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The Faslane Charitable Trust REPORT AND ACCOUNTS
For the year ended 30 June 2025
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Caledonian Exchange 19AEDINBURGHCanning Street i. EH3 8HE
Scottish Charity No SC028854
The Faslane Charitable Trust
Report and Accounts
For the year ended 30 June 2025
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|Contents|Page|No|
|1.|Trustees’|Report|1|
|2.|Independent|Examiner's|Report|4|
|3:|Statement|of|Financial|Activities|5|
|4.|Balance|Sheet|6|
|5.|Notes|to the Accounts|7|||
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The Faslane Charitable Trust
Trustees' Report
For the year ended 30 June 2025
Introduction
The Trustees present their report and the financial statements of the Charity for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity’s Trust Deed, the Charities | and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
Objectives, Activities and Grant-Making Policy
The purpose of the Trust is to make payments for charitable purposes to charitable institutions, societies, foundations or funds as the Trustees in their sole discretion decide. The Trustees hold the funds as specified in the Deed of Trust.
The expression “charitable purposes” means a charitable purpose as defined in Section 7 of the Charities & Trustee Investment (Scotland) Act 2005 and which is also regarded as a charitable purpose in relation to the application of the Taxes Acts.
Achievements and Performance
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During the period of these Accounts the Trustees made grants and other charitable donations to 8 organisations amounting in total to £50,000 (2024 — 9 organisations totalling £55,000). Further details are contained in Note 4 to the Accounts.
Financial Review
During the period of these Accounts the Trustees made grants as noted above.
The investment income received by the Trust during the year amounted to £45,986 (2024 - £47,764).
Realised gains on sales of shares were £3,494 and there were unrealised gains of £12,082 (during the previous year there were realised losses of £5,288 and unrealised gains of £99,112).
There was a deficit on the General Funds of £5,388 (2024 — deficit of £8,869) reflecting the level of donations in the year and a surplus of £11,531 (2024 — surplus of £90,721) on the Capital (designated) Fund reflecting the investment gains noted above.
The total value of the trust funds held as at 30 June 2025 amounted to £1,348,332 (2024 - £1,342,189). The Trustees are satisfied that adequate funds were available at the Balance Sheet date to continue to fulfil the charitable objectives of the Trust.
Investment policy and performance
The Trust's investments are included in the designated Capital Fund.
The investment objective of the Trustees is to achieve an above average income yield together with growth of income over the long term. To implement that objective, Charles Stanley manage || the investment portfolio on behalf of the Trustees. The value of the portfolio increased from | £1,297,777 to £1,302,301 during the period.
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Risk Management ! The principal risk faced by the Trust lies in the performance of investments. | The Trustees consider variability of investment returns on the capital (designated) fund to constitute the charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The Trustees have directed the investment managers to manage the funds with a balance between income and capita! growth and a medium/high risk classification. Reserves Policy The Trustees have chosen to designate the capital funds held by the Trust, being the original capital of the Trust, adjusted annually for income and fees related to capital and for investment gains and losses, to preserve the income generating capacity of the Trust; they have: power to apply the capital and the general funds towards the charitable purposes to such an extent as they may from time to time think fit. |
At the end of the financial year, the Trustees review the reserves of the charity and consider donations to be made based on the level of reserves in the general fund after allowing for the annual operating costs of the charity.
Structure, Governance and Management The Charity was established by Deed of Trust granted me dated|8 and 16 March 1999 and registered in the Books of Council and Session on 22 April 1999. | The Trustees who served during the period of these Accounts are noted below. In appointing Trustees, the Board seeks to maintain a balance of relevant skills and experience. New trustees receive copies of the Trust Deed, Minutes and Accounts and OSCR’s Guidance. Appointments are not limited in time.
The Trustees,Trust and whomake havedecisions wide investmenton the applicationpowers,ofmeetincomeannuallyfor charitablto revi e wpurposes. the er ee as Secretary and Treasurer of the Trust, administers the charity on a day to day basis. Charles Stanley manage the investment portfolio on behalf of the Trustees.
