**REGISTERED CHARITY NUMBER: SC039943**
## Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2025
for
The Adam Wilson Foundation
The Adam Wilson Foundation
Contents of the Financial Statements for the Year Ended 5 April 2025
||Page|
|---|---|
|Report of the Trustees|1|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7|
|Detailed Statement of Financial Activities|12|
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The Adam Wilson Foundation
## Report of the Trustees
for the Year Ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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**
## **Objectives and aims**
The objective of the charitable trust is to generate investment income so that grants and/or donations for the benefit of young people can be made. This could be to help either in their chosen discipline or through exposure towards one they would not otherwise have been able to consider. The trustees continue to concentrate on supporting causes in Scotland.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
The investment income received during the year allowed the Foundation to make five awards totalling £76,000.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The primary investment objective of the trust is to generate and accumulate investment income, together with growth in capital, from a portfolio of securities invested in a medium risk category.
The investment portfolio is managed by Evelyn, on a discretionary basis, within the investment guidelines set by the trustees.
The trustees are satisfied with investment performance during the year.
## **Reserves policy**
It is the policy of the trustees to hold cash reserves adequate to cover at least twelve months running costs. The trustees are satisfied with the current level of reserves.
## **FUTURE PLANS**
The trustees will continue to accumulate funds for distribution and will continue to seek out interesting, exciting and socially helpful projects as future beneficiaries.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a trust deed dated 16 September 2008, and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The power to appoint new and additional trustees is held by the present trustees. Before appointing a new trustee the trustees identify the skills and experience sought. Potential trustees are provided with information about the background and policies of the trust and are provided with guidance in relation to trustees' responsibilities before any appointment is made.
## **Management and administration**
The trustees are in regular contact throughout the year as well as meeting for the AGM. Recommendations and final decisions are made when appropriate.
## **Risk management**
The trustees have endeavoured to identify and manage the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Management of risk is reviewed regularly at meetings of the trustees and where new areas of risk are identified appropriate responses are implemented and recorded.
The principal risk faced by the Foundation is that the investments do not perform and capital and income is not maintained. The risk is managed with the support of investment advisors through regular review of investment policy and asset allocation.
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The Adam Wilson Foundation
Report of the Trustees for the Year Ended 5 April 2025
**REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** SC039943
## **Independent Examiner**
Caledonia House 89 Seaward Street Glasgow G41 1HJ
## **Investment Managers**
Evelyn Partners 177 Bothwell Street Glasgow G2 7ER
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution, requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures being disclosed and explained in the financial statements.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Adam Wilson Foundation
Report of the Trustees for the Year Ended 5 April 2025
Approved by order of the board of trustees on 29 August 2025 and signed on its behalf by:
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## Independent Examiner's Report to the Trustees of The Adam Wilson Foundation
I report on the accounts for the year ended 5 April 2025 set out on pages five to eleven.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention :
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Armstrong Watson Caledonia House 89 Seaward Street Glasgow G41 1HJ
�������� Date: .............................................
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The Adam Wilson Foundation
Statement of Financial Activities for the Year Ended 5 April 2025
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Raising funds**
Investment management costs
3
**Charitable activities**
Grants awarded
Other costs
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|5.4.25
Unrestricted
funds
£
76,867
13,918
13,918
76,000
1,176
91,094
(93,814)
(108,041)
2,602,943
2,494,902|5.4.24
Total
funds
£
78,004
13,659
13,659
70,000
1,146
84,805
27,601
20,800
2,582,143
2,602,943|
|---|---|---|
The notes form part of these financial statements
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The Adam Wilson Foundation
## Balance Sheet
## 5 April 2025
|Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Unrestricted funds:
Trust capital
Undistributed income
**TOTAL FUNDS**|5.4.25
Unrestricted
funds
£
2,446,342
49,736
(1,176)
48,560
2,494,902
2,494,902
2,481,284
13,618
2,494,902
2,494,902|5.4.24
Total
funds
£
2,558,134
45,967
(1,158)
44,809
2,602,943
2,602,943
2,589,016
13,927
2,602,943
2,602,943|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 August 2025 and were signed on its behalf by:
The notes form part of these financial statements
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The Adam Wilson Foundation
## Notes to the Financial Statements
for the Year Ended 5 April 2025
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Going concern**
The trustees have reviewed the charity's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the charity is a going concern.
## **Income**
## Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. In practice this is normally when notified by the investment manager.
## Donations
Donations are recognised when the charity becomes entitled to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes VAT which cannot be recovered.
Grants awarded are recognised as liabilities when the trustees approve the grant unconditionally.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Realised and unrealised gains and losses**
All gains and losses are recognised in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and market value at the opening balance sheet date (or purchase price if purchased subsequent to the last year end). Unrealised gains and losses are calculated as the difference between the market value at the year end date and market value at the opening balance sheet date (or cost if purchased since the last year end). Realised and unrealised gains and losses on investments are combined in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## Trust capital fund
This fund represents donations to the trust, together with gift aid thereon. Capital growth on the investment portfolio is reflected within this fund, net of investment management fees.
