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2025-12-31-accounts

Charity registration number SC029604 (Scotland)

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

I W Calder J McMenamin

A Dundas I Honeyman D Stephen D Read A Gilloran J Law

(Chairman)

(Vice Chairman) (representing Scottish Building Federation Edinburgh and District Association)

(Chairman of Welfare & Vice Chairman)

(Appointed 30 January 2025)

Scottish Charity Number SC029604

Secretaries & Treasurers Azets (Also Principal Address) Quay 2 139 Fountainbridge Edinburgh EH3 9QG

Medical Advisor Dr Ian Johnston

Investment Managers RBC Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8BR Bankers Cater Allen Private Bank 9 Nelson Street Bradford BD1 5AN Independent Examiners Johnston Smillie Ltd Chartered Accountants 5 South Gyle Crescent Lane Edinburgh EH12 9EG

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 13

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report and financial statements for the year ended 31 December 2025.

Objectives and activities

The principal objectives of the Trust are:-

In practice applications from persons in reduced circumstances are considered and where appropriate a grant is made. Scholarships are awarded to graduate and postgraduate students of local Universities and Colleges to pursue their studies or to carry out research.

Prize money has previously been given to each relevant University or College to encourage excellence in courses relating to the building trade. At the current time, the Trust has not been making prize awards as there is a preference to use funds to support students who are in need financially.

Review of activities

The Trust, awarded 44 (2024 - 59) scholarships and bursaries totalling £20,600 (2024 - £19,300) and 10 welfare grants totalling £13,350 (2024 - £11,250). This included £5,000 paid towards the Ridge Foundation.

The Trust incurred net expenditure before gains on investments of £27,743 (2024 - £23,006). Charitable expenditure in the year totalled £43,592 (2024 - £40,292).

The Trustees have carried out their duties under the constitution and distributed funds as indicated above. Each application for grant or bursary is sympathetically and carefully consideredby the Welfare and Student SubCommittees.

The Trust does not have any employees, hence no remuneration is paid.

Grant making policy

Grants are paid out in accordance with the objectives of the Trust.

The circumstances of the persons applying for charity aid are reviewed by the Trustees before a decision is made as to whether or not a grant should be made and if so the amount of the grant. A doctor advises the Welfare Sub-Committee on relevant cases.

A standard application form is used for those wishing to apply for a scholarship or bursary which provides the information required for Trustees to decide on the merits of the application.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

The income for the year, which arises from investment income, amounted to £38,605 (2024 - £39,615). Charitable aid and grants totalling £33,950 (2024 - £30,550) were awarded during the year and, after expenses have been deducted, the net expenditure for the year, before realised and unrealised gains on investments, amounted to £27,743 (2024 - £23,006). The Trustees are satisfied with this operational outcome. After accounting for investment gains (2024 - gain), the funds increased by £116,601 (2024 - net increase in funds of £127,414).

During the year investments (excluding cash) increased in value to £1,867,494 on 31 December 2025 from £1,763,419 at 31 December 2024. The portfolio reflected market conditions in asset value and realised and unrealised gains.

The reserves increased in the year to 31 December 2025 from £1,778,588 to £1,895,189; all reserves being unrestricted. This movement being the result of a £144,344 gain on investments and £27,743 net expenditure on operations.

Reserves policy

Grants made in accordance with the constitution of the Trust are paid out of investment and other income after deduction of administrative expenses. If there is a shortfall, up to 10% of the funds held at the beginning of the financial year may be disbursed.

£1,895,189 reserves were held at 31 December 2025 (2024 - £1,778,588) all of which is unrestricted. The unrestricted funds comprise income and surplus retained over the Trust’s history and, at 31 December 2025 £1,890,263 (2024 - £1,777,437) was invested in order to generate future income.

The £1,890,263 held in investments can only be realised by disposing of holdings in the portfolio. This leaves £4,926 of resources freely available.

Investment policy

During the year the Trustees employed RBC Brewin Dolphin as investment managers of the portfolio on a discretionary basis.

The investment objective was to maintain a diversified portfolio aiming for a balance between income and capital growth within a medium risk profile on a total return investment strategy. There are no specific investment restrictions or limitations applied to the portfolio. The performance of the portfolio is compared against the ARC Steady Growth benchmark. The portfolio is monitored by all the Trustees at each meeting. The investment manager attends a Trustee meeting annually to report on the investment performance and answer Trustees’ queries.

The Trustees are aware that the value of the portfolio has dropped recently following global events. As the investments are held for the long term, the trustees do not believe this will have a significant impact on the operations of the Trust.

