Charity reylstration numbor SC003989 (Scotlandl ROYAL INCORPORATION OF THE BUCHANAN BEQUEST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 10 NOVEMBER 2025
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Cllr C Mailland Cllr D Reid Rev D Cameron Rev F Maxwell Cllr J Todd Cllr J Adams Cllr D Ri¢h8rdson Cllr P Mabon Cllr B Douglas {Appoinled 14 December 20231 Charlty number Iscotlandl SC003989 Prlneipal address East Ayrshire Counal Finan & Corpor81e Support Council Headquarters London Road Kilmarno¢k KA3 7BU Indèpondent examln•r Bryan Swan CA Rogerson & Goldie 29 Porlland Road Kilmarnock KA12BY Solicltors James Guthrie & Company LLP 3 Portland Road Kilmarnock KA12AN
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST CONTENTS Page Trustees report Independent examinerfs report Slatemenl of financ1 aclivilles Balance sheel Notes lo the financial $18temenls 7-15
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST TRUSTEES REPORT FOR THE YEAR ENDED 10 NOVEMBER 2025 The Trustees present their annual report and financial slalements for the year ended 10 November 2025. The financial $13lernents have been prepared in accordance with the accounting ptsliries set out in note 110 the financial 51alemenls and comply with the th& Irusl's governing document. the Charities and Trvslee Investm8nl Iscotlandl Act 2005. the Charities Accounts Iscollandl Reglllalions 2006, FRS 102 "The Fln8ncial Reporting Standard applicable in the UK and Republic ol Ireland and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in aceordanoe with the Finan¢ial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" ObJ*¢tives and a¢tivities The trust was established by trust deed in 1861. The principal objects of the trust are lo rèlieve poverty in the Kilmarno¢k area Ihrou9h the distribution of funds by the parish ministers. There has been no changè lo the principal objectives during the year. The IrLJsI is recognised by H M Rèvenue and Customs and OSCR as a charity undei Scottish Charity Number SC 003989. The charity plan5 to continue the activities outlined atrx)vg in the forthcoming years. The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding wh818clwilies Ihe the trust should undertake. Employee Poli The the Irusl's policy is lo consult and discuss with ernploye&s, through unions, staff councils and at meetings, mallers likely lo affect 8mployees' inleresls. Information ol matters of conTrrn to employees is given through information bulletins and reports which seek lo achieve a common awareness on the part of all employees of Ihe financial and economic factors affeeling the trusts performance. Applications for employment by disabled persons are always fully considered, bearing In mind the aptitudes of the applicant Conrrned. In the event ol members of staff becoming disabled, evèry effort is made to ensuie that their employment within the the trust continue5 and that the appropriate training is arranged. 11 is the policy of the the trust that the training, career development and prornolion of disabled persons should. as far as possible. be identical lo that ol other employees.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 A¢hlgv•ments and performance The trustees have examined the charity's requirements lor reserves in light of the main risks lo the organisalion. The trustees arè aware any drop in investment income, would be off sel with a reduclion in fund5 distributed. Therefore the lev81 of unreslriclad reserves of £10,877 is adequate for the short and long term funding The Iruslees slso anlicipale that investment income could be volatile in the next financial year and have noted th8 effects of the global factols and the uncertainty Il brings lo investment in¢ome. The reslriclèd endowment fund iepresents capital originally granted by the benefactors and growth in the funds from investments made and realised over the years since the bequest was fOu[ed. In lerms of the original trust deed Iruslees ai& entitled only lo distribute income arising from Investments and the unrestricted fund represents surplus undistribuled in¢ome. Financial revlèw The income recewed by the charity has increased from £44,115 to £45,669. The Costs incurred by the charity have incraased Irom £42,363 to £45.756. The charity agreed lo dislribute £29,10012024.. £26,100) from incomè and reserves for the year lo 10th November 2025. Re5eNes Policy 11 is the policy ol the the trust that unreslri¢ted funds whi¢h have not bèèn designated for a specific use should be maintained at a level equivalent lo belwe8n three and six month's expenditure. The Trustèes considerlhat reserves at this level will ensurè Ihal, in the event of a significant drop in ILJnding. they will be able to continue the the trust's currenl activities while consideration is given toways in which additional funds may be raised. This level ol reserves has been maintained throughout the yaar. The trust unrestricted fund increased slightly this year and arè positive reserves and the Ifuslees were happy that this allowed the trust to