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← Princes Exchange Foundation

2025-07-31-accounts

PRINCES EXCHANGE FOUNDATION

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 July 2025

Charity No. SC030452 Company No. SC209552

Whitelaw Wells

Chartered Accountants and Statutory Auditors

9 Ainslie Place Edinburgh EH3 6AT

PRINCES EXCHANGE FOUNDATION

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 July 2025

CONTENTS Page
Directors’ Annual Report 2
Independent Auditors’ Report 6
Statement of Financial Activities incorporating the Income and Expenditure Account 9
Balance Sheet 10
Statement of Cash Flows 11
Notes forming part of the financial statements 12

1

PRINCES EXCHANGE FOUNDATION

DIRECTORS’ ANNUAL REPORT

For the year ended 31 July 2025

The Directors, who are also the Trustees of the Foundation for the purposes of charity law, present their report and financial statements for the year ended 31 July 2025, which are prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Memorandum and Articles of Association, the Financial Reporting Standard applicable in the UK and Republic 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).

Objectives and Activities

The objectives of the Foundation, as laid out in the governing document, are to benefit purposes, objects and institutions charitable in law. The principal activity of the Foundation is to act as a general grantmaking trust. By support of other charities, the Directors aim to provide public benefit by helping those organisations to sustain their front line charitable activities.

Achievements and Performance

The Foundation continued to receive donations, and then make donations to causes where the Directors felt that the need for funds was greatest, or most closely connected to the purpose of restricted donations received and in a manner consistent with any wishes expressed by donors.

During the year £29,017,968.28 (2024: £8,593,708.43) of donations were received by the Foundation, including donated investments worth £22,671,707.95 (2024: £7,521,485.00), and £4,356,743.59 (2024: £3,841,907.79) was paid out or committed to nominated charities, as shown at note 6.

Financial Review

Total income for the year amounted to £29,443,716.83 (2024: £10,142,508.20), expenditure amounted to £4,489,741.91 (2024: £4,000,120.85) and there were net investment gains of £3,068,210.79 (2024: gains of £464,348.70). The Foundation recorded a deficit of £nil (2024: £nil) on unrestricted funds and a surplus of £28,022,185.71 (2024: surplus of £6,606,756.05) on restricted funds. Large surpluses and deficits often arise when donations received are used to fund donations to other charities in a later year.

Investment Policy

Where there are sufficient unallocated funds held for individual restricted purposes, the Directors, with the approval of the original donor, may invest these. The Foundation aims to be as helpful as possible to potential donors. We will accept donations of investments as a transfer from a donor's personal investment portfolio and allow them to remain invested with the donor's investment manager but overseen by the Foundation.

There are currently no free reserves available for investment. All investments currently held are for restricted purposes only and are managed by the investment managers, in accordance with the mandates agreed. Other restricted funds are held in interest bearing accounts and any interest is applied to these funds.

Reserves Policy

As at the year end, free reserves, being unrestricted general funds, amounted to £nil (2024: £nil) and restricted funds amounted to £43,375,038.34 (2024: £15,352,852.63). Governance and administration costs of the Foundation are met from the Foundation’s restricted funds or by Turcan Connell as donated services, and donations are paid according to available funds. As such, the Foundation has no requirement for free reserves.

2

PRINCES EXCHANGE FOUNDATION

DIRECTORS’ ANNUAL REPORT

For the year ended 31 July 2025

Donation-Making Policy

Donations are awarded at the discretion of the Directors to those organisations they feel require most support and whose purposes fall within the spectrum of the Articles of Association and, where applicable, any restrictions laid out by donors to the Foundation.

Plans for Future Periods

The Foundation plans to continue its principal activity as outlined above.

Structure and Governance

Governing Document

Memorandum and Articles of Association dated 24 July 2000.

Appointment of new Directors

Power to appoint new Directors is reserved to the Directors in office. In practice the Directors are all appointed from the partners of Turcan Connell. Two new Directors, Jennifer Younger and Simran PanesarSaggu, were appointed in August 2024.

Director Induction and Training

By virtue of their positions as partners in Turcan Connell, the Directors keep abreast of issues relating to their duties and responsibilities as charity trustees, charity law in general and other areas of the law as necessary.

Risk Management

The Directors have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems are in place to mitigate the exposure to the major risks.

The key risk relates to the possible application of funds for non-charitable purposes. In order to tackle this, the Directors have developed a strategy to monitor all applications for grants or other requests for donations to be made, in order to ensure that only charities or charitable purposes are supported. This includes checking charities' details against the registers of charities in Scotland or England and Wales, or assessing other projects against the charity test set out under Scots law, combined with the test which applies in Scotland for UK charity tax purposes (the English law test).

Organisational Structure

The Directors meet on a regular basis and are all actively involved in any strategy and decision-making processes. Much of the day-to-day administration of the Foundation is carried out by Turcan Connell. The Foundation has no staff and the unpaid Directors are considered to be the key management personnel.

