Gordon Fraser Charitable Trust (Registered Charity Number: 260869) (Registered in England & Wales)
Dated 11 March 1966
## Accounts
for the year ended 31 January 2025
## Gordon Fraser Charitable Trust Dated 11 March 1966
## Trustees’ Annual Report for the year ended 31 January 2025
The trustees present their annual report and financial statements of the charity for the year ended 31 January 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 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 published in October 2019.
Objectives and grant making policies:
The trust is an unincorporated trust, constituted under a trust deed dated 11 March 1966 to make grants out of its income and/or capital at the trustees’ absolute discretion who shall pay, apply or appropriate the whole or any part thereon at any time and in any manner for such purposes or objectives which are recognised by law as good charitable purposes, organisations or objects. The trustees however limit distributions to organisations registered with the Office of the Scottish Charity Regulator and organisations registered with the Charity Commission in the rest of the UK. The trustees generally favour charities operating in Scotland but not to the exclusion of charities operating solely in England and/or Wales and/or Northern Ireland. They favour organisations involved with the performing arts, particularly if children and young people are involved and also if the disabled are involved. They also favour organisations set up to further the visual arts and museums. They support small medical charities and environmental charities including support of the built environment. The trust’s grant-making policy was unchanged during the year.
All applications are sent to an assessor, who is responsible for the day to day management of the trust and with whom the trustees consult with as regularly as required and, in particular, at the time of the quarterly distributions. The trustees rarely make donations to the same charity more than once in the same year and a donation rarely exceeds £20,000 or is less than £100 although there are no minimum or maximum amounts for donations. The trustees agree the broad strategy in relation to the future grant making policies, investment, reserve and risk management. The progress of the trust accorded with expectations and the position at the year end is regarded as satisfactory. The trustees will continue with their grant making policy to meet the trust’s objective.
- Achievements and performance:
- During the year ended 31 January 2025 the trustees met the trust’s objectives by making grants totalling £160,000 as shown on pages 13, 14 and 15. The trustees plan for the future is to continue their grant making policy thus assisting the charities in fulfilling their objectives.
Financial review:
- Total income was £94,024.26 (2024: £89,338) with expenditure amounting to £224,544.44 (2024: £229,125). Net assets at the end of the year were £4,594,969.32 (2024: £4,236,111). At the year end the market value of investments held was £4,503,059.77 (2024: £4,130,920) as detailed in note 7.
- Investment policy:
- The trustees have wide powers of investment and are subject to no specific restrictions in the governing document. The investment objective is to generate the optimum amount of income for distribution whilst at the same time investing for capital growth.
Page 1
## Gordon Fraser Charitable Trust Dated 11 March 1966
## Trustees’ Annual Report for the year ended 31 January 2025 (continued)
Investment policy (continued):
The investment managers have discretion in respect of choices of stocks and timing of purchases and sales. They collect income, claim tax repayments and report quarterly. The trustees consider the quarterly reports and comment if necessary. During the year to 31 January 2025, the trustees had a meeting with the investment managers to discuss the state of the market and trust investments and were satisfied with their performance. Their practice is to have a meeting at least annually with the fund manager.
Public benefit: The objects of the trust (see above) are clearly of public benefit both directly and indirectly and due regard has been paid to the public benefit guidance published by the Charity Commission. Reserves: The policy of the trustees is to distribute all the income as it arises and not to accumulate reserves. They use their discretion to distribute relatively small sums from capital on a regular basis. Risk management: The trustees have assessed the major risks to which the charity is exposed and are satisfied they are not exposed to any significant risks, other than the fluctuation in the value of their investment portfolio and a fall in investment income. They have delegated the management of the portfolio to professionals and regularly review their performance. Plans for the future: The trustees plan for the future is to continue their grant making policy thus assisting the charities in fulfilling their objectives. The trustees aim to utilise the unrestricted and endowment funds to achieve this objective.
