REGISTERED CHARITY NUMBER: 802962 Re ort of the Trustees And Unaudited FinAneiAI Statements for the YeAr Ended 5th A ril 2024 for The Scotbel e Charitable Trust Farries Kirk & Mcvean Dumfries EntLrpri5e Park 14eathhall Dumfries DUMFRIESSHIRE DGI 3SJ
The Seotbel e Chiritable Trust Contents ofthe Financial Statements for the Year Ended 5th A ril 2024 PAge Report of the Trustees Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet Note5 to the Financial St8tement$ Detsiled Statement of Financial Activities 10
The Scotbel e ChRrit¥ble Trust ort of the Trustees for the YeAr Ended 5th A ril 2024 The tn]stees present their report with the financial statements of the charity for the year cnded 5th April 2024. The trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Pra¢ti¢e applicabl¢ to ¢harities preparing their accounts in aecordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). OBJECTJVES AND ACTIVITIES Objectives and aims The trustees shall pay or apply the income and such part of the Capital as they think fil to or for such ¢haritable purposes and in such shares and manner in every respect as the trustees shall in their absolute discretion from time to lime think fit. SignificAnt activitie5 The principal activities of the trust are lo hold investments and make charitable donations out of income. Grant applications are reviewed by the Irusl¢¢s on a regular basis and upon approval the appropriate payment is mad¢. Details of the charity's income and expenditure in the period are given in the statement of financial activitl¢s on pag¢ 4. Th¢ ¢harity's financial position at 5th April 2024 is set out in the balance sheet on page 5. The charity's funds are wholly unrestricted. Publie benefit The charity aims to make grants lo local institutions and consider them on a cas¢ by ¢ase basis. Grnntmoking The grants awarded are listed in note 4 of the financial statements. FINANCIAL REVIEW Reserves policy It is the policy of the charity to hold reserves which have not yet been committed or designated for any particular purpose. The Iruslees hav¢ s¢t aside these r¢s¢rves in ord¢r to protect the future operations of the charity from thc effccts of any unforeseen variations in its income streams as part of a poli¢y of good financial Inanagement practice, The Irustces have sct the level of these reserves after undertaking & thorough assessment of the charity's needs. At 5th April 2024 th¢ amount of these reserve5 atnounted to £1.230,520 (2023 £1.766,356). Going concern The trustees are 5atistied that there are no material uncertainties facing the charity and that it is a going conLern. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated charity. Recruitment And appointment of new trustees Werc there a requirement for new trustees, these would be identified and appointed by the principal trustee in consultation with the othcr truslccs. Risk mwnagement The trustees have a duty lo identify and review the risks to which the charity is ¢xpos¢d and to ensure appropriate controls are in placc to provide reasonublc assurancc agaiTJsI fTaud and error. The Iruslees fecl that the major risk thc charity faces is the rcduction of investment income. If this were to happen, some capital would be sold and cashed in to meet any liabilities. REFEREIYCE AND ADMINISTRATIVE DETAILS Registered Charity number 802962 Principal address HSBC Private Bank (UK) Ltd 8 Cork Str¢¢t London WIS3LJ Trustees E P K WcaiheTall B J K Weatherall G M McGill Page I
The Scotbel e Charitable Trust Re ort of the Trustees for the Year Ended 5th A ril 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Farries Kirk & Mcvean Dumfries Enterprise Park H¢athhall Dumfri¢5 DUMFRIESSHIRE DGI 3SJ Investment Advisers HSBC Private Bank (UK) Ltd Banker$ HSBC Private Bank (UK) Ltd Approved by order of the board of trustees on I Ith October 2024 and signed on its behalf by.. G M McGill- Trustee Page 2
