REGISTERED CHARITY NUMBER: SC1>43214 REPORTOF THE TRUSTEES Af4D (JNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 21124 FOR THE BENZIES FOUNDATION Haines Watrs Busittess Advibvrs alld AoUntan Q Coun 3 Quatity Street Edinburgh EH4 5BP
THE BENZIESFOUNDATION CoNTEr[s OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED Ju JUNE 24 Report rf the Trnstee5 Ind¢peThl¢nl ExamiEKr's Rtwt StateDYnt of FiEthtttsal Activities Notes to the FID4ncial StataDents 7 to 11 Detalled Statement of FlnaTrclal Aetlvlti¢s 12
THE BENZIES FOUYDATION REPORT OF THE TRUSTEKS OK THE YEAR EfiDED 30 JUNE 21Y24 The Trustee5 pre5¢llt their annual repon tog¢ther with the unaudited financial slateMtS of The Bezie$ Fout)dati¢)n f ihe year ¢n(kd 30 June 2024. The Trystees that the Annual rert and fina]81 5tai¢fft¢Dts of the charity comply with the curt¢Dt Statutory requirements. the requiLErnrnts Oli chariiy's governing IkKumeni alld the PviSionS of the Statemeniof Recon)mended Pra¢iice ISORP)"A¢¢ounting and R¢wrting by Charities" applicable ro chaLiti¢s preparing their a¢count8 in ¥cordatKe with th¢ Finanriul R¢porting Siattda applIb]e the UK and Republic ol Ireland {FRS 102). OBJECTtYES AND Acrivrr Objectives and aim5 The Chariiy's ¢)bj¢£iivcs arc.. - Tr advan¢em¢nt of public porticltion in 5POrts: - The provision of creational facilxties with the object of injpwving the cot¥JitioDs of life for the Fergns for wlM)m the facilitie8 or &ctiviti&8 are prirnarily intended. - To Curtherany OtherCh][4b[ePvrpO, inparticular by Ihe making of grants lin whateverfonn}tocharit2ble ingtitutiong or otherwise lor LhariLdble puryth%¢% suLh prop)rii0114 and ll[ler&S Llutity tru&eS &hdll think fil- - Th¢ advancement of environm¢rthtl pteCtIOn or imptovemeni; - The advancemet]t of the arts, heritage, cultur¢ or 5CLenc¢; - The advancemeni of artimal welfare. The a¢uvities of the Chariry gse.. - Makins gTants, donatiORS orsifts to (ganiSaOn$. - Providing w1N)lurShi ro individuals or teams who are enthusiastic but fInatla1]Y unable to partieipate their chosen - Providing fuThling w thve1 facilities Scottish con]rnuniiie& itmfore encourdging public participation ITJ Spn. Th¢ Trust¢%8 h#v¢ paid d Tygard to guidarncc isw¢d by th¢Charity comlS510 aud OSCR in dwiibng whai aciivitLB5 the charity should undertAke. STRUCTURE, GOVERNANCE AND mANAGETr GvverJ]InE The Charity W&8 G8tablished un(kr a constitution doCurn[ adupieAI on the cieaiion ola Scottksh Cjwitable In¢0rad Organj&21io ]ast 4meTrJedMarch 2021. Charity ColItution The Cbariiy is a Scottish Charitable ItKoox>rated Organigktion which was in¢wrated with Office of the Scotlish Cbariiy Regula(or. The organisaiion is an inCoOnt¢d body having charitable 8IAtus uNkr the Charilies and Tnjsiee InVeStnni (S¢oilattd) Act 21X)5 alld 15 governed by lh¢ Board of Trustees. Recruitment and appolntnnI of TrEW trustee& The BoaTd of Trustees ]nay at any time atv)In¢ any tther person persons who a adults, and not digqualified fTom acting to be a charity Truste& by way of a Fesolution p&%&1 hy majority v(4e al a brd meetitlg Tr rninimum and Th¥1MUM number of¢harity mis8 is three and five rtiVely. Th¢ TnL8tees alf eoniinuing to follow guid¢]ines ¥tt by OSCR and are workiog wilh iknir layryers alld governing Ixmlies in the chatitable to ensuEE that up to date th any ehanges. Page I
THE BENZIES FOiW>ATION REPORT OF THE TRUSTEES FOR THE ENDLD 30JUNE 2124 STRucfuRE, GOVERNANCE AND MANAGEMENT The principal sowc¢ of fuDdLn8 LS illC¢)me from investments. Policy l( is (h¢ poliLy ol the Charity thdt uIiresLri¢wi []S wlJi¢h have Eten (ksignated for a S1r1¢ u&e should be iinthined at a level equival¢nt io ktween thtee attd six months ¢xpettdiwre. estima¢ed (o £30.IKM) £60,0(KJ. The Charity consider uJJrestricted reserves at this kvel will ensure ihat, in the event of a significant dr()p in funding. Ihey ill be able lo conuDuethe charity's curjtni acrivilies while consi<Jerallffl 18 given lo Wdy% in which addiiionll] bjnds n]ay be raised. It is noi Ihe ittiention of the Truste&8 for ihe Charily to mainiain