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2025-03-31-accounts

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DR JOYCE GRAINGER'S CHARITABLE TRUST Scottish Charity No : SC052753

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

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a a Page 2 DR JOYCE GRAINGER'S CHARITABLE TRUST 7 _- GENERAL INFORMATIONFOR THE YEARAND TO 31STREPORT MARCHOF THE2025TRUSTEES a. | The Trustees present their annual report and financial statements for the charity for the year ended 31st March 2025. . The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial jl statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the x StatementCharities Accountsof Recommended(Scotland)PracticeRegulationsapplicable 2006 (asto charities amended)preparing and the Accountingtheir financial andstatementsReportingin byaccordance Charities: with the rl Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019). | Objectives and Activities: ” Objects of the Trust The Trustees shail hold the Trust Fund and the income of it to pay or apply the same to or e | for the benefit of or for the furtherance of such charitable purposes or charitable institutions ~ in such proportions and manner as the Trustees think fit. “ai Aims The Trustees do not engage directly in charitable activities or projects. The principal = activity is grant making. The purposes of the Trust are general in their nature. The Trustees have no specific | aims as regards the donations made other than to benefit society in general. Where appropriate, the Trustees will consider the wishes of the settlor of the Trust. Grant Making Policy The Trustees continue with their policy of making donations to those organisations they | feel require most support and whose purposes fall within the scope of the Trust Deed. “a Report of the Activities of the Trust The Trustees have received applications from a number of organisations throughout the me | period. . 4 Theobjectives, Trust's aimspublic benefitand grantmaking has beenpolicy, dischargedto organisationsby making donationsdirectly involvedin accordancein the provision with its of charitable services. | = During the year, the Trustees agreed and made grants of £374,136.40 (2024 Nil) as detailed “i in note 4 of the financial statements. | Plans for future periods The Trustees will maintain their grant making policy while it is possible to do so. pen | Achievements and Performance: wa Investment Policy ™ and Performance In accordance with the Trust Deed, the Trustees have power to invest in such stocks, é | shares, investments and property in the United Kingdom or abroad as they in their sole ™ discretion think fit. The Trustees engaged James Hambro & Partners as investment | managers. The Trustees’ have a balanced investment policy in place with James Hambro : & Partners. This aims to increase the overall portfolio value, with some withdrawals being a required. In the year to 31st March 2025, the capital values have decreased by 0.04% and dividend r. | investment income and interest increased by 46.43%. The small capital decrease is mainly due to the volatile markets within the current global economy, along with ongoing disruptions | in various countries. The income increase is due to there being a full year of income received in this financial period compared to a partial year's income last year. | |

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DR JOYCE GRAINGER'S CHARITABLE TRUST
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FOR THE YEAR TO 31ST MARCH 2025
-3F GENERAL INFORMATION AND REPORT OF THE TRUSTEES
- Financial Review:
. Financial Report The Trust's ability to make meaningful donations is reliant on income and investment returns
Wf from its investment portfolio.
ms | The investments of the Trust have a market value of £2,972,777.00 (2024 £2,973,983.00).
.
- Theregiving are nettotal funds currentof £2,786,396.86liabilities of £(186,380.14)(2024 £3,063,428.83), (2024 net currentall of which assetsare ofunrestricted. £89,445.83),
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-] Noinvestment cash donationsincome (2024of £48,092.33 £2,915,312.78)(2024 £32,842.85)were receivedwas duringreceived/due the financialduringperiod.the financial
. period. The Trustees agreed and made various grants totalling £374,136.40 (2024 Nil).
i They did not agree any future commitments during the financial period.
-j Reserves Policy It is the policy of the Trustees to distribute the funds of the Trust in the form of grants or

