Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 C6074.1/TZH/MHR ## THE MARGARET CARLAW CHARITABLE TRUST ## Accounts For The Period Ended 5 April 2025 Registered Scottish Charity No: SC051618 C6074.1 Margaret Carlaw 2025 accounts(1011523370.1) Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Contents ## Page - 1-3 Trustees' Report - 4 Statement of Receipts and Payments - 5 Statement of Balances - 6-9 Notes to the Accounts - 10 Independent Examiner's Report Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST General Information and Report of the Trustees ## For Period Ended 5 April 2025 ## Reference and Administrative Information |Charity Number:|SC051618|| |---|---|---| |Address of Principal|Shepherd and Wedderburn LLP|| |Office:|9 Haymarket Square|| ||Edinburgh|| ||EH3 8FY|| |Trustees:||| |Bankers:|Hampden & Co|Bank of Scotland| ||20/21 Charlotte Square|33 Old Broad Street| ||Edinburgh|London| ||EH2 4DF|PO Box 1000| |||BX2 1LB| |Solicitors:|Shepherd and Wedderburn LLP|| ||9 Haymarket Square|| ||Edinburgh|| ||EH3 8FY|| |Independent Examiner:||| |Investment Managers:|Charles Stanley & Co Limited|Rathbones Investment Management Limited| ||2 Multrees Walk|George House| ||St Andrew Square|50 George Square| ||Edinburgh|Glasgow| ||EH1 3DG|G2 1EH| |Structure, Governance and Management||| |Overview:|The trust was incorporated as a Scottish|Charitable Incorporated Organisation (SCIO)| ||and registered as a Scottish charity on 1|March 2022.| |Charitable Status:|The trust is a registered Scottish charity.|As such, the trustees must ensure the| ||circumstances and operations of the trust continue to meet the charity test and the|| ||trustees are required to comply with their statutory duty to supply information to the|| ||Scottish Charity Regulator, the Office of the Scottish Charity Regulator.|| Page 1 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## General Information and Report of the Trustees (Contd) ## For Period Ended 5 April 2025 (Contd) Trustee Tenure: Trustees are appointed in accordance with the terms of the constitution and as a SCIO this by way of a resolution passed by majority vote at a board meeting. At the conclusion of each Annual General Meeting at least one trustee shall retire from office and will be eligible for re-election at the next board meeting. A register of Trustees is maintained. The trustee induction process involves awareness of a trustee's responsibilities, the governing document, administration procedures, and the history of the charity. A new trustee should receive a copy of the previous year's account and also an extract from the Charities and Trustee Investment (Scotland) Act 2005 relating to the duties and responsibilities of running a charity. ## Objectives of Trust Trust Objectives: The purposes of the charity are the advancement of education; the advancement of health; the saving of lives; the relief of orphaned or disadvantaged children; the advancement of community development; the protection of the environment; and the advancement of the arts, heritage, culture or science. Grant Making Policy: The trustees meet on a regular basis to consider applying the trust funds in furtherance of the charitable objects of the trust and the aim is for any surplus income available at the end of an accounting period to be paid out to good causes in a future year. ## Financial Review Overview: The period closed with unrestricted funds of £6,192,798.88 (2024; £2,401,615.62). Total incoming cash resources amounted to £128,878.76 (2024; £107,223.65). Margaret Carlaw donated investments valued at £4,000,000.00 at time of gifting (2024; £2,250,000.00). Total payments amounted to £75,606.42 (2024; £78.60). The trustees report an overall surplus for the period of £136,470.72 (2024; £150,541.62 surplus). The trustees note the performance of the trust investments over the period. Overall investment losses for the period were £262,089.08 (2024; £44,470.57 gains) which reflects the general market and economic sentiment over the period. The trustees review the investment performance on a regular basis and will take action as and when necessary. The timing of the accounts coincided with the knee-jerk drop in the markets following President Trump’s ‘Liberation Day’ announcement of global tariffs, it is worth reporting that global equity markets have recovered ground since 5 April 2025. Investment Policy: In accordance with the constitution and statutory provision, the trustees have the power to invest in such stocks, shares and investments in the United Kingdom or overseas as they in their sole discretion think fit. The trustees have appointed Charles Stanley & Co Limited and Rathbones Investment Management Limited as Investment Managers. The trustees' investment policy is geared towards a balanced return between capital and income from a medium to medium high risk perspective and this policy is reviewed on a regular basis. Reserves Policy: All assets are held for the charitable purposes and the trustees are satisfied the assets of £6,192,798.88 at the end of the period are adequate to fulfil the charity's obligations. Page 2 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## General Information and Report of the Trustees (Contd) ## For Period Ended 5 April 2025 (Contd) ## Financial Review (Contd) Charitable Activities During the period the trustees made three charitable payments and these