Dick Bequest Trust Scheme 1979 Annual Report and Financial Statements for the year ended 31 December 2024 Scottish Charity: SC013641
Dick Bequest Trust Scheme 1979 Annual Report and Financial Statements for the year ended 31 December 2024 Contents Pages Legal and Administrative Information Governors, Report Irbdependent Examinerfs Report Statement of Financial Activities Balante Sheet Notes to the Financial Statements 8-12
Dlck Bequest Trust Scheme 1979 Legal and Administrative Information Governors Secretary Independent Examiner ,CA 6 St Colme Street Edinburgh EH3 6AD Solicitor5 Blair Cadell LLP The Bond House 5 Breadalbane Street Edinburgh EH6 5JH Investment Manager5 RBC Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX 8ankers The Royal 8ank of Scotland plc 142-144 Princes Street Edinburgh EH2 4EQ Oick Bequest Trust Scheme 1979 is a registered Scottish Charity with the charity reference number SC013641.
Dick Bequest Trust Scheme 1979 Governors, Report for the year ended 310ecember 2024 The Governors are pleased to present their annual report and Independently examined financial statements for the year ended 31 December 2024. Objectives and Charitable Purposes History and 8ackground.. The founder of the original Dick Bequest was James Dick of Finsbury Square, London born in Forfes in 1743 who died in 1828. The first scheme was framed in accordance with the terms of the Education Endowments (Scotlandl Act 1892 and amended by the Court of Session in 1923. New Schemes Llnder the Education Endowments (Scotlandl Acts 1928 and 1935 were framed in 1934 and 1956. The present Scheme was framed in 1979 by the Secretary of State for Education. The Trust is empowered to accept donations. legacie5, annuities, subscription5, and other gifts for the purposes stipulated in the Scheme. The Governors are required to operate solely within the confines of the Scheme as approved by Parliament in 1979. The Scheme is a Charity registered with OSCR Iihe Scottish Charity Regulator) and the Governors must comply with the relevant rules and regulations applicable to Charity Trustees. The Trust is an Education Trust sel up for the sole purpose of paying the following types of grants in the area of benefit namelv.. lal the area comprising Moray and Aberdeen5hire bLtt excluding the former County of Kintardlne,. Ihl the area comprising the former County of Moray and the former Parishes of Abernethy and Duthill all lying within the Badenoch and Strathspey District of the Highland Region. Seclion 23 Grants Grants to teachers to enable them to undertake a course of study. to travel for any purpose of an educational nature. or to pursue any other activity which. In the opinion of the governin8 body, Is likely to improve the applicant's efficiency as a teacher. Se¢tlon 24 Grants Grants to Aberdeenshire and Moray Counci15 and Highland CoL*ncil as Education Authoritie5 to provide or assist with the provision of special equipment for schools Wlthin the area of benefit or for any other purpose, which in the opinion of the governing body, will enhance the quality of nursery, prlmary and secondary education within the area of benefit. Grant Making Policy and Charitable Purposes Grants are paid in accordance with the objectives set out in the Trust purposes above. A Standard application form is used to provide the information required for the Governors to decide which Grant5 should be made. The Governors have decided that it will conduct a review in 2024125 of the public/educational benefit being achieved under ils current powers as Parliament set out in 1979.
Dick Bequest Trust Scheme 1979 Governor5, Report lcontinuedl for the year ended 31 Decernber 2024 Review of Activities Grunts to Teochers- Section 23 11 12023.. 141 applications for Section 23 Grants were received durin8 the year. The total payable was £15.12612023. £15.4941 Equipment Gronts- Section 24 The sum of £11,54512023.. £11,334> was allocated for Equipment Grant5 for division among the schools in Aberdeenshire Council (formerly 8anlf/Buchan Division and Gordon Divisionl, Moray Council and schools in Highland Council on the recommendations of the respective Directors of Education in consultation with the Councillor5 on the Governing Body. Investment Pollcy and Performance The investment portfolio is managed on a discretionary basis by RBC Brewin Dolphin. The investment objective is to generate a competitive level of income, while 3lso adding capital growth over the long term. As of 31 December 2024. the value of the investments Stood at £1,728,989 12023.. £1,675,625) and the income generated within the portfolio for the year was £54,77812023.. £56,285>, equivalent to a yield of 3.2%. The portfolio generated a total return of 7.1% during the year. The ARC Steady Growth Charity index against which the portfolio is referenced grew by 8.8%. Given the inability to access the capital within the portfolio, the investments have a bias towards investments that pay attractive levels of income. The portfolio yield of 3.2Ya compares to a yield for the same Index o12.2Yo. 2024 was a strong year for equity markets. Inflation corstinued to fall gradually from the high5 of 2022, allowing central banks to begin culling interest rates. Th15, combined with solid economic growth and strong corporate earnings, provided a positive market backdrop and pushed equities higher. Once again, the US wa5 the best performing market globally over the period, driven by strong economic growth as well as enthusiasm around advances in Artificial Intelligence, with a number of the largest US technology companies well positioned lo benefit. As we approached the end of the year, a decisive outcome in the US presidential election was well received by markets. The asset5 of the Trust remain invested in a well diversified portfolio of high quality Ilmed interest, UK and overseas equity investments, property and alternatives. The Trustees are satisfied that the long term investment objectives are being met and the investments are enabling the Trustee5 to continue to provide financial support to beneficiaries. Finance Review The Trust's work is entirely reliant on income and investment returns from its share portfolio. Total grant5 payable after refunds in the year were £22,89312023.. £2 1,3281. Net income in the year after net gains on investments of £64,66712023". £41,8201 was £63.40512023.. £45,2991.