-j surplusdonations.incomeIt is anticipatedat the closethat,of the whereaccountappropriatewould be fundingdistributed opportunitiesin a following are available,year. any
| The funds are wholly unrestricted and are represented by a portfolio of investments and cash.
= The investments are managed on a discretionary basis by the investment managers. The
| Trustees have power to draw upon the fund in furtherance of the Trust's objectives whilst
- retaining sufficient funds to meet any commitments they may undertake.
s | As the assets of the Trust are held in a ready realisable form the Trustees do not
consider it necessary to maintain specific reserves.
Going Concern The Trustees have no material uncertainties as to the Trust's ability to continue as a going
| concern.
Structure, Governance and Management:
im Founding Document Deed of Trust dated 24th March 2023.
“ms Appointment of New
Trustees The Trustees in office have the power to appoint new trustees.
Decision making All Trustees are actively involved in the decision making process.
Related Parties The Trusteeht ; a partner of Turcan Connell, Solicitors. In the period to 31st
| March 2025, Turcan Connell, Solicitors fees amounted to £15,740.00 (2024 £10,800.00), of
which £1,100.00 (2024 £2,100.00) was outstanding at the yearend.
Trustees' Training Trustees are advised on charity law and best pratice by the charity's legal advisers.
: Employees The Trust has no employees. The Trustees have engaged Turcan Connell to undertake the
| administration of the trust remuneration for which is recorded in the financial statements.
|| Risk Management thoseThe Trusteesrelated tohavethe assessedoperationstheandmajorfinancesrisksofto whichthe Trust,the andcharityare issatisfiedexposed,thatin systemsparticularare
7 in place to mitigate their exposure to the major risks.
74 facedAs the Trustby the Trustrelies onliesitsin investmentthe performancereturnsofinits orderinvestments. to make Theits donations,Trustees havethe principalmitigatedrisk
| this by retaining investment managers to advise them and by having a diversified portfolio.
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DR JOYCE GRAINGER'S CHARITABLE TRUST GENERAL INFORMATIONFOR THE YEAR ANDTO REPORT31ST MARCH OF THE TRUSTEES2025

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Reference and Administrative Details: A Scottish Charity $C052753 Address TurcanPrincesPrinces ConnellExchange

TurcanPrincesPrinces ConnellExchange Edinburgh1 Earl Grey Street EH3 9EE

Advisers

Investment Advisors Independent examiner Solicitors James Hambro & Partners ~~a~~ Turcan Connell 45 Pall Mall Whitelaw Wells Princes Exchange SW1YLondon 5JG 9Edinburgh Ainslie Place Edinburgh1 Earl Grey Street EH3 6AT EH3 9EE

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a | “i Page 5 x “ay DR JOYCE GRAINGER'S CHARITABLE TRUST ici GENERAL INFORMATION AND REPORT OF THE TRUSTEES a | FOR THE YEAR TO 31ST MARCH 2025 a | Statement of Trustees' The Trustees are responsible for preparing the Trustees’ Annual Report and the financial = Responsibilities in statements in accordance with applicable law and with the Financial Reporting Standards =| Respect of the Financial applicable in the United Kingdom and Republic of Ireland. wi The law applicable to law applicable to applicable to to Charities in Scotland requires the Trustees Trustees to prepare financial _. statements for each financial year which which give a true and fair view view of the the state of affairs a | Trust and and of the the incoming resources and application of resources resources of the Trust for that the Trust for that Trust for that for that that period. 3 In preparing those financial financial statements, the Trustees Trustees are required to follow best practice follow best practice best practice practice

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The law applicable to law applicable to applicable to to Charities in Scotland requires the Trustees Trustees to prepare financial statements for each financial year which which give a true and fair view view of the the state of affairs of the Trust and and of the the incoming resources and application of resources resources of the Trust for that the Trust for that Trust for that for that that period.

In preparing those financial financial statements, the Trustees Trustees are required to follow best practice follow best practice best practice practice and :

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Thereasonable Trusteesaccuracy are responsibleat any time for keepingthe financial properposition accountingof the recordsTrust and thatenable disclosethem withto ensure(Scotland) thatAct the2005, financialthe statementsCharities Accounts comply with(Scotland) the CharitiesRegulationsand Trustee2006 (asInvestmentamended) theand the provisionsassets of the Trustof theand Trust'shence constitution.for taking reasonable They are alsosteps responsiblefor the prevention for safeguardingand detection of fraud and other irregularities.

