OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Gordon Cook Foundation

2025-04-05-accounts

Charity number: $C017455

GORDON COOK FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

GORDON COOK FOUNDATION

CONTENTS

Page
Reference and administrative details ofthe charity, its Trustees and advisers 1
Trustees' report 2-7
Trustees’ responsibilities statement 8
Independent auditors’ report 9-11
Statement of financial activities 12
Balance sheet 13
Notestothefinancialstatements 14-21

GORDON COOK FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees

Charity registered number

SC017455

Principal office

Independent auditors

AAB Audit & Accountancy Limited, Kingshill View, Prime Four Business Park, Kingswells, Aberdeen, AB15 8PU

Bankers

Bank of Scotland, 3-5 Albyn Place, Aberdeen, AB10 1PY

Solicitors

Burnett & Reid, Suite A, 1 Albyn Place, Aberdeen AB10 1BR

Investment Managers

Baillie Gifford & Co, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN

Legal Secretary

Burnett & Reid, Suite A, 1 Albyn Place, Aberdeen AB10 1BR.

-41-

GORDON COOK FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report together with the audited financial statements of The Gordon Cook Foundation (the charity) for the year ended 5 April 2025. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Foundation’s governing document is its Trust Deed.

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

It is the responsibility of the Board of Trustees to nominate and appoint Trustees to the Board. Current procedures for appointing new Trustees were first adopted in 2006 and the normal procedure is to appoint Trustees from a pool of professionals already known to the Foundation.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

Induction of a new Trustee allows familiarisation with the Deed of Trust, Annual Accounts, current SORP regulations, Charities Regulations, OSCR documents and procedures particular to the Foundation and its current projects.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Board of Trustees, which normally meets four times per year, manages the charity. The Chairperson is responsible for overseeing the day to day operations of the charity.

RELATED PARTY RELATIONSHIPS

The Foundation collaborates with a wide range of other institutions involved in values education. In the current year these included:

Children’s Parliament Association for Citizenship Teaching RASASH Scotdec Edinburgh College of Art The Wood Foundation

296

GORDON COOK FOUNDATION

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to manage these risks. A risk register has been compiled and is reviewed annually. The major risk relates to the valuation of the Foundation’s investment portfolio which is impacted by movements in global money markets. The investment portfolio is managed by independent fund managers and regular meetings are held in order to discuss ongoing investment strategy.

PRINCIPAL ACTIVITIES

The Gordon Cook Foundation is an Aberdeen-based charity established in 1974 to promote and develop values education throughout the United Kingdom. Values education includes social and moral education, health education and projects likely to promote character development, citizenship and ethical behaviour.

Objectives and Activities

POLICIES AND OBJECTIVES

The overall objectives for which the Foundation is established are:

  1. To sponsor and deliver educational projects designed to promote character development and good citizenship.

  2. To promote social and moral education, complementary to religious education.

  3. To provide support, advice and information to teachers and others relating to personal development of the child.

  4. To disseminate the results of related research and development.

  5. To promote citizenship in its widest terms including social & moral education, aesthetic appreciation, youth activities, co-operation between the home and the school.

  6. To promote health education.

  7. Toreceive and manage funds from other appropriate sources.

STRATEGIES AND ACTIVITIES FOR ACHIEVING OBJECTIVES

The Foundation has been actively engaged in a variety of activities during the year to meet its objectives. It has awarded grants to a number of organisations and agencies which have undertaken projects in accordance with specific contracts. At each quarterly meeting the Trustees have reported on and considered the progress made on individual projects. The main projects which operated during the year are reported on pages 4 - 5 and Note 6.

The values education projects supported by the Foundation involve both the formal education sector and other informal groups. The Foundation assists character development, particularly of the young, in school, the workplace and in everyday life and supports the expertise of the teacher in the formal school setting. The Foundation, therefore, seeks to foster and enhance the moral values and ethical climate of society as a whole.