Related Parties

Turcan Connell provides legal and administrative services to the Foundation. During the year fees of £81,227.58 (2024: £112,155.17) were paid to Turcan Connell for legal advice and administrative services specifically in connection with some of the restricted funds. Turcan Connell donated services with a value of £23,895.34 (2024: £5,790.00) (excluding VAT) during the year, for which no fee was raised, and made a monetary donation of £5,340.00 (2024: £4,320.00) to the Foundation, £5,340.00 of which was outstanding at the year end.

3

PRINCES EXCHANGE FOUNDATION

DIRECTORS’ ANNUAL REPORT

For the year ended 31 July 2025

Reference and Administrative Information

Company Number SC209552
Charity Number SC030452
Directors Alexander Garden
Gavin McEwan
Tom Duguid
Alix Storrie
Jennifer Younger (Appointed 21 August 2024)
Simran Panesar-Saggu (Appointed 21 August 2024)
Company Secretary Turcan Connell Company Secretaries Limited
Address and Registered Office Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE
Senior Statutory Auditor Kevin Cattanach
Independent Auditors Whitelaw Wells
Chartered Accountants and Statutory Auditors
9 Ainslie Place
Edinburgh
EH3 6AT
Bankers Bank of Scotland
New Uberior House
11 Earl Grey Street
Edinburgh
EH3 9BN
Solicitors Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE

4

PRINCES EXCHANGE FOUNDATION

DIRECTORS’ ANNUAL REPORT

For the year ended 31 July 2025

Directors’ Responsibilities

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

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including the income and expenditure of the Foundation for that financial year. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to Disclosure of Information to Auditors

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Foundation’s auditors are unaware, and each Director has taken all the steps he/she ought to have taken as a Director in order to make him/herself aware of any relevant audit information and to establish that the Foundation’s auditors are aware of that information.

Accounts Preparation

The Directors confirm that the accounts have been prepared so as to comply with current statutory requirements, the charity SORP and the Foundation’s own governing document.

This report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Directors on 28 April 2026 and signed on its behalf by:

Gavin McEwan

Gavin McEwan, Director

5

PRINCES EXCHANGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS AND DIRECTORS

For the year ended 31 July 2025

Opinion

We have audited the financial statements of Princes Exchange Foundation (the ‘Foundation’) for the year ended 31 July 2025, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Accounting Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' (who are also the trustees of the Foundation for charity law purposes) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

6

PRINCES EXCHANGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS AND DIRECTORS

For the year ended 31 July 2025

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Foundation and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Annual Report, included in the report of the trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

7

PRINCES EXCHANGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS AND DIRECTORS

For the year ended 31 July 2025

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.

From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.

Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We carried income testing and expenditure testing, including grants payable, which was designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the Foundation’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and the trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Foundation’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Foundation and the Foundation’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kevin Cattanach

Kevin Cattanach (Senior Statutory Auditor) for and on behalf of Whitelaw Wells, Statutory Auditor 9 Ainslie Place, Edinburgh, Midlothian, EH3 6AT

28 April 2026

Whitelaw Wells is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

8

PRINCES EXCHANGE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT

For the year ended 31 July 2025

Unrestricted Restricted 2025 2024
Funds Funds Total Total
Note £ £ £ £
Income and endowments from:
Donations and legacies
Donations received 5 5,340.00 29,012,628.28 29,017,968.28 8,593,708.43
Donated services 23,895.34 - 23,895.34 5,790.00
Income from other trading activities - - - 1,400,000.00
Investments
Bank interest - 48,342.10 48,342.10 47,018.84
Dividends - 353,511.11 353,511.11 95,990.93
Total Income 29,235.34 29,414,481.49 29,443,716.83 10,142,508.20
Expenditure on:
Raising fund
Investment management fees - 19,697.60 19,697.60 7,976.67
Charitable activities
Donations 6 - 4,356,743.59 4,356,743.59 3,841,907.79
Support and governance costs 7 29,235.34 84,065.38 113,300.72 150,236.39
Total Expenditure 29,235.34 4,460,506.57 4,489,741.91 4,000,120.85
Gains/(losses) on investments:
Realised gain on investments 8 - 308,166.79 308,166.79 12,813.08
Unrealised gain on investments 8 - 2,760,044.00 2,760,044.00 451,555.62
Net income
and movement in funds 2 - 28,022,185.71 28,022,185.71 6,606,756.05
Reconciliation of funds
Balance brought forward - 15,352,852.63 15,352,852.63 8,746,096.58
Balance carried forward 12 - 43,375,038.34 43,375,038.34 15,352,852.63

There are no recognised gains or losses other than the results for the year set out above.

All activities are classed as continuing. The notes on pages 12 to 28 are an integral part of these financial statements.

