arity rgJisbatKJn number: 16423 The Black Watch Association Annual RerKrt a1 Fltwnclal Ststements for ttE Year 31 D7b 2020 Morris & YcAJThJi st¥ ALMIit( O)arter8J P£countsnts 6 Atholl Cr&cert Perth PHI 5JN
The Blad( Watch Association Contents Referen and AlministrntiNE Details 2to6 Statement of Trustees, ResF*MslbSltTes ITrtyndent Audttorg ReFKKt 8tolO statemert of FlnarKlal ktiv llto12 Balan Sheet 13 Ncts to the Flnanck41 StaterrEnts 14to26
The Black Watth AS)datIOn Reference and Admlnlstrative Details Ttee8 Senlor Manageinent Team Prlndpal Offlce BalhousÈ Castle Hay Street PHI SHR Charfty Reglgtratlon Number SCtSlfA23 Audltor Morrts & YOUNJ, Slatuw AlItOr Chartered Accountsnts PHI 5JN P1
The Black Watch As%Kiation Trustees. Report Tnjstees present the annual reFQrt tCwJether with the finaFKial statlts arKI aJilDrs. report of ttE charity for the year erKled 31 December 2020. finandal si3tements have been prepar6J in accordan vth the &counting rnliaes set out In note I to the financtal statements arKJ cc(npty with the Chartys founding dcoJmen¢ appli(zble law and the Ststunent of R0mmeth P[, "A£uMJntlng arKI RertIng by Charities" applicable to Charftie5 preparirKJ their acnts in acccYthn wlth the Ftnancial Rewrtirvj StaNtsr(i applKable the UK arKI Republtc of Ireland (FRS102) {effective l January 2019). The Blath Watth Assoaation Is a arity that is gcwerned ty its Constiujtlon and Rubes, the last reprint of which Curl in 2012. The ASsc([ats has Charity Rl$trat Nurnr SC16423. The thairnn havlng tttn appjinted after eleCtn at the Annual Gerwal Meettng shall Ex Officto be a Trustee and he shall aFpcrfnt up to a furt se4En Tri&ees, indudlTrJ a WKe alnan tD fill up vrKancie5 amongst the Trustee t*ty. Trustees wtll nornwl h seNed In the Regimen( hJ¥ever two Trustees who brfng commerclal, finan(ial, l&Jal any rttUr s71L5t knowledge may be apFoint&l. Trustees w511 Inlttalty te appointed for a 11 of fve Yea but Chaimian will reeW apwintnEnts annual and may tr a Trustee who s rK) bnger abk to carry out hls dutie5. This peri(Nl can te extended by the Chaiman for a numLv of furt pertCKls of fve yeats. There is Thj upper age limit at which a Trustee must stand down. Q(xl 1th arnl continu&J abilty to contr]bute to the Assoaation shou]d be the over-rtding f¥t0 to be cSkIeI by Chairman when grantiThJ an extension. There are no sFeafic restrkttons Imp)sed ty the )Verni[wJ d(KJJmert concerning the way In kh the Assoclatlon can (yrate. Tr gcpMiiThJ thrnent grants the Trust In regard iD retentlon and realisatK)n of InveStMts. The Trustee5 rdy on thelr professi1 a(frkn to keep t1 on all relevant aSpts of charty law and Tntstees, reswnstknlites. In the eRnt of the appintment of a new Trith, the new Trith would undergo an Indtn pgraMMe with an existing Trustee representstNe, and the Trusvs prclesslonal a0, to be brthd on a Trustee's le931 0[gat)nS un(kr tharty law, the contents of the Trust De&, C0n4iknrtn arKI Ruks and the recent financial pufOrMa of the Trust New Tnt are also issued wfth OSCA'S wbltcatv)n "GUIdan Charity Tntstees.. The Seuetsry and otkEr bearers arKI admini51Jati¥E staff may te rId saL3rie5 as directed the TrustEes.