The emphasis ofthe[work][of][ the][Foundation][is][on] young[people] and[covers][the][whole][of][ the][British][Isles.][While] the Foundation operates principally within England, Wales and Scotland, as envisaged in the original Trust Deed, since 2010 the geographical remit has been expanded to include Northern Ireland and the Republic of Ireland with relations developed primarily through the Five Nations Programme, (Project 189).

ye

GORDON COOK FOUNDATION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

STRATEGIES AND ACTIVITIES FOR ACHIEVING OBJECTIVES (Continued)

The current portfolio of projects includes:

Project No.189: Five Nations Programme

The latest conference of this long running project was held in February 2025 in Edinburgh with the theme, “What is the contribution of citizenship eduction to preparing young people for digital citizenship?”. Planning is currently underway for the 2026 conference, due to take place in Northern Ireland. Post year end, the Trustees agreed a 3 year extension to the existing contract. This commitment will be reflected in the April 2026 accounts.

Project No.191: The Gordon Cook Conversations

During the year ended 5 April 2025, two Conversations took place. Post year end a contract with a new grant holder has been agreed whereby the grant holder will run three Conversations over a period of approximately 18 months. This commitment will be reflected in the April 2026 accounts.

Project No. 262: Stand Up

The aim of Stand Up is to reduce and, if possible, eliminate gender-based violence. It seeks to do this by providing prevention workshops in secondary schools. These workshops are highly regarded by pupils, teaching staff and parents. As a matter of deliberate policy, the workshops are not overseen by teaching staff but by external specialists who lead discussion on issues such as power, control, consent, understanding sexual violence and pornography. The hope is that over time all secondary schools in the Highlands will have access to workshops and that a significant impact on the perceptions and attitudes of pupils will be the outcome.

Project No. 267: Learning and Teaching for Global Citizenship

This project devises and delivers programmes of professional learning, resource development and support for secondary teachers who are interested in embedding global citizenship into their subject areas. Themes covered include the climate emergency, gender equality, anti-racist education and human rights. The original project finished in the year ended 5 April 2024 but an extension for a further 3 years was approved in the current financial year and work began in, amongst other things, providing teachers with professional support and guidance in dealing with current controversial issues such as the conflicts in Ukraine and Gaza.

Project No. 273: Beyond Srebrenica

This project (renamed from Remembering Srebrenica) focuses on developing anti-hate and anti-racism understanding through exploring these issues in the context of the Srebrenica genocide. In the previous financial year, funding was used to develop and run a drama production “Inseparable”, which was showcased in Perth in September 2023. Funding in the current year has been used to roll out this production to a number of schools in North East Scotland in the 2024/25 academic year. Post year end, the Trustees approved additional funding to allow further roll out of the live performance and enable a permanent recording of the production. This commitment will be reflected in the accounts for the year ending 5 April 2026.

Project No. 276: Dignity In Education.

This large project, undertaken by the Children’s Parliament, focuses on developing children’s rights approaches to develop resources and case studies to exemplify the UNCRC principles in an educational setting. During the current financial year, the project worked with 14 primary schools, 3 secondary schools, 25 digital schools and one specialist setting across 3 local authorities impacting over 2,000 pupils with over 200 children interactions a week. Additionally, there were 2 artistic collaborations. It had 3 collaborations with Higher Education Institutions, participated in 4 Government consultations, worked with 10 external partners, had input into 2 Children’s Parliament programmes, trained 60 newly qualified probationary teachers and involved approximately 300 teachers, senior leaders and school staff in training and school planning through conferences and sharing spaces. 50 adults were impacted through a Training, Coaching and Modelling Forum. A Starter Pack for schools, available online, was created as well as a “Dignity Assessment Pack”, new e-learning resources for the Dignity in Schools Hub and a new podcast series on Spotify. Funding for this project will complete in 2025/26.

-4-

GORDON COOK FOUNDATION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Project No. 281: Youth Philanthropy Initiative (YPI)

This is a project managed by the Wood Foundation involving schools throughout Scotland. Each school is responsible for directing a grant of £3,000 to a local charity championed by its students through a unique programme of teamwork, research and competition. The project raises awareness of social issues and local charities. In the current financial year, the Gordon Cook Foundation entered into a 3 year partnership with the Wood Foundation as the sponsor of Aberdeen based schools. In the 2024/25 academic year, 10 Aberdeen schools followed the YPI programme.

