REGISTERED CHARITY NUMBER: SC002264
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
FOR
THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended § April 2025
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Page
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Report of the Trustees
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
REPORT OF THE TRUSTEES
for the year ended § April 2025
The trustees present their annual report and financial statements of the Trust for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charity's trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 (IFRS 102) (effective | January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objects of the Trust are to provide funds for the advancement of all the schemes which are for the physical wellbeing and improvement in general physical condition of the youth of the City of Edinburgh, for the advancement of knowledge in the science of chemistry as it affects the trade and industry of Great Britain, for making donations for the upkeep, extension and equipment of any charitable institution, hospital or society administered in Scotland whose objective is the restoration of the sick to health and for the advancement of knowledge in medicine and surgery including the granting of bursaries and scholarships, funding research work and the purchase of necessary equipment.
Grantmaking
The policy of the Trustees is to apply the net available income from investments and deposits in making grants and donations as_ set out above.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year ending 5 April 2025 grants paid amounted to £40,000 (2024; £40,000).
FINANCIAL REVIEW
Financial position
Net expenditure for the year before net gains and losses on investment assets was £33,037 (2024: £27,539). To this has to be added the net recognised loss on investments of £62,937 (2024: net gain £31,095) resulting in a net decrease in funds for the year of £95,974 (2024: net increase £3,556).
Investment policy and objectives
The investment policy which is reviewed by the trustees from lime to time is aimed at maintaining a real value of the Trust funds over a period of years whilst at the same time providing a reasonable level of income.The main risks is considered to lie in the combination of uncertain investment markets and volatility in yields. The Trust manages this risk by retaining expert advisors.
Reserves policy
[t is the policy of the Trust to maintain unrestricted funds, which are the free funds of the Trust at a level which provides funds to generate sufficient income to cover grants paid and the administration and support costs of the Trust.
At 5 April 2025 total funds amounted to £980,060 (2024: £1,076,034). In the absence of any other income the balance of reserves held is considered necessary to maintain the Trust's investment portfolio at a level which will generate sufficient annual income to fund future operations and to withstand any losses arising from exposure to equities.
FUTURE PLANS . Te ; The trustees intend that the Trust funds are invested in such a way to produce sufficient income to enable them to continue their grant making policy in accordance with the guidelines as outlined above so that the charity can continue to make a difference to other people's lives wherever this is possible.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trust was established by Trust Deed on 6 August 1942 with funds provided by John Kirkhope Young. The Trustees were appointed and are acting in accordance with the powers contained in the Trust Deed. The Trustees hold regular meetings to deal with the administration of trust matters as they arise with particular reference to the consideration of grant applications, the Trust. Accounts and information recieved from the Investment Managers.
Recruitment and appointment of new trustees
New Trustees are appointed by the existing trustees
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
REPORT OF THE TRUSTEES
for the year ended § April 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number $C002264
Principal address 9 Haymarket Square Edinburgh EH3 8RY
Trustees
a Examiner
Mitchell Edwards 24A Ainslie Place
Edinburgh EH3 6AJ
Solicitors Morton Fraser MacRoberts LLP 9 Haymarket Square Edinburgh EH3 8RY
Investment Managers Rathbone Investment Management Limited 10 George Street Edinburgh EH2 2PF
Secretaries and Factors Morton Fraser MacRoberts LLP 9 Haymarket Square Edinburgh EH3 8RY
Approved by order of the board of trustees OM ......... cece ese eeseereteeeeeeseese and Signed on its behalfby
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
I report on the accounts for the year ended 5 April 2025 set out on pages lour to twelve.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation |! of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
(1) _ which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and - lo prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mitchell Edwards 24A Ainslie Place Edinburgh EH3 6AJ
z
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
STATEMENT OF FENANCIAL ACTIVITIES for the year ended 5 April 2025
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|fund|funds|
|Notes|es|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Investment|income|3|30,910|36,046|
|EXPENDITURE|ON|
|Raising|funds|4|15,665|15,437|
|Charitable|activities|5|
|Grant|making|activities|48,282|48,148|
|Total|63,947|63,585|
|Net|gains/(losses)|on|investments|(62,937)|31,095|
|NET|INCOMEKEXPENDITURE)|(95,974)|3,556|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|1,076,034|1,072,478|
|TOTAL FUNDS CARRIED FORWARD|980,060|1,076,034|
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The notes form part of[these][financial][statements]
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
BALANCE SHEET
5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | E | £ | |
| FIXED ASSETS | |||
| Investments | 9 | 924,137 | 1,057,763 |
| CURRENT ASSETS | |||
| Debtors | 10 | 1,477 | 1,962 |
| Cash at bank | 76,708 | 38,457 | |
| 78,185 | 40,419 | ||
| CREDITORS | |||
| Amounts falling due within one year | 11 | (22,262) | (22,148) |
| NET CURRENT ASSETS | 55,923 | 18,271 | |
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 980,060 | 1,076,034 |
| NET ASSETS | 980,060 | 1,076,034 | |
| FUNDS | 12 | ||
| Unrestricted funds | 980,060 | 1,076,034 | |
| TOTALFUNDS | 980,060 | 1,076,034 |
The financial statements were approved by the Board of Trustees and authorised for issue ON .......ceceeecgeteeeeeeteeseeeeeeeee ANd Were signed on its behalf by:
The notes form part ofthese financial statements
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
L. LEGAL STATUS OF THE TRUST
The Trust is an unincorporated charitable trust constituted by a deed of trust and is registered in Scotland with its principal address at 9 Haymarket Square, Edinburgh, EH3 8RY.
