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 A￿oUntan
Q Coun
3 Quatity Street
Edinburgh
EH4 5BP

THE BENZIESFOUNDATION
CoNTE￿r[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 slateM￿tS of The Be￿zie$ Fout)dati¢)n f
ihe year ¢n(kd 30 June 2024.
The Trystees that the Annual re￿rt 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 P￿viSionS 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￿ applI￿b]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 porticl￿tion in 5POrts:
- The provision of ￿creational facilxties with the object of injpwving the cot¥JitioDs of life for the Ferg￿ns 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 p￿teCtIOn 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 (￿ganiSa￿On$.
- Providing w1N)lurShi￿ ro individuals or teams who are enthusiastic but fInat￿la1]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 com￿lS510￿ aud OSCR in dwiibng whai aciivitLB5
the charity should undertAke.
STRUCTURE, GOVERNANCE AND mANAGE￿￿Tr
GvverJ]InE
The Charity W&8 G8tablished un(kr a constitution doCu￿rn[ adupieAI on the cieaiion ola Scottksh Cjwitable In¢0￿ra￿d
Organj&21io￿ ]ast 4meTrJedMarch 2021.
Charity Co￿lItution
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 inCo￿Ont¢d body having charitable 8IAtus uNkr the Charilies and Tnjsiee
InVeStn￿ni (S¢oilattd) Act 21X)5 alld 15 governed by lh¢ Board of Trustees.
Recruitment and appolntn￿nI 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 b￿rd meetitlg Tr rninimum and
Th￿¥1MUM number of¢harity mis￿8 is three and five ￿r￿tiVely.
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 S￿￿1r1¢ 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 U1￿8$[￿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 $14t¢ll￿￿tS in a¢cordaD(x with applicable
law$ and regulatLOnS.
Charity law requiff s the Trustees to prepare financial staremenis for e&h finanLidl year in dC¢OtdatLCt with United
Kingwdom (￿n￿allY 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 expet1dit￿re, 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 res￿￿5]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 fin￿la1 statellKlltS LX)mply with the Chatities and Tru*ee Invebimeni S¢odand Aci 2(X)5. They aty also
responsible for safeguarth.ng the assets ofLhttLhdriiy ￿dhe[Le forlaking rea￿A&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
H￿neS 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 off￿laIS ol the charity, the following rwesenlalions given lo you in connK*ion wth your
irKleperKlènt examinat￿n ol the charity s financi￿ statements lor Ihe year erKlgd 30 Jung 2024.
General
We ackrm1￿0 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 inde￿ndent 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 arran￿M￿ts
The charity has not granted any athances or credils to. or made guarantees on behaw of,
dir￿oIS I trustees.

