Charlty r•glstratlon numbor SC039854 (Scotland) THE NICOLL CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE NICOLL CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TnMt••s Charlty number (ScotlarKI) SC039854 Prlnclpal address 3 Paradise Woodville By Arbroath Angus DD113RH Indop•ndont •xarnln•r Findlays Audrt Limited 11 Dudhope Terrace Dundee DD3 6TS Bankor• Royal Bank of Scotland 3 High Str•et Dundee DD19LY Sollcltor¥ Lindsays Seabraes House 18 Greenmarket Dundee DD14Q8 Inv•8tmont managor Quilter Cheviot 2nd Floor Delta House 50 West Nile Street Glasgow G1NP
THE NICOLL CHARITABLE FOUNDATION CONTENTS Pago Trustees. report Independent examinerf6 report statement of financial activities Balance sheet Note8 to the financial statements 6-15
THE NICOLL CHARITABLE FOUNDATION 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 wlth the accounting policies set out in note 1 to the financial statements and comply with the Charity's trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (a3 amended) and "Accounting and Reportng 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) (•ffective 1 January 20191". OBJECTIVES AND ACTIVITIES The maln oblecllves of The Nicoll Charitable Foundation are the saving of lives. the advancement of animal welfare, the advancemenl ol health and to provide relief and assistance to tho$e in need by reason of age, health. dlsabillty or financial hardship. ACHIEVEMENTS AND PERFORMANCE During th• financial year the trust provided donations to a number of worthy causes. The organisaions in receipt of donatlons are detailed within the notes to these financial statements. FINANCIAL REVIEW At the year •nd the Charity holds £2,902,71312024 - £3,033,362) in reserves, all of which is unre*ricted. No material amounts have been d•signated. Resorvoi pollcy The trustees regularty monitor the level of unrestrlcled funds as these are vital in allowing Il•xibility in our work. The chartty alms to malntain a level of cash reserves suffiaent to cover 6 months of expenditure. T he Charity has unrestricled reserve5 which meet Ihi$ reserves policy. STRUCTURE. GOVERNANCE & MANAGEMENT Conjtltullon The Nicoll Charitable Foundation is a registered charity. number SC039854, and is Gonstituled under a Trust deed. The Trust was created in 2Q08 by Miss Jean Nicoll to make provision for the financial support of such purposes or such institutions, foundation$, bodies or trusts as the law regards as charitsble. The Trustees tho sorved during the year and up to the date of signature of the financiol statements were: Methods of appolntment or electlon of Trustees The management ol the charity is the responsibility of the Trustees 0 are elected and co-opted under the temis of the Trust deed. The tru$t deed states the minimum truslee3 will be three. New TNJtees, if required, may be appointed by resolution of th• r•maining Trustees. K•y manag•m•nt The Trustees consider the board of Trustees to be the key management personnel of the Charity, in charge of dirèeting and Controlling the charty - day to day administration is Carried out by the the Trust Secretary. Organlsatlonal structur• and d•cl8lon4naklng pollcles The Trust is governed by the trust deed and is administered solely by the Trustees who make all the decisions in connection therewith.
THE NICOLL CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Poli¢l•8 adoptod for th• Inducllon and tralnlng of Trustees There are currently no procedures in place for the induction ol new trusteeg, however new trustees will be made aware of the aims and objectives of the charity and other relevant information prior to appointment.
