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2025-05-15-accounts

THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED i5 May 2025

CHARITY No. SC011755

Johnston Smillie Ltd Chartered Accountants 5 South Gyle Crescent Lane Edinburgh EH12 9EG

THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FENANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Contents Page No.
Legal and Administrative Information i
Report ofthe Board 2-4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
NotesformingpartoftheFinancialStatements 8-15

THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Reference and Administrative Details

For the purposes of charity law, the Board of Management are also charity trustees

The Following members of the Board hold title to the property:

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Independent Examiner: Johnston Smillie Ltd
Chartered Accountants
5 South Gyle Crescent Lane
Edinburgh
EH12 9EG
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Solicitors: Liddle & Anderson, Solicitors 2 Market Street Bo'ness EHS1 9AD

Bankers: Roya! Bank of Scotland pic Falkirk Newmarket Street (D) Branch 2 Newmarket Centre Falkirk FK1 1)X

Charity No. $C011755

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025 Report of the Board

The Board have pleasure in presenting their report for the year ended 15 May 2025. This report is prepared in accordance with the Trust Deed and the recommendations of the Statement of Recommended Practice ~ Accounting and Reporting by Charities and complies with applicable law.

Constitution

The Bequest, which is a recognised charity in Scotland, is operated under the rules of its Trust Disposition dated 6 April 1857. The management of the Bequest is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed. The induction process for new trustees involves informa! training by the existing trustees.

Objects and Activities

The principal object of the Bequest is to provide funds to the Sinking Fund, West Lothian Education Trust and to a Pension Fund, split 10%, 45% and 45% respectively. There have been no changes in objectives since the last annual report. During the year grants of £13,465 (2024: £11,762) were given.

Principal Policies to Achieve Objectives

It had been the policy of the charity to maximise the income from investments in order to provide funds to beneficiaries.

Financial information and future developments

The total incoming resources for the charity were £30,338 (2024: £29,739) and net incoming resources were £1,474 (2024: £14,775). Grants paid during the year from realised gains were £13,465 (2024: £11,762).

Taxation

The Bequest is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result, there is no liability to taxation on income.

Investment policy and performance

In accordance with the trust disposition the Board has the power to invest in such stocks, shares, investments and property in the UK as they see fit. The policy is to adopt a low risk investment strategy based on maximising income.

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS

YEAR ENDED 15 MAY 2025

Report of the Board Cont'd

Trustees’ responsibilities

Law applicable to charities in Scotland requires the Board to prepare financial statements for each financial year which give a true and fair view of the Bequest’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements, giving a true and fair view, the board are required to:

The Board are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Bequest and enable them to ensure that the financial statements, which they are responsible for preparing, comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the charities constitution. The applicable law also sets out the Board’s responsibilities for the preparation and content of the Board’s Report. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.

Risk management

The Board have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Bequest and are satisfied that systems are in place to mitigate our exposure to the major risks.

Reserves policy

The Capital Account represents the unrestricted funds arising from past operating results. It also represents the free reserves of the charity. The Board are satisfied that the balance of the fund £195,347 (2024: £195,347) approximates to the equivalent of several years operating expenditure which is satisfactory. The Board have examined the requirement to maintain free reserves and conclude that the most appropriate level is sought.

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025 Report of the Board Cont'd

The Sinking Fund is a restricted fund which is in place to preserve the capita! base of the trust against inflation.

The West Lothian Educational Trust Fund is in place te provide educational grants in West Lothian.

The Pension Fund was established to provide annuities for deserving people of Bo‘ness.

