THE MAY LOCKHART TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Company Registration No. SC249310 (Scotland)
Charity Registration No. SC034375 (Scotland)
THE MAY LOCKHART TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Dr Kenneth Fegan
Mrs Kathryn Fegan
Mr Thomas Brown
Secretary
Mrs Kathryn Fegan
Charity number (Scotland)
SC034375
Company number
SC249310
Principal address
St Vincent Plaza
319 St Vincent Street
Glasgow
G2 5RZ
Registered office
St Vincent Plaza
319 St Vincent Street
Glasgow
G2 5RZ
Independent examiner
Stephen Bargh CA, MAAT
William Duncan & Co Ltd
Chartered Accountants
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Bankers
Royal Bank of Scotland plc
69 High Street
Irvine
Ayrshire
KA12 0AL
Solicitors
Wright Johnston & Mackenzie
St Vincent Plaza
319 St Vincent Street
Glasgow
G2 5RZ
Investment advisors
Rathbone Investment Management
George House
George Street
Glasgow
G2 1EH
THE MAY LOCKHART TRUST
CONTENTS
Page
Directors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
THE MAY LOCKHART TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's memorandum and articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as issued in October 2019 for accounting periods commencing from 1 January 2019)

Objectives and activities

The trust's objects are to assist in the relief of human suffering and distress and assist in projects charitable in law beneficial to the community.

 

There has been no change in the objects or the policies adopted in furtherance of the objects during the year.

The grant making policy, being the activities of the charity are to provide or assist with the provision of public healthcare support projects and facilities for the local community; and to give donations to other charitable institutions within, or who have connections with, the area.
Achievements and performance

The directors have continued to support organisations within the local community and others with connections to the local community.

 

The charity have reserves in excess of any outstanding grants and will adjust future awards to suit the circumstances at the time ensuring the charity remains a going concern.

Financial review
The results show the activities of the charity over the period, and the financial reserves are shown in the financial statements.
The net income for the year is not distributable to the members, and is transferred to the appropriate reserves to assist in the meeting of future capital expenditure, running costs and maintenance of existing assets.

The charity invests in activities at the discretion of the directors, focusing on local activities, needs and requests for support.

 

The management of the fund continues to be carried out by Rathbone Investment Management who advise the directors on the portfolio.

 

Funds in deposit are kept available to support the charity's obligations.

The directors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future periods

The directors meet annually to plan the objectives for the year ahead, and at other times as required, to review the current status and ensure the objectives of the charity are met.

 

The directors originally intended that the charity's funds will be expended in fulfilment of its charitable objectives over a ten year period, however the directors have now agreed that there should be no time limit placed on the potential life of the charity or the period over which the funds will be expended. The directors are actively seeking community and charity projects where they feel they can provide assistance.

THE MAY LOCKHART TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Structure, governance and management
The trust is a company limited by guarantee and has no share capital.

The company was incorporated on 13 May 2003 and received the generous bequest of the late Miss Charlotte M Lockhart on 24 December 2003.

The directors who served during the year and up to the date of signature of the financial statements were:

Dr Kenneth Fegan
Mrs Kathryn Fegan
Mr Thomas Brown
The current directors are responsible for appointment of additional or replacement directors. Any proposals or nominations are discussed at the next Board meeting and a majority decision is required.
None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.
The company is controlled by the Management Committee, being the Board of Directors, who also carry out the day to day management.

New directors are given an induction from the existing directors about the background and objects of the charity. No formal training is deemed to be required.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

The directors' report was approved by the Board of Directors.

Dr Kenneth Fegan
Mrs Kathryn Fegan
Director
Director
8 February 2024
THE MAY LOCKHART TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF THE MAY LOCKHART TRUST
- 3 -

I report on the financial statements of the trust for the year ended 31 May 2023, which are set out on pages 4 to 11.