9

PRINCES EXCHANGE FOUNDATION

BALANCE SHEET

As at 31 July 2025
2025 2024
Note £ £
Fixed assets
Listed Investments 8 37,510,263.84 11,948,995.87
Current assets
Stock 9 - 1,400,000.00
Debtors and accrued income 10 862,417.95 132,381.78
Cash at bank and in hands of agents 16 5,922,977.03 2,104,195.94
6,785,394.98 3,636,577.72
Creditors: amounts falling due within one year 11 (920,620.48) (232,720.96)
Net current assets 5,864,774.50 3,403,856.76
Net assets 13 43,375,038.34 15,352,852.63
Represented by:
Unrestricted funds - -
Restricted funds 43,375,038.34 15,352,852.63
12 43,375,038.34 15,352,852.63

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006.

Approved by the Board of Directors on 28 April 2026 and are signed on their behalf by:

Gavin McEwan

Gavin McEwan, Director

The notes on pages 12 to 28 are an integral part of these financial statements.

10

PRINCES EXCHANGE FOUNDATION

STATEMENT OF CASH FLOWS

For the year ended 31 July 2025

2025 2024
£ £
Net cash provided by operating activities 25,909,985.06 4,854,151.59
Cash flows from investing activities:
Interest received 48,342.10 47,018.84
Dividends received 353,511.11 95,990.93
Acquisition of listed investments (31,768,727.30) (8,168,526.20)
Disposal proceeds of listed investments 9,275,670.12 628,678.81
Net cash provided by investing activities (22,091,203.97) (7,396,837.62)
Change in cash and cash equivalents in the year 3,818,781.09 (2,542,686.03)
Cash and cash equivalents at 1 August 2024 2,104,195.94 4,646,881.97
Cash and cash equivalents at 31 July 2025 16 5,922,977.03
 2,104,195.94
RECONCILIATION OF NET INCOME / (EXPENDITURE)
TO NET CASH FLOW FROM OPERATING ACTIVITES
Net income for the year 28,022,185.71 6,606,756.05
(as per the Statement of Financial Activities)
Adjustments for:
Interest received (48,342.10) (47,018.84)
Dividends received (353,511.11) (95,990.93)
Decrease/ (Increase) in debtors (730,036.17) 32,036.52
Decrease/ (increase) in stock 1,400,000.00 (1,400,000.00)
Increase in creditors 687,899.52 222,737.49
Net (gains) on investments (3,068,210.79) (464,368.70)
Net cash provided by operating activities 25,909,985.06
 4,854,151.59

The notes on pages 12 to 28 are an integral part of these financial statements.

11

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

1. Accounting policies

Basis of Accounting

The accounts have been prepared under the historical cost convention, as modified for the revaluation of investments, and are in accordance with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) 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).

The charity constitutes a public benefit entity as defined by FRS 102.

The Directors consider that there are no material uncertainties about the ability of the Foundation to continue as a going concern for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.

Fund Accounting

Unrestricted funds represent the free funds of the Foundation and are available to be used at the discretion of the Directors. Restricted funds are subject to restrictions on their expenditure imposed by the donor.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measure at their market value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year.

Income

All income is included in the Statement of Financial Activities when the Foundation has entitlement, there is probability of receipt and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

12

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

1. Accounting policies (continued)

Expenditure

Expenditure is recognised on an accruals basis and recognised in full as soon as an obligation arises. The following specific policies are applied to particular categories of expenditure:

Stock

Stock represents a gift in kind held on trust for conversion into cash to fund the Foundation’s activities. The donated goods are measured at fair value on receipt.

Financial instruments

Financial instruments comprise financial assets and financial liabilities which are recognised when the Foundation becomes a party to the contractual provisions of the instrument. Apart from current asset investments, they are accounted for at the settlement amount due, which equates to the cost. Financial assets comprise current asset investments, cash, donations receivable and accrued income. Financial liabilities comprise donations payable and accruals.

VAT

The Foundation is not registered for VAT, so all VAT incurred is irrecoverable. Where applied, VAT is included as part of the expense to which it relates.

13

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

2. Net income/(expenditure) for the year

This is stated after charging:
Auditors’ remuneration
Donated services: support costs
The Foundation has no staff.		 2025
£
5,040.00
23,895.34		 2024
£
4,320.00
5,790.00

3. Directors’ Remuneration

No Director received remuneration or was reimbursed any expenses during either the current or previous years.

4. Corporation Tax

The Foundation is exempt from corporation tax on its charitable activities.

