THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY

Transcription

1 . ' f. 30 & 34 Reform Street Dundee, DD11RJ Tel: sw/l YP/MCL/232/1 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Accounts for the year to 30 November 2015 Scottish Charity Ref. No. SC014238

2 .. THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Date of Settlement 2 May 1986 Settlor Miss Annie Ramsay McLean Beneficiaries: Elderly persons suffering from handicap, disablement or infirmity, either physical or mental, in Tayside and Fife. Capital: To be applied at the discretion of the Trustees. Revenue: To be applied at the discretion of the Trustees. Powers of Investment: Very wide at the discretion of the Trustees. Trustees: Charity No. SC Principal Bankers: Bank of Scotland New Uberior House Earl Grey Street Edinburgh Auditors: Henderson Loggie, Chartered Accountants The Vision Building 20 Greenmarket Dundee DD14QB Investment Managers: Blackadders Wealth Management 30/34 Reform Street Dundee DD11RJ Solicitors: Blackadders LLP 30/34 Reform Street Dundee DD11RJ Page 2

3 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Report of the Trustees for the year to 30 November 2015 Structure Governance and Management Legal & Administrative Arrangements The Trustees present their annual report and accounts for the year ended 30 November This Report is prepared in accordance with the constitution of the charity and the recommendations of the Statement of Recommended Practice and Accounting and Reporting by Charities and complies with applicable law. The Trustees during the year ended 30 November 2015 were as stated on page 2. The Trustees were appointed as a consequence of certain Deeds of Assumption and Conveyance executed since the Trust was constituted. There are no restrictions on the way the body may operate, save that the Trustees must implement the objectives of the Trust. No trustees received any remuneration or expenses in the year ended 30 November are partners of Blackadders LLP which was due to receive 20, plus VAT for management and investment services for the year ended 30 November 2015 ( , plus VAT). 7, was outstanding at 30 November 2015 (2014-6,496.16). Mr Williamson is a Director and Trustee of Disabled and Carers Information Centre Association which received a donation of 3,750 from the charity. Appointment of Trustees Trustees are nominated by the then existing Trustees and their appointment confirmed by a formal Deed of Assumption. Trustee induction and training The Trustees have considered a policy on Trustee inductions and training prior to new Trustees being approached. This will include awareness of a Trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year's accounts, minutes of the Trustees' meetings and a copy of the OSCR leaflet "Guidance for Charity Trustees - acting with care and diligence", if appropriate. Training is offered to current Trustees as and when required. Organisation The Trust is administered under the supervision of the Trustees who meet regularly. The Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance and receive reports from the solicitors in connection with the recent activities of the Trust. Day to day administration is carried out by the Trust's solicitors. Risk Management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. Apart from sustained downward stock market movements, the Trustees do not believe that there are any major financial risks to which the Trust is exposed. Strategy The Trustees have pursued their strategy of making donations to locally based charities and individuals to an extent which absorbs as nearly as is practicable the whole incoming resources and continued their practice of receiving and considering annual reports from the Investment Managers on the position of the Trust's portfolio of investments. Page 3

4 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Grant Making Policy The Trust receives applications for assistance. These are considered by the Trustees and if thought suitable, grants are awarded. Reserves Policy The reserves of the Trust originate from original and subsequent capital donations together with the growth in the value of investments. On the 31 July 2014, The Sharp Fund 5C transferred all of its investments and cash to the Annie Ramsay McLean Trust for the Elderly and this is held as a restricted fund. The Trustees have adopted a reserves policy that ensures the continuing ability of the Trust to meet its objectives. Capital and Revenue balances are retained primarily to meet significant requests for financial assistance and stock market risks. The level of free reserves held at 30 November 2015 was 1,706, and the level of restricted reserves held was 216, and includes a Revenue surplus for the year of 2, Future Strategy No changes are at present envisaged in the Trust's policies as outlined above. Objectives & Organisation Structure of the Body The objectives of the Trust are to assist elderly persons suffering from handicap, disablement or infirmity, whether physical or mental in Tayside and Fife. This may be done by payment of grants, provision of services or equipment and by assisting organisations with similar objectives. In 2014, the Charity accepted funds totalling 202, from The Sharp Fund SC014685, a charity with very similar objectives, following an application to the Office of the Scottish Charity Regulator (OSCR). The scheme of reorganisation was approved by OSCRon 20 June The Trustees of The Sharp Fund SC approved that final account for their fund as at 31 July 2014 with investments and cash balances being transferred to the Annie Ramsay McLean Trust for the Elderly during the year to 30 November 2014 and held as a restricted fund. Financial Review The results are shown in the attached Statement of Financial Activities and Balance Sheet. The advice of Blackadders Wealth Management, Dundee has been taken throughout the year on investments and that advice has been accepted by the Trustees. It was noted that the value of investments was 1,784, and there was a gain of 19, for the year before investment movements. The Charity's Accounts are set out so as to comply with the Accounting and Reporting by Charities SORP 2005 approved by the Accounting Standards Board in March Auditor The auditor appointed for the current and following years is Henderson Loggie, Chartered Accountants, Dundee. So far as each Trustee is concerned there is no relevant audit information of which the auditors are unaware. Each Trustee has taken all appropriate steps to make themselves aware of such relevant information and to establish that the auditors are also aware of that information. Connected Bodies There are no bodies connected to the Trust. Approved by the Trustees and signed on their behalf by: Date: _,_Z) :_!_3 :_(_, I.e:. _ Page 4

