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2025-04-05-accounts

THE MACLEOD FOUNDATION Scottish Charity No: SC014401

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR TO 5TH APRIL 2025

Book1

12/12/2025

THE MACLEOD FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 5TH APRIL 2025

The Trustees present their annual report and financial statements for the charity for the year ended 5th April 2025. 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 Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (Second edition issued October 2019) (effective 1 January 2019).

Objectives and activities

Objectives of Trust Whilst the Trustees have wide discretion, the principal purpose is stated to be:-

"The encouragement of education, primarily in sport and the establishment of Scholarships at Universities, Colleges or other educational institutions in the United Kingdom primarily for sport."

The Trustees do not engage directly in charitable activities or projects. The principal activity is grantmaking.

By support of operational charities, the Trustees aim is to provide public benefit by ensuring that the front line charitable activities of those organisations can be sustained.

It should be noted that the Trustees are not bound to continue supporting organisations in these areas and may in the future may favour other areas of benefit whilst remaining within the objectives of the Trust Deed.

Grant-making policy The Trustees follow a policy of making donations to those organisations and individuals they feel require most support and whose purposes fall within the spectrum of the Trust Deed. Report on the activities of the Foundation The Foundation's public benefit is discharged by making donations in accordance with its objectives, aims and grantmaking policy, to organisations directly involved in the provision of charitable services.

During the year, the Foundation continued supporting a series of Sports Scholarships at the University of Stirling. No new scholarships were awarded in the year.

The Trustees previously pledged the sum of £50,000.00 to the University of Stirling to assist with the fitting out of a new indoor golf centre. The pledge was made on the basis that the University meets the building costs.

The Trustees are aware that the centre has now been opened and await the final accounting from the University in order to settle the donation. This was not received until November 2025. The donation will be reflected in the next account.

Page 2

THE MACLEOD FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 5TH APRIL 2025

Achievements and performance

Investment policy In accordance with the Trust Deed, the Trustees have the fullest powers available in relation
and performance to investments. The Trustees' policy is geared towards a balanced return between capital
and income. Seven Investment Management (7IM) have been appointed as investment
managers.
In the year to 5th April 2025, capital values depreciated by 3.34% with gross dividend
income increasing by 5.21%.
The decrease in capital value is due to net disposals of approximately £20,000
during the year together with lower market prices at the account rate resulting in
unrealised losses of approximately £63,000.00
Income has increased due to the changes in the portfolio in the previous and current years.
Financial review
Financial review The Foundation's ability to make meaningful donations is reliant on income and investment
returns from its investment portfolio.
The investments of the Foundation have a fair value of £1,863,376.81 (2024 £1,927,780.48).
In addition there are net current liabilities of £37,989.97 (2024 net current assets £25,508.19)
and long term liabilities of £41,195.23 (2024 £6,728.18) giving total funds of £1,784,191.61
(2024 £1,946,560.49), all of which is unrestricted.
The Foundation made scholarship payments totalling £111,324.44 (2024 £49,000.00) during
the year, of which £75,508.98 related to new commitments. £815.46 of unwound discount
is recorded for the current year.
£82,371.73 (2024 £27,047.29) is currently committed for the payment of Scholarships in future years.
Reserves policy It is the policy of the Trustees to distribute the income of the Foundation in the form of grants
or donations. It is anticipated that, where possible, any surplus income at the close of the
account would be so distributed in a following year.
As the Foundation does not provide direct charitable services, the Trustees believe that normal
expenditure can be met from income generated. The funds of the Foundation are wholly
unrestricted and are represented by a portfolio of investments and cash balances. The
investments are managed on a discretionary basis by the investment managers.
The Trustees have power to draw upon the investments in furtherance of the Foundation's
objectives whilst retaining sufficient funds to meet any commitments they may undertake.
The assets of the Foundation are held in a ready realisable form the and Trustees do not
therefore consider it necessary to maintain specific reserves.
Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular
those related to the operations and finances of the Foundation and are satisfied that systems
are in place to mitigate our exposure to the major risks.
As the Foundation relies on its investment returns in order to make its donations, the
principal risk faced by the Foundation lies in the performance of its investments.
The Trustees have mitigated this by retaining investment managers to advise them
and by having a diversified portfolio.
Going Concern The Trustees have no material uncertainties as to the Foundation's ability to continue
as a going concern.

Page 3

THE MACLEOD FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 5TH APRIL 2025

Structure, governance & management

Founding document Trust Deed dated 8th February 2001. Appointment of Trustees The appointment of new Trustees is reserved to the Trustees in office. Decision making All Trustees are actively involved in the decision making process. Requests for funding are reviewed by the Trustees and decisions made at the Foundation AGM. Related parties The Foundation has no transactions with related parties. Employees The Foundation has no employees (2024 None). The Trustees have engaged Turcan Connell to undertake the administration of the Foundation, remuneration for which is recorded in the financial statements. Management All Trustees are active in the management of the Foundation. Reference and administrative Details A Scottish Charity SC014401 Address Turcan Connell Princes Exchange 1 Earl Grey Street EDINBURGH EH3 9EE Trustees (appointed by deed/assumption)

Advisers Solicitors Investment managers Turcan Connell Seven Investment Management LLP (7IM) Princes Exchange Princes Exchange 1 Earl Grey Street 1 Earl Grey Street EDINBURGH EDINBURGH EH3 9EE EH3 9EE Bankers Independent examiner Bank of Scotland 41 South Gyle Crescent Whitelaw Wells EDINBURGH Chartered Accountants EH12 9BF 9 Ainslie Place EDINBURGH EH3 6AT

Page 4

THE MACLEOD FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 5TH APRIL 2025

Statement of Trustees' The Trustees are responsible for preparing the report and financial statements in accordance responsibilities in with applicable law and regulations. respect of the

financial statements

The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of its results for that period.