14

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

5. Donations Received
Alison Coutts Memorial Fund
Angus Franklin Fund
Anna Gordon Fund
Turcan Connell
The Geneva Fund
Rebecca Dykes Fund
The Sian Family Fund
TC Staff Charity Fund
The Ness Foundation
Murray Sharp Foundation
Anonymous - Fund 4
The Pringle Fund
Basu Macleod Educational
Trust Fund
Jennifer Anderson’s Fund
EIFF Fund
The Jacquelyn MacLennan
& Duncan Wallace Fund
Captain Barclay Allardice Fund
The Myers Fund
The Oswald Fund
Trott Family Fund
The Crombie Fund
Ryvoan Trust Fund
The Nairn No 1 Foundation
Pitcalzean 2024 Fund
Heroic Hearts Fund
Mr & Mrs James Fund
CAF		 Unrestricted
Restricted
2025
2024
Funds
Funds
Total
Total
£
£
£
£
-
16,430.00
16,430.00
11,710.00
-
125,648.00
125,648.00
-
-
121,953.15
121,953.15
100,664.21
5,340.00
-
5,340.00
4,320.00
-
252,340.00
252,340.00
262,521.00
-
297.02
297.02
620.72
-
12,500.00
12,500.00
100,000.00
-
3,631.19
3,631.19
3,158.36
17,098.70
17,098.70
19,653.31
-
-
-
81,540.88
-
9,401,337.51
9,401,337.51 7,521,485.00
474.00
474.00
-
-
-
-
143,558.66
-
-
-
120,000.00
73,996.89
73,996.89
98,851.29
-
-
-
125,000.00
-
715.00
715.00
625.00
-
475,000.00
475,000.00
-
-
3,562,276.25 3,562,276.25
-
-
2,249,835.52 2,249,835.52
-
-
106,685.57
106,685.57
-
-
10,160,753.65 10,160,753.65
-
-
1,563,033.27 1,563,033.27
-
-
281,237.50
281,237.50
-
-
6,250.00
6,250.00
-
-
580,571.06
580,571.06
-
-
564.00
564.00
-
5,340.00
29,012,628.28 29,017,968.28 8,593,708.43

During the year there were restricted donations of £29,012,628.28 (2024: £8,589,388.43) and the charity earned income from other trading activities of £Nil (2024: £1,400,000.00), interest of £48,342.10 (2024: £47,018.84) and dividends of £353,511.11 (2024: £95,990.93) on restricted funds and legacy income of £nil (2024: £nil) giving total restricted income of £29,414,481.49 (2024: £10,132,398.20). All other income was unrestricted.

15

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

6. Donations Payable
Unrestricted
Funds
£
Arts and Culture
Cove Park
-
Kingswood Arts CIC
-
Paxton Trust
-
Edinburgh International Film Festival
-
St Andrew’s Preservation Trust
-
Scottish Opera
-
Royal Scottish National Orchestra
-
National Trust for Scotland for Places
Of Historic interest
-
Melrose Festival Committee – Common Ridings
-
Child Welfare
Melrose Rugby Football Club
-
Network for Social Change Charitable Trust
-
The Melrose Festival
-
Melrose Cricket Club
-
Pilton Youth Childrens Project
-
Isla's Play Space
-
FetLor Youth Club
-
Scottish Youth Film Foundation
-
Education
Cambridge International College
-
Earlston High School
-
Individuals < £2,000
-
University of Durham
-
Queen Margaret University
-
Alana Smith-Saville
-
Tommy PhD Programme
-
Leith School of Art
-
Spartans Community college
-
Beren Fidan
-
Zwakele Tshabalala
-
University of Edinburgh Development Trust
-
Ismael Mantay
-
KH Nafee
-
Georgia Melville
-
A J Kennedy
-
Samuel Harris
-
McCabe Educational Trust
-
Carried forward donations
-		 Restricted
Funds
£
11,458.74
-
-
73,243.69
50,000.00
20,000.00
20,000.00
16,000.00
5,000.00
12,000.00
-
-
-
-
-
2,000.00
90,000.00
15,400.00
6,000.00
2,000.00
-
118,653.15
2,000.00
36,879.00
35,000.00
-
-
-
-
5,000.00
5,000.00
5,500.00
5,500.00
5,500.00
10,000.00
552,134.58		 2025
Total
£
11,458.74
-
-
73,243.69
50,000.00
20,000.00
20,000.00
16,000.00
5,000.00
12,000.00
-
-
-
-
-
2,000.00
90,000.00
15,400.00
6,000.00
2,000.00
-
118,653.15
2,000.00
36,879.00
35,000.00
-
-
-
-
5,000.00
5,000.00
5,500.00
5,500.00
5,500.00
10,000.00
552,134.58		 2024
Total
£
-
5,000.00
175,000.00
91,771.51
-
-
-
-
-
5,500.00
25,000.00
5,000.00
4,000.00
10,119.05
5,000.00
-
-
-
5,000.00
2,350.00
39,000.00
100,004.16
2,000.00
35,087.00
35,000.00
5,000.00
5,500.00
5,500.00
20,000.00
-
-
-
-
-
-
580,831.72

