**Charity No. SC010288** ## **THE EDINBURGH TRADES FUND** **REPORT and ACCOUNTS For the year ended 31 March 2025** **THE EDINBURGH TRADES FUND** ## **REPORT and ACCOUNTS** ## **For the year ended 31 March 2025** |**Contents**|**Pages**| |---|---| |Report of the Trustees|1 - 4| |Independent Examiner’s Report|5| |Receipts and Payments Account|6| |Statement of Balances|7| |Notes to the Accounts|8 - 9| THE EDINBURGH TRADES FUND REPORT ofthe TRUSTEES For the ear ended 31 March 2025 The Trustees present their report and accounts for the year ended 31 March 2025. Reference and Administrative Details of the Charity and its Trustees November 2025) Clerk and Treasurer Solicitors Morton Fraser MacRoberts LLP Level 5, 9 Haymarket Square Edinburgh EH3 9RY Principal Office Level 5. 9 Haymarket Square Edinburgh EH3 9RY Charity Number SC010288 Independent Examiners Steven Smillie CA Chiene + Tait LLP (trading as CT) Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL Bankers The Royal Bank of Scotland plc 36 St Andrew Square Edinburgh EH2 2AD Investment Advisors Mclnroy & Wocmj Limited East Alderston Haddington East Lothian EH413SF THE EDINBURGH TRADES FUND REPORT of the TRUSTEES (cont'd) For the ear ended 31 March 2025 The trustees present their annual report and accounts of the Fund for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 3 to the accounts and comply with the Charrties and Trustee Investrbent (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006 (as amended). Objectives and Activities The principal object of the FurKI is the provision of payments or grants to children and young people aged 21 and under, and charrtable organisations which have similar purposes, and in lerms of the constitution and rules affeckn'ng the Fund for the time being ￿0, in Ihe opinion of the Trustees, require financial assistance in respect of or in connection with: 1. education: ill health- or 3. family T￿ed. and andlor charities whTrch support such individuals who apply or on whose behalf application is made therefor to the Trustees. In addition, the Trustees are also entrusted to maintain a small museum of donated artefacts and other items of historical significance relating to the Incorporated Trades of Edinburgh, see note 11. Grant making Kk)licy The Trustees invite applications from apwopriate individuals and charities. The grants sU￿COMMittee under the chaimanship of the Boxmaster consider applicats'ons for grants, and to streamline the application process, all in furtherance of the charitable purposes and to make recommendations on all applications to the Trustees for their consideration. The Trustees meet on a regular basis and review these recommendations and grants are awarded based upon these meetings. Achievements and Perforniance During the year. the Fund awarded grants to young people aged 21 and below and charitable organisations which have similar purposes to the Edinburgh Trades Fund tolalling £18.760 (2024: £18,973). In addiiion, the Fund incU￿ed costs of £22,310 (2024.. £32.252) mainlaining the museum of donated artefacts and other ilems of historical significance relating to the Incorporated Trades of Edinburgh. Costs of raising funds decreased lo £9,211 (2024: £6,386). Repair costs increased from £4,718 in the period to 31 March 2024 to £7.496. Taxation The Edinburgh Trades Fund is recc*Jnised by HM Revenue and Customs as a charity. Financial Review Income for the year ending 31 March 2025 increased to £91.425 (2024: £82,093). Expenditure for the year increased to £80.897 (2024: £79,760). The surplus for the year on unrestricted fijnds was £10.528 (2024: net surplus of £2,333}. THE EDINBURGH TRADES FUND REPORT of the TRUSTEES (cont'd) For the ear ended 31 March 2025 Investment pollcy and perfomiance The Trustees have invested in stocks and shares, gilts, propety and fixed interest investments, with the objective of maintaining and increasing the capital value of the fund, and producing sufficient income to enable the Fund to fulfil its charitable aims. In the accounting period. quoted investments were valued at 31 March 2025 at £695,358 as Compared with £711,549 on 31 March 2024. Structure, Governance and Management Constitution The Edinburgh Trades Fund, formerly known and recorded on the Scottish Charity Register as "Trades Maiden Hospital" and Yhe Edinburgh Trades Maiden Fund", is govemed by the Edinburgh Trades Maiden Fund Acts 1707 and 1969. Changes to the constitution were approved by OSCR on 1 December 2015 and were adopted by the Trustees on 7 December 2015. The charvJes made were: Change the name of the charty from the°Edinburgh Trades Maiden Fund" lo Yhe Edinburgh Trades Fund" Expand the purposes of the Charity to benefft both the male and female gender and olher charitable organisations which have purposes similar to the Charty