CHARITY REGISTRATION NUMBER: SC008573 THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Financial Statements 30 June 2024 MCDONALD GORDON & CO LTD Chartered Certified Accountants& statutory auditor 29 York Place, Edinburgh, EH1 3HP
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Financial Statements Year ended 30 June 2024 Page Trustees, annual report Independent auditorfs report to the trustees of the boys, brigade edinburgh leith & district trust Statement of financial acttvities 11 statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report Year ended 30 June 2024 The trustees present their report and the financial statements of the charity for the year erided 30 June 2024. Refarence and administrative details Reglstered chaTIty nama THE BOYS. BRIGADE EDINBURGH LEITh & DISTRICT TRUST Charity registratlon number scrJ)8573 Prlnclpal offlGe The trustees Investment Advisers Ralhbones Investment ManagemenL 10 George Street. Edinburgh, EH2 2PF Audltor McDonald Gordon & Co Ltd Chartered Certified Accountants & statutory auditor 29 York Place. Edinburgh. EH13HP Sollcltors Morton Fraser MacRoberts LLP 9 Haymarket Square Edinburgh EH3 8RY
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report (conttnu8d) Year ended 30 June 2024 Structure. govemanu and management The Trust. which was created in June 1927 by the Council of The Edinburgh Battalion of The Boys. Brigade and was re-named in 1998 followirKJ the merger with The Leith Battaiion, is an unincorporated charity and is govemed by its Trust Deed. All maSor flnancial arKI Strategic declsions are male by The Trust. The Trustees are all "ex-officio" appointments. In terms of day to day operation of the Trust this is carried out by the employees of the Boys, Brigade Edinburgh. Lgith and Districl Battalion. The major risks to whith the Trust is exposed have been assessed by the Trustees. These particularty relate lo the operaliong and finances of the chanty arKJ the Trustees are satisfied that systems are in Flace lo mitigate exposure to the major risks. The Trustees are all exvofficio appointments see page 1 for further details. Trustees on their appointment are provided with a copy of OSCR'S publication "Guidance and Good Practice for Charity Trustees. as well as copies of the Tru5Vs most recent stslutory accounts. Objoctivos and activlties The Twsl was created to manage certain funds donated to the Edinburgh, Leith and Dislricl Battalion. The surplus each year is treated as set out in the Trust Deed and detailed in note 20 to the Accounts. After meeting ils own costs. the principal use of th8 surplus in the Trust is to fund any deficit of the Edinburgh, Leilh and District Battalion. Any remaining surplus wll be utilised in accordance with the instructions of the Trustees. Achievoments and perfornlance The Stat8menl of Financi Actrvities on page 11 sets out the posibon regwding the use of resources to implement the objectives as set out above. During the year under review Grants tolalling £161,072 12023.. £170,071) werg made lo the Battalion further details in respect of whKh can be found In note 10 to the account5. The Trusfs investrnents. exduding Ns investment propety arwj cash held viti its investment managers have been valued al £1.829.786 compared to £1.680.676 at 30 June 2023. After allowing for net adjustments lo the opening valuation due to acquisitions and disSaIs, this represents an increase in value of 7.25% {2023.' an increase in value of 0.87%). The Trusrs listed investments which orwjinale from the donation in the 2021122 year from the First Leith Tnjsl are held in a separate account from its other listed investments, but both are managed by the same investrnenl managers - Rathbones- have advised that the total return of: the "First Leith" investments was 10.23% over the year to 30 June 2024 which compares wlth an increase in Rathbones Benchmark 3 Total Return of 11.56 % over the corresponding p8ri0d', 115 Other investments was 8.970A over the year lo 30 June 2024 which c#)mpares with an increase in Ralhbones Benchmark 3 Total Retum of 11.56% over the corresponding peri¢)d.
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report Iconllnwd) Year ended 30 June 2024 Flnanclal revlew Income increased from £54,836 to £62,732 and expendtture increased from £192.129 to £570,926 relative to the comparative period. The increase in expendtlure is principally due lo an impaimient in the charity's freehold property of £390,000 in the year. Gains on listed investments for the year were £131,73712023.' gains of £18,026} and gains on investment propety were £150.00012023.' nlll. Nel expenditure for the year wa5 £226.457 {2023.' net expenditure of £119.2671 and Net Assets al 30 June 2024 have decreased by thts amount to £3,447.723. Note 20 to the Accounts explains the nature and purpose of major funds and shows the movements on all funds during the year. Investment policy The TTUSt has circa £2.24 million of fixed asset investments of which approximately £1.91 million is Invested in equkies and fixed int8resl securities on quoted public markets, primarily the London Stock Exchange and is managed by an Investment Director at Rathbones. It should be noted that, at the yoar end. of the £1.91 m. approximately £0.08m was held in cash by the Trusvs investment managers. l fixed asset investments are held primarily to provhde an investment retum for the chaThty. The Trust can adopt a long lemi investment time horizon. The Trust seeks to produce the best financial retum with an acceptsble level of risk. The Trusvs Investment objective is for captt81 growih in excess of CPI +2OA and a stable. growing incomg stream. The Trust Invests lo mitigate long term inflation risk. Capital arKI income vdatilily can be tolerated rf consistent with expectstions. The TrusV5 assets are allocated through investment in Liquidity, Equity-type risk and Divers[fr5. With Risk level 3. The Trust has appointed a professional investsnent management fimi (Ralhbonesl to manage the assets on a discretionary basi%. in line with this investment policy. The Trust's asset value and income is monitored monthly by the Battalion TreasurerTustee. Tha trustees review the investment perfomance of the Trusfs investments. exclsjjing properties, against the Rathbones Benchmark 3 ToLIl Return. FfsE Retums. CPI +2% and the investment objective on an annual basis. The investment policy is reviewed on an anTbual basi5 to ensure continuing approprialene5S.
