REPORT OF ThETRiisfKxs AND FINANCIAL STATFMRNPS FOR THZ YEARENDUI S APRIL2124 THE WILLIAM LINDFOUNDATION B8nn$M)J0bll$tsll8m*jay aiw'i¢r¢d Acojwtaots 213 Stviocetit Sttert Ghsgow G2 JQY
THE WILLIAM LIND FOUNDATtON CONIENTS OF THE FINANCIAL STATEMETr¥rs FOR THE YEAR ENDED 5 APRIL 2024 Po8t Report ofth¢Trpst I to 3 Indttndnt Kxamknerfs Rwrt Bl8DtèShet Note4 to theFIDaucial Ststements 7 to 11 Det*11 Statément Of Flo10¢ial A¢tfiities 12
THE WILLIAM Lrr4DFOUNDATION REPORT OF TItK TRUSTEES FOR THK YEAR EP4DKD SAPNJL2024 Th¢ 1ruste¥$ pw¢nt Tqth the fiDancial Btatcrnets of Ihe cbariry br the yeax ellded 5 April 2W24. The trustees h&ve adoptsd the provisio8 of Accouftttn8 and Reporttsig by Charities.. Stst¢m¢nt of ReM[DeDd PrgGti¢a Applicable to thaTitie5 pwwing their arwunts in acoxdance with the Fin8nciAI Rep)Nin8 Standard 4ppiie4bie itt the UK and Republic of ItEI8nd (TRS 102) (effedive l J8Luw 2019). The SLLPPOrt of tha Ctntr for Businx8 History in S¢otlaDd of the Unxversty of Gl$8ow byvmy of GIQ Grani Lw Guarantee or such otbet fonn of finsJ¢i41 assi51atiR as the Thistles sbau consider sppmpri&te for the GeTtllY for the gnd ¢ffi¢ieot orpisation of busin records irtdudll without prejudicB to the fLregokn&' l. Thc caro use generally 8md for scar and lh¢ disp18y of the FouThdef5 colltion of pLqns. pt]otoEraph5. pamphlet4 ship m¢)d¢is alldothcrmodd5 aod &rtefi48', 2. The location and surveyin8 of r¢tr)rds of histOTical interest and the weseNAtioTh and reAeue of recoff in dw or d&%truthiOn; 3. Advict to busiti¢99 organisations on the establisbtlltnt of r¢¢ord5, Man8Mt poliGi¢5 and chiV¢ systems togeth¢r th advice on the I(allon of preservul TecoTd8 or other tecbnical EMtsri81 which moy be of w¢ iu cojuuttction wsth prnjects Lknm timeto tim 4. The sorting Jistiti8 Ènd advi on t¢tIon of cOrd8 to th¢ir pftservatiou ¢ith¢r on bu5iD¢35 pr12¢5 or iupub]ic rwJsxtLri¢4' 5. The supw>rt of bodi¢s active in the PT¢servation and public&tiotk of businEss r¢ctsrd$ such &% tho B3]lls Ardlives CoThicil of Scrtland. the Scottish IDdustria] H¢ritag¢ Soci¢ty: thc Scottish RCCo A55QGIatn. and 6. To sw)port pub]i(ions such asthe Journal of SeA)ttislLJmdMstriwl HBtory 8nd undepUblICatIc4]8 of lkn oatsjre. Gmeralty for th¢ bru¢fit ofany cbaritablc fvDds, 50cidi¢5. OWdJJisation5 and 5cIKTtLt5 having objrKts similar to tkn$e of th¢ frust a]so forthè beneffttsfth¢Royal NlOAlLfeBoltJstltirtl0tt or its succe8sor. Ilic maitt of Charifabir Nttivity 15 the suprnrt of the ctr¢ for Busin¢ss Hl8iory In scodd of the Untvettlty of Tkning the year under Teview. income from invthertts de¢re frorn £133224 to £131,991. The incoJJe w&q v3ed to fund trnst exrknses of £43,201 whlch deettawj 55DA fllxn the previous ye. AdInLSrIIive eXPBnsc5 have de¢reas by£434. the ye#r,trKm&TketvalueofinvestMentsheldatth¢ ye•d d¢taSed byapprnximately2