Dick Bequest Trust Scheme 1979 Governors. Report Icontinuedl for the year ended 31 December 2024 Reserve5 Policy On a year-to-year basis. grants are paid according to the incorne available. Revenue surplLtses brought forward from previous years are available il needed. Unrestricted "free" reserves at 31 December 2024 were £77,52412023: £67,268) Governing Body The Governing Body conslsts of ten elected Governors. Five are elected by the Society of WriieTS to His Majesty's Signet- two are elecled by the Senate of Aberdeen Univer51ty.' and three are elected by the Loc31 Authorities of Aberdeenshire and Moray, and there are further provisions for election of replacement governor5 by the Governing Body in the event any of such bodies have failed to so elect. Each Governor holds off ice for a period of five years and may then be eligible for re-election. In a typical year, the Governors meet bi-arbnuolly to assess grant applications and make donations accordingly. Governors, Responsibilities Statement The Governors are responsible for preparing the Anntjal Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards IGenerally Accepted Accounting Practice). Law applicable to charities in Scotland requires the Governors lo prepare financial statements for each financial year which give a rrue and fair view of the State of affairs of the Trust and of the incoming resources arid application of resource5 01 the Trust for that period. In preparing these financial statements, the Governor5 are reqLJired to.. select suitable accounting policie5 and then apply them consistentlv." observe the method and principles in the Charities SORP 2019 IFRS 1021,. make judgements and e5timate5 that are reasonable and prLtdent, State whether applicable accounting standards have been followed, subject to any material departures digclosed and explained in the fin3nci31 statements,. prepare the financial statements on the Eoing concern basis unless It Is inappropriate to presume ihar the Trust will continue in operation. The Governors are responsible for keeping proper accoLJnting records which disc105e with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure thai the financial Statements comply with the Charities and Trustee Investment Iscotlandl Act 2005, the Charilies Accounts (Scotlandl Regulatior15 2006 las arnendedl and the terms of the Trust Deed. They are also responsible for safeguarding the assets of the Trust arbd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Aoproved by the Govprnors on I l Mav 2025 and sipne(l on their behalf bv..