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report {coftllnu•dJ Year ended 30 June 2024 Flnancial review (conlinuEdJ Resep•es and reser¥os pollcy The Trusys totsl reserves at the year end were £3.447.723 of which £9.781 were restricted and £3,437,942 unrestricted. Of the unrestricted reserves £3,042,531 are designated leaving £395,411 of general unrestricted fvnds. The Trust does not al present have a spectfic policy regarding the amount of general reserves it holds. The overall aim 15 to have SLrffiuent fvnds to meet the current and future needs. including its annual deficit, of The Boys. Brigade Edinburgh. Leith & District Battalion (Yhe Battalion") and its Companies. The largest elements of designated funds are a property fuThl of £1.495,OCM) represented by the value of the properties owned by the TrusL £1.416,706 held in respect of the First Leith Trust,. and £64,589 in respect of the Craggan Fund which is designated for use in the maintenance of one of the Trusvs properties. Details regarding the remaining designated funds can be found in note 20 to the accounts. The FiTSt Leilh Trust fund was previously disclosed in the accounts as reslricled, however was transferred lo a designated fvnd in the year Lsnder the circumstsnces as oudined in note 20. The assets of the First Leith Trust are held by R8thbones in 8 separate aocounL More detsils regarding the restricted funds can be fcmjnd in note 20 to the accounts. Essentially all of the assets of the Trust, with the exception of a k)an it has advanced to the Battalion, are either In the form of propety fixed asset investments. Plans for future perlods The Trustees wiN continue lo support the acliviti8s of The Boys. Brigade Edinburgh, Leith & District Battalion and the work of its member companies. The Trustee5 will keep under annual review our properties and investments. to make best use of the assets hekl wthin the Boys, Brigade Edinburgh, Leith & District Trust. The additsonal funds from the Trustees of the 1st Leith CnPanY and the income from these funds will be used for the ujrrent modem purposes of the Boys. BrvJade Edinburgh. Leith and District Battalion.
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report (Callllnu Year ended 30 June 2024 Trustees. responslbilities Statement The tnjstees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and Uniled TrQrvJdom Acc4Junting Standards (United lQngdom Gellerally Accepted Accounting Practice). Under the Trusf5 constilulv)n and the legislation relating to charities in Scolland, the Trustees are required lo prepare financial statements for each financial year which show a true ar5d fair view of the financial position of the Trust and of any nel incomingloulgoing resources for that year, and which have been pri)peily prepared from and which are in agreement wtih the accounting records of the Trust and which o)mply with relevant disclosure regulations. In preparing these financial ststements, the trustees are required to: select suitable accounting polldes and then apply them consistently. observe the methods and principles in the applic8ble Charities SORP.. make Judgments and accoUnng estimates that are reasonable and prudent". state whether applicable UK Accounting Stsndards have been followed. subject to any material departures disdosed and explained in the financial statements.. prepare the fillancial statements on the gng concem basi5 unless it is inappropriate to presume that the charity 11 continue in business. The trustees are responslble for keeping adequate accovnling records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Char¢ties and Trustees Invesknents IScolland} Act 2005. the Chartty Accounts (S¢oUandl Regulations 2006, and the provIsn$ of the Trust Oeed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for tha prevention and detection of fraud and other irregularities. In the case of each of the persons who are trustees at the time when the trustees report is approvgd.. so far as the Irustees are aware. there is no relevant audit infomiation (irrformation needed by the COMpanS auditors in connection with weparing their report) of which the charity's auditors are unaware, arKJ each trustee has taken all the steps that they ought lo have taken as a trustee in order lo make thernselves aware of any relevant audit information and to estsblish that the charity's auditor5 are aware of that information. The trustees confirm that the accounts have been prepared 50 as lo comply with current statutory requirements, Ihe charity SORP {FRS102) and the charity's own goveming document.
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Trustees. Annual Report Year ended 30 June 2024 The trustses, annual rewrt was approved on I g 'Marth 2025 and signed on behaw of the board of trustees by..