THI WILLIAM LIND FOUNDATION REPORT OF TUE TRusr FOR THE YEAR ENDED S APRIL 2024 DetaIof incotnerertlved and d108 Jnade durifygth¢yw8r¢ slrn inthe Statanclltof FADThll¢ial Acttvities. gddin8 illVtstsu¢nt incomt b8nk illtettst and deductiL8 IN5t EXPE sud admiois¢rntive ¢xp¢tss¢s, is SLllplus of£ll,187. This is ark iDcre4 ofSA.465 from the pr¢viou5 y¢s surplus of £6.7L. The Trustees haye SeSsed the Djajor risks to whiGh th¢ ¢hty is ¢xp05¢I ill particular those relatEd to thc finances of tbe TnL¢ and are satisfied thrt $yste4n5 are in pl¢ to mittgate our exposure to the Jn4or risks. The Jnvestmcftlls rCwJlIY rthewed by stockbroke Evetyn Pattsws Ifomwly Ti]ney B£4t TJJve5t), a1 the Twstaes are guided in their investment dccisions by a(1Vi wven by thG st(KkbrokcTS. At 5 April 2024 the vthe of the Tn InvestsDents ¢)urttylto £3543.182os ¢mrthdto al)orkvalu¢of £L423.146 TheTrJstees retath sufficikntresarves, ail unreslricled, to en4we ihatthe Thut is abl¢ to med itsobieetives. The Trustets inteod to (¥)utinu¢ th¢it PTE5e]rt practice of mRkiDg Ch1tble dontOn8 ¢0 th¢ Univernity of 01&8gow for the Centre of Busitw His¢ory. The Thtte3 illtd to tmnd up the ch8Tity in a favour of a newly tstsblished Scottish Charttable [nEory Organi8ation. Thc Lilld Foundation Scto {8corish Ch8rity Nutnber SC0536201. The Lind Foutldation SCIO will continue the of the charity •] th¢ Tnut¢cs have received wment fKDm th¢ Offi¢r of the Scgttish Cbarity Regulatorto teke this aclio Coverning docume The chotity is Controll by its governing docum¢nl a de&4 of)hJst ¢onstitatss th urtin¢ortK>r&l¢d Chlty. Tbe A£ate Foundation wa8 tablish¢d in ter of 8 Dttd of Dedrtion ofTJwst by WillianL Lind datsd 4 AUgt 1987 and re8iw¢d 23 Scptrtnkr 1987. The A8wate Fouthtion ¢l¥nged its ngrne to The WiUi&mLittdFourx&tiott on S August2008. The Dced of Declaration of norninatcd the first ThLsiees. N¢w *Just¢es are assumed by the exlstin8 Thistees. There is no fonnai policy for the induction Bnd trayDiDg of n¢w Trwtses, how¢v¢r th¢ Tht¢S h&v¢ a broad atld diverse mix of skills ottd wi]1 seekto remiit n¢wlrustCU 95 andvknrequired REFERENCE AND ADMINI.STRATIVE DETAILS SC014805 PDelp11 gtMre55 Turcan ConDcII 180 stvint Slr¢4¢ GLASGOW G2 5SG
REPORT OF171E TRiTsfEES OR TIIE YKARKNDED 5APRIL 2024 Indepdent Etsllthier BAnn¢JTh8oJobnyfoheMwlay Ch&rteredAccomtHnts 213 StVinceDtStrt Gl&8OW G25QY AppJvvoJby orderof theb08rd of trustees gn 5 D¢¢¢mb0r2tr24 8nd $id0n tsbehAttby: Pag¢ 3