Respective responsibilities of directors and examiner

The trust’s directors, who also act as trustees for the charitable activities of The May Lockhart Trust, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The directors consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts 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 statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks 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 I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Stephen Bargh CA, MAAT
William Duncan & Co Ltd
Chartered Accountants
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Dated: 8 February 2024
THE MAY LOCKHART TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Investments
3
3,768
2,461
Expenditure on:
Raising funds
4
263
976
Charitable activities
5
8,123
8,541
Total expenditure
8,386
9,517
Net gains/(losses) on investments
10
(6,954)
2,032
Net movement in funds
(11,572)
(5,024)
Fund balances at 1 June 2022
117,247
122,271
Fund balances at 31 May 2023
105,675
117,247

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE MAY LOCKHART TRUST
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
102,207
116,636
Current assets
Cash at bank and in hand
4,968
2,111
Creditors: amounts falling due within one year
13
(1,500)
(1,500)
Net current assets
3,468
611
Total assets less current liabilities
105,675
117,247
Income funds
Unrestricted funds
105,675
117,247
105,675
117,247

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Directors on 8 February 2024
Dr Kenneth Fegan
Mrs Kathryn Fegan
Trustee
Trustee
Company registration number SC249310
THE MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
1
Accounting policies
Charity information

The May Lockhart Trust is a private company limited by guarantee incorporated in Scotland. The registered office is St Vincent Plaza, 319 St Vincent Street, Glasgow, G2 5RZ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's memorandum and articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as issued in October 2019 for accounting period commencing from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
1.4
Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Expenditure is included on an accruals basis.

Costs of Generating funds comprises all costs and expenses considered to relate directly to achieving and maintaining the objects of The May Lockhart Trust.

Grants and donations payable are decided by the management committee and recorded on an accruals basis.

Governance costs are those costs incurred to allow the management committee to manage and organise the charity on a day to day basis, maintain quality standards, and comply with statutory obligations.

THE MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 7 -
1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 and bank loans are initially recognised at transaction price 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
3
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Income from listed investments
3,756
2,461
Interest receivable
12
-
3,768
2,461
4
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Investment management
263
976
263
976
5
Charitable activities
Assistance in charitable projects
Assistance in charitable projects
2023
2022
£
£
Grant funding of activities (see note 6)
6,123
6,718
Share of governance costs (see note 7)
2,000
1,823
8,123
8,541
THE MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
6
Grants payable
2023
2022
£
£
Grants to institutions:
West Kilbride Environmental Group
2,000
1,802
West Kilbride Community Association
1,210
230
West Kilbride Out of School Care
613
-
West Kilbride Allotment Association
-
1,000
Fence Bay Charity Band
-
586
West Kilbride Lottery
-
300
West Kilbride Community Support Group
460
1,000
Woodland Wakeup
-
1,300
West Kilbride Primary School
-
500
North Ayrshire Swimming Club
500
-
Friends of Portencross Castle
940
-
5,723
6,718
Grants to individuals
400
-
6,123
6,718
All the grants payable are in line with the objective of the charity of public healthcare, facilities for the local community and donations to charitable institutions.
7
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Accountancy

-
1,320
1,320
1,620

Legal fees

-
505
505
203

Printing & stationery

-
175
175
-
-
2,000
2,000
1,823
Analysed between
Charitable activities
-
2,000
2,000
1,823

Governance costs includes payments to the accountants of £500 (2022- £500) for examination fees

8
Directors

Mrs Kathryn Fegan received a total of £123 (2022 - £nil) in reimbursed expenses for postage costs.

 

No other directors (or any persons connected with them) received any remuneration or expenses during the year.

THE MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Revaluation of investments
(6,540)
(2,259)
Gain/(loss) on sale of investments
(414)
4,291
(6,954)
2,032
11
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 June 2022
116,636
Additions
3,836
Valuation changes
(6,312)
Disposals
(11,953)
At 31 May 2023
102,207
Carrying amount
At 31 May 2023
102,207
At 31 May 2022
116,636
Fixed asset investments revalued

The listed investments have a historical cost value of £110,778 (2022 £118,895).

THE MAY LOCKHART TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 11 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,500
1,500
14
Related party transactions

Mrs Kathryn Fegan is a director of Friends of Portencross Castle. During the year the charity issued a donation to this charity amounting to £940 (2022 £nil). The charity supports the purchase, maintenance and restoration of the castle ruin.

 

Mrs Kathryn Fegan was not involved in the decision to award any of the grants described above.

2023-05-312022-06-01falseCCH SoftwareiXBRL Review & Tag 2022.2SC2493102022-06-012023-05-31SC249310bus:Director12022-06-012023-05-31SC249310bus:CompanySecretary12022-06-012023-05-31SC249310bus:Director22022-06-012023-05-31SC2493102023-05-31SC2493102022-05-31SC2493102021-06-012022-05-31SC249310bus:FRS1022022-06-012023-05-31SC249310bus:IndependentExaminationCharity2022-06-012023-05-31SC249310bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP