REGISTERED CHARITY NUMBER: SC043533
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
for
SafeDeposits Scotland Charitable Trust
Brett Nicholls Associates Herbert House
24 Herbert Street Glasgow G20 6NB
SafeDeposits Scotland Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
SafeDeposits Scotland Charitable Trust
Reference and Administrative Details for the Year Ended 31 March 2025
TRUSTEES
PRINCIPAL ADDRESS
REGISTERED CHARITY NUMBER
INDEPENDENT EXAMINER
BANKERS
First Floor, 221 West George Street SafeDeposits Scotland Glasgow G2 2ND SC043533 Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB Unity Trust Bank plc Nine Brindleyplace Birmingham B1 2HB
Page 1
SafeDeposits Scotland Charitable Trust
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 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
Charitable purposes
To advance education, particularly in relation to:
(a) best practice in the management of private rented housing and
(b) legal rights and obligations which are of particular relevance to those who are involved in the provision or management of private rented housing or who hold tenancies within the private rented housing sector;
(c) To advance conflict resolution through promoting the use of alternative dispute resolution processes for the more efficient resolution of disputes between landlords and tenants within the private rented housing sector.
On 13th February 2025 the Office of the Scottish Charity Regulator (OSCR) approved a widening of the Charitable Trust’s objects, which add the following purposes to those above:
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To support other charities or organisations in overcoming barriers for individuals to access and sustain good quality, decent, safe, compliant and energy efficient housing in the private rented sector.
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To promote, undertake and support research into factors that contribute to hardship and disadvantage in the private rented sector and the most appropriate ways to mitigate these and to publish the useful results.
Significant activities
The main activities of the Trust have been:
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Reviewing expressions of interest received
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Developing applications by engaging with potential applicants
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Increasing awareness of the Trust
ACHIEVEMENT AND PERFORMANCE Charitable activities
During the year the trustees were pleased to award grants to support the following projects:
Share Learning Ltd
Creation of a PRS portal giving tenants access to educational material on the PRS and providing a potential platform for a career in housing.
Southside Community Centre Association
Introduction of two hour weekly classes to educate PRS tenants on their rights and responsibilities.
Strathclyde University Law Clinic
Advice and support provided by law students under supervision to PRS tenants and landlords.
Under One Roof
Employment of a second Education and Training Officer, with the tasks of presenting at 30 in-person events and webinars, dealing with queries through website, developing a pilot scheme involving tenants in non-maintenance related decision making.
University of Strathclyde Law School
A three-year PhD research project which will examine private sector evictions in Scotland in the context of recent changes to the legislation.
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SaleDeposlls Scolland Charll8blB Trn8t Report of th• Tru8le•s for ihe Year Ended 31 MgrGh 2025 ACTrMEVEMENT AND PERFORMANCE Charltablo actlviilo• ConlinuAlkn of project providlng educatic and Informlbn io Rarnanlan Roma paople In Glasgow on Ihelr rljhls and responsibililles 1th1 Ihè PRS. Tha truslees a160 ¢(MI&S1on8d notlonal suN8ys . The ot Ibo TnI and to LFiure the 85 and experi8nc68 ofscowsh PRS lenants end IBndlord8. FINANCIAL REinEW Fln8ncl81 poslllon The ¢hgrlly genoraled a nel Surp¥ of £15e,213 lorthe year endaj 31 Mgr¢h 2025 (2024: £680,479). The Trust recelve(l a (lonaUoD of £3,036 Irom SalgDeposits Scdland. A tolal of £128,107 WAS pdd out kn 018 to tha prtlects Ilatsd Reserves poll¢y At balancè dat6. unrnd¢d re88rw Atood at £943.826 {2024: £787,613). Tha chwW8 Fol Is to maintaln £10,(N)O r¢8eMs, Ihls 18 sut41 lo onolng fevlew. Th6 addlUThHI re8eN88 h4ld wlll be dl8lrTrbut8d 08 ofAnl 8ppDcant8 Are Idenllfl8d. STRUCTURE, GOVERNANCE AND MANAGEMEwr Governlnu document saf¢Dept9 ScOd edIable Tbuytls 8 Scx>ttlth Ch8rliablo lftfxrywaied cynIsl10n ISCIOI vthleh 18 (ffitrolled by Its goveinlng docthn8nl {Artlcl88 ofAssoclaUon). Recrultn18nl and Bppolnlmenl ol new Irusleas Eath partnér org8n16a1kl8 raspon61ble for Ihè Appolntm8Trt ol a Iru9188. Key manigamont rnmun•r•tlon The kèy managem1 of the organtS8llon Is deaned to bo Ihg Iruslee3, who nol rec8N¢ any remunerall¢)n expeffj8e8 durtng the year (2024: expen886 É1,8461 No Irv81e8 or a por80ll felthl lo IN8leas had Any ptrr8onal Inlare81 In ary ojntracl (w Ir8n8aclion 8nlernd Inlo by th8rlty ¢*Jilng the year{2024: NII. ApDiiivp.d l)y Iiidpr oT11)8 bcirrf of tnivly.vq nn .. aThJ on Ils bohaw ty. Paoe 3
Independent Examiner's Report to the Trustees of SafeDeposits Scotland Charitable Trust
I report on the accounts for the year ended 31 March 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 :
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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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.
Fellow of the Association of Chartered Certified Accountants Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB
Date: .............................................
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SafeDeposits Scotland Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 300,036 Investment income 4 12,334 Total 312,370 EXPENDITURE ON Charitable activities 5 Grant making 156,157 NET INCOME 156,213 RECONCILIATION OF FUNDS Total funds brought forward 787,613 TOTAL FUNDS CARRIED FORWARD 943,826 |
2024 Total funds £ 750,000 - |
|---|---|
| 750,000 | |
| 169,521 | |
| 580,479 | |
| 207,134 | |
| 787,613 |
CONTINUING OPERATIONS
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities in both years.
Comparative figures for the previous year by fund type are shown in Note 9.
The notes on pages 7 to 11 form part of these financial statements.
The charity has one fund the 'General Fund' and all income and expenditure during the year related to this fund.
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8al•D•poslt8 8colland Ch4ilt•blo Tru•t Balanoe Sheèt 31 kl8rch 2025 2025 Total funds 2024 Tol funds Notos CVRReNT ASSETS C88h at barf 970,194 854,n8 CREDITOR8 Arnnts f8lllng due thIn one 5wr 10 126,3681 (67,125) NEf CURREKf ASSETS 943,826 787,813 TOTAL A88ETS LESS CURREKf UABILrriES 943,828 787.e13 NET ASSET8 943,826 787.813 FUNDS Unro8lrfct8d funds 11 943,826 767,613 TOTAL FUND8 943,826 787,813 The fmarKlal stalernenls wor8 apKrovad ty lh& Bo8rd of TYu8tee8 and authcfl8ed for tsw8 on 3nfl iirp.r?. Y,1 ne on Tis bchatf b The Ml8s pw 7 kn 11 fcffm p8rt 01 these financkl stat8mants Pagè 6
SafeDeposits Scotland Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1. GENERAL INFORMATION
SafeDeposits Scotland Charitable Trust ("the charity") is a Scottish charitable incorporated organisation governed by its Constitution. It was registered as a charity in Scotland (registered number SC043533) on 01 November 2012. Its registered address is First Floor, 221 West George Street, SafeDeposits Scotland, Glasgow, G2 2ND.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements are prepared on an accruals basis, and on a going concern basis, in accordance with:
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the Charities and Trustee Investment (Scotland) Act 2005;
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Regulation 8 (Statement of account - Fully accrued accounts) of The Charities Accounts (Scotland) Regulations 2006;
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the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in March 2018 ("FRS 102"), to the extent that it applies to small entities and public benefit entities;
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'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, published in October 2019 (FRS 102)' ("the Charities SORP");
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UK Generally Accepted Accounting Practice; and
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the historical cost convention.
The charity meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy
The financial statements are presented in UK sterling, which is the charity's functional currency, and rounded to the nearest pound.
There have been no changes to the basis of preparation this financial year or to the previous financial year's financial statements.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Going Concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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continued...
SafeDeposits Scotland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
2. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
Taxation
SafeDeposits Scotland Charitable Trust is a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3. DONATIONS AND LEGACIES
4.
| DONATIONS AND LEGACIES | |
|---|---|
| 2025 Unrestricted funds £ Donation - SafeDeposits Scotland 300,036 INVESTMENT INCOME 2025 Unrestricted funds £ Bank interest 12,334 |
2024 Total funds £ 750,000 |
| 2024 Total funds £ - |
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of Direct activities Support Costs (see (see note costs (see note 6) 7) note 8) £ £ £ Grant making 26,730 128,107 1,320 |
Totals £ 156,157 |
|---|---|
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SafeDeposits Scotland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Bank Charges Professional Fees (Grant Assessment) Trustee Expenses Publicity and Marketing Project costs 7. GRANTS PAYABLE Grant making The total grants paid to institutions during the year was as follows: Strathclyde Mediation Clinic Under One Roof Strathclyde University Law Clinic Collaborative Centre for Housing Evidence Homes For Good Positive Action in Housing Clackmannanshire CAB Andrew Watson Shelter Milan Senior Welfare Share Learning Ltd University of Strathclyde Law School Southside Community Centre Association |
2025 £ 75 5,829 - 168 20,658 26,730 2025 £ 128,107 2025 £ (4,356) 25,000 42,192 - - 12,974 - - - - 15,000 25,517 11,780 128,107 |
|
|---|---|---|
In addition, the charity offered multi year grants during the year to 31 March 2025 and is committed to the following grant payments, which are subject to conditions due to be met after 31 March 2025.
| - Under One Roof - University of Strathclyde Law Clinic - University of Strathclyde Law School Total: |
£ 25,000 81,183 52,596 158,779 |
|---|---|
8. SUPPORT COSTS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Independent Examination | 1,320 | - |
| Accountancy fee | - | 1,200 |
| Audit fee | - | 2,040 |
| 1,320 | 3,240 |
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SafeDeposits Scotland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
During the year, there were no expenses reimbursed to trustees. In the prior year, £1,646 of travel expenses were reimbursed to one trustee.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Grant making NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Grants to be distributed Accrued expenses MOVEMENT IN FUNDS 11. 12. |
Unrestricted fund £ 750,000 169,521 580,479 207,134 787,613 2025 2024 £ £ 798 522 24,250 63,363 1,320 3,240 26,368 67,125 |
|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/4/24 in funds £ £ 787,613 156,213 787,613 156,213 |
At 31/3/25 £ 943,826 |
|---|---|---|
| 943,826 |
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SafeDeposits Scotland Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 312,370 | (156,157) | 156,213 |
| TOTAL FUNDS | 312,370 | (156,157) | 156,213 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/4/23 in funds £ £ 207,134 580,479 207,134 580,479 |
At 31/3/24 £ 787,613 |
|---|---|---|
| 787,613 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 750,000 | (169,521) | 580,479 |
| TOTAL FUNDS | 750,000 | (169,521) | 580,479 |
13. RELATED PARTY DISCLOSURES
During the year the charity received a donation of £300,036 (2024: £750,000) from SafeDeposits Scotland Limited, a company under common control.
Transactions with Trustees are disclosed under note 9.
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