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← Mickel Fund

2025-04-05-accounts

The Mickel Fund

Annual Report and accounts for the year ended 5 April 2025 Charity number SC003266

The Mickel Fund

Contents

Page
Charity information 4
Trustees’ report 2-3
Statementoftrustees’ responsibilities 4
Independent auditor's report to the Trustees ofThe Mickel Fund 5-7
Statement offinancial activities 8
Balance sheet 9
Statement ofcash flows 10
Notestotheaccounts 11-17

,

The Mickel Fund

Charity information

Trustees
Principal office
Bankers The Royal Bank ofScotland plc
10 Gordon Street
Glasgow
G1 3PL
Solicitors Connell
& Connell WS
10 Dublin Street
Edinburgh
EH1 3PR
Auditor Henderson Loggie LLP
Chartered Accountants
Level 5
The Stamp Office
10-14 Waterloo Place
Edinburgh
EH1 3EG
Investment advisors Rathbones Investment Management
George House
50 George Square
Glasgow
G2 1EH
Charitynumber SC003266

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1

The Mickel Fund

Trustees’ report

The trustees present their annual report and audited accounts for the year ended 5 April 2025. Charity reference and administration information, which forms part of this report, is shown on page 1

Structure, governance and management

The Mickel Fund was founded by deed of trust on 14 May 1970 and is registered as a Scottish charity (charity number SC003266) with the Office of the Scottish Charity Regulator

The trustees meet at least twice a year to consider applications received. The trustees review the applications received and grants will be awarded based on their consideration of the application and whether it fits with their grants policy

The trustees who acted at any time during the year were as follows

The trustees are mainly drawn from directors and shareholders of Mactaggart & Mickel Group Limited. The trustees are appointed by Minute of Assumption which is then signed by the trustees and registered in the Books of Council and Session

Training of trustees

Trustees have been briefed and updated on relevant changes in legislation and financial procedures and are aware of the new requirements and guidelines to the performance of trustees.

Risk assessment

The trustees have considered during the year the risks which the trust faces, in particular those related to the financial and investment operations of the trust, and are satisfied that systems are in place to minimise these risks. A risk register has been compiled and is reviewed on an annual basis

Objectives, activities and achievements

The terms of the Trust Deed are very widely drawn. Donations can be made to charitable bodies or to individuals who are:

a British subjects who have been employed in the UK

b. Wives or dependents of those in (a) above

c. Being trained or educated with a view to becoming employed.

The main purposes of the trust include the advancement of education and training and the relief of poverty, disease and sickness

The trustees have chosen to award grants entirely to charities who are involved in medical research, education, the relief of misery, and are mainly based in Scotland

These objectives are achieved through the consideration of all grant applications received by the trust at the periodic meetings of the trustees. The grants are funded from the investment returns of the trust's investment portfolio

2

The Mickel Fund Trustees’ report (continued)

Objectives, activities and achievements (continued) During the year, the trust awarded 42 grants (2024: 59) totalling £117,231 (2024: £174,628) fora range of charitable purposes. Details of grants are given in note 8 to the accounts.

The trust's income from investments in the year totalled £101,550 (2024: £102,912).

The trustees allow the Rock Trust, a charity which provides accommodation for homeless people in Edinburgh, to occupy three properties rent free. This arrangement had an estimated annual charitable value of £36,300 in the year (2024: £32,000).

Financial review

The result for the year is set out in the statement of financial activities on page 8. The trustees consider operations to be satisfactory.

Investment policy and performance

The investment strategy pursued by the trust is to balance income and capital growth. This policy is to enable the Trust to cover all expected grants payable within the period while limiting the risk of financial exposure, and to date, the investment portfolio has performed in excess of this strategy.

Reserves policy

The trustees consider the free reserves of the trust to be defined as total unrestricted funds. At 5 April 2025 the free reserves stood at £4,377,956 (2024: £4,494,413). The trust needs to hold a small amount of reserves (£15,000) to cover the governance and support costs. However, the main reason for holding reserves is to ensure that the trust generates sufficient incoming resources by investment return to fund the current level of grants which are made, as it is believed that the current level of grants is a good indicator of the level of future grants.