## Structure, Governance and Management
Settlor: Gordon Fraser Name of the Charity: Gordon Fraser Charitable Trust
The principal governing document is a Settlement dated 11 March 1966. The Trust is a private charitable trust controlled by its trustees.
The power of appointing new trustees is vested in the current trustees following the death of the settlor. Trustees are recruited by invitation from people that have become known to the Trust through its activities and have shown that they possess the interest and skills required to make a contribution to the fulfilment of the Trust’s objectives. The trustees are encouraged to receive the appropriate training dependant on their qualifications and experience.
Charity registration number: 260869 (Registered in England & Wales)
## Reference and administrative information
Trustees:
Margaret Alice Moss Sarah Frances Moss Susannah Clare Rae Alexander Robert Fraser Moss Alison Frances Elizabeth Priestley
Page 2
Gordon Fraser Charitable Trust Dated 11 March 1966
## Trustees’ Annual Report for the year ended 31 January 2025 (continued)
## Reference and administrative information (continued)
Principal office: Gaidrew Farm Drymen Glasgow G63 0DN Accountants: Mercer & Hole Trustees Limited 72 London Road St Albans, Herts AL1 1NS Independent Examiner: Steve Robinson FCA Mercer & Hole LLP, Chartered Accountants & Registered Auditors 72 London Road, St Albans, Herts AL1 1NS
Bankers & Investment managers: Brooks Macdonald Hobart House 80 Hanover Square Edinburgh EH2 1EL
## Statement of Trustees’ responsibility
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
Page 3
Gordon Fraser Charitable Trust Dated 11 March 1966
## Trustees’ Annual Report for the year ended 31 January 2025 (continued)
## Statement of Trustees’ responsibility (continued)
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
………………………………………… Signed on behalf of the trustees Date: ...................................................
Page 4
## Independent Examiner’s Report to the Trustees of Gordon Fraser Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 January 2025 which are set out on pages 1 to 15.
## Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Steve Robinson FCA Mercer & Hole LLP 72 London Road St Albans Herts AL1 1NS
Date:
Page 5
Gordon Fraser Charitable Trust Dated 11 March 1966
## Statement of Financial Activities
for the year ended 31 January 2025
|Notes
Income and endowments from
Investment income
3
Tax recoverable on investment income
8
Tax repayment supplement
Total income and endowments
Expenditure on
Costs of raising funds
Investment management costs
4
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
7
Net Income/(expenditure)
Transferred from endowment for
distribution
6
Net Movement in Funds
Reconciliation of funds
Total funds brought forward
11
Total funds carried forward|Expendable
Endowment
Funds
£
-
-
-
-
23,990.63
-
23,990.63
489,378.82
465,388.19
(106,529.55)
358,858.64
4,236,110.68
4,594,969.32|Unrestricted
Income
Funds
£
92,888.65
1,129.63
5.98
94,024.26
-
200,553.81
200,553.81
-
( 106,529.55)
106,529.55
-
-
-|2025
2024
Total
Total
£
£
92,888.65
88,141
1,129.63
1,194
5.98
3
94,024.26
89,338
23,990.63
22,229
200,553.81
206,896
224,544.44
229,125
489,378.82
165,343
358,858.64
25,556
-
-
358,858.64
25,556
4,236,110.68
4,210,555
4,594,969.32
4,236,111|
|---|---|---|---|
Page 6
Gordon Fraser Charitable Trust Dated 11 March 1966
## Balance sheet
31 January 2025
|Notes
Fixed assets
Listed investments at market value
7
Total fixed assets
Current assets
Income tax recoverable
8
Balance with bank
Balance with investment managers
Current liabilities
Amount falling due within one year
9
Net current assets
Total net assets
The funds of the charity
Expendable endowment funds
11
Unrestricted income funds|2025
2024
£
£
£
£
4,503,059.77
4,130,920
4,503,059.77
4,130,920
1,129.63
1,194
23,234.38
22,238
84,105.54
85,239
108,469.55
108,671
16,560.00
3,480
16,560.00
3,480
91,909.55
105,191
4,594,969.32
4,236,111
4,594,969.32
4,236,111
-
-
4,594,969.32
4,236,111|
|---|---|
Approved by the trustees on ............................... and signed on their behalf by ............................................... (Trustee).
