Charity registration number SC039796 (Scotland)
EXCEED TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EXCEED TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | ||
|---|---|---|
| Charity registration | Scotland | SC039796 |
| Principal address | 1 Rubislaw Terrace | |
| Aberdeen | ||
| United Kingdom | ||
| AB10 1XE | ||
| Independent examiner | Thyme Tax & Accountancy Ltd | |
| 36 Angusfield Avenue | ||
| Aberdeen | ||
| Aberdeenshire | ||
| United Kingdom | ||
| AB15 6AQ |
EXCEED TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
EXCEED TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The principal objects/purposes of the Exceed Trust are as follows:
- a) The advancement of education;
b) The prevention or relief of poverty;
c) The advancement of the arts, heritage, culture or science; and
d) The promotion of equality and diversity
Grantmaking
The charitable trust continued to grant monthly donations to Great Ormand Street Hospital (£30) and Save The Children (£50).
Achievements and performance
The charitable trust continued to support Great Ormond Street Hospital and Save the Children. It also granted donations to various other charities.
Financial review
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
All of the charitable trust's funds of £90,784 are unrestricted. Within this total is an investment in art work carried on the balance sheet at its original cost of £35,000. The remaining £55,784 represents the free funds of the charitable trust.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were:
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The charitable trust is run on a day to day basis by a committee made up of employees or directors from the Exceed group of companies. During the year the following Exceed staff members or directors served on the committee:
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EXCEED TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The trustees' report was approved by the Board of Trustees.
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Trustee
27 November 2025
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EXCEED TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF EXCEED TRUST
I report on the financial statements of the Charity for the year ended 31 March 2025, which are set out on pages 4 to 10.
Respective responsibilities of trustees and examiner
The Charity’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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
(i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
(ii) to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial
statements to be reached.
36 Angusfield Avenue Aberdeen Aberdeenshire AB15 6AQ United Kingdom
Dated: 27 November 2025
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EXCEED TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 59,073 | 122 |
| Expenditure on: | |||
| Charitable Expenditure | 4 | 17,829 | 12,940 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | (35) | (12,818) | |
| Fund balances at 1 April 2024 | 49,540 | 62,358 | |
| Fund balances at 31 March 2025 | 90,784 | 49,540 |
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.
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EXCEED TRUST
BALANCE SHEET
AS AT 31 MARCH 2025
| Fixed assets Notes Tangible assets 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities The funds of the Charity Unrestricted funds 11 |
2025 £ 55,904 (120) |
£ 35,000 55,784 90,784 90,784 90,784 |
2024 £ 14,660 (120) |
£ 35,000 14,540 |
|---|---|---|---|---|
| 49,540 | ||||
| 49,540 | ||||
| 49,540 |
The financial statements were approved by the trustees on 27 November 2025
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EXCEED TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Exceed Trust is a unincorporated charity.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity 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 Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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EXCEED TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies (Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other Not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 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.
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.
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EXCEED TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(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 Charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the Charity’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.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 59,073 | 122 |
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EXCEED TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2025 | 2024 | |
| £ | £ | |
| Donations | 17,637 | 12,753 |
| Share of support costs (see note 5) | 92 | 89 |
| Share of governance costs (see note 5) | 100 | 100 |
| 10,750 | 5,124 |
5 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Bank charges 92 - Independent examiner - 100 92 100 Analysed between Charitable activities 92 100 |
2025 Support costs Governance costs £ £ £ 92 87 - 100 - 100 192 87 100 192 89 100 |
2024 £ 87 100 |
| 187 | ||
| 189 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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EXCEED TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Cost At 1 April 2024 At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 |
Other £ 35,000 |
| 35,000 | |
| 35,000 | |
| 35,000 |
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 120 | 120 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April 2024 | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| resources | expended | 2025 | ||
| £ | £ | £ | £ | |
| General funds | 49,540 | 59,073 | (17,829) | 90,784 |
| Previous year: | At 1 April 2023 | Incoming | Resources | At 31 March |
| resources | expended | 2024 | ||
| £ | £ | £ | £ | |
| General funds | 62,358 | 122 | (12,940) | 49,540 |
12 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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