,885|
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- RELATED PARTY DISCLOSURES
Po are directors and shareholders in Miller Beckett & Jackson Limited. Factorial fees of £10,230 (2024: £33,736) were paid to this company. repartnership. is a partner of Evelyn Partners. Investment management fees of £12,755 were paid to this
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|---|---|---|---|---|---|
|The Dr. Helen Cargill Thompson.|
|Endowment|Trust|
|forDetailedthe|Year StatementEnded|of31|FinancialMarch|2025 Activities|‘Period|
|25.4.23|
|Year Ended|to|
|313.25|31.3.24|
|Unrestricted|Total|
|funds|funds|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations and legacies|
|-|1,417,804|
|Legacies|
|Investment|income|
|Investment asset income|48,351|23,639|
|Total incoming resources|48,351|1,441,443|
|EXPENDITURE|
|Investment management|costs|
|Investment management costs|12,755|9,326|
|Support costs|
|Management|
|Factor fees|10,274|33,736|
|Governance|costs|
|Auditors' remuneration|3,360|4,320|
|Total resources expended|26,389|47,382|
|Net income before gains and losses|21,962|1,394,061|
|Realised|recognised gains and losses|
|Realised gains/(losses) on fixed asset investments|33,986|75,824|
|Net income|55,948|1,469,885|
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This; page does not form part of the statutory financial statements
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