Th• Maroarot Carl•w CharWl• Trust FlnanGl81 Sta¢•m Foi The Yui End•d 5 Aprfl 2026 Registered Charhy Numbor: SCOS1618
Th? Margarèt Carfaw ¢horltabl• TnrBt Cont•nts of the Flnan¢l•l Stat•m•nts for the y•#r ond•d 5 Aprll 2026 14 Report of The Twslees Statement of Re¢elpts and Paymen1$ Statement of Bglanc*8 Notes to the Financi81 Statements 10 Independent Examinerf3 Report
Thè Margaret Cartaw charable Trust Rort of tho Trust6 for thg year ¢nd¢d 5 Aprll 2026 The trust8es prèsent thèir rèport wilh the financi81 ststemenls of Ihe charlty lor the year eThled S April 2026. The truste88 hove adopted th6 provisior>s of Accounting and Reportlng by CharilTres'. Statement ol Recommended Pr8cke applicable lo ¢haril*s. Ref0rnn and Admlnlstr8tlv• InfOrmlon Charity Nvn)b&r'. SC051618 Printypal dress.. Rennie W8kh LLP Acadèmy House Shedden Park Road Kelso TD5 7AL Trustees.. Ronald Stuart Wadsworth Andrew Gerrard Wemyss Derek George Robeson Shepherd & Wedderbum ITru$leesJ Limile Appointtrd 25109125 R¢sne 20104126 Banker5'. Hampclen & Co 20121 Charlotte Square Edinburgh EH2 4DF Intlependenl Examiner." tsordon S Chisholm CA Rennie Welch LLP Academy House Shedden Pork Rood Kelso T05 7AL Investment Managers.. Chartes Stanley & Co Limiled 2 Multrees Walk Sl Andrew Square Edlnbuigh EH1 3DG Rathne8 Investment Management Limbted Georgè House 50 Gtrorge SquaTe Glasgow G2 1EH Strurtur•. Gov•rnan¢• ond Manag•m•ftt Overviekw. The trust Was Incorporated as 8 Scott¢sh Charitable Incormted Organisallon ISCIOI and reglstered a$ a Scottish charity on 1 March 2022. Charttabk Status.. The trust Is a regi51ered Sox)Ili$h charfy. As such, the trustees musl ensure the circumslanw and operatior of the trusl conlinue lo meet the charity lesl antt thè Iruslees are r&quire(I lo compty with Ihesr stslulory duly to supply inlormalion to Ihe Scoltish Charsty Regulalot, the Offlce of the Scottish Chafity Regulator, Page I
Th• M8rg•ret Carlaw Chafltablè Trust R•port of tho TruBteg$ {Conttl) For Y¢ar Ended 5 Awil 20261Conld} Tnjstee Tenure.. Trustee5 are appointsd In aordanCe the terms of the constitution and a$ a SCIO thls by way ot a r8solutÉon passed by fflaiority vote at a board meeting. At the condusKJn of each Annual General Meelkng at least one Irvslee shall retire from offiGe arK1 wfll be eligible fty ieolectlon al the next board meeting. A register of Twstees is maintalned. Tho Injstee induction process involvos awareness of 8 trustee's rfjsponsibiliues, the governing docuffjent, adrninislratN)n procedures, and the history ol the charity. A new trustee should receive a copy of the Pfevious ar'S aecounl aT%I also an exlract from the CharitS and Trustee Investmenl IScotland} Act 2005 ¥818tlr8J to the duti¢s and responslbilllies of rurlning a charity- obj1¥*$ of TfU8t Trusl Obja¢lwes'. The pUrpOS of the charity arè the advancem$nt of education. Ihe advancement of health,. the saving of lives,. the rts1f ot orphaned or dis8dv8ntagecS children,. the advancfymeni of community development., Ihft Pfotedion of the enviTonmenl,' gnd thè advancement of the art5, hefitage. wlturt w lenCe. Grant Making Poltey: The trustees meet on a regular basi5 lo consider 8pplwng the trust funds in furtherance of the charitable objects of IhF trust and the aim is for any surptU5 income avai18blg al the end o18n antIng perhxl lo be paid out to good causes In a future year. Financlal Rgvltrw Overview.. The ye¥r closed with unro$lrkted lunds 01 £7,247,460.0712025 - £6.192,798.881. Total incomtng cash resources arnount £148,217.01 12025 - £128,878.7fj1. Maigar¢l