Details of Transactions with Related Parties
Reference and Administrative Information
Scottish Charity Number: SC028854
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a and Treasurer
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Legal Advisers Lindsays LLP Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE
14 Rutland Square Edinburgh EH1 2BD
Investment Managers Charles Stanley 2 Multrees Walk St Andrew Square Edinburgh EH1 3DQ
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Statement of Trustees Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United; Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution 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 those financial statements, the Trustees are required to
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charity SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
Approved by the Trusteeson 2&8 J wy 2025 and signed on their behalf by:
The Faslane Charitable Trust
Independent Examiner’s Report to the Trustees
For the year to 30 June 2025
| report on the Accounts of the Charity for the year ended 30 June 2025 which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities ;Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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e to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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¢ to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gibson McKerrell Burrows Limited 14 Rutland Square Edinburgh EH1 2BD
23 Attgus 2025
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The Faslane Charitable Trust
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|Statement|of|Financial|Activities|;|
|including|Income and|Expenditure|Account|
|For the year ended|30 June|2025|
|General|Designated|Total|funds|
|2025|2025|2025|||2024|
|Notes|£|£|£|£|
|Income from:|||
|Investment income|3|45,986|-|45,986|||47,764|
|Total income|45,986|-|45,986|||47,764|
|Expenditure on:|||
|Raising|funds:|investment management|fees|-|2,671|2,671|||1,470|
|Charitable|Activities|4|51,374|1,374|52,748|58,266|
|Total|expenditure|51,374|4,045|55,419|59,736|
|Net (expenditure)/income|and|net movement|in|||
|funds before gains and losses on investments|(5,388)|(4,045)|(9,433)|||(11,972)|
|Other recognised|(losses)/gains|||
|Realised|gains/(losses)|on|disposal|of|investments|-|3,494|3,494|||(5,288)|
|Unrealised|gains/(losses)|on|investments|5|-|12,082|12,082|{||99,112|
|.|15,576|15,576|93,824|
|Net movement|in funds|(5,388)|11,531|6,143|81,852|
|Total funds|brought forward|50,655|1,291,534|1,342,189|||1,260,337|
|Total funds|carried|forward|45,267|=|1,303,065|=|1,348,332|||1,342,189|
|No trust activities were acquired|or discontinued|during|either of the two years.|||
|The|Notes|on|Pages 7|to|10 form|part of these|Financial|Statements.|j|
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The Faslane Charitable Trust
Balance Sheet
As at 30 June 2025
| Total funds | Total funds | Total funds | ||
|---|---|---|---|---|
| 2025 | : | 2024 | ||
| Notes | £ | ‘ | £ | |
| Fixed assets | ||||
| Investments | 5 | 1,302,301 | 1,297,777 | |
| Current assets | ||||
| Debtors - accrued income | 2,644 | 2,560 | ||
| Cash held by Lindsays | 45,461 | 43,686 | ||
| Charles Stanley deposit accounts | 674 | 1,430 | ||
| 48,779 | 47,676 | |||
| Creditors: Amounts falling due within | ||||
| one year | ||||
| Accruals | (2,748) | (3,264) | ||
| Netcurrentassets | 46,031 | |||
| Net assets | 1,348,332 | 1,342,189 | ||
| Total Charity Funds | { | |||
| Unrestrictedfunds | t | 1,348,332 | 1,342,189 |
Approve AS 4s uhy 2025 and signed on their behalf by
The Notes on Pages 7 to 10 form part of these Financial Statements.
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The Faslane Charitable Trust
Notes to the Accounts
For year ended 30 June 2025
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- Principal Accounting Policies
(a) Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts and 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 (FRS102) (Second edition — October 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trust constitutes a public benefit entity as defined by FRS102. The Trustees consider there are no material uncertainties about the Trust's ability to continue as a going concern. (b) Financial reporting standard 102 — reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these accounts, as permitted by the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102): - the requirements of Section 7 Statement of Cash Flows ]
(c) Funds Structure All of the Charity’s funds are unrestricted; the Trustees have chosen to designate the capital funds of the charity to more clearly identify the income available for distribution. All of the Charity’s funds are available to be used in furtherance of the charitable objects.