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Thein the TrusteesUnited areKingdom responsiblegoverningfor thethe maintenancepreparation and anddisseminationintegrity of theof charity. the financialLegislation statements may differ from legislation in other jurisdictions.

Financial statements preparation The Trustees confirm that the financial statements for the year ended 31st March 2025 have beenand the Trust'spreparedown sogoverning as to complydocument. with current statutory requirements, the Charity SORP

Approved on behalf of the Trustees

Trustee A gtk teen Date

Print Name

-= “i Page 6 4 ay DR JOYCE GRAINGER'S CHARITABLE TRUST a INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES “a CHARITABLE TRUST FOR THE YEAR TO 31ST MARCH 2025 . | | report on on the financial statements of the the Trust for the the period ended 31st March 2025,

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An examination includes a review of the accounting records kept by the charity and a comparison of the financial a | statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The “aj 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 financial statements. Independent examiner's statement ‘Z In the course of my examination, no matter has come to my attention : “a 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 Act and Regulation 4 of the _ Regulations; and = - to prepare financial statements which accord with the accounting records and comply with Regulation . 8 of the 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 . | financial statements to be reached. .ia Date:=“| 2 JunePo2025 “ia i Whitelaw Wells ia= 9EdinburghAinslie Place = EH3 6AT

| report on on the financial statements of the the Trust for the the period ended 31st March 2025, which are set out on pages 7 to 13.

Respective, responsibilities“ate of trustees and examiner,

The charity's Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended)("the Regulations"). The charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Regulations does not apply. It is my responsibility to examine the financial statements as required under section 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 Regulations.

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DR JOYCE GRAINGER'S CHARITABLE TRUST BALANCE SHEET AS AT 31ST MARCH 2025

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|||||| |---|---|---|---|---| |Fixed Assets| |Investments|6|2,972,777.00|2,973,983.00| |Total|Fixed Assets|2,972,777.00_2,973,983.00_| |Current Assets| |Cash|on|Deposit|98,102.43|97,822.01| |Debtors|2|235.00|371.24| |Total Current Assets|98|337.43|98,193.25| |Liabilities| |Creditors|3|(284,717.57)|(8,747.42)| |(186,380.14)|89,445.83| |Net Current (Liabilities)/Assets|(186,380.14)|~—~—«89,445.83| |Net Assets|S|————SSSS——e—E76|506.86| |ES| |Represented|by:| |Unrestricted|Funds|2,786 ,396.86|3,063,428.83| |~_2,786,396.86|3,063,428.83_| |All funds are unrestricted|

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Approved by the Trustees and authorised to be signed on their behalf on

MRE A oA RRarch,A epee eC.

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. Trustee

Full Name

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DRJOYCEGRAINGER'SCHARITABLETRUST DRJOYCEGRAINGER'SCHARITABLETRUST DRJOYCEGRAINGER'SCHARITABLETRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THEYEARTO31STMARCH 2025
Note 2025
Total		 2024
Total
Income and endowments from: £ £
Donations 5 - -2,915,312.78
Investments 5 48,092.33 32,842.85
Total 48,092.33
2,948,155.63
eee
Expenditure on:
Raising Funds 7 (17,268.75) (4,247.42)
Charitable Activities
Donations		 4 (374,136.40) :
Supportand GovernanceCosts 8 (16,700.00) (13,214.40)
Total (408,105.15) (17,461.82)
Net income (360,012.82) 2,930,693.81
Other recognised gains/(losses)
Netgains on investments		 6 82,980.85 132,735.02
Net(expenditure)/income and movement infunds (277,031.97) 3,063,428.83
Reconciliation offunds
Total funds brought forward 3,063,428.83 -
Totalfundscarriedforward 2,786,396.86 3,063,428.83