Lggal clolm$
We are not aware of any claims in connection with litigation th* have been. or are expected to
reC￿v￿ 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 irusi*s are responsible for[￿ WeFardL1L￿ of the aecouttts in xe0rdd￿cc Mqth the tenns of the ChaTilies and
Tr￿fre Itlvesltnent Iscirtland) AL% 2(K>S atKI lh¢ Chari¢ie$ A¢¢ouffls (Scotjand) Regulations 21J)6 las atnen¢kd). The
ch￿ily'S trustees consider thai ￿ audsi requirenKnt vf Reguilition l(¥l)la) lo (c) of the Accounts Resul*ions d(ts nol
apply. li is my te%pon8ibility 10 examine Ehe a￿oUntS as required under Section 44(IXc) of the Aci and to stale
particularmatters have come 10 my &tention.
Basls of the Inde￿￿ent examI￿r.$ T¢tM)r¢
My examinatioD was ca￿]ed out in 2c¢or(kni¢¢ with Regulati￿ I l of the Charities Ac￿untS {ScotJ4thd) R¢gularxo]
2(X)6. An eKaminarion includes a review of the a¢¢OU￿1￿￿ ￿OrdS kept by the charity alld a Conv￿150n 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 Staten￿nt
In ¢onrtectiOll with my examination, rn rnatter has eome Èo my ￿tte￿Il0n..
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 RegUl￿10]l8
have tten mct; or
{21 io Whic￿ In my opinion, aitrntaon ghould be drdwn in order to enable a prO￿r understanditsg of the ￿tsU[>ts to
reached.
The Irtluluie i)r Chattered A¢LOwlt£￿ts of ScoLiaDd
Haitles Wat
B￿sIne￿￿ 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 EN￿WmENTs FROM
Illv¢$tsDeot iwome
E￿ENDITURE ON
Ch*rltsble activitieg
Grants to individuals
118.634
75.450
Gov¢rnanc¢ Costs
Totsl
121
Net gains investments
NET lTr*COME
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
2￿23
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 Boo￿of Trustr¢s al￿ authOri￿d 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 In￿￿O￿ted Organi.saii￿. The principal place of b￿￿ineSS of the
Lhatily ib Q Coun. 3 (￿alIty Stred, EH4 5BP. The objects of the Charity out in the Trustees, Re￿rt (x]
page l.
BASIS OF ACcOUNT￿C
The a¢coun15 have prepared under historical cast ￿nVentiO￿, modif￿d io include Trvaluatxon of
inYe8tments shown ai market value. and are itt accordatre wilh ihe Sts*meDr 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$L￿d on 16 July 2014 and the FinanLidJ
Repo]ting Staodard applicable in th¢ Uttl￿d Kingdom and R¢publiL of keliU]d IFRS1021. the Chdrities atml
Tn￿let tnve5tmeiii {S¢otland) Act 2(M)5 and the Charitics Accounts (S¢otlalld} regulations 20
GOING CONCERN
AL ihc ume of aptKoving Ihe financial sta￿mentS, the Trllstee% have a rea$0T￿ble extt£wiot] th* tbe charity has
ade4uatr r&%)ur¢e5 to Lotllinue in 0￿rati(￿di exisitrnce for the forese￿ble 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 investh￿nIS and bank interest ryeived frotn Rserve baDk
accoun
EXPENDITURE
Re5vur￿￿ exttnded Includ￿ in the sth*]n¢nt of fujancial activities the ￿¢r￿al5 b&sis.
Chatirable ex￿1￿"tUre comwi8eq th0￿e 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 co*ts 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¢ch￿ilY andiis asse(saTrlg￿pr]njti[l]y &wciatrd
with eoA5titutioThal and 51atutory r¢quir¢ments.
sUp￿rt c(bsrs are thLw fU￿tionS 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 rne￿￿red at ttans&ction price. less any impairn*nL
CLSH AND CASH EQUtVALENTS
Cats"h 15 ￿P￿Sent¢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 d￿e 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 M￿thS 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]n￿l...

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¢￿t￿lInglY costs are Stated inclusive olapplicable VAT.
CREDITORS
Short te￿i Cr￿lI10[S are measured at the tra￿sa¢ll<￿ price.
FINANCIAL INSTRiIMENTS
Th¢ charity onlyenters intL)bas'ie financial ifts1mll￿nt￿ tTaDsaciion* thai re%uli inthe recognition of financial assets
and liabilities, such as lisied inv&gin￿ntS iiade and other debtors at)d ¢rcditors.
FOREIGN CURRENCIL8
Is atK] liabiliii¢S in foreign C￿￿encieS are translated intothe ¢ntity's fLmctional currni¢y ai th¢ rotes of
exchange rulitlg at bala￿e sheei th. Trat￿tiOnS in foreign currencies are initially recor(kd I￿ the
eniiiy's fiEnctioTral cu￿eneY by a￿lyIng 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 PO￿￿1 lo U.S. Dollars- £1 1 $1.2645
2024
2023
Dividend# re￿IVed
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, 1￿cl￿d 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 e￿hange gaills
Ilank charges
10,432
1,762
27
13.278
(1381
12,221
13,140
GOVERNANCE COSTS
2024
2023
AccouNancy
4.651
TRUSTEES, REmuf￿RATION AND BENEFITS
The rntsiees of the clLqrity a￿ ¢onsideredio be the Lharity's key Mal￿gement ￿rsOnnel. The charity'% collstilulion
allows Lrusiee.% LO receive remuDeratioll for the provision o(servi¢es bvt for Ciuryiug his or her d￿leS as a
¢hatity trustee.
Page 9
continued...

THE BENZIES FOt5NDATtON
NOTES TO THE FINANCIAL STATEMENTS. eDDtinu￿I
FOR THE YEAR ENDED 30 JUNE ￿24
FIXED A&SET INVKSTMEwrs
irnYesun¢nts
MARKET VALUE
At l July 2023
Addition
DIs￿S&]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...