The presentation currency of the financial statements is the Pound Sterling (£).
ye ACCOUNTING POLICIES
Basis of preparing the financial statements
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019)’, — the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The Trust meets the delinition of a public benefit entity under FRS 102.
Income
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligations can be measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Grants payable are payments made to third parties in the furtherance ofthe charitable activities of the Trust.
Grants offered subject to conditions which have not been met at the year end dale are noted as a commitment but not accrued as expenditure,
Raising funds ; Costs of raising funds comprise the costs of investment management fees. ‘ . Governance costs Support costs are those functions that assist the work of the Trust but do not directly undertake charitable activities. Governance costs comprise all costs involving the public accountability of the Trust in compliance with regulation and good practice. These costs include costs relating to the Independent Examination.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes ofthe Trust.
Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at their (air value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year.
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2025
2 ACCOUNTING POLICIES - continued
Financial instruments
Financial instruments comprise financial assets and financial liabilities which are initially recognised at transaction value and subsequently measured at amortised cost which is generally their settlement value with the exception of investments. Investments are measured initially 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 revaluations and disposals throughout the year.
The Trust's exposure to investment risks and the significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review section of the Report of the Trustees.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying
value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Creditors and provisions
Creditors and provisions are recognised where the fund has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement value.
Debtors
Debtors are recognised at the settlement amount due.
Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of the acquisition or opening of the deposit or similar amount.
INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2025 | 2024 | |
| zs | s | |
| Dividends | 23,575 | 25,947 |
| Intereston deposits | 4,335 | 10,099 |
| 30,910 | 36,046 | |
| RATSING FUNDS | ||
| Investment management costs | ||
| 2025 | 2024 | |
| & | 5 | |
| Portfolio management | 9,665 | 9,437 |
| Administrative expenses | 6,000 | 6,000 |
| 15,665 | 15,437 |
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025
§. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | Support | ||
| (see note | costs (see | ||
| 6) | note 7) | Totals | |
| re | ra | s | |
| Grant making activities | 40,000 | 8,282 | 48,282 |
| GRANTS PAYABLE | |||
| 2025 | 2024 | ||
| i | £ | ||
| Grantmakingactivities | 40,000 | 40,000 |
6. GRANTS PAYABLE
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2025
6. GRANTS PAYABLE- continued
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Brain Tumour Research | 2,000 | 1,000 |
| Edinburgh Leisure | 2,000 | 1,000 |
| Big Hearts | 2,000 | - |
| Mind You | 2,000 | - |
| Tailor Ed Foundation | 2,000 | - |
| Alzheimer’s Research UK | 1,500 | 1,500 |
| Crohn's and Colitis UK | 1,500 | 1,500 |
| Prostate CancerUK |
1,500 | 1,500 |
| Fight for Sight | 1,500 | - |
| Action Medical Research for Children | 1,000 | 1,000 |
| Crew2000 (Scotland) | 1,000 | 1,000 |
| Dr Bell's Family Centre | 1,000 | 1,000 |
| Positive Help | 1,000 | 1,000 |
| The Butterfly Trust | 1,000 | 1,000 |
| The Yard Adventure Centre | 1,000 | 1,000 |
| Venture Scotland | 1,000 | 1,000 |
| Branch Out Together | 1,000 | - |
| British Heart Foundation | 1,000 | - |
| Care forCarers | 1,000 | - |
| Compass Therapy SupportCommunity | 1,000 | . |
| Cure Parkinson's | 1,000 | - |
| Dance Base | 1,000 | . |
| Duke ofEdinburgh | 1,000 | - |
| Edinburgh Headway Group | 1,000 | . |
| Edinburgh Young Carers | 1,000 | . |
| Empty Kitchens Full Hearts | 1,000 | - |
| Hebridean Pursuits | 1,000 | - |
| Impact Arts | 1,000 | - |
| Life Care | 1,000 | - |
| St Andrew's Children's Society | 1,000 | - |
