A REGISTERED CHARITY NUMBER: SC006702
The FORTY-SEVENTH Annual Report
of the Trustees
and
Financial Statements For The Year Ended 31 December 2024
for
The Royal Edinburgh Repository and Self-Aid Society
a Scottish Charitable Incorporated Organisation
The Royal Edinburgh Repository and
Self-Aid Society
Report of the Trustees
for the Year Ended 31 December 2024
The Forty-seventh Report of
THE ROYAL EDINBURGH REPOSITORY AND SELF-AID SOCIETY A Scottish Charitable Incorporated Organisation (SCIO) Charity No: SC006702
R eference and Administrative Information
23a Castle Street, Edinburgh EH2 3DN Telephone 0131-220-1187
W ebsite: www.treasuretrove-edinburgh.com Email: hello@treasuretrove-edinburgh.com
P atron
Honorary President
Honorary Vice-Presidents
Chairman of the Executive Committee
Vice Chairman
Honorary Treasurer
Honorary Secretary
Chairman of the Benevolent Fund Committee
The Society's office and shop, The Treasure Trove, 23a Castle Street, Edinburgh, open 9.30am to 5.00 pm on Monday to Thursday and 9.30 am to 4.30 pm on Friday and Saturday.
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GoveTDall£e of tbe Society The Society (a Scottish Cl)aritable ILiCOry)orated Otganisation) is Inlaged by the Trustets as an Executii"e Collunittee and a Benei'olent Fund Con]rnittee. New Trustets ate elected by tlie sen.ing Executive co1])1ttte ineillbets. Two Trustee5 ietite aNnilIY by rotation biit are eligible for re-eltction. Menibers of the Ben-01tl Fund Con]mittee are elected by the ExecutiTre Coiiunittee. All retiring Executive Committee members automatically become eligible to become Friends of the Society. The Exe¢utiv¢ Committee meets eight times ea¢h year. Execulii e CoinInillee In(le BAllkers The Royal Bank of Scotland plc, Ediabutsh InTrestment Adiisers Rathbone llli'estment MalgeMent Geoige House 50 Ge0e Square Glasgow G2 IEH Solicitors Thorlllons Solicito 3. Floor. City Point 65 Hayllthet Tarace Edlliburgh EH12 5HD Page 2
Financial Administrator
Structure, Governance and Management
The Society was constituted by Deed of Constitution in 1977 and was formed by amalgamation of The Royal Edinburgh Repository for the Sale of Gentlewomen’s Work and The Royal Scottish Society for the Self-Aid of Gentlewomen. In 2008 a decision was taken for the shop to operate under the name of The Treasure Trove. On 1st January 2012 the Society became a Scottish Incorporated Charitable organisation (SCIO) CS 006702
Details of the honorary officeholders and committees are listed on pages 2 to 3. Details of the methods adopted for the recruitment and appointment of new Trustees are included on page 3.
OBJECTIVES AND ACTIVITIES
The principal objectives of the Society are to assist men and women of limited means, or needy circumstances, to achieve an independent livelihood by promoting the sale of their own work, primarily in the Society’s Shop. The Benevolent Fund was established to assist members unable to send in work for sale owing to illness or advancing age.
ACHIEVEMENT AND PERFORMANCE
Review of the year including achievements and performance
The Executive Committee of the Royal Edinburgh Repository and Self-Aid Society has pleasure in presenting its report for 2023.
The shop, named the Treasure Trove, is funded from income derived from investments and from renting out the upper three floors of 23 Castle Street, Edinburgh. The entire building is owned by the Society. The Society also receives donations and legacies from time to time, which assist in its work.
Items of stock for sale in the shop continue to be the property of the Members who are reimbursed during the month following the sale of their goods. 10% of each sale is kept helping cover the shop expenses and the member receives 90%. There is a policy in place to notify members of work which has lain unsold for two years, whereupon they may choose to have it returned or sold at a reduced price.
I would like to open my report by thanking all the Staff and the Executive Committee for everything they have done to benefit the Treasure Trove and the Members over the last year. This has been a good year, shop sales were slightly down on last year but considering the economic climate we were very happy with the results with excellent sales in December of £13,000 and a year total of £96,758.
who took over as chairman from
contracted Covid in June last year.