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Independent Auditor's Report to the Trustees of the Boys. Brigade Edinburgh Leith & District Trust Year ended 30 June 2024 Opinion We have audited the financial statements of THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST (the 'charity'l for the year ended 30 June 2024 which comprise the statement of financial 8¢tivities, statement of firbancial position, statement of cash flows and the r81ated notes. including a summary of signtficant accounting poliaes. The financial repong framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Unrted Kingdom Generally Accepted Accounting Practscel. In our opinion the financial stslements.. give a twe and fair view of the slate of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources. induding ifs ir)rne and expenditure, for the year then ended.. have been Properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. have been prepared in accordan with the requiremenls of the charits and Trustee Investment (Scovandl Act 2005 and regulation 8 of the Charitles Accounts IScotland} RegUlaon$ 2006 {as amended). Basis for oplnion We conducted our audit in accordance th Intemation81 Standards on Auditing (UK) {ISAs IUKI} and applicable law. Our responsibilities under those standard5 are further described in the audiloi's respon5ibililies for the audil of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements thal are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtairied is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng lo golng concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial 5ts1ements is appropriate. Based on the work we have perfmed, we have not identified any material un¢ertaintie5 relatlng to events or conditions that, individualty or collective, may cast significant doubl on the charity's ability to continue as a going concern fcy a period of at Igast e1ve rnonths from when the financial statements are aulhorised for issue. Our responsibilities and the responslbllllies of th8 tnjslees th respect to going concem are described in the relevant sections of Ihis rewL
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Independent Auditorfs Report to the Trustees of the Boys. Brigade Edinburyh Leith & District Trust Ic0&>lTMdJ Year ended 30 June 2024 Other Inforniation The other infomiation comprises the inforniation induded in the trustees, annual report. other than Ihe financial ststemenls arKI our audil0rf5 report thereon. The trustees are sponsible for tho other information. Our opinion on the financk81 statements does not cover the other information and, except lo the extent olherwse explicitly stated in our report. we do not express any form of assuranc8 conclusion thereon. In connection with our audit of the finanaal statements. our respjnsibility is to read the other information and. in doing so. Lyjnsider whether the other infomiation is materially inconsistent with the financial statements or our knowledg8 obtained in the audit or otherwise appear5 to be materially rnisslaled. If we identify such material incon5iStencies or apparent material misststemènls, we are required to delennine whether there is a material misstatement in the financial statements or a material missfalemenl of the other infomiation. If. based on the work we have perforrned. we conclude that there is a material misstatement of this other infomiation. we are Uired to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred lo report by exception We have nothing to report In respect of the folk)wing matters relation to which the Charities Accounts (Scotlandl Regulations 2006 las amended) requires us to report lo you if. in our opinion= the information given in the tru5tee5' report is inwnsistent in any material respect with the financial statements: adequate accounting reS have not been kept: or the financial stslements are not in agreemenl the accwnting records and retums,. or we have not receNed all the information and exnationS we req¥Jire for our audtt. Rèsponslbllltles of trustees As explained more fulty in the trustees, responsibilities stslemenl Iset out on page 51. the trustees are responsible for the preparation of the financial stslements and ft)r being satisfied that they give 8 true and fair view, and for such inlemal control as the trustees detemine is necessary lo enable the preparation of financlal statements Ihal are free from matertal misstatement. wh8ther due to fravd or error. In prepaTtng the financial statements. the trustees are responsible for assessing the charity's ability lo continue as a going concern, discbsing. as applicable, matters related lo going COnM and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realistic altemative bul to do so.
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Independent Audltorfs Report to the Trustees of the Boys. Brigade Edinburgh Leilh & District Trust {conYftu•dJ Year ended 30 June 2024 Audltorfs responsibilitigs for the audit of the flnancial statements We have been appointed as auditor under section 4411 Ilc} of the Charities and Tnjstee Investment (Scolland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whola are free from material misststernent, whether due to fraLKI or error, and lo issue an audrtols reFK)rt thal Includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an 8udil conducted in accordance with ISAS (UK) will always delect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material rf. Individualty or in in the aggregate, they could reasonably be expecled lo influence the economic decisions of users taken on the basis of these financial ststements. lffegularities, including fraud. are instsnces of non Complian with relevant laws and regulations. We design procedure5 in line with our responsibilbties. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularitses, induding fraud is detailed below. We gained an understanding of the laws and regulatic)s applicable to the Chartty and made enquiries of management with regards lo compliance. We focused on specific laws which may have a dlrect material effect on the financi81 statements or the operation of the charity, including the Charities and Tstee Investment Iscollandl Act 2005. the ChaTtty Accounts {Scolland} Regulations 2006 (as amended), the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and ROI IFRS 1021. Health and Safety laws and the Scottish Charity Regulator {OSCR}. We assessed the extent of compliance wilh Ihe laws and regulations identified above by inspecting any legal correspondence and correspondence from the regulator5 and making enquiries of management. We assessed the susceptibilty of the financial ststements to material misstalemenL induding an understanding of how fraud mbjht occur. by: making enquiries of managernent as to where they considered there was 5U5ceptibility to fraud,. considering the intemal cJJntrols in ¢8 to mitb3ate risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, w8: perfomied anatyttcal procedures to identrfy any unusual movements.. assessed whether judgements and assumpbons made in detemiining accounb'ng estimates were indicative of potential bias- identified related parties.. evaluated the appropriateness of accounting pjlicies used In response to the risk of irwularities and noTrcompliance with laws and regulations, we desNJned procedures which included. but were not limtted to: setting a level of materiality at the planning stage. induding the basis for detemiining this- agreeing financial slalemenl disclosures to supp(Kting do(#Jm8nts; revwing minutes of meetings..
