DELNIES AND TRADESPARK HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY NO: SC023937
DELNIES AND TRADESPARK HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS PAGES Legal and administrative information Trustees, annual report Independent examinerfs report Receipts and payments account Statement of balances Notes to the financial statement 8-15
DELNIES AND TRADESPARK HALL LEGAL AND ADMINISTRATIVE INFORMATIO FOR THE YEAR ENDED 31 MARCH 2025 Reference and administrative Informatlon Charity name.. Delnies and Tradespafk Hall Charity règistration no: SC023937 Principal addres8- Trustees The trustees serving during the period and since the year end are as folk)ws.' Sollcltors R & R Urquhart LLP, 117 - 121 High Street, Forres IV36 1AB StoGkbrokers Rathbones, 10 George Street, Edinburgh EH2 2PF Independent 6xarnln¢r ttish Legal Accountants, 126 Drymen Road, Bearsden G613RB Page 1
DELNIES AND TRADESPARK HALL TRUSTEES, REPORT FOR THE YEAR ENDED 34 MARCH 2025 The trustees submit their annual report and financtal stalements for the year ended 31 March 2025 Stru¢ture, G¢veman¢e and Management ovemin document The organisation is an unincorporated charitable body under the control of a Deed of Trust dated 18 April 1947. The gèn8ral managernent and control of the trust is vested in a Committee of Management of tCh all the trustees are mernbers. The aim5 and objectives of the charity are sel out in the Deed of Trust Legal and administrats've informalion set out on page 1 forms part cf this report. The financial statements comply with the currgnt statutory requirements. Recruitment and a intment of trustees Under the requirements of the Constitution, the minimum nurnber of trustees is three with maximum of e1Ve. If there were a requirement for new trustees, Ihese would be identrfied and appointed by the Committeé of Management. When the Trusl Deed was estsblished. It was essential that one of tho trustees was from the Scottish Council of Soclal Service, an organisation no longer in existence. A Petition was submitted to the Sheriff for an Interlocutor under Section 22 of the Trust (Scotland) Act 1921 to appoint six addilional trustees. This was granled t)n 1 June 2004. The trustees seek to ensure th2t the needs of all the people affected by its work are appropriately reflected through the diversity of the trustee body. isk Assessment The trustees regularfy review the risk that the charity faces and to date, these have mainly related to the effective sale of the subjects and investment management. The trustees have viewed the investment arrangements pending consideralion of application of the funds. ObJectlv•s and Actlvlllo$ The trust subjects al Delnies and Tradespark, Nairn were acquired in June 1947 by the. trustees of D8lnies and Tradespark Hall Trust by Disp051tion b in favour oiql1lynd others as trustees for the purposes specified in a Deed of Trusl by olhers and registered in the Books of Council and Session on 18 April 1947. The charity objectlv88 provlde that the subjects and buildings are dedicated and shall be held by the trustees and iheir successors for the purpose of physlc81 arKt mental training and recrealion and social, moral and Intelleelual development through Ihe medium of readlng and recreation rooms, library, lectures, classes, recreats'ons and entertainment or otherwise as may be found expedient for the inhabitants of the Districts known as Tra(Jespark and Delnies in the County of Nairn and their immediato vicinity wilhoul distinction of sex or of political, religious OT Other opinions. A Petition was presented to the Sheriff Court in June 2004 under Section 22 of the Trusts (Scotland) Act 1921 to seek approval to the trusteos selling the subjects and devoting the money arising from the sale, so far as possible, for the purposes detailed in the Deed of Trust. Page 2
