ChaTity registration number.. 266049 The Bon Accord Trust ADnual Report and Financial Statments for the Year Ended 5 April 2025
The Bon Accord Trust Contents (continued) R¢ference and Administrative Details Trustees, Report Statemeni of Tnjstees, R¢5POTJsibilitie5 Ind¢pendent Examinevs Report Statcmeni of Financial Activiti¢9 Balance Sheet Notes to the Financial Statemfflts 7t012
The Bon Accord Trust Reference and Administrative Details Trustees Mr DP ET]5ell Mr JM Buckler Mr M Halstead Mrs K M Deedman Charity RegistralioD Number 266049 FrI¢1PaI Office Mill House West Farni Coleorton L¢icestershire LE67 8FH Independent EXarnItr R J Oriffiths 3 Fllackland Cottages Sparkwell Pl)Tnouth PL7 5DE Page I
The Bon Accord Trust Trustees, Report The trustees present the annual report together with the r]Dancial staternent5 of th¢ charity for thc year ended S April 2025. Obje¢tive5 and aetivities Public b¢nÉJli Th¢ trustees confim that they have ci)mplicd with the requiremcnts of section 17 of the Charities Aci 2011 to have du¢ regard thc publi¢ b¢nefit guidance publisbed by the Charity Commission for EnglaDd and Wales. Flnancial review Polity reserves Th¢ rnjstees consider that they have sufricieni reserves to continue with the present level of ¢xteMditure. They keep this under review on an annual basis. Flnafteial instruments Objertivts ttndpolicies The ¢hariry'S activities expose it lo a number of fillancial risks includiDg Credit risk, cash flow risk and liquidity Tisk. The use of financial derivatives is govemed by ¢he charily's polici¢5 approved by the board of tntees. which provide Hyitten principles on the use of financial derivatives to rnanage these risks. lkne Charity does not use derivAtive fllwicial instrumenis for speculative purposes. C4shflow risk Th¢ charity's activitie5 expose it primarity to the financial risks of not having easy to ac¢ess fimds in order to continue fiu]ding charitable activire5. The charity looks to redu¢¢ this risk by retaining good levels of cash and cash equivilants, whilst also holding stocks and shares thai are easy io Stll if and when required. Cpedlt rtsk Th¢ ¢lwity has no significant concentration of credit risk, with ¢xry)sure spread over a large number of unt¢rparties and customers. Llquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and developments. the cbarity uses a Tnixlure of long-terfft and short-term Énvegtments Further details regarding liquidity risk can be found in the Sthicment of a¢¢ounting policies in the financial statemeDts. The annual report was approved by ihe tsustees ofthe charity on..... . . . and sied on its behalf by- uckler Page 2
The Bon Accord Trust Statcment of Trustees, Responsfibilities The ttustees are resw)nsable for preparing the rnstees, report and the fmancial staternents in a¢¢ordance wth th¢ United Kingdom Accounting Standards (Unitsd Kingdom Generally Accepted Accounting Pra¢ti¢¢} and applicable law and regulations. The law applicable to charities requires the tNstees to pr¢pare financial statements for ea¢h fjnancial year which give a tsve and fair view of the state of affairs of the ¢harity and of the incoming resources and application of re50ur¢es of the charity for that period. In preparing these financial statements, the trustees ar¢ required to- select suitabl¢ accounting policies and then apply them consistently; observe the metho(Ls and prinripl¢s tn the Charit1¢5 SORP. make judgements and ¢51irnates that are reasonable and prndent; stat¢ whether applicable accounting standards have b¢en lolloweiL subj¢ct to any material d¢partures disclosed and explained in the financial statements; and propare the financial stal¢Tnents on the going concern basis unles5 it is inappropriate to presume thai the