16

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

6. Donations Payable (continued)
Unrestricted
Funds
£
Brought forward donations
-
Social Impact, Health and Wellbeing
Seenaryo
-
Euan's Guide
-
Individuals < £2,000
-
The Salvation Army
-
Moorfields Eye Hospital
-
Yassin Abdulwahab
-
Sam Colthead
-
Trussell Trust
-
Jorgia Prow
-
Joyce Grainger
-
Eritrean Community in Scotland
-
British Heart Foundation
-
Kicks Count
-
Cancer Research
-
Royal Society for the Prevention
of Cruelty to Animals
-
Royal National Institute of Blind People
-
Edinburgh Women’s Aid
-
Shelter
-
Alzheimer Scotland
-
Mind
-
Medecins sans Fronteires
-
Isla McCutheon
-
Andrew Farmer
-
Aidan O'Hagan
-
John Maguire
-
Anna Newman
-
Callum Macauley
-
Kilmacolm Golf
-
Old Course Ranfuly Golf Club
-
Gold Diamond D Huntington
-
British Red Cross
-
Royal National Lifeboat
-
Horatios Garden
-
Muirfield Riding
-
Marie Curie
-
Amnesty International
-
Pets in Spain
-
Change Mental Health
-
Carried forward donations
-		 Restricted
Funds
£
552,134.58
5,000.00
-
-
27,500.00
10,000.00
10,000.00
-
80,000.00
2,000.00
-
10,000.00
-
-
-
-
-
-
40,000.00
-
40,000.00
20,000.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
796,634.58		 2025
2024
Total
Total
£
£
552,134.58
580,831.72
5,000.00
-
-
54,000.00
-
3,467.16
27,500.00
51,000.00
10,000.00
-
10,000.00
14,000.00
-
5,500.00
80,000.00
50,000.00
2,000.00
2,000.00
- 2,624,666.21
10,000.00
7,000.00
-
15,000.00
-
700.00
-
55,000.00
-
50,000.00
-
50,000.00
-
5,000.00
40,000.00
50,000.00
-
25,000.00
40,000.00
25,000.00
20,000.00
25,000.00
-
9,000.00
-
5,000.00
-
7,000.00
-
5,000.00
-
2,500.00
-
2,000.00
-
2,000.00
-
7,500.00
-
3,272.23
-
5,000.00
-
15,000.00
-
10,000.00
-
10,000.00
-
10,000.00
-
25,000.00
-
25,000.00
-
5,470.47
796,634.58 3,841,907.79

17

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

**6. ** Donations Payable (continued) Unrestricted Unrestricted Restricted 2025 2024
Funds Funds Total Total
£ £ £ £
Brought forward donations - 796,634.58 796,634.58 3,841,907.79
Christian Aid - 5,000.00 5,000.00 -
Disasters Emergency Appeal - 5,000.00 5,000.00 -
PILnet - 8,118.86 8,118.86 -
Auschwitz Institute for the Prevention of Genocide - 9,768.01 9,768.01 -
Peña Charitable Foundation - 1,355,348.00 1,355,348.00 -
Project Trust - 10,000.00 10,000.00 -
Alzheimer’s Society - 10,000.00 10,000.00 -
Christians Against Poverty - 10,000.00 10,000.00 -
Friends of Ibba Girls School South Sudan - 10,000.00 10,000.00 -
Meningitis Now - 10,000.00 10,000.00 -
NSPCC Scotland - 10,000.00 10,000.00 -
The King’s Trust - 10,000.00 10,000.00 -
St Martins in the Field Christmas Appeal - 10,000.00 10,000.00 -
Samaritans - 10,000.00 10,000.00 -
The Young Lives Foundation - 10,000.00 10,000.00 -
CVT Appeals - 5,000.00 5,000.00 -
Cruse Bereavement - 5,000.00 5,000.00 -
The Melanesian Mission - 5,000.00 5,000.00 -
Macmillan Cancer Support - 10,000.00 10,000.00 -
PCC of the Parish of Four Saints - 5,000.00 5,000.00 -
Parochial Church Council of St Mary the Virgin - 5,000.00 5,000.00 -
Young Minds Trust - 10,000.00 10,000.00 -
Dementia Research UK - 18,000.00 18,000.00 -
Scotland’s Charity Air Ambulance - 6,000.00 6,000.00 -
Song Bird Survival - 4,000.00 4,000.00 -
Game and Wildlife Conservation Trust - 9,000.00 9,000.00 -
Macmillan Cancer Support - 2,500.00 2,500.00 -
Prostate Cancer Research - 2,500.00 2,500.00 -
Pregnancy Counselling & Care - 30,000.00 30,000.00 -
Smart Works Scotland - 30,000.00 30,000.00 -
Dean Orphanage and Cauvins Trust - 150,000.00 150,000.00 -
Murray Sharp Foundation - 63,237.45 63,237.45 -
Army Benevolent Fund - 40,000.00 40,000.00
Ulster Wildlife Trust - 20,000.00 20,000.00 -
Mae Murray Foundation - 10,000.00 10,000.00 -
NHS Highland - 1,644,636.69 1,644,636.69 -
Stow Community Trust - 2,000.00 2,000.00 -
Total donations - 4,356,743.59 4,340,743.59 3,841,907.79

During the year there were restricted donations of £4,356,743.59 (2024: £3,841,907.79).