continue ils good work in helping poverty in the Kilmarnock area through the parish ministers. Inveslment Policy The investments arè held in awjrdance with the Iruslees. powers. The investment policy which is reviewéd by Ihe Irusleès from lirne lo lime is aimed 81 maintaining the real value ol Ihe funds over a period of years 8nd thereby pioviding a reasonable level ol income. Thè policy of tho Iruslees has been lo apply the nel available income from investments in making lund5 available lo distribute to local ministers for charitable purposes. The Trustee5 have assessed the major risks to which the the Irusl is trxposed. and are s8lisfI6d that systems are in place to rniligate exposure lo the major risks. Structure, governanco and management Tha the trust is an organisalion 9overned by its trust documenl.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 The Trustees who served during the year and up lo the dalè of signalure of the financial statements were.. Cllr C Mailland Cllr D Reid Cllr L Jones Rev D Cameron Rev J McNaughlan Rev F Maxw811 Cllr J Todd Cllr J Adams Cllr D Richardson Cllr P M8bon Cllr B Douglas (Resigned 14 December 20231 (Resigned 31 January 20251 (Appointed 14 December 20231 The organisalional structure of the trust is that a board ol minister$ and elected offi¢i8ls are tasked with making the decisions ol the trust and then assi51 in the day tts day running of the trust along with thè support nelwork of paid consultants. a¢counlanls or lawyer5 when professiollal work is required. Trustees are recruited from elected officials and Board Ministers who act for the churches of the lfjlmarnock Area. Cllr D Reid Trustee Dated.. 9 June 2026 Rev D Camaron Truslee Dalèd..9 June 2028
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL INCORPORATION OF THE BUCHANAN BEQUEST I report on the finanaal stalemenls of the the Irusl for the yèar ended 10 November 2025, which are set out on p8g9S 51015. Respe¢tSve responslbilities of Trustees and èxaminer The Ihe Irusl's Trustees ale responsible lor Ihe preparation of the financ4al slalemenls in accordance with the terms ol the Charities and Trustee Investment IS¢ollandl Act 2005 and the Chaiilies Accounts (Scollandl Regulations 2006. The the Irusl Tiuslees consider that the audit requirement of Regulation 1011 Ilal-l¢l ol Ihe Charities Accounts IS¢otlandl Regulations 2006 does nol apply. It is rny responsibility 10 9xamine the financial slalemenis as required under section 4411llcl of the Charilies and Truslee Investment (Scotlandl Act 2005 and Io Stsle whether particular malters have come to my allenlion. Basis of Ind•pendent examiner's stst•ment My examinaiion is carried out in accordance with Regulation 11 of the Chaiilies Accounts (Scollandl Regulations 2006. An exarnination includes a review olthe accounling records kepl by Ihe charity and a comparison of the financial statements presented with those records. It also Inoludes consider81ion of any unusual items or disclosuies in the flnancial slalèmenls, and seeking explanations trorn the trustees concerning any such mallèrs. The procedures undertaken do not provide all the evidence that would be requirad in an audit and ¢onsequenlty I do not express an audit opinion on the view given by the financial statements. Independent examinerfs statèment In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause lo believe that in any material resped the requirernenls.. to keep ac¢ounting records in accordance with Se¢lion 4411llal ol the Charities and Trustee Investment (Scotlandl Act 2005 and RegLJlation 4 01 the Charities Accounts Iscotlandl Rogulalions 2006, and lo prepare financial stalemenls which accord with the accounting records and comply with Regulallon 8 of the Gharities Accounts (Scotlandl Règulations 2006 have nol been rnel. or 2. to which. in my opinion, attention should be drawn in order lo enabl8 8 proper understanding of the financial slalements to be reached. Swan GA Rogerson & Goldie 29 Portland Road Kilmarnock KA12BY 9 June 2026
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED qo NOVEMBER 2025 UnrestdctedEndowment funds lund• 202S 2025 Total Unrestricted Endowm•nt funds funds 2024 2024 Total 2025 2024 Notes Income from: Investments 45,699 45.699 44,115 44,115 Totsl Income 45,699 45,699 44,115 44,115 Expènditure on.. Raising funds Charitable activities 3,902 41,854 3,902 41,854 3,764 38,599 3,764 38.599 Total expèndltu 45,756 45.756 42,363 42.363 Nel gainslllossesl on investments 10 120,079 120,079 102.031 102,031 Net In¢ome and mov•m•nt in funds 1571 120.079 120.022 1,752 102,031 103.783 Reconciliatlon of funds: Fund balances al 11 November 2024 10.934 1,449.535 1.460,469 9,182 1,347.504 1,356,686 Fund balan¢•$ at 10 November 2025 10,877 1,569,614 1,580.491 10,934 1,449,535 1.460,469 Thè slalemenl of financial aclivitles includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST BALANCE SHEET AS AT 10 NOVEMBER 2025 2025 2024 Not¥s Flx•d assets Investrnenl properties Investments 150,000 1.402,908 150.000 1,286.583 12 1,552,908 1,436,583 Current ass¢ts Debtors Investments Cash al bank and in hand 14 15 2,152 10,690 48,538 3,474 11,972 38,660 61,380 54,106 Creditors: amounts falllng duo within one yoar Other creditors 16 33,797 30,220 Nel current assets 27,583 23,886 Total a$$&ts less curr•nt liabilitie 1,580.491 1,460,469 Capitsl funds Endowment funds- general Incomè funds Unrestricted funds 18 10,877 10,934 1,569,614 1,449,535 1.580,491 1.460,469 The financial stalaments were approved by the Trustees on 9 June 2026 Cllr D Reid Trustee Rev D C8m8ron tee