charity will c4)ntinue in business. The trusiees are responsible for keeping propcr account records that disclose with reasonable accuracy al any time the fancial posititsn of the charity and enable them to ensure that the ftnancial stateTnents comply with the Charilies Act 2011. the Charities (Accountg and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for Safeguarding the asseis of the charity and hence for taking reasonable steps for the prevtlltion and detcction of fraud and other irregularities. The trustees are Tespomsible for the nvdintenance atid inteIty of the corFK)Tate and fjnancial infomiation in¢luded on the charitable ¢OTTryy'S website. tKgislation governing the prepardtion and dissemination of statements may differ from legislation in other jurisdiciions. Approv¢d by the trust¢¢s of the charity on . and signed on its behalf by.. MrJMB Trustee kler Page 3
The Bon Accord Trust IndependeDI Examiner's Report to the trllstees of The Bon Accord Trust I report to ihe trustees on my examination of the accounts of The Bon Accord TDJst for the Y ended 5 April 2025. RespoDsibilitie5 and basis of report As the charity truste¢s of The Bon A¢cord Trust you are responsible for the preparation of the CoUnts in accordance with the requirements of th¢ Charities Act 2011 ('the Aet,). I report in resp¢¢t of my examination of the The Bon Aord "frust's accounis carried out under section 145 of ihe 2011 Act and in carrying oul my examination I have followed all the applicable Direcnons given by the Chatity cOnniSsion under section 145(5)(b) of the Act. Independent eMintr,8 ststement I hav¢ complettd my examination. J confirni that no n]aterial matters have come lo rny attention in corutiOn with the eXami[lI0n giving me cause to believe that in any tnaterial respect." l. accounting records were not kepl respect of The Bon Accord Trust as required by section 130 of the Act. or 2. th¢ COunts do not accord with those recor. or 3. Ihe accounts do not comply with the accounting requinnents concerning th¢ forni and content of accOLts set out in the Charities (Accounts and R¢ports) Re¥ulaiions 2008 other than any requirement that the accounts give a 'true and fair view, which is not a mart¢r considered as part of an independent examination. I have concerns and have com¢ a¢ross no other rnatter5 in connection with the exarnination io which attention should be drawn in this report in order to enable a proper undetstanding of the accounts to be reached. R J Griftiihs 3 Blackland Cottages Sparkwell Plyjnouth PL7 5DE Date.. Page 4
The Bon Accord Trust Statement of FiDY4n¢ial Activities for the Year Ended 5 April 2025 Total 2025 Unrestricted Restri¢t¢d Note Ineorne Endowmtnts from: Charitable activit2es Investment income 10,5(M) 102.590 10,5(K) 102,590 Tofal Income 113,090 113.0 Expenditure on: Charitable a¢tivities (211,600) 1211,600) Total ExpeyKliture (211.6(M)) {211,600 Net expenditure Gain(lOSses) on investment assets (98,510) (346,616) 198,510) (346.616} Net movement in funds (445,126) (445,126) Reconciliation of funds Total funds brought forward Total funds wried forward 3,854,630 20,000 3,874,630 3.429.504 Total 2024 12 3.409.504 20,000 Unrestrlctt)I Restrided Note Income and Endowments from: Investment incgrne 115.988 115,988 Exnditre on: Charitable activities (200,3(K)} {200,3(K)) Tothl ExF¢nditure Net eXpendite GaIn{lO$s¢S} on investment assets Net movement in funds (200.300) (200.3(M)) (84.312) 100,953 (84,312) 100.953 16,641 16,641 ReconciliatioTh of funds Total fuJ¥Js brought fotward Total funds carried forWd 3,837,989 20.(X)O 3.857.989 12 3,854,630 20,000 3,874,630 All of the cbarity's activities derive from continuing operdlions during the above two peri(yJs. The notes on pages 7 to 12 fom an integral part of these financial statements. Page 5