Carlaw don#led inve8lrrEnls valued at £nll al lime of gifting 12025 £4,000,000.00}. Total payments arnounled to £136,693.2612025 £75,606.42}. The Irustpes report an vverall surplijs lor the year of £49,083.0312025 - £136.470.72 surplus). The Iruslees note th¢ performance of Ihè Irusl Invèslm¢n15 over the yEaT. Overall invèstment gains lor the year w8re £1,043.137.44 1202> £262.089.08 lo$se$l whl¢h reflec the general mark¥1 and econr>mic 5entimenl over Ihe ypar. The Iruslees revlew the investment performance on a regulai basis and will lake acllon as and when nSsary. Inveslmtsnt Poticy.. In ac¢ordance wtth the constitution and slatulory provision, the truste88 have the power to invty$t in such siocks, shar8$ 3nd invostmenls in the United Kingdom or overseas as Ihey in Iheir sole dis¢retion Ihlnk frt. The InJstees have appoinled Chades Stanley & Co Limited and Ralhbones Inve$trnent Managemeni Limited as Investrnènt Managers. The Iruslees. Investment pol+cy is geared towards s bal&nc8d return been capital and income from a mèdium lo mednjm htgh iisk perspective and thi8 policy is ¥eviewed on a gular basis. Reservtrs Policy., All assets a held for the charlt8ble purposes and the tru51e¢s a satisfied the assets ol £7,247,460.07 ot the end ol th$ year are adequate lo lulfil the charitys obligations. Charita? Activitles During Year.. DTrJrlng Ihe year Ihe trustees madfj several ¢haritable paymonts IDtalling £75.350, Page 2
The PArgarot Cerlaw Charilable Trust RepLrt of the Tru$tee8 Iconldl For Year End•d S Aprfl 2026 Iconldl Rl#k R•vl•w Rlsk Management Policy.. The Iruslees have assessed the major risks to whith the charity is expose(J, in particul8r those related lo Ihe operations and finarKes of the trvst and are satisfied syslems are in pkce lo mlllgale exkK)sur8 lo the major risks. Relakd Parties: Shepherd & WeddeTburn ITILEsleesl Limited is controlled by the dwectOTS ol Shepherd 8nd Wedderburn LLP. Shepherd arKi Wedderburn LLP provided legal and accounting sgrvi¢es lo Ihe Inst for %yhich fevs ore chaTg8d. In Ihe 3ccountin9 year Shepherd and Wedderburn LLP fee5 amoLtnl lo £9.960,0012025- £9.096.00). These fees are inclu5Ne ol VAT at the prevailing rale rjf 200 Plat)8 for thè Future The tru&lèÈs do fiot anti¢iP8le any malerial Changes lo the oper8llon5 gf Ihe charity in the forlhcoming yeai 8nd wÈtl conlÉnu6 ID tonsider makln9 charitable awards in furtherance ol the objecls ol Ihe InJ5t. St¥t¢mènt of trust•¢s' The trLtslees are r¥$ponsible for preparing the Report ol the Trustèes and th¢ fjnancial r¢typonslbllltles statements in accordance wilh 8ppIic8ble 18w UnIt Kingdom Acting Stsnd8rd8 Iuniled Kingdom Ger)erally Accepted Atcour>liiig Practice). Charily law rtyu1 the Irktsslees lo wepare ftnancial 518temonts for each financial Yr. Under thal law, the Irvslees have 8lecled lo prepare the financial stalemenls in a¢cordance wlh Unlled Klngdom Generalty Accepted Accounlinp PrBctlc& Iuniled Kin9dorn Accounting Standards ancj applicable lawl. Under charity law the Irustees musl r%)1 approve the financial slalemenls unfe$$ they are 58llsfp¢J that they give a Irue and fair view of the stsle ol the chartty and of the incomlng resources an(1 applicatDn of resources, including the IOme and expendilure, of the charlly for that Perd. In prepaTill9 those financial $18temeNls. the truslees are reovired select suttable 8ccounlin9 pol5 and Ihen apply Ih&m consistentty., - obseNe the methods and princlples in the Charities SORP,. - make judgements and eslimates thal are ieasonable and prudent,. prepare