5 THE ANNIE RAMSAY McLEAN TRUST FOR THE ElDERLY Statement of Trustees' responsibilities The Trustees are responsible for preparing the Report of the Trustees and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the charity's state of affairs for the year and of the incoming resources and application of resources for the charity for that period. In preparing these accounts the Trustees are required to: select suitable accounting policies and then apply then consistently; observe the methods and principles in the charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the deed of Trust. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5

6 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Independent auditor's report to the Trustees We have audited the accounts of The Annie Ramsay McLean Trust for the Elderly for the year ended 30 November 2015 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity's Trustees, as a body, in accordance with Section 44 (l)(c) of the Charities and Trustee Investment (Scotland) Act 2005, Regulation 10 of the Charities Accounts (Scotland) Regulations 2006(as amended) and the deed of Trust of the charity. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees' responsibilities set out on page S, the Trustees are responsible for the preparation of accounts which give a true and fair view. We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the accounts An audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Report of the Trustees to identify material inconsistencies with the audited accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on accounts In our opinion the accounts: give a true and fair view of the state of the charity's affairs as at 30 November 2013 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Page 6

7 THE ANNIE RAMSAY MclEAN TRUST FOR THE ELDERLY Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the proper accounting records have not been kept; or the accounts are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Henderson Loggie Statutory Auditor (eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006) Dundee Date: J.-g..\ Slilo. Page 7

8 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Statement of Financial Activities for the year to 30 November 2015 Restricted Unrestricted Unrestricted Fund Funds Funds Total Total Total Total Note Incoming Resources Investments and cash transferred from Sharp Fund 202, Incoming Resources from Generated Funds from Investments and deposits 5, , , , , , , , Resources Expended Charitable Activities 2 1, , , , Cost of Generating Funds 3 1, , , , Governance Costs , , , Total Resources Expended 3, , , , Net Incoming Resources 2, , , , Other recognised gains and losses Gainj(Loss) on realisation of investments ( 6,989.67) ( 6,989.67) ( 1,313.41) Net increasej(decrease) in unrealised appreciation 6 8, ( 38,952.58) ( 30,285.22) 23, , ( 45,942.25) ( 37,274.89) 22, Net Movement in funds for the year 11, ( 29,001.30) ( 17,844.43) 234, Total Funds at 30 November , ,735, ,940, ,705, Total Funds as at 30 November , ,706, ,922, ,940, Page 8

9 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Balance Sheet at 30 November 2015 Fixed Assets Investments 6 E 1,784, E 1,820, Current Assets Bank of Scotland Deposit Bank of Scotland Debtors Cash in hand Current Liabilities Due to Agents E E 50, E 144, E 74, E E E 2, E 3, E 147, E 128, E 8, E 8, Net Current Assets E 138, E 120, Total Assets LessCurrent Liabilities E 1,922, E 1,940, Unrestricted Reserves Capital Account E 1,521, E 1,567, Revenue Account E 185, E 168, Restricted Reserves E 1,706, E 1,735, Capital Account E 213, E 205, Revenue Account E 2, (E ) E 216, E 205, Approved by the Trustees and signed on their behalf by: E 1,922, E 1,940, Date: (() /3//6 Page 9