such a high level of U18$[cted resetves £1.8A3.578 {2023 - £1.620.6741 . Howev¢r. ¢hLS LS due to the Charity b.n8 U[ble to find appropriate lThefi¢iwi¢s. TRUSTEES, RLSPONSIBILrrY Th¢ Trusiees LE4)Oll8ible for weparing the gmnual r¢tM)rt aDd the finwKial $14t¢lltS in a¢cordaD(x with applicable law$ and regulatLOnS. Charity law requiff s the Trustees to prepare financial staremenis for e&h finanLidl year in dC¢OtdatLCt with United Kingwdom (nallY AcLetrted ALLvunbng (United Kingdom Attouniing Standards and appli¢able lawl. Under harity litw the Tru51ecs Ellust approve the finanlial siutetn¢nts urtle&8 they are satisfied tlLat they give a and fair view of ihe siaie of affairs of the charity and ol the incominB resources. i]Kluding the incoll and expet1ditre, of the charity forthat Eyricd. In pr¢paTing thse financial stat¢entS. the Trusti%s ar¢ required 10: - Sekct suithble &countitig 11¢1¢$ al th¢n apply consistently; - Make judgemenis alld accounting estittlates ihat ar¢ reasonable pNdeni' - St<lte whether applicable UK ALrounlin8 StsJMlthr(L. have been followed, %uty'e¢t to any material departures disc1o3ed exEluined Jn the fJnancial.%tstements; - Prepar¢ the financial stsiemenis on ihe going wnLrrn basts unless it is inaroropriate to pre5uffle that the charity will coniinue in busiTKb& The TnLsiees are res5]b]e forkeeping a(kquaTr xcounting ordS ihat are suffic&ent to show atjd explain the charity's Iransacuons and diwlose with reasonable accuracy at any lime the fJnanaa] position of the chariiy and ¢nable them io ensure thai the finla1 statellKlltS LX)mply with the Chatities and Truee Invebimeni S¢odand Aci 2(X)5. They aty also responsible for safeguarth.ng the assets ofLhttLhdriiy dhe[Le forlaking reaA&b]e stcps foith¢ pJrv¢ntion andikiectio of fraud otker irregulariiies. REFERENCE AND ADMINISTK4TIVE DETAIIS Registered Charity number SC043214 Registered *)tll( Q Court 3 Quaiiiy Sireei Edinburgh EH4 5BP Page 2
THE BENZIFS FOiINDATION REPORT OF THE TRUSTEES FOR THE YEARENDED 311 JUNE 2024 REFERENCE AND ADMINISTRATIVE DETAILS iner Haines Waits Business Advisors and Accountants Q Cuurt 3 Quality st Editlburgh EHJ iEIIJ Pdge 3
Th8 Benzles Foundatlon Q Court 3 Quallty Stre Edinburgh EH4 5BP HneS Watts Business Advisor5 arKI AGwurtants Q Court 3 Qudr(y Slr¢et Edintxjrgh EH4 5BP Dear Sirs We confirm lo lh¢ be$1 ol our kn¢edge and b81ief, arKI having mad8 appropriate 8nquIri ol Iruslees and offlaIS ol the charity, the following rwesenlalions given lo you in connK*ion wth your irKleperKlènt examinatn ol the charity s financi statements lor Ihe year erKlgd 30 Jung 2024. General We ackrm10 as trusloos our responslbllity under th& Charilles A¢Lx)unts {Scollandl RegLAalions 2006 las amended) for the linanclal stalemenls whiGh give a true a¥KJ fair view and for making atturata r8près8ntAtions to you. All the accounlirvj records have been made available to you for the purpose of your indendent examination arKI all the Iransaclions undertaken by Ihe chamly have been prcperly rellErted and reoJt(leol in Ihe accyjunling reGoids. All other reGords and rOlat irformalion, includiro minlrtes of management meetings, have been made availablo lo you. The financi statements are free of matenal misstalements, inclLKling omissions. Inlornal contyol and Iraud We acknovAedge our responsibility lor the desvan implementation of inlernal control syslerns 10 prevent and detect fraud and error. We confirm that there have not been any allegalions of fraud or suspeGi6d Iraud affecting th¢ ¢ntity's finan¢ial slal¢menls communi¢alod by curront or former emFAoyee5. analy515, Tegulalors or others. Assets and Ilabilities The charity has salisfactory title to all a&8ets and Ihwe are no liens or encumbrances on the harity's assols. We have recorded or disclosed. as 8pprop¥iate, all liabilities, both actual and conlingenl, and c>Jnlimi that we have not given ary guarantees lo third parties. Loan8 and arranMts The charity has not granted any athances or credils to. or made guarantees on behaw of, diroIS I trustees.