Sadly, this has turned into long-covid, and she resigned in July. As vice-chairman I have been holding the fort until we find a new chairman.
Our patron, has stood down. She had been with the charity for over 30 years and was very involved with the amalgamation of the 2 charities in the late 70s.
Sadly, our President died in May. We had had some lovely members’ outings to Kailzie Gardens in the past. She left a generous donation, and we were able to take several members to Treasure Island at the Lyceum as a result. We have invited to become our new president and are
delighted that she has accepted. She has been associated with the charity since 1990.
One of our members suggested turning our coffee mornings into craft coffee mornings. This entails members coming with their knitting or other crafts, exchanging ideas, patterns etc. These have been running monthly since October and have proved a huge success. , one of our trustees is a great crafter and brings along various pieces of needlework on which she is working.
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and I organised our members’ summer outing to Saughton Gardens, despite the odd shower everyone seemed to enjoy themselves and we were given a very nice tea by the Four Square Park Café. We plan on repeating the outing again in June.
The Annual Fair was held at a new venue, St John’s, Lothian Road on 16[th] November. The staff there couldn’t have been more accommodating. The Chevaliers did a wonderful job piping, we had good footfall, but takings were slightly down on last year, with sales of £3,798.
Our staff have worked with enthusiasm and diligence throughout the year. We were able to make salary increases this year and also gave them a generous Christmas bonus, for which they were extremely grateful.
, our Saturday girls left in the autumn and have been replaced by , who have settled in well and are doing a great job. has also joined the staff as a part-time member, and also helps from time to time.
We still have our 3 tenants and at present are negotiating new leases for 2 of them. A big thank you to for overseeing the properties and insurance.
The Instagram posts are continuing to be very successful, a big thank you to
.
Thank you to , who despite stepping down from the committee is continuing to write her wonderful newsletters for the members.
Thank you also to for designing a flyer which we have left in Craft shops, this is a way of publicing the charity in order to find new members. She is also making a design for small paper bags with details of the history of the charity.
We continue the tradition of sending the Royal Box to Holyrood Palace during royal week in July. Unfortunately, the Royal visit was curtailed last year due to the general election.
has stood down from the committee after 28 years. She was secretary for several years and also ran the organisation of the Pop-Up Fair. has stood down due to moving north and has stood down.
A big thank you to
, our honorary treasurer who has been helping me in my chairman’s role.
We have welcomed a new committee member , her knowledge of crafting is a big asset. We will also be welcoming at the AGM.
of JS Accounting has continued to keep our accounts up to date efficiently throughout the year and we are very grateful to her for her advice and assistance in all matters financial. On behalf of everyone I would like to thank very much indeed.
Finally, I would like to thank all the Trustees and for their tremendous support, hard work and enthusiasm and for all they do in managing the property, the staff, the shop.
As chairman of the Benevolent Fund, I will also add my report.
The Benevolent Fund continues to make donations to members who are unable to work or may need extra financial help. Payments are made twice a year in June and December with amounts ranging from £100 to £300. All members receive an extra £50 at Christmas. In December we had 39 members, who come from all over the UK and Northern Ireland. The total amount donated last year was £14,500.
The money comes from the Benevolent Investment Income, W&A Dickson Fund, The Lady Younger Trust and donations, the tombola, and the money made by the Chevaliers piping outside the annual fair.
Sadly, we have lost 2 members during the year.
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I would like to thank who contact the members prior to the meeting. The members love to chat and find out what is going on in the shop. then informs us on how everyone is doing and if anyone needs extra help. All the members are very grateful for their donations and we receive lovely thank you letters.
Thank you also to as treasurer and who takes the minutes.
FINANCIAL REVIEW
The accounts show the Unrestricted Funds (General Fund) and Restricted Funds (Benevolent Fund and W &A Dickson Trust).
In 2024, the shop had an operating deficit of £44,434(in 2023 there was a deficit of £50,263) excluding depreciation on the property of £11,142.
The General Fund (Unrestricted Fund) income for the year was £193,020 (£193,341 in 2023). This figure included the sale of Members work of £96,758 (£99,274 in 2023) Rent and Investment Income. The Society deducted 10% commission from the sale of Members work during 2024which amounted to £9,779. The total expenditure for the year was £248,596 (£254,746 in 2023) including the payments to Members of £89,293.
