THE JAMES GRAY NICOL TRUST REPORT AND ACCOUNTS FOR I'HE YEAR ENDED 31" DCEMBER 2U24 Scottish Charity Numb¢r SC021360
THE JAMES GRAY NICOL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 3 Isi DECEMBER 2024 INDEX Page Report nf the Trustee8 Independent Auditor'5 Report to th¢ Truslees 10 ststement of Financial Activities Balance Sheet 12 Slatern¢nt of Cash Flows 13- 18 Noles to ihe Financial Statements Appendix I l)etailed Income and Expenditure Account for the ycar ended 31 st December 2024 Appendix11 Movements in Funds- Fabri¢ Fund
THE JAMES GRAY NICOI."I'RUST REPORT OF THE TRUSTEES FOR THF. YEAR ENDED 31st DF.tiF.MBF.R 2024 The trustees present iheir annual report and financial stalein¢nts of the Twst for th¢ year end¢d 31 D¢cember 2024. The financial slalemen(s have been prepared in aLLurdanLC with thc acLOUllting poIiLies.sel oul in the note% In th¢ ac¢(Junts and comply with Ihc charity'% tru41 drcd, th¢ C.hHI'iiic.% and -I'rustee Invegtment {SLOtland) Aci 2005, the clritieS Aeeounls {Scotland) Regiiluti¢)ns 2006 (as amended) and Accounting and Reporting by Charities: Siat¢m¢nl of R¢¢ommended Pra¢li¢e applicable lo ¥harilies pieparing their accoiinl% in ac¢oidance with tl)e Findncial Reporting Standard (FRS1021 applicable in the UK and Republic of Ireland. Th¥ Trust's principal aclivilies a staled in the Declaration of Trust. In partiLultir, in tcrms of Numixr 3 of the Rules appended and signed 05 rclativc to thc said Declaration, the Dbjeet of the .1 rust is th¢ pr¥sL'rvation, mainlcD¢ince and improvemen¢ (Includin exlension) uf thL fubi'iL, filtings, furnishings and Lquipm¢iit of Ilie Residential Homes for L.Iderly People operui¢d by thc Lhurch ol. Sloiland SIKial Care Council {"CrossReach") {l()rmerly ilie Boai'd of 8ocial Resw)nsibility) under thc authority of the CJenLral Asscmbly of the C'hurch. preference being given to the Cl8shlarquhar I lomc for F.Idcrly Pcople, SionLhavcn. The .1 ruslee8, at the annual m¢¢ting, rjeW¢d what their main obj¢¢lives should be wilh r¢gard lo mandg1¢111¥11t ofih¢'l'rus1 aiid Luiifii'iTILd IliLsL iL'iii¥ Iu Lnsure ihai ilie L%tllle was 11)Ll1ld1ed in %ULIi d way as LO preserve the L&pilal and ity valuc in Ihc future in accordanLe wilh ihe I ru%ier's Wi.4hes and inlLinlions whilst, &1 ihe saine lime. maxirni.4ing the inc17me whiLh might be generated to benefil CrossReaL,h and its work wilh older penple, During 2024 ihe Truslecs on Iwo occaslDns, once in r$on in Nuvcmbcr and in DecLmbcr via MiLrosoft Teams. 'I'h¢ Truslccs Ihrvughout the year conlinued to adminisler the herilablc propLrtiLs. Bell IngrAm l.LP, Chttrt¢r Surv¢yors, 2 Albert Sireel, Aberdeen At325 1 XQ cunlilluld Éo act a5 factor to the Eslale. li Was reporied io Ihe 'l'rusle¢5 ihal lh¥ dgri¢ultural huldiii¥s oolltinu¢ tu be fiirmed in a 4ali%faLLory manner. -1.hcre were no changc5 10 thc agricultural tenants during the year. 'I'he famer ienant of. thc steading at Little Bi8hoplon liad r¢liirned rLYintly to moV¢ the remainder of hi.s ilems frorn the steading building and thL Trustccs aLFrccd thc factor should give him an uliimatum lo remove th reynaindcr uf hi5 bclongings. With Tcgard to the other residenlial pmperiies, Ihere werc no chang¢s ot. ILnancy during the ycar bui at the sile visit in November, the Trustees notcd that 4 Terrace CottRge had been abRndoned by the ten8nl who hed also stoppcd paying Tcnl. Occupancy levels throughout Ihe year were 45.4¥0 (5 out ot. I I properties were ocLupied). Flals 2 and 3 in Auchlunies Hoiise and 1, 2, and 3 T¥rr&(e Cotlagos rcmained vacant. Thesc Cottagcs wcrc all Yant and needed new healing and insulation along with rcd¢coration. Thc Truslc¢5 had disfU55ed a proposed course of aclion with tlie FaLtur ai tlie property InspeLtion. 11 was noted that Bell Ingram rnight nccd morc rcsourcc to do that piccc of work. The Trustees instructed the Faclnr tn prepare a prop05dl for con.51(leration by ihe TrLlStees for properly improvements at"I'erraLe Cottages 1 4 to bring them up lo standard for reletling.
