THE GARDEN NICOL B LENT FUND TRUSTEES, ANNUAL REPORT AND ACCOU TS YEAR ENDED 30 APRIL 2(r21 CHARITY NO. SC(KJ7140 pErERKINS SOLICITORS 100 UNION STREET ABERDEEN AB10 1QR Ref. PJIINRJ1373-1
THE GAROEN NICOL BENEVNT FUND scorrisH CHARITY NO. SC¢J) YEAR ENDED APRIL 2021 Trustees The Lord Provost of the Ci of Aberdeen Solicitors aFxI Secretaries Peterkins. N)0 Union Street. Aberdeen. ABIO TQR Bankers Bank of 0tLand. 48 UpFthirkgate. thr(kn. ABIO iBA Stockbrokers and Invest(nent rs Cazen¢)ve Capital managt Limited. EdithJr(S) lknj. 133 Ftainbridge. EdiAwfgh, EH3 9QG In(k ndent Exaniners Tawse & Partne Ch¥tered ACCtt% 18 North Silver Stfeet, Aberdeen. ABio IJJ. Structure. (y)Verne and The Trust was Cfeaed tmj l)eed of Trust of the late fvge Garden Nicol of 5 Cambridge &te. Regents Park ld. ded y, 18, 20 21 Septemba- 1897 and fe9islered in the 8(d(s of Cwncil Session on 3 DeCefflr 1897. The Trust is registered charity in Scotnd 1 thes not actively fundcaise. The initial Trustees we(e appointed in the said Eed of Trust. TrL•Stees are n(Kninoted and assumed by the existin9 Trustees. The Trust portfolio is on dl5creti0nY basis trmj Cazenove Capttal Management Limited. Edinbw9h Quay. 155 Fountainbrid9e. EdinburgFL EH3 9QG. The capital of the Trust is invested largely in Stcth and Shafes. Cazemve Capital Management Limited provide regular reports Valuatic5 the Trustees. The Trust is administered by Peterkins. l(lIorS. )0 unic Street. Aberdeen. ABio IQR. act as Secretaries arKI Agents axl th5s is the wincipal address of the Trust.
Trust Pur ses and Ob'ectives In the afOr&ntI(d Deed of Trust. the late Geor¢T Garckn Nicol directed that a legKy of £20,0 be held in Trust to wly the Incon thereof in the fflatnt of ladies birt education and tharKter th. trxj birth reSIdee e inhabitants of t Town or County of Aberdeen who. having been in a 511 of affluence hav¢ circumstances beYd their ccrtcoL been rethKed to (c811ve px)verty e proper objects of pecuniary a551StC The Trustees have Fthvers to invest ary part of incCe of the Trust which may not be recyired fof the CLKrent expenditure thereof. wovided always that inconk so invested may at any time frll tiffle to time I ylied at the discretion of the Trustees as if it were arisin9 in the Ye then current. Trust Activities The Trustees meet annualty to awKove the Trusl ACCCt5 to deterfflir the award of Grants for that y. These we reC(ded in the Notes of the Trustees Meeting. The reverAJe ld ¢xJt to aMuita)ts (knring the Ye a7bxffit to niL Copies of the Sl¢Kkbrd(ers' investment rec(AThS e sent to Tnjstees as and when tky received the Secretarie& The re5e(ves at the tolalLed £25.331.63 {£1.08 in 2020) and represent Ix)th the capital and reven[ bae5. Fuftds will trtsferred to the Aberdeen CFwie a tlonald Trust FLd Scio registered SCo456E6 as approved the Office of t Scottish Cha-ity Relat( tmj Notice of P4yova dated 6 July 2020. This will finatise matters. Approved by the Trustees th $id on Iheir tthaf IMJ:_ Trustee Date". 23 2021