On behalf of the Board of Management

Date: veeye ot oS

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FENANCIAL STATEMENTS YEAR ENDED 15 MAY 2625 Report by the Independent Examiner to the Trustees of the Board of Management of the Anderson Bequest

I report on the accounts of the charity for the year ended 15 May 2025 which are set out on pages 6 to 15.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charites and Trustee Investrnent (Scotland) Act 2005 and the Charities Accounts (Scotiand) Regulations 2006 as amended. The charity trustees consider that the audit requirement of Regulation 16{1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts 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 Charities Accounts (Scotiand) Requlations 2006 as amended. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual iterns or disclosures in the accounts and seeks explanations fram the trustees concerning any such matters. The procedures undertaken do not provide ail the evidence that would be required in an audit, and consequently 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

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with Section 44(1) {a} of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations as amended, and

  3. e to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations as amended,

have net been met, or

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Relevant Professional Body: The Institute of Chartered Accountants in England and Wales Johnston Smiltie Ltd

Chartered Accountants 5 South Gyie Crescent Lane Edinburgh FH12 SEG Date sloer

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Statement of Financial Activities

Unrestricted Restricted Designated Designated
Notes Capital Sinking WLT Pension Total Total
2025 2024
£ £ £ £ £ £
Income from:
Charitable activities (2) - 2,707 12,184 12,184 27,075 26,550
Donations - ~ - - - -
Investments ~ 325 1,469 1,469 3,263 3,189
Total - 3,032 13,653 13,653 30,338 29,739
Expenditure on:
Raising Funds (3) - 116 518 518 1,152 1,047
Charitable activities (3) - 1,748 15,435 13,770 30,953 23,643
Totai - 1,864 15,953 14,288 32,105 —24,690
Net gains/(losses)
on investments (6) 325 1,458 1,458 3,241 9,726
Net income/(expenditure) - 1,493 (842) 823 1,474 14,775
Netmovement infunds - 1,493 (842) 823 1,474 14,775
Total funds brought forward 195,347 62,008 16,332 83,659 357,346 342,571
Totai funds carried 357,34
forward 195,347 63,501 15,490 84,482 358,820 6

The notes on pages 8 to 15 form part of these accounts

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025 Balance Sheet

Note 2025 2024
Ss
£ £
Fixed assets:
Tangible assets (5} 200,525 200,525
Investments (6) 129,261 124,193
Total fixed assets ____ 329,786 324,718
Current assets:
Debtors (7) 10,630 12,989
Cash at bank and in hand (8) 20,610 21,589
Total current assets 31,240 34,578
Liabilities:
Creditors: Amounts falling due within one
year (9) (2,206) (1,956)
Net current assets 29,034 32,628
Total assets less current liabilities 358,820 357,346
Total net assets or liabilities 358,820 357,346
Thefunds ofthe charity:
Restricted:
Sinking Fund
Total Restricted Fund
(10) 63,501
63,501
62,008_
62,008
Designated:
West Lothian Education Trust {10) 15,490 16,332
Pension Fund {10} 84,482 83,659
Unrestricted:
Capital Account (10) 195,347 ___195,347
Total Unrestricted Fund 295,319 295,338
TotalCharityFunds 358,820, 357,346

The notes on pages 8 to 15 form part of these accounts

THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS VEAR ENDED 15 MAY 2025

Notes to the Financial Statements

1. ACCOUNTING POLICIES

The Anderson Bequest is an unincorporated charity registered in Scotland with registered office address 20 Grahamsdyke Road, Bo'ness, EHS1 SEG.

a) Basis of Accounting

The financial statements are prepared under the historical cost convention and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standards applicable in UK and Republic of Ireland (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Charity constitutes a public benefit entity as defined by FRS102. These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charity’s transactions are denominated. Amounts are shown to the nearest £.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b) Investments — Property

Investment property is shown at a valuation made by the board on 2 October 2001. In the opinion of the Board, the valuation at the balance sheet date is not materially different from the 2001 valuation.

c) Investments — Other

Investments are shown at market value. Gain and losses on disposal and revaluation of investments are charged or credited to the SOFA.

d) Income Recognition

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.

e) Expenditure Allocation

Where possible, expenditure has been charged direct to administration and charitable activities. Where this is not possible the expenditure has been allocated on an estimate of the split. The Bequest is not registered for VAT and accordingly expenditure includes VAT where appropriate.

f) Fund Accounting

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

The nature and purpose of each fund is explained in note 10. The trustees have agreed that realised gains only can be distributed to the various funds.