10 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Notes to the Accounts 1 Accounting policies The following accounting policies have been applied in dealing with items which are considered material in relation to the Trust's accounts Basis of Preparation The accounts have been prepared in accordance with applicable accounting standards and recommended practice under the historical cost accounting rules as modified by the revaluation of investments and include the results of the Trust's operations all of which are continuing. The Accounts have been compiled in accordance with the Statement of Recommended Practice - "Accounting and Reporting by Charities" (SORP 2005) issued March 2005 and comply with the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Rules 2006(as amended). Incoming Resources Incoming resources comprise of income from donations, investments and deposits which is included in the Statement of Financial Activities (SOFA) in the year in which it is receivable. Resources Expended and irrecoverable VAT All expenditure is included on an accruals basis and is recognised when there is legal obligation to pay for expenditure. Irrecoverable VAT is charged against the category of resources expended for which it is incurred Charitable activities include expenditure associated with grant making. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Support costs include central functions and have been allocated on a basis consistent with the use of resources. The cost of managing investments is charged against investment capital, reflecting the total return approach to investment management. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments Investment Policy Investments are included at market value. Realised gains and losses, representing the difference between sale proceeds and opening market value are dealt with in the SOFA. Unrealised gains and losses, representing the movement in the market value of investments over the financial year, or from the date of purchase if acquired during the financial year, are shown in note 6. In the case of a permanent diminution in the value of investments, provision is made in the SOFA to reduce the carrying value of the recoverable amount. Grants Grants comprise those paid in the accounting period and when applicable include grants payable in future periods where there exists a legal obligation to make such payments. Page 10

11 THE ANNIE RAMSAY McLEAN TRUST FORTHE ELDERLY 2 Charitable Activities Restricted Unrest ricted Fund Fund Total Donations made Add: Support Costs , , , , , , , , , , Cost of Generating Funds Investment Management Costs 1, , , , ======== 4 Governance Auditors remuneration , , , Managements Costs Others , , , , , ==...;;3,;,;;,1;;;,9,;;,2 ';;;,8,;,3 No Trustees received any remuneration or expenses in either of the two years ended 30th November The Trust has no employees. S Support Costs Restricted Unrestricted Restricted Unrestricted Fund Fund Fund Fund Total Total Charitable Charitable Governance Governance Auditors Remuneration , , , Management Costs , , , , Others , , , , Investments Market Value at Additions at cost Less: Disposals at carrying value Unrealised Gain/(Loss) on Revaluation Market Value at Restricted Unrestricted Fund Fund Total 186, ,633, ,820, , , , ,824, ,011, , , , ,628, ,814, , ( 38,952.58) ( 30,285.22) 195, ,589, ,784, All investments held are UK listed securities Page 11

12 THE ANNIE RAMSAY McLEAN TRUST FOR THE ElDERLY Appendix 1 from Investments and Deposits Unrestricted fund: Per attached CRESTschedules 55, Bank of Scotland 2014 Dec 18 Term Deposit account no CE Interest from 1 December 2014 to closure (net) Nov 30 Boslink account No Interest for the year (gross) Boslink account No Interest for the year (gross) , Restricted fund: Per attached CRESTschedules 5, Bank of Scotland Nov 30 Boslink account No Interest for the year (gross) Boslink account No Interest for the year (gross) , Page 12

13 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Appendix 2 Donations The charity did not undertake any activity directly but met its charitable purposes by making Grants as detailed below. Unless otherwise mentioned payments were towards general funding. Unrestricted Fund: 2014 Dec 12 Perth & Kinross Council - donation for clothes and tumble dryer for J Murdoch 2015 Mar 27 Perth Amateur Operatic Society Apr 1 Perth And Kinross Association Of Voluntary Service Limited SCOOSS61 Hearts and Minds Elderflowers Dundee Independent Advocacy Support Ltd SC Deaf Action (Tayside) (donation 2 of 3) Maggies Centre Dundee (donation 2 of 3) Dundee Blind & Partially Sighted Society (donation 2 of 3) Disabled and Carers Information Centre Association (donation 2 of 3) Jun 25 Perth & Kinross Council for new carpets for lui 16 Installation of a new shower for Deep clean of house for Others Add: Support Costs , , , , , , , , , , , , , , , Restricted Fund: 2015 ForthilI Sheltered Housing to continue their gardening project Nov 27 Brington Place Sheltered Housing for Christmas party Add: Support Costs , , Page 13