All funds are unrestricted

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< “i Page 9 -4i % DR JOYCE GRAINGER'S CHARITABLE TRUST we Notes to the Financial Statements -i ~ 1 Accounting Policies -4i a) Financial statements preparation ~ The financial statements have been prepared under the historical cost convention with items recognised at cost “4 or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements a have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 4 charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in — the United Kingdom and Republic of Ireland (FRS 102) (effective ist January 2019) subject to the reporting -4 exemptions available to Small Entities under Section 1A of that Standard, the Charities and Trustee Investment 4 (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended). = The Trust constitutes a public benefit entity. -% The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's . ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to -% continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis . of accounting in preparing the financial statements. .. b) Investments 3 Investments are a form of basic financial instrument and are initially recognised at their transaction value and .“gj value.subsequentlyThe Statement measuredof atFinancial their fairActivities value at theincludes balancethe sheetnet gains date,or whichlossesisarising deemedon tothe benet thegains sameor aslosses market a arising on revaluation and disposals throughout the year. _ c) Realised gains and losses x All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses _ “= arevaluecalculatedif acquired as thesubsequ diff e rencent to thebetweenfirst day theof sales the proceedsfinancial year. and Unrealisedtheir openinggains carryingand lossesvalue orare theircalculated purchaseas _=| alossesdifferenceare combinedbetween inthethefairStatement value at theof Financialyear end Activities.and their carrying value. Realised and unrealised gains and

d) Debtors

e) Liabilities

Creditors are recognised at their settlement amount after allowing for any discounts offered.

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f) Income

_ investment income is included in the accounts in the year in which it is receivable. Donations are included in the accounts together with associated gift aid, where applicable, when the Trustees have been advised of the donation and are certain of its receipt. g) Expenditure Expenditure is included in the financial statement on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment. h) Cost of raising funds investment management charges are included on an accruals basis and recognised in full in the Statement of Financial Activities as soon as a constructive obligation exists.

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“ii “i Page 10 -4i “| DR JOYCE GRAINGER'S CHARITABLE TRUST Gi Notes to the Financial Statements — 1 Accounting Policies -i i) Support and governance costs -. Fees charged by Turcan Connell for legal and accounting services are included in the accounts as follows: -4i Governance (Accountancy Costs) - 65% ~ Support (Legal and Administrative Costs) - 35% -j These are recorded in support and governance costs in the Statement of Financial Activities. “ey Audit/independent examination fees are recorded in support and governance costs in the Statement of Financial - Activities. -4 All other governance and support costs are recorded in the Statement of Financial Activities as appropriate. 7 As the charity does not provide services directly but by way of grants to other organisations, governance and ~ support costs are not allocated against individual grants or donations. -@ j) Grants = | Grants authorised to be paid in respect of the accounting year or future years are provided for in the accounts in the year in which they are authorised. “a k) VAT . The charity is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, ~ VAT is included as part of the expense. a !) Foreign Exchange Policy "3 Some investment assets are held in foreign currencies and are translated into sterling at the rates of exchange ™ ruling at the balance sheet date, with any gain or loss reflected within Unrealised Gains / (Losses) on Investments. “a Income in foreign currencies is translated into sterling at the rate of exchange ruling at the date of transaction. _ m) Financial Instruments Basic financial assets _

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities Basic financial liabilities, including creditors, are initially recognised at transaction price and subsequently recognised at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees consider that there are no estimates and underlying assumptions which has significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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Notes to the Financial Statements Te

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DR JOYCE GRAINGER'S CHARITABLE TRUST

1 Accounting Policies o) Fund accounting All funds are unrestricted and can be used in accordance with the charity's objectives at the discretion of the Trustees.