Independent Examinerfs Report to the Governors on the Unaudited Financial Statements ol the Dick 8eque5t Trust Stheme 1979 I report on the financial statements of the Trust for the year ended 31 December 2024 which are set out on pages 6 to 12. Respective responsibilitles of Governors and independent examiner The Governors are re5PQn5ible for the preparalion of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scollandl Act 2005 and the Chaiities Accounts Istotlandl Regulation5 2006. The Governors consider that the audit requirement of Regulation 10111 lal to Icl of the Accounts Regulations does not apply. Ir is my responsibility to examine the financial statements as required under section 4411> Icl of the Act and to state whether particular matters have come to my attention. Basis of Independent examlner's statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulation5. An examination includes a review of the accounting recgrds kept by the Trust and a comparison of the financial statements presented with those records. 11 also includes consideration ol any unusual items or disclosures in the financial statements, and seeks explanations from the Governors concerning any such matter5. The procedure5 undertaken do not provide 311 the evidence that would be required In an audit, and consequently I do not express an audit opinion on the view Riven by the financial statements. Independent examiner's statement In the course of my examination. no malter has come to my altention.. which gives me reasonable cause to believe that in any material respect the requirement5'. to keep accounting records in accordance with Section 44111 lal ol the 2C(J5 Act and Regulation 4 of the 2006 Accounts Regulations.. and to prepare financial sl3temonls which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations.. have not been met.. tsr 2. to which, in my opinion, attention should be drawn in order to enable a proper understandlng of the financial statemenrs to be reached. 13 May 2025 IridL'PLJiid('ril E xJrniDL'r MHA 6 St Colme Street EdinbLJrgh EH3 6AD
Oick BequestTrust Scheme 1979 Statement of Financial Activities for the year ended 31 December 2024 Capital Funds (Permanent Endowmentl Revenue Funds Iunrestrirtedl 2024 Total 2023 Total Notes Income frorn: Investments 54.778 54.778 56.285 Total income 54.778 54.778 , 56.285 Expenditure on: Raising funds Charitable activities 111.5181 111.5181 144.5221 110,9521 141,8541 144.5221 Total expendlture 144.5221 111.5181 156.0401 152,8061 Net intomellexpenditurel before ialns and105ses on investments 10.256 111,5181 11,2621 3,479 Net gains on investments 64,667 64.667 41,820 Net income and net movement in funds 10,256 53, 149 63.405 45,299 Fund5 at l January 2024 67.268 1,672,898 1,740,166 1,694,867 Funds at 31 December 2024 77.524 1,726,047 1,803,571 1,740,166 The statement of financial activities Includes all gains and losses in the year. All activities are cla55ed as continuing.
Dick Bequest Trust Scheme 1979 Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed Assets Investments 1,728,989 1.675.625 Current Assets DebtOT5 Cash on deposit 7,814 90.847 8.809 71.988 98.661 80.797 Liabilities: Creditor amount5 falling due within one year 124,079} 116.2561 Net current assets 74.582 64.541 Net assets 1.803.571 1,740,166 Represented bv: Revenue - unrestricted Capital fund - permanent endowment 9,10 9,10 77,524 1,726,047 67,268 1.672.898 Total funds 1,803,571 1,740,166 Approved and authorised for issue by the Board of Governors on 13 May 2025 and signed on their behalf by=
Dick Bequest Trust Scherne 1979 Notes to the Financial Statements for thè year ended 31 December 2024 l Accounting Policies The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 8osis olprepomtion ond ossessment olgoing concern The financial statements have been prepared on a going concern basis under the historical cost convention with items recognised al cost or transaction value unless oiherwise stated in the relevant notes to the financial statements. The financial statements are presented In Sterlin8 which 15 the functional currency of the Trust and rounded to the nearest £. The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotlandl Aci 2005. the Charities Accounts (Scotlandl Regulations 2006 las amendedl, Accounting and Reporting by Charities.. Stalement of Recommended Practice lapplicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 issued In 2019. the Financial Reporting Slèndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice. The Dick 8equest Trust Scheme 1979 meets the definition of a public benefit entity under FRS 102. The Governors have considered the impacl of the ongoing economic uncertainty on the financial position and future performance of the charily and will continue to ensure grant awards are given only where there is sufficient income available to do 50. The Governors are satisfied these efforts are sufficient and therefore continue to adopt the going concern basis of accouniing in preparing the financial statements. Income All Income is recognised once the Trust has entitlemeni to the income, il Is probable that the income will be received and the amount of income receivable can be measured reliablv. Interest on funds held on deposit is included when receivable. Dividends are recognised once the dividends have been declared and notification has been received of the dividend due. Expenditure Expenditure is recognised as soon as there is a legal or conslructive obligation committing the Trust to that expenditure, it is piobable thot settlement will be required and ihe amount of the obligation can be measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it wa5 incurred. Expenditure on raising funds include5 Costs associated with generating income from the Trusi through it5 investment portfolio. Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and services. It includes both costs which can be allocated directly to such activitie5 and those costs of an indirect nature necessary lo support them. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer. this is recognised once the recipient ha5 been notified of the award. This notification gsves the recipient a reasonable expectation that they will receive the grant. Support costs are allocated between governance costs and other support costs. Governance cost5 include these costs associated with meeting the constitulional ènd statutory requirements of the Trust and include the independent examination fees and costs linked to strategic managemerit of the Trust. Other support costs relate to the administrative costs of running the Trust.
