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 prO￿dUreS
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 beI￿ve 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 Inv￿tMentS
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 a￿angernent 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 p￿sent
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 liabilit￿S 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 FOUnda￿On 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-