DELNIES AND TRADESPARK HALL TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Objectives and Actlvltles Icontinued) The Petition was granted on 1 June 2004 and, in April 2005, the Delnies and Tradespark Hall was sold with the sale monies, after deduction of the sale expenses. placed on solicitors deposit through R & R Urquhart, the Trust's solicitors. The trustees have appointed Investec Wealth & Investment Ltd, investment managers, to advise on the managernent of the funds under their control. The Trust Deed gives the trustees power to apply the funds in the hire or purchase of other subjects approved by the Committee or as near thereto as circumstances will permit or towards such other charitable purpose or objects for the benefit of the inhabitants of the specified Districts as may be approved, all in terms of Clause 15 of the Trust Deed. Achlevements and Performance The trustees have maintained their watching brief on future developments of proposed projects in the neighbourhood of the original hall and reviewed investment provisions as required. The trustees are hoping to identrfy assistance towards 8 one off major project in the medium term, but wish to have the funds managed in the interim with the assistance of the investment managers. Flnanclal revlew The accounts on page 6 show a net deficit movement in the funds for the year of £8,641. The income from investments for the year was £6,518.62 Investment olic Investment of capital is the sole source of ongoing income. The fund is invested with the objective of preserving the fund whilst limiting the funds exposLkre to no more than a level of medium risk. Reserves olic The Reserve fund represents the unrestricted funds arising form past operating results. The Committee of Management is satisfied that the balance of funds is satisfactory given the current operational expenditure. Plans for future perlods The trustees will maintain their watching brief on future developments of proposed projects in the neighbourhood of the original hall and review investment provisions as required. Trustees Trustees who served during the year and up to the date of this report are set out on page 1. Page 3
DELNIES AND TRADESPARK HALL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting policies The principal accounting policies adopted in the preparation of the financial statements are as follows- Fund accounting Funds held by the charity are.. Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds - these are funds which can only be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. No such funds were held at 31 March 2025 Incoming resources All incoming resources, revenue and capital, are recognised on a ceIptS basis. Resour¢es expended All expenditure is included on a payments basis. The charity is not VAT registered and accordingly expen(Jiture 15 shown gross of ircoVerable VAT. All expenditure has been classified under headings that aggregate all costs related to the category. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 2. Trustees remuneratlon and expenses No trustee of the charty nor any person connected to them has received or is due to receive any remuneration or reimbursement of expenses for the year directly or indirectly from the charitls funds. 3. Controlling party The charity is under the control of a Committee of Management of which all trustees are members. All members of the Committee of Management have equal rights. Page 8
DELNIES AND TRADESPARK HALL TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees, responslbllltles Charity law requires the trustees to prepare financial statements, which are tiue in view of the state and aff8irs of the charity al the end of the financial year and of its incoming resources and applications of resources Including Ihe net in¢ome or expenditure for the financial year. In oing so the Irustees are required to: select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; stat6 whether applicable 8ccounting standards have been followed. subject to any material departures disclosed and explained in the financFal statemènts; prepare the financial statements on the going concern basis unless it is appropriats to presume that the charity will not continue in operation. Tho trustees are responsible for keeping proper accounting records vthich disclose with reasonable accuracy at any ts.me the financial position of the charity and which enables them to ensure that the financial statements comply with the Charilies Acts. They are also responslble for safeguardlng the assets of the charity and hen iaking reasonable Bleps for the prevention and detection of fraud and other irregularities. Appolntment of Independent examlner The trustees have appointed David Cassidy as independenl examiner of the charity. 12 Tk>LY 2025 Signed on By: Trustse Trusteo Trustoe Page 4
