**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.** 

Page 1 



GoveTDall£e of tbe Society
The Society (a Scottish Cl)aritable ILiCOry)orated Otganisation) is In￿laged 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 aNni￿lIY by rotation biit are eligible for re-eltction. Menibers of the
Ben￿-01t￿l 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 Mal￿geMent
Geoige House
50 Ge0￿e 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. 

Page 3 



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. 

Page 4 



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. 

Page 5 



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. 

Page 6 



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 

Page 7 



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
pl￿le￿I￿r matters have come to mv atieniion.
114si% nf the inde￿ndent 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¥ a￿vul1t5.
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<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**Charitable activities**<br>4<br>Treasure Trove<br>Investment income<br>3<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>**Charitable activities**<br>6<br>Treasure Trove<br>Establishment costs<br>Other<br>7<br>**Total**<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>fund<br>£<br>250<br>96,758<br>96,012<br>193,020<br>28,428<br>181,090<br>18,293<br>20,785<br>248,596<br>65,541<br>9,965<br>2,547,568<br>2,557,533|Restricted<br>fund<br>£<br>8,515<br>-<br>4,548<br>13,063<br>1,400<br>14,500<br>-<br>1,200<br>17,100<br>-<br>(4,037)<br>48,909<br>44,872|31.12.24<br>Total<br>funds<br>£<br>8,765<br>96,758<br>100,560<br>206,083<br>29,828<br>195,590<br>18,293<br>21,985<br>265,696<br>65,541<br>5,928<br>2,596,477<br>2,602,405|31.12.23<br>Total<br>funds<br>£<br>10,047<br>99,274<br>98,355<br>207,676<br>26,468<br>194,982<br>27,972<br>20,736<br>270,158<br>145,326<br>82,844<br>2,513,633<br>2,596,477|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 9 



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
FLi￿D 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 bel￿1£ 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... 

Page 11 



**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<br>Income - investments (BF)<br>Income -  investments(GF)<br>Interest received<br>**4.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Sale of members work<br>Treasure Trove<br>**5.**<br>**RAISING FUNDS**<br>**Other trading activities**<br>Bank & credit card charges<br>Online costs<br>Fair costs<br>Materials and bags<br>Fund managers fees - Rathbones<br>**6.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Treasure Trove<br>Establishment costs|31.12.24<br>£<br>38,545<br>4,495<br>57,467<br>53<br>100,560<br>31.12.24<br>£<br>96,758<br>31.12.24<br>£<br>3,176<br>4,476<br>823<br>2,891<br>18,462<br>29,828|31.12.23<br>£<br>38,457<br>4,510<br>55,310<br>78<br>98,355<br>31.12.23<br>£<br>99,274<br>31.12.23<br>£<br>3,623<br>4,043<br>864<br>530<br>17,408<br>26,468<br>Direct<br>Costs<br>£<br>195,590<br>18,293<br>213,883|
|---|---|---|



continued... 

Page 12 



**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<br>**Treasure Trove : Support costs:**<br>£<br>Employments costs<br>80,878<br>Depreciation<br>11,142<br>Advertising<br>0<br>Postage and stationery<br>1,059<br>Payments to members - (GF)<br>88,011<br>Payments to members - (BF)<br>14,500<br>195,590<br>**Establishment Costs:**<br>Rates<br>4,681<br>Heat and light : shop<br>8,304<br>Alarm rental<br>697<br>Cleaning<br>475<br>Key services<br>0<br>Insurance: shop<br>6,065<br>Property Repairs: shop<br>58<br>Consultants fees<br>0<br>Property Repairs: upper floors<br>-4,597<br>Service agreements<br>723<br>Water rates<br>1,887<br>18,293<br>**7.**<br>**OTHER**<br>31.12.24<br>£<br>Support costs<br>21,985|31.12.23<br>**£**<br>79,724<br>11,142<br>0<br>1,118<br>89,498<br>13,500|
|---|---|
||194,982|
||4,867<br>7,317<br>754<br>478<br>0<br>5,592<br>1,704<br>0<br>4,718<br>570<br>1,972|
||27,972|
||31.12.23<br>£<br>20,736|



continued... 