Ihe linancial slaternenls on the gowJ ¢on¢em bosis unless il is inapproprlale to presume th31 the charity will conlinue in btssiness. The tDJstees are responsible fol keeping proper accounting records which dclOsÈ wth r¢4sonable a¢cura¢y al any lTrme the lin8ncial position of the charily and to enable them to ènsLtTe thal the financial slalements comply with Ihe Charilies and Trustee Inve51menl (Scotlandl Act 2005 and Th Chafili$$ Accounts Iscotland) Regtslaiion$ 2006 las arnendedl. They are also respon$Sble for S8fegu8rdij the assets of the charty and henGe lor taking reasonable Steps f¢y Ihe prevention ar delecliDn of fraud and olhei irogulaiilies. Approved by Order of the board of trL*Steés on 18 AUst 2026 aTrJ Signed on its behalf by.. Sned.. Ronald Stuart Wadsworth, trustee Page 3
Th• Mrgar•l CaTl•w Charltabl• Trust Statsmont of R•c•lpt¥ and Payments for tho yoar ond 5 April 2026 Total 2028 Capital Not• Endowment Totsl 2025 Revnu• R•c•lpts Investrnent income 148,217.01 148,217.01 128.878.76 Total Incoming r•sources 148,217.01 148,217.01 128,878.76 Pyments Costs of generating fndS.. Investmenl management cos1$ 148.gS1.891 148,951.891 138,501.72) Charitabip di3tr¥butions 175,350.001 175.350.001 128,000.001 Suppgrt costs (11.731.37) 111,731.371 14,556.70) Governa& costs 660.00 660.001 4,548.00 Tolal rnsour¢•s •xp•nded 48,951.89 87 741.37 136.693.26 75.606.42 N•t (outgolngVTneomlng rosources b0T8 a85?t and Inv•stm•nt movement$, and transfoT8 {48,951.891 60.475.84 11.523.75 53,272.34 Asset and Inv#stm•nl mov•mènts Proceeds frorn sale of inveslmgnls 521.956.P7 521.956 97 3,964.039.06 Purchase of Investments 1484,397.691 (484,397.691 3,880,840.681 N•1 r8colpts aftor •t and Inv•stm¢nt mov4m•nts 11,392.61 60,475.64 49.083.03 136.470.72 Tran$f•r8 to I Ifroml lunds suluSIOrIcll) for year 11,392.63 60,475.64 49,083.03 136,470.72 All fevet)ue movements relate lo unreslri¢t8d funds The note$ ors page$ 6 10 9 form part of these accounts Page 4
The Margar•t Carlaw Charftablè Tw$t Statement of Balanc•s as at S Aprll 2026 Note 2026 2025 Funds re¢on¢lllaflon Cash al bank 8nd in hand S April 2025 287.012.34 150,$41.62 Surplus for yeaf 49.083.03 136.470.72 Cash al bank and in hand 5 April 2026 336.095.3T 287,012.34 Ropr•s•ntqd by BBnk accoun1$ 336.095.37 287,012.34 336,095.37 287.012.34 Othèr A8$0ts Investments 85 al markol value 6.911.364.70 5.905.786.$4 Llabllltles 2026 2025 Rathbones Inv¢slmenl Monagemenl Limile(I, fee {includir)g VAT) 10 5,892.551 Shepherd and Wedderburn LLP, fees {includlng VAT) 10 13,480. 9.372.55 All funds are unrÈslricte(S The note5 on pages 6 10 9 form part ol Ihese accoun18 The fingncial slalements wertr approved by ltre board ol Irustees and authr)rised for issue on16 Augusl 2028. and Signed.. Ron8ld Stuart W8ilsworth, trustee P89e 5
Thg MargaTgt Carlaw Charltabl• Trust Not To The Fln•nclal StatnOnth for th• ywr S Aprll 2028 1 Ac¢ounllng Pollcl05 These ac¢oEJnts have been prepared on 8 receipts and paymgnts basis In accordanco th the C1tIeS and Trustees Investment Act IScolland} 2005 the Charf(r45 Accounts {Sc0Ual Regulations 2006 188 amended). Rwlpts Al in¢omSng resources are indudett in the Stalemgnl of Raceipls and PaiTrenls in the perlod thè ¢harty receive5 the income. The fotlowng specific policies are apsled tc perll¢Lslar categories of income.. Inveslmenl Income Is included then TeceNed. Paym•nl¥ Expen(lilure Is recognlsed on a fgcelpis and payments basis. Expendilvre Indude$ 8ny VAT which Cannot be fuly re¢over¢d and 1$ reported as part of Ihg exndItre to which