THE JAMES GRAY NJCOL TRUST REPOR'I, OF THF. TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2024 I'.111.'I)RMANCI.- (CoThtinucd) Work undcrtakcn in g¢n¢ral maintenancc (If the properties on the F.state and the carrying out of necessary works lu maintain the various area5 of woudland on ihe Eglyte. During the course of the year all n¢c¢ssary repairs were carried out as rquired, including ¢ompleiion of remedial work lo cnsure ¢ompli&nce with thL Electri1 Installation Condition Reports prepared for all thc residential properties. The insuranccs for the various buildings on thc C5'1ate and public liability dnd TnJ51ees' ind¢mnily insurance were renewed as was ihe COVLr for any loss by fire of t1 woodland areas replanted. The company appointed ¢0 rnaintain ihe landscap¢d url'gs on the kslale Conlinucd to provide E4 ulood servicc. 11)ey m&de regulur visits throughout the year, attcnding to ihc dutiLs in Ih¢ir r¢mil and the Trustees agreed to continue Ihe L()mpaiiy's ¢(traCt. NVI'%'I'MI,:N'l' rY)Wl.:RS ]'() In tem)s of. the t)cclardtion of 'lrust, th¢ Trustees have all the puwcrs, privileges and 8m¢niti¢s pertaining to graluilous Irustccs from lime to time und¢r the law of S¢otland. In tctTns of the foremcnlioncd r)¢¢laralion of .1 rust, the rapital of Ihc 'l'rust is (subject to paymenl of any ne¢¢ssdry cttpildl Lxpen.%es) to be relaiiied by Ihe I'rustee5 and thL' r¢vLnue thereof only Ss to bc cxpended in rulfilmcnt ofihe objeci of ihe Trust. It rLmains the policy of Ihc Trustles to adopt d mLdium risk investment slrateby bascd on obtaining a balanced rL'turn bctwccn ineome and Lupilal growth. With thc movc to thc di.scretionury mdnaged inveslrnLnt service, the'l'ruslees havL agreed willi the P'inancial Adviscrs ihal the Advisers, PL'rfunnanLe will be ixnchmLtrkcd with rcference (o the APLIMS Privale Investors Balanccd Index. I'he value of all the'l rust's investments {excluding investment propcrtics) increased by £97,514 (2023.. increased by £61.025) whilsl income from investments (exLluding inveslmenl proFxrt1) tulalled £31,225, as comp&rcd with £29.672 in th¢ pr¢vious y¢ar. Thc valuc of the portfolio managed by Ilr¢win rjolphin al al 315t D¢¢embLr 2024 w&5 £732,520 (2023- £683.878) producing It grLTrS5 aiinuul iiiconi¢ of£18.061 (2023.. £18,19JI.
THE JAMES GRAY NICOL 'I'RUST RLPOR'f 01. I'l IF. TRUSTf.E.S FOR THE YEAR ENf)F,D 31 st l)F.CF.MBER 2024 The .1 rust¢es and the Factor% and their l.egal Advi5ei' have examined ihe major strategic business and opci'aiional risks which the charity faces, in particular by reviewin&F ihe l-rusi's Risk RcbFistcr annually. K¢y risks id¢ntifi¢d in¢lud¢: 5toLk market volalilily with the risk of Ios5 of value of Ihe inveslmenis,. the possibility ol- renlal income decreasing du¢ to poor farniing ¢onditions and other eLonomic the losslpartial juss vf aiiy of th¢ Trust buildings. a br¢ach of I lealth and S&feiy legi.8lation Icdding io prosecuiionlcivil liability; amLndinenls lo legiislation which could #dvLrsLly #ffe¢l the fiiture ofthe Li%(aie such as ¢hdngLs in a&Triculiurnl holdings and tcnAncy legislation. The Trustees ¢onfirni that Sybt¢ms havc bccn esiabli5hed, 50 far practicable, to les&en these risk5. In parliLular, refcr¢nce is made lo the previous statcmcnts concerning the in%uranLe the Ti'ust's assets and also lo the use of professionol invcslmcnl adviscr$, faciors knuwlLdg7LublL inler ulia about agricultural und th¢ Ial leltii)¥ mdrkcl arKi a PTofi&sioiiul coiiipaiiy to maintain the aii)enity parLs ur IhL F.state. 11 is Ihc policy of the Triiste¢s to mainlain ih¢ General F und, which is an unrL'Stricl¢d fund, al such a levcl that their monagemenl and udTninistTLltion cxpcn$c% cun be m¢1 for ar l¢ust th¢ ¢urr¢nl ycar. Llas¢d on th¢ yr ¢nd¢d J I tk¢ember 2024 11)e appi'LTrpfidtL Icvcl of Ir5erves would be £118,414 aiid tli¥ 4111u411 level wlls in of ihis arnount by £ 11,115 12023.. £101.563). A p&ymLnl umiJuntinL7 10 £30.000 12023.. £3Q,OQQ) was made during 2024 ID ('.r(is%Rcach in order In redtice the level of unrL'.slricted reserve5. The TrLislee5 have allowed the K%¢rvcs lo build up over the last few years, mindlul of the need to carry out in the near future a number ofcostly projL¢ls whi¢li will increase Inainl¢nan¢e costs such as the replacemenl of thi Lxisling h¢aling system% in the residential propcrtics. This will be reviewed during 2025. In addilion, Ihe downlurn in lh¢ gas and oil iiidustry aiid lis adverse effect on thc ccoiiomy in IhL' Aberd¢en urea may makL the rLsidLnlial prOFrtI mnre ditfi¢uli lo Ict and may also impact dvcrsLly on rcnts. l-he 'IrUse$ accordingly vicw a higher level of re4erve% 8s currently appropTiale. 'I'he .1 ruste¢s intend tv conlinuc to cn5UTC that Ihc L51alc 15 nianttgcd in such a way as lo pres¢rve thi capital dnd lili Vali in th¢ fului'e in accordanLe wilh the 'fr%(cr.$ wishcs and intentions whilst, dl the Same lime, maxiTnising the income which rnight be gencratcd to neFit CrossReach and ils work with older people.