THE NICOLL CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NICOLL CHARITABLE FOUNDATION I report on the financial statements of the Charfty fof the year ended 31 March 2025, which are set out on pages 4t015. Respectlve responslbllltles of Trustees and examlner The Charity's Truslees are responsible for the preparation of the financial statemeftts In accordance with the temis of the Charities and Trustee Investments {SGotland) Act 2005 and the Charltles Accounts (Scolland) 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 1$ My responsibility to examiné the financial statements as required under section 44{1)(c) of the Act and to state whether particular matters have come to my attention. Ba818 of Independent axamlner'8 8tatem•nt My examinatlon is carried out in accordance with Regulab'on 11 of the 2006 Accounts Regulations. An exarnination 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 disdosures in the nanclal statements. and seeks explanations Irom the trustees concerning any such matters. The prOdUreS undertaken do not provide all the evidence that would be requlred In an audlt and consequently I do nol express an audit opinion on the view given by the financial stalernents. Ind•p•ndent examlnor's ¥tatsment In connection with my examination, no matter has come to my attention.. (a) whlch glves me reasonable cause to beIve that in any material respect ihe r•qulrements'. (l) to keep accountlng records in xcordance with section 44{1) (a) of the 2005 Act and Regulation 4 the 2006 Accounts Regulations.. and (11> to prepare financial statements which accord wlth the accountlng records and comply with Regulatlon 8 of the 2006 Accounts Regulations., have not been met or (b) to which, in my opinion, attentlon should b• drawn In order to enable a proper understanding of the financial statements to be reached. Findlays Audit Limit•d 11 Dudhope Terrace Dundee DD3 6TS Dated.. 27 June 2025
THE NICOLL CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrn8trlcted Unrestrlct•d fund8 funds 2025 2024 Notes Income from: Investments 89.988 81.235 Total Incom• 89.988 81,235 Expendllure on: Raising funds Charitable activities 6,737 263.608 11.078 60,635 Total oxpenditur• 270.345 71.713 Net gainsl(losses) on Investments 10 56.076 7,118 Not Incom•l(•xpondlture) (124,281) 16.640 Oth•r rn¢ognlsod galns and Ioss•8: Revaluation of Inveslrnents (6,369) 253,824 N•t mov•m•nt In fund• {130.650) 270,464 R•¢onclllatlon of funds: Fund balances at 1 April 2024 3,033.363 2,762,898 Fund balancos at 31 March 2025 2,902.713 3,033.362 The staternent of financial activits'es includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The noles on pages 6 to 15 form part of these financial statements.
THE NICOLL CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2023 2024 Notes Flxed assots Investments 12 2,792.700 2,945,593 Current ass•ts Deblors Investments Cash at bank and in hand 14 15 5,615 66,757 191,962 6,169 18,418 67,718 264,334 92,305 Creditor•: amount• falllng du• wlthln on• y•ar 16 (154,321) (4,536) Net current as8et$ 110,013 87.769 Total a8Mts l••s current Ilabllltl 2,902.713 3,033,382 Income funds Unre$trlcted funds 2,902.713 3,033,362 2,902.713 3,033,362 roved by the Trustees on 27 June 2025 The notes set out on pages 6- 15 form part of these financial statements
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollelas Charlty inforrnation The Nicoll Charitable Foundats'on 15 a charity registered in Scotland. The principal address is 3 Paradise, Woodville. NrArbroath. Angus, D0112RH. 1.1 Accountlng convontlon The financial statements have been prepared in accordance wrth the Charty's constitution. the Charities and Trustee Investment (Scotland) Act 2005. the Charlles Accounts Iscotland) Regulatlons 2006 {as amended) and "Accounting and Reporting by Charities.. Statement of Recommended PraGtsce applicable to charrties preparing their accounts In accordance with the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland <FRS 102) (effectivé l January 20191. The Charrty is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for Gharltles applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Fl¢)ws. The financial ststemenls are prepared in sterling, which is the functlonal currency of the Charlty. Monelary arnounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost conventlon unless otheNA5e stated, modified to include the revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concorn At the time of appfoving the financial statement$, the Trustee8 have a reasonable expectation that the Charity has adequate resource8 to continue in operational existence for the foreseeable future. Thu8 the Trustee3 conb'nue to adopt the going concern basis of accounting in preparing the financial $talement8. 1.3 Charft*bl• fund• Unre$tri¢ted funds are avallable for use at the discretion of the Trusteej in furtherance of their charltable objectives. 1.4 Income Income is recognised when the Chafity 18 legalty entitled to it after any performance conditions have been mgt. the amounts can be measured reliably, and it is probable that income will be received. Legacies are recogni8ed on receipt or otheThvise rf the Charity has been notified of an impending distribution, the amount is known, and receipt 1$ expected. If the amount 18 not known, the legacy 18 treated as a contingent a$s•t,
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polici•• (Contlnuedl 1.5 Expendltur• Expenditure is recognised On there Is a legal or con5tructlve obligatlon to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 18 classified by activty. The costs of each adivity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attnbutable to a single activity are allocated directly to that activity. Shared costs which contribute to rnore than one actiwty and support costs whlch are nol attributsble to a single activity are apportioned beiween those activities on a basis consistent with the use of resources. Cenlral staff costs are allocaled on the basi$ of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds lor its charitable purposes and Includes costs of all fijndraising activities events and non-charitable trading. Expendrture on Charitable activities is incurred on directly undertaking the activities %thich further Ihe Charrty's obieets'ves, as well as any associated support COStg. Grants payable are charged In the year when Ihè offer is made except In thos• cases where the offw 1$ conditional. such grants belng recognlsed as expenditure when the condltions attachlng are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued a8 expenditure. All expenditure is inclusive of Irrecoverable VAT. 1.6 Flx•d a•••t InvtMentS Fixed asset investments are initially measured at transaction price exduding transaction costs. and are subsequently measured at fair value at •ach reporting date. Change$ in fair value are recognised in nel incornellexpenditure) for the year. Transacts'on costs are èxpensed as incurred. 1.7 Ca•h and ca•h •qulval•nts Cash and cash equivalents include cash in hand, deposlls held at call with bank8. Othei short-lerm liquid investmentg With original maturits'es of thr•e months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilrties. 1.8 Flnancial Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial In8truments' and Section 12 'Other Flnancial Instrumenls Issues, of FRS 102 to all of rts financial instruments. Financial instruments are recognised in the Chanty's balance sheet when the Chanty becomes party to the contractual provisions of the instrument. Flnancial assets and liabilrties are offset, wth the net amounts presented In the financial stat•rnents. when there Is a legally enforceable right to set off Ihe recognlsed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability slmullaneously. 8aslc flnanclal assets Basic financial assets. indude debtors and cash and bank balances, are inltially measured transaction price including transaction costs and are subsequently carrled at amortised cost using the effectlve interest method unless the aangernent constitutes a financing transaction. where the transaction is measL•red at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivabl• within one year are not amortised.