INDEPENDENT EXA INER'S REPORT TO TH TRUSTEES OF DELNIES AND T ESPARK HALL FOR THE YEAR ENDED 31 MARCH 2025 I report on the attounls ot the charfty for the yèar ended 31 March 2025. which are set oytonp es6tol0. Res¢11¥? respon61bllltl•a ol tWSlo09 and •xamlner The charitytruslees Bre responsible frjr the wepar8tlon of the accounts In accordance Yth the lefms of the Charities Bnd Truste88 Inveslmènt (Scotland) Act 2005 and the Charitie5 Accounts IScotland> RegJlaknns 2006. The charity tnsstees consider Ihat the audit requirement of Regulats'on 10{1) (d) of the ACcct3 Regulattons dc¢s not appfri. It io my respLMsibility lo examine the acf>)unts as required under Sectton 44(1) (c) of the Act and to state ether parttcttlar matters hxve come to my attent%Dn. 51s of the Sndependent examlnerf$ report My examination Is caled out in accordance with Regulation 11 of the Charities Accounts (Scodand) Regulations 2006. An examinats'on indudes a review of the aCcJ[Stng reGords kept by the charfty and a cwtp&r5son of tho accwnts presented wlth those reccrds. It also inchjdes consKleration d any Unus81 items or disclosures in the accounts, and seeks explanatton from the tru$te¥s c¢n¢eming any stsch matters. The procedures undertakBn do t Prov@ 811 the evidencp Ihal would be uIred in an auth't, and cOnsen i (kj not express an audit opinion on the wew given by the accounts. Independent examlnots statement ID the course of my examination, no matter has come to my attentton 1. whlch oives me reasonablg cau$e to bdievt that in any matenal r66pecI lh& requrements:
to keep accountkng records in accordance S8¢don 44(1) (a) of the 2005 Act and reoulation 4 of the 2D06 Accounts Regukt¢ons, and to prepare accounts 1¢ accord with the accouning records and comply with Regulatioft 9 of th& 2006 AcL¥Junts Regulatv)ns havè not bèèn met, or 2. to which. in my opinbjn, atten shoulé be drawn in order to enable a proper UndersiartJtng of fh8 8Gcounts to be reached. Scottish Law Accountant Date /r/q120 7_{ Page 5
DELNIES AND TRADESPARK HALL RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Recelpts Income from investments Bank interest Income from investments 123 6,519 155 6,191 6,641 6,346 Receipts from Investment sales Proceeds of investment sales 19,415 42,652 Total recelpts 26,057 48,998 Payments Investment management costs 2.029 2.315 Administration Expenses 20 Governance cosls Independent examiner's fee Legal and professional fees 334 7,018 299 6,287 9,382 8,921 Payments relatlng to investment movements Purchase of investments 25.317 42.834 Total payments 34,698 51,756 Surplusl(deflcit) for year Page 7 8,641) 2.758 All funds are unrestricted. The notes on pages 8 to 10 form part of these financial statements Page 6
DELNIES AND TRADESPARK HALL STATEMENT OF BALANCES FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Cash funds Cash and bank balances at slart of year 4,913 7,671 Surplusl(deficit) for the year as shown on receipts and payments account Page 6 8,641) 2,758) Cash 8nd bank balances at end of year 3.729 4,913 Unrestrlcted funds General fund 3,729 4.913 Total funds 3.729 4.913 All funds are unrestricted. ssets Investments held at market value 250,997 238.442 Approved by the trustees on I Z J V Ly 202¥ and are signed by: Trustee Trustee Trustee The notes on pa9es 8 to 10 form part of these financial statements Pa9e 7
DELNIES AND TRADESPARK HALL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4. Investment summary Cost Marf(et Value 31 March 2025 Holdlng UK Govi of 6,190 units 0.375 % Snr 4,717.93 5,042 UK Govt of 11,600 units 8.470.76 8,698 Alliance Trust Asset Mana @ment 5.816.141 Monthly Income Bond B Net Inc 6.480 5,665 GCP Infrastruclure 8,000 Ordinary 1p Shares 8.209 5,708 MI Twent our Inv 71 ordinary shares 7,325.52 7.002 Ro l London Utm 10.000 units 13,331 12,090 Twen our Income 3.575 Ordinary Red 1 p Shares 4,195 3,986 Ishares li PIC 840 ordinary shares 1.600 ordinary shares 4,587 7,193 4,117 7.004 BNY Mellon 2.990 Intl Bonds 7,073 6,170 Ju iter UT Mn 15,793.77 units rs 18,570 12,695 M&G Securities Ltd 8,873.302 ordinary shares 8,178 8.200 UK Govt of 9,500 units 8,137.39 8,314 Invesco 20 ordinary shares 3.902.45 4,655 Aberdeen Standard Life Investments 600 UK Smaller Companies Ac¢ 2,243 5,444 Ltrnk Fund Sol Ltd 1.950 CF Lindsell Train UK Equity Fund Acc 4,472 10,248 Forward 117,086 115,038 Page 9