Inde endent Examiner's Re ort to the Trustees of The Scotbel e Charitable Trust Independent examiner'5 report to the trustees of The Seotbelge Charitgble Trust I rcport to the charity trustees on my examination of the COuntS of The Scotbelge Charitable Trust (the Trust) for the year ended 5th April 2024. Responsibilitie5 and bA5i5 of report As the charity Iruslees of the Trust you are responsible for the pr¢paration of the account5 in accordance with th¢ r¢quirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts earried out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5){b) of th¢ Act. Independent examiner's Statement J have completed my examination. I confirm that no material matters have come to my attention in conne¢tion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not aecord with those records; or 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 requir¢ment that th¢ a¢¢ounts give a true and fair view which is not a matter ¢onsid¢r¢d as part of an independent examination. I have no concerns and hav¢ come a¢ross no other matters in connection with the examination to which attention should be drawn in this report in order to enabl¢ a proper und¢rstanding of the accounts to be reached. Mr Rodney Palmer B.A., C.A. Farries Kirk & MLVeun Dumfries Enterprise Park Heathhall Dumfries DUMFRIESSHIRE DGI 3SJ I lth October 2024 Page 3
The Scotbel e Charitable Trust Statement of Financial Activities for the Year Ended 5th A ril 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 78.338 73.563 EXPENDITURE ON Raising funds 119 570 Charitable activiti¢5 Grants 105.000 55,000 Other 2,093 4,788 TotAI 107.212 60,358 Net gains/(losses) on investments (431,0871 1160,120) NET INCOMEI(EXPENDITURE) (459,9611 (146.915) RECONCILIATION OF FUNDS Total funds brought forward 1,766,356 1,913,271 TOTAL FUNDS CARRIED FORWARD 1,306.395 1,766.356 Thc notes form part of these financial statements Page 4
The Scotbel e Charitable Trust Balance Sheet 5th A ril 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Investments 1,270,258 1,701,345 CURRENT ASSETS Cash at bank 36.137 65,011 NET CURRENT ASSETS 36,137 65,011 TOTAL ASSETS LESS CURRENT LIABILITIES 1.306.395 1,766,356 NET ASSETS 1,306,395 1,766,356 FUNDS Unrestricted funds 1.306,395 1.766,356 TOTAL FUNDS 1,306,395 1,766,356 The financial statements were approved by the Board of Trustees and authorised for issue on I Ith October 2024 and wer¢ signed on ils behalf by.. ULLLCL G M McGill- Trustee The not¢5 form part of these financial statements Page 5
The Scotbel e ChAritable Trust Notes to the FinanciRI Statements for the Year Ended 5th A ril 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of ihe charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Pr&ctice applicabl¢ to charities preparing their accounts in aecordanee with the Financial Reporting Standard applicablc in the UK and Republi¢ of Ireland IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Rcporting Standard applicablc in the UK and Republic of Ireland, and the Charities Act 201 l. The financial Statements have be¢n prepared under the historical cost convention, with the ex¢eption of investments which are included at tnarket value. &$ modified by thc revaluation of certain assets. Income All income 15 reeognised in the Statement of Financial Activities once the charity has entitlement lo the funds. it is probable that the income will be received and thc amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or eonstruetive obligation committing the charity to that expenditure. 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 a¢counted for on an accruals basis and has been classified under headings that aggregate all Cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the ycar end date are noted as a comtnilment but not accrued as expenditure. Taxation The ¢harity is exempt from on its Charitable activities. Fund accounting Unrestricted funds ¢an be used in ac¢ordance with the charitable objectives at the discretion of the trustees. Reslricled funds can only be used for particular rcslrieled purposes within thtt objects of the charity. Restrictions arise when specified by the donor or when funds arc raiscd tor particular rcstricted purposes. The charity held no restricted tunds in th¢ year under review. Investments Invcstmcnts are included in the balance sheet at market value. Unr¢alised gains or losses on revaluation are taken to th¢ Statcment of Financial Activities in each appropriate y¢ar. Gains or losses on disposal during the year period are separately identified within th¢ Statement of Financial Activities. INVESTMENT INCOME 2024 2023 Dividend income Interest received 75,580 2,758 73.490 73 78.338 73,563 Page 6