2 Debtors 2025
£		 2024
£
Bank Interest 235.00
235.00		 371.24
371.24
3 Current Liabilities 2025
E		 2024
E
Turcan Connell fees
WhitelawWellsfees		 1,100.00
960.00		 2,100.00
2,400.00
James Hambro & Partners - investment management fees
Royal College ofPhysicians ofEdinburgh		 4,161.17
278,496.40		 4,247.42
-
284,717.57
8,747.42
ESSE
4 Charitable activities
Grantsanddonations £ 2025 £ 2024
£
Health
British Heart Foundation		 10,000.00 -
Hearing Dogs for Deaf People
The Guide Dogs forthe BlindAssociation		 10,000.00
10,000.00		 -
-
Royal Medical Benevolent Fund
CancerResearch UK		 10,000.00
10,000.00		 -
-
Arts, heritage, culture orscience 50,000.00
Royal College of Physicians of Edinburgh
The RoyalZoologicalSocietyofScotland		 5,640.00
10,000.00		 -
-
National Trust for Scotland 10,000.00 25,640.00 -
Disadvantaged orfinancial hardship
The Royal British Legion		 10,000.00 -
Other
Dogs Trust 10,000.00 -
Add
New Pledges
Royal College ofPhysicians ofEdinburgh -
Extension ofPhysicians’ Gallery
Royal College ofPhysicians of Edinburgh -		 244,360.00
Establishment of Fellows’ Lounge
Royal CollegeofPhysicians ofEdinburgh -Online		 15,000.00
educational materials for international medical
graduates		 19,136.40
278,496.40
374,136.40		 :

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"4 DR JOYCE GRAINGER'S CHARITABLE TRUST - Notes to the Financial Statements - De ~ 4 Charitable activities “4 Pledges “4 Opening balance - — LessPaid in the year to 31st March 2025 - i Withdrawn in the year to 31st March 2025 - "9 Became a Future Commitment - ~z, AddPledges made and became a Future Commitment in year to 31st March 2025 278,496.40 4 Quistanding pledges as at 31st March 2025 278,496.40 ms| ~y“a 5—Income “£2025 "72024 "4~ Donations & gift aid - 2,915,312.78 Investment Income - ag Dividends and Interest 44,232.62 17,236.11 Interest 3,859.71 15,606.74 aw 48,092.33 2,948,155.63 6 Investments 2025 2024 a Fair Value of Investments at 31.03.24 2,973,983.00 - =Purchases 990,660.24 4,206,135.18 7 Sales (1,074,847.09)2,889,796.15 (1,364,887.20) 2,841,247.98 Net Realised Losses (12,058.75) (2,451.02) . 4 Net Unrealised Gains 95,039.60 135,186.04 Fair Value of Investments at 31.03.25 2,972,777.00 2,973,983.00 a Historical Cost of Investments at 31.03.25 2,/69,119.82 2,838,796.96 ml All investments are listed on a recognised stock exchange and are held within the UK. al The main risk to the Trust from financial instruments lies in the volatility of the markets. = The Trust's investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has ‘< no material investment holdings in markets subject to exchange controls or trading restrictions. ‘ The Trust manages these investment risks by retaining expert advisors and operating an investment policy that = provides for a high degree of diversification of holdings within investment asset classes that are quoted on _— recognised stock exchanges. il 7 Cost of Raising Funds 2025 2024 - £ £ i Investment Management Fees 17,268.75 4,247.42 = 17,268.75 4,247.42

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DR JOYCE GRAINGER'S CHARITABLE TRUST

Notes to the Financial Statements

8 Support and Governance Costs £ 2025 £ 2024
£
Support Costs
LegalandAdministrativeFees		 5,509.00 3,794.40
Governance Costs
Accountancy Fees		 10,231.00 7,020.00
Independentexamination/Audit Fee 960.00 11,191.00 2,400.00
16,700.00 13,214.40

9 Related Party Transactions

The Trustee Peter S Littlefield is a partner of Turcan Connell, Solicitors. In the year to 31st March 2025, Turcan Connell, Solicitors fees amounted to £15,740.00 (2024 £10,800.00), of which £1,100.00 (2024 £2,100.00) was outstanding at the yearend.

10 Trustee Expenses All Trustees act gratuitously. The Trust has no employees.