Income of £40,000 was budgeted for the year ended 31 December 2025 (2024 - £40,000), against which investment income of £38,605 (2024 - £39,615) was received.

Risk management policy

The board regularly assesses and considers the major risks to which the Trust is exposed in particular those relating to operations and financing of the Trust. The principal risk is loss of capital due to market risk on the investment portfolio. This is mitigated by appropriate systems and controls and the engagement of experienced investment managers. The Trust anticipates a long term future and accepts the reality that financial markets are such that capital values of investments will fluctuate during a long time-scale.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for future periods

The Trustees wish to continue to support the building trade by giving charitable aid to those in need and to encourage students in their education.

The Trustees wish to maintain and enhance their relationship with Scottish Building Federation Edinburgh and District Association and a representative of that body is one of the Trustees.

Structure, governance and management

Constitution

The Trust is long established by a Trust Deed which was reconstituted on 15 December 1999. The name of the Trust changed from Edinburgh and District Master Builders’ Charitable Trust to Scottish Building Federation Edinburgh and District Charitable Trust on 10 October 2007.

The list of trustees who have served during and since the year end are listed on the charity information page.

Appointment, induction and training of Trustees

The Trust is managed by Trustees who are appointed as having the appropriate experience of the building trade, education system and other skills.

New Trustees, who are appointed by the existing Trustees, are provided with a copy of the constitution and annual financial statements and are briefed as to their duties by the Chairman and Secretary. From time to time Trustees are updated on their duties and responsibilities.

Decision making process

The Trustees normally meet at least twice a year to review the investment portfolio, consider grant applications and to carry out any other relevant business.

There is a Students Sub-Committee which reviews applications for awards and approves the level of bursarial and scholarship funding.

There is a Welfare Sub-Committee which considers application for charitable aid in cases of financial hardship.

The Trustees receive regular updates of the decisions made by the Sub-Committees.

The Secretaries and Treasurers are responsible for the administration of the Trust.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Trustees' responsibilities

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

The law applicable to charities in Scotland 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 Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

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

The Trustees' report was approved by the Board of Trustees.

I W Calder

I W Calder

Chairman Dated: 6 May 2026

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

I report on the financial statements of the Trust for the year ended 31 December 2025, which are set out on the statement of financial activities, balance sheet and related notes.

Respective responsibilities of Trustees and examiner

The Trust’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 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 financial statements 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 is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met or

M A P Taddei MA FCA CA

Relevant Professional Body: The Institute of Chartered Accountants in England and Wales Johnston Smillie Ltd

Chartered Accountants 5 South Gyle Crescent Lane Edinburgh, EH12 9EG

Dated: .........................28 May 2026

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted
funds
2025
Notes
£
Income from:
Investments
38,605
Expenditure on:
Raising funds
3
22,756
Charitable activities
4
43,592
Total expenditure
66,348
Net gains/(losses) on investments
7
144,344
Net movement in funds
116,601
Fund balances at 1 January 2025
1,778,588
Fund balances at 31 December 2025
1,895,189		 Total Unrestricted
funds
2025
2024
£
£
38,605
39,615
22,756
22,329
43,592
40,292
66,348
62,621
144,344
150,420
116,601
127,414
1,778,588
1,651,174
1,895,189
1,778,588		 Total Unrestricted
funds
2025
2024
£
£
38,605
39,615
22,756
22,329
43,592
40,292
66,348
62,621
144,344
150,420
116,601
127,414
1,778,588
1,651,174
1,895,189
1,778,588
22,329
40,292
62,621
150,420
127,414
1,651,174
1,778,588

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Investments
8
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2025
£
£
1,890,263
1,627
6,873
8,500
(3,574)
4,926
1,895,189
1,895,189
1,895,189		 2024
£
£
1,777,437
726
4,971
5,697
(4,546)
1,151
1,778,588
1,778,588
1,778,588		 2024
£
£
1,777,437
726
4,971
5,697
(4,546)
1,151
1,778,588
1,778,588
1,778,588
1,778,588
1,778,588
1,778,588

The financial statements were approved by the Trustees on 6 May 2026

I W Calder

I W Calder Chairman

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Scottish Building Federation Edinburgh and District Charitable Trust is an unincorporated charity and its registered and principal office is Quay 2, 139 Fountainbridge, Edinburgh, EH3 9QG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), "the Financial Reporting Standard applicable in the UK and Reublic of Ireland" ("FRS 102") 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 (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements requires the use of critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates.

1.2 Going concern

The trustees have prepared the financial statements on the going concern basis as there are no material uncertainties regarding its ability to continue to undertake its activities. The Trust holds considerable investments which could be readily sold should the need arise.