Project No. 278: Making Art and Saturday Club Projects

In recent years, the Foundation has funded a project run by Edinburgh College of Art called The Two Minute Life of Rain whose purpose was to bring students of the College together with primary school children to explore various aspects of art culminating in an annual event where the children’s artworks are showcased in the College. During the current year, a similar 3 year project called Making Art with funding of £5,000 per annum was approved. In addition, the Foundation agreed funding for a related but separate project called Saturday Club. Saturday Club targets children from disadvantaged neighbourhoods who might, otherwise, have no access to art education. The Foundation agreed funding of £25,000 per annum over 3 years. Funding in year 2 and 3 is, however, conditional, on the satisfactory outcome of year 1 and consequently has not been accrued within the current year accounts.

Other Projects

Projects funded by the Foundation aim to satisfy the objectives listed on page 3. They are categorised as the advancement of values education and are undertaken by a mixture of educational institutions, local authorities, charitable organisations and organisations which work with educational related organisations. An analysis of the grants committed during the year ended 5 April 2025 is contained in note 6 to these financial statements.

GRANT MAKING POLICIES

The Foundation adopts a policy towards its funded work whereby the Foundation itself identifies a number of projects or activities in the values education field which the Trustees consider are the most appropriate contemporary themes. The Foundation then funds these projects, usually carried out by an appointed agency, typically over a three to five year period. Some projects are later extended in terms of scope and/or timescale.

Achievements and performance

GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and, accordingly, continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

REVIEW OF ACTIVITIES

It is the view of the Foundation that over the course of the year the objectives of each of the projects were satisfactorily met.

The Foundation has continued to develop its existing programme of work, and set in motion future projects, to ensure that the objectives of the Foundation will be pursued.

The financial aim of the Foundation each year is to generate cash inflow from investments less portfolio management fees of approximately £300,000 to cover its cash outflow on charitable activities. Income generated from donations and investments of £564,407 (2024 - £586,511) was sufficient to support the Foundation’s operating costs and programme of work in terms of cash flow. Net income before investment gains or losses was £292,032 (2024 — £309,210).

ee

GORDON COOK FOUNDATION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

REVIEW OF ACTIVITIES (Continued)

Expenditure is recognised when grants are unconditionally committed which does not necessarily match the period in which the associated cash outflows take place. In the current year 3 new or extended grants were committed to projects which will run over the next 2 — 3 years. These commitments included £60,000 related to a 3 year partner funding arrangement with the Wood Foundation for project 281:Youth Philanthropy Initiative, £40,000 over 3 years for 2 projects within project 278, with Edinburgh College of Art, and £26,500 for a one year extension to project 279: Wick Development Project. Following a large commitment to project 276: Dignity in Education, made in the year ended 5 April 2023, physical annual spending remains at a level beyond the normal levels referred to above. This will continue until the 3 year term of this project is finished. During the year ended 5 April 2025, this planned increased level of spending necessitated drawdownsofinvestments totalling £170,000.

In accordance with standard accounting practice the investment portfolio was revalued at the year end resulting in an unrealised loss on investments £505,718 (2024 — gain of £819,477). The resulting net movement of funds for this year is a decrease of £213,686 (2024 — increase of £1,128,687). The net gains or losses on investments depend on the performance of the money markets. At the time of approving the accounts, the market value of the investment portfolio has continued to fluctuate with a valuation at 29 August 2025 of £18,735,668.

The total funds at 5 April 2025 were £16,824,220 (2024 - £17,037,906). The majority of funds are represented by the Foundation’s managed investments which are held at a level considered necessary to generate the annual investment income required.

Regarding factors outwith the Foundation’s control, the main influence on its work is the performance of the money markets, which determines funding available for the work of the Foundation. The Foundation receives monthly reports from its Fund Managers and meets with them regularly to review progress and plan for the future in financial terms.