THE JAMES GRA Y NICOI. I'RUS'I" REPORT OF THE TRUSTEES roR'I'Hb. YF.AR F.NDED 31sl DF.CF.MBF.R 2024 STRUCTUIIE (:OVF.RNAN The James Grny Nicol Trust ("the Trust") w&8 founded by the late Mr. James Gray Nicol in ternis of tlie tkclaration of Trust by him daled 7th and rrgistircd (Il. of C. & S.) 15th, bvih days of March 1977. The Trusi is a registered Scuttish Charity (Charity NumiKr SL021300). Th¢ Trusle¢8 are as providld for in (he said Declaration of Trust and during the yeur 2024 have been: lThe IleveTend 1'homas Spen¢e Ilidd¢ll. Convcnor of the Church of Scotland Social Care -2111 Decluration of Trusl). (I'he-l rwlLL5 lij. 14) allLi151 i¥LI'L JppuiIiI.'d bj, l)L¥dJ u., ..l.)bLIllllLIoiiJ. In view ol. IhL'ir subsianiial holdings (If hLritablL pr()rIY. the .1 ruslees havc appoinied a F'acir)r who, fmrn Ilori'mhi'r ?() I X tn NnvpmN•r ?0? I. 4dp.vn Wl1ce. and Iroin NovLrnber 2021 Lo April 2023 .'ill of Aihollb. Chartcred Surveyors und Propcrty ManaEcr%, 3 Cardcn Tcrrncc, Ahcrdccn, AB I O I US. Dcll Ingrom wcru appoinlcd as faclor frum June 2023.'1'lie Trust¢is liawe fufl',ier,IPP(1.'1-.ieil &i l.Lgal Adviser who aLI%, I Ihe-I'rLlSI. rrom Jun¢ 2017 to JLily 2025 ihi.% W.5 nd from July 2025 it i ('hurch of Scoiland Law DLpartmcnl, 121 CieorLTL SirLLt. l..(liiihurgh. Thc Trl[eeS As A hody mcel nomially once per Annum. wilh day-lo-day adminislralion in relation lo Ihc heritable propertiL% dele&)aled io the bacturs in ¢on8Lilialion, where n¢ccSSdfy With their Le1 Adviycr. Between meetin8S muttcrs rcquiring a dccision by thc Truytccs are gcncr&ll> dcalt with by ¢orr¢spond¢i)¢¢ or lel¢phoiic. Writleii repnrls nn thc hLritablL properiie8 by ili¢ Failuis ure di51riliuled to the-I'rusl¥¢s. In 41ddiliun. Ihe Tr'aclors repon fiilly on their adrninisirdlion of thc heritable propeTlies during ttr preccding yellr ai the annual meeting ()f the l-rusl whcn th¢ Ttustce8 keep ut)der reviLW the condilion ol- IhL pwp¢rti¢s, reviewing rents from time to time as approprial¢', and lixingy a budget for Property maintenance of Ihe following ycar. The insurance of thc hcrilablc properties and lh¢ risk regi5tcr are also reviewed at thc annuul meeling. The Trustees h&v¢ appointcd 14rcwin Dolphin. Sixth Floor. Atria One. 144 Morrison St.L Edinburgh EH3 8BR. as the Trusi's FinanLidl Advisers wilh panicular r¢ferenLe to Stock F.xehanbTe 5ecurilies. The Truslccs have Eranted to their l-. inancial Advisers di.%crelionary powers to manage the .1 rust's portfolio (kLS permittLYi by the charitie & 'l'ruslee lrtveslment (Scoiland} Act 2005). In terms of these poivers, the Financial Advisers, although r¢quired lo work wiihin Ihe-frustCC5' investment strutegy {lls Lthovc in Ihc port}. arc cmpowcred to rcalise inveslrnenls and r¢-inv¢st th¢ sale pr(Keed5, as Ilicy see fit. The prinripal address of the Trusl is 121 G¢org¢ Str¢¢l, Edinburgh, EH2 4YN.
I'FIE JAMF.S GRAY NICOI. TRUST REPORT OF I'HE"I"RUSTEES FOR THE YEAR ENDED 31gl DECEMBER 2024 In addition to the Iwo Trustees appointed oy officiis, the other three Trustees in ternis uf the Declaration of'i rLLSt have to bc assumcd. when vacancies 0Ur. from Ihc agricultural and professional community in Kin¢dineSh1re. There have been four vacancies in ihe latter category of Trustees sinLe the Trust was formed and the foLir Trustees conccmcd wcre sclcctcd on pcr50nal recoinmendation as satisfying the criteria in the tkclaration of Trusl. The S¢cretary provides regular briefings io ihe Trusiees in re8Ard lo charily law and oiher relevani matlcrs. The Trustees review¢d ¥hwi8es being ilTiplem¢iil¢d by OSCR iii r¢gdrd to lh¢ Annual Return, ttiid also the schcmc in terms of which chariiies were being inviied 1¢) advise ()%LR of"n()tlfluble event5" 1.e. matter8 which would have a significant effeLt on the wurking ()f th¢ ¢h¢irity. Th¢ Truslecs arc satisfied that they are compliant with all siatutory obligutions incumbent upon them. DMI ATI TrLLSt¢¢s Tru51e¢s ex vffl¢lo Trustees appoinlod or agsumcd Principul orrice 121 George Sir¢et, FA, iinburgh. Cl12 4YN Charity Number SC021360 Advisers Legal Adviser & Seereiary ChurL'h ot" bcotland Law Department, 121 Georg¢ Sir¢¢l, LAlinburgh, LH2 4YN Factor Bell Ingram Ltd, 2 Albert Slreei Abcrdccn A1125 1 XQ Financial Advisors Brewin Dolphin. Sixth Floor, Airia On¢, 144 Morrigon Str¢et Ldinbuigh. EH3 8BR Indcpcndcnt Auditor 1il.IlLliliiii I l i Ilin, Statutory Auditor Clifton HDUSC, Lrdigard Road, Crieff, Perthshire. PH7 4BN
THE JAMES GRAY NlCOI.'fRUS'r REPORT OF THE TRUSTEES FUR T14E YEAR ENDb.D 31st DECb.MBF.R 2024 A5 charity tTUStee5, Ihe 'fru8t¢¢s re%i)onsiblc for pi'epdring # Iiv.41¢¥.s' annual rcrI and financial siatements in aLcor(knnce with applicable law 2nd Uiiiled Kin8dDm ALLounting Stsndard5 (Uniled Kingdom Gcncrally Accepted Accounting Pra¢ti¢c). The law applicable to charities in Scotland requir¢s th¢ charity Irusl¢es lo prepare financial 8tatement5 for ¢¢i¢l) yLiir wliiLIi show a IrLie and fair vicw of iliL 51alL u1- affairs of Ilie Lharily and ofihe inci)niiii resources. dnd dpplication of resources. of the charity for that pcriod. In preparing the financial sialemcnis, the tru.Se$ are requircd to.. Sele¢r suilabl¢ aL¥ounting poli¥ics and then apply them consi5tently* C)bserv¢ lh¢ methud and prin¢iplcs in the applicable Cliarilies SORP. Mak¢ judgcrncnl.s and eslimaies that are reasonablL and pi'udent. Stale wheiher appli¢able ucLoiinlingY siandards have been followed, subjeci tu any matcria] departures disclosed and explainLd in thc financial stalemenls.. Prepare Ilie financi&l sial¢ments a goin4 coiicern basis unles5 it is inappropriat¢ lu pr¢sume thai the Twst will continue io operaie. lThe 'l-ru4leeq arL' rc%pnnsihle foT keeping proper Accounting rL'cords which disclose with reasonable a¢curacy al any lime the linuncial pusilion ol. thc Trust and enable ihem to ensure that thc financial slalemcnts comply wilh r¢l¥v¥nt le8islalion and the D¢¢luralion of .1 ru.81. I'hey are alsn respunsiblc for yafcg>uardingi ihc assc18 01. IhL Truyl und licnLc for thking reasonable 8Leps for th¢ pwv¢ntion and dctcLtioii of fraud and oili¢r irr¥¥uldrili¥s. EXPF.NI)I-I-UKI.- ON 'fRIJST QEI.IF.(:T Thc Truslccs obtained information from Cr055Rcach for considerolion and, t menlion¢d ubovo, rcsolvcd io make availabl¢ during 2024 u iutMI of £30,000 (2023.. £30.OOn) ID be used to ass15t in the runiiin¥ of Clushlarquhar Home or, altrmaliv¢ly. lowurds improvlmonls lo other Home5 ruli by Cr<)ssRL&¢h for older people. CONCI.USION I laving kept under revi¢w and mad¢ dc¢isions upon both the heritable and movcablc PTorKrty and the inL(Inie being derivLd therefroin. all in the lib?hi ofadvi¢e fwiii Ili¢ir ypprupriuie finanLial advisers, Ihe Trustees consider that thc tinancial position of the '] r81 is s&tisfac(ory. ON BEHALF OF T'HE'I'RUSTEES