Lggal clolm$ We are not aware of any claims in connection with litigation th* have been. or are expected to reCv and consequenily confirm that there are no such items lo disdose in the finan¢1 statements. Law and regulatlons We are not aware of any inslanc8s of non-compliance or suspected non-compliance with laws and regulations whose affects should be c%)nsidered when preparing the finanoal statements. Rela1 partles Thore are no related party felalionshlps and Iransaclions whith r9quire lo be accounted for. and disdosed, in the financial slalements. We are not aware ol any other matters which require disdosure in order lo comF4y with the requirements of the Companies A¢1 20(E, th6 Charities Accounls IScoUarKJI Regulations 2006 or tha SORP. Golng concom 10 We b81ieve that the chartty's financial statèments should be prepared on a going concern basis on the grounds thal Current and fuiuie sources of funding or support Mll be more than adequate lor the charity's needs. Wo hava cons¥Jered a period ol twelve months from the dale ol approv of the financial statements. We beli&ve Ihal no further disdosures relalir#J to the Gharily'5 aLy'lity lo conlinue as a going con¢em ne&J to be made in th8 financial slalemenls. Dale
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEKS OF THE BENZIES FOUNDATION I report on )5 for the year ended 30jU 2024 sei out five to eleven. The charity's irusis are responsible for[ WeFardL1L of the aecouttts in xe0rddcc Mqth the tenns of the ChaTilies and Trfre Itlvesltnent Iscirtland) AL% 2(K>S atKI lh¢ Chari¢ie$ A¢¢ouffls (Scotjand) Regulations 21J)6 las atnen¢kd). The chily'S trustees consider thai audsi requirenKnt vf Reguilition l(¥l)la) lo (c) of the Accounts Resulions d(ts nol apply. li is my te%pon8ibility 10 examine Ehe aoUntS as required under Section 44(IXc) of the Aci and to stale particularmatters have come 10 my &tention. Basls of the Indeent examIr.$ T¢tM)r¢ My examinatioD was ca]ed out in 2c¢or(kni¢¢ with Regulati I l of the Charities AcuntS {ScotJ4thd) R¢gularxo] 2(X)6. An eKaminarion includes a review of the a¢¢OU1 OrdS kept by the charity alld a Conv150n of th¢ *¢ounts presented wilh th( re£oriL8. It also inclwjes con%ideraliun of any unusual iiems or disclosures in the wo)unts, and 5c¢kin¥ explanaiiuny from you as tyusiees concerning any %uch mailers. The pr(edureS llndenak¢n do noi provide all ihe evidenLE Ihat wuul(I be qUited in dn dudiL. and consequenily I du expre&8 an audii opinion on view given by Ihe aco)unts. Jndependent examiner's Statennt In ¢onrtectiOll with my examination, rn rnatter has eome Èo my tteIl0n.. 111 which gives Tll¢ r¢asonabk iause co lieve that. itt ally material ffspecL the requirenwA io keep Atcounting (OrdS in acrordance with Section 44(1l(a) of th¢ 2005 A¢t and Regulation 4 of the 2(K)6 Accounts Regul31ions,' and io prepare accollnts which accord with t accountill8 records to cornply with R¢gul•ion 8 of the 21K A¢counis RegUl10]l8 have tten mct; or {21 io Whic In my opinion, aitrntaon ghould be drdwn in order to enable a prOr understanditsg of the tsU[>ts to reached. The Irtluluie i)r Chattered A¢LOwlt£ts of ScoLiaDd Haitles Wat BsIne Advisors and Accountants Q Court 3 Quality Street Edinburgh EH4 5BP Date.. ..2Z. O.Z.-.t..o.Is.......... PABe 4
THE BENZIES FOUNDATION STATEMENT OF FINANCIAL AcrtVITIKS FOR THE YEAR ENDED JIJLryE 2024 2024 UDre5tricted fund 2023 Total funds Notes INCOME AND ENWmENTs FROM Illv¢$tsDeot iwome EENDITURE ON Chrltsble activitieg Grants to individuals 118.634 75.450 Gov¢rnanc¢ Costs Totsl 121 Net gains investments NET lTrCOME 222,904 53.215 REL'ONCILL4TION OF FUNDS Total funds brovghi forward 1.620,674 1.567.459 TOTAL FUNDS CARRIED FORWARD 1843 578 1620 674 The Thote& fornipart of these findncial statemenis Page 5