It is therefore the trustees’ policy to maintain the level of funds under management at sucha level in order to maximise the total return on these to the trust and therefore the amount available for ultimate distribution. In the current year, investment income stood at £101,550 (2024: £102,912) and donation income of £30,331(2024: £60,481). The level of income from donations and investment income is therefore generally in line with the level of grants made and it is the trustees’ intention to continue this policy year on year.

Plans for future periods

The trustees aim to continue to support a number of charitable organisations.

Approval of the Trustees’ Report

At the time of approving this report, the trustees’ are aware of no relevant audit information of which the trust's auditor is unaware and have taken all steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the trust's auditor is aware of that information.

Approved by the trustees and7 on its behalf by: rustee \ 4 | | VS

3

The Mickel Fund

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Annual 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 Scotland 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 its incoming resources application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Truslee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

4

independent Auditor’s Report to the Trustees of The Mickel Fund SeLL CCC“‘CO”™C##‘C(S Opinion We have audited the financial statements of The Mickel Fund (the ‘charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: * give a true and fair view of the state of the charity's affairs as at 5 April 2025 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; and * have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC's Ethical Standard and the provisions available for small entities, in the circumstances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of the report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial Statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

5

Independent Auditor’s Report to the Trustees of The Mickel Fund (continued)

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 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities on page 4, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: As part of our planning process: - | Weenquired of management the systems and controls the charity has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud; - We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: compliance with the Trust Deed and charity law. - We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and . Using our knowledge of the charity, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

6

Independent Auditor’s Report to the Trustees of The Mickel Fund (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed noncompliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognize the non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https //www.frc.org uk/auditorsresponsibilities. This description forms part of our auditor's report

Use of our report

This report is made solely to the trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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

Henderson Loggie LLP Chartered Accountants Statutory Auditor Level5 The Stamp Office 10-14 Waterloo Place Edinburgh EH1 3EG

Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

ra\ uw \ tows

7

The Mickel Fund

Statement of Financial Activities for the year ended 5 April 2025

Restricted Unrestricted 2025 2024
funds funds Funds Funds
Note £ £ £ £
income from:
Donations and legacies
Investments		 3
4		 -
:		 30,331
101,550		 30,331
101,550		 60,481
102,912
Total income 131,881 131,881 163,393
Expenditure on:
Raising funds
Charitable activities		 5
6		 -
.		 (27,637)
(162,406)		 (27,637)
(162,406)		 (25,896)
(21§,281)
Total expenditure (190,043) (190,043) (241,177)
Realised and unrealised (losses) / - (58,295) (58,295) 347,488
gains on investments
Net(expenditure) / incomeand net . (116,457) (116,457) 269,704
movement in funds
Total funds broughtforward 481 4,494,413 4,494,894 4,225,190
Totalfundscarriedforward 481 4,377,956 4,378,437 4,494,894

All of the charity’s activities are continuing.

The notes on pages 11 to 17 form part of these financial statements.

8

The Mickel Fund

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Balance Sheet

as at 5 April 2025

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2025 2024
Note £ £ £ £
Fixed assets
Investments 9 4,260,964 4 404,347
Current assets
Investments 10 49,361 29,645
Debtors 17 13,426 13,194
Cash at bank 116,812 148, 162
179,599 191,001
Creditors
Amounts falling due within one year 12 (62,126) (100,454)
Net current assets 117,473 90,547
Net assets 4,378,437 4,494 894
Funds
Restricted funds 481 481
Unrestricted funds 4,377,956 4,494 413
Net assets 4,378,437 4,494 984
These accounts were were approved by the trustees on_‘“| | . \2| \ 25 and were signed on their behalf by
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These accounts were were approved by the trustees on_‘“|