The Foundation’s work is determined by the Trustees, following a proactive policy of identifying and initiating projects, and appointing project managers under the scrutiny ofaLead Trustee. The Foundation does not actively solicit applications for funding from external parties, although, if such applications are received, they are considered carefully and, on occasion, may give rise to the initiation of a project. By adopting this proactive policy, the innovative and developmental thrust of the work of the Foundation is maintained, as is the spread of work across its objectives and compliance with its mission.

INVESTMENT POLICY AND PERFORMANCE

As mentioned in Review of Activities above, during recent years, the Trustees had a broad objective of generating £300,000 of liquid investment income after deduction of portfolio management fees from the Foundation’s investment portfolio. In In August 2022, Trustees approved a large extension to an existing project (Project 276), which would not be fully funded from income. Instead, a series of drawdowns of investments has been made over the life of the project. In this connection £170,000 was drawn down in the current financial year.

Gross investment income of £558,407 was generated in the year, which after deducting portfolio management fees of £89,791, resulted in net investment income of £468,616. £119,886 of this investment income was in the form of additional accumulation units in the investment portfolio. The total Market Value of the investment portfolio, after reflecting net additions and drawdowns, decreased by £555,831 over the year due to poor investment performance.

-6-

GORDON COOK FOUNDATION TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

RESERVES POLICY

The financial position at 5 April 2025 is as set out in the accounts. An analysis of grants made during the year is included in Note 6 to the accounts.

==> picture [263 x 65] intentionally omitted <==

----- Start of picture text -----
Total Funds
Unrestricted Funds Endowment Funds
(restricted by donor)
£1,404,934 £15,419,286
----- End of picture text -----

As noted in Investment Policy and Performance on page 6, the annual financial objective of the Foundation is to generate approximately £300,000 (net of portfolio management fees) from the Foundation’s investment portfolio to spend on charitable activities. The Foundation works with its investment managers to hold investments which will generate this level of income. Due to market conditions the capital value of the investments can vary year on year. As the bulk of total reserves is represented by managed investment funds, these gain or losses heavily influence the closing reserves at any point in time.

PRINCIPAL FUNDING

The principal source of funding is income generated from the Foundation's investment portfolio, supplemented where necessary by a drawdown of investments.

MATERIAL INVESTMENTS POLICY

In order to maintain the value of the original benefaction against inflation and other pressures, the Trustees take advice on their investment policy and on the likely middie term return on their investments. The Trustees have determined that it is appropriate to take a prudent view of the likely return on their investments and to return to capital any net gain on realisation which may accrue. The Trustees reserve the right, on a change in economic and investment conditions, to draw on the additional capital set aside.

TRUSTEES

The Trustees during the year are listed on page 1.

AUDITORS

Anderson, Anderson & Brown Audit LLP have expressed their willingness to continue in office and resolution proposing their reappointment will be submitted at the annual general meeting.

This report was approved by the Trustees on 7 October 2025 and signed on their behalf by:

==> picture [129 x 11] intentionally omitted <==

----- Start of picture text -----
5 galeeaeeaaamanias
----- End of picture text -----

copie

GORDON COOK FOUNDATION

TRUSTEES' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

-8-

GORDON COOK FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF GORDON COOK FOUNDATION

OPINION

We have audited the financial statements of Gordon Cook Foundation (the ‘charity’) for the year ended 5 April 2025 set out on pages 13 - 22. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with international Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. lf, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

-9-

GORDON COOK FOUNDATION INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF GORDON COOK FOUNDATION

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal contro! as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

Our audit procedures to respond to these risks included:

-10-

GORDON COOK FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF GORDON COOK FOUNDATION

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www .frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU Date: 7 October 2025