| StrangeTown | 1,000 | - |
| Team Jak | 1,000 | - |
| Venture Trust | 1,000 | - |
| WellbeingofWomen | - | 1,500 |
| Barnardos | - | 1,000 |
| Beeslack All Stars | - | 1,000 |
| Bowel Research UK | - | 1,000 |
| CanineConcern Scotland Trust | - | 1,000 |
| Community One Stop Shop | - | 1,000 |
| Crosshouse Childrens Fund | - | 1,000 |
| Edinburgh City Youth Café | - | 1,000 |
| Edinburgh Community Performing Arts | - | 1,000 |
| Epilepsy Scotland | - | 1,000 |
| Four Square | - | 1,000 |
| Into Work | - | 1,000 |
| Juvenile Diabetes Research Foundation | - | 1,000 |
| Leith Athletic Football Club | - | 1,000 |
| Lothian Association ofYouth Clubs | - | 1,000 |
| Lothian Autistic Society | - | 1,000 |
| Lothian Centre for Inclusive Living | - | 1,000 |
| Marie Curie | - | 1,000 |
| Muscular Dystrophy Group | - | 1,000 |
| RoseberyCentre | - | 1,000 |
| Rowan Alba | - | 1,000 |
| Space at the Broomhouse Hub | - | 1,000 |
| The Queen's Nursing Institute Scotland | - | 1,000 |
| TheVeryInclusivePlayClub | - | 1,000 |
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2025
| 6. | GRANTS PAYABLE- continued | |||
|---|---|---|---|---|
| TheWHY Project | - | 1,000 | ||
| Urban Uprising | . | 1,000 | ||
| 40,000.00 | 40,000.00 | |||
| i | SUPPORT COSTS | |||
| Governance | ||||
| Management | costs | Tolals | ||
| i | £ | £ | ||
| Grant making activities | 6,020 | 2,262 | 8,282 | |
| Support costs, included in the above, are as follows: | ||||
| 2025 | 2024 | |||
| Grant | ||||
| making activities |
Total activities |
|||
| 4 | £ | |||
| Sundries | 20 | - | ||
| Secretarial and factoring tees | 6,000 | 6,000 | ||
| Independent examiner's fee | 522 | 450 | ||
| Accountancy | 1,740 | 1,698 | ||
| 8,282 | 8,148 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no (rustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
- FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 6 April 2024 | 1,057,763 |
| Additions Disposals Revaluations |
241,867 (313,413) (62,080) |
| ALS April 2025 | 924,137 |
| NET BOOK VALUE | |
| At 5 April 2025 | 924,137 |
| At5April2024 | 1,057,763 |
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2025
9. FIXED ASSET INVESTMENTS- continued
| Gains /(losses) on investments | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| x | rh | |||||
| Net gain/(loss) on investments: | ||||||
| Realised gain/(loss) | (857) | (20,246) | ||||
| Unrealised gain/(loss) | (62,080) | 51,341 | ||||
| (62,937) | 31,095 | |||||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| 2025 | 2024 | |||||
| a | £ | |||||
| Accrued income | 1,477 | 1,962 | ||||
| It. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Accrued expenses | 2,262 | 2,148 | ||||
| Accrual for grants payable | 20,000 | 20,000 | ||||
| 22,262 | 22,148 | |||||
| 12. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 6.4.24 | in funds | 5.4.25 | ||||
| & | E | £ | ||||
| Unrestricted funds | ||||||
| General fund | 1,076,034 | (95,974) | 980,060 | |||
| TOTALFUNDS | 1,076,034 | (95,974) | 980,060 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Gainsand | Movement | |||
| resources BF |
expended £ |
losses £ |
in funds ‘ |
|||
| Unrestricted funds | ||||||
| General fund | 30,910 | (63,947) | (62,937) | (95,974) | ||
| TOTALFUNDS | 30,910 | (63,947) | (62,937) | (95,974) |
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THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2025
- MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|6.4.23|in|funds|5.4.24|
|£|oi|ii|
|Unrestricted|funds|
|General|fund|1,072,478|3,556|1,076,034|
|TOTAL|FUNDS|1,072,478|3,556|1,076,034|
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Comparative net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|36,046|(63,585)|31,095|3,556|
|TOTAL FUNDS|36,046|(63,585)|31,095|3,556|
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- RELATED PARTY DISCLOSURES
Trustees do nol receive remuneration, expenses or other benefits from their work with the Trust. Fees paid to Morton Fraser Macroberts LLP relating to secretarial, factoring, accounting and taxation fees amounted to £12,000 (2024: £1 2,000). a. trustee, was a consultant to Morton Fraser MacRoberts LLP until April 2022.
- FINANCIAL INSTRUMENTS
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Financial|instruments|measured|at|fair value|924,137|1,057,763|
|Financial|instruments|measured|at|fair value|comprise|listed|investments.|
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