1.3 Charitable funds

Unrestricted funds comprise surpluses brought forward over many decades, and are available for use on all constitutional purposes at the discretion of the trustees. In order to ensure that funds are available for specific projects, certain funds are set aside and designated by the trustees into separate funds.

At the year end there is currently only an unrestricted general fund and there are no designated funds.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount.

Investment income interest is recognised using the effective interest rate applicable to the asset. Dividend income is recognised when the right to receipt is established and is measured at the fair value.

1.5 Expenditure

Accruals are obligations to pay for goods or services that have been acquired, and meet grant commitments established before the year end. Accruals are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price, or grants as awarded by the Trustees.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Expenditure is recognised on an accruals basis and related where practicable to the Trust’s activities. Where possible, expenditure is allocated directly to the function to which it relates. Where this is not possible it is allocated on the basis of time spent by staff on that activity.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees are not aware of any significant accounting estimates or judgements that would have a significant impact on the financial statements.

3 Raising funds

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Investment management 11,790 11,199
Accountancy and administration 4,538 4,634
Support costs 1,815 1,854
Governance costs 4,613 4,642
22,756 22,329

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Charitable activities

Grant
funding of
activities
Grant
funding of
activities
2025
2024
£
£
Scholarship and Bursaries
20,600
19,300
Charitable aid (welfare cases)
13,350
11,250
33,950
30,550
Share of support costs (see note 5)
2,722
2,780
Share of governance costs (see note 5)
6,920
6,962
43,592
40,292		 Grant
funding of
activities
Grant
funding of
activities
2025
2024
£
£
Scholarship and Bursaries
20,600
19,300
Charitable aid (welfare cases)
13,350
11,250
33,950
30,550
Share of support costs (see note 5)
2,722
2,780
Share of governance costs (see note 5)
6,920
6,962
43,592
40,292		 Grant
funding of
activities
Grant
funding of
activities
2025
2024
£
£
Scholarship and Bursaries
20,600
19,300
Charitable aid (welfare cases)
13,350
11,250
33,950
30,550
Share of support costs (see note 5)
2,722
2,780
Share of governance costs (see note 5)
6,920
6,962
43,592
40,292
2025
£
20,600
13,350
33,950
2,722
6,920
43,592		 2024
£
19,300
11,250
30,550
2,780
6,962
40,292

In the current year, 1 award of £5,000 has been paid to The Ridge Foundation (2024 - 1 award of £5,000 was paid to the Ridge Foundation), these payments are included in Charitable aid payments.

A total of 10 (2024 - 10) individuals received awards totalling £8,350 (2024 - £6,250) from the Charitable aid payments. A total of 44 (2024 - 59) students received busary and scholarship awards totalling £20,600 (2024 - £19,300)

5 Support costs

Support costs
Support
costs
Governance
costs
£
£
Raising funds
1,815
4,613
Scholarships &
bursaries
1,361
3,460
Welfare cases
1,361
3,460
4,537
11,533
Analysed between
Fundraising
1,815
4,613
Charitable activities
2,722
6,920
4,537
11,533		 2025
Support
costs
Governance
costs
£
£
£
6,428
1,854
4,642
4,821
1,390
3,481
4,821
1,390
3,481
16,070
4,634
11,604
6,428
1,854
4,642
9,642
2,780
6,962
16,070
4,634
11,604		 2024
£
6,496
4,871
4,871
16,238
6,496
9,742
16,238

Governance costs includes payments to the Independant Examiners of £2,222 (2024 - £2,119).

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expenses from the Trust during the current or prior years.

The Trust had no employees in the current or prior years.

Net gains on investments

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Revaluation of investments 109,876 138,729
Gain/(loss) on sale of investments 34,468 11,691
144,344 150,420
8 Fixed asset investments
Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 1 January 2025 1,763,419 14,018 1,777,437
Additions 447,746 - 447,746
Valuation changes 109,876 - 109,876
Cash movements in year - 8,751 8,751
Disposals (453,547) - (453,547)
At 31 December 2025 1,867,494 22,769 1,890,263
Carrying amount
At 31 December 2025 1,867,494 22,769 1,890,263
At 31 December 2024 1,763,419 14,018 1,777,437
9 Financial instruments
2025 2024
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,867,494 1,763,419

SCOTTISH BUILDING FEDERATION EDINBURGH AND DISTRICT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2025
£
1,627
2025
£
1,350
2,224
3,574		 2024
£
726
2024
£
2,427
2,119
4,546

12 Related party transactions

There were no related party transactions in either the current or prior years.