## Undistributed income fund
This fund represents the investment income earned by the trust, less grants awarded and administrative expenses incurred.
The trust has no restricted funds.
continued...
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Docusign Envelope ID: 07A76E0E-7C9F-44FF-B7BD-388B96951B2D The Adam Wilson Foundation
Notes to the Financial Statements - continued
for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES - continued
## Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## Provisions
Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability on the balance sheet and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation
2.
## INVESTMENT INCOME
||||5.4.25|5.4.24|
|---|---|---|---|---|
||||£|£|
||Dividends -UK||52,072|54,193|
||Dividends -Foreign||11.656|12.154|
||Deposit account interest||64|58|
||Other fixed interest|-UK|12.540|11,004|
||Other fixed interest|- Foreign|535|595|
||||76,867|78,004|
|3.|INVESTMENT MANAGEMENT COSTS||||
||||5.4.25|5.4.24|
||||£|£|
||Portfolio management||13,918|13,659|
|4.|GRANTS PAYABLE||||
||||5.4.25|5.4.24|
||||£|£|
||Grants awarded||76,000|70,000|
||The following grant|supportwas provided during the year:|||
||||£||
||The SouthAyrshire|Befriending Project|30,000||
||The Edinburgh Science Foundation||3,000||
||Hilton ofCadboll Primary||10,000||
||Ayr StormBasketballClub||16,500||
||SportsAid Scotland||16,500||
||||76,000||
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continued...
Docusign Envelope ID: 07A76E0E-7C9F-44FF-B7BD-388B96951B2D The Adam Wilson Foundation
Notes to the Financial Statements - continued
for the Year Ended 5 April 2025
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
## Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
6. FIXED ASSET INVESTMENTS
|FIXED ASSET INVESTMENTS||
|---|---|
||Listed|
||investments|
||£|
|MARKETVALUE||
|At 6 April 2024|2,558,134|
|Additions|311,220|
|Disposals|(323.645)|
|Revaluations|(99,367)|
|At 5 April 2025|2,446,342|
|NETBOOKVALUE||
|At 5 April 2025|2,446,342|
|At5April2024|2,558,134|
Investment assets are analysed as follows:
||5.4.25|5.4.24|
|---|---|---|
||£|£|
|UK|1,478,853|1,525,588|
|Non-UK|967,489|1,032,546|
||2,446,342|2,558,134|
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continued...
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The Adam Wilson Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||5.4.25|5.4.24|
|---|---|---|
||£|£|
|Accrued expenses|1,176|1,158|
## **8. MOVEMENT IN FUNDS**
|**Unrestricted funds**
Trust capital
Undistributed income
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
Trust capital
-
Undistributed income
76,867
76,867
**TOTAL FUNDS**
76,867|At 6.4.24
£
2,589,016
13,927
2,602,943
2,602,943
Resources
expended
£
(13,918)
(77,176)
(91,094)
(91,094)|Net
movement
in funds
£
(107,732)
(309)
(108,041)
(108,041)
Gains and
losses
£
(93,814)
-
(93,814)
(93,814)|At
5.4.25
£
2,481,284
13,618
2,494,902
2,494,902
Movemen
in funds
£
(107,732
(309
(108,041
(108,041|
|---|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
Trust capital
Undistributed income
**TOTAL FUNDS**|At 6.4.23
£
2,575,074
7,069
2,582,143
2,582,143|Net
movement
in funds
£
13,942
6,858
20,800
20,800|At
5.4.24
£
2,589,016
13,927
2,602,943
2,602,943|
|---|---|---|---|
continued...
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The Adam Wilson Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
## **8. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|Trust capital|-|(13,659)|27,601|13,942|
|Undistributed income|78,004|(71,146)|-|6,858|
||78,004|(84,805)|27,601|20,800|
|**TOTAL FUNDS**|78,004|(84,805)|27,601|20,800|
## **9. RELATED PARTY DISCLOSURES**
The financial statements include a provision of £530+VAT for accountancy services provided by Bell Barr & Company, a firm in which is a partner.
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The Adam Wilson Foundation
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
|Detailed Statement of Financial Activities
for the Year Ended 5 April 2025|||
|---|---|---|
||5.4.25|5.4.24|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Dividends - UK|52,072|54,193|
|Dividends - Foreign|11,656|12,154|
|Deposit account interest|64|58|
|Other fixed interest - UK|12,540|11,004|
|Other fixed interest - Foreign|535|595|
||76,867|78,004|
|**Total incoming resources**|76,867|78,004|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfolio management|13,918|13,659|
|**Charitable activities**|||
|Grants to institutions|76,000|70,000|
|**Support costs**|||
|**Governance costs**|||
|Accountancy and legal fees|1,176|1,146|
|Total resources expended|91,094|84,805|
|**Net expenditure before gains and losses**|(14,227)|(6,801)|
|**Realised recognised gains and losses**|||
|Realised gains/losses on investment assets|5,553|-|
|**Net expenditure**|(8,674)|(6,801)|
This page does not form part of the statutory financial statements
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