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 10 NOVEMBER 2025 Accounting policies Charlty infomiation Royal Incorporatlon of the 8uchanan Bequest is a trust with a trust deed outlining the purposes ol the trust. 1.1 Accounting convention The financial slalemenls have been prepared in a¢¢oidance with the the trust's governing document, the Charities and Trustee Investment IS¢ollandl Act 2005, Ihe Charities Acoounls Iscollandl Regulations 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" and the Charities SORP "Accounting and Reporting by Charities." Slatèmenl of Recommended Pracliee applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland IFRS 102}" The the trust is a Public Benefit Entity as defined by FRS 102. The financial slalemenls ale prepared in sterling, whi¢h is the functional currency of the the Iiusl. Monetary amounts in these financial statements are rounded lo the nearest £. The linaneial slalernenls have been prepared under the historical cost convanlion, Imodified lo include the revaluation ol freehold properties and lo include inveslmenl properties and certain financial instruments al lair valuel. The principal accounting poli¢ies adopted are sel out below. 1.2 Going concèm Al the lime ol approving the linan¢ial slalemenls, the Trustees have a reasonable expectation that the the trust has adequate resources lo conlinue in operational existenee for the foreseeable future and no maleiial uncertainties exist regiading this. Thus the Trustees continue lo adopt the going concern basis of accounting in preparing the financial stat&menls. 1.3 Charitsble funds Unieslricled funds are available for use al the discretion of lh8 Truslges in furtherance of their charitable objectives. Reslricled funds are subjeel lo specific conditions by donors or grantors as lo how they rnay be used. The PLtrposes and uses of the restricted funds are set out in the notes to the fin8ncial slalernents. Endowment funds are subject to specific conditions by donor5 that the capital must be maintained by the the Irust. 1.4 Income In¢ome Is recognlsed when the trust 18 legalty entitled lo rt after any performance condllbns have been mel, the amounts can be measured reliably, and it is probable that income will be received. C85h donation8 are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless perfom)ance conditions require dèlerr81 of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds ol covenant is r8cognised 81 the lime of the donation. Legacies are recognised on receipt or otheIse if the trust has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the arnounl is not known, the legacy is Irealed as a conlingenl asset.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 Accounting polSclos (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclivs obligation lo transfer economic benefit lo a third Parly, it is probable that a transfer ol economic benefils will be required in settlement, and th& amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each aclivily ale made up of the total of dire¢l costs and shared costs. induding support costs involved in undertaking each aclivily. Direct costs altributable lo a single activity are allocated diredly lo that aclivily. Shared c051s which contribLJle to more than onÈ aetivity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistènt with the use of resources. Central staff costs are allocated on the basis of lim6 spenl, and depiecialion charges are allocated on the portion ol the assèt's use. 1.6 Investment property Investment property. which is property held lo earn rentals andloi lor capital apprecialion, is initially reeognised al cost, which includes the purchase cost and any directly attributable expenditure. Subsequently il is measured al lair value at the reporting end date. The surplus or deficit on revaluation is recognised in profil or Ios5. Property rented lo a group enlily Is 8¢counted for as tangible fixed assets. 1.7 Fixed a$sèt Inv•stments Fixed asset inveslrnenls are inilially measured at transaction price excluding transaction costs, and are subsequently measured al lair value at each reporting dale. Changes in lair value are recognised in nel incomel lexpendilurel lor the year. Transaction costs are expensed as In¢urred. 