and to provide that beneficiaries of the Charty should be aged 21 or under; and Add provisions to the Constitution which would allow the Trustees lo amend the Constitution subject to the consent of or intimation to OSCR in lerms of the 2005 Act. The management of the FurKI is the responsibilty of the Trustees who are elected under the terms of the Constitution of the Fund. Appointment of Tnjstees Trustees are appointed in accordance with the constitution of the Fund and on acceptance of appointment are fully briefed by the Boxmaster and Deacon Convener on the aims and operation of the Fund. As part of this induction. each Trustee is prOV￿ed with essential background material. Organisation The funds are administered by a Clerk and Treasurer appointed by the Trustees who meet regularly. The TNstees may apply the fvnds in payments or grants made under the terms of the Nles of the Fund. The Trustees who served in the year ended 31 March 2025 are stated on page 1. They received no emoluments during the year. Risk management The Goveming Members have assessed the major risks to which the Fund is exposed, in particular those related to the operations and finances of the Fund. and are satisfied that systems are in place to mitigate their exposure to major risks. As the Fund relies on its investment retums in order to undertake its activities, the principal risks faced by the Fund lie in the performance of its investrnents. These risks are mitigated by retaining investment managers to advise the Trustees and by retaining agents to manage the letting of investment properties. Plans for the Future The charity carries on looking to help young people whether they be individuals or charitsble organisations with the same purpose within the City of Edinburgh. The Ashfield's Collections Committee is still undertaking the digital documentation of everything within our collection. including our library. We are going to be involved in D¢)ors Open Day which will resull in slight changes to what is on display. THE EDINBURGH TRADES FUND REPORT of the TRUSTEES (cont'd) For the ear ended 31 March 2025 Trustees. responsibilities The Trustees are responsible for preparing the Report of the Trustees and the accounts in accordance with applicable law. The law applicable to charities in Scolland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the chanty for that period. In preparing these accJ)unts. the Trustees are required to: select suitable accounting policies and apply them consistently" make judgements and estimates that are reasonable and prudent. state whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the accounts. prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounb'ng records that disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the accounts comply with the Charits'es and Trustee Investment (Scolland) Act 2005, the Charrtj'es Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: INDEPENDENT EXAMINER'S, REPORTTO THE TRUSTEES CT: OF THE EDINBURGH TRADES FUND I report on the accounts of The Edinburgh Trades Fund for the year ended 31 March 2025 which are set out cm pages 6 to 9. This report is made to the Trustees as a body. in accordance with the terms of my engagement. My work has been undertaken to enable me to prepare the accounts on behalf of the Trustees and to report my opinion as set out below and for no other purpose. To the fvjllest extent pemiitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Trustees, as a body. for my work or for this report. Respective responsibilities of Trustees and examiner The charity's Trustees are resp)nsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the Act) and the Charities Accounts (Scotland} Regulations 2006 (as amended) (the Regulations). The charty Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Regulats'ons does not apply. It is my responsibility to examine the accounts as required under section 44{1)(c) of the Acl and to stale whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance wth Regulation 11 of the Regulations. An examination includes a review of the accounting records kept by the Charty and a comparison of the accounts presented with those records. It also includes consideralion of any unusual ilems or disclosures in the accounts, and seeks explanations from the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequentiy I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examination. no matter has come to my attention: (a) which gives me reasonable cause to believe that in any material respect the requirements'.