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE JAMES GRAY NICOL TRUST OplnloD on financial Statements We have aLtdiled the financial slalemenls of The James Gray Nicol Trust for the year ended 31 December 2024 which comprise the Slalement of Financial Aclivili8s, th8 Balance Sheet, the Statement of Cash Flows and rélated notès. The financial reporting framework that has been appligd in their preparation is applicable law and United Kingdom A¢¢ounling Standards, including Financial Reporting Standard 102 In our opinion the financial slalements.. give a true and fair view of the 8ts1e ol the ¢harity'$ affairs as at 31 December 2024 and of its incoming resour¢es and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in 8GGordanGe with United Kingdom Generally Accepted A¢¢ounling Practi.. and have been prepared in accordance with the Charities and Trustee Investment IScoland} Act 2005 and regulallon 8 of the Charitie$ Accounts (Scollandl Regulations 2006 las amended). Ba818 for oplnlon We conducl&d our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applieable18w. Our responsibilities under those standards are further described in the Auditor, responsibilities for the audit of the financial statements section ol our feport. We gre indepondenl of the charity in accordance with the ethical rgquirem8nls that are relevant to our audrt of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have lulfilled our olhar &thical responsibilities in accordance with these requirements. We tselieve that the au¢Jll èvidènce we have obtained is suffi'¢ienl and appropriate to provide ? ba818 for our opinion Conclu•lonB relatlng to golng conc•rn In auditing Ihe financial slalefflenls, w8 have concluded that the Trustees, use of the golng concern basis of aounting in the preparab.on of th8 financial statements is appropriate. Based on the work we have performed. we have not identified any malenal uncertainties relating to events or conditions that, individually or collectively, may ca81 significant doubt on the charity's ability lo Gonlinue a8 a going ¢on¢em for a period of al least twelve months from when the linaneial statements are aulhorised for issue. Our responsibilities and th& resp)nsibilities ol the directors with resp6cI lo going conGern are described in the relevant section$ of this rèport. Oth•r Infomiitlon Th8 othèr informabon comprises the informats'on includad in the annual report, other than the financial Statements and our auditor's report thereon. The Trustees are responsible fr)r the other information. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of ossufftnce Gonclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial stalemen15 or our knowledge obtained in the audil or olhewise appears to be materially misslaled. If we identify Such material inconsistencies or apparent malerial misslatemenls, we are required lo determine whether there is a material misslatemenl in the financial statements or a material mi55lalemenl of the other infomialion 11. based on the work we have performed, we conclude that there is a material mis51alemenl of this other information, we ar8 required to roport that fael. We have nothing to report in this regard. Matters on which we are requirod to roport by 8xcgption In light of the knowledg9 and understanding of the charity and its environment obtained in the course of the audit. we have Identified no material misstatements within the trustees, report. We have nothing to report in respect of the following matters where the Charities AGcoun15 Iscollandl Regulations 2006 {as amended) requires us tr) report to you if, in our opinion..
adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial slalements are not in agreement with the accountin9 records and relums,. or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all th8 information and explanations we require for our audit Re8pon8lbilitie8 of Tru8t•e8 As explained More fully in the Truslee5' Responsibilities in Relation lo the Financial Statements sel out on page 6, the Trustees are responsible for the preparallon of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control 88 the trustee$ deterniine is neGessary to enable the preparation of financial 8ts1ements that are free from mater$ misslatemenl, whelhei due to fraud or error. In preparing the financial stslements, the trustees are responsible for assessing the charity's ability to ¢onlinve as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of coUnting unless the trustees either intend lo liquidate the charity or lo cease operations, or have no realistic allernallve but lo do so, Auditor'8 respon81bllltle8 for thè audit of tho flnanclal 8talement• Our objectives are lo obtain reasonable assurance about whether the financial $18temenls as a whole arè free from matèrial misstalemenl, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Raasonablè aÈsurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always det1 a material misstatement when it exists. Misslalements can arise from fraud or error and are considered matsnal if, individually or in the gggreg81e, they could re8sonably be expected lo influence the economi¢ decisions of users tsken on the basi8 of these financial stalemenls. Irregularities, including fraud, are instances of non-¢omplianc8 with laws and regulations. We design procedures in line with our responslbililies, outlined above, to detect material misslalements in re5peGI of irregularities, Including fraud. The exlenl lo which our procedures are capabl& of detecting irregularities. including fraud is detailed below., Th8 oxt•nt lo whlch the audlt was consSd8red capable of d8tectlng Irr•gularlll•8 Including fraud Our 8pproach lo identifying and assessing the risks of material misslatemenl in respeel of irregularitses. Including fraud and non-compliance with laws and regulations, was as follows. we identified and assessed the laws and regulation8 applic8ble lo the charity through discussions with Trustees we assessed the susceplibilily of the Company's linanGial stalemenis lo malenal misslalement, inGluding obtaining an understanding of how fraud might occur by making enquiries of Tru51ees and considering the procedures and controls in place to miligate risks of fraud and non-compllance with laws an¢J règulations. To address the risk of fraud through bias and override of controls, we.. performed analytical procedures to idantify any unusual or unexpected relationships lesled joumal entries to identify unusual transactions There are inherent limitations in our audit proGedures described above. The more removed that laws and regulations are from financial Iransa¢lion5. the le55 likely il is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the Trustees and other management and the inspectlon of regulatory and legal correspondence, if any. Material misslaiemenls that arise due lo fraud can be harder lo delect than those that arise from error as they may involve deliberate concealment or collusion.