1.8 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-lerm liquid inveslmtrnls with original malurilies of Ihree months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnancial instruments The trust has elected to apply the provisions ol Section 11 'Basic Financial Inslrumenls, and Sèction 12'0ther Financial Instruments Issues, of FRS 102 lo all of ils financial inslrurn&nts. Financial instruments are recognised in the Irusl's balance sheelwhen the trust becomes party to the contractual provision$ of the instrument. Financial assets and liabililies are offset, with the net amounls presented in the linaneial slalements, when there is a legally enforceable right to set off the ieoognised amounts and there 15 8n intention to settle on a net basis or lo realise the assèt and settle the liabilily simultaneously. Basic financial assets Basic financial assets. which in¢lude debtors and cash and bank balances, are initially m88sured al transaclion price including transaction costs and arè subsequently cairied al amortis6d cosl using the effective interest method unless the airangem&nt constilules a finarneing transaction, where the transaction is measured at the prèsent value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 10 NOVEMBER 2025 Accounting policies Icontinuedl Basic financial liabililies Basic financial liabilitie5, including creditors and bank loans are initially iecognised at Iransaction price unSess the arrangement conslilule5 8 financing Iransaclion, where the debt instrument is measured al the present valu& of the future payments discounted al a market rale of intest. Financial liabilities ¢18ssified as payable within one year are not amortisèd. Debt instruments are subsequently carried al 8mortised cost, using the effective interest rate method. Trade creditors are obligations lo pay lor goods or services that have been acquired in the ordinary course of opèrations frorn suppliers. Amounts payable are classified as current liabilities if payrnenl is due within one year or les5. If not, they are presented as non-currènl li8bililies. Trade creditors are recognised initially al transaction price and subsequently measufed al amortised cost using the effective inleresl method. Derecognltion of financial liabilities Financial liabililies are derecognisèd when the trust's conlraclual obligations expire or are dischargèd or canlled. 1.10 Employee benefits The cost ol any unusad holiday enlillemenl Is recogni5ed in the period in which the employee's seNi¢es are received. Tèrmination benefits are recognised immedialely as an expense when the trust is dernon81rably committed lo lerminale the employment ol an employèe or lo provide lerminalion benefits. Critical accountlng &stlmat•s and judg•m•nts In the application of the Irusl's accounting policies, the Trustees are required lo mak8 judgèmènts, eslirnales and a55umptions about the carrying amount of assets and liabilities th818re not re8dily apparent frorn other sources. Th8 eslimales and asso¢ialed assumptions ale based on historical experience and other factors Ihat are considered to be relevant. Aelual results may diffèr fiotn these eslitnales. The eslirnates and underlying assumptions are reviewed on an ongoing basls. Revlsions lo accounting eslimales are recognised in the period in which the èstimate is revised where the revision affeols only that period, or in Ihg period ol the revision and future periods where the revision affects both current and future periods. Investments Unrestricted funds Total 2024 Rèntal incomè Interest Income Dividend Incomè 5,627 503 39.569 3,800 17,867 22,448 45,699 44,115 45,699 44,115
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 10 NOVEMBER 2025 Raislng funds Unrèstricted funds Totsl 2024 men mana 3,902 3,764 3,902 3.764 Investrnenl management 3,902 3,764 Expenditure on charitable a¢tlvitie8 Unr•strlct8d Unrèstrleted Distribution Distribution 2025 2024 Dire¢t costs Insurance Donations Distributions via ministers Annual luncheon Curling stones Yellow vests Repairs 3,474 3,867 10 26,100 679 41 15 29.100 1,004 18 33,596 30,712 Share ofsupport and governance co$ts1$90 nots 61 Governance 8.258 7.887 41,854 38,599 Analy8ls by fund Unrestricted funds 41.854 38,599 10-
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 10 NOVEMBER 2025 Support C03ts Support Govornance costs costs 2025 2024 Basls of allocation Ac¢ountancy Legal and professional Staff Costs 1.320 5,029 1.909 1,320 5,029 1,909 1.464 Governance 4,513 Governance 1.910 Govern8n¢e 8,258 8,258 7.887 Analysed between Charitabl8 activities 8,258 8,258 7,887 Govemance c0515 includes payments lo the a¢¢ounl8nls of £1.32012024- £1,464} for accountancy fees lo prepare the accounts. No lee was charged for tha independent examination. N•t movem•nt In funds 2025 2024 The nel movèmant in funds is staled after chargingllcredilingl.. Fees payable for the independent examination of the charity's financial statements Trust8•s None of the Trustees lor any persons conne¢ted with Ih8ml received any remuneration or benefi15 from the the trust during the year. Employees The average monthly number of persons (including direclorsl employed by the company during the yearwas.. 2025 Number 2024 Number There were no employees whosè annual remuneration was mora than £60,000.