Page 13 



**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<br>Accountancy<br>Meeting & expenses<br>Legal fees<br>Computer costs<br>Office expenses<br>Telephone<br>Equipment repairs<br>Independent examiners fees|31.12.24<br>£<br>964<br>5,604<br>486<br>-<br>6,386<br>944<br>2,212<br>2,869<br>2,520<br>21,985|31.12.23<br>£<br>1,766<br>5,604<br>201<br>1,666<br>6,362<br>566<br>2,105<br>426<br>2,040<br>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<br>Social security costs<br>Pension costs|31.12.23<br>£<br>78,853<br>180<br>1,845<br>80,878|31.12.23<br>£<br>78,187<br>0<br>,537<br>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... 

Page 14 



**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**<br>At 1 January 2024 and 31 December 2024<br>**DEPRECIATION**<br>At 1 January 2024<br>Charge for year<br>At 31 December 2024<br>**NET BOOK VALUE**<br>At 31 December 2024<br>At 31 December 2023|Freehold<br>property<br>£<br>330,052<br>267,284<br>11,142<br>278,426<br>51,626<br>62,768|Furniture<br>& fittings<br>£<br>38,541<br>38,541<br>-<br>38,541<br>-<br>-|Totals<br>£<br>368,593<br>305,825<br>11,142<br>316,967<br>51,626<br>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**<br>At 1 January 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**NET BOOK VALUE**<br>At 31 December 2024<br>At 31 December 2023<br>**Listed investments;**<br>UK<br>Outside UK|2024<br>£<br>1,146,567<br>1,356,795<br>2,519,658||Listed<br>investments<br>£<br>2,503,362<br>812,863<br>(796,567)<br>2,519,658<br>2,519,658<br>2,503,362<br>2023<br>£<br>1,146,567<br>,356,795<br>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. 

Page 15 

continued... 



**The Royal Edinburgh Repository and Self Aid Society** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** 

|**12.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade debtors<br>Other debtors<br>**13.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Other creditors<br>**14.**<br>**MOVEMENT IN FUNDS**<br>At 1.1.24<br>£<br>**Unrestricted funds**<br>General fund<br>2,547,568<br>**Restricted funds**<br>Benevolent Fund<br>48,909<br>**TOTAL FUNDS**<br>2,596,477<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>193,020<br>(248,596)<br>**Restricted funds**<br>Benevolent Fund<br>13,063<br>(17,100)<br>**TOTAL FUNDS**<br>206,083<br>(265,696)||31.12.24<br>£<br>4,718<br>3,417<br>8,135<br>31.12.24<br>£<br>13,683<br>10,907<br>24,590<br>Net<br>movement<br>in funds<br>£<br>9,965<br>(4,037)<br>5,928<br>Gains and<br>losses<br>£<br>65,541<br>-<br>65,541|31.12.23<br>£<br>-<br>1,956<br>1,956<br>31.12.23<br>£<br>12,754<br>14,544<br>27,298<br>At<br>31.12.24<br>£<br>2,557,533<br>44,872<br>2,602,405<br>Movement<br>in funds<br>£<br>9,965<br>(4,037)<br>5,928|
|---|---|---|---|
|||||
|||||



Page 16 

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**<br>General fund<br>**Restricted funds**<br>Benevolent Fund<br>**TOTAL FUNDS**|At 1.1.23<br>£<br>2,463,647<br>49,986<br>2,513,633|Net<br>movement<br>in funds<br>£<br>83,921<br>(1,077)<br>82,844|At<br>31.12.23<br>£<br>2,547,568<br>48,909<br>2,596,477|
|---|---|---|---|



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Benevolent Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>193,341<br>14,335<br>207,676|Resources<br>expended<br>£<br>(254,746)<br>(15,412)<br>(270,158)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>145,326<br>83,921<br>-<br>(1,077)<br>145,326<br>82,844|
|---|---|---|---|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Benevolent Fund<br>**TOTAL FUNDS**|At 1.1.23<br>£<br>2,463,647<br>49,986<br>2,513,633|Net<br>movement<br>in funds<br>£<br>93,886<br>(5,114)<br>88,772|At<br>31.12.24<br>£<br>2,557,533<br>44,872<br>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**<br>General fund<br>**Restricted funds**<br>Benevolent Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>386,361<br>27,398<br>413,759|Resources<br>expended<br>£<br>(503,342)<br>(32,512)<br>(535,854)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>210,867<br>93,886<br>-<br>(5,114)<br>210,867<br>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**<br>**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**<br>**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