The Black Watch Assoaation Trustees. Report The Trustees try to meet forynalty tyl ptr annwn. Papwork ts also rEv ftom tlme to tlme as rquired. Dedsions are taken at Trusttts. mlJngs ty simple Maity. The Executfve Committee meets twice ptt annum is re5ForGible for carryiThJ out the general objects and Frf)Ilcy of the Assrxiation. The Welfare crxnm meets monthty a1 has the p)wer tt) make chartiable grdnts at Its dlscretk)n but wlthln the 9an iakl doém try EX Commlitee. The day to day admlnlstrdth)n has been carr1 out trNO Other empbyees. The Vke C)lnan, admlnlstratlve dutles urlder a contratt wth ane dIrthrUMed thls role on l NOvber 2020. At any one time the were eight Trustees durfng the year; the Board was made up of seven retlr& members Lff the ReglwEnt abThJ wtth (Tharter8J Ac£ountant wlth specklist knowbjge c charltles. carrled out (panY he Is a The Tnfftes who served durirKJ the year were: Relatlonshlps wlth related partles The Black Watch Museum Trust The charity is conrtted with The BL3ck Watrh Museum as tlw operate from the Same a(klres5. West Lochlane Serviceg Ltd West L(>thlane Servi5 Ltd (2019:£13,275). 2020 arKI 15 a dir Serv1 to the Awcithn to the vall of £10,050 signeAI as a tntstee of the A5datk)n on 28 August ne
The Black Watch Association Trustees. Report ObJectlve8 and activities The TrUS objecuves are: a. To grdnt finar1 assIstsn on such tenns as the Tnth and Executive Corffliltiee conskjer reasonable, to all those who have served in the Regimen¢ a spwe, or dependants, who are In need by reason of age, ilFhealth, disability, finandal hanlshlp or thr dtsthntage. b. To woff#)te P£alth, educat&Jn, spjt (Y cultural optxxtunts for all those who have seNed In tr Regiment or their familiesldepKlarrt5. In furtheran of these objects, tmrt n( (rtherwise, Asswation shall (rtake the followlng actrwties: a. Enmurage cowshlp. b. Pnjvlde adv1 to ex memters crf the Reglmen¢ wkkwts and thelr depK1ants on vlfare matters. c. Help meet the cost of fvjklays fw SnJur&l on Operav, wtdvws aTrd deFethnt famllles of men of the Reglment. preferen SIKld gfven to thcGe Injured on operatlons and thelr famllles (thls object results from the fvnds ralsed frcrfn the sale of Dunallstalr House). Wtthln thls obJe¢ grants to veterans for mllltary pllgrfmages wlll be consldernd. d, Make grants or k)3ns to asslst men who ReglnnL e. Mak grants to Charltsble Institutk)ns UTKlertaklrvJ the (Ne and ex SepAcemen. f. Make grants to wid(hYs and dependant chlklren Offir$ (thls object results from the lrKcYpKyatn of the Bewlerf-Taylor Mllltary Fund into the AsscKiat¥)n). g. Erec¢ malntsln and when nttessary rene•V or reFa rffironent wbw)rfals to those who served In The Bk Watch, InckKllng wfvate gra$ of histt¥iol Imrxytrn. h. As a result of an ameTrJment m to the Constitution and Ru5 in 2016, tke charlty may app fund5 for the ImprovenEnt, emderKy, LErfIt or The Black Watch, 3rd Battslion The Royal Reglment of *otIal In accordan wlth tr splrlt of The Black Watth Reglmentsl Trust Fund's odglnal wrposes. i. If the Trustees aNI Exeartl¥E Committee Judge that after mlThj dwnands for the foregolrKJ objects the are surplus funds, thLy may make grants to The Blad( Watch Museum Trust. The Iglnal donauons of £28,435.45 from the Bkck Watch Memorfal wlll remaln fenced, should not be enCrnhed upM to any extent exwt by the unanlrrw vote of the Trustee5 and Members L The ExecLrtfve committ present at a meetirvj speiialty called that wrrN)sei to COnder a specift proFosal to en¢Joach on ¥jInal donation.
The Black Watch Association Trustees. Report Achlevements and perfornnCe The A55[atIon,5 actNlttes were imFQCted by COVID pthlarty a5 regard5 comrthhlp. Notwlthstanding the imFwtt of COVID, the welfa Commtitee ContinLs to prcmde support to veterans and their families and tIE AS9xiath contin1 to SUPFQrt the MaIntenan of memorkils. Flnandal revlew The Aciat)n generated IrKomiry resrceS cl £137,995 in year (2019: £143,064). ExFendrture on CharltaEAe P£tsvfties am(wJnted to £146,433 (2019: £148,534) of whh £46,453 (2019: £58,994) was expended In the fonn of grants, £12,954 (2019: £4,086) on memorlals and £7,902 (2019: £19,619) on ccynradeship. ExFerKliture fDr raising furbjs was Enll (2019: £5,831).An overall surplu5 was Incurred of £150,497 (2019: surFdus ( £394,362) of whKth £158,935 (2019: £405,663) rekt8J to a gain on investment a55ets. The endchyment fvnd is maints1 at a l&EI 4upKlent to the Invthnts arnl furK15 held deposit try BkckRock Ire5t managrEnt (UK) Umlted at trE bakn sheet dats. As the TNstees On tw a year, it is thelr lIcY that unre5tri(tsJ fts exdudlng pwdab endovm)ents, should te mairtain8J at a to cover approximately six nKJnth's ex[d[lUre of the arlty. At the year end the trknl reserve5 were £3,678,244. This is m up (fj £3,461,756 of eXdab[e endovnient reserves £216,488 of unretcted reser% In accordarKe with Trust Deed, the Trustees ha¥E the wNer to invest In such stocks, shares, Irwe5tments and propty in UK as tty see fiL As with rrtVKXts Y63ts, within thi5 Strat, the Trustees infom the investment manays of tyr irth))me requIrents for the year. The requirement for the year under review was £115,CO) (2019 £115,0(KI). £118,233 (2019 - É116,153) was achi. The requIrert for the year to 31 D£Mt 2021 has in ilalIY set at Ell500. Going concem The Trustees are of the that the ernl of yEir cash 1xilan, £191,320, when Ojmbln the value of the investsnents at the date of this rewrL aTKI Black R&'s divEthnd reserve provide sufftcient Ilquklty for the Trustee5 to meet thr bu(hJeted expenditurE over the next twefve months. On thls basls, COVID 19 15 rvJt fdt to a matertal uncwtsinty to the concem of t Charty.