The Bon A¢¢ord Trust Balance Sbeet as at 5 April 2025 2025 2024 Note Curr¢Dt Jssets Debtors Investments Cash at bar& and in hand 10,000 3,805,036 60,194 3,875,230 3,346,615 83.589 10 3,430,21M Creditors: AmouDts falllng duc within one year 1600) Net assets 3.429,504 3 874 630 Funds of the ch&rity: Rcstricled income fuDds Restricted fundg 20,000 20.000 Unrestricted iTheome funds Unrestricted funds 3.409.504 3.854,630 Total funds 12 3,429,504 3,874,630 The finaT]cial statements on pages 5 to 12 were approved by the fflteeS. and authoris¢d for issue on ... alld signed on their behallby.. kler Trustee The notes on pages 7 to 12 forni an intcgral part of these financial statements. Page 6
Tb¢ Bon Accord Trnst Notes to the Financial Statements for the Year Ended 5 April 2025 l Accounting polieies Statement of complilnee The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reportin8 Standard appli¢abl¢ in the United Kingdom and Republie of Ireland (FR8 102) and the Charities Act 2011. Basis of preparatio The Bon Accord Trust mcets the definition of a public benefit ¢ntity under FRS 102. The accowjts {ran¢121 statements) have been prepared under the historical cost convention with items recoglli5ed at cost or transaction value unless othen¥is¢ Stated in the relevant note(s) to these aounts. Golng concern The trustees consider that there are no material unCe]ntI¢$ about the charity's ability to continue as a going conccrn. Income and cndowments Jnveslmenl ineome Dividcnds are recognised on¢e the divide]Kl h&5 been declared alld notificarion has be received of the dividend due. Expenditure All expenditure is r¢co8nised onc¢ therc is a legal or constructive obligation to that exrKnditur¢, it is probable settlement is requir¢d and the amount be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar costs to that category. Vlhere costs cannot be dire¢tly attributed to parti¢ular headiD¥5 they have been allocated on a basts consistent with the use of resourccs. Charliable &clivl¢les Charitable expenditure ¢omprises those costs inCU¢d by the charity in the delivery of its activitie5 and seNiccs for its beneficiarics. It in¢lude5 both costs that can be alloca¢ed directly to such aCt]tIeS and th¢)se costs of an indire¢t nature necessary 10 5UPPOrt them. GrnnlprovL%lohS Provisions for grants are made when ihe intention to make a grant has been communicated to the recipient but there is unc¢rtainty about either the timing of the ant or the amount of grant payable. Page 7
The Bon Accord Trust Notey to the Financial Statements for the Year Ended 5 April 2025 (Continued) Taxatlon The charity is considered to pass ihe tests set out in Paragraph I Schedule 6 of the Financ¢ Act 2010 and thereft>re it meets the definition of a charitabl¢ company for UK corporation l&¥ purposes. Accordingly, the charity is pot¢ntially ¢xempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exLlusively to Chariiable puryM)ses. Current a55e¢ iMve$tments Current &sset investmenls are included at the lower of cost and tt realisable value I market Yalue. Cash and cash ¢qulvalents Cash and cash equivalents mprise cash on hand and call deposits, and other 5hort-temh highly liquid invcstments that are r¢adily convertible to a known amount of ¢a5h and are subject to an iThstgnificant risk of change in Yalut. Fund structure Unrestri¢tcd income funds a general fiu]ds that are available for use at the trumecs discretion in fvrIbern¢¢ of the objectives of the charity. Restricted income funds are thosc th)nated foT use in a particular area or foT $peeific purp)s¢5, lh¢ use of which 15 restricted to that area or purposc. Finanei81 Instruments Recoxnitlom andmefjsuremÉnl All