Notes to the Financial Statements Cont’d

g) Debtors

Short term debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

h) Grants

The policy of the charity is to provide a grant of 45% of the reserves to both the West Lothian Educational Trust and a pension fund. The West Lothian Educational Trust is in place to provide educational grants in West Lothian and the pension fund was established in order to provide annuities for deserving people in the Bo’ness area.

i) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

j) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, balance with banks and cash balance with investment manager and are measured at fair value.

2. RENTAL INCOME

2025 2024
£ £
Gross rent 27,075 26,550
Less: Expenses
Repairs 7,401 (608)
Insurance 5,335 5,045
12,736 4,437
Netrentalincome 14,339 22,113

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Notes to the Financial Statements Cont'd

3. ANALYSIS OF COSTS

Unrestricte Restricte
d d Designated
Capital Sinking WLT Pension Total Total
2025 2024
£ £E £ £ £ £
Expenditure on:
Raising Funds
Investment management
fees 116 518 518 1,152 1,047
116 518 518 1,152 1,047
Charitable Activities
Property costs:
Factor's & Treasurer's Fees - 240 1,080 1,080 2,400 2,400
Repairs
Insurance
-
-
741
533
3,330
2,401
3,330
2,401
7,401
5,335
(608)
5,045
Sundry Expenses = 30 138 138 306 310
1,544 6,949 6,949 15,442 7,147
Governance costs:
Independent Examiners’ Fees - 204 921 921 2,046 1,950
Lega! fees - - - > - 2,784
- 204 921 921 2,046 4,734
Grants:
West Lothian Education Trust - ~ 7,565 - 7,565 5,762
Pension Fund - - - 5,900 5,900 6,000
- - 7,565 5,900 13,465 11,762
- 1,748 15,435 _ 13,770 30,953 23,643
Total - 1,864 15,953 14,288 32,105 24,690
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GRANTS
2025 2024
£ £
Individuals 5,900 6,000
West Lothian Education Trust 7,565 5,762
Total 13,465 11,762

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Notes to the Financial Statements Cont'd

  1. INVESTMENTS - PROPERTY
2025 2024
£ £
Cost or valuation:
Brought forward 200,525 200,525
Additions - -
Carriedforward 200,525 200,525

The Anderson Bequest owns eight shops numbered 15/17, 23, 24, 26, 27, 28, 30 & 32 South Street, Bo’ness.

15/17 South Street, Bo’ness was purchased during the year ending 15 May 2013 for £100,525. The remaining Heritable Properties were revalued by the Board of Management at £100,000 on 2 October 2001 and they do not consider the value as at 15 May 2025 to have materially altered. The Board of Management have not used an independent expert to revalue the property. The total investrnent property is therefore valued at the current year end at £200,525.

6. INVESTMENTS

2025 2024
Valuation £ £
At 16 May 124,193 112,641
Acquisitions 1,827 6,828
Disposals - (5,002)
Revaiuations 3,241 9,726
FairValue at 15 May 129,261 124,193
Historicalcostat15May 104,332 104,332

All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange.

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7. DEBTORS
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2025 2024
£ £
Prepaid Charges 2,100 2,113

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THE BOARD OF MANAGEMENT OFTHE BOARD OF MANAGEMENT OFTHE BOARD OF MANAGEMENT OFTHE ANDERSON BEQUEST
FINANCIAL STATEMENTS
YEAR ENDED 15 MAY 2025
Outstanding rent 8,530 10,876
Total debtors 10,630 —«12,989_,
Notes to the Financial Statements Cont’d
8. CASH AT BANKAND IN HAND
2025 2024
£ £
Royal Bank of Scotland Premium Account 16,397 19,649
Royal Bank of Scotland Current Account 4,056 1,933
Cash in Hand 157 7
Total cash at bank and in hand 20,610 21,589
9. CREDITORS: Amounts falling due within one year
2025 2024
£ £
Accrued Charges 2,206 1,950
Creditors - -
Total creditors due within one year 2,206 1,950
10. MOVEMENT OF FUNDS
Balance
B/Fwd at
Incoming
Resources
Resources
Expended
Net gains/
(losses) on
Closing
Value of
16 May investment Funds at
2024 15 May
2025
£ £ £ £ £
Unrestricted
Capital account 195,347 - - - 195,347
Restricted
Sinking fund 62,008 3,032 (1,864) 325 63,501
Designated
West Lothian 16,332 13,653 (15,953) 1,458 15,490
Educational Trust
Pension Fund 83,659 13,653 (14,288) 1,458 84,482
Total movement of 357,346 30,338 (32,105) 3,241 358,820
funds