Our investments are being handled by of Rathbone Investment Management. reported the General Fund Portfolio ended 2024 with a valuation of £2,519,658. The estimated income yield is 2.34% indicating income over the coming 12 months of approximately £62,062. There are holdings within the portfolio that tend to pay “special” dividends on an almost annual basis. I would highlight CME Group as an example of this, their regular special dividend regularly doubling the income from this holding. Therefore, assuming there were to be no changes to the portfolio over the coming 12 months, which of course will not be the case, then we would anticipate a slightly higher level of portfolio income. We are also seeing a marginal uplift in dividends when companies announce earnings of perhaps 4 to 5%.
The portfolio achieved a total return after all charges of 4.3% in 2024. This combines an income return of 2.4% and some capital gains. The five-year return is 11.3% to end December 2024. This includes two difficult years when we saw market weakness in 2020 resulting from the Covid crises. Additionally in 2022 following the Russian invasion of the Ukraine and a surge in inflation rates which also combined with continuing supply disruptions from the latter stages of the Covid pandemic. As a result of the surge in inflation central banks around the world hiked interest rates at a pace not seen since the 1980s resulting in significant stock market falls. In 2020 and 2022 the portfolio suffered a decline on a total return basis. These two negative years impacted on the five year returns despite positive numbers in 2021, 2023 and 2024.
The asset allocation of the portfolio is in line with the risk level 5 investment approach which has been selected with Rathbones. This sees holdings in diversifying investment including infrastructure and capital preservation focused actively managed strategies of approximately 6.3%. 6.8% is held in bonds and government index-linked assets with 0.8% in cash. There are also holdings of investment grade bonds of 4.6%. The majority of the portfolio is invested in equities accounting for approximately 81.4% of the portfolio. Of these holdings 23.8% are in UK listed companies. This percentage exaggerates the true exposure to the domestic UK economy. Looking through all of the holdings held within the portfolio, approximately 10% of revenues are generated within the UK. The remaining revenues are generated overseas with approximately 41% of these coming from the US. The majority of the UK held investments are international companies where most of their business is undertaken overseas.
The portfolio achieves an A rating on MSCI’s Environmental Social Governance ratings. I should highlight that this rating reflects a coverage of approximately 79.6% of the portfolio. Some fixed income investments are not covered by standard MSCI ESG global ratings. Rathbones performs inhouse analysis of Environmental Social Governance issues with 46% of the portfolio considered to be either pioneering or leading and 30.4% being average. Only 3.3% of the portfolio is seen as lagging with 0% considered controversial. The lagging investments are the oil and basic material holdings, Shell, BP and Rio Tinto. Rathbones continue to encourage these companies to move towards climate change targets as rapidly as possible. Additionally, the holding in RTX which is a business focused on civil aerospace and defence expenditure. It is the defence expenditure that flags as lagging in these ESG ratings. As with the MSCI profile there is a proportion of the portfolio that is not covered linking to the fixed income holdings. Analysis indicates that 69 tonnes of C02 are omitted from the portfolio holdings for every $1bn of sales. This is approximately 25% less than the average for the MSCI World Stock Market indices where 93 tonnes of CO2 emissions are seen for each $1m of sales.
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Equity market gains in 2024 were driven predominately from the US and focused in a relatively small number of companies. Indeed, the US equity market was the second “narrowest” on record with only 28% of S&P 500 companies outperforming the broad benchmark. Only in 2023 has this number been lower. The businesses that did outperform were predominately technology focused and there was a particular focus around the “Magnificent Seven” US technology giants.
US and UK election results have resulted in a change in political leadership with the new political leadership indicating a fiscal loosening with increased government spending and potentially tax cuts in the US while in the UK the increased government spending is only partly covered by tax increases. These changes are inflationary, as a result while inflation has fallen significantly from its peak in 2022 expectations for further interest rate cuts have been reduced. It is now anticipated that we will see perhaps three interest rate reductions of 0.25% in the UK and 4 to 5 interest rate reductions of the same amount in the US. These modest interest rate reductions should however continue to support corporate earnings growth and while global leading indicators are suggesting only modest economic expansion they do suggest a continuation of growth. This should be supportive for further equity market gains in 2025. Politically the return of President Trump to the Whitehouse and the potential for a trade war resulting from tariff policies combined with geopolitical uncertainties in the Ukraine and Middle East to create continued economic uncertainty. Rathbones continues to focus on high quality companies with high margins, strong ability to service debt and strong returns on invested capital as the best protection from periods of increased geopolitical uncertainty. There is always scope for uncertainty however we enter 2025 with a hopeful mindset.