The Black Watch Assoclatlon Trustees, Report Dlsdosure of information to auditor Each member has taken steps that tw ought to have tsken as a memter in order to make themselve5 aware of any relevant audit infomiation and to estsbllsh that the charfty's audltor15 awa of that Infomiation. The Trustees confimi that there Is rn levant Informatlon that they know of and of whlch they know the audltor Is unaware. The annual report was apprcwed lry the Trust5 of the crIty on 12 Apr512021 arKI slgned on Its behalf b Trustee Page 6
The Black Watch Association Statement of Trustees. Responsibilities The Trustees a reswnsible preparing Trustees, Annual Rer4Nt aTrJ the financlal tstements In accordantr with the United n9knb k(LJunting StarKkrds (Unit&d KI1Chn Generally Awt& Accounting Prattte) and applthbie law aThJ regulaliM5. The law applkable to Chare5 UireS the Tn&ees to Prepa findal stateMts for each finarKtal year which glve a tnE and falr vtew c¢ the state of affairs of the charity and of the iOmIng resources and application of resr of the charity perf(xl. In preparir¥J these finaKlal statanents,the Trustees are required to: sdett suitsble acccmjntiro tKdKies and then aptty than co]ta,. obsgve the methcKts and prilpleS in the (harttss SORP; make Judgements and estite5 that a reble arKI kr[tr state whether applicable acrountir¥J stsndards have been folkyd. subjxt to any materlal departures disdc6&I explained in ts fiThinoal siatements; and prepare the finanaal statements on the lThJ coeM basis unk5S it 15 inaprffopriate to preSe that the charity will continue in busirE5& The Trustees are resk)yslb]e for keepirwj acrountiTrJ reo)rts that dE5Ck with reasonable accuracy at any time the financial of charlty enable thn to eNire that the finar[al statanents with the Charities arbj Trstee Investment (Scouand) Act 25, the Charities Accounts (Scottand) Regulatio[ 2( (a8 amerthl) arn1 the prowstors of the Trust Deed. The Trustees are al resFOnsie for safeguartling the assets of the charty heno taktng reasonable steps for the prevention det&n of fi3 other irregularities.
The Blad( Watch A550ciation Independent Audito5 Report to the Members of The Blad( Watth A5lation Oplnlon We hwe audited the fina[ strteM of The Black Watth A8%hiation (the 'charity') for the year ermled 31 ember 2020. vthith rThllSe the Ststemt of narKid Pitrtles, Balan Jtss to the Finanoal statnts, Indudirrfj a summary of gnIficant oUnting pollcles. The ijnala1 rewting framework that has apFlled In tsr eparatI Is Urfte(i Kngdom knountirKJ standards, cOmprtr Charllles SORP - FRS 102 Tr narKlal RrytirKJ 5tarKlard applicable In the UK a1 Reput41c of IrdaTKI' aTKI at(41c3t4e Liw (Lkntt8J PUr4Jdom Accq)ted kn(MJnUrKJ prath). In our oplnlon the flnatyaal ststffna)ts: gNe a tsue and fair of ¥Jte of the tharivs affa1 as at 31 Dember 2020 a1 of Its IrOrning resources aThl applicatyon of s[j, IrxdudlrvJ Its IoMe aThl eVKlire, for the year then axied; . have trn tmwly prerAral In accordWe vlth UnW lfjr¥JdLin frllY A[ed P£cwitrrKJ Pracbtr; and have prepK8red In acadar ith the requirnts of the Owitie5 afKi Trustee Investment (Scouand) Act 2CI)5 and relatI( 8 of the Charlties (Scotia) Regulatlons 2006 (as amended). Basis for opinion We condu(ted our audit in a(r0rdae Internat7 StsTrJards cn AltiThj (UK) USAS {UK)) and al&7b]e law. ()Jr respon%bilites ufjer te stsThlarYls a ftjrther descrlw in the Audltorfs resF(Jnsibilities tr the alIt of trE fir0la1 slat)ts se(IK)n of our reExJrL We are IndeFeTrJent of the charity in aCC(dan wlth the Eth1 rwulreMts that are rethnt to our audtt of the flnancial t8ments in the UK, IncludirrfJ the FRCS Ethtcal StaTrJard, aTrJ we have ¢)ur other ethlcal re¥M)n5tbilities In accordartt wth these rquirernts. We Wleve that the audlt we have obtained ts suffldent arKI appropriats to trovi(k a for ow niOn. Conduslons reLiting to goin9 CoeM In audlting the finanaal ststements, we haNp IJt the Tntstees u of the goirwJ Lncn basi5 of accountiry in the prepatBtlon of finarKtal 5taternts is prOpriat& Bas1 tFE w(Yk we F4ive tthed, we have rK)t Id&fied any material uncertalntles lating to ets or cOnditicK that, indtvtdually cc41ecW, may nIfic2nt the charivs abilty to continue as a gdro concem for a t(x1 of at least mcoth5 from the original finaThJal statements We authrthsed for ioE. CJr rpsrKJnslbllÉtles arKi t resthribiliiies c< Trust5 wlth rwt to gdrKJ c(wm are in tFE rdevant 5efbors of this rety)rL Ixher infornmtion The Tnjtss are reSpble the rther irrfonnauon. The other Infom( comprf5e5 the Infom7aUon Inde in annual rwrt Oth than the finanoal statern arKi ¢JJr audltorfs report thereon. Our oplnlon the finarKial statert5 rvjt covtr the cts infom)ation and, expt to the exient otFErw5e exrAiody statsj In (w reprt v itrj Th)t exwtss any fomi cl a55urorKE