il rel819s.' Costs of generaliNJ funds tompr15e the ¢ost¥ associated with Ihe attra¢ling voluntsry income and Ihe investrnenl admlnistration fees. ' Charitable activilles IrKlude charffiable payments made ancj support costs. Governance Costs include those costs associated Yth meeting the conslltulional and slatulory requi m¢nl$ ol the charity and inclu¢Je the intlependenl exorninatlon fees and costs linked lo th6 slrategic rn8na9ement ol Ihe charity. Other prolessson81 fees are 5Ptil tween gtrneral accounting and adTninislrot%on c05t5, an governan¢e costs. The allo¢ation is based on staff lime. . All costs Bfe allocaled tWeen the 8xpendilure ¢alegorS of th8 Stalemenl ol Receipts and Paymen1$ on a basis designed to ree¢t the use of Ils resource. Invftstments Inv85tmenls are induded 81 market value al the year end. Taxatlon The charity is exempt from tax on 115 ¢h&Titsbk aolivilies, Fund accounting Unrestricted funds can be used in accordance wkth tho charit8trAe objectives al Ihe dis¢fetion of tho Iruslees. Golng cvnceTn The trustee5 have consid8r&d the charivs linancial pr)sStion for a minimum pariod 0112 months 8fKJ beyond from the dale of sNJning these fin8ncièl 51alements and have r&ason8ble èxpts¢talkin Ihal the rharity has adequate resource5 lo continue in operational exisl¢nce for the foreseeable future. Accordingty, they ntInue 10 adopt the goTng concern basis in preparing these financial slatemenls. C•sh and cash equlvalgnts Cash and cash equivalent5 comprtse cash on hand and money held in bank accounts. Page 6
Th• M•rgr•t Cartaw Charitabl• Trust Notss To The Flnanclal Statoments For Thè Y•ar Ended 5 Aprll 2026 {Contd} 2 Inv•stment In¢ome 2026 2025 Frxed 8S5ei investment InMe Interest receivable 145.751.43 2.465.58 123.214.90 5,663.86 148.217.01 128.878.76 3 Cost of Gonormting Ftsnds 2026 2025 Investment Manag8menl Co$ts'. Portfolio maragemenl lees (including VATI.. Charles Stanley & Co Limited Rathbones Investment Management Limited 23,250.42 25,701.47 15.950.42 22,551.30 48,951.89 38,501.72 4 Charltabl? Dlstrlbutlons 2026 2025 75.350.00 28,000.00 The charity supported 11 {2025 - 31 OTganisations throu9hoLtI the yttar. 5 Support Costs 2026 2025 Legal and professlonal fees Bank charges Travel expenses 9,960.00 47.40 1.723.97 4.548.00 8.70 11,731.37 4,556.70 6 Gov•man¢o Costs 2026 2025 Legal and professlonal fees Independent Examinerfs fe¢ 4.548.00 660.00 4,548. Page 7
The Margar•t Carfaw Charlt8blo Trvst Nots* To Th• Fin•nclal Statonwnts For Th• Yw End•d S April 2026 Icontd) 7 TNstvs' Rffiiun8ration and Bon Tre were no Irustees remunèration or other benefiis for the year ended 5 April 2026 nor IOT the year ended 5 April 2025. Trust•e$' Exp•n•ts During Ihe year 899ro9ate expen5e8 01 £1.723.97 {2025- £nl) were paKI to trusteès. Inv•slments 2028 2025 Markèt value at S Awll 2025 Donal911 investrnenls Addilions during the ye8T Disposals during the year RealFsed (loysl on inv¢stment5 Unreali5ed Ilosse5ygains on investments 5,905,786.54 2.251.074. 4.000.000.00 484,397.69 3.880.84U.68 (521.956.971 13,964.039.061 11.192.071 16,783.291 1.044,329.51 1255.305.79) Market Valug Ot 5 April 2026 6.911,364.70 S.905,786.54 UK domiciled securities are held on the Iru$t's behav by Chartes Slonley & Co Limil¢d and Ralhbones Investment Manaoemenl Limite¢J, and registered in Ihebr resptclive nominee name5. Overs8as doMlled securilles are held on Ihe irusl's behaw by subrfuslodians apwynled by Ch8rles Stanley & Co Limiled and Ralhbones Investmenl Monagemenl Limited, and registered in the nominee