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 10 Gain$ and Ioss•8 on investments Endowment Endowment funds funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments Sale of inveslrnenls 119,161 918 101,851 180 120,079 102,031 11 Investsnent PTOPOrty 2024 Fair value Al 11 November 2024 and 10 November 2025 150,000 Investment property comprises a fairv that is rènted out valued at £150,000. The lair value of the investment property has been arrived at on the basis ol a valuation carried out in June 2020 by CKD Galbraith Chartered Surveyors. who are not Connected with the the trust. The valuation w88 made on an open markgl value basls by iefeience lo rnarkel evidence of transaction prices for sitnilar properties. 2025 2025 Freehold 150,000 150,000 12 FIx8d asset investments Listed Investm•nts Cost or valuation Al 11 November 2024 Valuation changes Disposals 1,286,583 120.079 13,754} AI 10 November 2025 1,402,908 Carrying amount At 10 November 2025 1,402,908 AI 10 November 2024 1,286,583 12-
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 12 Flxed asset investments Icontinuedl Thè listed invèstments are all held with Barclays Charity Fund with a market value al the 10th November 2025 £1,402,9)8. Thè original ¢osls of the investments in this fund was £867,633 13 Finon¢i41 instruments 2025 2024 Carrylng amount of financlal assets Instruments measured #l lair value IhroLJgh profit or loss 1Q.690 11,972 14 Debtors 2025 2024 Amounts falllng due within one year.. Prepayments and a¢¢ruad income 2,152 3,474 15 Currént assét Investments 2025 2024 Unlisted investments 10,6 11,972 Current a5sel investments is money that is silting in the Barclays wealth dealing or trading account that is under the Buchanan Bequest name bul has not been transferred from Barclays lo the trust bank account at the year end. This has been shown as bank balances previously bul feel that 88 not held in the trust bank and with B8r¢l8ys wealth Ihe Irustees would shtsw Ihis as funds still invested. with the inl&nlion of being transferred lo the trust bank account within 12 months. 16 Othèr creditors falling due within onè year 2025 2024 Accruals and deferred Inrn& 33,797 30,220 13-
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 10 NOVEMBER 2025 17 Unr•stricted funds The unrestricted funds ol the charity comprise the unexpended balaNS of donations and giants and investment income which are not subject lo specific conditions by donors and gianlors as to how they may be used. These include designated funds which have been Sel aside out of unrestricted funds by the Irusle85 lor specific purpose5. At11 Novembèr 2024 Incoming resources Resources expendad At10 Novembèr 2025 General funds 10,934 45,699 145,7561 10,877 Previous year.. At11 Novembèr 2023 Incoming resources Resources exp•nded At10 Novemb&r 2024 General funds 9,182 44,115 142.3631 10,934 Unrestricted Fund The unrestricted fund represents a surplus of undistribuled income. 18 Endowment funds Endowrnenl funds represent assets which musl be held permanèntly by the trust. Incorne arising on the endowment funds ¢an be used in accordance with the objects of the trust and is included as unieslriclgd income. Any capital gains or losses arising on the assets form part of the fund. At11 November 2024 Gains and losses At10 November 2025 Permanent endowments Permanent Endowment 1,449,535 120,079 1,569,614 Provlous year.. At11 Novèmber 2023 Gains an losses At10 November 2024 Permanent endowments Permanent Endowment 1,347.504 102.031 1,449,535 14-
ROYAL INCORPORATION OF THE BUCHANAN BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 10 NOVEMBER 2025 19 Analy¥i5 of net assets be8•n funds Unres*rict•d Endowment funds fvnds 2025 2025 Total 2025 At 10 Novèmber 2025: Investment properties Investments Current asselsllliabililiesl 150,000 1,402,908 16,70S 150.000 1,402,908 27.583 10,877 10.877 1,569.614 1,580,491 Unrnstricted Endowment funds funds 2024 2024 Totsl 2024 At 10 November 2024: Inveslmanl properties Investments Current assetsllliabililiesl 150,000 1,286,583 12.952 150.(X)O 1,286,583 23.886 10,934 10.934 1,449,535 1,460.469 20 R&lat•d paity transa¢tlons There wele no disclosable related party transactions during the year12024- none).