GARDEN NICOL BENEVOLEKf FUND RECEIVS AND pAyMEP ACCOUNT (INCLUDING INCOME AND EXPENDrruRE ACCOUND FOR THE YEAR TO 30 APRIL 2021 2020 INCOMING RESOURCES Incoming resources from generated fvnds Voluntary income.. Donab'ons received Investment income: DivtderKls received Bank interest received Unit Trust equalisations £2,622.13 £7.973.42 175.80 2,671.1S 8,149.22 RptS from Asset and Investment sales.. PrOdS from sale of Investments Tolal incomlng resou0¥ 167,236.55 £169,907.70 £8,149.22 RESOURCES EXPENDED Charitable activities." Payments to annuitants Secretaries fees Cazenove Investment Management fees 5.670.60 477.98 2,180.40 1,270.37 £6.148.58 £3,450.77 Governan costs.. Audit of Secretaries fees Independent examination fees £243.60 £87.00 360.00 243.60 447. Payments relating to Assel and Investme m¢)vements" Transfer lo RCCW LLP Purchase of Investments Total resources expended 171.278.97 £177,671.15 £3.897.77 Surplus l {Deficit) for year -£7.763.45 £4,251.45 CASH BALANCES Net increase I (decrease) in cash for year Cash balan¢¢ brought forwavd -£7.763.45 33.094.58 £4,251.45 28,843.13 Cash balances carrlod foThvard £25,331.13 £33,094.58
GARDEN NICOL BENEVOLENT FUND srATEIAENT OF ASSETS AIL) LIABILMES 20 2020 Flxed Assèts Investments at Market Value £164,786.00 Current Assets Bank of Scottand Cazenove W'tal Management (Capital) Cazenove Capital Management (Revenue) £25,331.13 £30,130.09 2,W.49 Total current assets £25,331.13 £33,094.58 Balance due by Secretsries 0.50 current ass8ts 25.331.63 33,095.08 Net ets £25.331.63 £197,881.08 Funds Capital Revenue Investment revaluali £25,331.63 0.00 £25.331.63 £186.508.90 11,372.18 £197,881.08 Approved by the Trustees and $tgned on their behatf. Trustee .... Dale......23June2021..........
GARDEN NICOL BENEVOLENT FUND NOTES TO ACCOUNTS forthe YEAR to 30 APRIL 2021 1. Aceountin Polkl (al Basls of Preparation The Accounts are prepared under the historical cosi basis of a(xounting, as modtfied by the inclusion of fixed asset investments at market valu& The Accounts are set out so as to comply wrth the Statement of Recommend1 Prti. Accounting aThJ Reporting by Charilies issued in March 2005. the Charitses and Trustee Invesbnent {Scotland} Act 2CK15 and the Charthes Acnts {Scotknd) Regukt#)n$ 2(8 las amended) {b) Basis of Preparation Historically all funds have been described as restricted and funds are accounted for as descrtbed in the Trust objectives purFh%es as detsiled in the Trustees repoyL {¢) Fixed ass•t investments Investments are inthally recognised at their transaction vatue and subsequenty measured at trte market Val as at balance sheet date using the quoted market rKte. The 5taiement of financial activities includes the net gains and los arising on revaluations and disposals in the year. 2. Fixèd Assot Invostments At 3014r20 Net ividends Hobjin Schroder Equty Income Trust Charitieslcharity Equty Income Fund 125.616.62 £50.753.74 £1,384.17 S¢hroder Income Trust for Charitiesl Charty Bond Fund 29.764.44 18.744.00 238.12.. Schroder Strategic Cr&Jit Fund C. Inc. 30.6.61 15.498.7T 330.39 prOpty In¢ome Trust for Charthes 15.tKK).00 12.420.38 244.15 Schr¢xler Charity Equty FurKVCharity Equity Value Fund 50.OCrt).(K) 24.5SX).00 425.30 Schroder QEP Global Core Fund 13.500.00 36.693.(M) £158,699.89 £0.00 £O.CM) £2.622.13 strks and shares.. Market Value: 1 May 2020 Added in year Disposed of in year Realised gainl(loss) in year Ai 30 AFMiI 2021 £164,786.00 -167.236.55 2,450.55 £0.00
