A Sinclair Henderson and Miss Marjory Henderson Trust. Accounts for the year to 5 April 2017

Transcription

1 .: DTL4660lc/17 DTL/MF/HE A Sinclair Henderson and Miss Marjory Henderson Trust Charity Ref: SC Accounts for the year to 5 April 2017 Contents Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments Thorntons Law LL~ Solicitors, Whitehall House, 33 Yeaman Shore, Dundee, 001 4BJ Telephone: Fax:

2 A Sinclair Henderson and Miss Marjory Henderson Trust 2 Report of the trustees for the year to 5 April 2017 Date/Manner of Appointment Assumed Assumed Assumed Appointment of trustees Trustees are nominated by the then existing trustees and their appointment confirmed by formal Deed of Assumption. Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee. Investment Managers Speirs & Jeffrey, George House, 50 George Square, Glasgow G2 1EH Nominee Company Speirs & Jeffrey Client Nominees Limited, or such other nominee company as Speirs & Jeffrey may appoint. Independent Examiner Henderson Loggie, The Vision Building, 20 Greenmarket, Dundee DD1 4QB Charity Reference Scottish Charity No: SC Constitution and Objects Declaration of Trust, dated 1 April 1969, by James Stuart Fair, Prof. Alexander John McDonald and Miss Marjory Isobel Henderson. Beneficiaries include all or anyone or more of:- (a) The Church of Scotland General Trustees; (b) The National Trust for Scotland; (c) The Old People's Welfare Committee of the Dundee Council of Social Service, or any charitable institution concerned with the welfare of the citizens of Dundee; (d) The University Court of the University of Edinburgh; (e) The University of Southampton; (f) The University of Dundee; (g) The Royal Commonwealth Society for the Blind, or any other charitable institution connected with work for the blind; (h) any other charitable institution or charitable institutions selected from time to time by the Trustees. Note: On 30 May 1997 the Trustees agreed, under the terms of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990, to the transfer into the Trust of the Capital funds of the Andrew Millar Charitable Trust. The total funds transferred amounted to 16,050 Vesting Date: 1 April 2044

3 A Sinclair Henderson and Miss Marjory Henderson Trust 3 Report of the trustees for the year to 5 April 2017 (cont) Organisation The day-to-day administration is carried out by Thorntons Law LLP, as agents for the Trust. consider grant applications and to review any other relevant aspects of the Trust's affairs. The trustees meet annually to Achievements and performance The trustees have pursued their policy of making donations to those charities and institutions as directed in the trust deed and to an extent which absorbs, as nearly as is practicable, the whole net revenue receipts in the year. Investment Policy and Performance There are no restrictions in the Deed on the trustees' power to invest. The policy is, long term, to adopt a medium risk investment strategy, including equity investments, to produce a balance of income and capital growth. Speirs and Jeffrey classify the Portfolio as Medium/High Risk Financial Position The financial position is as set out on pages 5 and 6. Reserves Policy The reserves of the Trust originate from original and subsequent capital bequests, together with the movement in the value of investments, and accumulated revenue. The trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. The level of free reserves held at 5 April 2017 was 855,392 ( ,296). Approved by the above-named Trustees:

4 A Sinclair Henderson and Miss Marjory Henderson Trust 4 Independent Examiner's Report to the Trustees of A Sinclair Henderson and Miss Marjory Henderson Trust I report on the accounts of the charity for the year ended 5 April 2017 which are set out on pages 5 to 8 Respective responsibilities of trustees and examiner The 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 The trustees consider that the audit requirement of Regulation 10(1) (d) 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 independent examiner's statement My examination is carried out in accordance with regulation 11 of the Charities Accounts (Scotland) Regulations 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide ali 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 the course of 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 comply with Regulation 9 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. Henderson Loggie The Vision Building Greenmarket Dundee 1\ ~~'9-Q_r- 2017

5 .' A Sinclair Henderson and Miss Marjory Henderson Trust 5 Receipts and Payments Account for the year ended 05 April 2017 Schedule/ Appendix Receipts Investment income Schl 26,394 26,717 Income tax recovered 415 Net investment transactions Appl Total receipts Payments Charitable activities Sch2 45,400 46,200 Governance Sch3 3,195 3,870 Costs of generating funds Sch4 1,451 5,876 Total payments (Deficit) / Surplus for year (23,576) 23,064 All funds are unrestricted.