name5 Qf the sub-¢u$lod¢ans. As 815 April 2026 the market value ol the UK domicile(I se¢urilies was £4,814.247.51 and the markel v8lue of the overseas ¢Jomiciled securities was £2,097,117.19. Inveslmenls with a current markEI v8lue in eyc&5s of 5°/o of total- 2026 202S g Brèakdown oi Clojing Bank Balan¢•$ 2026 202$ Charfes Sianley & Co Limited: Caprtal accounl lJ¢ome accounl Hampden & Co: CuTrenl 8¢counl Deposit a¢counl Rathbones Investment Manapemenl Llmited.. Capital account Income 8G¢ounl 54,068.77 5,045 77 51,915.73 4,650.44 141,631.76 102.475.17 82,097.40 101,535.28 28,724.15 4,149 75 42,269.80 4,543.69 336.095.37 287,012.34 Page B
The Margaret Carl3w Charitabl• Tru$t Not88 To The Flnan¢lo1 Statements For Th¢ Y*ar End•d 5 Aprll 2026 {Contd) 10 Llabllltl•s 2026 2025 Ralhbones Investment Managemenl Llmited. fee lincluding VATI Shepherd ancl Wedderburn LLP, fees lirtluding VAT} 5.892.55 3,480.00 9.372.55 11 R•lat¢d Party Tr#n8a¢tions Sheph8r¢J & Wedderburn ITrusl8èsI Limited Is controlled by the directors of Shophaid and Wedderbum LLP. Shepherd and Weddefburn LLP provldèd legal and accotJntin9 servloes to Ihe Irusl IOT which lees are charged. In Ihe accounting year Shepherd and Wedderburn LLP legs amount lo £9,960.00 12025 £9.096.001. These fees are inclusiv$ of VAT at the prevalling rate 0120%. Page 9
Thè Margaret Cadaw ChaTltable Tru81 IR•ol#ter•d Charlty Number: SC051618) Indwndw)t Examlnw's R•port To Th• Tru8t• I report on the accounts of the ¢hafity for the yeaf ended 5 Aprll 2026, s81 out on pages 4 10 9. R•$pKtlY• r•spon8lbilitiets ol tr(15t• and oxamintr The ch8ritys Iruslèes are responsibb lor the preparation of Ihe financial slalemenls in accordanc the terms of the Charilios and Trustee Investment (Seotlandl Acl 2005 and the Chafttios Ac¢thJnts IS¢oVandl Regulations 2006 (as amended). The charitys Irusteey Consider thal Ihe audrf r¢quÈremenls of RegulatKn 10{11(dl of the Accounts Regulations doès nol appty. 11 is my r8sponsibillty lo examine Ihe financial 51atemenls as required und8r 44111 {c) of the Aol and lo state whether Particular matters have me to niy 8ttenlion. B•¥l$ of the Ind•pond•nt •xamln•fs report oxamination was carrie(l out in accord8noe wth Regulation 11 of The Charilitss Awunls {Scolland) Regulallons 2006 las 3mendedl. An examination includes o review of the ac¢wnting ro¢offJs kept by the chaTity and a comparison of the accounts p¥es8nted with those records. It also Includes consideration of any unusual items or disclosures in the accounb, and seeking explanattOn5 from you as Iruslees Concerning any such matter8. The procedurBs uniJertBken do not prowde all Ihe evldence that would be required in an audit, arKI consequentty I ijo not express an audlt opinion on the view given by the accounts. Ind•p•nd•ni Ex•mln•r's Stst•m¢nt In cOnneCtft th my examinatv)n, no matter has come lo my allenlk)n-. which gives me reasonable cause lo believe Ihal. in any rnalerial res¢1, Ihe requirements.. lo keep accounling Tecords in ac(xJrdanet with Section 44{1Xal of the 2005 Aej and Regulation 4 of the 21YJfj Accounls Rogulationts las amendedl., to prepare ¥c¢ounts vknich ac¢orl wtth the 8¢counling records and comply 4th RegulaliDn g of the 2006 Accounts Regulations have not been met,. or lo whi¢h, sn my opinion. attention shou5d be drawn in order lo enable a proper undersianding of the accounts lo be rea¢h8d. 121 ordon The Inslrtu isholm CA of Chartered Accountanls ol Scotland Address.. Rennie Wolch LLP Acaderny House Shedden Park Road K8150 Roxburgh$hire TD5 7AL Date,. Page 10