- to keep accounting records in accordance with Section 44(1 Xa) of the Act and Regulation 4 of the Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation g of the 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 accounts to be reackEd. THE EDINBURGH TRADES FUND RECEIPTS AND PAYMENTS ACCOUNT For the ear ended 31 March 2025 2025 Total 2024 Total Notes Receipts: Donations and legacies Other trading activities Investment income 1.471 5,548 84,406 2,410 280 79,403 Total receipts 91,425 82,093 Payments: Raising funds Charitable activities 9,211 71,686 6,386 73,374 Total payments 80,897 79,760 Net receiptsl(payments) 10.528 2.333 Transfers tol(from) funds Surplusl(deficit) for the year 10,528 2.333 All receipts and payments are derived from continued and unrestricted activities. The notes on pages 8 to 9 fomi part of these accounts. THE EDINBURGH TRADES FUND STATEMENT OF BALANCES As at 31 March 2025 Total 2025 Total 2024 Notes Bank and cash in hand Opening balances Surplusl{Deficit) for the period Recognition of bank accounts held in investrient portfolio 36,400 10.528 30,859 2,333 3,208 Closing Balances 46,928 36,400 Investment funds Investment properties Listed investments 2,375,000 695.358 2,375,000 711,549 Total invested fvnds 3.070.358 3.086,549 Cost of investments at 31 March 819,539 820.665 Stocks 3,842 4.367 Debtors Prepayments and other debtots Accrued income 12,761 4.624 11,333 5.090 17,385 16.423 Creditors: Amounts falling due within one year Accruals and deferred income Other creditors 10.093 850 8.676 1.445 10,943 10.121 The accounts were approved and aulhorised for issue by the Trustees and signed on their behalf by: The rK)tes on pages 8 to 9 fotm part of these accounts. THE EDINBURGH TRADES FUND NOTES to the ACCOUNTS For the ear ended 31 March 2025 l. General infomiation The charity is a registered charity in Scotland and is unincorporated. The address of the principal office is 2 Lister Square, Edinburgh, EH3 9GL. 2. Accounting Policies The financial statements have been prepared on the receipts and payments basis, in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The financial statements are prepared in sterling. which is the functional currency of the entty, rounded to the nearest pound. Going Concern The accounts have been prepared on a going concem basis. The Trustees have assessed the charity's ability to continue as a going eoncem and have reasonable expectation that the Fund has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in Preparing these accounts. Funds structure The unrestricted funds represent the funds which the T￿￿teeS are free to use in accordance with the charitable objecttves. Investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently at their market value using the closing quoted market price. Investment properties The investment properties are measured at fair value at each reporting date. 3. Donations and legacies 2025 2024 Donations received 1,471 2,410 4. Other trading activtties 2025 2024 Sale of books arKI badges Room Hire Deacon Dinner income 105 240 40 5.443 5.548 280 5. Investment income 2025 2024 Investrnent property rents (net of management fees and repair costs) Dividends received Proceeds from the sale of investments Interest received 60.702 21.132 1.770 802 57,960 20,802 84,406 79,403 THE EDINBURGH TRADES FUND NOTES to the ACCOUNTS (cont'd) For the ear ended 31 March 2025 6. Expenditure on Raising funds 2025 2024 Repairs Investment manager fees 7.496 1.715 4,718 1,668 9,211 6,386 7. Expenditure on Charitable Activities 2025 2024 Grants for school fees and other expenses (note 8) Maintenance of museum arKI artefacts, Ashfield Insurance Heat, light. cleaning, telephone etc Rates and water Miscellaneous expenses Deacon Dinner Costs Legal and professional costs Accountancy costs 18,760 18,973 14,461 3,553 2,156 2.140 5,358 19,978 5,280 14,231 14,126 2,053 1,842 17,889 4,260 71,686 73,374 8. Grants paid 2025 2024 Grants to institutions Edinburgh March Riding Association Big Hearts Community Trust Empty Kitchen Full Hearts The Green Team Venture Scotland Canongate Youth Into Work Community One Stop Shop Edinburgh Children's Hospital Charty Fresh Start (Scotland) Impact Arts (Projects) Ltd St Mary's (Leith) Primary School Ukranian's St Margarets Saturday School 2.000 2,000 4,000 1.800 3.000 2.500 2.000 2,000 2.000 1,000 1,000 4,200 2,500 1,900 2,333 1.300 2.160 18.760 18,933 Grants to individuals 40 18,760 18,973 9. Related Party Transactions The Clerk and Treasurer is a partner in mort￿ Fraser MacRoberts LLP, who act as solicitors to The Edinburgh Trades Fund for which they received fees and commission amounting to £15,778 (2024- £13.010) during the year. £3,459 (2024: £2.820) was outstsnding at the year end. No remuneration or beneffts were paid to the Trustees during the year who are considered to be the key management personnel (2024: none). During the year £200 (2024: £1,368) of expenses were reimbursed to 1 {2024: 3) Trustees. During the year, Melville Street. (Trust￿) paid £4.200 (2024: £4.200} as rent for the basement flat at 61