14 THE ANNIE RAMSAY MclEAN TRUST FOR THE ELDERLY Appendix 3 Administration Expenses Unrestricted Fund: May 8 Blackadders Wealth Management their half yearly fee for portfolio management 5, plus 20% 1, , , Nov 6 Blackadders Wealth Management their half yearly fee for portfolio management 5, plus 20% 1, , , McMillan Audit Ltd their fee for fixing agents business accounts and commissions for the year to date (including VAT) Blackadders LLP their fee for work in the Trust for the period of this account as fixed by McMillan Audit Ltd, Law Accountant 7, plus VAT at 20% 1, , , Henderson Loggie, Chartered Accountants, Dundee their fee for auditing account to plus VAT at 20% , , , , Restricted Fund: 2015 May 8 Blackadders Wealth Management their half yearly fee for portfolio management plus 20% Nov 6 Blackadders Wealth Management their half yearly fee for portfolio management plus 20% McMillan Audit Ltd their fee for fixing agents business accounts and commissions for the year to date (including VAT) Blackadders LLP their fee for work in the Trust for the period of this account as fixed by McMillan Audit Ltd, Law Accountant plus VAT at 20% , Henderson Loggie, Chartered Accountants, Dundee their fee for auditing account to plus VAT at 20% , , Page 14

15 THE ANNIE RAMSAY McLEAN TRUST FORTHE ELDERLY Appendix4 Realisation of Investments Unrestricted Funds: Received from Lawshare sale proceeds of Inventory value Sale Proceeds 2014 Dec 16 Invesco Perpetual UK Smaller Companies IT pic 10,510 ordinary shares of 312.5p per share 32, less commission of & PTM Levy , , % Index-linked Treasury Stock ,200 of p per 43, plus 142 days accrued interest less commission , , Temple Bar Investment Trust pic 3,480 Ordinary shares of 1176p per share 40, less commission of & PTM Levy , , Alliance Trust pic 16,015 Ordinary Shares of 458p per share 73, less PTM Levy 1.00 & commission of , , , , Loss on realisation 6, Restricted Funds: Received from Lawshare sale proceeds of 2015 Jul 24 Direct Line Insurance Group Capital Return Gain on Realisation Inventory value Sale Proceeds Page 15

16 THE ANNIE RAMSAY McLEAN TRUST FOR THE ElDERLY Appendix 5 Investments Acq.Cost/ No. of Value as at Value as at Unrestricted fund: SharesL Units , % Index-linked Treasury Stock , , , % Index-linked Treasury Stock , , Alliance Trust pic * 30, , , Bankers Investment Trust pic 5,940 37, , BlackRock Strategies Trust PLC 41,800 58, , City of London Investment Trust pic 15,645 60, , Diageo pic 2,332 44, , Edinburgh Worldwide Investment Trust pic 1,750 7, , GCP Infrastructure Investment Ltd 38,465 45, , GlaxoSmithkline pic 2,274 30, , Hammersan pic 650 3, , Henderson Far East Trust pic 19,310 54, , HSBC Holdings pic 1,950 10, , Invesco Perpetual UK Smaller Companies IT pic 10,500 40, , Invesco Perpetual Global Targeted Return NT I Ace 59, , , Invesco Perpetual Monthly Plus Z NT Inc Fund 30, , , JPMorgan Fleming American Investment Trust pic 15,600 43, , JPMorgan European Investment Trust pic 36,990 49, , Jupiter UTM Strategic Bond line Fund 27, , , Law Debenture Corporation pic 11,500 57, , Legal & General Group pic 6,800 18, , Lloyds Banking Group pic 1,728 1, , Monks Investment Trust pic 2,300 9, , M&G Investment Management Ltd Optimal Inc 12, , , Murray IT pic 8,900 61, , Murray International Trust pic 6,450 54, , Perpetual & Growth Trust pic 16,500 69, , Prudential Corporation pic 1,000 15, , Rio Tinto pic 1,425 31, , Royal Bank of Scotland Group pic 647 1, , Royal Dutch Shell pic 2,586 42, , Schroder & Growth IT pic 26,675 70, , Scottish American Investment Trust pic 21,050 54, , Smiths Group pic 767 7, , Standard Life Investments Global Abs Ret Strats PF 1 Ace 82, , , Temple Bar Investment Trust pic 3,480 37, , Teseo pic 12,000 20, , TR European Growth Trust pic * 18, , , TR European Growth Trust pic warrants TR Property Investment Trust pic 6,700 19, , Unilever pic , , ,589, ,628, Unrealised Loss on Investment Assets 38, ,628, ,628, * denotes those investments that represent more than 5% of the portfolio. Page 16