are outlined in During Year: Note 5. ## Risk Review Risk Management The trustees have assessed the major risks to which the charity is exposed, in particular Policy: those related to the operations and finances of the trust and are satisfied systems are in place to mitigate exposure to the major risks. Related Parties: No remuneration or expenses were paid to any trustee. Shepherd & Wedderburn (Trustees) Limited is controlled by directors of Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provides legal and accounting services to the trust for which fees are charged. In the accounting period Shepherd and Wedderburn LLP fees amount to £9,096.00 (2024; Enil). These fees are inclusive of VAT at the prevailing rate of 20%. Plans forthe Future — The trustees do not anticipate any material changes to the operations of the charity in the forthcoming year and will continue to consider making charitable awards in furtherance of the objects of the trust. ## Approved by the trustees and signed on their behalf: Date oh Page 3 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST Statement of Receipts and Payments for the period ended 5 April 2025 |Note
Receipts
Cash donations
2
Investment income
3
Bank interest
3
Total incoming resources
Payments
Costs of generating funds:-
Investment management costs
4
Charitable distributions
5
Support costs
6
Governance costs
7
Total resources expended
Net (outgoing)/incoming resources before asset
and investment movements, and transfers
Asset and investment movements
Proceeds from sale of investments
8
Purchase of investments
8
Net receipts after asset and
investment movements
Transfers to / (from) funds
Surplus for year|Capital
Endowment
-
-
-
-
(38,501.72)
-
-
(4,548.00)
(43,049.72)
(43,049.72)
3,964,039.06
(3,880,840.68)
40,148.66
-
40,148.66|Revenue
-
123,214.90
5,663.86
128,878.76
-
(28,000.00)
(4,556.70)
-
(32,556.70)
96,322.06
-
-
96,322.06
-
96,322.06|Total
2025
£
-
123,214.90
5,663.86
128,878.76
(38,501.72)
(28,000.00)
(4,556.70)
(4,548.00)
(75,606.42)
53,272.34
3,964,039.06
(3,880,840.68)
136,470.72
-
136,470.72|Total
2024
£
100,010.00
6,566.44
647.21
107,223.65
(78.00)
-
(0.60)
-
(78.60)
107,145.05
1,744,640.53
(1,701,243.96)
150,541.62
-
150,541.62| |---|---|---|---|---| All movements relate to unrestricted funds The notes on pages 6 to 9 form part of these accounts Page 4 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Statement of Balances as at 5 April 2025 ||Note|2025|2024| |---|---|---|---| |||£|£| |Funds reconciliation|||| |Cash at bank and in hand 31/03/2024||150,541.62|-| |Surplus for period||136,470.72|150,541.62| |Cash at bank and in hand 05/04/2025||287,012.34|150,541.62| |Represented by|||| |Bank accounts|9|287,012.34|150,170.82| |Debtors|10|-|370.80| |||287,012.34|150,541.62| |Other Assets|||| |Investments as at market value|8|5,905,786.54|2,251,074.00| |Liabilities|||| |||2025|2024| |||£|2| |Charles Stanley & Co Limited, fee (including VAT)|11|-|(2,250.00)| |Rathbones Investment Management Limited, fee (including VAT)|11|(5,892.55)|(3,812.76)| |Shepherd and Wedderburn LLP, fees (including VAT)|11|(3,480.00)|(5,616.00)| |||(9,372.55)|(11,678.76)| All funds are unrestricted The notes on pages6 to 9 form part of these accounts Approved by the trustees and signed on their behalf: Date vee SIU AS aise caaneees dad are Aaa ETRE ERT AER Page 5 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Notes To The Accounts ## For The Period Ended 5 April 2025 ## 1 Accounting Policies These accounts have been prepared on a receipts and payments basis in accordance with the Charities and Trustees Investment Act (Scotland) 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## Incoming Resources All incoming resources are included in the Statement of Receipts and Payments when the trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: * Investment Income is included when receivable. ## Resources Expended Expenditure is recognised on a receipts and payments basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates: * Costs of generating funds comprise the costs associated with the attracting voluntary income and the investment administration fees. - Charitable activities include charitable payments made and support costs. * Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity. Other professional fees are split between general accounting and administration costs, and governance costs. The allocation is based on staff time. * All costs are allocated between the expenditure categories of the Statement of Receipts and Payments on a basis designed to reflect the use of its resource. ## Investments Investments are included at market value at the year end, with realised gains and losses on disposal and unrealised gains and losses on revaluation being recognised in the Statement of Receipts and Payments. - 2 Cash Donations |3
Investment Income
UK dividends
UK interest
UK property income distributions
Overseas dividends
Overseas interest
Bank interest|2025
2024
-
£
100,010.00
£
2025
2024
55,568.38
£
3,619.68
£
33,562.32
883.00
-
-
18,108.08
1,587.48
15,976.12
476.28
5,663.86
647.21
128,878.76
£
7,213.65
£| |---|---| Page 6 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Notes To The Accounts For The Period Ended 5 April 2025 (Contd) ## 4 Cost of Generating Funds |Investment Management Costs:
Portfolio management fees (including VAT):
Charles Stanley & Co Limited