The Blad( Watth Association Independent Auditorfs Report to the membe of The Black Watch A$SlatIOn In c(necon wtth ow alIt of the financi statts, ow reswNtylity is to r&id the rther 1nfomia0n and, in doing so, corsider Ythether the othw iTrformation is materially inconslstent with the finarKial statements or wr kno%•Aedge obtsin8Y in the alt or oth&w7 appear5 to be materially mtsststed. If we identify swh rnaknal In0lse5 or aFalt mrial rnisatements, we are requlred to detwmine whets there is a matsrlal mi55tstpJrwt in the finandal ststements a material Misstatent of the Ottr InfrnatiOn. If, t05ed the work have Ferformed, we condude that there Is a matwial rnis5tstern¥tt of this other InforTnaUon, we are required to report that fact. We have Tr)thiTrJ to report tn thls Tpganl. In the light of our kJxwil arKI uTrJer5LaTrJirrfJ (¢ I drity and rts throrynent obtsiwl in the course of the alit, we have rK)t identified materfal rnis5taterna)ts in the TnJths' Rqy)rt We have nothing to retx)rt in respect of ftllowlng mattets where ttE Chartbes and Tnjstees Irwestment (Scotland) 21X)5 and wutatfim 10 of the Charibes Accourts (Sa)Uand) Regulaljons 2006 (as ameTrled) requir&s to rerKrt to yrAJ if, in wr q)irth)n: ado]uate aCCJnt1ng rpcords N8ve not iwi cff rthms thiuate for our a1t not bn re1Ve frcrtm bra t iristed ty u5. (Y the fInatal statemerts are Tr)t in agreerrvt with the a(JntiTrj records retums; or catsln dISdrts of Truees ranun&ion spified by law aTE not m; or have not received all the Infcmatlon extlarptirm5 ¥ u[re wr audlL Responsibilities of Trustees explalned more filly in the Statement Lrf Tr, ReSrGibI1ttses (set out on page 7), the Tnjstees are reSngle for preparnon of the finaThial siaternts and for bdng satlsfied that ttrw gNe a trije frdlr •¥, a1 gJth intemal c(thl as Its Tnjstees determire is TEce5sary to enable the preparaoon of finajaI stat that are fr frun rrthtsl mt55tat whether due to fraud LY wror. In tryaring the fina1 Statrte, tr Tree5 are reSp(ible assessirrfJ the cTrkiriV5 a)ilty to continue as a going concern, disd05iThJ, as applicaile, matters related to gorng ccrn aTrJ uslro the going cOnM b&4s of accwnting unless the Tnjstees efttw int to liquidate the charity or to se orerations, or have rn realistic alt&rwtive but to do so. Auditorfs responsibllities for the audit of the flnan(ial statements Our objectives are to obtsin reagxk4bie ajIn alxyJt wheth& the finanaal statements as a whde are free material misstatement. %ther due to frBud or ffrty, aThl to issue an audliorfs rewrt that indudes our rnOn. Reasonable 3s9jrdn Is a hlgh lfftl of as5urdre, but Es not a guarantee that an athllt CO[Kited in actdan wth IS4$ (UK) will always detect a material mi55tstement WTr it exist& Misstatements can arise frn cy efrc and are c(rridered rna31 if, ir•j1ua1lY or in the aggregate, cwld reasctaily be to 0[AniC thiorts of users tal¢£n on the basis of these flrN8ThYal siatfJneJ
The Black Watth A550ciation Independent Audito$ Report to the Membu5 of The Black Watth Associatlon IrregLAantles, l11rvj fra, a Instsrw rf laws aThl regulation& We delgn prLKedures In Ilne wlth our res[11ties, outlined a]N)NE, to detett material mlsststernents in rFect of Irreguiarttles, IrKluding frèud. The extent to whith wc(edurps a (zpable of detedjng egularitle5, IndlIj fraud is detslled 0w. In hjentsfwry and a55j ri5 of materfal mIsstatnent in respert of Irul3r[tIeS, arwcoth IrKILKJ the fdloMng: • otrtalnlng an uTrJuarkllr¥J of the legal arvj regulatory frame0 that the thartty operBtes In; ulrj of those d4irged th gOvThn, cLYKwnlng the