A fvrthei description of responsibilib'es for the audit of the financtal statements is I(1$ on Ih Financial Reporting Council's web511e al.. hltp.'1IW.1fc.Org.k1audIt0r5resP0S1blliI1aS This descrlptlon forms wt of our atsd6tor'8 report. U•0 of our report This report is made solely to the Tru8tse8 of The James Gray Nicol Trust. Our aud51 work has been undertakon 80 that we might 8tste lo the Truste&8 thos¢ matters we are required to stsle to them in an audilorfs report and for no other purpose. To the fullest exlenl pemiitted by law, we do net rLcept or asjume responsibility to anyone other than the charlty lor our audit work, for this report. or for tho opinkjns we have formed,
10 THk JAMES GRAY NICOL TRUST TATF.MF.NT OF FINANCIAL ACTIVITIF.S FOR THE YEAR ENDED31 DECEMBER 2024 Unre$trleted Restrltttd Endowmeni Fund Fulld Fumd Nott 2024 2024 2024 UnrtstrittsdRestrlettd Lndoiymtnt Futhd Fund Fun 2023 2023 Tolxl 2024 Tulxl 21)23 21123 Incme ind enOowrn¢nts from: 53 1)73 3.969 20,1 114,0311 64JI84 3.52 25J28 92.940 Kxpendiluro ol: Rdlsing Investsneni Mi ana&¢01 cha11bIe cJLliviiiei GrurslJ pYble irt furtherdnce Jr S94 O.N94 Lhurih ul'S¢otl4nd Sokial 14rc Louiicil 3(J,IK)n 30,UUO 30,000 30,000 LuyL4' ()I.lIVi11¥ in furLhernnce ofihL' charli% ahjL'LI%'. Propcrty r.ypciidiiur¢ J Suppi)rl ¢oJLI 99,444 10,B76 9¢).444 12,076 76,964 70.964 1,200 1,200 147214 1411414 123 919 00 121,119 Aei ITrL'lllljtI[eXPLnUl1Urv• befort Eiinl and nn 193.2411 2.769 2&U¥¥ 16q,3X4I 159,M35) 2.32 25.3211 l J2.17YI Nei galnslllosse$l on inv¢stsno)18 84,883 101,055 12,643 57,164 69,807 N¢t InLLtymLl(expend5tye} 193,241) 18,941 36,671 159,8351 14,971 82.492 37,628 TrnN51cr& bciwLYn 20,088 12&OB81 25,328 { 2J.3281 Othtr rteoyi8td 8&iMl(losse* Gaihsll1055csI r¢voluotion o1-11Kl asseL N¢t mov¢menl in fund¥ 18,941 ¥4.883 36,671 134,5071 14,971 51,164 37,628 -rola1 funds brought tonvard Tntil f¥ &irrl¢d f¥nviré 12 129,129 196682 185 448 3 055 859 3 437 98¢) 211 189 170477 2Y98 695 3400361 21I4J119 J,140.742 3,474,66 196h82 185.448 JJ)15,8$9 3,4J7,989 All tsper#tions #rt etrmilrtuing
I'HE JAMLS GRAY NICOL TRUST BALANCE SHEET AS AT318t DECEMBER2024 2024 2023 Nott VIXED Assbl Inve¥ltnenl¥ Invc4lmcnl Properti¢s 1,299,434 1,201,920 I,940.(0 3,2J9,434 3.141.920 CLRRF.NT AS4ETS l)ebior%. LhurLtL of SLx>llind 14 147.357 236.897 Debiors- Oihcr 14 22,780 33bg17 8hort.lin l)¢po5iL8 273.320 3J6.220 C.'RFDITORS: Amtsunt$ fllllni du¢ withln year A¢¢rual¥ 24,32Y 26.374 QihLr credir% Currcnt Asso1¥ 235.220 290.069 J,474,660 3,437,91rJ ,'IIND 3,140,74Z 3,055,859 Rb:STRIL TED FIIND 10 204,389 18J,448 L'NRl4 Sl'RI(.'I'ED I liND 129,529 196,682 3,474,660 3A37,98 PPml'p4 lirE1-, 4 rftr'gi.- hv Ihp TnTvlppY nr ?n25 ind 8i8ned on theirbehaifby..
12 THEJAMES GRAV NICOL'I'RUST srATEMENTOF CASH FLOWS AS AT 31st DECEMBER 2024 Toiol 'llmd$ 2D24 2023 Note Nel cash in 011naCILV1tl¢S 79,%0 Lath flows frorn investing activit1¢8 Inieresi and dividends SJleJlpurLlia¥el of flxLd aiseis SdCllPurchuI of inVL%tsts Nei ¢*$h provided by Invo1n8 a¢i¢viti¢s X4.030 92.940 87.571 IUl,722 Ch#ngL in Lash ¥h equivalcnis in IhL' yLar (y ind ¢48h equivalcTrls bruu8hi furward CA8h Ind cjsh cquivglenif cBrricd forwards 21.762 4J,864 65,626 ia3 183
THE JAMES GRAY NICOL TRUST
NOTES TO THF. WINANCIAL STATEMENTS
FOR THE YEAH ENDED 31 DECEMBFR 2024
l. ChfirltAbie StAtui
'IILC'I'ru5t 15 rcco8niscd as a Scotli8h Chariiy. It is idcntificd as Scoiiish Chariiy Number SC0213(>0.
