Charity registration number SC008818 (Scotland)
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Secretary
Charity number (Scotland) SC008818 Principal address 5 Albyn Terrace Aberdeen United Kingdom AB10 1YP Independent examiner Azets 37 Albyn Place Aberdeen AB10 1YN Bankers Royal Bank of Scotland 40 Albyn Place Aberdeen AB10 1YN Solicitors Storie Cruden & Simpson 5 Albyn Terrace Aberdeen United Kingdom AB10 1YP
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).
Objectives and activities
The charity's objects are to manage the Trust assets, and to pay out of the surplus revenue of each year, fixed sums annually to certain institutions named in the Trust Deeds and to females in poor circumstances resident in Aberdeen, and subject to retention of necessary funds for the improvements of the lands and houses, to divide the balance remaining amongst the objects of the bequests in such a way as they might think best. The trustees have for many years paid part of the balance to females in poor circumstances. In recent years the small fixed sum donations have been commuted by a capital payment although the recipients of the fixed donations remain eligible to receive additional donations from surplus revenue at the discretion of the Trustees.
Achievements and performance
- The Trust pays out individual annuities of £800 (2023 £800). The annuities are payable on a half yearly basis, in December 2023 and in June 2024 to females in poor circumstances.
Financial review
Review of the year
The attached financial statements show a net surplus for the year of £97,328 (2023 - £130,073). The 'decrease' in performance compared to the prior year is largely due to the sale of land at Dubford Farm occuring in the prior year.
Reserves policy
The trustees have established the level of reserves that the trust needs to have. Reserves are held to cover maintenance and repairs for farm buildings as well as any capital improvements required to maintain the farm buildings in good order, and to ensure sufficient funds are held to meet the likely initial impact of any contingencies identified in risk management. The trustees consider the present level of reserves held as sufficient but that the same should be kept under review.
Investment policy
The trustees consider that the most appropriate policy for investing surplus funds is within interest bearing bank accounts for short term purposes and in shares and government stocks for long term purposes. The trustees have appointed Brewin Dolphin Securities Ltd as investment managers to manage the trust's investments.
Plans for future periods
The trust has decided that the maximum number of annuitants be maintained at 60. Applications will be sought for additional annuitants.
Structure, governance and management
Governing document
The Trust was created in 1852 to manage the bequests of the three brothers George, James and Alexander Chalmers, who resided in the Turriff district. Three estates, Tillymauld, Greens and Dorlaithers situated in the parishes of Monquhitter and Turriff were bequeathed to the Trustees. The Estate of Tillymauld extends to approximately 748 acres, Greens to approximately 637 acres and Dorlaithers to approximately 496 acres, a total of 1,881 acres or thereby.
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GEORGE. JAMES AND ALEXANDER CHALMERS. BEQUEST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees who sarvad during tho year and up to the dale of signaturo of the financial 5tat8menls were.. Appolntm9nt of trust99 In lerms ol the trust déed a number of Iwslees are 8ppoinled by virtue of their offices, n8mely:_ The Lord Provost DI Abefdeen, the senior ball1S of Aberdeen (now appointed by the Council). the Sheriff Principal of Grampi8n, Highland and Islands, Ihe Dean of Guild of the City ol Aberdeen, the President ol Ihe Society ol Advocates In Aberde8n and the Moderalor of Ihe Presbylery ol Aberdeen. The ex offiao trustees have power5 to appoint additional trustees and they have exeroised Ihig power in appointing four additional trustees for periods ol five years to serve on the Lands and Financa Commrtt8e. A furth8r trust80 