rustee

The notes on pages 11 to 17 form part of these financial statements

9

Statement of Cash Flows

| ,

The Mickel Fund

for the year ended 5 April 2025

2025 2025 2024 2024
£ £ £ E
Cash flows from operating activities
Net(expenditure)/income
Losses/(gains) on investments
Income from investments		 (116,457)
58,295
(101,550)		 269,704
(347,488)
(102,912)
Donated facilities 36,300 32,000
Increase in debtors (232) (2,806)
Decrease in creditors (38,328) (34,903)
Cash used in operating activities (161,972) (186,405)
Cash flows from investing activities
Investment income 101,550 102,912
Purchase of investments (11,662) (662,941)
Proceeds from the sale ofinvestments 60,450 656,975
Cash provided by itivesling activities 150,338 96,946
Decrease in cash and cash equivalents in the year (11,634) (89,459)
Cash and cash equivalents atthe beginning ofthe year 177,807 267,266
Total cash and cash equivalents atthe end ofthe year 166,173 177,807
Cash and cash equivalents comprise:
Cash at bank 116,812 148,162
Investments held as cash 49,361 29,645
166,173 177,807

10

The Mickel Fund Notes to the accounts a eee eee 1 Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the accounts. In common with many other organisations of our size and nature, we use our auditor to assist with the preparation of the financial statements.

Basis of preparation

The financial statements have been prepared on a going concern basis in accordance with applicable accounting standards and under the historical cost convention. The charity is a Public Benefit Entity. The financial statements are compliant with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, the Statement of Recommended Practice (SORP) FRS 102 “Accounting and Reporting by Charities”, and in accordance with Financial Reporting Standard 102 (FRS 102). The financial statements are prepared in sterling which is the functional currency of the charity Monetary amounts in these financial statements are rounded to the nearest £. Going concern These financial statements have been prepared on a going concern basis which assumes that the charity will continue its operations for at least twelve months from the date of approval. There are no material uncertainties that exist or material changes in the way the charity operates and as such the trustees consider it appropriate to prepare accounts on a going concern basis. Tangible fixed asset investments Investment properties are periodically valued at open market value by an external valuer. No depreciation is provided in respect of investment properties. The trustees review this valuation for reasonableness each year. All surpluses and deficits on valuation are taken to the Statement of Financial Activities for the year. Investments are included at market value at the balance sheet date. Realised gains and losses are the difference between sale proceeds and market value at the end of the previous year end, or purchase cost if acquired during the financial year. Unrealised gains and losses are the difference between the market value at the start and end of the financial year, or between the date of acquisition and at the end of the financial year if acquired within the financial year. Unrealised surpluses and deficits are credited or charged to the unrestricted fund at the year end. Income Income is recognised when the charity has entitlement, there is probability of receipt and when the monetary value of the income can be measured with sufficient reliability. Bank interest is included gross of income tax.

Expenditure

Expenditure in the statement of financial activities include grants payable, support costs and governance costs. These are charged to either charitable activities or governance costs as appropriate, being those expenses incurred in the ordinary operations of the charity. Expenses include irrecoverable VAT.

Grants

Grants payabie are accounted for on the accruals basis.

11

The Mickel Fund

Notes to the accounts (continued)

1 Principal accounting policies (continued) Debtors Debtors are recognised at the settlement amount due.

Cash

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Donated facilities Where property is provided rent free to a charity, a valuation based on the open market for the facilities provided is used for accounting purposes. The loss in value of the property, being representative of the estimated open market value rental, is classified as expenditure on charitable activities as it supports another charitable organisation, rather than as a loss on investments (see notes 6 and 9). Funds All the charity’s funds are unrestricted and available for its charitable purposes at the discretion of the trustees. 2 Judgements in applying key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 3

Restricted Unrestricted Total Total
funds funds Funds funds
2025 2024
£ £ = £
Incomefrom donations and legacies
Mactaggart & Mickel Homes Limited . 25,000 25,000 25,000
Other Donations . 5,331 5,331 35,481
- 30,331 30,331 60,481