THE BENZIES FOUNDATION BALANCE SHEET SO JUNE 2024 2024 U]]restricted fund 223 Tothl funds Notes FIXED A&SETS Investmenis 1.512.248 CURREwf A&SETS Debt£i Cash ai bank 51M) 51x1 113 114 15,765 113,614 CREDITORS Amounts falling due within one year 10 (4,1271 (5,1881 NEf CURRENT ASSE'I'S 11.638 T(yfAL ASSETS LESS CURRENr 1,843578 1.620.674 NET A&SETS 1843 578 1620 674 Unre8rric*d fun(L8 1843 578 1620 674 TOTAL FUF4DS 1.843 578 1.620.674 11.o.l.:loLS........... ved by the Booof Trustr¢s al authOrid fori55u¢ on... . The tloies fottn Imrt of these financlai s¢atemetLts Page 6
THE BENZIES FOiJNDATION NOTES TO THF. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2O2A ACCOUNTING POLlCtES GENLRAL INFORMATION The Benzies Foundation is a S¢ottishCharitable InOted Organi.saii. The principal place of bineSS of the Lhatily ib Q Coun. 3 (alIty Stred, EH4 5BP. The objects of the Charity out in the Trustees, Rert (x] page l. BASIS OF ACcOUNTC The a¢coun15 have prepared under historical cast nVentiO, modifd io include Trvaluatxon of inYe8tments shown ai market value. and are itt accordatre wilh ihe StsmeDr of Re¢ommended Fl7¢ti¢¢: Accourting aTKI Rcp)ning by ChariLic5 prepaTing their aceount.s in accordance with the Fitwicial Reportin8 Standard applicable in the UK 3nd R¢publiL tsl Ireland IFRSI021 is$Ld on 16 July 2014 and the FinanLidJ Repo]ting Staodard applicable in th¢ Uttld Kingdom and R¢publiL of keliU]d IFRS1021. the Chdrities atml Tnlet tnve5tmeiii {S¢otland) Act 2(M)5 and the Charitics Accounts (S¢otlalld} regulations 20 GOING CONCERN AL ihc ume of aptKoving Ihe financial stamentS, the Trllstee% have a rea$0Tble extt£wiot] th tbe charity has ade4uatr r&%)ur¢e5 to Lotllinue in 0rati(di exisitrnce for the foreseble thture. Thus the Truste&s (x)ntinue to adopt the going ¢on¢¢rn basis of a¢¢ounting in preparing the fin£tncial 5tdteIn¢ni& INCOME In¢ome consists of gaiDS and divideTKis from its hstd investhnIS and bank interest ryeived frotn Rserve baDk accoun EXPENDITURE Re5vur exttnded Includ in the sth]n¢nt of fujancial activities the ¢ral5 b&sis. Chatirable ex1"tUre comwi8eq th0e cix81% ineuffed by the charity in the &iivery of activities attd s¢rvi¢e8 uttdertaken to further the purpo. ot the chariiy and includes grants made. governttce cots suppon costs.. Graltts payabl¢ are payments made to third partie6 in thc furthcranc¢ vf thc objectives Dr the cknriiy dmd are accounkd for w,hen either the recipienthas a re4sonable expcctation that they will rec¢iv¢ a granl and the trus¢ hdve agreed to the grani without Conditio or the recipieni has a reasonable expectation they will receive a grani and any cotldiuon aitsL.hing ro the gratti is outside the o)ntrtsl of the ¢lwity. Gov¢Thancc co&5 irKlu& th05C itKurr¢din th¢ governdnLeuf th¢chilY andiis asse(saTrlgpr]njti[l]y &wciatrd with eoA5titutioThal and 51atutory r¢quir¢ments. sUprt c(bsrs are thLw fUtionS that assist the work of the chariiy bul do directly undertske charirabl¢ activities. Support costs include legal fees atMI office exF¢nses which support tbe chariry's a¢tivilid8. TAXATION The chariiy is exempt from corpordtion tsx its ¢lwitable &tivirie& FUND ACCOUNTING Unrestricted fut)ds are available for use at the dis¢reiion of the in furtherantr of the general objeciiv¢s of th¢ ¢hariry. DEBTORS Short temi debtws rnered at ttans&ction price. less any impairnnL CLSH AND CASH EQUtVALENTS Cats"h 15 PSent¢4 by cash itt kand and deF¥Jsits with fllw)ciaJ institutions repayable without tw)a]ty oft notice of not more Ihan 24 how& Cash equivaleiiib ittE hibvhly liquid investtnenrs ihai mature in no more than thr months frorn the de of acquA.%jtion and ihat are readily ¢onvertibie LO known anM)unis of with insigllifi¢aN risk of challge in value. Cash deposit$ with a notiee peTiod of gr&qor thatt three MthS are in included Cash equivalenis where the deposit ha5 no si8nifJ¢ant risk of chaDge in valuc a5 a result of&vly withdrnwal. Page 7 coni]nl...