is appointèd by Aberdeanshir8 Council in temis ol the Local Govemmenl Iscotlandl Acts. Kay rn¥n•g?rMnt pgronnol The key rnanagemenl personnel r• considered to be the five trustees appointed lo the Land and Flnance Committèe. Tru•to9 Indu¢tlon and tralnlng Trustees are 8dvised ol their dutie5 and responsibilities by Storie, Cruden 8 Simp60n, SO1110r5, the trusl secrelarles and agents. Or9anlsalonal structur• The board of Iruslee8, which cuwenlly has 10 members, administer the charity. The board meet on a y&arly basig and Ih&r8 is 81É0 a Lands & Finance Cornmittee consisting ol S rnernbers which meets Inof& fraqu&ntly. The day to day financial managernenl ol the charity is carried out by aS th8 Factor appointèd by ts Trustees through the soliators, Messrs Slorie. Cruden & Simpson. Rlsk management The main risk to whlch Iha trust is gxposed has boon identified a$ the reconl legislalion, Agrkultural Holdings (Scollandl Ad 2003, conceining agricultural leases whrth has imposed on the Trust a retrosptIve contin9anl liability In relation lo improvernenls, Dr the proportion thereof rnade by lenanls ID the farms, by overttsming the aang8rnentS made by the trustees al the tlme the improvements were made. Thls has glven rfse lo an element ol uncertainly, A key element in the management of financial risk is the selting of a reserves p¢Jl¢y and its regular review by trustees. 21 Mard12025
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
I report on the financial statements of the charity for the year ended 30 September 2024, which are set out on pages 4 to 14.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
(i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
(ii) to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
For and on behalf of Azets Independent Examiner 37 Albyn Place Aberdeen AB10 1JB
Dated: 21 March 2025
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Charitable activities | 3 | 128,841 | 113,942 |
| Investments | 4 | 30,142 | 29,735 |
| Other income | 5 | - | 114,920 |
| Total income | 158,983 | 258,597 | |
| Expenditure on: | |||
| Raising funds | 6 | 8,176 | 8,142 |
| Charitable activities | 7 | 84,318 | 68,544 |
| Other | 11 | 43,204 | 58,449 |
| Total expenditure | 135,698 | 135,135 | |
| Net gains/(losses) on investments | 12 | 74,043 | 6,611 |
| Net movement in funds | 97,328 | 130,073 | |
| Fund balances at 1 October 2023 | 1,316,408 | 1,186,335 | |
| Fund balances at 30 September 2024 | 1,413,736 | 1,316,408 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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GEORGE. JAMES AND ALEXANDER CHALMERS, BEQUEST BALANCE SHEEr AS Af 30 SEPTEMBER 2024 2024 2023 Motgs Fixed aosets Tangible 056els Inveslrnen15 14 15 444,215 903,417 235,667 834,711 1,347,632 1,070,378 Currnnt A#*•tA Debtors Cash al bgnk And in hand 16 6,169 7S,946 114.920 147,809 82,115 282.729 Cr•dStorn: #mounts falllng du• wthln one year 17 {16.0111 118,6991 Nel currenl as6ets 66.104 24e,030 Tol•l I•10• Gurronl Ilabllltl 1,413.736 1,310,408 Incom9 fund¥ unresteted funds 1,413,T38 1.318,408 1,413,738 1,318,408 financAal slal men h Trustees on 21 March 2025
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
George, James and Alexander Chalmers' Bequest is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is 5 Albyn Terrace, Aberdeen, AB10 1YP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Charitable activities
| Rents received Rents received 2024 2023 £ £ Greens 45,652 39,604 Tillymauld 55,830 47,827 Dorlaithers 27,359 26,511 128,841 113,942 |
Rents received Rents received 2024 2023 £ £ Greens 45,652 39,604 Tillymauld 55,830 47,827 Dorlaithers 27,359 26,511 128,841 113,942 |
Rents received Rents received 2024 2023 £ £ Greens 45,652 39,604 Tillymauld 55,830 47,827 Dorlaithers 27,359 26,511 128,841 113,942 |
|---|---|---|
| 2024 £ 45,652 55,830 27,359 128,841 |
2023 £ 39,604 47,827 26,511 |
|
| 113,942 |
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from listed investments | 29,375 | 28,653 |
| Bank deposit account interest | 12 | 20 |
| Bank current account interest | 755 | 1,062 |
| 30,142 | 29,735 |
5 Other income