The market value of our investments as 31[st] December 2024 was £2,519,658 (£2,503,362 in 2023). The investment income for the year was £62,062 (£59,820 in 2023). The Trustees are very grateful to Rathbone Investment Management for managing the investments.
Reserves Policy
The Executive Committee confirms that the assets are available and adequate to allow them to continue to fulfil the obligations of the Society.
Risk Review
The Committee has conducted its own review of the major risks to which the Society is exposed and systems have been established to mitigate those risks. Significant external risks to investment income have led to the development, in consultation with our investment advisers, of an investment plan which will allow for the diversification of investment holdings.
Internal risks, including the continuing operation of the shop, are minimised by the implementation of procedures to ensure consistent quality and security for all operational aspects of the Society. The procedures are periodically reviewed to ensure that they still meet the needs of the Society.
Investment Policy
There are no restrictions on the Society’s power to invest and funds may be invested in any type of investment. The investment strategy is set by the Executive Committee in consultation with the Society’s investment managers and reviewed annually. The Executive Committee considers the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term.
In 1992, the Society received a legacy of £48,702.56 from Mrs Alison Dickson’s estate. The funds were used to purchase investments which are held in the name of William and Alison Dickson Trust.
Funds Held as Custodian Trustee
Chairman of the Executive Committee, and are Trustees of the Lady Hilda V Younger’s Trust. The members of the Society are the beneficiaries of this Trust and the income is received into the Benevolent Fund. The fund consists of monies and investments held and managed by Rathbones Investment Management. The Trust’s accounts are held separately to those of the Society. Income from the Trust is transferred gross by the fund managers and payment of the Independent Examiner’s fees is made by the Royal Edinburgh Repository and Self-Aid Society from the income received.
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The objectives of the Trust are exclusively linked to the objects of the Society.
Bank and Cash Balances
This includes £21,892 held by Rathbone Investment Management in Capital and Income Accounts on behalf of the Society. The Capital Account is used to fund the purchase of investments, to contain the disposal proceeds of investments, supplement the Income Account and in exceptional circumstances supplement the Income Account. Fees incurred by Rathbone Investment Management are £18,462. The Income Account contains investment income and monthly transfers are made to the Royal Edinburgh Repository and Self-Aid Society from this account.
ON BEHALF OF THE EXECUTIVE COMMITTEE
23 April 2024
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Inde èndent F.Yamlner's Re ort io the Tho Roval Fdin hRe osil r? IfAidSo, esof I report on the aecounis for the year ended 31 December 20?4 set oui on pages nine to eighteen, Respective responsibilities of trustett and exlminer Th¢ charily's trust¢e5 are responsible for the prepardliuii of iht aicounls in accorda11ce with thc iCTtns of thc Charilics and"Irusi¢e IRvesim¢nt Iscorlandl ALX ?005 aiiJ tbL Chariiies AG¢ounlS Iscoilamdl R¢gulatic>ns 2(M)6 las amended). The charitv's Irustees consider ihat the audit Tcquircmcnt of Regulaiioii IQI l Kd} to Icl of Ihe Accounts R¢gulaiions does not apply. It 15 my rc5pon5ibilitJ to exsmine the %¢ounts' dg required undeT Seelion 441 I Ilc) of ihe Att and 10 4ate whcrher plleIr matters have come to mv atieniion. 