Page 7
Gordon Fraser Charitable Trust Dated 11 March 1966
## Notes to the Accounts
for the year ended 31 January 2025
1. Accounting policies
## a) Basis of preparation
The Gordon Fraser Charitable Trust is a charity registered in England and Wales. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are set out on page 1.
The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
These financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pence in the current year and £ in the prior year.
## b) Going concern
The financial statements are prepared on the going concern basis. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts. They have also considered the effects of market volatility in recent years and are happy that the investments remain appropriate. If the income becomes depleted in the coming year, the trustees will consider reducing their grants accordingly.
## c) Funds Structure
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required.
Unrestricted funds represent the income arising from the endowment, and the trustees aim to expend the income for charitable purposes within a reasonable period of receipt.
## d) Income recognition
All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability.
Dividend income and interest from investment managers are received gross and shown gross.
Page 8
Gordon Fraser Charitable Trust Dated 11 March 1966
## Notes to the Accounts
## for the year ended 31 January 2025
## e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
The trustees do not employ fundraisers and therefore the only cost of generating funds are the fees payable to the fund managers for the management and holding of the investments which produce the bulk of the charity's income.
The administration costs are split into two categories (see note 5).
The assessor's expenses relate to payments made for assistance the trustees received in sorting out appeal letters prior to their meetings.
During the year, the grants were paid in April, September, November and January to third parties in the furtherance of the charitable objectives of the Trust and included on a payment basis.
No remuneration has been paid to the trustees and they have not incurred any expenses during the year.
No staff are employed by the charity but the trustees pay fees to an assessor which, together with expenses, are included in the governance costs shown in note 5.
## f) Charitable activities
Costs of charitable activities include grants made, governance costs and administration costs in the pursuit of the charitable objects of the Trust.
## g) Cash at bank
Cash at bank is held to meet the day to day running costs of the charity as they fall due.
## h) Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.
## i) Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
## j) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Page 9
Gordon Fraser Charitable Trust Dated 11 March 1966
## Notes to the Accounts
## for the year ended 31 January 2025
## k) Realised gains and losses
Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 31 January 2024 or
Unrealised gains represent the difference in market value at 31 January 2025 as compared with the market value at 31 January 2024 or subsequent cost.
## 2. Related party transactions and trustees’ expenses and remuneration
The charity’s trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees' remuneration and re-imbursed costs were £nil (2024: £nil). There were no related party transactions in the year (2024: £nil).
## 3. Investment income
||||
|---|---|---|
|3. Investment income
Dividends
Deposit interest
4. Cost of raising funds
Investment management costs
Investment management charges|2025
£
90,769.77
2,118.88
92,888.65
2025
£
23,990.63|2024
£
87,135
1,006|
|||88,141|
|||2024
£
22,229|
The investment management costs are all attributable to the endowment funds.
## 5. Charitable activities
|Charitable activities
Charitable activities
The breakdown of charitable activities is as follow:
Grants - see pages 13, 14 and 15|2025
2024
£
£
200,553.81
206,896
2025
2024
£
£
160,000.00
170,000|
|---|---|
The charity undertakes its charitable activities through grant making and awarded grants to 98 institutions of various categories in furtherance of its charitable activities.