In preparing those financial statements, the Trustees are required to follow best practice and:

The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation to enable them to ensure that the financial statements comply with the legislation. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements preparation

The Trustees confirm that the financial statements for the year ended 5th April 2025 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Foundation's own governing document.

Approved by the trustees and authorised to be type-signed on their behalf by

==> picture [118 x 82] intentionally omitted <==

Date 12th December 2025

Trustee

Page 5

THE MACLEOD FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report on the financial statements of the Foundation for the year ended 5th April 2025 which are set out on pages 7 to 14.

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work been undertaken to enable me to report my opinion as set out below and for no other purpose. To the fullest extent permitted 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 responsible for the preparation of the financial statements in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 ("the Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) (" the Regulations"). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 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 report

My examination is carried out in accordance with Regulation 11 of the 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 you as 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

In the course of my examination, no matter has come to my attention :

have not been met; or

………………….. ………………………

Examiner

Date

Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh, EH3 6AT

Page 6

THE MACLEOD FOUNDATION

BALANCE SHEET AS AT 5TH APRIL 2025

Fixed assets
Investments
Current assets
Cash on deposit and in hand
Total current assets
Less:
Liabilities
Creditors: amounts due within twelve months
Total current liabilities
Net current (liabilities)/assets
Total assets less current liabilities
Long term liabilities
Creditors: amounts due after more than twelve months
Net Assets
Funds of the charity
Unrestricted funds
Total charity funds
The notes on pages 9 to 14 form part of these accounts.		 Notes
7
2
2		 2025
2024
£
£
1,863,376.81
1,927,780.48
6,946.53
49,537.30
6,946.53
49,537.30
(44,936.50)
(24,029.11)
(44,936.50)
(24,029.11)
(37,989.97)
25,508.19
1,825,386.84
1,953,288.67
(41,195.23)
(6,728.18)
1,784,191.61
1,946,560.49
1,784,191.61
1,946,560.49
1,784,191.61
1,946,560.49

Approved by the trustees and authorised to be type-signed on their behalf

12th December 2025 Date Trustee

Page 7

THE MACLEOD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5th April 2025

Note
Income and endowments from:
Donations
Investments
8
Total
Expenditure on:
Raising funds
Investment management
5
Charitable activities
Grants and donations
3
Support and governance costs
6
Total
Net (losses)/gains on investments
7
Net income/ (expenditure) and net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2025
2024
£
£
-
2,000.00
33,873.34
33,206.95
Total
33,873.34
35,206.95
(19,284.56)
(17,708.66)
(111,324.44)
(1,318.95)
(12,117.60)
(11,284.97)
(142,726.60)
(30,312.58)
(108,853.26)
4,894.37
(53,515.62)
138,739.97
(162,368.88)
143,634.34
1,946,560.49
1,802,926.15
1,784,191.61
1,946,560.49

All funds are unrestricted in the current and preceding years.

The notes on pages 9 to 14 form part of these accounts.

Page 8

THE MACLEOD FOUNDATION Notes To The Financial Statements for the year ended 5th April 2025

1 Accounting policies

a) Financial statements preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the : Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Foundation constitutes a public benefit entity as defined by FRS102.

The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Foundation 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 the financial statements.

b) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The statement of financial activities includes the net gains or losses arising on revaluation and disposals throughout the year.

Fair value revaluation of the portfolio at the account date is done at either mid market price or bid price depending on the nature of the investment.

c) Investment gains and losses

All gains or losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the statement of financial activities.

d) Income

Investment income is included in the financial statements in the year in which it becomes entitled to it, it can be reliably determined and there is probability of receipt.

e) Expenditure

Expenditure is included in the financial statement on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.

A provision for a multi-year award is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2% to be appropriate.

f) Cost of raising funds

Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.

Page 9

THE MACLEOD FOUNDATION Notes To The Financial Statements for the year ended 5th April 2025

g) Support and governance costs

Support costs are the costs associated with the direct management of the Foundation.

Governance costs are the costs of compliance with the statutory and regulatory requirements of the Foundation.

Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows:

Support (legal and administrative costs) - 75% Governance (accountancy costs) - 25%

These are recorded in the Statement of Financial Activities as appropriate.

Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities.

All other support and governance costs are recorded in the Statement of Financial Activities as appropriate.

As the Foundation does not provide services directly but by way of grants to other organisations, support and governance costs are not allocated against individual grants or donations.

h) Grants

Grants payable are payments to third parties in furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Foundation.

Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.

A provision for a multi-year award is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2% to be appropriate.

As required by FRS 102, the Trustees are required to consider the effects of the time value of money on their multi-year commitments. Having done so, the Trustees are of the opinion that, in relation to the current commitments any adjustment is not material relative to the income of the Foundation and therefore no discounting has been applied.

i) VAT

The Foundation is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.

j) Foreign exchange

Some investment assets are traded in foreign currencies. These are translated into sterling at the rates of exchange ruling at the balance sheet date, with any gain or loss reflected within 'Unrealised gains/(losses) on Investments (Note 7). Income received in foreign currencies is held in an appropriate currency account but is recognised in the accounts on the date it is receivable and translated into sterling at the rate of exchange ruling at the date of transaction. Gains or losses on the subsequent conversion are included as other investment income or other support costs as necessary.

Page 10

Notes To The Financial Statements

for the year ended 5th April 2025

THE MACLEOD FOUNDATION

2 Liabilities
Due within 12 months
Whitelaw Wells
Turcan Connell
Seven Investment Management
University of Stirling
Due after more than 12 months
University of Stirling 2025/26
University of Stirling 2026/27
University of Stirling 2027/28
Total liabilities		 2025
2024
£
£
960.00
960.00
1,200.00
1,200.00
1,600.00
1,550.00
41,176.50
20,319.11
44,936.50
24,029.11
-
6,728.18
34,327.15
-
6,868.08
-
41,195.23
6,728.18
86,131.73
30,757.29

Page 11

THE MACLEOD FOUNDATION Notes To The Financial Statements for the year ended 5th April 2025

3 Charitable activities
Grants and donations
The Advancement of Education
University of Stirling Scholarships
Discount unwound
Less
Committed in previous years
New commitments:
University of Stirling Scholarships
Less discount applied
Future commitments
Commitments brought forward
Less: paid in year
Discount unwound
Add New Commitments
University of Stirling Scholarships
2025/26
2026/27
2027/28
Less discount applied
Payable Thus:
University of Stirling Scholarships
2024/25
2025/26
2026/27
2027/28		 2025
2024
£
£
56,000.00
49,000.00
815.46
1,318.95
56,815.46
50,318.95
(21,000.00)
(49,000.00)
35,815.46
1,318.95
77,000.00
-
(1,491.02)
-
111,324.44
1,318.95
27,047.29
74,728.34
(21,000.00)
(49,000.00)
815.46
1,318.95
6,862.75
27,047.29
35,000.00
-
35,000.00
-
7,000.00
-
(1,491.02)
-
82,371.73
27,047.29
-
20,319.11
41,176.50
6,728.18
34,327.15
-
6,868.08
-
82,371.73
27,047.29

4 Trustee Expenses

Travel expenses totalling £1,407.60 (2024 £796.97) were paid to three (2024 three) Trustees in the year. The Foundation has no employees (2024 Nil).

5 Cost of raising funds
Investment management		 2025
2024
£
£
19,284.56
17,708.66
19,284.56
17,708.66

Page 12

THE MACLEOD FOUNDATION Notes To The Financial Statements

for the year ended 5th April 2025

6
7		 Support and governance costs
Support costs
Turcan Connell - administration - 75%
Trustee expenses
Governance costs
Turcan Connell - accountancy - 25%
Independent examination
Investments
Fair value of investments at 5th April 2024
Add:-
Purchases
Less:
Sales
Realised gains
Realised (losses)
Net unrealised (losses)/gains
Fair value of investments 5th April 2025
Held Thus:
GBP Mutual Funds
GBP ETF
USD Mutual Funds		 2,437.50
960.00		 2025
2024
£
£
7,312.50
7,146.00
1,407.60
796.97
8,720.10
7,942.97
2,382.00
960.00
3,397.50
12,117.60
11,284.97
2025
2024
£
£
1,927,780.48
1,720,310.00
756,116.20
893,591.45
2,683,896.68
2,613,901.45
767,004.25
824,860.94
1,863,376.81
1,927,780.48
£
%
1,636,614.63
87.83
140,866.48
7.56
85,895.70
4.61
1,863,376.81
100.00

All investments are listed on a recognised stock exchange and are held within the UK.

The main risk to the Foundation from financial instruments lies in the volatility of the markets.

The Foundation’s investments are mainly traded in markets with good liquidity and high trading volumes. The Foundation has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Foundation manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.

8 Investment income
Dividends & interest
Bank interest		 2025
2024
£
£
31,800.31
30,225.37
2,073.03
2,981.58
33,873.34
33,206.95

Page 13

THE MACLEOD FOUNDATION Notes To The Financial Statements for the year ended 5th April 2025

9 Contingent Obligation

The Trustees previously pledged the sum of £50,000.00 to the University of Stirling to assist with the fitting out of a new indoor golf centre. The pledge was made on the basis that the University meets the building costs.

The Trustees are aware that the centre has now been opened and await the final accounting from the University in order to settle the donation. This was not received until November 2025. The donation will be reflected in the next account.

Page 14