II¥DEPENDENf EXAMINER'S REPORTTO THKTRUSTEES OF THE WILU LIF4D FOill4DATION I report onth¢ Ullts forthe yearended 5 April 2024 sd outott pascs fiv¢ lo ¢l¢ven. Re4Jective respottgibi]iti25 of trllste¢4 ÈJ¥min2r The dJatity'$ tsust¢cs are Teswnsible for the preparation of the accourrts in xcord&rLce with the tem of th¢ Charities and Tnlee Investrnent (Scotlatl 2005 and the Clwxti¢5 Ar(yJuttt5 ISwtlaTLdl Regulations 2006 las n¢d). The ¢lwtty¥ tnjstert nSidEr that tb¢ audit r¢qairem¢rrt of Regulation IOIIMal to {cl of the A¢¢ounts R¢gu]¥tioEs r apply. It is my responsibility to examine the accounts reqlltred under SeL#ion 4411)(c) of the Act and to ate whother particuiarTuattffs have co]ne ta my attartiotl. B815 of theindtpeud¢Dt¢x•miu¢r's report My exsrninatiou was CrIed out in )rd Regulation 11 of thè Cbariti& Acts (S¢otl4nd) R¢gulation$ 21x16. AD examination inclttdes a review of the wllnting recthrds kept hy the clwity and a comparison of the accouThts pre&Dted with thos¢ records. It lltso includes COTLsidernion of any unusual ikms or di5dosur¢s in the accounts. and sc¢king ¢xplan8tiotts from you as trLLSt¢es any suth matters. Th¢ procedurt& undertaken &) not provitde all tho evident th4t would be rquwed in an audii ColeqU¢lly l th) TX)I ¢xpftg$ an wdit opinion on the view in by th¢ a¢¢ounts. tneo]Jne¢tiots withmy exLia.0n, no m8tterhas wme to my attention: (l) which 8iv¢J m¢ rewnable cause to b¢li¢ve thaL in any Tllaterial tespeL. the rewent8 to kmp accountiog reaxds iti acoxdam with S¢rtion 44(IXa) of the 2005 Act alld ReKu]ation 4 uf the 2]6 ACcots Re8UlatI And to prepgse xcoullts which ¢d with the Actountityg rethrd$ and kn eornply with Regulatic J of the 2006 AccOW Rcgulatioos (21 wbl¢h. In Jny opInIO attentioo sknoutd te drawn iti order 10 enable & proper ullderstsLding of the accounts to b¢ relchcd. Banttennan JobD5¢0tte Ma¢lay artcr¢d A¥tants 213 StVits¢¢tst Str¢rt Glasgow G2 5QY 5 Dtb2024 Page 4
FOR TAX YEAR ENDED 5 APRIL 2024 2023 Totsl unStrICted fuDd5 JnvestttLaLt iD¢orne 133,206 134.096 EXPKIYDf]iTRX ON PAisiDg fi]nds 5,106 5,636 116,913 l21,738 Total I,019 IZ7.374 NetgWn0OSle5) oninvwtsner (79,457) (144.995) {68270) (138273) RECONCILIATIONOF FUNDS 3.750553 3.88&826 TOTAL FUNDS CARRIED FORWARD 3.682283 3.750.553 Tht [t8 forn) PArt of these fjn8n¢ialslatemellts Page 5
THE WILIIAM LIND FOUNDATION BALANCE SHEET 5 APRIL 2024 2024 2023 FIXED A&8KTS 3543.182 3,623.409 C*8h atballk 152,416 147,738 {13J15) (20,S94) 139,101 127.144 3.682283 3,750.553 NET ASSETS 3,682283 3,750,553 3.682283 3.750553 3.682.283 3,750553 Th¢ finan¢1 $tRt¢mellts were arvrov¢d by th¢ Board of Tru8t¢¢s #tsd NblS¢1 for i2¢ on 5 D¢¢¢rnb 2024 and signed on 11$ behalfby.. Thenotes fonn partof th4$¢ fijwwlal s18teM(S PAge 6