£35,481 of other donations were restricted in 2024

12

The Mickel Fund

Notes to the accounts (continued) eee

4 Incomefrom investments Restricted
funds		 Restricted
funds		 Unrestricted
funds		 Total
Funds		 Total
Funds
2025 2024
£ £ £ £
Dividendsand interestfrom securities received
Bankdeposit interest		 .
-		 100,021
1,529		 100,021
1,529		 101,289
1,623
- 101,550 101,550 102,912
All income from investmentswas unrestricted in 2024.
5 Expenditureon raisingfunds Restricted
funds		 Unrestricted
funds		 Total
Funds		 Total
Funds
2025 2024
£ £ £ £
Investmentmanagers’ fees - 27,637 27,637 25,896
All expenditure on raising fundswas unrestricted in 2024.
6 Expenditure on charitable activities
Restricted
funds		 Unrestricted
funds		 Total
Funds		 Total
Funds
£ £ 2025
£		 2024
£
Grants payable (note 8)
Donated facilities (note 9)
Miscellaneous expenses
Taxon dividends
Governance costs (note 7)		 -
-
-
-
.		 117,231
36,300
31
2,196
6,648		 117,231
36,300
31
2,196
6,648		 174,828
32,000
39
1,862
6,5§2
- 162,406 162,406 215,281
£35,000 ofgrants payable in 2024 were from restricted
activitieswas unrestricted in nature.		 funds. All other expenditure on charitable
7 Governancecosts
Restricted
funds		 Unrestricted
funds		 Total
Funds		 Total
Funds
2025 2024
£ £ £ £
Auditofthe statutory accounts . 6,648 6,648 6,552
a a sida S

13

Notes to the accounts (continued)

| | |

The Mickel Fund

8 Grants payable

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |In|the|year,|the|trust made|specific|institutional|donations|over|£2,500|as|follows:| |Restricted|Unrestricted|Total|Total| |funds|funds|Funds|Funds| |2025|2024| |£|£|£|3| |Honeypot|Children’s|Charity|-|-|:|5,000| |The|Back-up|Trust|-|-|-|5,000| |The|Yard|-|-|-|3,000| |Lifecare|Edinburgh|-|-|-|3,000| |Independence|from|Drugs|&|Alcohol|-|-|:|5,000| |Cairngorm Canoeing and|Sailing|School|-|-|-|5,000| |British|Red|Cross|Morrocco Appeal|.|-|-|5,000| |British|Red|Cross|Libya|Appeal|-|-|-|5,000| |Glasgow's|Golden|Generation|.|-|-|3,000| |Fresh|Start|Scotland|-|-|-|3,000| |Leuchie|House|-|-|-|2,630| |MsF|-|10,000|10,000|5,000| |-|10,000|10,000|5,000| |-|5,331|5,331|35,000| |ibya|donation|-|-|.|5,024| |Hearts|&|Minds|-|-|-|4,000| |We|are With You|-|10,000|10,000|10,000| |Snow Camp|-|3,000|3,000|-| |Kingdom|Off Road|-|3,000|3,000|-| |Mactaggart &|Mickel|:|20,000|20,000|:| |Total|grants|over|£2,500|.|61,331|61,331|108,654| |Other grants awarded|(ranging|from|£1,000|.|55,900|55,900|66,174| |to|£2,500)| |-|117,231|117,231|174,828| |ee| |a|a|an| |Advancement of education|.|6,000|6,000|11,500| |ofPrevention or relief of poverty and the|relief|-|79,231|79,231|102,998| |those|otherwise|in|need| |The advancement|of health|and|the saving|of|-|19,000|19,000|41,130| |lives| |The advancement|of the|arts,|heritage,|-|8,000|8,000|12,200| |culture|and|science| |The advancement|of|public|participation|in|-|5,000|5,000|7,000| |sports| |-|117,231|117,231|174,828| |—__|—|<a|ne oe| |Restricted|Unrestricted|Total|Total| |funds|funds|Funds|funds| |2025|2024| |Number|of grants|payable|-|42|42|58|