AAB Audit & Accountancy Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

-11-

GORDON COOK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

==> picture [487 x 386] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Endowment|Restricted|Unrestricted|Total funds|Total funds| |funds|2025|funds|2025|funds|2025|2025|2024| |£|£|£|£|£| |Note| |INCOME|AND|ENDOWMENTS|FROM:| |Donations|and|legacies|2|.|6,000|-|6,000|36,000| |Investments|3|-|-|558,407|558,407|550,511| |TOTAL|INCOME AND|ENDOWMENTS|-|6,000|558,407|564,407|586.511| |EXPENDITURE|ON:| |Raising|funds|4|89,791|-|-|89,791|84,905| |Charitable|activities|5|.|6,000|176,584|182,584|192,396| |TOTAL EXPENDITURE|9|89,791|6,000|176,584|272,375|277,301| |NET|INCOME|/ (EXPENDITURE)/| |BEFORE|INVESTMENT| |GAINS/(LOSSES)|(89,791)|.|381,823|292,032|309,210| |Net|gains|(losses)|on|investments|(505,718)|-|-|(505,718)|819,477| |NET|INCOME /(EXPENDITURE)| |BEFORE OTHER|RECOGNISED| |GAINS AND|LOSSES|(595,509)|-|381,823|(213,686)|1,128,687| |NET|MOVEMENT|IN|FUNDS|(595,509)|-|381,823|(213,686)|1,128,687| |RECONCILIATION|OF|FUNDS:| |Total|funds|brought forward|16,014,795|-|1,023,111|17,037,906|15,909,219| |TOTAL FUNDS|CARRIED FORWARD|15,419,286|-|1,404,934|16,824,220|17,037,906|

----- End of picture text -----

All activities relate to continuing operations.

The notes on pages 14 to 21 form part of these financial statements.

a es

GORDON COOK FOUNDATION BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Note £ £ £ £
FIXED ASSETS
Tangible assets 12 - -
Investments 13 16,992,318 17,548,149
16,992,318 17,548,149
CURRENTASSETS
Debtors 14 29,437 29,137
Cash atbank and in hand 64,275 72,508
93,712 101,645
CREDITORS: amounts falling due within
one year 15 (211,810) (417,278)
NET CURRENT LIABILITIES (118,098) (315,633)
CREDITORS: amounts falling due afterone
year 16 (50,000) (194,610)
NET ASSETS 16,824,220 17,037,906
CHARITY FUNDS
Endowment funds 17 15,419,286 16,014,795
Restricted funds 17 - -
Unrestricted funds 17 1,404,934 1,023,111
TOTALFUNDS 16,824,220 17,037,906

The financial statements were7 ) theTrustees on 7October 2025 and signedon their behalf, by: O]..10..25. Date

The notes on pages 14 to 21 form part of these financial statements.

Py,hc

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

  1. ACCOUNTING POLICIES

1.1. Basis of preparation of financial statements

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 notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and The Charities Accounts (Scotland) Regulations 2006.

Gordon Cook Foundation constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

Investment income, gains and losses are allocated to the appropriate fund.

The Trustees, having made due and careful enquiry, are of the opinion that the charity have adequate working capital to execute its operations over the next 12 months following the approval of these financial statements. The Trustees, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

As a result, the Trustees have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4 Income

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

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

-14-

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Balance sheet.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Balance sheet.

1.8 Operating leases

Rentals under operating leases are charged to the Balance sheet on a straight-line basis over the lease term.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.10 Debtors

Other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be reliably estimated. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settled the obligation. Where the effect of the time value of money is material, the provision is based on the present value of these amounts, discounted at the pre-tax discount rate that reflects the results specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

-15-

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

2. INCOME FROM DONATIONS AND LEGACIES
Total Total
funds funds
2025 2024
£ £
Donations 6,000 36,000
All donations relate to restricted funds.
3. INVESTMENT INCOME
Total Total
funds funds
2025 2024
£ £
Dividends 557,661 549,674
Bank interest 746 837
558,407 550,511
Allinvestmentincomerelatestounrestrictedfunds.
4. EXPENDITURE ON RAISING FUNDS
Total Total
funds funds
2025 2024
£ £
Portfoliomanagementfees 89,791 84,905

Portfolio management fees are the fees charged by Baillie Gifford for administering the various funds under their control. Portfolio management fees are all charged to Endowment Funds.