6 A Sinclair Henderson and Miss Marjory Henderson Trust 6 Statement of Balances as at 05 April 2017 Schedule/ Appendix Cash on deposit and on hand Opening balance 58,456 35,392 (Deficit)/Surplus for year (23l576) Closing balance 34,880 58,456 Reserves Unrestricted Funds 34,880 58,456 Investments As valued at Appl 828, ,416 Estimated Liabilities as at Thorntons Law LLP, administration fees (tbc) Quantum Valeat, fee for assessment Henderson Loggie, Independent Examiner's fee (est) 7, , ,716 6,576 A F McDonald Date I i

7 7 A Sinclair Henderson and Miss Marjory Henderson Trust Schedule 1 Income received Dividends and interest 26,394 26,717 Schedule 2 Charitable Activities Distributions made in year Age Concern Dundee National Trust for Scotland Pitlochry Festival Theatre RNIB Starter Packs Dundee University of Southampton, for bursaries University of Edinburgh, for bursaries University of Dundee, for student hardship fund Arthritis Research Dundee Carers Centre Lifegate The John Muir Trust Youthlink Trust V & A at Dundee MIND 6,000 3,500 4,500 4,000 3,000 3,000 3,000 4,000 1,800 3,000 3, ,000 41,000 Support costs (Schedule 3) 5, ,400 46,200 Schedule 3 Support costs Governance Charitable Activities Thorntons, balance of their fee for Trust administration, commissions, posts etc. for the year to (inc VAT) 2,100 4,200 Thorntons, to account of their fee for Trust administration, commissions, posts etc. for the year to (inc VAT) 600 1,200 Henderson Loggie, independent examination fee 288 Trustee travel expenses 207 3,195 5,400 Two of the trustees, received reimbursement of their expenses of attending meetings, totalling 207 ( ). Other than that, no trustees received any remuneration or expenses from the trust during the two years ended 5 April Another trustee,, is a Consultant in Thorntons Law LLP.

8 " A Sinclair Henderson and Miss Marjory Henderson Trust 8 Schedule 4 Costs of generating funds Brewin Dolphin, portfolio management fees Speirs & Jeffrey, portfolio management fees 1,451 5, ,451 5,876 Schedule 5 Statement of Revenue balance as at Income received in year 26,394 29,675 Distributions paid to beneficiaries (40,000) (41,000) Support costs (5,400) (51200) (Deficit) / Surplus for year (19,006) (16,525) Balance as at , Balance as at (1,540) 17466

9 9 A Sinclair Henderson and Miss Marjory Henderson Trust Notes to the Accounts and General Notes regarding Financial Services and Markets Act 2000, law Society Rules and related matters 1. Accounting Policies Basis of Preparation The Accounts are prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended). 2. Investment managers The Trustees approve the continued appointment of the Investment Mangers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force. 3. Independent Examiner The Trustees approve the continued appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts. 4. Nomineeship The trustees approve the continued appointment of the nominee company as detailed in the General Information section in these Accounts to continue to hold certain or all of the investments owned by the trustees, and that on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.