(d) Income Recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
(e) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (i) below.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award; and the notification gives the recipient a reasonable expectation that they will receive a grant. Grants awards that are subject to the recipient fulfilling conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
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Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
(f) Irrecoverable VAT ; Irrecoverable VAT is charged against the expenditure heading for which it was incurred. (9) Costs of raising funds The costs of raising funds consist of investment management costs. (h) Charitable activities | Costs of charitable activities include grants made, support and governance costs as shown in note 4. | (i) Support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination and an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned between funds based on an estimate by the Trustees. The allocation of support and governance costs is analysed in note 4.
(j) Fixed asset investments | Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
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(k) Realised gains and losses | All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales) proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. |
(I) Cash and Cash equivalents Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible | to known amounts of cash with insignificant risk of change in value |
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2. Trustees and Employees
The Trust has no employees and none of the Trustees received any remuneration, nor were any expenses reimbursed to any of them, during the current or previous year.
3. Investment Income
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|Total|
|General|Designated|funds|©|
|2025|2025|2025|2024|
|£|£|£|£|
|UK|Investments|-|Listed|45,189|-|45,189|46,279|
|Interest|on|funds|held|by|Lindsays|and|Investment|Managers|797|-|797|1,485|
|45,986|-|45,986|47,764|
|4.|Expenditure|on|charitable|activities|:|
|Grant making|||
|The Charity did|not undertake any charitable|activity|directly but met|its|charitable|purposes|through|grant-making.|
|During|the|year grants|and|charitable|donations were made|by|the Trustees|to|the|following|organisations:|
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|General|Designated|Total|
|2025|2025|2025|2024|
|£|£|£|£|
|Gurkha|Welfare|Trust|10,000|-|10,000|5,000|
|Scottish|Wildlife Trust|10,000|-|1 0,000|10,000|
|Beatson|Cancer Charity|5,000|-|5,000|5,000|
|BLESMA|5,000|-|5,000|5,000|
|Brooke|Hospital|for Animals|5,000|-|5,000|5,000|
|Cats|Protection|5,000|-|5,000|5,000|
|Dogs|Trust|5,000|-|5,000|5,000|
|RNLI|~|5,000|-|5,000|5,000|
|Woodland|Trust Scotland|-|-|-|40,000|
|50,000|-|50,000|55,000|
|!|
|Support Costs|.|
|Secretarial|and|administration|costs|225|225|450|751|
|Accounting|fees|231|231|462|441|
|atures|rae|—-|Sis|
|456|456|912|1,192|
|Governance|Costs|||
|Independent|examination|693|693|1,386|1,323|
|Legal|fees|225|225|450|751|
|918|918|1,836|2,074|
|51,374|1,374|52,748|58,266|
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5. Investments
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|Investments||||
|---|---|---|
||2025|| 2024|
|Investments at market value|£|1
£|
|As at1 July|1,297,777|1,203,199|
|Additions in period
Disposal in period|29,421
(36,979)|43,953
(48,487)|
|Unrealised gains/(losses) during year|12,082|99,112|
|Asat30June|1,302,301|1,297,777|
Investments comprising more than 5% of the total investments were as follows:-
| Market Value | |||
|---|---|---|---|
| 2025/2024 | 2025 | 2024 | |
| Number | & | £ | |
| 27,580 | Temple Bar | 87,980 | 71,432 |
| 7,800 | Alliance Trust | 95,316 | 94,536 |
| 4029/4575 | BAESystems | 76,007 | 60,390 |
6. Related party transactions
7. Analysis of charitable funds
|Analysis of charitable fundscharitable fundsfunds||||||| |---|---|---|---|---|---| |2025||||||| |Analysis of|Balance bi/f|Income|Expenditure|Gains|Fund c/f| |Fund||||and Losses|| |Movements|||||| |General|50,655|45,986|(51,374)|-|45,267| |Designated|1,291,534|-|(4,045)|15,576|1,303,065| ||1,342,189|45,986|(55,419)|15,576|1,348,332| |2024|||||| |Analysis of|Balance b/f|Income|Expenditure|Gains|Fund c/f| |Fund||||and Losses|| |Movements|||||| |General|59,524|47,764|(56,633)|-|50,655| |Designated|1,200,813|-|(3,103)|93,824|1,291,534| ||1,260,337|47,764|(59,736)|93,824|1,342,189|
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