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 char￿able Trust
R￿ort of tho Trust￿6
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• InfOrm￿lon
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$leesJ Limile
Appointtrd 25109125
R¢s￿ne￿ 20104126
Banker5'.
Hampclen & Co
20121 Charlotte Square
Edinburgh
EH2 4DF
Intlependenl Examiner." tsordon S Chisholm CA
Rennie Welch LLP
Academy House
Shedden Pork Rood
Kelso
T05 7AL
Investment Managers.. Chartes Stanley & Co Limiled
2 Multrees Walk
Sl Andrew Square
Edlnbuigh
EH1 3DG
Rath￿ne8 Investment Management Limbted
Georgè House
50 Gtrorge SquaTe
Glasgow
G2 1EH
Strurtur•. Gov•rnan¢• ond Manag•m•ftt
Overviekw.
The trust Was Incorporated as 8 Scott¢sh Charitable Incormted Organisallon ISCIOI
and reglstered a$ 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 a￿ordanCe 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
Charit￿S and Trustee Investmenl IScotland} Act 2005 ¥818tlr8J to the duti¢s and
responslbilllies of rurlning a charity-
obj￿1¥*$ of TfU8t
Trusl Obja¢lwes'.
The pUrpO￿S of the charity arè the advancem$nt of education. Ihe advancement of
health,. the saving of lives,. the rts1￿f ot orphaned or dis8dv8ntagecS children,. the
advancfymeni of community development., Ihft Pfotedion of the enviTonmenl,' gnd thè
advancement of the art5, hefitage. wlturt w ￿lenCe.
Grant Making Poltey:
The trustees meet on a regular basi5 lo consider 8pplwng the trust funds in furtherance
of the charitable objects of IhF trust and the aim is for any surptU5 income avai18blg al the
end o18n a￿ntIng perhxl lo be paid out to good causes In a future year.
Financlal Rgvltrw
Overview..
The ye¥r closed with unro$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
n￿Ssary.
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$trnent Managemeni Limited as Investrnènt Managers. The
Iruslees. Investment pol+cy is geared towards s bal&nc8d return be￿en capital and
income from a mèdium lo mednjm htgh iisk perspective and thi8 policy is ¥eviewed on a
gular basis.
Reservtrs Policy.,
All assets a￿ held for the charlt8ble purposes and the tru51e¢s a￿ satisfied the assets ol
£7,247,460.07 ot the end ol th$ 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 PA*rgarot Cerlaw Charilable Trust
RepL*rt of the Tru$tee8 Iconldl
For Year End•d S Aprfl 2026 Iconldl
Rl#k R•vl•w
Rlsk Management
Policy..
The Iruslees have assessed the major risks to whith the charity is expose(J, in particul8r
those related lo Ihe operations and finarKes of the trvst and are satisfied syslems are in
pkce lo mlllgale exkK)sur8 lo the major risks.
Relakd Parties:
Shepherd & WeddeTburn ITILEsleesl Limited is controlled by the dwectOTS ol Shepherd
8nd Wedderburn LLP. Shepherd arKi Wedderburn LLP provided legal and accounting
sgrvi¢es lo Ihe In*st for %yhich fevs ore chaTg8d. In Ihe 3ccountin9 year Shepherd and
Wedderburn LLP fee5 amoLtnl lo £9.960,0012025- £9.096.00). These fees are inclu5Ne
ol VAT at the prevailing rale rjf 200
Plat)8 for thè Future
The tru&lèÈs do fiot anti¢iP8le any malerial Changes lo the oper8llon5 gf Ihe charity in the
forlhcoming yeai 8nd wÈtl conlÉnu6 ID tonsider makln9 charitable awards in furtherance ol
the objecls ol Ihe InJ5t.
St¥t¢mènt of trust•¢s' The trLtslees are r¥$ponsible for preparing the Report ol the Trustèes and th¢ fjnancial
r¢typonslbllltles
statements in accordance wilh 8ppIic8ble 18w UnIt￿ Kingdom Ac￿￿￿ting Stsnd8rd8
Iuniled Kingdom Ger)erally Accepted Atcour>liiig Practice).