Analysis of charitable expenditure :
|Governance costs
Unrestricted income funds
Accountant's charges
Independent examination fees
Assessor's fees
Bank charges|2025
2024
£
£
14,288.00
9,606
2,272.00
2,184
23,524.61
24,573
12.60
14
40,097.21
36,377|
|---|---|
Page 10
Gordon Fraser Charitable Trust Dated 11 March 1966
## Notes to the Accounts
for the year ended 31 January 2025
|5. Charitable activities continued
Administration costs
Website charges
Stationery costs
Total Charitable activities|2025
2024
£
£
319.80
392
136.80
127
456.60
519
200,553.81
206,896|
|---|---|
## 6. Transfers between funds
The trustees have transferred £106,529.55 (2024 : £117,558) from the expendable endowment to cover the deficit, which they have agreed in accordance with the Charity's policy.
|7. Fixed asset investments
Market value at 31 January 2024
Additions
Disposals
Net realised and unrealised investment gains/(losses)
Accumulated dividends
Market value at 31 January 2025
Historical cost at 31 January 2025
8. Income tax recoverable
Balance at 1 February 2024
Received during the year
Tax recoverable on investment income
9. Liabilities: Amount falling due within one year
Accountancy fees
Independent examination fees
10. Control
The trust is controlled by the trustees.
11. Analysis of net assets between funds
Fixed
Assets
Expendable Endowment Funds
4,503,059.77
Unrestricted Funds
91,909.55
4,594,969.32|Net Current
Assets
£
-
-
-|2025
2024
£
£
4,130,919.96
4,147,855
514,043.89
549,665
( 634,042.37)
( 735,173)
489,378.82
165,343
2,759.47
3,230
4,503,059.77
4,130,920
3,432,124
3,476,963
2025
2024
£
£
1,194.04
1,137
(1,194.04)
(1,137)
-
-
1,129.63
1,194
1,129.63
1,194
2025
2024
£
£
14,288.00
3,480
2,272.00
-
16,560.00
3,480
2025
2024
Total
Total
£
£
4,503,059.77
4,130,920
91,909.55
105,191
4,594,969.32
4,236,111|
|---|---|---|
Page 11
Gordon Fraser Charitable Trust Dated 11 March 1966
## Notes to the Accounts
for the year ended 31 January 2025
12. Comparative fund split
|Comparative fund split|||
|---|---|---|
|Notes
Income and endowments from
Investment income
3
Tax recoverable on investment income
8
Tax repayment supplement
Total income and endowments
Expenditure on
Costs of raising funds
Investment management costs
4
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
7
Net Income/(expenditure)
Transferred from endowment for
distribution
Net Movement in Funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward|Expendable
Unrestricted
Endowment
Income
Funds
Funds
2024
2024
£
£
-
88,141
-
1,194
-
3
-
89,338
22,229
-
-
206,896
22,229
206,896
165,343
-
143,114
( 117,558)
(117,558)
117,558
25,556
-
4,210,555
-
4,236,111
-|Total
Funds
2024
£
88,141
1,194
3|
|||89,338|
|||22,229
206,896|
|||229,125|
|||165,343|
|||25,556
-|
|||25,556
4,210,555|
|||4,236,111|
Page 12
Gordon Fraser Charitable Trust Dated 11 March 1966
## Charitable Donations
for the year ended 31 January 2025
|3D Drumchapel
Aberdeen Day Project t/a The Bread Maker
AFK, Action for Kids
Artlink Central Limited
Aryshire Cancer Support
Ayr Sea Cadets & Royal Marines Cadets
Barnardo's
Beatson Cancer Charity
Benedetti Foundation
Bervie Kids Club (SCIO)
Bethany Christian Trust
Bluevale Community Club
Borders Youth Theatre
Branch Out Together (Lothian Autistic Society)
Calum's Cabin
Camphill Rudolf Steiner Schools Ltd
Canongate Youth Project
Care for Carers
Carers of West Lothian
Cetacean Research & Rescue Unit
Children 1st
Children's Classic Concerts