2. Aeeollthtlttg Polltl¢y
The linanLidl siatcmcnis have been prLpufLd In #¢)rdLC wlth Acc(>uniing and RLrxirLing hy Chariil¢s'.
Statcillct]l ol. RLt4>minLndid Pru¥li¢¥ Mppli¢tsbl¢ IL) ¥harili¢s prrpw'¢iiK IhLir lliLvunls in ULLurdancL wilh
th¢ l.'irtanciul RcrM>rting %tundurd applicablc in the UK and RLpubli¢ of I1ld {FRS102) ond Ih
'inoncial IlewrLinB Siundard #pplilublc in ihc UK and Ilepublic ol. Ireland IFRS1021. the Chariiies And
.1 ru%lcL IThvLslmenl IScoilLndl ALL 2005 and the C.'h&rilies A¢¢ouni% l$¢thilAndl Ileb?ul8tinn4 211116. Iu5
mLnLkd).
The'l'rusL mee15 Lhe definiLi()n (>f 4 publi¢ bcnefil enlily und¢r fRS 102.
(b) (ioiN¥ l.nnL'ern
Th¢ llccounis h&ve been prcpurcd on a goln8 concem b&sSs. 'I'he 'l'ru%¢cLS LY)nsld¢r th¥t ¢h¥r¢ arc no
m&lcrial uncenainlies ah()ui IhL fruyi's ability io coniiiiue as a going eunLLrn.
(c)
'I'h¢'l'ru4t h4L8 ¢haritablc statu8 for IIK tax purc5.
(d) Incrwne
In¢omc i& in¢luded in the %tUl¢m¢nt ()f tthin&n¢tal A¢ilviLiCS in ihe yeur in which thLrc iy IL8uI Lnliilemcnl
IhL income and Iht am(hLinl Lan bL' quantificd wilh reasonable aLLuNLy. PivpLrly tnLwrnL is rLrLivcd
rftim thL reiiiing or rurni¥hL,d pri)p¢fftiL%, tirms. and uny wayleAve.¥. InvL%lmLY)l inLI)mL 1% rLcLi¥ed fmni
Lhi pJrtl(Ilio uf yhurL'% hLld by IhL'I'rii%t. InlLrL%L li rLLLIVLQ Irvm wurking ca%h b&Llances.
(e) tVupendil
'.xpendiliir¢ is inLlu(Icd in Ihc Siaicmenl ()r i.inanLial ALlivitiL'.¥ on an u¢¢ru#ls b&818. Inveqimenl
ManagLnK'nl ¢us(s bovLrs ihc porifollo mana8LmLni f¢X'. (irdnis payable in furthcrdncc of the chdriiy's
objLLL4 ¥hvws thL #muuni lil the C.huiLh
THL JAMES GKAY NICOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 2. Aeeountlne Polleltg Continued (h) FuNdAccouniiAg The Gener Fund is an unre%tricted fund which is available for use al Lhe di%Lr¢liun ot. th¢ Trus1¢¢S in furtherance (bf the general objeclivth ()I' Ihc I'rii%L nnd which has nol ken dtt%ignatLd for uihL'r piirpos¢3. Rc5trictcd l.unds arc funds th&t are lo bc uscd in acrdan with specific reitriitiun% impo5Ld by dunoTS. Pemianenl En<k)wment Funds Are funds Ihai Are to bv revainrd c4pit41 in LOrdanCe wilh the wishes of donDr5. (l) (.'apilallsaiion 'Ihe ey(penditurc on property ¢t¢. which is charged either 10 the r¢siriet¢d or LhL unTCltriLlcd fund 15 tr(¥ied &% wriltLJ) ull. wlthin ¢hut ycllr. 'I'hc trugtee5 believe this capitalisation policy hgs not mg¢¢riAIIy impacicd Lhe lindllLidl %LaiLmcnts. J. Audltor Fee$ Audi¢()¢s Mn¢tlIon lor lh¢ yeor amollntod t() £2,4(X)12023.. £2,100). Outslandin8 fLeA llre inLludL,d in l)thcr Lrcditor5 tn ¢hc H91on¢¢ Sheei. 4. Truytees ReThunerAilon Und Lxpense¥ 'rhc'l'ru51¢¢5 did ni)I any rLmunci'ation durin8 Ihe year12023'. nill. No Tru51cLS rL rcimbursed Lxpcn%e.s12023: none). I'hLrL wl're nu dunations to the I'rnst by-I'ni%i in cithcr yLar. Thc Tru51 ha$ n() cmployees. 5. Proptrty EAl1tt 2Q24 202J L8i&te ManagenKni R()(Ff repair%. J(iincry work cl¢ Plumbin8 & l)rainThge Wfirt< Ll¢ctricul W()rk Oih¥r ¥i'nirul wi>rk% Flelltln Doiler5, Oil TDllk5 Door% & In5llranc¢ rhctor4 MunH¥emeni fee Council lax and utliiie$ costs Dod d¢bts lIt0 off AdvLt11Jin¥& Misttllaneouy Expenstl 7.027 320 6,220 4,62 565 9,759 473 lJ62 15,463 1,082 17,433 15,977 17,553 3.00(1 17,425 12.455 99.444 7b,964