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Independent Auditorfs Report to the Trustees of the Boys. Brigade Edinburgh Leith & District Trust (ccnllnuffd) Year ended 30 June 2024 reviewing corrospondence from rggulators: enquiring of management as to any actual or Wential litigaticm and claims We did not idenlfy any key audit matter5 relatirMJ to ilregularltles. Including fraud. Because of the inherent limitatrjns of an audiL there is a Tisk that V•E will not detect all irregularities, including those leading to a fflaterial mi5Stalemenl in the financial stslements or norQmPlI3nce with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalements. as we wll be less likely to become awaro of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional wicealmenL forgery. collusion, omission or misrepresentation. A further description of our re5wn$ibilitw for the audit of the financial statements is locate(l on the FRC website al.. htt www.frc.or auditors audit-assurance auditor-s-res tion-of-the-auditor%E2%80%995-res nsibilities-for onsibilitie5-for-the-audit-of-the-fi de Scri This description forms part of our auditorfs repL¥L Use of our report This report Is made solely lo the charivs tnjstees, as a tw)dy. in accordance with section 44{1 Ilcl of the Charities and Trustee Investment Iscottand) Act 2005 and regulation 10 of the Charities (Accounts) Scotland Regulations 2006. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state lo them in an audit0S report and for no other purpose. To the fullest extent pefmitted by law. we do not accepl or assume responsibility to anyork8 other than the trust. and the Tnjstees as a tM)dy, for our audil work. for this reporL or for the opinions Wg fnmio 25 MOt<CH 2025 For and on behalf of M¢Donald Gordon & Co Ltd Chartered Certrfied Accountants & staluiory auditor 29 York Place. Edinburgh. EH13HP McDonald Gordon & Co Ltd is eligible to act as auditor in terrns of section 1212 of the Companies Act 2006. 10
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Statement of Financial Activities Year ended 30 June 2024 2024 Unrestricted Restricted funds fvnds Total funds Total funds 2023 Incolne and endowments InvlMent income 62,420 312 62.732 54,836 Total income 62.420 312 62,732 54.836 Expenditure Expenditure on raising funds: Costs of raising donations aT legacies Investment management costs Expenditure on charitable actsvitses Total expendlture 2,209 13.628 176,292 13.588 554.539 74 2,725 13,662 557,264 568.127 2.799 570,926 192.129 Net gains on investments 12 281.075 662 281,737 18.026 Net expendlture (224.6321 11.825) (226,4571 (119,2671 Transfers between funds 1,358.393 {1.358.393) Not movgmgnt in fund5 1,133,761 (1.360,218) (226.4571 (119,267) Reconclllatlon of fund$ Totsl funds brought forward Total funds carried forward 2,304.181 1.369.999 3.674,180 3,793,447 3.437.942 9,781 3.447.723 3.674,180 The ststement of ffinanaI a¢vIbeS indudes all gains and los recoJnised in the year. l income and expenditure derNe from continuing actiwties. The notes on pag•s 14 to 27 forni part ofthe$e financlal stat8nwnts. 11
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Statement of Financial Posltlon 30 June 2024 2024 2023 Flxed assets Tangible fixed assets Investments 16 1.165.000 17 2.244.693 1.555.000 2,042,050 3.409.693 3,597,050 Current assets Debtors 18 47.330 80,341 Credltors: amounts falllng due wlthln ong y•ar Nel current assets 19 9.300 3.211 38,030 77.130 Total assets less current li•biliti•s 3.447.723 3,674,180 Nel assets 3,447,723 3.674.180 Funds of the charity Restricted funds Unrestricted funds 9.781 3.437,942 1,369,999 2.304.181 3,674,180 Total charity funds 3.447.723 These financial slaternents were approvgj by the board of trustees and authorised for Issue on 19 March 2025. and are signed on behall of the board by.. The notqs on pag•$ 14 to 27 fornb Part ol the financlal stalements. 12
THE BOYS, BRIGADE EDINBURGH LErrH & DISTRICT TRUST Statement of Cash Flows Year ended 30 June 2024 2024 2023 Cash ftows from operatlng actlvltles Net expenditure {226.4571 1119.267) Adjustments for.. Impairment ol tsngible fixed assets Nel gains on investrnen15 Dividends, interest and rents from inve5trnents Other interest receivable and sirnli ar income Accrued expensesllincome) 390.OIXI 1281,7371 {62.293} 14391 6.089 (18,0261 (54,5201 13161 1391 Changes in.. Trade and other debtors 33.011 81,854 Cash generated from oporations 1141,8261 1110.3141 Interest received 439 316 Nel cash used in operating acbvitses 1141.3871 1109,998) Cash flows from investing actlvltles Dividends, interest and rents from investrnents Purchases of other investments Proceeds from sale of other inveslments 62,293 150,293) 129,387 54,520 (42.5201 97,998 Net cash from Investing activities 141,387 109.998 Net decrease In cash and cash equivalents Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at end of year Th• not•s on pay$ 14 to 27 form part of th•s• financlal stat8rnents. 13