NODSTO THE FINANCIAL STATEMKNrs VOR THE YEAR EPIDED 5 APRIL 2(U4 ACCOUNllF4G POUCIES Bas1# ofprepAriDg tbtfiD8ndal Th¢ finyDcial stthmcnts of the thaTity. whicll is a public benefit entity uoder FRS 101 have F£ett prep] in ordanc4 Mryth the ChaTiti&4 SORP (FRS 1021 'Atxx>unting ROrting by Tharitie5'. Staternt of RecommeDd¢d Pra¢tic¢ w11ble to ¢JJ8titl&4 pr¢p2Tll th¢ir a¢cowrts im ac¢ordwK¢ with the Finonrial RwrtiD8 St4tdard applicable in the UK wjd Rtpubli¢ of Ir¢Id IFRS 1ty2) (eff¢Gtive l January 2019),. Finaneial ReJM)itin8 Statthrd 102 'ThB Fijjancial RepDrtiD8 Standard appli¢abl¢ in the UK and RepubltG of TrEl3ttd' 8Dd the Chazities ¥JJd Inv¢s¢m¢nt (S¢otland) A¢t 2005. The finatLci415tatements have be¢n prepaTed undff the ThIDnL wst wrtvetLtiorL with the cxccption of inyasknents which included at market V8iu4 ]nodifiryJbyth¢ rEYaiuationof ctrtotn ass¢t& IDeome All income is gnI.$td in the St*empJrt of Financi Activities once the chfytity h8s e¢rtieOllI to the fimd4 it is probabl¢thllttho incon will be receivedandth¢ alrUnt can be rnC&WTed reliably. 4ndIre Llabiliti are ()]Sed 0$ ewditure ss On there ig a le821 ot coJ]sve oblig4tion wovni¢¢ing the chwity to that 6Xpditurt. it is PTob8ble that 8 1TrJ]sfcT of economic b¢fits will bE required in seDt and thc atnount of the oblig8tion bs [ne[¢d reliably. Exptndittu¢ is t&unteI for on AcallS basis h&5 been c11ed uttd¢T h¢adings that agwyte ill ¢ost lat¢d to th¢ ¢atsgory. Whett costs conjjot be dI¢Y rtrlbed to p&rticul¥x heddin8s they have been allocated to aetivitie8 on 8 b4sis ¢oosi9tl wtth th¢ of TtIo The ¢harity ts ex¢rnptfrctsxan its ¢haritsbl¢a¢tiviti FuDd atcountlng Unrestricted fi¥ kused in a¢rordBllLEwith theGlwitfjlAE obj¢Gtivty atthc di8c¥etion 0fthetrUs. Restricw fiThds ODly be usd for restrioted puryJoge# withittth¢ objxts of the ¢harity. ResthdionB arisewlKn 3pxlfi¢d by the donoror whets funts are raispd knrparticu18rrestrict&l purrx)ses. Fwtherexpl8tthnofth¢ andpLUP04eof¢4th fjJttd is in¢lu¢kd inth¢notcs to thc fncilI $tstcmcnts. 20 [knfiX ws¢titivest. FII Iwsit acwunt iDterest 131,991 1215 133,224 872 133206 134.096 Pag¢ 7 jntinued...
140TLS TO THE FINANCIAL STATEMENfS. condnued FOR THI YEARMED 5APRtL 2024 RAISfrfG FUNThS IfjyÈthtrn&ngÈl£nteosts 2023 Skbr0kerfr&Y 5.106 5,636 Thcre were no INwtMs' r¢muller8tioA or other benefits for the yeJT ended 5 A11 2024 for the year ¥tsded 5 April 2023. There wern InJs¢td ¢xpe4Jso5 PAtd fr( theyeor ended 5 Aptil 2024 nor fOrth¢ye4rrtrd S April 2023. Listed At 6 April 223 Additi¢xk% Di3posoJs RevaiuatiOm6 3,623.409 135.080 (135,850) (79,4571 At 5 April 2024 3.543.182 NET BOOKVALUE At 5 April 2024 43,182 At S Apri12023 Jh21,4(l There were no investmeni asjets outsid¢ the UK. C08t or vahJAtion at S April 2024 i8Lrprntrd by.. Listed Vduotioa iti 2024 3.543.182 Page 8 ¢OLlinutd..