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025

Notes to the Financial Statements Cont’d

Balance
B/Fwd at
16 May
2023
Incoming
Resources
Resources
Expended
:
(lossee)on
:
investment
:
(lossee)on
:
investment
Closing
valueor
15 May
2024
£ £ £ £ £
Unrestricted
Capital account 195,347 - - - 195,347
Restricted
Sinking fund 59,355 2,973 (1,292) 972 62,008
Designated
West Lothian 10,152 13,383 (11,580) 4,377 16,332
Educational Trust
Pension Fund 77,717 13,383 (11,818) 4,377 83,659
Total movement 342,571 29,739 (24,690) 9,726 357,346
offunds

The Capital Account represents the unrestricted funds which the Board are free to use in accordance with the charitable objects.

The Sinking Fund is a restricted fund which to be used to maintain the condition of the properties and can also be used to meet any unforeseen claim or demand which may not come under the usual yearly expenditure.

West Lothian Educational Trust is in place to provide educational grants in West Lothian.

Pension Fund was established in order to provide annuities for deserving people of Bo'ness.

11. TRUSTEES

The continuing Trustees received remuneration at the same rate as annuitants, being £300 each in the year ended 15 May 2025 (2024: £300). The full amount is disclosed in Note 12. There is a provision authorizing payment of the charity trustees in the charity’s governing document and this was in place before November 2004.

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025 Notes to the Financial Statements Cont’d

12. RELATED PARTIES

The Bequest’s Honorary Treasurer, Po provided The Bequest with accountancy related services. Fees paid in the year to 15 May 2025 totaled £2,400 (2624: £2,460).

As mentioned in Note 11, the continuing Trustees each received £300, totaling £2,100 in the year to 15 May 2025 (2024: £1,700).

Legal fees of nil (2024: £2,784) were paid to Liddie & Anderson, a firm in which I a Trustee, is a partner.

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Designated Total
£E £ £ £
Fixed Assets 195,347 63,501 70,938 329,786
Current Assets/Liabilities - - 29,034 29,034
_
Net Assets at 15
May 2025 195,347 63,501 99,972 358,820
Unrestricted Restricted Designated Total
£ £ £ £
Fixed Assets 195,347 62,008 67,363 324,718
Current Assets/Liabilities - - 32,628 32,628
Net Assets at 15
May2024 195,347 62,008 99,991 357,346

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THE BOARD OF MANAGEMENT OF THE ANDERSON BEQUEST FINANCIAL STATEMENTS YEAR ENDED 15 MAY 2025 Notes to the Financial Statements Cont’d

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Designated Designated
Notes Capital Sinking WLT Pension Total
2024
£ £ £ £ £
Income from:
Charitable activities (2) - 2,654 11,948 11,948 26,550
Donations - ~ - -
Investments ~ 319 1,435 1,435 3,189
Total - 2,973 13,383 13,383 29,739
Expenditure on:
Raising Funds (3) - 105 471 471 1,047
Charitable activities (3) - 1,187 11,109 11,347 23,643
Total - 1,292 11,580 11,818 24,690
Net gains/(losses) on
investments (6) - 972 4,377 4,377 9,726
Net income/ (expenditure) = 2,653 6,180 5,942 14,775
Netmovement infunds - 2,653 6,180 5,942 14,775
Total funds broughtforward 195,347 59,355 10,152 77,717 342,571
Totalfundscarried forward 195,347 62,008 16,332 83,659 357,346

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