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11 Nominee valuation As at 5/4/17 A Sinclair Henderson Trust Location Cost Price Value Cash Capital Cash Balance ( ) Income Cash Balance ( ) 1,745 1,745 Inflation Linked Securities 2,366 2,366 19,000 Standard Life Global IL Bond I Inc Cofunds Platform 27, ,450 Investment Grade Bond Funds 27,320 29,45 32,748 S&W Short Dated Corp Bond ZInc Uncertificated holding 32, ,199 35,000 Threadneedle UK Corp Bond 2 Inc Cofunds Platform 20, ,770 52,429 52,969 Strategic Bond Funds 28,000 Schroder Strategic Credit L Inc Cofunds Platform 27, ,496 UK Equity Funds 27,358 27,496 16,600 Greencoat UK Wind CREST 18, ,854 1,670 Mercantile Investment Trust CREST 14, ,661 8,700 Perpetual Income & Growth IT CREST 16, ,930 2,250 Temple Bar CREST 8, ,653 58, ,098 Global Equity Funds 5,200 Aberdeen Asian Income Fund CREST 10, ,011 3,750 Alliance Trust CREST ,838 5,600 Edinburgh Worldwide InvTrust CREST 13, ,960 13,300 Fidelity European Values CREST 22, ,895 Speirs&Jeffrey Stockbrokers and Investment Managers since 1906 Page 1/17 George House, 50 George Square, Glasgow G2 leh speirsjeffrey.co.uk PVE7 en I SHI H17Ss6A

12 Nominee valuation AB at 5/4/17 A Sinclair Henderson Trust Location Cost Price Value Global Equity Funds (Continued... ) 12,250 Henderson Far East Income Ltd CREST 15, ,468 8,200 JP Morgan American IT CREST 13, ,037 2,800 Murray International Trust CREST 9, ,684 24,000 Threadneedle Global Eq Inc ZInc Cofunds Platform 28, ,259 Financials 115, ,152 3,000 HSBC Holdings CREST 15, ,638 11,500 Henderson UK Prop Feeder I Inc Cofunds Platform 12, ,566 22,100 Lloyds Banking Group CREST 14, , Prudential CREST 12, ,839 3,500 Standard Life CREST 11,865, ,418 67,617 72,934 Consumer Goods 600 Diageo CREST 11, , Unilever CREST ,592 Health Care 11,762 40,314 1,150 GlaxoSmithKline CREST 12, , Novartis AG (Regd) RBC (Foreign agent) 10,165 SF , Worldwide Healthcare Trust CREST 6, ,848 Consumer Services 29,340 49,086 1,500 Greene King CREST 12, , Next CREST 12, , Pearson CREST 4, , WPP CREST 12, ,347 Page 2/17 Speirs & Jeffrey Limited registered in Scotland No OX GW 151 Legal Post: LP10 Glasgow7 Fax: A member olthe London Stock Exchange - authorised and regulated by the Financial Conduct Authority PVE7 en I SHI H17Ss6A

13 Nominee valuation As at 5/4/17 A Sinclair Henderson Trust Location Cost Price Value Consumer Services (Continued... ) 315 Whitbread CREST 11, ,647 Telecommunications Technology Utilities Industrials 53,228 46,641 9,400 Vodafone Group CREST 7, ,430 7,136 19,430 2,550 Polar Capital Technology Trust CREST 15, ,938 15,534 23,938 5,000 Centrica CREST 11, ,860 11,573 10,860 1,100 Babcock International Group CREST 10, , Intertek Group CREST 13, , Travis Perkins CREST 11, ,550 Oil & Gas 35,573 37,992 1,832 Royal Dutch Shell B CREST 30, ,341 Basic Materials 30,214 40, Rio Tinto CREST 8, ,255 Speirs&Jeffrey Stockbrokers and Investment Managers since 1906 Page 3/17 George House, 50 George Square, Glasgow G21EH speirsjeffrey.co.uk PYE7 en / SH/ H175S6A

14 ... Nominee valuation As at 5/4/17 A Sinclair Henderson Trust Basic Materials (Continued... ) Location Cost Price Value 795 Victrex CREST 14, ,272 23, , ,594 Currency U.S.Dollar Euro Swiss Franc Exchange Rate $ E SF Page 4/17 Speirs & Jeffrey Limited registered in Scotland No OX GW 151 Legal Post: LP10 Glasgow7 Fax: A member of the London Stock Exchange _ authorised and regulated by the Financial Conduct Authority PVE7 en / SH/ H17ss6A