The trustees present their annual report and financial statements for the period ended 30 November 2025.
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 governing document, the Companies Act 2006 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 amended for accounting periods commencing from 1 January 2016)
The M M Wyllie Charitable Trust is a company limited by guarantee, constituted under the terms of a Memorandum of Association dated 4 July 2017 and Articles of Association dated 4 July 2017. The Trust is a registered Charity (no 1174068).
The trust's objects are specifically restricted to the following:
The advancement of amateur sport with particular regard to sailing and to relieve those in need by reason of youth, age, ill health, disability and financial hardship or other disadvantage.
The trustees review the objectives of the trust at every trustee meeting.
The trustees delegate to Alan Proctor the day to day clerical management of its affairs. It is envisaged trustees will meet at least twice a year to review performance and approve appropriate distributions within the aims and objectives of the trust. It is envisaged that grants will only be made to registered charities with up-to-date registered accounts and whose objectives coincide with their own. It is envisaged that no fund raising activities will be undertaken.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Public benefit
The trustees have had regard to guidance contained in the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
In particular the trustees consider how planned activities will contribute to the charity's aims and the objectives set.
They consider that they have complied with their duty under section 17(5) of the Charities Act 2011.
For review when charitable disbursements are made. The Trust has disbursed a further £107,136 of grants during the year. With all funds now dispersed the Trustees are tkaing steps to close the Trust.
The financial position at the end of the reporting period is considered satisfactory.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trust is a company limited by guarantee of the members. Members are required to contribute £10 each if the company is wound up while they are a member or within twelve months of them having been a member.
The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:
The trust has distributed all funds within the period, after which the Trustees will take steps to close the charity.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The M M Wyllie Charitable Trust for the period ended 30 November 2025, set out on pages to 10 from the charity’s accounting records and from information and explanations you have given us.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 13 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of The M M Wyllie Charitable Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The M M Wyllie Charitable Trust and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that The M M Wyllie Charitable Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The M M Wyllie Charitable Trust. You consider that The M M Wyllie Charitable Trust is exempt from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The M M Wyllie Charitable Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Investment income
Other expenditure
The statement of financial activities includes all gains and losses recognised in the period.
The M M Wyllie Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 28 Middlebridge Street, Romsey, Hampshire, SO51 8HL, United Kingdom.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 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 amended for accounting periods commencing from 1 January 2016). 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving, the trustees are taking steps to close the company.
Unrestricted funds are available for use at the discretion of the trustees 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 financial statements.
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.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is included on an accruals basis. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Charitable expenditure includes grants payable in furtherance of the charitable objectives of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs such as legal, professional and accounting fees are also included within this heading.
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, 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, 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.
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.
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
In the application of the trust’s accounting policies, the trustees 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.
There are no critical accounting estimates or judgements included in these accounts.
Investment income
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the period.
The average monthly number of employees during the period was:
Other expenditure
Accountancy
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.
These are unrestricted funds which are material to the trust's activities made up as follows:
Incoming resources
Resources expended
Revaluations, gains and losses
Unrestricted funds are made up of donations and legacies of which the trust has yet to designate to beneficiaries.
Unrestricted funds
Unrestricted funds
There were no disclosable related party transactions during the period.