Community Food Initiatives North East
Corbenic Camphill Community
Disability Snowsport UK
Down's Syndrome Scotland
Dream Holidays
Drymen Village Hall
Dundee Contemporary Arts
Dundee Industrial Heritage Ltd
Dundee Sea Cadets
Dundee Women's Aid
Dystonia UK
English Heritage
EPIC
Falkirk Archives, Falkirk Council
Families First
Friends of Ashton
Getting Better Together
Glasgow Wood Recycling
Handicapped Children's Action Group
Home-Start Aberdeen
Home-Start Clackmannanshire
InterAct Stroke Support
Interloch Transport
Islay and Jura Community Enterprises Ltd|£
1,500.00
2,000.00
1,500.00
4,500.00
1,300.00
1,000.00
1,500.00
1,000.00
1,600.00
1,000.00
3,000.00
2,000.00
1,500.00
1,000.00
1,000.00
1,000.00
1,000.00
1,200.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
2,000.00
1,650.00
1,000.00
1,000.00
1,500.00
1,500.00
2,500.00
1,675.00
1,500.00
500.00
1,000.00
1,400.00
1,200.00
2,000.00
500.00
1,000.00
2,000.00
1,200.00
1,500.00
1,000.00
1,150.00
1,500.00
1,500.00|
|---|---|
||65,375.00|
Page 13
Gordon Fraser Charitable Trust Dated 11 March 1966
## Charitable Donations
for the year ended 31 January 2025
|ar ended 31 January 2025||
|---|---|
|Brought forward
Junction 12
Kilmelford and Kilninver Community SCIO
Kinship Care Midlothian SCIO
Leukaemia Care
Living Paintings Trust
Love Music Productions
Lyra
Magic Breakfast
Megan's Space
Mummy's Star
Music4U
Nairn Book and Arts Festival
New Start Highland
Nordoff-Robbins Music Therapy in Scotland
OPA Cancer
Out of the Blue Arts and Education Trust
Paisley Museum and Art Gallery
Perth Choral Society
Perth Festival of the Arts
Playlist for Life
React
Reeltime Music
Re-engage
River Kids SCIO
Rock UK Adventure Centres Ltd
Royal Scottish National Orchestra
Scottish Ballet
Scottish Chamber Orchestra
Scottish Curling Trust
Scottish Jewish Heritage Centre
Scottish Opera
Scouts Scotland
Seamab Learning and Care Services
Sistema Scotland
SSAFA, the Armed Forces Charity
St Mary's Episcopal Church, Aberfoyle
Street Connect
Tailor Ed Foundation
The Aberlour Child Care Trust
The Edinburgh International Festival Society
The Green Team
The National Youth Choir of Scotland|£
65,375.00
1,000.00
1,500.00
1,000.00
1,200.00
1,000.00
2,500.00
1,000.00
1,000.00
2,000.00
1,500.00
1,500.00
1,000.00
1,500.00
900.00
1,000.00
1,500.00
1,000.00
1,000.00
1,500.00
1,250.00
1,500.00
1,000.00
1,500.00
1,300.00
650.00
4,500.00
3,500.00
2,500.00
1,750.00
2,000.00
4,000.00
1,500.00
2,500.00
4,000.00
1,000.00
2,000.00
1,750.00
1,500.00
2,000.00
4,000.00
1,000.00
4,000.00|
||140,675.00|
Page 14
Gordon Fraser Charitable Trust Dated 11 March 1966
## Charitable Donations
for the year ended 31 January 2025
|ar ended 31 January 2025||
|---|---|
|Brought forward
The Outward Bound Trust
The Prisoners of Conscience Appeal Fund
The Rosebery Centre
The Society of Friends of Glasgow Cathedral
The Traverse Theatre
Together for Short Lives
Upward Mobility
Volunteering Matters
Waverly Care
Wilderness Foundation UK
Wiston Lodge|£
140,675.00
1,850.00
3,000.00
1,000.00
1,750.00
1,500.00
1,725.00
2,000.00
1,000.00
2,500.00
1,500.00
1,500.00|
||160,000.00|
Summary of grants made in the year
|Summary of grants made in the year||
|---|---|
|1. Health (23)
2. Education (5)
3. Youth Work (20)
4. Religion (4)
5. Relief of Poverty (12)
6. Animal Welfare (1)
7. Arts/theatre (23)
8. Other (11)|£
30,625.00
6,000.00
27,925.00
6,400.00
18,250.00
1,000.00
51,350.00
18,450.00|
||160,000.00|
Page 15