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets held for charity's own use | - | 114,920 |
6 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Portfolio management fee | 8,176 | 8,142 |
| 8,176 | 8,142 |
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
7 Charitable activities
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Water supply, electricity and maintenance of plant | (1,742) | (1,281) |
| Insurance premium | 9,583 | 8,931 |
| Factors fee | 34,700 | 24,200 |
| Stationery, telephone, posts and sundries | 1,477 | 2,894 |
| Audit and independent examination fees | 6,300 | 6,600 |
| 50,318 | 41,344 | |
| Grant funding of activities (see note 8) | 34,000 | 27,200 |
| 84,318 | 68,544 |
8 Grants payable
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 6,000 | - |
| Grants to individuals | 28,000 | 27,200 |
| 34,000 | 27,200 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
11 Other
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Maintenance and repairs | 43,204 | 58,449 |
| 43,204 | 58,449 |
12 Net gains/(losses) on investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Revaluation of investments | 74,043 | 6,611 |
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14 Tangible fixed assets
| Cost At 1 October 2023 Additions At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 |
Greens Tillymauld Dorlaithers £ £ £ 7,100 221,867 6,700 - 208,548 - 7,100 430,415 6,700 7,100 430,415 6,700 7,100 221,867 6,700 |
Total £ 235,667 208,548 |
|---|---|---|
| 444,215 | ||
| 444,215 | ||
| 235,667 |
Properties are valued in the accounts as per the valuation at 31 December 1925 by Robert W Walker, Land Valuator, Aberdeen, less the notional cost of subsequent disposals.
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GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 15 Fixed asset investments Cost or valuation At 1 October 2023 Additions Valuation changes Disposals At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 16 Debtors Amounts falling due within one year: Other debtors 17 Creditors: amounts falling due within one year Other creditors |
Listed investments £ 834,711 181,297 97,578 (210,169) 903,417 903,417 834,711 2024 2023 £ £ 6,169 114,920 2024 2023 £ £ 16,011 16,699 |
|---|---|
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| At 30 Sep 2024 | £ | 1,088,256 | 119,239 | - | 181,454 | 21,732 | 2,914 | 1,413,595 | At 30 Sep 2023 | £ | 1,022,278 | 119,239 | 42,834 | 107,411 | 21,732 | 2,914 | 1,316,408 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gains and | losses | £ | - | - | - | 74,043 | - | - | 74,043 | Gains and | losses | £ | 114,920 | - | - | 6,611 | - | - | 121,531 | |||
| Transfers | £ | (370) | - | 370 | - | - | - | - | Transfers | £ | - | - | - | - | - | - | - | |||||
| Expenditure | £ | (92,635) | - | (43,204) | - | - | - | (135,839) | Expenditure | £ | (76,686) | - | (58,449) | - | - | - | (135,135) | |||||
| Income | £ | 158,983 | - | - | - | - | - | 158,983 | Income | £ | 143,677 | - | - | - | - | - | 143,677 | |||||
| At 1 Oct 2023 | £ | 1,022,278 | 119,239 | 42,834 | 107,411 | 21,732 | 2,914 | 1,316,408 | At 1 Oct 2022 | £ | 840,367 | 119,239 | 101,283 | 100,800 | 21,732 | 2,914 | 1,186,335 | |||||
| Analysis of charitable funds | Unrestricted funds | Revenue account | Capital improvements fund | Maintenance and repair fund | Investment revaluation reserve | Stock account | Timber reserve | Revenue account | Capital improvements fund | Maintenance and repair fund | Investment revaluation reserve | Stock account | Timber reserve | |||||||||
| 18 |
GEORGE, JAMES AND ALEXANDER CHALMERS' BEQUEST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 19 | Analysis of net assets between funds | ||
|---|---|---|---|
| Unrestricted | Unrestricted |
||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fund balances at 30 September 2024 are represented by: | |||
| Tangible assets | 444,215 | 235,667 | |
| Investments | 903,417 | 834,711 | |
| Current assets/(liabilities) | 66,104 | 246,030 | |
| 1,413,736 | 1,316,408 |
20 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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