114si% nf the indendent examiner'8 report My exarnination was carried out in a¢¢ord2nce with Regulation I l of the Charities Accounts Iscoflandl Regulations 2006. An examinati()n includes a Ttview ot'the accouniing rccords kLyt by ih¢ charity and a cotnpaFison of Ihe a¢couiits presented v4.ith thosc records. It also includes collsideraiian of any unusual iieirs or disclosure5 in th¢ a¢collnts, and seeking explanations from you as irusi¢¢s roncerning any such rnaitL'rs. Th¢ pruceduies undcrtuken do iiot provide All tbe ciidctLC¢ Ihal WL)uld be r¥quired iii uii audit, ld consrquerttlv I do not cxpresg an audit opinion on the view given by Ili¥ avul1t5. lrtdependent examiner's ststement n connection with rny examination, no matter has come io my attention: 111 which give5 me reasonable cause to believe that, in any material respect. the requirelnents to keep accowrting records in accordance wjth Scclion 441 I Ila) of the 20ts5 A¢1 alld Regulaiion 4 of the 2006 Accounts Kegthations,. and to pr¢p2re accounts which accord with ihe aLcouniiog recoids and to comply with Rcgulaiion 8 of tht 2006 Accounts Re8ulativn5 have noi b¢en met: or 121 to which, in my opinion. attention should be drawn in orderto enable a proper understanding of the ac¢ounSs to be reached. an 30 April 2025 Page 8
The Royal Edinburgh Repository and Self Aid Society
Statement of Financial Activities for the Year Ended 31 December 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Treasure Trove Investment income 3 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Treasure Trove Establishment costs Other 7 Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 250 96,758 96,012 193,020 28,428 181,090 18,293 20,785 248,596 65,541 9,965 2,547,568 2,557,533 |
Restricted fund £ 8,515 - 4,548 13,063 1,400 14,500 - 1,200 17,100 - (4,037) 48,909 44,872 |
31.12.24 Total funds £ 8,765 96,758 100,560 206,083 29,828 195,590 18,293 21,985 265,696 65,541 5,928 2,596,477 2,602,405 |
31.12.23 Total funds £ 10,047 99,274 98,355 207,676 26,468 194,982 27,972 20,736 270,158 145,326 82,844 2,513,633 2,596,477 |
|---|---|---|---|---|
The notes form part of these financial statements
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The Roi"al Edinbu Self Aid Sorie bRe osito BalaDre Sheet .11 Deretnbei. 2024 31.12.24 Total fimds 31.12.23 Total fimds Unrestticted Restticied fund Notes FLiD ASSETS Taigible assets tni'¢stsiients 10 51,626 2.467,138 51,626 2.519.658 62.768 2.503.362 52.520 2,518,7&4 52.520 2,571,284 2,566.130 CURRENT ASSETS Debtors Cash at bank and in halld 12 8,135 46.236 8.135 47.576 1.956 55.689 1.340 54,371 1.340 55,711 57.645 CREDITORS Ajlloullls falling due within olle year 13 (15.602) (8.988) (24.590) (27.298) ET CURREN[ ASSETS 7.648 30.347 TOTAL ASSETS LESS CURRENT LIABlllTtES 2.557,533 44.872 2.602,405 2.596,477 ET ASSETS 2.557.533 44.872 2.602.405 2.596.477 14 Unrestricted fijnds Restricted fillids 2,557,533 44,872 2,547.568 48.909 TOTAL FUNDS 2.602 405 2.596.477 The firtxnciAI *tatement% were Appmk'ed by the executii'e committee the Board of TNstees and authorised for issue oll -10.4 )1-1l ?O?S M-eie %i iied Dii Ils bel1£ by.. TiYslee The notes fomh part ofthese financial 5tstements Page 10
The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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 accounted 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & fittings - 20% on cost
No depreciation is provided on the original cost of the property at 23 Castle Street, Edinburgh, but the alterations completed during 2002 are to be depreciated in equal amounts over 25 years
Taxation
The charity is exempt from tax on its charitable activities.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations(including donation from Chevalier Pipers) | 897 | 1,932 |
| Lady V Younger Trust | 7,868 | 8,115 |
| 8,765 | 10,047 |
continued...