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14

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| ,

The Mickel Fund Notes to the accounts (continued) et

9 Fixed asset investments

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Investment UK equity
property Investments Total
Market value fi £ £
At 6 April 2024 675,000 3,729,347 4,404,347
Additions at cost : 11,662 11,662
Disposals at opening market value - (59,967) (59,967)
Net unrealised investment gains/(losses) (36,300) (58,778) (95,078)
At 5 April 2025 638,700 3,622,264 4,260,964
Cost —_ Oo oo
At 5 April 2025 295,120 2,717,187 3,012,307
At 5 April 2024 295,120 2,771,576 3,066,696
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The three rental properties were valued by an external party D.J. Alexander, Chartered Surveyors on 13 February 2025 and the trustees are of the opinion that the value at 5 April 2025 is the same. This valued 9 Melville Terrace at £400,000 (2024: £400,000), 16 Sleigh Drive at £150,000(2024: £150,000) and 282 Easter Road at £125,000(2024: £125,000). The properties are made available to the Rock Trust for the sole use of the charity. The trustees estimate that the value of this arrangement is £36,300 (2024: £32,000) and reflect this as in effect charitable expenditure and a deduction from the investment property as rent is foregone. All other investments are held for investment purposes and are direct investments in listed securities. The main risk to the charity from investments lies in the combination of uncertain investment markets and volatility to growth. Liquidity risk is anticipated to be low as listed investments are traded in markets with good liquidity and high trading volumes and this is expected to continue. The charity invests in pooled investment vehicles and is therefore directly exposed to credit risk. This risk is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled manager operates and diversification of investments amongst a number of pooled funds. Market risk arises principally in relation to equities held in the pooled vehicles. The charity manages this exposure to market risk by constructing a diverse portfolio of investments across various markets and by retaining expert advisors to manage its investment portfolio.

10 Current asset investments

Current asset investment represents a cash balance held by the charity's investment advisers, some of which is due to be paid over to the charity in 12 months.

15

The Mickel Fund

Notes to the accounts (continued)

11 Debtors

2025 2024 £ £ Accrued income 13,426 13,194 13,426 13,194 Creditors: Amounts falling due within one year 2025 2024 £ ry Accruals 14,126 13,285 Unpaid grants 48,000 87,169 62,126 100,454

12 Creditors: Amounts falling due within one year

13 Related party transactions

Mactaggart & Mickel Homes Limited provides administration services to the Trust for no consideration. An exact value for these donated services cannot be identified; however, the trustees are able to estimate the value with sufficient reliability to conclude it is not material During the year, a donation of £20,000 (2024: Enil) was paid to Mactaggart & Mickel Homes Limited. At the year end ENil (2024: £Nil) was due to Mactaggart & Mickel Homes Limited for reimbursement of grants paid on behalf of the Trust.

One Trustee is also a Trustee of Mercy Corps Europe Limited. During the year, £10,000 (2024: £5,000) of grants were awarded to Mercy Corps Europe Limited.

14 Funds analysis

Balance at
6 April 2024		 Incoming
Resources		 Resources
expended		 Gain/(loss)on
investments		 Transfers Balance at
5 April 2025
£ £ £ £ £ £
Restrictedfunds
Unrestricted funds		 481
4,494,413		 -
131,881		 -
(190,043)		 .
(58,295)		 -
-		 481
4,377,956
4,494,894 131,881 (190,043) (58,295) - 4,378,437
Balance at
6April 2023		 Incoming
Resources		 Resources
expended		 Gain/(loss) on
investments		 Transfers Balanceat
5April 2024
£ £ £ £ = £
Restrictedfunds
Unrestricted funds		 .
4,225,190		 35,481
127,912		 (35,000)
(206,177)		 :
347,488		 . 481
4,494,413
4,225,190 163,393 (241,177) 347,488 - 4,494,894

16

The Mickel Fund

Notes to the accounts (continued)

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Se
15 Net asset analysis
Net current
2025 Investments£ assets£ Total£
Restricted funds - 481 481
Unrestricted funds 4,260,964 116,992 4,377,956
4,260,964 117,473 4,378,437
Net current
2024 Investments assets Total
£ £ £
Restricted funds - 481 481
Unrestricted funds 4,404,347 90,066 4,494,413
4,404,347 90,547 4,494,894
16 Financial instruments
2025 2024
Carrying amount of financial assets £ £
Measured at fair value 3,622,264 3,729,347
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17