NOTES m ThE FINAlYCIALSTAIEp1tS. contiknued CREDfffoBS: AMOUNfsFALLINGDUE IVInlIN ONE YKAR 2024 2023 Othercr&ilors 13 JIS 20.594 MOVEME IN FUNDS movcmcnt belwccn filnds At 5.424 At6.423 unre5Cted tunds Capitsj Revmue 3.623.409 127,144 (79.457) 11.187 (7701 770 3543.182 139.101 3.750.553 (68270) 3.6W83 TOTAL FtJNDS 3,750,553 (68.270) 3,682283 NdmDveTr)ent in incluwitits 4bov¢ *t¢#s follows: Yncotning Gains and MoYcm¢n¢ expended fthi (79.457) (79.457) 11.187 133206 (122.0191 133306 (122,0191 (79,457) (68.270) TOTAL FUNDS 133206 (122,0191 (79,457) (68.270) C.0mpardveS for movemtnt In funds N¢t TTansfer5 At 5.423 Ai 6.4.22 in fimds fvnds Unrutricttd Capital R¢veAU¢ 3,773,467 115J59 (144,995) 6,722 (5,0631 5,063 3,623,409 127,144 3.888.826 (l38.273) 3,75QJ53 TOTAL FUNtNs 3.888,826 {138.273} 3,750,553 Page 9
NOITS TOTHK FINANCIAL STATKMEPUS. collthill*d FOR THE ITARENDED S APRtL 1024 mOVmENri FUNDS. tthitinlltd cA)Mparati ll¢trn(ry¢m¢nt itl fis, included orgas follows.. ¢ominE li¢sre5 GaiAS aThd knvtment loss¢s in fijn Unrutrictttilunds C8pitsl R¢v¢nu¢ 1144,995) 1144.995) 6,722 134096 (127J74) 134,096 (127,374) {144,995) 113K.273) 134.096 (127,374) (144,995) {138273) A Lxllr¢nt year 12 months And prioryear 12 monthscombtiwj positioL iq as followÉ.' Trnnsfcts At6.422 infimds 5.4.24 UnrtJ¢rkted funth Capitsi Revenue 3,773.467 115,359 1224,452) 17,909 (5.8331 5.833 3,543.112 139,101 3,888,826 I21.543) 3.682,283 3,888,826 (206.543) 3,682283 A current y¢ar 12 InthS ind prior year 12 month5 (xjmbined nct rnovemqrt in flmd% in¢lud¢d ID the aLx>we as fol]owG.' expendtyj losses ill fimds ullrestrfeI fundi pital (224,452> (224,452) 17.909 267.302 (249,393) 267.302 1249,393) (224.452) 1206,543) 267.302 {249,393) (224,452) 1206.543) Page 10
NOTES TO THE FINANCIALSTATEMENfs.tollttDued FOR THE YEAR ENDED 5 APIUL 2024 There ?re JK>relatedp8ty tr8ttli forth¢ye8r ¢rtde4J 5 April 2024. Pag¢ 11
THE WILLIAM LIND FOUNDATION DrrAtLED SrATEm OF FINANCIAL AcnviT 2023 COME AND ENI)OWMBNrs tnvesrmettt Other fjxed &sS& inves¢. Flt 131991 1215 133224 872 133206 134,096 lotsl illcomlng resource 133206 134.096 EXPENDTrtJRE Stod(b]Dker fe¢3 5,106 5,636 6lOOO 15.000 k¥Jrt ¢05 G]a¥gow University 43201 95,122 Governanc£costs Auditors, ffill¢rtlon Accouolancy and legal fees 1112 9,600 2.016 9,600 11,712 11,616 121019 127.374 11,187 Realised rtto8thd goltts ind loJ Realised gai$1(10ses) on &xwJsselinves (22.121) 25,784 Net(¢xpeDdhureyIDCOme (LO,934) 32,506 This p4ge doeB not foTm part ofthe statsthry fman¢i81 st&tement8 Pag¢ 12