THE BENZIL"S FOIJNDATION NOTES TO THE FINANCIAL STATEfvIENTS. eontinuÈd FOR THb YEAR ENDED M JUNE 2024 Accoiif4TING POLICIES . contiDu¢d VAT The chwity is noi regkstered for VAT aud a¢tlInglY costs are Stated inclusive olapplicable VAT. CREDITORS Short tei CrlI10[S are measured at the trasa¢ll< price. FINANCIAL INSTRiIMENTS Th¢ charity onlyenters intL)bas'ie financial ifts1mllnt tTaDsaciion* thai re%uli inthe recognition of financial assets and liabilities, such as lisied inv&ginntS iiade and other debtors at)d ¢rcditors. FOREIGN CURRENCIL8 Is atK] liabiliii¢S in foreign CencieS are translated intothe ¢ntity's fLmctional currni¢y ai th¢ rotes of exchange rulitlg at balae sheei th. TrattiOnS in foreign currencies are initially recor(kd I the eniiiy's fiEnctioTral cueneY by alyIng ihe $rM)t exchange rdte ruling at the dwe of the Irallsaction. Ex¢haDge differeDC¢S are takell into account in arriving at ts 14)erating sU11 al all differen(rs are taken to profit and loss xcollnL The following spotrates are useiL' British PouThJ to Japalltse Y¢n- £1 1203.4440 Yen BriLish Pouryl tv Swiss Franc- £1 11.1364 FranL. British PouThl io Euros- £1 I l.l799 Eun)s British PO1 lo U.S. Dollars- £1 1 $1.2645 2024 2023 Dividend# reIVed InieTrst receivkn]e 23.882 182 2fy.wl 845 24,06A 27.836 Grani funding of acuvilies (s£e note 41 Supp costs (see noie 5) Tothls Grallt5 to individuals 106 li GRANTS PAYABLE 2024 2023 Grant5 to individuals 61,767 Page 8 olltinued...
THE BENZIES FOiINDATION NOTES TO THE FINANCIAL sfATEMENTS. continued FOR THE YEAR ENDED 30 JUNE 2024 SiJPPORT COSTS Management FinaDce Totals GTanis to itjdividuals 12,626 SuptM)rt ¢QSts, 1cld in the aiNJve. are a5 follows.. MANACEMENT 2024 Grant5 to iftdividuals 2023 activilies Cornput¢rcosis SuE]dries 405 480 63 405 543 FINANCE 2024 2023 Grants to individuals a¢uvities Portfolio rnanagemeut fees Foreign ehange gaills Ilank charges 10,432 1,762 27 13.278 (1381 12,221 13,140 GOVERNANCE COSTS 2024 2023 AccouNancy 4.651 TRUSTEES, REmufRATION AND BENEFITS The rntsiees of the clLqrity a ¢onsideredio be the Lharity's key Malgement rsOnnel. The charity'% collstilulion allows Lrusiee.% LO receive remuDeratioll for the provision o(servi¢es bvt for Ciuryiug his or her dleS as a ¢hatity trustee. Page 9 continued...
THE BENZIES FOt5NDATtON NOTES TO THE FINANCIAL STATEMENTS. eDDtinuI FOR THE YEAR ENDED 30 JUNE 24 FIXED A&SET INVKSTMEwrs irnYesun¢nts MARKET VALUE At l July 2023 Addition DIsS&]S RevJluaiiotLS iD ar ,511248 451,233 {422,4Q61 Ai 30 June 2024 NET BOOK VALUb At 30 June 2024 1831940 A 512248 At 30 June 2023 Fixed ass invesiDxnLsheld in th¢ UK and those outside the UK aTe analysed below: of Net Book V8lue 4.14% 17.77% 78.09% Country United Kingdom Euro Rest of World I.00% i or valuauon & 30 2024 is represerted by.. Listed invesm*nts Valuotion in 2024 Cost 635.743 1196 197 1831,940 P&ge 10 Cottiinued...