Charily law rtyu1￿ the Irktsslees lo wepare ftnancial 518temonts for each financial Y￿r.
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$$ they are
58llsfp¢J that they give a Irue and fair view of the stsle ol the chartty and of the incomlng
resources an(1 applicatDn of resources, including the I￿Ome and expendilure, of the
charlly for that Per￿d. In prepaTill9 those financial $18temeNls. the truslees are reovired
select suttable 8ccounlin9 pol￿5 and Ihen apply Ih&m consistentty.,
- obseNe the methods and princlples in the Charities SORP,.
- make judgements and eslimates thal are ieasonable and prudent,.
prepare Ihe linancial slaternenls on the gowJ ¢on¢em bosis unless il is inapproprlale to
presume th31 the charity will conlinue in btssiness.
The tDJstees are responsible fol keeping proper accounting records which d￿clOsÈ wth
r¢4sonable a¢cura¢y al any lTrme the lin8ncial position of the charily and to enable them
to ènsLtTe thal the financial slalements comply with Ihe Charilies and Trustee Inve51menl
(Scotlandl Act 2005 and Th* Chafili$$ Accounts Iscotland) Regtslaiion$ 2006 las
arnendedl. They are also respon$Sble for S8fegu8rdi￿j 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 A￿Ust 2026 aTrJ Signed on its behalf by..
S￿ned..
Ronald Stuart Wadsworth, trustee
Page 3

Th• M*rgar•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
Rev*nu•
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 f￿ndS..
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 b￿0T8 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
su￿luSI￿￿OrIcll) 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 Stat￿nOnth
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 C1￿￿tIeS and
Trustees Investment Act IScolland} 2005 the Charf(r45 Accounts {Sc0Ua￿l 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 aps￿led 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 ex￿ndIt￿re 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 Y￿th 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 ¢alegor￿S of th8 Stalemenl ol Receipts and Paymen1$ on a
basis designed to re￿e¢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•rg*r•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 In￿Me
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 mar*agemenl 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
T￿re were no Irustees remunèration or other benefiis for the year ended 5 April 2026 nor IOT the year ended
5 April 2025.
Trust•e$' Exp•n•ts
During Ihe year 899ro9ate expen5e8 01 £1.723.97 {2025- £nl) were paKI to trusteès.
Inv•slments
2028
2025
Markèt value at S Awll 2025
Donal911 investrnenls
Addilions during the ye8T
Disposals during the year
RealFsed (loys￿l on inv¢stment5
Unreali5ed Ilosse5ygains on investments
5,905,786.54 2.251.074.
4.000.000.00
484,397.69
3.880.84U.68
(521.956.971 13,964.039.061
11.192.071
16,783.291
1.044,329.51
1255.305.79)
Market Valug Ot 5 April 2026
6.911,364.70 S.905,786.54
UK domiciled securities are held on the Iru$t's behav by Chartes Slonley & Co Limil¢d and Ralhbones
Investment Manaoemenl Limite¢J, and registered in Ihebr resptclive nominee name5. Overs8as doM￿lled
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•$pKtlY• r•spon8lbilitiets ol tr(15t•￿ and oxamintr
The ch8ritys Iruslèes are responsibb lor the preparation of Ihe financial slalemenls in accordanc￿ the terms of
the Charilios and Trustee Investment (Seotlandl Acl 2005 and the Chafttios Ac¢thJnts IS¢oVandl Regulations 2006
(as amended). The charitys Irusteey Consider thal Ihe audrf r¢quÈremenls of RegulatK*n 10{11(dl of the Accounts
Regulations doès nol appty. 11 is my r8sponsibillty lo examine Ihe financial 51atemenls as required und8r 44111 {c)
of the Aol and lo state whether Particular matters have ￿me to niy 8ttenlion.
B•¥l$ 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 cOnneCt￿ft ￿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