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Flnancial Statements Year ended 30 June 2024 General Infomhation The charlty is a registered tharity in Scolland with re unincorpDf31ed. The address of the Pfrncipal office is he principal actwity of the charity is to manage certain the Edinburgh, Leith and Distrid BattlOn. istration nufflber SC008573 and Is unds donate lo Staternent of Compllance Those financial stslements have been prepared in compliance FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable lo charities preparing thetr aLxounts in accordance with the Financial Repong Standard applicable in the UK and Republic of Ireland {FRS 1021- second edition issued October 2019 . the Charities and Tnjstee Investment (Scouand) Act 2005 arkd the Charity Accounts {Scotland) Regulations 2006 (as arnended). Accountlng pollGig3 Basis of preparatlon The financi81 ststements have been prepared on the hislorical cost basis. as modified by the revaluation of listed investments and investment properties which are measured at fair value through income or expenditure. The financial statements relate SLrfely to the individual entity. The Boys Brigade Edinlxjrgh, Leith & District Trust meets the definition of a publlc benefft entity under FRS102. The financlal statements are prepared in steding. whith is the functional currency of the entity and are rounded lo the nearest pound. Golng concern Thore are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires the trustee5 to make judgements, estimates and assumptions that affect the amounts reported. Where applicable these estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance5. The key assumptions C(¢9M1n9 the future and other key sources of estiTnatlon uncertainty al the r8POrting dale that have a SIgnrfanI risk of causirbg a material adjustment to the carrying amount of assets and liabilities within the next financial year indude.. the residual value and Useful economic life of land and buildings. changes in the value of the charivs investments. including tts investment property due lo economic arKi other circumstances. The caThwng value of land and buildings and investrnents are disclosed in notes 16 and 17 respective. As regards accounting estimates used in preparing the accounts: investmont gains and Income ar8 apportioned to specific ftjnds based on the opening balance of that fund. 14
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements Year ended 30 June 2024 Accountlng pollcl85 (cotttthued) Fund accounllng Unrestricted funds are available for use at the di5crelion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for partl(#Jlar fvlure projects or commitment. Restricted fvnds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal. The Tnjsl has various funds which are used for speafic purpose5. Full detsils are provKled in nole 20. Incomlng resources Income from donations or grants is recognised when there 8vidence of erbtitlement to the grfL receipt is probable and its amount can be measured reliabty. Legacy income is recognised when receipt is probabla and entrfement is established. Investment income from the charity's listed investrnenls takes the fomi of dividends together wlth interest receNed from fixed interest securib"es. Such income is credited to the Ststemenl of Financial Activities when tt is received. Income and gains trom listed invesknlents are allocated to the various fiJnd5 on the basis of fund balances al the beginnlng of the year. Reallsed and unrealised galns and losses I gains and losses are tsken to the statement of finanual activities as they arlse. Realised gains and losses on illvestmenls are l¢Iated as the drfference be88 sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculatgd as the dtfference be88n th8 markel value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activibes. Rgsources expended Expenditure is recogni5ed on an accnjals basis as a liability is incurred. As the charity Is not registered for VAT the expenditure is shown incluswe of VAT which is irrecoverable. Expenditure is classified under holIjS of the sLgtement of financial aclrvibes to which il relates: Expenditure on raising funds inclLKles the costs associated wrth managing the charity's investments and, in the previous year. the costs incurred in managing and selling a donated property. Expendlture on charitable aCtiVeS includes all costs incurred by 8 tharity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. 15
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements (con Year ended 30 June 2024 Accounting policios {coft Tanglblo flxod assets - land and bulldlng$ Following the adoption of FRS 102 in the aOUnts for the year ended 30 June 2017 land and buildings were recorded in the accounts al deemed c05t of £1.555.000, which equated to professional valuatiDllS carr¢ed out in August 2006 by Orxon Heaney, Chartered Surveyors and ststed in the accounts al deemed cost less impairments. As at 30 June 2024 the ¢8ng value of the Trust's land and buildings has been reduced to £1.165.000 lo r&flect a valuation of the properties carried out by DM Hall in MaylJune 2024. No depreciation is provided for in respect of land and buildings. The Trustees are of the opinion that the residual value of the asset wll be in excess of the amount that tt is stated 81 in the acwunts and as a consequence any depreciation would. in their opinion. be immaterial. Impaimient of fixod assets A review for indicators of impairment is caffied oul at each reng date, with the recoverabtg amount being estimatetl where such intlicalors exist Where the carying value exceeds the recoverable amounL the asset is impaired acCordwly. Prwjr impairments are also reviewed for possible reversal at each reporting date. Depreclation DepCiatiOn is calculated so as to write off the cost or valuation of an asset. less Its resldual value. over the useful economic lrfe of that asset as fcAIows: No depreciation is provided in relation to freehold land & buildings as noted above. Investments Listed invesknents are measured at fair value wilh chaThJes in fair value being recognlsed In profil or loss. Investmenl property Investment property is inibally recorded at cost. which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting dale and any changes in fair value are recognised in profit or loss. 16