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The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
3. INVESTMENT INCOME
| Rents received Income - investments (BF) Income - investments(GF) Interest received 4. INCOME FROM CHARITABLE ACTIVITIES Activity Sale of members work Treasure Trove 5. RAISING FUNDS Other trading activities Bank & credit card charges Online costs Fair costs Materials and bags Fund managers fees - Rathbones 6. CHARITABLE ACTIVITIES COSTS Treasure Trove Establishment costs |
31.12.24 £ 38,545 4,495 57,467 53 100,560 31.12.24 £ 96,758 31.12.24 £ 3,176 4,476 823 2,891 18,462 29,828 |
31.12.23 £ 38,457 4,510 55,310 78 98,355 31.12.23 £ 99,274 31.12.23 £ 3,623 4,043 864 530 17,408 26,468 Direct Costs £ 195,590 18,293 213,883 |
|---|---|---|
continued...
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The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. CHARITABLE ACTIVITIES COSTS - continued
Charitable activities:
| 31.12.24 Treasure Trove : Support costs: £ Employments costs 80,878 Depreciation 11,142 Advertising 0 Postage and stationery 1,059 Payments to members - (GF) 88,011 Payments to members - (BF) 14,500 195,590 Establishment Costs: Rates 4,681 Heat and light : shop 8,304 Alarm rental 697 Cleaning 475 Key services 0 Insurance: shop 6,065 Property Repairs: shop 58 Consultants fees 0 Property Repairs: upper floors -4,597 Service agreements 723 Water rates 1,887 18,293 7. OTHER 31.12.24 £ Support costs 21,985 |
31.12.23 £ 79,724 11,142 0 1,118 89,498 13,500 |
|---|---|
| 194,982 | |
| 4,867 7,317 754 478 0 5,592 1,704 0 4,718 570 1,972 |
|
| 27,972 | |
| 31.12.23 £ 20,736 |
continued...
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The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
7. OTHER - continued
| Rental management fees Accountancy Meeting & expenses Legal fees Computer costs Office expenses Telephone Equipment repairs Independent examiners fees |
31.12.24 £ 964 5,604 486 - 6,386 944 2,212 2,869 2,520 21,985 |
31.12.23 £ 1,766 5,604 201 1,666 6,362 566 2,105 426 2,040 20,736 |
|---|---|---|
Income from The Lady Hilda V. Younger's Trust is transferred gross by the Fund managers and payments of the Independent Examiner's Fees of £600(2023:£600) is made by The Royal Edinburgh Repository and Self -Aid Society from the income received.
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
9. STAFF COSTS
The average number of employees, including part-time employees, during the year was 7. Members of the Executive and Benevolent Fund Committees receive no remuneration for their services. The employment costs shown at Note 6 are analysed as follows:
| Salaries Social security costs Pension costs |
31.12.23 £ 78,853 180 1,845 80,878 |
31.12.23 £ 78,187 0 ,537 79,724 |
|---|---|---|
The Society operates a defined contribution scheme, the assets of which are held separately from those of the Society in an independently administered fund. The pension cost charge represents contributions payable by the Society to the fund.
continued...
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The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 and 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Freehold property £ 330,052 267,284 11,142 278,426 51,626 62,768 |
Furniture & fittings £ 38,541 38,541 - 38,541 - - |
Totals £ 368,593 305,825 11,142 316,967 51,626 62,768 |
|---|---|---|---|
No depreciation is provided on the original cost of the property at 23 Castle Street, Edinburgh, but the alterations completed during 2002 are to be depreciated in equal amounts over 25 years.
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 Additions Disposals At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Listed investments; UK Outside UK |
2024 £ 1,146,567 1,356,795 2,519,658 |
Listed investments £ 2,503,362 812,863 (796,567) 2,519,658 2,519,658 2,503,362 2023 £ 1,146,567 ,356,795 2,503,362 |
|
|---|---|---|---|
In 1992 the Society received a legacy of £48,702 from Mrs Alison Dickson's estate. The funds were used to purchase investments, which are held in the name of William and Alison Dickson Trust.
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The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 14. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 2,547,568 Restricted funds Benevolent Fund 48,909 TOTAL FUNDS 2,596,477 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 193,020 (248,596) Restricted funds Benevolent Fund 13,063 (17,100) TOTAL FUNDS 206,083 (265,696) |
31.12.24 £ 4,718 3,417 8,135 31.12.24 £ 13,683 10,907 24,590 Net movement in funds £ 9,965 (4,037) 5,928 Gains and losses £ 65,541 - 65,541 |
31.12.23 £ - 1,956 1,956 31.12.23 £ 12,754 14,544 27,298 At 31.12.24 £ 2,557,533 44,872 2,602,405 Movement in funds £ 9,965 (4,037) 5,928 |
|
|---|---|---|---|
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continued...