18

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

7. Support and governance costs
Unrestricted
Funds
£
Support costs
Donated administrative services
23,895.34
Legal and administrative fees
-
Fundraising event costs
-
Marketing and website development
-
Bank charges
-
Other charges
-
Governance costs
Audit fees
5,040.00
Bank letter charge
300.00
29,235.34
During the year there were restricted support and governance		 Restricted
2025
2024
Funds
Total
Total
£
£
£
-
23,895.34
5,790.00
81,227.58
81,227.58
112,155.17
361.00
361.00
27,717.47
2,256.00
2,256.00
-
4.80
4.80
19.20
216.00
216.00
234.55
-
5,040.00
4,320.00
-
300.00
-
84,065.38
113,300.72
150,236.39
costs of £84,065.38 (2024: £140,126.39).
**8. ** Investments
2025 2024
£ £
Fair value at 1 August 2024 11,948,995.87 3,944,779.78
Additions:
Purchases and donated investments 31,768,727.30 8,168,526.20
Disposals:
Proceeds on sale (9,275,670.12) (628,678.81)
Gain / (losses):
Realised on disposal 308,166.79 12,813.08
On revaluation 2,760,044.00 451,555.62
Fair value at 31 July 2025 37,510,263.84 11,948,995.87

19

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

9. Stock

Whisky

 2025
2024
£
£
-
1,400,000.00
-
1,400,000.00

Macallan 60 Year Old Peter Blake 1926 Whisky was donated as a lifetime gift with the Whisky being sold in August 2024.

10. Debtors

Debtors
2025 2024
£ £
Donations receivable 4,800.00 44,870.00
Accrued interest 8,915.20 8,520.25
Gift aid recoverable 848,702.75 78,991.53
862,417.95 132,381.78
Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and other creditors 25,983.79 59,716.80
Donations payable 894,636.69 173,004.16
920,620.48 232,720.96

11. Creditors: amounts falling due within one year

20

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds

At 1 August At 1 August Gains/ At 31 July
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Restricted funds
Anonymous – Fund 1 119.91 632.58 - - 752.49
Anonymous – Fund 2 3,432.47 3,724.38 - - 7,156.85
Anonymous – Fund 3 26,130.27 451.93 (386.13) - 26,196.07
Cove Park Fund 597,379.58 17,820.30 (13,217.13) (10,339.12) 591,643.63
Donald McDonald Fund 3,433.05 48.98 (627.18) - 2,854.85
Florrie Sinclair Award Fund 50,818.01 1,065.02 (7,294.69) 703.55 45,291.89
Go For It Fund 79,081.93 1,145.37 (32,472.23) 2,203.63 49,958.70
Juneberry Trust Fund 1,547,561.85 35,632.95 (55,618.99) 83,356.46 1,610,932.27
Louise MacDonald Fund 360.31 4.17 (363.76) - 0.72
Lydia Osteoporosis Fund (2,333.45) 122,055.55 (121,705.42) - (1,983.32)
Pringle Fund 1,454.84 504.29 (1,564.88) - 394.25
Rebecca Dykes Fund 29,020.63 613.64 (15,602.13) - 14,032.14
Scott Hutchison Fund 2.05 0.04 - - 2.09
The Iain Baillie Fund 810.67 3.74 (811.22) - 3.19
The Ian Smith of Stornoway
Legacy 754,193.90 12,667.11 (26,618.69) (11,396.91) 728,845.41
The Gordon Small Fund 80,843.02 1,486.02 (31,566.27) - 50,762.77
The Geneva Fund 94,332.59 254,360.93 (253,112.27) - 95,581.25
The Sian Family Fund 441,786.51 18,858.78 (5,115.70) 38,745.03 494,274.62
The Tanner Foundation 1,170,071.83 15,826.44 (2,894.91) 49,936.17 1,232,939.53
Theo Wye Fund 972.63 30.22 - - 1,002.85
Alison Coutts Memorial
Fund 32,804.23 16,977.27 (13,605.47) - 36,176.03
Angus Franklin Fund 928,777.48 138,891.98 (86,634.13) - 981,035.33
The Ness Foundation 151,944.65 19,089.23 (37,772.43) 14,291.00 147,552.45
The Murray Sharp Fund 67,918.46 335.99 (68,254.45) - -
Anonymous - Fund 4 7,687,289.89 9,598,658.60 (6,590.39) 2,339,368.95 19,618,727.05
Basu Macleod Educational
Trust Fund 141,647.70 2,449.86 (386.13) - 143,711.43
Jennifer Anderson’s Fund 237.84 2.87 (240.13) - 0.58
EIFF Fund 335.83 74,082.22 (74,334.49) - 83.56
Peña Fund 1,355,348.00 1,845.98 (1,356,120.27) - 1,073.71
The Jacquelyn MacLennan
& Duncan Wallace Fund 106,449.77 1,394.01 (23,223.94) - 84,619.84
Captain Barclay Allardice Fund
626.18		 731.32 - - 1,357.50
Trott Family Fund - 2,254,255.26 (160,235.08) 53,268.91 2,147,289.09
Carried forward 15,352,852.63 12,595,647.03 (2,396,368.51) 2,560,137.67 28,112,268.82