17 THE ANNIE RAMSAY McLEAN TRUST FOR THE ELDERLY Appendix 6 Investments Restricted fund: No. of Value as at Value as at Shares/ Units Aviva Investors UK US Equity Fund - Units 6,550 9, , BHP Billiton pic - ordinary shares of USSO , , Blackrock Asset Man UK Ltd - Eur Dynamic D Units 2, , , Brown Advisory Funds US Equity Growth - units , , Deutsche Telekom AG - NPV (regd) 550 6, , Direct Line Insurance Group - ordinary shares of 10 10/11p 1,283 5, , F&C Fund Management Ltd - units 5,400 5, , FirstGroup pic - ordinary shares of 5p GlaxoSmithKline pic - ordinary shares of 25p 180 2, , Henderson Global Investors - Preference Bond Units 13, , , JPMorgan Assets Management Ltd - Equity C Shares 6, , , Jupiter UT Managers Japan Fund - units 6,450 5, , Kames Capital pic - units 13,200 4, , Legg Mason IF Royce US Smaller Co's X Fund Ace - units 3,250 4, , Mercantile Investment Trust pic - ordinary shares of 25p 500 8, , Murray Trust pic - ordinary shares of 25p 1,950 13, , National Grid pic - ordinary shares of p 445 4, , New City High Yield Trust pic - ordinary shares NPV 16,000 9, , Pimco Funds Global Investors Series - Total Return Bond Fund 745 7, , Royal Dutch Shell pic - "B" ordinary shares of EURO , , J. Sainsbury pic - ordinary shares of 28 4/7p 1,706 4, , Schroder Oriental - ordinary shares of lp 4,200 7, , Scottish Mortgage & Trust pic - ordinary shares of 5p 5,000 13, , Smiths Group pic - ordinary shares of 37.5p 390 4, , South32 Ltd - ordinary NPV shares SSE pic - ordinary shares of SOp 150 2, , Standard Life Equity Fund pic - ordinary shares of 25p 2,600 11, , Standard Life Equity Fund pic - subscription shares Standard Life Investment Global ABS Return - units 4,500 3, , Vodafone pic - ordinary shares of SO.20 20/21 1,309 2, , , , Unrealised Gain on Investment Assets 8, , , * denotes those investments that represent more than 5% of the portfolio. Page 17

18 THE ANNIE RAMSAY McLEAN TRUST FOR THE ElDERLY APPENDIX 7 Assets Acquired Unrestricted fund: 2014 Dec 16 GCP Infrastructure Investment Ltd 38,465 Ordinary Shares of p per share 46, plus commission of & PTM Levy Invesco Perpetual Monthly Plus Z NT Inc Fund 21, p per unit 47, plus commission of less equalisation of Invesco Perpetual Global Targeted Return NT I Acc 42, p per unit 47, plus commission of plus accumulated income Standard life Investments Global Abs Ret Strats PF1 Ace 82, p per unit 47, plus commission of plus accumulated income Purchase Price 47, , , , Feb Reorganisations: 27 British Assets Trust pic Change of name to BlackRock Strategies Trust PLCwith no other changes to the holding. 190, Restricted fund: Accumulated per Crest income statement attached Legg Mason Inv IF Royce US Smaller Cos X NT Acc Standard life Investments Global Abs Ret Strats I NT Acc May Reorgansiations: 18 BHP Billiton pic Demerger by way of a special distribution of shares on a one for one basis in a new global metals and mining company, South32 Ltd. Market Value (London): South32 Ltd. Ordo NPV, 112p. No change in overall value BHP Billiton pic Ordinary shares of $0.50 South32 Ltd NPV CDl's Value of BHP Billiton , , Jun 29 Legg Mason Investment Funds US Smaller Companies Change of name to Legg Mason IF Royce USSmaller Co's X Fund Acc with no other changes to the holding. 30 Direct line Insurance Group Capital return via a special dividend of 27.5p per share on 1,400 shares Capital return was accompanied by a consolidation of every 12 Ordinary Shares of lop into 11 Ordinary Shares of 10 10/11p. Fractions were aggregated and sold with net proceeds distributed pro rata save for amounts less than 3 which were donated to charity. Page 18