THE JAMES GRAY NICOL TRUST NOTF.S TO THE FINANCIAL STATF.MEKfs (continued) FOR THE YEAR ENDED31 DECEMBER2024 supporte05 2024 2023 Ixglll Admini8trati¥c b.xp¥nses Ac£ouniancy b Audii fee 6,346 2.130 2.400 10,876 6.300 2.100 10512 7. Invutm¢nt$ 2024 2023 ma¢1 ValuL Isl Juthury br(yJ8ht fon¥ord £W.' A¢4ui%itioii% al Lw., l)Isposa18 a( mark vylw¢ Lkak. Lwh mov¢mcnl N¢1 lkn1%4e%N(i4in ()ii r¢valuAlion Md1 VAlu¢ Ai Ilsi l)Lcuinbvr carried forwRrdx 1,201,920 1,140.895 234.631 124.4,41.31 145.389 1148,9301 101,055 1,299.434 69.807 Ilistori¢AI Cos14t 3151 Do¢emb¢r 904 358 917792 Within maTkol valuo 04 L4%h hLld i>ii de%11 INhrri deposill Ilcld with'l'h¢ chUh vl'S¢o¢lund InVE5r% Tru%1 ut th 31.%1 l)¢ccmixr Unli¥ Ln (ir0h fund 8S.15R 88,858 Mrket Volu¢ OL 3lsl l)c¢cmbL'r 566,914 2J8,-124 518,042 2J8.324 In Addilion AniounL8 h¢ld in D¢Frf>SiI fund at 3 Isi i)ecembcr 22,SUU 22,SVO 1¢ i)nly inv¢%linLnis hcld Ihal makc up ¥r¢ulLir Ilian five rrtrttiLI (>ftsiL> lill1 inve%inMIL¥ arL• IIiiiyL' held wlili lh¢ Chur¢li vfbLx>ilund and ul.¥i>. in Ijr¢Ill l)olphin portfoliv IhL f1ill()win¥ fundl with murkcl ¥aluc a4 iioILd.. VanBllwd US lundy £107,8.$2 dnd fid¢liiy 11% fund8 £82,110. In 2023 Ih¢ only 14rcwin l)vlpliin pi>rtr()liD fund5 8rcalcr IhAn 51AI Dfinthl inveqtmenls wcrc VITr80rd us funds £¥5.2¥8 l.idcliiy US fiinds £69,948. Inv¢sim¢nt Proprrtl¢s Ilcritknl¢ 1'rortY at vHlu&tso Addili(M51{Di5pO]$I in y¢Ar 1.940,0(MJ 1,940,000 940 000 Thc invwlinEnl propcrly hus 1&51 bccn volUCd ot 31 Dcccmbcr 2014 hy Dcll Ingram IAd (l)artercd Surw¢ynrs On d op¢n Tnarkcl yUe b15. Thc FoLors We in5tLudcd lo out & rcvduation in 2V22, but this nol yet t4k¢n pIR¢e. Nu are reIlY Availtthl¢ lo ideiiiify Ihc 0ri8intsl (D51 of the Properti£S.
'I'HLJAMLS GKAY NICOL'I'RUS'T NOTES TO THF. FINANCIAL STATEMF.NTS (eomtlnuedl FOR THE YEAR KNDED 31 DECEMBER 2024 9. Ptrmtnt F#dowmtiii Fun Mov¢meiit iii Fund BRIDnco Incomc In¥2s¢m£ttl GAinl(In55) "rr8nsforl Exprnditu Balattc¢ 31 IkLYmber 1st January 2024 EndDwTrKnt 3.055.85Y 26,088 84,883 1210881 3.140.742 2O2J comp4r4lbvt .ndowmeni 2.998.6Y5 25,32% 37.1fi4 125.32%) 3,055,159 The incomc Ikom the Ilind c8n bi Iu TtK¢l thi DbjeLL ul. Ihc Trusl whirh l& lh¢ pTES¢rvuti, and T.'IdLrly PLuplr i>pbrul¢d by th¢ C.liur¢h of 8coiland Sncial Cfire Ctsuncil I'crossreath I (formerly thc Iloard ofknGitJl RL'bpon%ibililyl under the auihurity ufihe Gon¢ral A5¥cmbly. prrfcrcncc bcinb 8Lven to Ihc Cl8shf&ryuliar Ilome for 10. Re1¢¢¢ Fuod Movcmcnt in l.unds H8IBnee l%1 Jnugry lthci)m EX11(11rc Ojil&n 31 Ik'4rmb¢r 2124 r4briL fund 185,448 3,969 16,172 11.200 204.389 2023 ¢omp•ritry¢ 170.477 J,J28 11.2QOI l¥J.448 'I'h¢ truJlx% ar¢ not ¢TrliilryJ 10 di8iribulc iiny ol'lhc ciwial orth¢ whcn ih¢'l'ruJls 6s$¢L4 arc disposcd. InylLad Ihoy arc ITr bo oiiher plo¢od in th¢ l.#brii fund hvld by th¥ Lhurlh of S¢oilaiid, or ts) re-invesiwj. The incfrmo on Ihc&e invc£im¢ni$ 4r¢ P(lt{l inl() Ihits ruTh, Jnd ()ulw)in85 rLslriiled to be used f()r capityl expendiiurc piirpn5CS I l. UTrrtJtrltied Tr'und Illllaiic¢ lyi JanLWry Inw In¥¢slinwl TNii¥f¢rl XPL¥)diiurc Balwive 31 Dcccmb¢r 21124 Itner1 I'un IYfy,6112 53,973 129,529 2n23 eompr*lbve Cicncr41 Trund 231,189 64,084 196,682 12. Ally4 ofNtt Amtti 2024 IlmrtriCted TnlHI InvcslTnents Inv¢slm¢nl Pry)p¢rtity Cunrnt A55ets CurrLJit l.iubilitiL8 187591 1,29Y,434 1,940,(MJO 273,320 { 38.0941 3.474.000 1,940,OnQ 88099 17,998 11,200) 2fr1,389 166.423 136,8941 129,529 3,140,742 2112J compar&tfve nve¥lmenls 1,043,144 1.940,000 72,715 158,776 1.201.920 1.940.(M)O 336.220 140,1311 3.437.989 Inv¢stmeni Prop¢riies Currcni A%5ci¥ 27,872 11,20QI 185,44 235,633 Currenl Liabilili¢s 3.1155.1159 196,fi%2