  1. ANALYSIS OF EXPENDITURE BY ACTIVITIES

==> picture [441 x 127] intentionally omitted <==

----- Start of picture text -----
Activities Grant
undertaken funding Support
directly of activities Costs Total Total
2025 2025 2025 2025 2024
£ £ . £ £
Note 7 Note 6 Note 8
Advancement of Values
Education 1,290 128,500 46,794 176,584 149,396
Total 2024 2,462 102,182 44,752 149,396
----- End of picture text -----

-16-

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

==> picture [485 x 284] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |6.|ANALYSIS|OF GRANTS| |Total|Total| |2025|2024| |£|£| |Grants|to|Institutions| |Advancement|of Values|Education|128,500|102,182| |2025|2024| |Recipient|institution|Project|number/|title|£|£| |Ps|191|Gordon Cook Conversations|2,000| |Highland|Council|279|Wick|Development|26,500| |Wood|Foundation|281 Youth|Philanthropy|Initiative|60,000| |Edinburgh|College|of Art|278|Making|Art|/|Saturday|Club|40,000|14,000| |Scotdec|267|Learning|and|Teaching|for Global|Citizenship|-|75,000| |Children’s|Parliament|276|Dignity|in|Education|-|21,104| |University|of|Edinburgh|251|Pupils|as|Citizens|-|(7,922)| |Total|128,500|102,182|

----- End of picture text -----

Project 278 is split into 2 separate components. Making Art is a 3 year project with funding of £5,000 per annum. Saturday Club is also a 3 year project. Funding is agreed at £25,000 per annum but the funding for years 2 and 3 is conditional on receipt of a satisfactory report concerning the usage of year 1 funding. Consequently, £50,000 of funding for years 2 and 3 is shown asa financial commitment in note 20 and is not included in the amounts above.

==> picture [471 x 87] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |7.|DIRECT|COSTS| |These|direct|costs|relate|to|the|Advancement|of|Values|Education:| |Total|Total| |2025|2024| |£|£| |Meeting|and workshop|expenses|1,290|2,462|

----- End of picture text -----

47s

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. SUPPORT COSTS

Total Total
2024 2024
£ £
Travel and accommodation 3,653 3,121
Property costs 11,366 11,330
General expenses 1,776 1,139
Salary costs 12,389 12,354
Bank interest and charges 30 30
Other professional fees 7,344 8,358
Governance costs 10,236 8,420
46,794 44,752

The Foundation employed one part time employee. No employee received more than £60,000.

9. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Total Total
2025 2024
£ £
Cost ofgenerating funds
Portfolio management expenses 89,791 84,905
Charitable Expenditure
Advancement ofValues Education 182,584 192,396
272,375 277,301
10. NET INCOME/(EXPENDITURE)
This is stated after charging:
2025 2024
£ £
Auditor'sremuneration 9,000 7,500

11. TRUSTEES' EXPENSES

Trustees’ expenses of £4,943 (2024 - £5,563) relate to accommodation, travel and subsistence. Some of these are paid directly by the Foundation whilst others are reimbursed on the submission of expense claim forms. 7 Trustees incurred expenses during the year (2024- 6).

None of the Trustees received remuneration or any other benefits during the year (2024 — 0).

12. TANGIBLE FIXED ASSETS

At 5 April 2025 the carrying value of office equipment held by the Foundation was £nil (2024-f£nil), comprising original cost and accumulated depreciation of £3,285 (2024 - £3,285).

-18-

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

==> picture [472 x 110] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |13.|FIXED|ASSET|INVESTMENTS| |Fixed|Asset|Investments|comprise:|2025|2024| |£|£| |Managed|funds|16,967,305|17,523,136| |Unquoted|investments|13|13| |Land|25,000|25,000| |Total|16,992,318|17,548,149|

----- End of picture text -----

All the fixed asset investments are held in the UK.

Land is included in the accounts at cost as the Trustees are of the opinion that the cost of obtaining a valuation of this relatively immaterial investment would outweigh the benefits.