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued Baslc Ilnancial Ilabllltles 8asic 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 psent value of Ihe future payments discounted at a market rale of interest Financial liabilities classified as payable within one year ale not amortised. Debt initrum•nts 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 operation8 from suppliers. Amounts payable are classifled as current liabilitS if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost usin9 the effective interest rnethod. Oerecognltlon of flnanclal Ilabilltl•s Financial liabilities are derecognised when the Charity's contractual obligats'ons explre or are dlscharged or cancelled. Inv•slm•nts Unre8trlct•d Unrestricted funds lunds 2025 2024 Income from UK listed inv•stmènts Income from foreign Ilsted inv¢strnents Interest receivable 18.032 71,942 14 13,691 66.915 629 89,988 81.235 Ralsing lunds Unr•strlct•d Unrestricted funds funds 2025 2024 Investment managernont 6.737 11.078 6,737 11.078
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expondlture on charitable actlvitl•s Total 2025 Total 2024 Dlr•ct costs Bank charges 13 18 Grant funding of activlties (see note S) 255,698 52.351 Shar• of 8UPPOrt and govomanee costs (8•0 nots 6) Support Govèrnance 3,000 4,897 3.000 5,266 263,608 60,635 Analys18 by fund Unrestricied funds 263,608 60.635 Grants payablo 2025 2024 Grants to institutions.. Tayside Mountain Rescue RNLI Kirrie Connections PDSA Girlguidlng Dundee Girlguiding Newbigging Camoustie Community Councll 3rd Perth Scouts Group - Scone Perthshlre Gun Dog Races Tay Sail Training 22nd Angus Scouts The Yard 18,000 12,284 3,877 8,950 14,750 16.642 4,000 4.470 15.674 3.096 15,421 5,885 35,000 150,000 255,698 52.351 The charity did not undertake any activity direGtly but met its charitable purpose by maklng grants. Grants were paid in line with the charity's grant-making policy to local organisatr'ons for purposes including equipment, repairs, setup and prqect costs.