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements Year ended 30 June 2024 Accounting policies {conllnwdJ Financlal Instrumonts A financial asset or a financial liability is recognised only when Ihe charity becornes a party lo the contractual provisions of the instrument. The charty only has financial assets and liabilities of a nd that qualify as baslc financial inslruments. Basic financial instruments are initially recognised at thg amount receivable or payable including any related transaction costs. Where investrnents are publicly traded or their fair value can otherwise be measured reliably. the investment is svbsequently measured al fair value wilh changes in fair value recognised in income and expenditure. Current assets and current liabiliknès are subsequentfy measured al the cash or other consideration expected to be paid or received and not discounted. Investment Income Unrestricted Fund5 Resthcted Total Funds Funds 2024 Rental income Income from listed investments Bank interest receivable 12,000 49.981 439 12,000 50.293 439 312 62,420 312 62.732 Unrestricted Funds Restricted Total Funds Funds 2023 Rental income Income from listed investrnents Bank interest receivable 12.000 23.237 12.000 42.520 316 19,283 316 35.237 19,599 54,836 Costs of raislng donations and legacles Reslrieled Totrl Funds Funds 2024 Restricted Totsl Funds Funds 2023 Costs in connection with donated propety 2,209 2.209 The expenditsjre of £2.209 in the prevlous year related to final legal and other costs associated with obtaining pemiission for a re-organisation of funds in relation to the donation from the 1st Lelth Trust In the year to 30 June 2022. 17
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements (conunwd) Year ended 30 June 2024 Investment manag•ment ¢osts Unrestricted Funds Restricted Totsl Funds Funds 2024 Investment management fees Investment property costs Legal fees 12.902 686 74 12.976 686 13.588 74 13,662 Unrestricted Funds Restricted Totsl Funds Funds 2023 Investrnenl Tnanagement fees Investrnenl prop8rty cosis Legal fees 5.127 823 2.610 5,068 10,195 823 2,610 8.560 5.068 13,628 Expendlture on charltable actlvStiw4 by fund typg Unrestricted Funds Restricted Total Funds Funds 2024 Grants to the Battallon Repalrs to property Impaim)enl of property Support cx)sts 158.347 92 3SX),000 6.100 2.725 161,072 92 390.000 6,100 554,539 2.725 557.264 Unrestricte(I Funds Restricted Total Funds Funds 2023 Grants to the Batta]i Repairs lo propety Impaim)enl of property Support costs 72,967 171 97,104 170.071 171 5,900 150 6.050 79.038 97,254 176,292 18
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements Year ended 30 June 2024 Expendlture on charitable activltleg by actIV type Activitses undertaken Grant fvnding diredly of activrties Supwt Total funds costs 2024 Total nd 2023 Grants to the Battalton Repairs to property Impaimient of property Governance costs 161,072 161,072 92 390.c0 6.100 170.071 171 92 3.000 6.100 6.050 390.092 161,072 6.100 557.264 176,292 Analysis of support costs AudFI fees Total 2024 Total 2023 Govemance costs 6.100 6.100 6.050 10. Analysls of grants 2024 2023 Grants to institutions Gran15 to fund Batlali(m deficit Grant for repairs to & equipment for Pollock Pavil Other gran15 Grants for repairs lo & equipment for Craggan Outdo)r Centre Grants to fund salary & expenses of Liaison & Outreach Officer Grants to indwidual Companies Grants for Battalion Evenfs Project Steadfast- Boys Brigade Camp Fund 64.184 8,614 8.649 13.813 36,473 14.013 7.826 7,500 51,575 6,062 5,968 66,963 28,232 5,835 3,936 1,500 161.072 170,071 Total grants 161,072 170,071 l of the above grants were made to the Boys, Brigade Edinburgh. Leilh and Dr6trict Battalion. 11. Taxatlon The cornpany is 8 registered charity and as sueh rts actrwties fall within the exemptions afforded by Section 505 of the Income and Corporatlon Taxes Act 1988. According. no provision is considered necessary for taxation. 19
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements (conrfnu• Year ended 30 June 2024 12. Net galns on inv8stments Unrestricted Funds Restricted Total Funds Funds 2024 Gainslllossesl on listed investments Gainslllossesl on investment propety 131,075 150.000 662 131.737 150,000 281,075 662 281.737 Unrestricted Funds Restricted Total Fund5 Funds 2023 Gainslllossesl on Sisled investments Gainslllossesl on investment property 10,320 7.706 18.026 10.320 7.706 18.026 13. Audltofs remunorntlon 2024 2023 Fees payable for the audit ofthe finarKial staternents 4,500 4,300 Fees payable lo the Charit$ auditor and its assc¢iales for other servw: Other non-audit seNices 1.600 1.600 Other seThic8s of £1,600 {2023- £1,600) relaied to the preparation of the annual accounts. 14. Staff costs The Trust had no employees n the current or prewcMJs year. Accordingly there were nil 5tsff costs in both those years. 15. Trusteg rgmuneration and expenses None of the TTUStees recgNed any remuneration from. nor had expenses reimbursed by. the Trust during the year12023 -nill. None of the Trustees nor any close reL3tive had an interest in any contract or transaction entered into by the Trust during the year or the previous year. 20