The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Benevolent Fund TOTAL FUNDS |
At 1.1.23 £ 2,463,647 49,986 2,513,633 |
Net movement in funds £ 83,921 (1,077) 82,844 |
At 31.12.23 £ 2,547,568 48,909 2,596,477 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Benevolent Fund TOTAL FUNDS |
Incoming resources £ 193,341 14,335 207,676 |
Resources expended £ (254,746) (15,412) (270,158) |
Gains and Movement losses in funds £ £ 145,326 83,921 - (1,077) 145,326 82,844 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Benevolent Fund TOTAL FUNDS |
At 1.1.23 £ 2,463,647 49,986 2,513,633 |
Net movement in funds £ 93,886 (5,114) 88,772 |
At 31.12.24 £ 2,557,533 44,872 2,602,405 |
|---|---|---|---|
continued...
Page 17
The Royal Edinburgh Repository and Self Aid Society
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Benevolent Fund TOTAL FUNDS |
Incoming resources £ 386,361 27,398 413,759 |
Resources expended £ (503,342) (32,512) (535,854) |
Gains and Movement losses in funds £ £ 210,867 93,886 - (5,114) 210,867 88,772 |
|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 18
The Royal Edinburgh Repository and Self Aid Society
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Detailed Statement of Financial Activities for the Year Ended 31 December 2024 |
||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations(including donation from Chevalier | ||
| Pipers) | 897 | 1,932 |
| Lady V Younger Trust | 7,868 | 8,115 |
| 8,765 | 10,047 | |
| Investment income | ||
| Rents received | 38,545 | 38,457 |
| Income - investments (BF) | 4,495 | 4,510 |
| Income - investments(GF) | 57,467 | 55,310 |
| Interest received | 53 | 78 |
| 100,560 | 98,355 | |
| Charitable activities | ||
| Sale of members work | 96,758 | 99,274 |
| Total incoming resources | 206,083 | 207,676 |
| EXPENDITURE | ||
| Other trading activities | ||
| Bank & credit card charges | 3,176 | 3,623 |
| Online costs | 4,476 | 4,043 |
| Fair costs | 823 | 864 |
| Materials and bags | 2,891 | 530 |
| Fund managers fees - Rathbones | 18,462 | 17,408 |
| 29,828 | 26,468 | |
| Charitable activities | ||
| Employment costs | 80,878 | 79,724 |
| Rates | 4,681 | 4,867 |
| Postage and stationery | 1,059 | 1,118 |
| Payments to members | 102,511 | 102,998 |
| Alarm rental | 697 | 754 |
| Cleaning | 475 | 478 |
| Insurance: shop | 6,065 | 5,592 |
| Property repairs:shop | 58 | 1,704 |
| Property repairs:upper floors | (4,597) | 4,718 |
| Service agreements | 723 | 570 |
| Water rates | 1,887 | 1,972 |
| Heat & light : shop | 8,304 | 7,317 |
| Depreciation of tangible fixed assets | 11,142 | 11,142 |
| 213,883 | 222,954 |
This page does not form part of the statutory financial statements
Page 19
The Royal Edinburgh Repository and Self Aid Society
Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
| Detailed Statement of Financial Activities for the Year Ended 31 December 2024 |
||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration for non audit work | 2,520 | 2,040 |
| Accountancy and legal fees | 5,604 | 5,604 |
| Rental management fees | 964 | 1,766 |
| Meeting & expenses | 486 | 201 |
| Legal fees | - | 1,666 |
| Computer costs | 6,386 | 6,362 |
| Office expenses | 944 | 566 |
| Telephone | 2,212 | 2,105 |
| Equipment repairs | 2,869 | 426 |
| 21,985 | 20,736 | |
| Total resources expended | 265,696 | 270,158 |
| Net expenditure before gains and losses | (59,613) | (62,482) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 65,541 | 145,326 |
| Net income | 5,928 | 82,844 |
This page does not form part of the statutory financial statements
Page 20