**REGISTERED CHARITY NUMBER: SC044912** ## **THE RACS FOUNDATION** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED** **30 JUNE 2025** Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ **THE RACS FOUNDATION** ## **FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025** |**Contents**|**Page**| |---|---| |General Information|1| |Trustees Annual Report|2| |Independent Examiner’s Report|4| |Receipts and Payments Account|5| |Statement of Balances|6| |Notes to the Financial Statements|7| **THE RACS FOUNDATION** ## **GENERAL INFORMATION YEAR ENDED 30 JUNE 2025** **SCOTTISH CHARITY NO:** SC044912 **TRUSTEES: ADDRESS:** 4.5 Kirkhill House Office Park 81 Broom Road East Glasgow G77 5LL **INDEPENDENT EXAMINER:** Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ **BANKERS:** Barclays 90 St Vincent Street Glasgow G2 5OQ **SOLICITORS:** Wright, Johnston & Mackenzie 319 St Vincent Street Glasgow G2 5RZ **INVESTMENT ADVISERS:** Barclays Wealth and Investment Management 1-4 Clyde Place Lane Glasgow G5 8DP Page 1 **THE RACS FOUNDATION** ## **TRUSTEES ANNUAL REPORT YEAR ENDED 30 JUNE 2025** The Trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 30 June 2025. ## **REFERENCE AND ADMINISTRATIVE DETAILS** Reference and administrative details are shown in the schedule of General Information on page 1 of the financial statements. ## **The Trustees** The Trustees who served during the year were as follows: ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Trust Deed** The charity was registered by dated 7[th] March 2014. New Trustees are nominated and seconded by existing Trustees based on their knowledge of the nominee and the skills and experience they will bring to the Foundation. Once appointed, new Trustees receive relevant induction and training as required. ## **OBJECTIVES AND ACTIVITIES** ## **Purposes** The Trustees shall distribute such amounts and on such occasions and by such instalments to such persons, bodies, organisations or companies for such charitable purposes as they may deem fit but, at all times, pay special attention to; 1. The prevention or relief of poverty. 2. The advancement of education. 3. The advancement of health. 4. The saving of lives. 5. Providing recreational facilities or organising recreational activities with the aim of improving the conditions of life for the people whom the facilities or activities are mainly intended. 6. The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage. 7. To benefit in any way such other similar charitable purposes as the Trustees shall see fit. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Review of the activities of the charity** During the year, the charity’s investment portfolio increased in value to £614,610 (2024: £521,221) and the charity made donations to charities totalling £21,386 (2024: £17,892) which fulfilled the above criteria. Page 2 **THE RACS FOUNDATION** ## **TRUSTEES ANNUAL REPORT** _**(continued)**_ **YEAR ENDED 30 JUNE 2025** ## **FINANCIAL REVIEW** During the year, the Trust’s expenditure has exceeded income by £45,654 (2024: £46,874 surplus) and investment performance moved in line with market conditions. It should be noted that (Trustees) donated investments totalling £50,186 (2024: £50,351) during the year and , RACS Investments Limited, donated £1,000 (2024: £1,000). ## **Reserves Policy** The Trustees consider that the level of free reserves is £1,863 at 30 June 2025 (2024: £3,098). The Trustees regularly review the investment portfolio and bank deposits with its professional advisors. ## **Grant-Making Policy** The Trustees will consider applications for grants from charitable organisations whose work qualifies within the Trust’s purposes as detailed above. ## **Future Plans** The Trustees plan to distribute a similar level of grants to similar types of organisations in future years. Signed on behalf of the Trustees 27 October 2025 Page 3 **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE RACS FOUNDATION** I report on the accounts of the Charity for the year ended 30 June 2025 which are set out on pages 5 to 7. ## **Respective responsibilities of Trustees and Examiner** The 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. The Trustees consider that the audit requirement of Regulation 10(1) (d) 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 Independent Examiner’s statement** My examination is 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 Foundation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the 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 the course of 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 comply with Regulation 9 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. Independent Examiner Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ Date: 27 October 2025 Page 4 ## **THE RACS FOUNDATION** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025** ||||**2025**||2024|| |---|---|---|---|---|---|---| ||**Note**|**£**||**£**|£|£| |**Receipts**||||||| |Income from quoted investments|||**17,061**||15,111|| |Bank interest received||||**34**||**-**| |Investment sales (net)||||**-**||817| |Donations received|||**51,186**||51,351|| |||||_____||_____| |**Total receipts**|||**68,281**||67,279|| |**Payments**||||||| |Donations|4|**21,386**|||17,892|| |Investment purchases (net)||**89,981**|||-|| |Accountancy fees||**870**|||1,050|| |Investment management fees||**1,698**|||1,463|| |**Total payments**|||(**113,935**)||(20,405)|| |**(Deficit)/Surplus for the year**|||**(45,654)**||46,874|| |**All funds are unrestricted**||||||| The notes on page 7 form part of these financial statements Page 5 ## **THE RACS FOUNDATION** ## **STATEMENT OF BALANCES AS AT 30 JUNE 2025** **----- Start of picture text -----**
2025 2024
£ £ £ £
Quoted Investments 614,610 521,221
Cash in Bank
At 1 July 2024 48,763 1,889
(Deficit)/Surplus for the year (45,654) 46,874
At 30 June 2025 3,109 48,763
Total Funds 617,719 569,984
**----- End of picture text -----**
## **All funds are unrestricted** These financial statements were approved by the Trustees on 27 October 2025 and are signed on their behalf:- The notes on page 7 form part of these financial statements Page 6 **THE RACS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of accounting** These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **Investments** Investments are included at market value. In the case of permanent diminution in the value of investments, provision is made to reduce the carrying value of investments to their recoverable amount. ## **Fund Accounting** The Trustees confirm that no stipulations have been put on the charity’s funds and, as a result, there is no differentiation between Designated, Restricted and Unrestricted funds in the financial statements. ## **Taxation status** The Foundation has charitable status and is exempt from taxation. Any income tax deducted at source is recovered. The Foundation is not registered for VAT. ## **Donations** Donations made are discretionary and are included in the financial statements when approved. ## **2. TRUSTEE REMUNERATION** No remuneration or expenses have been paid to the Trustees during the year (2024: £nil). ## **3. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS** There have been no transactions with Trustees or connected persons during the year (2024: £nil) other than the donations by as referred to in the Financial Review in the Trustees Annual Report. ## **4. DONATIONS** |**ONATIONS**
Beatson Cancer Charity
Breast Cancer Now
Bridgeton Burns Club
Doing it for Daniel Foundation
Glasgow City Mission
Lymphoma Action
Miscellaneous
Strathclyde Inspire
Sydenhams Chorea Association
Tommy’s
University of Strathclyde
|**2025**
**£**
**51**
**170**
**800**
**1,100**
**150**
**1,000**
**763**
**2,000**
**852**
**500**
**14,000**
**21,386**|2024
£
52
145
1,000
**-**
150
1,005
540
1,000
750
500
12,750
17,892| |---|---|---| Page 7