==> picture [447 x 112] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Managed| |Funds| |Market|value|of Managed|Funds|£| |At|6|April|2024|17,523,136| |Additions|119,887| |Drawdown|of funds|(170,000)| |Revaluations|(505,718)| |At|5|April|2025|16,967,305|

----- End of picture text -----

Material investments

Investments in individual funds held at 5 April 2025 are:

==> picture [444 x 87] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Baillie|Gifford|Monthly|Income|Fund|B|8,179,564|8,234,303| |Baillie|Gifford|UK|Equity Alpha|Fund|B|9,196,486|5,467,571| |Baillie|Gifford|International|Fund|B|3,591,255|3,821,262| |16,967,305|17,523,136|

----- End of picture text -----

Baillie Gifford Monthly Income Fund B was previously called Baillie Gifford Sustainable Income Fund B.

=19'«

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. DEBTORS
2025 2024
£ £
Other debtors 29,437 29,137
15. CREDITORS: Amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 211,810 417,278
16. CREDITORS: Amounts falling due afterone year
2025 2024
£ £
Accruals and deferred income 50,000 194,610
17. STATEMENT OF FUNDS
SUMMARY OF FUNDS -CURRENTYEAR
Balance at 6 Gains/ Balance at 5
April 2024 Income Expenditure (losses) April 2025
£ £ £ £ £
General funds 1,023,111 558,407 (176,584) - 1,404,934
Restricted funds - 6,000 (6,000) - -
Endowmentfunds 16,014,795 - (89,791) (505,718) 15,419,286
17,037,906 564,407 (272,375) (505,718) 16,824,220
SUMMARY OF FUNDS - PRIOR YEAR
Balance at 6 Gains/ Balance at 5
April2023 Income Expenditure (losses) April 2024
£ £ £ £ £
General funds 621,996 550,511 (149,396) - 1,023,111
Restricted funds
Endowmentfunds		 7,000
15,280,223		 36,000
-		 (43,000)
(84,905)		 -
819,477		 -
16,014,795
15,909,219 586,511 (277,301) 819,477 17,037,906

Unrestricted funds comprise the general fund which represents the accumulated surplus revenue. These are unrestricted funds which the Trustees are free to use in accordance with the charitable objects. The present policy of the Trustees is to retain funds for the short term working capital requirements of the charity. In addition, funds are retained to support future projects as they evolve.

Restricted funds represent amounts received from third parties to aid the funding of specific projects.

The endowment fund represents those funds which the Trustees consider are required, as at 5 April 2025, to maintain the original benefaction against inflation and other pressures.

-20-

GORDON COOK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

==> picture [481 x 131] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Endowment|Unrestricted|Total| |funds|funds|funds| |2025|2025|2025| |£|£|£| |Fixed|asset|investments|15,419,286|1,573,032|16,992,318| |Current|assets|-|93,712|93,710| |Creditors|due|within|one|year|-|(211,810)|(211,810)| |Creditors|due|after one|year|-|(50,000)|(50,000)| |15,419,286|1,404,934|16,824,220|

----- End of picture text -----

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

==> picture [481 x 120] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Endowment|Unrestricted|Total| |funds|funds|funds| |2024|2024|2024| |£|£|£| |Fixed|asset|investments|16,014,795|1,523,354|17,548,149| |Current|assets|-|101,645|101,645| |Creditors|due|within|one|year|-|(417,278)|(417,278)| |Creditors|due|after|one|year|-|(194,610)|(194,610)| |16,014,795|1,023,111|17,037,906|

----- End of picture text -----

19. RELATED PARTY TRANSACTIONS

Control

During the year the charity was controlled by the Board of Trustees.

Transactions

There were no transactions with related parties during the year other than as noted in Note 11.

20. COMMITMENTS

During the year the Foundation entered into a contract with Edinburgh College of Art in relation to project 278, Saturday Club, whereby the Foundation agreed to fund the project at a rate of £25,000 per annum over 3 years. Funding for years 2 and 3, however, is conditional on receipt of a satisfactory report from the College concerning year 1. In accordance with the Foundations accounting policies, the total funding for years 2 and 3 of £50,000, is not reflected in expenditure for the year or creditors at the year end.

~ 34%