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocatsd to actlvltles Total 2025 Totsl 2024 Secretarial costs Governance 3,000 4,897 3,000 5,266 2025 2024 Gov•rnanco co•ts comprlm: Independent examination Tru3tee expenses 4,104 793 4,596 870 4,897 5.266 Net mov•m•nt In fund• 2025 2024 The net movemont in funds is ststed after chargingl(crediting)'. Fees payable for the independent exarnination of the chanty's financial itatem•nts 4,104 4,596 Ind•p•nd•nt Examlnorfl r•mun•ratlon Fees payable to the Charlty'8 Indop•nd•nt Examlnor.. 2025 2024 Independent Examination of the Charity's annual accounts 4,104 4,596 Total f•0• 4,104 4,598 Tru•t•08 eGelved amounts totalllng £3,000 (2024 - £3.000) for seerèlartal $eNlces provided durlng the year. During the year, 2 Trustees were relmbursed a toL11 of £793 for travel and mlscellaneous expenses (2024 £670 was reirnbursed to 3 Trustees). 10-
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 10 Net galnsl{1055os) on Investments Unre$trl¢ted Unrestricted funds funds 2025 2024 Gainl(loss) on sale of investments 56,076 7,118 11 Taxatlon The charlty Is exempt from taxation on Ots actimties because all its income is applbed for charilablé purposes. 11
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 12 Flxed asset Investments List•d Inv08tments Cost or valuation At 1 April 2024 Additions Valuation changes Sales 2,945,593 195,214 49.374 (397,4811 At 31 March 2025 2,792,700 Carrying amount At 31 March 2025 2,792.700 At 31 March 2024 2,945,593 Th• tru•tg0• ¢oMld•r Indlvldual holdlng• In •xc••• of 5% of tho portlollo v•lu• to be mat•rlal. Materlal Int•r•8ts by value: 2025 2024 Quilter Inve$tOfS Ltd QC Global Income & Grow1h Fund Schroder International Select Fd US Large Cap GBP X Dis Allianz Global Investors GMBH Gllt Yield l {Inc) GBP Dis Royal London Unil Trust Managers Sterling Credit Insll Inc Blackrock Fund Managers Ltd 8R CIF 18hs Nrth Am Eq Idx Fd UK S Royal London Bond Funds ICVC Sterling Credit X GBP Dis 2,008.726 71,719 55,713 52,364 48,757 45.550 1,668,946 54,023 57,972 49.902 45,550 12-
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Flxed assel Invastments Icontlnued) Invostrnont ri•k• FRS 102 requires the disclosure of Infomiatlon In relation to certain investment rlsks. These risks are Set out by FRS 102 as follows. Credit rfsk.. thls is the risk that one party to a financial instrument will cause a ffinancial loss for the other party by failing to discharge an obligation. Market risk.. this comprises currency rlsk, Interest rate rlsk and ottter prlce risk Currency risk.. this is the risk that the fair value or future Gashflows of a financial asset will fluctuate b•¢au8e of the changes in market interest rates Interesl rate rfsk.. thls Is the risk that the fair value of future cashflows of a financial asset will fluctuate because of changes in markel interest rate5 The trust has exposure to these rlsks because of the investments it makes to Implement its investrnent Itrategy. The trustees manage investment risks, induding credit risk and market risk, within agreed risk limits whlch are set taking into accounts the Trust's strategic investment objective$. These investment obje¢tiv•$ and risk limits are implemenled through the investment manager agreernents in place with the Trust's investment managers and monitored by the Trustees by regular review5 of the investment portfolios. Curr•n¢y rl•k The Charlty Is subject to currency risk because some of the Charity's investments are held in oveBeas markets via the pooled investment vehicles. At the year end. the Charity's exposure to funds Invesling in overseas securities wa8 £2,163.473 {2024 - £2,336,673). Intorost rat• rl•k The charity is subject to inleresl rate rlsk through Investmenlg comprislng bonds. At the year end the Charty's exposure to funds investing in bonds was £269.78112024 - £230,857). Oth•r prlc• rl•k Other price risk arises principally in relation to equilie8 held in pooled vehicles. The Charity n*nages this exposure lo other price risk by ¢on5tructing a diverse portfolio of investments across various markets. At the year end the funds exposure to these funds was £373,017 (2024 - £389.712). 13 Flnanclal instruments 2025 2024 Carrylng amount of Ilnanclal assets Instrumenls measured at fair value through statement of financial activities 2,859,457 2,964,011 14 Doblord 2026 2024 Amounts falllng du• withln on• yoar: Other deblors 5,615 e.169 13-
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Current ass•t Invostrnents 2025 2024 Cash held as part of investment portfolio 66,757 18.418 16 Cr•ditorn.' amounts falllng du• within one year 2025 2024 Accruals and deferred income 154,321 4.536 17 Analys1• of net a880ts b•tw••n fund8 Unrgstrlct•d funds 2025 At 31 March 2025: Investments Current asselsl(Ilabilities) 2,792,700 110.013 2,902.713 Unrn•trlct•d fund• 2024 At 31 March 2024: Investments Current assets1(liabilities} 2,945.593 87.769 3,033.362 18 Rolatod party transactlons There were no disclosable related party transactions during the year (2024 - none). 14-
THE NICOLL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Flnanclal commltmentS1 guarantses and contlngent Ilabllltlos The Foundation have committed to provldlng a grant to 3rd Perth Scouts Group of up to £15.000, subject to fvlfilment of various conditions. The FOUndaOn have a180 ¢ommitted to providing a grant lo Tay Sail Training of up to £SOO.000. This is conditional upon Certain pemiissionl. These grants will be paid from the charity's unrestricted resep4es. 15-