21

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

At 1 August Gains/ At 31 July
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Brought forward 15,352,852.63 12,595,647.03 (2,396,368.51) 2,560,137.67 28,112,268.82
The Crombie Fund - 106,780.26 (104,372.27) (2,616.64) (208.65)
Ryvoan Trust Fund - 10,236,807.05 (312,256.83) 364,856.71 10,289,406.93
The Nairn No 1 Fund - 1,563,033.27 (1,644,636.69) 116,568.97 34,965.55
The Myers Fund - 476,600.92 (2,872.27) 21,150.14 494,878.79
Pitcalzean 2024 Fund - 283,076.43 - - 283,076.43
Mr & Mrs James Fund - 580,571.06 - 8,113.94 588,685.00
Heroic Hearts Fund - 6,257.72 - - 6,257.72
The Oswald Fund - 3,565,707.75 - - 3,565,707.75
15,352,852.63 29,414,481.49 (4,460,506.57) 3,068,210.79 43,375,038.34
Unrestricted funds
General fund - 29,235.34 (29,235.34) - -
- 29,235.34 (29,235.34) - -
Total funds 15,352,852.63
 29,443,716.83 (4,489,741.91) 3,068,210.79 43,375,038.34

Purpose of restricted funds

Anonymous – Fund 1

Anonymous donations to various charities each year.

Anonymous donations to various charities each year.

Anonymous – Fund 3

A donation for charitable purposes, to be used in projects related to children and the performing arts of Edinburgh.

Cove Park Fund

A donation for charitable purposes, to be applied in line with any wishes which the donor may express but particularly in support of the work of the charity known as Cove Park in Argyll, Scotland.

Donald McDonald Fund Funding to promote access for disabled people, medical research and/or the arts.

Florrie Sinclair Award Fund Funding to support the costs of dance education of Scottish Students of dance.

22

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

Funding to support the advancement of children’s participation in sport within the community.

Funding to promote charitable objects which work for social change for the public benefit; including international development, environmental projects and programmes which work for justice and peace.

A donation for charitable purposes, to be applied in line with any wishes which the donor may express, in memory of the late Rebecca Dykes.

The Geneva Fund

A donation for charitable purposes, to be used to support Shelter and Mind.

The Sian Family Fund This fund exists for the widest possible range of charitable purposes. The donor family will make suggestions from time to time about how the Trustees should consider making grants.

23

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

The Tanner Foundation This fund is to be used for general charitable purposes. The donor will express wishes from time to time of the kinds of causes or work that he would like the Trustees to support.

Theo Wye Fund A donation for charitable purposes, to be applied in line with any wishes which the donor may express.

The Angus Franklin Fund Funding to support projects of a general charitable nature, with emphasis on promotion of the arts and related purposes.

The Jacquelyn MacLennan Funding to support general charitable purposes. & Duncan Wallace Fund

Captain Barclay Funding to support projects in line with the Society’s own work. Allardice Fund

24

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

Funding to support general charitable purposes, as set out in the Foundation’s Articles of Association .

Joyce Grainger Charitable This fund is held for general charitable purposes. Trust

The Shillington Trust A donation for charitable purposes, to be applied in line with any wishes which the donor has expressed.

25

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

At 1 August
2023
Income
Expenditure
£
£
£
Restricted funds
Anonymous – Fund 1
103.02
31.29
(14.40)
Anonymous – Fund 2
5,694.48
3,208.46
(5,470.47)
Anonymous – Fund 3
199,341.48
2,123.12
(175,334.33)
Cove Park Fund
540,689.59
16,003.30
(1,200.00)
Donald McDonald Fund
3,697.72
69.66
(334.33)
Florrie Sinclair Award Fund
55,381.12
1,172.51
(7,558.92)
Go For It Fund
107,097.38
1,076.52
(33,882.07)
Juneberry Trust Fund
1,480,241.06
34,974.82
(57,672.78)
Louise MacDonald Fund
55,181.64
79.87
(54,901.20)
Lydia Osteoporosis Fund
(662.50)
100,673.21
(102,344.16)
Pringle Fund
40,030.02
759.15
(39,334.33)
Rebecca Dykes Fund
33,018.73
1,222.70
(5,220.80)
Scott Hutchison Fund
2.02
0.03
-
The Iain Baillie Fund
169,101.73
1,827.99
(170,119.05)
The Ian Smith of Stornoway
Legacy
700,911.65
11,257.72
(20,116.81)
The Gordon Small Fund
135,239.07
2,476.99
(56,873.04)
The Geneva Fund
5,451.21
265,057.49
(176,176.11)
The Marni Robertson Fund
478.78
8.38
(487.16)
The Sian Family Fund
305,056.52
111,001.90
(2,793.18)
The Tanner Foundation
1,075,646.93
14,363.24
(2,002.59)
Theo Wye Fund
943.79
28.84
-
Joyce Grainger Charitable
Trust
2,622,733.91
1,932.30 (2,624,666.21)
Alison Coutts Memorial
Fund
21,424.12
12,194.44
(814.33)
Angus Franklin Fund
947,918.24
19,116.68
(38,257.44)
The Shillington Trust
0.55
-
(0.55)
The Ness Foundation
170,160.30
23,351.46
(41,567.11)
The Murray Sharp Fund
71,214.02
82,714.72
(86,010.28)
Anonymous - Fund 4
-
7,534,204.80
(37.91)
Basu Macleod Educational
Trust Fund
-
144,947.70
(3,300.00)
Jennifer Anderson’s Fund
-
120,255.84
(120,018.00)
EIFF Fund
-
99,187.12
(98,851.29)
Peña Fund
-
1,400,000.00
(44,652.00)
The Jacquelyn MacLennan
& Duncan Wallace Fund
-
126,449.77
(20,000.00)
Captain Barclay Allardice Fund
-
626.18
-
Carried Forward
8,746,096.58 10,132,398.20 (3,990,010.85)		 Gains/
At 31 July
(Losses)
2024
£
£
-
119.91
-
3,432.47
-
26,130.27
41,886.69
597,379.58
-
3,433.05
1,823.30
50,818.01
4,790.10
79,081.93
90,018.75
1,547,561.85
-
360.31
-
(2,333.45)
-
1,454.84
-
29,020.63
-
2.05
-
810.67
62,141.34
754,193.90
-
80,843.02
-
94,332.59
-
-
28,521.27
441,786.51
82,064.25
1,170,071.83
-
972.63
-
-
-
32,804.23
-
928,777.48
-
-
-
151,944.65
-
67,918.46
153,123.00
7,687,289.89
-
141,647.70
-
237.84
-
335.83
-
1,355,348.00
-
106,449.77
-
626.18
464,368.70 15,352,852.63