tharivs prdureS rdatlro to: identify'rrfJ, dIlng arNI comthrs with laws arml regdalion5 ar whethw they were aware of ary Instances of non comrAiartt' detedlng PKlIng to the rfsks of frdLhJ arn1 wlthr tfv have th7edge cl any acbJal, Suspected or alkged fraLMJ; the Intemal controls estat41& to mltlgate rlsks to fraud or Th-C(¥np1Ian wlth laws and regulattons; and dsoJs5]r#J among t erOajem team rewdlng kni and fra mlght cwjr. Cr FYCK&ures to respfxK1 to the rfs hla)tified IrKllk the ftAkMrfng: enqulrlry of tse tharged wlth goTrare aTrJ tre tharttvs sdldtor ccncemlng act71 ential IIUgattons and dalms. readlng mlnutes of rneng5 of tFKtse charged vAth governa. and In addreSThg rtsk of fraud IFgh managemuft of controts, te5t8J the aFprOpriaterss of Jourrol lJeS and C(¥Ired Wheth tlwe wtte any slgnfflcant trdns3clJons outslde the rKvmal actlvitte5 of the charty. A further drIptiOn of wr respons1t11e5 aLKltt of flnarKlal Staternts Is located on the Flnandal Rek¥NtirvJ thJndl's website at wm¥.frcorg.uklauditrts1tljes. Thls de5crfptton forn part of our aJItOeS ry Ule of our repwt Thls rep)rt Is made 5c4dy to the charty Tre5, as a tx, In 0Ndan vlth sectlon 44 (IXC) of the tharities and Trustee Instment (and) A£t 2005 and RegLdatiM 10 of the Charfttes A£counts (otlarKII Regulatior6 2Tr)6 (as amended). Ow vth has LEen urKlertsn 50 that we mlght stste to the Trustees those matteJs we are requlral to state to TnJ*ees In an aLKlltor5' rew)rt and for no other purpx)se. To the ftlest etht pwmltted by law, y th) Tr)t ty or assume reSponbIlIty to aryone other th the chadty and Its Trus as a tM)Jy, for wr afj1t for thls rewrt, or the opAnions we fomial. Moths & YourwJ, Ststsjtory ALKlknr EligiÈ4e to act as an auditor in temts 1212 rf the Com ChartpJed AcCountS 6 At11 Crescent Perth PHI 5JN e5kt 2006 14 2021 Page io
The Black Watrh Association ststement of Financial Actlvltles for the Year Ended 31 December 2020 Unrestricted Endowmert funds funds Total 2020 Total 2019 Income and Endowments from: Donations and legade5 Charltsble aot5vitses other trading artivltks Investment Income Other Iorne io, 9,093 10,669 9,093 11,437 9,518 5,744 116,153 212 118,233 118,233 Total Income Expendlture on: Ralslng funds Charttable Ktlvltles (5,831) 148 534 Total Expenditure Gainsllosses on InveStt 146,433 Othw recognlsed galns and lo• Net movement In funds (8,438) 158,935 150,497 394,362 Recondllatlon of funds Total funds ht forwan Totsl fund5 carrled forrd 19 224 926 21 3 527 747 3 133 385 3 527 747 Page li
The Black Watch Association Statement of Flnandal Activities for the Year Ended 31 December 2020 Total Income and Endowmwts from: Donations and legades Charrtable aCtfv[tS Other tradlng &tlvities Investment Income Other income 11,437 9,518 5,744 116,153 212 11,437 9,518 5,744 116,153 212 Totsl income ExPltUre on: Palslng funds Charftsble thlttes (5,831) (5,831) Total eXrnd1tUre Galnsllosse5 on Investnt assets mcverrert In fwKIs (11,301) 405,663 394,362 Reconclllatlon of funds Totsl fuThYs brought fonyard Totsl funds Girrfed forward 3 133 385 19 3 302 821 3 527 747 Ail of the charitys acbvyts derr frc¥n cnntinuir¥J OFrati$ during the aly)NE two pertods. Page 12
The Black Watrh Association (Registration number: SC016423) Balance Sheet as at 31 Dember 2020 2020 2019 Note Ftxed as Irtvestmerrts 14 3,461,756 3,302,821 Current assets 15 16 17 856 32,942 191320 856 31,326 200,051 232,233 Debtors Cash at bank and in hand 225,118 Credltors: Amounts falllng due withln one year Net current assets 18 216 488 224 926 Net assets 3 678 244 3 527 747 Funds of the charity: Endowment funds 3,461,756 3,302,821 Unrestrfcted income funds Unrestricted funds 224 926 Total funds 19 3 678 244 3 527 747 The financial statements on pages 11 to 26 were approved by the Trustees, and authortsed for Issue on 12 Aprll 2021 and 51gned on their behalf by: Trust Page 13