19 .... Annie McLean Elderly Trust Statement from to Reported in Report as at 10 December Date Stock Name Type Gross Equalisation Tax Credit Net UK Share Dividends 10/12/2014 HSBC Holdings Pic Ord $0.50 (Uk Reg) /12/ /12/2014 Unilever Pic Ord 3 1/9p Tesco Pic Ord 5p /12/ /12/ /12/ /12/ /01/2015 Scottish American IT Pic Ord 25p Royal Dutch Shell Pic 'B' EURO.07 (Uk) Perpetual Inc & Growth IT Pic Ord 10p Alliance Trust IT Pic Ord 2.5p TR Property IT Pic Ord 25p , , /01/ /01/2015 GlaxoSmithKline Pic Ord 25p Murray IT Pic Ord 25p /01/ /01/ /01/ /01/ /02/ /02/ /02/2015 JPMorgan Euro IT Pic 2.5p Blackrock Strategies IT Pic Ord 25p Monks IT Pic Ord 5p Schroder Growth IT Pic Ord 10p Edinburgh Worldwide IT Pic Ord 5p Murray Int'IIT Pic Ord 25p GCP Infrastructure Invs LId IT Ord 1p(Gross) /02/ /02/ /02/ /03/ /03/2015 Bankers IT Pic Ord 25p City of London IT Pic Ord 25p Hend Far East Inc IT Pic Ord NPV(Gross) Unilever Pic Ord 3 1/9p Royal Dutch Shell Pic 'B' EURO.07 (Uk) /03/ /03/ /03/2015 Perpetual Inc & Growth IT Pic Ord 10p Temple Bar IT Pic Ord 25p Alliance Trust IT Pic Ord 2.5p /04/ /04/ /04/2015 Murray IT Pic Ord 25p Diageo Pic Ord /108p Rio Tinto Pic Ord 10p , , /04/ /04/ /04/ /04/ /04/ /04/2015 GlaxoSmithKline Pic Ord 25p Blackrock Strategies IT Pic Ord 25p Scottish American IT Pic Ord 25p JPMorgan Euro IT Pic 2.5p Law Debs Corp Pic IT Ord 5p Hammersan Pic Ord 25p (REIT) , , /04/2015 Hammersan Pic Ord 25p (REIT) /04/2015 Smiths Group Pic Ord 37.5p /04/2015 HSBC Holdings Pic Ord $0.50 (Uk Reg) /04/2015 Schroder Growth IT Pic Ord 10p /05/2015 Murray Int'I IT Pic Ord 25p 1, /05/2015 JPMorgan American IT Pic Ord 5p /05/2015 Lloyds Banking Group Pic Ord 10p /05/2015 Prudential Pic Ord 5p /05/2015 GCP Infrastructure Invs LId IT Ord 1p(Gross) /05/2015 Bankers IT Pic Ord 25p /05/ /05/ /06/2015 City of London IT Pic Ord 25p Hend Far East Inc IT Pic Ord NPV(Gross) Unilever Pic Ord 3 1/9p /06/2015 Legal & General Group Pic Ord 2.5p Page 19