26

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

12. Movements in funds (continued)

Brought Forward 8,746,096.58 10,132,398.20 (3,990,010.85) 464,368.70 15,352,852.63

Unrestricted funds

General fund
-
10,110.00
(10,110.00)
-
10,110.00
(10,110.00)
Total funds
8,746,096.58 10,142,508.20 (4,000,120.85)
 -
-
-
-
464,368.70 15,352,852.63

13. Analysis of net assets between funds


For the year ended 31 July 2025
Fixed asset investments
Current assets
Current liabilities

Total funds


For the year ended 31 July 2024
Fixed asset investments
Current assets
Current liabilities

Total funds
 Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
- 37,510,263.84 37,510,263.84
29,235.34
6,756,159.64
6,785,394.98
(29,235.34)
(891,385.14)
(920,620.48)

- 43,375,038.34 43,375,038.34
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
- 11,948,995.87 11,948,995.87
4,320.00
3,632,257.72
3,636,577.72
(4,320.00)
(228,400.96)
(232,720.96)

- 15,352,852.63 15,352,852.63

14. Company Limited by Guarantee

The members have each agreed to contribute £1 in the event of the Foundation being wound up. As at the Balance Sheet date there were 6 (2024: 4) members.

The Foundation is incorporated and registered in Scotland and its registered office and principal activities are disclosed in the Directors’ Annual Report.

27

PRINCES EXCHANGE FOUNDATION

NOTES ON FINANCIAL STATEMENTS

for the year ended 31 July 2025

15. Related Party Transactions

No one individual had control of the charity during the year.

As described in the Director’s Report, the Directors are all partners in Turcan Connell. During the year fees of £81,227.58 (2024: £112,155.17) were paid to Turcan Connell for legal advice specifically in connection with some of the restricted funds. Turcan Connell donated services with a value of £23,895.34 (2024: £5,790.00) (excluding VAT) during the year, for which no fee was raised, and made a monetary donation of £5,340.00 (2024: £4,320.00) to the charity, £5,340.00 of which was outstanding at the year end.

There were no other related party transactions during the year such as require disclosure by Financial Reporting Standard 102.

16. Analysis of cash and cash equivalents

Immediate access bank accounts
Cash held by agents
Total cash and cash equivalents		 2025
£
2,297,176.41
3,625,800.62
5,922,977.03
 2024
£
1,290,682.29
813,513.65
2,104,195.94

17. Post balance sheet events

Since the close of the accounting period up to 30 March 2026, material cash donations of £16,000,000.00 were received into Anonymous Fund – 5, and material in specie donations of stocks and shares with a value of £5,850,617.50 were received into Anonymous Fund – 4. A further total of £1,255,207.66 was received by way of smaller donations from various donors. A total sum of £5,011,364.54 was received post year end from HM Revenue & Customs by way of various Gift Aid claims made after 31 July 2025, of which £848,702.75 was accrued as a debtor in the current accounting period (Note 10).

Material expenditure since the close of the accounting period up to 30 March 2026 included £3,156,806.25 applied in grants (of which, £669,636.69 was accrued as a creditor in the accounting period (Note 11)), including grants of £200,000.00 to the Royal High School Preservation Trust, £645,020.82 to NHS Highland and £200,000.00 to Foundation Scotland. A sum of £7,000,000.00 placed with external investment managers for investment within Anonymous Fund – 5 after the close of the accounting period.

28