THE BOYS. BRIGADE EDINBURGH LErrH & DISTRICT TRUST Notes to the Financial Statements (¢vntin4*d) Year ended 30 June 2024 16. Tanglble fued assets Freehold property Deemed cost At 1 July 2023 and 30 June 2024 Impalrment At 1 July 2023 Impairment losses At 30 June 2024 1,555,000 390,000 390,000 Carrylng amount At 30 June 2024 1.165.000 At 30 June 2023 1,555.000 See note 3 Yangible assets - land and buildings. for further information regarding deemed cost. An impalmienl has been provided in relation lo freehold properties in order Ihat their combined carying value be Teduced to £1.165.000. This equates to a valuation of the properbes carried out by DM Hall in MaylJune 2024. 17. Investments Listed Investment investrnents properties Tolal Cost or valuatlon Al 1 July 2023 Additions DisF)osa15 Fair value movemenls 1,862.050 50,293 (129.3871 131,737 180.000 2.042.050 50,293 1129,387) 281,737 150.000 At 30 June 2024 1,914,693 330.000 2,244,693 Carrylng amount At 30 June 2024 1,914,693 330.000 2,244,693 At 30 June 2023 1.862.050 180,000 2.042.050 All Investments shovm above are hekl at valuation. Investment propertles The investment property is slated based on a valuathjn orried out by DM Hall on 03106124 which gave its market vdue as £33Q.000. 21
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements (¢tynttftu•d) Year ended 30 June 2024 17. Investments {c¢treI Financial assets held at falr value AJI investments are stated at their lair value. All fixed asset investmerts are held primarily to prowde an inve5trnent retum for the charty. Listed investrnenls conslst of investments in equitÉes and fixed interest securities on quoted public Markets, primarily the London Stock Exchange. together with cash h8ld by the investment manager of £84,907 {2023- £181.374}. 18. Debtors 2024 2023 Prepayments and accrued income Due from The Edinburgh, Leith & District Battdion 686 79.655 47,330 47.330 80,341 Included within amounts due by the Battalion is £15,365 (2023 £41.6631 held by them in a separate bank account on behalf of the Trust The loan to the Battallon is unsecured, no interest is charged, and there are no sel terms for tts repayrnent. 19. Crgditors: arnounts falling due wlthln one year 2024 2023 Accruals and deferred income 9.300 3,211
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements Year ended 30 June 2024 20. Analysis of charitablo funds Unrestrlded funds At Gains and 30 Jun 202 losses 1 Jul 2023 Income Expenditure Transfers Propety Fund General Purposes Headquarters Bequests Fund Craggan Fund Barclay Churth 1st Leith Trust 1.735.000 {390.0001 150.000 1,495.000 423,296 47.619 2.662 72,764 22.840 23.366 1.279 71 1.954 613 35.137 173.667} {8,8821 {4,6001 114.277} {1,2501 (75.451 } 1.358,393 62.420 {568,1271 1,358.393 (1,7151 24,131 2,715 152 4.148 64,589 1,302 23.505 98.627 1.416.706 395,411 42.731 1.715 2,304.181 281,075 3,437,942 At 1 Jul 2022 Galns and At losses 30 Jun 2023 Income Expenditure Trdnsfers Propety Fund General Purposes Headquarters Bequests Fund Craggan Fund Barclay Church 1st Leilh Trust 1.735.000 1,735.000 453,322 50.932 3.836 77,999 25.977 29.210 1.934 146 2.961 986 (66.035) 16,1061 11.385) 19.511 } 14,561) (8441 7.643 859 65 1.315 438 423,296 47.619 2,662 72,764 22.840 2.347.066 35.237 (87,598) {8441 10,320 2,304,181
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financlal Statements (Ct•dj Year ended 30 June 2024 20. An•lysls of ¢harltable funds (¢onlinu Restricted funds Gains and 30 Jun 202 lossgs 1 Jul 2023 Income Expenditure Transfers Maconochie Band Peter Sharp Fund 1st Leith Trust 8.731 2.875 1.3S8.393 235 {2.3301 (469} (1.245) 1,245 11,358.3931 {2.799} 11,358,393) 498 164 5.889 3.892 1,369.999 312 662 9,781 Gains and At 105ses 30 Jun 2023 1 Jul 2022 Income Expenditure Transfers Maconochie Band Peter ShaTP Fund 1st Leith Trust 8.278 3.906 1,434,197 314 139 8,731 66 2,875 7.501 1.358.393 7,706 1,369,999 11.2451 {103.2861 {104,531 } 19.137 1.446.381 19,599 24
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Note5 to the Flnancial Statements (¢ondnu¥d) Year ended 30 June 2024 20. Analysis of charitable funds (cononuedl Naturo and Purpose of Major Funds The Trust Deed dalgd 10 June 1927 allows for Iwo dasses of fijnds lo be administered - Clause 3 funds and Clause 5 funds. Clause 3 fvnds have to be used lo meet the cost of administration of the Trust and any surplus of income arising thereafter should be utili8ed lo meet any deficit in the running of The Edinburgh, Leilh & District Battalion of The Boys, Brigade. Notwithstanding that the Trust deed slates that the treatment of any rernaining surplus will be determined by the Battalion Council. lo reflect current Scottish charity law, in practi it is the Trustees of the BB EL&D Trust who detemiine the treatment of said SUTplus. Clause 3 furmls comprise General Purposes and Headquarters funds, both of which are unrestricted. Clause 5 funds are amounts whlch have either been set aside by the Trusl88s for specrf purposes or where the donor has required that a donation