17 THL JAMES GRAY IYICOL TRUST NOTF.S TO THE FINANCIAL STATEMENTS {contin•ed) FOR THE YEAR ENDED 31 DECEMBER 2024 IJ TrtThsf¢r .1¢¢Th ETrdvwm¢nl Fund Unrestrltted FThd Tb¢ inwtnL fruni invwslnilnts h¥lJ by Uic r.Iid()wnicDi fund yhLIWD nder inL%Kne for the F.iido¥wn¢nt fund in thc SOI.-A. li is thcn iransfcrrcd lo th¢ Unsir1¢tCd fund and becom part •[ Ih&i fund availablE lo meBI Ihe objeciivos of th¢'lnJsL 14 Debtori 2024 2023 D¢btur%- ¢ttrr¢DI account Aceounl held by Unin¢thrp0rcd CounciLq ond Conlit$ ofth¢ Church of Stland 147,357 236,897 Debiury- othcr OulJthDdin8 R¢i)L$ Du¢ In%uThnce Prepaymeni Divid¢nd In¢omc Otr annL 5,2Ql lJ,J87 4.192 10.477 3.Y20 22,780 33,697 hoJl'lLmi l)¢poii Amount held in th¢ $h'lenn l)Lw%iis inLludtR I'und8 ofiht LhuTch ofscvtl&nd IThve51ory'l'rusl. cli hcld by 13r¢win l)(>lpliin. fund.¥ heid hy Ihc l.tKthr and uniÉ>Diii4 held in %ep%rxic 8ccouI In rclfiti4) i(> (jrtY ronlfjl d¥pv¥i15 lin wmplioncc wilh thL' I¢1 requiremenly regarding r¢ni#l d¥pv¥il¥l. 65.626 11 Credltor4 2024 2023 AccNals PrortY l.aclors' fces Quritr(0 31 Llec Ind¢pcndL'ni Audiloey Fe 1.598 2,400 2,13 7,500 4,935 2,11)0 1130 7.500 I,J90 IK¥uI I'cr Inv¢¥im¢nt Manageni r OLhcranThnts I.Y2D oiher Crcdi¢ors l)ther Irlldc crcdilorJ Fi¢ntal IkposiL5 11,700 2.065 13,765 2,065 16 Hel4tut Pirlles Tlie STrLial Care Council uper4ilng wlih Ihe nome of CrossR¥ath 15 a council of I'he Church of SL¥)118nd. I'he Chur¢h of S¢otland. Thty repreycnl¥ & dL'biw ballln of 147.357 12023.. £230,897), Pari vf thL Trubl'8 Inv¢simertL¥ arc with Ihc Churn'h of SEDtlulld lilvtt%r$ Trusl. Tli¢rc Iw) ex (tr1¢10 Truslces. Onc of the currcni CDnvener of thc Church of Scotland's 4ocial <'8Yc Lnuncil Dnd th¢ other Ihe currcni Scthtlary of Ihdl Council. The choriiy mC nts to tho So¢ial Corc Council 0rating with the llwne ol'CTOS5Rca¢h of llO.OIX> 12023: £30.0001.
18 THF JAMF.S GRA Y NICOL TRUST NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) FOR TrIE YEAR ENDED31 DECEMBER 2024 17 RteoThilllthtion of nel movtmtTri In (ullds lo net Irorn opernting activtti N¢1 rnoV¢rnl in fund5 t)¢duci gyinsl back IIJ%Ye% Inv&1 D¢duetinlerc5t & invc8lmoTrl incon DeLrr4&¢ Ilnire&s¢l in drbiors Increa8e (Decrease) in creditors P411 rmh *ed i# op¢r4tiDE a¢vitieS 2024 1023 36,671 37.628 169.8071 192,9401 24,150 21,009 IR4.0301 100.457 {2.0571 50.014 79.960
The following pagcs do not rcprcscnt part of the audited rinancial statements.
THE JAMES GRAV NICOL TRUST Apkrndix I DETAILED INCOME AND EXPENDITURE ACCOUNT for thc y¢•r ¢Nded 313t December 2024 2024 2023 Ptx*ptrty JTh¢omelLxptnditure Furniyhrd Renl 30.9 18,286 3.079 480 -3B.200 19,450 4.288 1,330 Fann Rentg Wdylcov Rwli [Cra¢s1 laundryj Shix)iin8s dc. AbL'rdC Wc¥l Pl'rip.r RDUte cuMpr[lI0 Oih¢r incom¢ 52.1105 E8thie MunAgeml RoDf repair Pliirnbing & Dr4ina8¢ Work I:Icciriul Work Othcr 8¢n¢rnl wvrks Hogiln& Eloikrs. Oil )kY UiH)r% & windows 7.027 320 6,220 4.620 565 9,759 47J 1,362 15.463 1.0112 17,433 15.977 17,55J 3.noo rtOr'S MmAgemeni fe¢ C.ounGil tsx and uilili¢¥ co41 ad debL wri1n o 19.192 17,425 12.455 Advcrti$in8 & Mi8cf Ilaiiwu¥ l..xpen4¢ 99,444 76.964 ei prowrty In¢ornel(exptndliurel Inv¢J¢m¢n¢ lTh¢omt Intere¥t Rertiytd 146,6391 26,088 113.0961 25,328 816 119.3¥31 12,448 and AdMin1Jtr4tn IKAp¢n1¢4 Admini¥IrIlw¥ ExpLn.sLy Accounlancy Fee 346 2,130 6JOO 8,470 8,412 Hrewin l)olphiu - Portfulio Fee 6,894 6,44J ov¢rn•n¢¢ Co81$ Audil F¢¢ 2.40D 2,100 Ohjttls Tr.xpendltwre Puyrn¢nl to Lhur¢h of S¢oilond Sociol ca Cwn¢il 30,OOD 30.000 47.77D 46,955 '&."1 tr.XIPTr:Nl)i-ruiib'. 167,1531 (343071 rund L4aian¢¢ bmughi lonvard at Isl January 196,682 231,189 VVND BALATr4CLLARRIED FORIVARD Al-318t DbCbMBER J29,529 196,682
Appendix 11 THE JAMES GRAY NICOL TRUST Year ended 31st Deeember 2024 2024 VAIIRIC b UND BALANCF. BROUGHT I.'OR WAR[) AT l¥1 JANUAR Y 185,4411 DivithtLds r¢¢¢iv¢d uii 22,319 uniL% in (iD)th fuad ofThuT¢h ofscoiland Invis Tru¥1 3.969 Unreali%ed Ciuittl Ilo%sl on Inve8imeni 1&172 Gthinllluss) ort yale ol'lnvE#ime*i Awts 205,58 Lcglll and Admini51r&iivc I xpcns Iliwp¥rty iKp¢iidiluJ 12UO 11,2001 RAI.ANC E CARRIED FnRWARD AT 3141 Dr.cr.Mr. 2(M,389