Rathbones Investment Management Limited
Legal Entity Identifier cost
5
Charitable Distributions
The Living Well Project
RNLI
University of Aberdeen Development Trust
Charitable payments 2024 (nil)
6
Support Costs
Shepherd and Wedderburn LLP, fees to 05/04/2025 (including VAT)
Bank charge
7
Governance Costs
Shepherd and Wedderburn LLP, fees to 05/04/2025 (including VAT)
Independent Examiner's fee
8
Investments
Market value at 31 March 2024
Donated investments
Additions during the year
Disposals during the year
Realised (losses) on investments
Unrealised (losses)/gains on investments
Market Value at 5 April 2025|2025
2024
15,950.42
£
-
£
22,551.30
-
-
78.00
38,501.72
£
78.00
£
2025
3,000.00
£
5,000.00
20,000.00
28,000.00
£
-
£
2025
2024
4,548.00
£
-
£
8.70
0.60
4,556.70
£
0.60
£
2025
2024
4,548.00
£
-
£
-
-
4,548.00
£
-
£
2025
2024
2,251,074.00
£
-
£
4,000,000.00
2,250,000.00
3,880,840.68
1,701,243.96
(3,964,039.06)
(1,744,640.53)
(6,783.29)
(5,538.97)
(255,305.79)
50,009.54
5,905,786.54
£
2,251,074.00
£| |---|---| Page 7 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Notes To The Accounts For The Period Ended 5 April 2025 (Contd) ## 8 Investments (Contd) UK domiciled securities are held on the trust’s behalf by Charles Stanley & Co Limited and Rathbones Investment Management Limited, and registered in their respective nominee names. Overseas domiciled securities are held on the trust's behalf by sub-custodians appointed by Charles Stanley & Co Limited and Rathbones Investment Management Limited, and registered in the nominee names of the sub-custodians. As at 5 April 2025 the market value of the UK domiciled securities was £4,026,473.88 and the market value of the overseas domiciled securities was £1,879,312.66. Investments with a current market value in excess of 5% of total: 2025 |Nil
9
Breakdown of Closing Bank Balances
Charles Stanley & Co Limited:
Capital account
Income account
Hampden & Co:
Current account
Deposit account
Rathbones Investment Management Limited:
Capital account
Income account
Shepherd and Wedderburn LLP:
Client account
10 Debtors
HICL Infrastructure dividend payment
HICL Infrastructure interest payment
11 Liabilities
Charles Stanley & Co Limited, fee (including VAT)
Rathbones Investment Management Limited, fee (including VAT)
Shepherd and Wedderburn LLP, fees (including VAT)|2025
51,915.73
£
4,650.44
82,097.40
101,535.28
42,269.80
4,543.69
-
287,012.34
£
2025
-
£
-
-
£
2025
-
£
5,892.55
3,480.00
9,372.55
£|-
£
2024
(78.00)
£
-
-
100,159.04
49,310.39
779.39
-
150,170.82
£
2024
152.03
£
218.77
370.80
£
2024
2,250.00
£
3,812.76
5,616.00
11,678.76
£| |---|---|---| Page 8 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Notes To The Accounts ## For The Period Ended 5 April 2025 (Contd) ## 12 Related Party Transactions No remuneration or expenses were paid to any trustee. Shepherd & Wedderburn (Trustees) Limited is controlled by directors of Shepherd and Wedderburn LLP. Shepherd and Wedderburn LLP provides legal and accounting services to the trust for which fees are charged. In the accounting period Shepherd and Wedderburn LLP fees amount to £9,096.00 (2024; £nil). These fees are inclusive of VAT at the prevailing rate of 20%. Page 9 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 ## THE MARGARET CARLAW CHARITABLE TRUST ## Independent Examiner's Report To The Trustees | report on the accounts of the charity for the period ended 5 April 2025, set out on pages 4 to 9. ## Respective responsibilities of the Trustees and the Independent Examiner As described in the Trustees' Report, the trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirements of Regulation 10 (d) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under 44 (1) (c) of the Act and to state whether particular matters have come to my attention. ## Basis of Independent Examiner's Report My examination was carried out in accordance with Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended). 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 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 other 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 (as amended); and - to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations (as amended); ## 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. Name: **----- Start of picture text -----**
Addres
**----- End of picture text -----**
Date: 29 September 2025 Page 10 Docusign Envelope ID: 0C79628B-9F00-4274-B49E-79F4ADCB2127 9 Haymarket Square Edinburgh EH3 8FY DX:551970 Edinburgh 53 T +44 (0)131 228 9900 F +44 (0)131 228 1222 shepwedd.com Shepherd and Wedderburn LLP is a limited liability partnership incorporated in Scotland with number SO300895. Registered office and principal place of business: 9 Haymarket Square, Edinburgh EH3 8FY. The term partner in relation to Shepherd and Wedderburn LLP is used to refer to a member of Shepherd and Wedderburn LLP. A list of the names of the members is available for inspection at the principal place of business. All correspondence signed by a named individual is signed for and on behalf of Shepherd and Wedderburn LLP. Details of the country or jurisdiction in which the firm’s lawyers are professionally qualified are set out at shepwedd.com/legal-notices. Shepherd and Wedderburn LLP is regulated by the Law Society of Scotland and is authorised and regulated by the Solicitors Regulation Authority (with number 447895).