DELNIES AND TRADESPARK HALL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Inveslment Summary .' Continued Cost Market Value 31 March 2025 Forward 117,086 115,038 Artemis Fund Mana ers 7.900 Income Institutional In¢ 6,705 9,465 Franklin Tem lelon Investment Mana 6.750 UK Mid Cap W Inc Nav ement 3,117 6,371 Blackrock Fm Ltd 4,000 Continental Eurp Inc D Acc 8.959 13,570 Baillie Glfford 585 ordinary shares 5.531 8,763 Flndla Park Fd 65 ordinary shares 9,169 10,857 JPMoi an Fund Icvc 3,465 ordinary shares 5,749 6,764 SchToder US Sfnl Co 2.425 units 4,222 4.457 Baillie Gifford 300 ordlnary shares 5.603 4,761 First State Inveslmènts 540 Stewart Inv Asia Pa¢1 Ldrs 2,303 5.467 Gem¢a Investment 2,030 units £ 4.096.74 4,319 I hares V 125 ordinary shares £ 7,471.84 8,415 JPMor an Gbl Eme 4.000 ordinary shares 5,008 5,270 As$tJra 13,025 ordinary shares 5,871.67 6,024 Picton Pro Income 13,870 ordinary shares 10,330 9,938 JP Mor an AM UK Ltd 7,100 Opps C Nel Acc 10.279 12.290 Forward 211.501 231.769 Page 10
DELNIES AND TRADESPARK HALL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment summary .' Continued Cost Market Value 31 March 2025 Foard 211,501 231.769 HICL 3,720 ordinary shares 4.996 4,181 Artemis 600 ordinary shares 2,835.60 2,841 Ishares 1,620 ordinary shares purchased £ 6,344.35 6,381 Goldman Sachs Wert 5,500 units 5,500.00 5,825 231,177 250,997 Total investments held at 31 Mah 2025
DELNIES AND TRADESPARK HALL Receipts Actual figures Account figures Start R & R Urquhart Matter 1 Matter 2 31103123 31103123 Investec Wealth & Investment 31103123 5,367.76 5,367.76 5,368 Income frorn investments 02104124 10104124 15104124 19104124 24104124 03105124 08105124 31105124 31105124 31105124 03106124 04106124 04106124 28106124 28106124 28106124 28106124 28106124 28106124 01107124 01107124 01107124 02107124 02107124 11107124 11107124 26107124 31107124 02108124 02108124 05108124 30108124 02109124 02109124 02109124 09109124 27109124 30109124 30109124 30109124 03110124 04110124 08110124 175.61 106.81 65.87 40.00 11.61 141.57 24.71 99.92 127.20 40.57 128.30 62.96 24.71 140.00 164.44 176.73 46.97 30.03 95.55 56.28 24.71 171.21 85.35 34.73 48.68 109.41 40.00 15.00 71.50 50.75 24.71 128.30 97.21 24.71 50.90 140.00 96.78 174.42 9.96 66.67 200.49 24.71 167.13 Fotward 3,617.17 Notes - For information only
DELNIES AND TRADESPARK HALL Receipts Actual figkjies Account figu$ Income frorn investments - Continued Forward 3,617.17 09110124 18110124 23110124 31110124 01111124 28111124 29111124 02112124 02112124 02112124 04112124 04112124 31112124 31112124 31112124 31112124 02101125 06101125 06101125 15101125 24101125 31101125 31101125 03102125 07102125 26102125 28102125 03103125 05103125 11103125 31103125 31103125 109.41 96.00 11.61 24.71 71.50 137.76 128.30 96.75 140.00 144.99 46.20 24.43 168.00 24.43 167.62 166.90 177.10 17.63 59.01 109.41 40.00 30.67 23.75 71.50 50.75 44.02 128.30 97.26 24.43 140.00 158.57 170.44 6,518.62 6,519 Notes - For information only
DELNIES AND TRADESPARK HALL Investments transactions nosis Son 4,000 ordinary shares sold £ 4,168.00 Credit A ri¢ole 5,000 ordinary shares sold 5,5LIO.00 Neuber er Ber Inv 410 units sold £ 4.169.70 Pimco Global Advisors 465 Global Inv Grad Cred Hgd Instl 5,454.45 Edison Second liquidation payment 123.25 Vontobel Fund MTX 22 ordinary shares sold 2,559.26 SDCL Ener Call 6,125 ordinary shares sold 3,160.34 Credit A ricole 5,500 units sold 6,627.50 £ 19,415.40 19,415 Total Receipts 31,302 Payments Actual figures Account figures Purchase UK Govt of 0.5% Bds 6,000 units pur¢hased 5,091.19 Gemca Invest ent 2,030 units purchased 4,096.74 Invesco 20 ordinary shar6s purchased 3,902.45 Artemis 600 ordinary shares purchased 2,835.60 UK Govt of 3,500 units purchased 3,046.20 Ishares 1,620 ordinary shares purchased 6,344.35 £ 25,316.53 25,317 Notes - For information only
DELNIES AND TRADESPARK HALL Investment management costs Rathbones 10106124 09109124 09112124 09101125 602.26 610.25 610.57 206.06 £ 2,029.14 2,029 Administration Expenses Legal and professional fees S¢0 ish Le Audit Fee al Accountants 24106124 334.20 R & R Urquhatl - Professional Fee Professional Fee 13105124 16108124 2,400.00 4,284.00 7,018.20 7,018 Close R & R Urquhart Maller 1 Matter 2 31103125 31103125 Investec Wealth & Inv8Stment 31103125 3,952.13 3,952.13 3,952 Total Payments 38,316 Notes - For infonnation only