20 ., '" 05/06/ /06/ /06/ /06/2015 Inv Perp Uk Smaller Co's IT Pic 20p Royal Dutch Shell Pic 'B' EURO 07 (Uk) Scottish American IT Pic Ord 25p Perpetual Inc & Growth IT Pic Ord 10p 1, , , /06/2015 Temple Bar IT Pic Ord 25p /06/2015 Alliance Trust IT Pic Ord 2.5p 1, , /07/2015 Murray IT Pic Ord 25p /07/2015 HSBC Holdings Pic Ord $0.50 (Uk Reg) /07/2015 GlaxoSmithKline Pic Ord 25p /07/2015 Blackrock Strategies IT Pic Ord 25p /07/2015 jpmorgan Euro IT Pic 2.5p /07/ /08/2015 Schroder Growth IT Pic Ord 10p TR Property IT Pic Ord 25p /08/2015 Monks IT Pic Ord 5p /08/2015 Murray In!'IIT Pic Ord 25p /08/2015 GCP Infrastructure Invs Ltd IT Ord 1p(Gross) /08/2015 Bankers IT Pic Ord 25p /08/2015 City of London IT Pic Ord 25p /08/2015 Hend Far East Inc IT Pic Ord NPV(Gross) /09/2015 Unilever Pic Ord 3 1/9p /09/2015 Rio Tinto Pic Ord 10p 1, /09/2015 Law Debs Corp Pic IT Ord 5p /09/2015 Inv Perp Uk Smaller Co's IT Pic 20p /09/2015 Legal & General Group Pic Ord 2.5p /09/2015 Royal Dutch Shell Pic 'B' EURO.07 (Uk) /09/2015 Prudential Pic Ord 5p /09/2015 Scottish American IT Pic Ord 25p /09/2015 Lloyds Banking Group Pic Ord 10p /09/2015 Temple Bar IT Pic Ord 25p /09/2015 Perpetual Inc & Growth IT Pic Ord 10p /09/2015 Alliance Trust IT Pic Ord 2.5p /10/2015 Hammersan Pic Ord 25p (REIT) /10/2015 GlaxoSmithKline Pic Ord 25p /10/2015 HSBC Holdings Pic Ord $0.50 (Uk Reg) /10/2015 Diageo Pic Ord l108p /10/2015 Blackrock Strategies IT Pic Ord 25p /10/2015 jpmorgan Euro IT Pic 2.5p /10/2015 jpmorgan American IT Pic Ord 5p /10/2015 Murray IT Pic Ord 25p 1, /10/2015 Schroder Growth IT Pic Ord 10p 1, , /11/2015 Murray In!'1IT Pic Ord 25p /11/2015 Smiths Group Pic Ord 37.5p /11/2015 TR European Growth IT Pic Ord 12.5p 1, , /11/2015 GCP Infrastructure Invs Ltd IT Ord 1p(Gross) /11/2015 Bankers IT Pic Ord 25p /11/2015 City of London IT Pic Ord 25p /11/2015 Hend Far East Inc IT Pic Ord NPV(Gross) , , , UK Gilt/Bond Interest Payments 19/01/2015 Treasury 2.5% l/l 17/07/ /04/2015 Treasury 2.5% l/l 16/04/ /07/2015 Treasury 2.5% l/l 17/07/ Page 20

21 16/10/2015 Treasury 2.5% l/l 16/04/ Plan 31/12/2014 Jupiter UTM Strategic Bond I NT Inc /12/2014 Invesco Perpetual Monthly Inc Plus Z NT Inc /01/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /02/2015 Invesco Perpetual Global Targeted Rets I NT Ace Ace /02/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /03/2015 Jupiter UTM Strategic Bond I NT Inc /03/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /04/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /05/2015 M&G Group Optimal I NT Inc /05/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /05/2015 Standard Life Inv Global Abs Ret Strats PF1 NT Ace Ace /06/2015 Jupiter UTM Strategic Bond I NT Inc /06/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /07/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /08/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /09/2015 Jupiter UTM Strategic Bond I NT Inc /09/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /10/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc /11/2015 M&G Group Optimal I NT Inc /11/2015 Invesco Perpetual Monthly Inc Plus Z NT Inc , , , , , Page 21

