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 oiql1ly￿nd 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 ir￿coVerable 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 Y￿th
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 ACcc￿￿t3 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 ca￿led out in accordance with Regulation 11 of the Charities Accounts
(Scodand) Regulations 2006. An examinats'on indudes a review of the aCc￿J[St￿ng reGords
kept by the charfty and a cwtp&r5son of tho accwnts presented wlth those reccrds. It also
inchjdes consKleration d any Unus￿81 items or disclosures in the accounts, and seeks
explanatton from the tru$te¥s c¢n¢eming any stsch matters. The procedures undertakBn do
t Prov￿￿@ 811 the evidencp Ihal would be ￿uIred in an auth't, and cOnse￿n￿ i (kj not
express an audit opinion on the wew given by the accounts.
Independent examlnots statement
ID the course of my examination, no matter has come to my attentton
1. whlch oives me reasonablg cau$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
Fo￿ard
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 Ma￿h 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