The Black Watch Association Notes to the Finandal Ststements for the Year Ended 31 December 2020 l Actountlng wjllcles Bas15 of preparation The finarKial StateMts have been rKepared in cOrdan with kcountlng and RerKJrting Charities: Ststement of Recomme prdCti applicatrAe to olarlties prepkirfng their accounts In a(Ordan wlth the nanCIal RetMJtlng S13ndard applkatle In the UK and Repubt5c of Ireland (FRS 102) {effecthE l January 2019) (Charities SORP (FPS 102)), the Ananaal Reportlr¥J Stsndard applkable In the UK and Republt of Ireland (FRS 102), the Charit6es ar TnJ5tee Investment (kndand) Act 2005 ar)d Charfties Unts (Scotland) Regulaticffts 21x6 (as amended). The Black Watch Assodatton mts the definthn d a publlc beneflt enuty urthr FRS 102. Assets and Ilabllltles are Inltlalty reccNJnlsed at historical cost or transth value unless otherw&e ststed In the relevant accountlng Fdicy rntes. The flnandal statements are wesented In (£) rounded to the neare £1. Golng concern The Trustees conskler that ttEre are rnatal uTh2rtalnUts about the tharltys ablllty to contlnue as a golrvJ corKern. Income and endovmxnts Voluntsry inccKne Includlng donatlonsi gift5, kgades arKI grants tkKIt provth CO fund1 or are of a geral nature is recc4Jnlsed when the charity has entItIennt to the Income, tt Is fvble that the Inc(Yne wlll be recetved and the allnt can be measwed w6th suffKRnt relkblllty. Donations and legacies are recojnlsed on a recefvae b3sls when recelFt Fs prcl)able and the amourt can be reliabty measured. Sale of 9Jcts are rwnised when the tharlty has entirnent to the income, it is probable that the income w511 be recetved and the arn(nt can be measured with sufftdent relkiblllty. IrNestment income is recrrfjnlsable on a recd¥able basls EXPdIre All expendSture is recryJnised ce there ts a legal or constructTbt Otlgatknn to that e¥pendSture, it i prDbable setdement is requlred and the arnCnt can be measur& reliab. All costs are allaJ to the applicable expenditure heaing that aggregate simikr costs to that category. Where costs cannot be direth attritrMJted to partkukir healings they hthe been allocat on a basls conslstent wlth the use of reSoUrs, with traI staff costs alkxated on the ba515 of Ume SFtn¢ and depcIatIon charges allc(ated on portion of tFE awys use. Other suwrt costs are albo&ited based on the swe&l of staff costs. pa 14
The Black Watch AsIciation Notes to the Financial Statements for the Year Ended 31 December 2020 These are costs inoJrr&l In attraLtlThJ Nnluntsry Inccthe, the manaJemert of inert5 arKI those incurr in tr1rvj acbvtbes that raise furthts. arftsbte experKliture crpr those costs irnl by the awniy in the thlivery of its activitie5 and service5 for its beneficiaries. It indLMles costs that can be all¢knted dir• to sh aotlvlt5 and those cosLs Lf an iryjirect nature eSSary to supkNxt th&n. Provisions for grants are made vhEn the Intentk)n to make a grant has bn ccmmunicated to the recipient but there Is uertaInty ab)ut erther the timing of the grdnt or the ant of grant payab5e. Support costs SuppK)rt cosls indude central furKtwJns arKI have been allat to acuvlty cost categories on a basls consistent wth the use of re5¢yJr, for eXame, allcrating property C¢ts ty flC areas, or per capits, staff costs by the tirr spert othtr costs ly¥ their These indude the costs attrlbutsbie to the Charws 0)Mplian wth consututhjnal and statutory requirements, indLKJlng audtl strtegic rnanagert and Trustees, rtingS and relmbursed Taxation The Black Watth AsscA?atNM Is a )1ere arKI rn158 ()nlY for the purp¢ of applTrble tsxation legjslatth and is thereth subFtt to taxatth on Its a(lTrJltles. Flxed asset Investments Fixed asset irJve5tnEnts are IndLwtsI at mark& value at the larKe sheet date. Realw galns arKI bsses on investments are calwlated as the dlfferetKe btheen sales tCets a1 thelr market value at stsrt of the year, or thar sutsequent cr& arKI are chary&l or oedtta1 to the Statement of Financial ACtIv In the per(cJ of dlstK6al. Unrealised gains and Ic6ses rewesent the n)mellt in market values durirrtj the year and are Cred1 OK tharged to the StateMt of financial Acuvfties based on the market value at the year end. StcKk is valued at the lower cé mst aThJ &imd selliTrJ prKe le55 costs to ojmplete ar•J sell, after due regard for obsokts and skMI ffThing sicth. Cost is (temiwJ Ung the first.in, first-out [F0). Paje 15