Dick Bequest Trust Scheme 1979 Notes to the Financial Statement5 for the year ended 31 December 2024 l Accounting Policies (continued} Fixed a55et investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently meèsured at their fair value as at the balante Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions. Ihe attitude of investors to investment risk. and changes in 5entirnent concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities a5 they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unreali5ed gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Debtors Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt. Cosh at bank Cash at bank Includes cash and highly liquid short term investments with a maturity of three months or less from the date of a£qui5ition of the dep051t or similar account. Creditor5 Creditors are recognised when the Trust 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 reliablv. Finonciol Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at tiansaction value and subsequently measured at their settlement value. Funds structure The Trust has a single permanent endowment. The Dick Bequest Trust Scheme 1979 provides for the governors to invest the capital in perpetvity. Unrestricted revenue funds comprise those funds which the governors are free to use for any purpose on furtherance of the charitable objectives. The 'free income, of the Trust is to be applied as nearly as possible to not less than two-thirds for the prov1510n of grants to teachers. and not more than one-third for the provision of grants to assist in the improvement of educational facilities.
Dick Bequest Trust Scheme 1979 Note5 to the Financial statements Icontinuedl for the year ended 31 December 2024 Investment Income Ursrestricted Unrestricted 2024 2023 Oividend income 8ank interest 53,647 1,131 55.348 937 54,778 56.285 Raising fund5 Endowment 2024 Endowment 2023 Investment management fees 11.518 10.952 Charitable actlvltles Unrestricted Unreslficted 2024 2023 Section 23 grants to teachers Grants refundedlnot taken up Section 24 grants to O551St improvement of educaiional faeilities Grants refundedlnot taken up 20,026 14,9001 11,545 13,7781 16,994 11.5001 11.334 15,5001 Total grants payable Support costs Inote 51 22.893 2 1.629 21,328 20,526 44,522 41,854 Support costs Governance Costs Support Unrestricted Costs 2024 2024 Secretary's lees Independent examiner's fees 83nk charge5 Website charges other charges 2,652 2,298 15,028 17,680 2,298 155 901 595 155 901 595 4,950 16,679 2 1.629 Governance Costs Support C05t5 Unrestricted 2023 2023 Secretary's fees Independent examiner's fees Bank charges Other charges 2,652 2,196 15.028 17.680 2,196 130 520 130 520 4,848 15,678 20,526 io
Dick Bequest Trust Scheme 1979 Notes to the Financial Statements Icontinuedl for the year ended 31 December 2024 Support costs Icontinuedl Four Bovernors were reimbursed for travel expenses amounting to £545 during the year12023.. 3 amounting to £4501. Flxed asset investment5 2024 2023 Market value at l January 2024 Add.. Acquisitions at cost Less.. Disposal proceeds Net gains on revaluation 1,661,234 314,920 1315.5751 64.667 1.625,302 401,125 1407.0131 41,820 1,725,246 1,661,234 Cash held at brokers capital account 3.743 14,391 Market value at 31 December 2024 1,728,989 1,675,625 Historical cost at 310ecember 2024 1,429,541 1,455,783 Investments over 5% of portfolio value.. Market Value 2024 Market Value 2023 Fidelity UCITS ETF 183,920 156,678 Debtors 2024 2023 Due from Broker Ilnve5tment income) Accrued interest and dividends 4.952 2,862 6,178 2.63 1 7,814 8,809 Creditors: Amounts falling due within one year 2024 2023 Grants payable Accruals 11.545 12,534 11,334 4,922 24,079 16,256 li
Oick Bequest Trust Scheme 1979 Notes to the Financial Statements Icontinuedl for the year ended 31 December 2024 Movement in funds At ljan 2024 At 31 Det 2024 2024 Income Expenditure Gains1llossesl Income funds.. General unrestricted 67.268 54,778 144,5221 77,524 Copitolfunds.. Permanent endowment 1,672.898 111,5181 64.667 1.726.047 1,740,166 54.778 156,0401 64,667 1,803,571 Atllan 2023 At 31 Dec 2023 2023 Income Expenditure Gainslllossesl IncomeAunds.' General unrestricted 52.837 56,285 141,8541 67,268 Copitallunds.. Permanent endowrnent 1,642,030 110.9521 4 1,820 1,672,898 1.694.867 56,285 152,8061 41.820 1.740.166 10 Analysis of nel assets between funds Income Fund Capital Fund 2024 Total Income Fund Capital Fund 2023 Total Investments Net current as5etsl 1,728.989 1.728,989 1,675,625 1,675,625 77,524 12,9421 74,582 67,268 12.7271 64,541 77,524 1.726.047 1,803,571 67.268 1,672,898 1.740, 166 11 Related party transactlons There were no related party transactions during the year other than 0$ disclosed in note 5. 12