22 Annie McLean Elderly Trust (Sharp Investments) Statement from to Reported in Report as at 10 December Date Stock Name Type Gross Equalisation Tax Credit Net UK Share Dividends 05/12/2014 Scottish Mortgage IT Pic Ord 5p /12/2014 Stan Life Equity Inc IT Pic Ord 25p ,40 22/12/2014 Royal Dutch Shell Pic 'B' EURO.07 (Uk) /01/2015 Sainsbury (J) Pic Ord 28 4/7p /01/2015 National Grid Pic Ord 11 17/43p ,46 08/01/2015 GlaxoSmithKline Pic Ord 25p /01/2015 Murray IT Pic Ord 25p /01/2015 Schroder Oriental Inc IT Pic Ord 1p (Gross) /02/2015 Mercantile IT Pic Ord 25p , /02/2015 Vodafone Grp Pic Ord $ / /02/2015 COS New City High Yield IT Pic Ord NPV (Gross) /03/2015 Royal Dutch Shell Pic 'B' EURO 07 (Uk) /03/2015 SSE Pic Ord 50p , /03/2015 Stan Life Equity Inc IT Pic Ord 25p 92, /03/2015 BHP Billiton Pic Ord $ , /04/2015 Murray IT Pic Ord 25p /04/2015 GlaxoSmithKline Pic Ord 25p ,40 17/04/2015 Direct Line Ins Grp Pic Ord 10p /04/2015 Smiths Group Pic Ord 37.5p /04/2015 Schroder Oriental Inc IT Pic Ord 1p (Gross) /05/2015 Mercantile IT Pic Ord 25p 94,44 9, /05/2015 COS New City High Yield IT Pic Ord NPV (Gross) /06/2015 Royal Dutch Shell Pic 'B' EURO 07 (Uk) /06/2015 Stan Life Equity Inc IT Pic Ord 25p ,40 03/07/2015 Murray IT Pic Ord 25p /07/2015 Scottish Mortgage IT Pic Ord 5p /07/2015 GlaxoSmithKline Pic Ord 25p /07/2015 Sainsbury (J) Pic Ord 28 4/7p 155, /07/2015 Mercantile IT Pic Ord 25p /07/2015 Schroder Oriental Inc IT Pic Ord 1p (Gross) /08/2015 National Grid Pic Ord 11 17/43p /08/2015 Vodafone Grp Pic Ord $ / /08/2015 COS New City High Yield IT Pic Ord NPV (Gross) /09/2015 Direct Line Ins Group Pic Ord 10 10/11p /09/2015 SSE Pic Ord 50p /09/2015 Royal Dutch Shell Pic 'B' EURO.07 (Uk) /09/2015 Stan Life Equity Inc IT Pic Ord 25p AO 29/09/2015 BHP Billiton Pic Ord $ /10/2015 GlaxoSmithKline Pic Ord 25p /10/2015 Murray IT Pic Ord 25p /11/2015 Mercantile IT Pic Ord 25p /11/2015 Smiths Group Pic Ord 37.5p /11/2015 COS New City High Yield IT Pic Ord NPV (Gross) , , Page 22

23 Overseas Share/Fund Dividends 17/06/2015 Deutsche Telekom AG NPV - German line Plan 31/12/2014 Pimco Globallnv Series Pic Total Ret Bond Inc Hedged Gr I NT Inc /12/2014 Kames Capital Sterling Corp Bond B I NT Inc /01/2015 Aviva US Equity 2 NT Inc /01/2015 JP Morgan US Equity C NT Inc /02/2015 Henderson Global Investors Preis & Bond I NT Inc /03/2015 Jupiter UTM Japan I NT Inc /03/2015 Pimco Global Inv Series Pic Total Ret Bond Inc Hedged Gr I NT Inc /03/2015 Kames Capital Sterling Corp Bond B I NT Inc /04/2015 Aviva US Equity 2 NT Inc /04/2015 BlackRock European Dynamic D NT Inc /04/2015 Legg Mason Inv IF Royce US Smaller Cos X NT Acc Acc /04/2015 F&C Fund Management UK Property 2 NT Inc /04/2015 JP Morgan US Equity C NT Inc /05/2015 Henderson Global Investors Preis & Bond I NT Inc /05/2015 Standard Lile Investments Global Abs Ret Strats I NT Acc Acc /06/2015 Pimco Globallnv Series Pic Total Ret Bond Inc Hedged Gr I NT Inc /06/2015 Kames Capital Sterling Corp Bond B I NT Inc /07/2015 Aviva US Equity 2 NT Inc /07/2015 JP Morgan US Equity C NT Inc /08/2015 Henderson Global Investors Preis & Bond I NT Inc /09/2015 Jupiter UTM Japan I NT Inc /09/2015 Pimco Globallnv Series Pic Total Ret Bond Inc Hedged Gr I NT Inc /09/2015 Kames Capital Sterling Corp Bond B I NT Inc /10/2015 Aviva US Equity 2 NT Inc /10/2015 F&C Fund Management UK Property 2 NT Inc /10/2015 JP Morgan US Equity C NT Inc /11/2015 Henderson Global Investors Preis & Bond I NT Inc , , , , Page 23