only be spent on specffic purposes. The former are designated funds and the latter reslricled funds. These are a5 follows:_ Designated Clause 5 funds= Property Fund - this consists of the Trusfs investment propety together with Pollock Pavilion and the Craggan Outdoor Centre. Bequests Fund - for spectfic payments to certain BB Companies and expenditur8 relating to camp and training Craggan Fund- for expenditure on the Craggan Ouldoor Centre. near Killin Barclay Church Project Fund - these funds relate to a donation received from the sale proceeds of premises owned by Barday Churc*. The fund is to be used lo offer support to local BB companies In general aclmties such as recruitment and with any special projects. Restrrcted Clause 5 fund5.' Maconochle Bands Fund- band expendibjre Peter Sharp Memorial Fund - lo assist young leaders in attendlng leadership courses and Boys, Brigade events First Leith Trust this relates to funds donat in the year ended 30 Jurbe 2022 which were previously held in Trust (The -First Leith TnJsfi on behaw of The First Leith (North Leith Parish Church) Company of the Boy5 Brigade. The latter closed in 2019 and in 2021 the Trustees of the First Leith Trust made the decision lo transfer the assets in order that they could be used for the benefft of the local Boys Brigade Battalion. To effect this the existing trustees of the First Leith Trust resigned on 29th October 2021 and the Trustees of the Boys, Brigade Edinburgh. Lelth & Oistricl Trust (The Trust) were appointed as Trustees of the First Leith Trust. Ihe property being di5poned al that time under a deed of assumption and conveyance lo the incoming TnJslee5. In relation to the funds of the First Lelth Trust-. The Trust and The Boys, Brigade Edinburgh Leilh & District BattalKJn (The "Battalion.) made an apiCation to OSCR for approval of lil a restricted fund re-organisation for the Purposes of varying the purposes for which the Fund may be used and lill a transfer re-organisation for the purposes of transferring the restricted fund to the TrusL The process of obtaining approval for both {1) and (li) was completed during the year ended 30 June 2023 therefore tt is appropriate, from 1 July 2023. that the fund be re4asignated as unrestricted. hence the transfer in the year as noted above. 25
THE BOYS. BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Financial Statements (¢ondnu8d) Year ended 30 June 2024 20. Analysls of ¢haritsblo funds (Gtithinued) First Leith Trust- continued The restricted fund rewoiganisalion scheme varied the purpose of the Furbd in order that it be used for the Battalion Purpose which is.. To supoort and develop the work of The Boys. Bri9ade in the areas covered by the City of Edinburgh coun1. Midlolhian Council and East Lothian Council and lo further the objects of the Boys, Brigade which is the advancement of Chrisys lQ"ngdom amongst boys and the pmmolion of Habits of Obedience. Reverence. Discipline. Self-Respect and all that lends towards a true Christian Manliness. 21. Analysis of net assets between funds Unrestricted Funds R8Stricted Total Fund5 Funds 2024 Fixed assets Investment property Other nel assets 1.165,000 330.000 1.942.942 1.165,DOO 330,000 1,952.723 3,447,723 9,781 3,437.942 9.781 Unrestrthd Fund5 Restricted Total Funds Funds 2023 Fixed assets Investment property Other net assets 1,555.000 180.000 569,181 1,555,000 180.000 1,939,180 1.369.999 2.304.181 1.369,999 3,674,180 22. Operatlng leases Op8rating lease agreement5 where the charity is lessor. The charity leases investment property to a third party. The total future minimum rents receivable under this, nOn-CanlIabIe. operating lease at 30 June 2024 equate to £58.00012023 £10.0001 of which £12.000 12023 - £10,000) i% due in less than one year and £46,000 (2023 - £0) is due in two lo fve years. 23. Analysi5 of changes In Tret debt The company doe5 llot have any debt and with the exception of cash of £84,907 12023 £181.3741 that was held at the year end by the charity's investment managers, and is considered to be part of Chari$ fixed asset investrnents. the charity does not hold any cash. 26
THE BOYS, BRIGADE EDINBURGH LEITH & DISTRICT TRUST Notes to the Flnanclal Statements (wilinuwdj Year ended 30 June 2024 24. Rolatsd partles The Boys. Brigade Edinburgh. Leith and Distrirt Battalion (The Battalion'l is a related party of the Trust. Under the temis of the Trust Deed the Trust has an obligation to assist the Battalion in meeting any deficit in its annual running costs. During the year total grants of £161.07212023 £170.0711 were made lo meet the Battalion's deficit for the year as well as to reimburse specific items of expenditure as detailed in note 10. At the year end the amount of £47.330 12023 £79,655> was due by the Battalion to the TrusL of this amount £15.36512023 - £41,663) relates to monies held by the Battalion in a separate bank account on behalf of the Trust. See note on debtors regarding the terms and conditions of this loan. The Battalion is responwble for the day to day oper8tion of Polock Pavilion. 227 Ferry Road, Edinburgh and the Craggan Outdoor Centre. Ardeonaig. Killin. Both propertie5 are owned by the Trust. No charge is made by the Tnjst to the Battaln for the use of these properties. The Battalion Treasurer. Secretary and President exqofficio appointments. are also Trustees of the Trust, being 27