financial assets and liabilities are initially measured at transaction pric¢ (including iransartion costs). except for those financial assets classificd as at fair value through profil or loss. which are iniiially rnCaSLwed at fair value (which is nomally the transaction price excluding transaction costs), unless the arrangement con5timies a finat)¢ing transaction. If an arrangement constitutes a financing traDkiction, th¢ tinancial asset or fitwcial liabiliry is measur¢d at the present value of the futur¢ pa>Trents discounted at a market rate of interest for a similar dehi instrument. Financial Sets and liabilities are only offset ill the statement of financial position when, and only when there exists a legally enforceabl¢ right to set off the recognised amounts and the charity inlend5 either to settle on a net basis. or to realise the asset and settle the liability simllltaneously. Financial assets are derecognised when and only whcn a) thc contractual Tight5 to the cash flows fro]n the financial asset expire or are settled, bl the charity transfers to another parry substantially all of the risks and rewards of own¢rship of the ffftallcial asset, or c) the charity, dc5Plte having retatned some, bui not all, si¥nificani risks ond rewards of ownership, has transferred control of the agset io another party. Financial liabilities are dere¢ogni5ed only when ihe obligation specified in the contrdct is di5¢harged. cancelled or expires. Page 8
The Bon Accord Trust Notes to the Financial Statements for the Year Ended S April 2025 (Continu) Inv¢FDllts Investments in DOII-convertiblc preference shares and non-puttabl¢ ordinary or preferen¢e shares (wher¢ shares are publicly traded or their lair value is reliably measurable) are mea5ur¢d ai fair value through profit or loss. Where fair value cam)ot be me&surcd reliably. investments are measured at ¢o$t less impairment. Falr value meafuremenl The best eviden¢e of fair value is a quoted price for an identical as4ei in an active mPTket. When quoted prices are unavdilable, th¢ price of a recent transaction for an identical asset provides evidenc¢ of fair valu¢ as long ab there has not been a significant change in economic Circumstances or a 5ignificani lapse of titn¢ since ihe transaotion took plaLe. If the n]atket is t]ot active and recent transactions of an identiLal asset on their own are not a good estimate of fair value. th¢ faiT value is estimated by using t valuation technique. 2 Income from charitable activities Unrestrieled funds General Total funds 10,500 10,5(M) Totsl for 2025 10,500 lo,5) 3 1DvL8tment income Unrestricted funds General Totsl Dds Interest Teceivable and similar incomc. Int¢r¢st Teceivable on bank depoSlL% Other income from fixed osset investments 966 101,624 966 101.624 Totsl for 2025 102,591 102,590 Totsl for 2024 115,988 115,988 4 Expendlture on charilable activities Page 9
The BoD Aecord Trust Notes to the Financial Statements for the Year Ended 5 April 2025 (continued) Unrestricted funds Genernl Totsl funds Grgnt fvnding of xtivities Govemance costs 211.200 400 211200 400 Total for 2025 211,600 211,()00 Totsl for 2024 200,300 200,300 5 Charity donations The charity donated £196,686 (2023 £137,249) to the Chri51adelphian Care Homes (¢harity number 2258741 which is to SUPPOrt home rcsidents - both Christadelphian and non-christhdelphians who w)not meet the fi]11 cost of th¢ir 6 Trwtee$ remuneration and expenses No tsijstees. nor any persons conn¢¢ted with them, have received any r¢munerdtion from the ¢hariry during the year. No ttvstees have received any r¢iTnbursed expenses or any oiher benefits from the charity duriog the year. 7 Tixallo Th¢ charity is a registered charity and is therefore exempt from t&xatioD. 8 Debtors 2025 2024 Other debto 10,000 9 Current asset lllvestments 2025 2024 Lislcd other shares 3.346,615 3,805,036 Page 10