GA1)EN NICOL BENEVOLEpif FUND NOTES TO ACCOUNTS forth• YEAR to 30 APRIL 2021 2. Flxod Assot InVtMents ¢ont'd Investment Dis Amount Realised Schroder Equty Income Trust for Charitieslcharity Equity Income Fund 125,616.62 50,753.74 50,857.82 Schroder Income Trust for Charibesl Charity Bond Fund 29,764.44 18,744.(Xl 21,092.42 Schroder Strategic Credit Fund C. I. 1S,498.77 Schroder Charity Equity Fundlcharty Equity Value Fund 50,WO. 24.590.00 21.874.05 Schroder QEP Global Core Fund 13.500.(MI 36.693.fA) 47.011.51 Pro Income Trust fcK Charities 15,0(X).IXI 12,420.38 158.699.89 12,018.10 É167,236.55 Investment Addiknons None 3. Unil Trust ualisations None 4. Credltors: amounts due within on None 5.Anal IsofPa ments to Annuhants None 6. Funds Revenue Revaluation At 1 May 2020 Tnsfer froml(to) Capital & Revenue Deficit for year Disposal of Investments At 30 April 2021 £186,508.90 £11.372.18 £11,372.18 -£11,372.18 -7,763.45 -164.786.00 £25,331.63 £0.00 7. Related transactlons and Trustees. No TTUStees r1ved any remuneratM)n in the year12020- nil) or any mtrsemet for expertses (2020 - nil). rrustee Alan Jthn Innes is a Legal EXtiVe in the fml of Peterkins who are paKI thew role as Solicit$ and Secretaries th the fee level independently audibj.
APPENDIX 3 Scoiiish Charity loi11at0[ Independent examiner's report on the accounts Report to the. :Charity narr trustgeslmembers oi THE GARDEN NICOL BENEVOLENT FUND Registered charity ' SCIX17140 number On the accounts of th• charlty for the period , Pericmj start date Morth Period end date Day Yegf 2021 2020 S¢t out on pages {Iwrwberlo inethe pa9• rs ofgthUonai she8ts1 Respectiv¢ . The charity's IteeS are resFon&ble for the preparation of the accounts in accordan responsibilities of trustees and examlner with the terms of the Charities aThY Trustse Investment IScolland} 2005 Act and the CharitEs Acc(wJnts (Scotland) Regulattons 20( las amended). The charty trustees consider that the audit requirement of ReguPdbon 10(1) (d) of the Accounts Regulations does not appty. It i8 my re5pons1knY to exane the aco)unts as required under section 44{11 (c) of the AIX and to state whether pathular matter5 have come to my attention. Basis of independent My examination is carried out in accordan with Regulation 11 of the 2006 Accounts examinerfs statement Regulations. An examination indudes a review of the accounting tecords kept by the chartty and a comparison of the a¢c¢)unts presented with those records. li also indudes consideration of any unusual items or disclosures in the a¢wJnts arKI seeks extsnats.ons from the trustees conwning any suth matters. The procedures undertaken , do not provide all the eviden that would be required in an audit and. consequendy, I do not express an audit opinion on the vtew given by the accounts. Indepèndent examine$ In the course of my examinatKJn, no matter has c¢)me to my attention [other than that statsment disclosed on the allached paJe'] which grves rrE reasonable (xuse to believe that in any material respect the requirements". to keep accounting recdS in accordan section 44(1} (a) of the 2005 Act and Regulation 4 of the 2LMA Accounts Regulations, and to prepare accounts which accord with the accounting reQlS and comply with Regulation 9 of the 20(1$ Accounts RUlaonS have not been met, or 2. to whith. in my opinion. attention shoukl te drawn in order to enable a proper be rexhed. i(&16 ILI Signed: Relevant professional qualifiGation{s) or body Chartered Accountant (If any): Address: Tawse & Partners 18 North Silver Street Aberdeen ABIO IJU ase detele word$ in th8 bra(kn ifthey do apply. Irthtr ¢Jo aFf, saout those rnatter5 whrh have CO to youraltertKID OTr the folknln9 page.