The Black Watch Association Notes to the Hnanclal Statements for the Year Ended 31 December 2020 Cash and cash equivalents Cash arKI cash equlvants compr15e cash on haTrJ arKI call deFDsits, and cther short-tem hNJhty liquid investrrents that are readity ccThEb1e to a kwn amount of cash a1 a subj1 to an Inslgnlficant rfsk of chaThJe In value. Trade credltors Trade CdItOrS are obligattcKs to pay for gc#)ds or seNkes that haye bn acqUId In ordlnary course of bune$S from suppllers. Accounts payable are dasslfled as cunEnt Ilabllltles If the charlty does not an Unc06al rh¢ at the end of the rewrtlng kvkKI, to defer settlement of the creditor for at least twelve months after the rep)rtlng date. If there b an uncondlknonal right to defer settbement for at least t%4th nminths after the re[r dth, thq are presented as non<urrent Ikabllltles. Trade cr&lltors are rttIsed at the ts3nsth prke. Fund gtnKtu Unrestrictal income fulS a general fvrKJs that are avaiL31Ae for use at the Trusteel dls(Tetlon In furtheran of the obJectlves of the Charfty. The e<peThJable en(k)Yfflient fund bs to provlde on golng support to the Charlty. Both the Income geratl ty thts fund and the capftal In the fund are avallable to supp)rt the Charfty. 2 Income from donJtlon• and legKie• UnreBtrlcted funds General 2019 Totsl 2020 Total 2019 Donauons and legades; tyonations from 5ndfvlduals Legacks ft ald rKkilmed 10,679 10,679 570 570 758 3 Income from dwrttable acuvltles funds General 2019 Total 2020 Totsl 2019 General Red Hackje Reunlon incoTh 9,093 9,093 9,016 502 9,016 502 9,093 Page 16
The Black Watch Association Notes to the Flnanclal Statements for the Year Ended 31 December 2020 4 Income from other tradlng actmtles funds General 2019 Total 2020 T(*al 2019 Trdding income", Sales of and servl 0r tradlrvJ Inc(xne 5,693 51 5,693 51 Unrestrfcted funds General 2019 Total 2020 Total 2019 General . IrKome fKffn dfvldends,. DlvlderKls recelvable from oth Ilsted Investments Interest recefvable and slmlkr 118,066 118,C66 115,796 115,796 interest refvab on bank deposlts 167 167 357 357 118 233 116 153 116 153 6 Other Income fun(ts General 2019 Totsl 2020 Total 2019 other Income Membership 192 20 192 20 212 212 Page 17
The Black Watch Association Notss to the Flnanclal Statsments for the Year Ended 31 December 2020 7 Expenditure on raising funds a) Costs rf tradlng a(tlvltles Unrestrlcted funds General 2019 Total 2020 Total 2019 Costs of g(¥Jds sokl B Expendlture on thjrltable athltle• undertak dlrectly Totsl 2020 Totsl 2019 Rejj Hackle MerialS Lbnatlon Comradeshlp Grant gMrrfJ Stsff costs . wages ar salarfes Staff costs . penslon costs Allrxated suppjt costs Governan 4,625 12,954 9,292 7,932 46,453 36,473 756 4,625 12,954 9,292 7,9)2 46,453 36,473 756 5,589 4,086 19,619 30,352 819 21,979 16,374 16,374 £146,433 (2019 - £148,534) of the alM7rfe expErkllture wa5 attributable to unr*icted furKls and £Nn (2019 - £NII) to restrid&l furKIs. 18
The Black Watch Association Notss to the Financial Ststements for the Year Ended 31 December 2020 9 Anatysls of governance and support costs Support costs allocated to rther explture pp(¥t Totsl 2020 Total 2019 Insuran Management seryl Telephone Rent Prfntlng & pc6tage Sundry Travel Computer exknses AdVertij Bank charges 559 10,050 1,754 559 10,050 1,754 549 13,275 1,756 802 861 I,oio 755 420 163 982 2,183 1,807 1,143 I,oio 75S 420 163 282 funds Genernl 2019 Total 2020 Totsl 2019 General Audtt fees AlIt of the finarKki1 statements Other fees paid to aLK15tors Legal fees 1,430 6,034 1,430 6,034 1,296 5,800 Other f5 of £6,034 In 2020 and £5,8(Kl In 2019 a for accounts aTrJ tMykeeplng Serv[. Pwje 19
The Black Watch Assoclatlon Notes to the Financial Statements for the Year Ended 31 December 2020 IOGrant-makirvJ Analysls of grnnts Grants to Indmduals 2020 2019 2020 2019 Analy519 Grants The support costs associatcd with grant-maklry are £NII (31 Decanber 2019 - £NII). ee are dalls of materw grants made to SnsUkntk)ns. 2020 2019 Name of Institution ABF Tr Soldlers Charlty Scottlsh Vets ResklerKe Poppy ScotlaTr Black Watth Battalton SSAFA Grant GlvlrKJ Grant Gmtvj Grant GiwrKJ Grant GlvlrKJ Grant GMtVJ 4,OLK) 200 1,2 s,0 2(K) 12,200 12,2(K) Durlng the year the tharty m the folbwlffj trarsth wfth Ttst. receC remuneratfon of £ ,836 (2019: £6,123) arKI £NII (2019: £36) of expen were reimbursed t durlThJ the year. Payment was made In KcordarK£ wlth the Prtss d the con5tittrtlon. At the balan sheet date the amount due to Major R J W Pnxtor MBE was £NII (2019: £Nil). £Nil (2019. L88) of experw weie reimbursed to West Lcthlane sep41 Ltd, d whkh a dlrth a1 shareknkder management fees durfng the r of £10,050 (2Q19.' £13,275). The expenses reirnbursed during year We for travel. At the balae S date arnount due t0WaS £NII (2019: £Nil). Page 20