The Bon Accord Trust Notes to th¢ Finaneial Statemenls for tbe Y¢ar Ended 5 April 2025 (¢onliDued) 10 Cash and ¢a$h equivAlents 2025 2024 Cash at bank 83,589 60.194 11 Credltors.. amounts falllng due within 0C year 2025 2024 oth ¢r¢ditOTS 700 600 12 Furtds Bmlgnee at 6 April 2024 In¢omln8 resourees Resources expended Balanee at S April 2025 Unrestricted G¢nerdl 3,854,630 20,000 113,090 (558216) 3,409,504 20.000 Restri¢¢¢d Totsl funds 3,874,630 113,090 (558,216 3,429.504 Balance at O April 2023 In¢oming resourees Re5011rces expended Balance It 5 April 2024 Unrestritted General 3,837,989 (20,000) 115.988 (99.347) 3,854.630 (20.000) Restrieted Totsl funds 3.857.989) (115,988) 99,347 (3.874,630) 13 Analysis of net assets between fund5 UDrestri¢ted runds General Total funds at 5 April 2025 Re5tri¢ted fllnds CurrcDt &etS Cunent liabilities 3.410,204 (7(N) 3,409,504 20,(M)O 3,430,2( {700) Total net assets 3,429 504 Pagell
The Bon Accord Trust Notes lo the Financial Ststements for the Year Ended S April 2025 {conlinued) Unrestricted lunds General Total funds at 5 April 2024 Restricted funds Current assets Current liabilities 3,855.230 (600} 20,000 3.875.230 6(M> T¢)tal net assets 3 854 630 20.000 3 874.630 Page 12
The Bon Aceord Trust Statcment of Financial Activities by fund for the Year Ended 5 April 2025 Totsl Total UDr¢slri£ted Unrestricted Fund5 Funds 2025 2024 Income 8Dd Endowments from: Charitable acliviti¢S lllv¢siment income 10,500 102,590 115,988 Total income 113,090 115,988 EKpenditllTe on: Charitable activities 1211,61K>) (2,300> Total expendllre Net eXnditUre Gross transfers between funds (211,61)0) {2,300) (98.510) (346.616) {84,312) l(Kb,953 Net movement in funds (445,126) 16.641 Reeonciliation of futtds Total funds brought fonyard Totsl fvnds Carried fotivard 3,854,630 3,837.989 3,409,504 3,854,630 This page does not form part of thc statutory financial statemen Page 13
The BoD Aecord Trust Statement of FiDaneial Aclivities by fund for the Year Ended 5 April 2025 (eontinued) Total Total Restricted Restricted Funds Funds 2025 2024 Income and Endowments from: Expenditur¢ on: Net income/(expendith) ReconeiliatiOD of funds Tolal funds brought forward 20,OUO 20.000 Total funds ¢arri¢d forward 20,000 20,000 This pag¢ does not forni part of the statutory fmancial Statements. Page 14
The Bon Accord Trust Detailed Statement of Financial Activities for the Year Ended 5 April 2025 Total 2025 Total 2024 Ineorne and Endowments from: Charithble activiti¢s (analysed below) Investtneni in¢ome (analysed below) 10,5(M) 102,590 115,988 I'otal income 113,OrfA) 115.988 Expenditure on: Charitdble activities {analysed below) (211,600) {200,300) Total expendithre (211,600 {200.3(K)) Nd expenditure Gross transfers between funds (analysed b¢low) (98,510) (346,616 (84,312) 100,953 Net movement in funds (445.126) 16.641 Reconciliatioll of furtds Total funds broughi fonvard 3,874,630 3,857,989 Total funds earried fon¥ard 3.429,504 3,874,630 This page does n¢M fonn part of the sralutory f]nancial Statements. Page 15
The Bon Accord Trust Detailed Statement of Financial Activities for the Year Ended 5 April 2025 (continued) Total 2024 Total 2025 Churf¢able acliwilles Grants receivable 10,500 10.500 Inve,sthteMI Incon Inwrne from list¢d tnvestyncnt$ Inl¢rest on cash deposits 101,624 966 115.351 637 102,590 115,988 chrble oetlvltles Grants payable - instilutiolls Legal and professional ftes {211,200) {4001 211.600) (200.0(K)) (3(M) (200,300} TraAsfers betweenfumds R¢valuation of shares gainl{105s) 346,616} I,953 This page does not fomi part of the statutory financial statem¢nt%. Page 16