The Scotbel e Ch#ritable Trust Notes to the FinAn¢iRI Statements - continued for the Year Ended 5th A ril 2024 K4ISING FUIYDS Jnve5tment mAnagement costs 2024 2023 Support costs 119 570 GRANTS PA YABLE 2024 2023 Grants 105,000 55,000 Th¢ total grants paid to institutions during the year was as follows.. 2024 2023 South West Scotland Piping & Drumming Academy Wynifred Keswick Memorial Trust Anny Cadet Force League Robert Burns Ellisland Trust 35,000 45.000 5,000 20,000 35,000 20.000 105,000 55,000 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023. TTUStees' expenses There were no trust¢es' expenses paid for the year ended 5th April 2024 nor for the year ended 5th April 2023. COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investment incom 73,563 EXPENDITURE ON Raising funds 570 ChAritAble activities Grants 55.000 Other 4,788 Total 60,358 Net gain{lOsses) on invcslments (160.1201 NET INCOMEI(EXPENDITUREI (146,915) RECONCILIATION OF FUNDS Total funds brought forward 1.913,271 Page 7
The Scotbel e Charitnble Trust Note5 to the FinanciAI Statements - continued for the Yenr Ended 5th A ril 2024 COMPARATIVES FOR THE STATEMENT OF FINANCL4L ACTIVITIES- continued Unrestricted fund TOTAL FUNDS CARRJED FORWARD 1,766,356 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6th April 2023 Revaluations 1.701,345 {431,087) At 5th April 2024 1.270,258 NET BOOK VALUE At 5th April 2024 1,270.258 At 5th April 2023 1,701,345 All investments were made outside the UK. MOVEMENT IN FUNDS Net movement in funds At 5.4.24 At 6.4.23 Unrestricted funds General fund 1,766,356 (459,961) 1,306.395 TOTAL FUNDS 1,766,356 1459,961) 1,306,395 Net movement in funds. included in the above are follows.. Incoming rcsourccs Resources cxpcnded Gains and 10sSCS Mowem¥nl in funds Unrestricted funds General fund 78,338 (107.2121 {431.087) (459.961) TOTAL FUNDS 78.338 (107,212) {431,087} {459.961) Comp#rative5 for movement in funds Net movement in funds At 5.4.23 At 6.4.22 Unrestricted funds General fund 1.913.271 1146.915) 1.766,356 TOTAL FUNDS 1.913.271 1146,915) 1,766,356 Page 8
The Seotbel e CharitAble Trust Notes to the FinxnciAI Statements - continued for the Year Ended Sth A ril 2024 MOVEMENT IN FUNDS- continued Comparative net movem¢nt in funds. included in the abovc are as follows.. Incoming resources Resources exp¢Dded Gains and losses Movetnent in fund5 Unrestricted fund5 General fund 73,563 (60,3581 (160,120) (146.915) TOTAL FUNDS 73.563 (60.3581 (160,1201 (146,9151 RELATED PARTY DISCLOSURES The trustees of The Scotbelge Charitabl¢ Trust ar¢ also trustees of the Wynifred Keswick Memorial Trust. During the year under review The S¢otbelge Charitable Trust provided a grant of £35.000 io the Wynifred Keswick Metnorial Trust {2022 £20,000). Page 9
The Scotbel e Charitable Trust Detailed Statement of Financial Activities for the Year Ended 5th A ril 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividend incom¢ Int¢r¢st received 75,580 2.758 73.490 73 78.338 73.563 Total incoming resources 78,338 73,563 EXPENDITURE Charitsble actiVTtie5 Grants to institutions 105,000 55,000 Support costs MAnAgement Sundries Exchange Rale Loss 534 953 953 536 Gov¢rnance ¢05ts Accountancy Investment manager fees Lega] fees 1,140 119 1,540 570 3,112 1.259 4,822 Total resources expended 107,212 60,358 Net (expenditure)lin¢ome 128,8741 13,205 This page do¢s not form part of the statutory financial statements Page 10