The Black Watch Association Notes to the Financial Statements for the Year Ended 31 December 2020 £95 (2019: £}8) of %%ve reimbursd to durlng the The expen re1Mlr55 durfro the y were for traNel. At the balan sheet date the amount d to £Nil). No trustees have reived arry other beneffts fr(ffn duriry the year. was £Nil (2019: The a93regate payroll costs %%ve as foll. 2020 2019 staff costs durlng the year were: Wages and salaries Pensbjn costs 36,473 756 30,352 819 The mnthty average numtw cl {indLMling senior manaJ&nert team) ernpled by the charity during the year expressed as full time equivalents was as foltows: 2020 2019 Admlnlstratton Contributions to the empluyce r[On gthemes for the year totalled £756 (2019 - £819). No ernPEe recefved eK)luMents of re than £fIl,1 duriry the y. In athJItl to the £37,229 cost rf nph))eS stated abcfye, £10,050 Yrds paid to West L(hlar Servkes Umlted for managenEnt swrfkes (2019 - £13,275). The total emp1¢Y of manwert (rf tr£ charity were £12,336 (2019 . £6,123). Page 21
The Black Watch Association Notes to the Financial Statements for the Year Ended 31 December 2020 13Taxation The charfty ts a l$ted charfty and Is thefo from tayatkn. 14Ftxed a68et Investments InveStMts Totsl Cost or Valuati At l January 2020 Revaluatk 3,302,821 3,302,821 At 31 December 2020 3 461756 3 461756 Net b¢x•k value At 31 Defflber 2020 3 461756 3 461756 At 31 Decwnber 2019 3302821 3 Page 22
The Black Watch Associatlon Notes to the Finandal Statements for the Year Ended 31 December 2020 15Stock 2020 2019 856 856 2020 2019 debtors 17CaJh and cash equlvalert• 2020 2019 Cash on hand Cash at bank 237 191320 18Credltor•: amounts falllng due wlthln IX yr 2020 2019 Other credltors Acuuals 313
The Black Watch Assoclation Notes to the Financlal Statements for the Year Ended 31 December 2020 19 Funds BalaTr at i January 2020 Other Balance at Resource8 recognlsed 31 December expended galnsl(losses) 2020 Incomlrbg resources Unrestrlcted funds Unrestrkted 5ncome fund 224,926 137,995 (146,433) 216,488 Endowment fundB ExperKlable endowment 3 302 821 3 461756 3 302 821 158 935 3 461756 Totsl funds 3 527 747 158 935 Page 24
The Black Watch Association Notes to the Flnandal Statements for the Year Ended 31 December 2020 Balance at I January 2019 other Balan at Incomlng Resourceg recognised 31 t>ecember resources expended galnsl(losses) 2019 Unrnstricted fund• Unrestrtcted Income fu1 236,227 143,064 (154,365) 224,926 Endowment fund• Expendable endowment 2 897 158 3 302821 2 897 158 405 663 821 3 527 747 Total fund• 3 133 385 143 064 The spttffic purFQ5e5 for whith the funds are to be applied are a5 ft10¥. The expendable end0nt fund Is to provtde on Wng Supp to the charity. Both the Income geneTrted by thls fiJnd and the capltsl In the fund a avallable to support the charfty. Page 25
The Black Watch Association Notes to the Hnanclal ststsments for the Year Ended 31 December 2020 20AnalyS of net assets betw funds nds General funds Expendable Totsl funds 2020 Ftxed asset Investsments Current assets Current Ik?billUes 3,461,756 3,461,756 225,118 225,118 Total net assets 3 678 244 Unrestri(ed Endowment funds funds Genernl Expendable Totsl funds 2019 Flxed asset Inments Current assets Current Ilablllttes 3,302,821 3,302,821 232,233 232,233 Total net assets 3 527 747 21 Related party transaclon8 Dudng the year the chartty made the foll¢Jvlng relatsd party transor6. West LLKhbne Services Ltd Se to the As%xlthn to the value of £10,050 (2019:£13,275). re*ed as a trusiEe of the Asscoation on 28th August 2020 and is a director of West LtKhlane Serv Ltd. At the balarKe sheet date the anv)unt due fra$ £NII {2019 . ÉNII). rovided consulLin Pdge 26