Charfty number: SC046233 KILPATRICK FRASER CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KILPATRICK FRASER CHARITABLE TRUST CONTENTS Page Reference and admlnlstratlve d•talls of the Charlty. Its Trustoes and advls•rs Trust6es' report Independont examlnerfs rèport Statement of flnanclal actlvltles Balanc6 sheet Not•s to the flnanclal statoments 9-16
KILPATRICK FRASER CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARif(. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustaas Charlty registered number SC046233 Prlnclpal offlcè Accountants A4B Audit & Accountancy Llmlted, 133 Flnnleson Street, Glasgow, G3 8HB Banker8 Clydesdale Bank, 40 St Vincent Place, Glasgow, G12HL Sollcltors Brodles LLP, 110 Queen Street, Glasgow, G13BX Page 1
KILPATRICK FRASER CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Charity for the year from 1 April 2024 to 31 March 2025. Objoctlves and actlvltles a. Pollcles and obJectlv•s The charity will promote, advance and further charitable purposes by operating as a 'grant giving. charity which will support financially and otherwise charities, community groups and others (such beneficiaries principally but not limited to be found in Scotland) which charitably further the purposes detailed below and provide public benefit with a prlmary (but not excluslve) focus on the support of children and young people, medical research and support for older people and those affected with learning difficulties, cancer support and research and soclal Incluslon, employability and support to those who would benefit from opportunities they have not had due to social or economic circumstances. b. Grant maklng pollcles The prlnclpaS purposes of the charlty are for the - 1. Prevention or relief of poverty 2. Advancement of health 3. Advancement of cltlz8nship or community d8velopment 4. Advancement of the arts, heritage, cuSture or sclence 5. Advancement of public partlcipation in sport 6. Provision of recreational facilities. or th8 organlsation of recreational actlvitles, wlth the object of Improvlng the conditions of Ilfe for the persons for whom the facilitles or actlvities are prlmarily intended 7. The relief of those In need by reason of agè, ill health, disability, financial hardship or other disadvantage Achlevements and parformanca a. Revlew of actlvltl•8, kay porfomiance Indlcators and plans for the futura We donated less money Ihan in 202312024 partly because of the timing of when some grants were made. We supported sixty projects compared with seventy one in the previous year. The range of Charitles supported were very dlverse with the maln beneficlarles being Involved in medical research, Hospices and helping young people improve their lives through sport, outdoor activities and education. Our main policy is to fund small scale targeted projects involvlng the provision of equlpment. Flnanclal revlew . Golng con¢ern After maklng appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fvture. For this reason, they continue to adopt the going COnM basis in preparing the financlal statements. Page 2
KILPATRICK FRASER CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 b. Reserves pollcy The charity Is supported by related companles making donations to support Its charitable work and Is hence dependent on thelr profitabllty. It Is policy to retain financial reserves equlvalent to one year's charitable income should there be a reduction in fulure donations. The reserv&s pollcy was met during the financial year. Structure, governance and management a. Constltutlon Kllpatrick Fraser Charitable Trust Is a reglstered charlty, number SC046233. and 18 constituted under a Trust deed. It was r8gi8t8red with OSCR on 6 January 2016. b. Method8 of appolntment or •lectlon of Trustees The management of tha Charlty Is the responsibility of the Trustee8 who are alected and co-opted under Ihe terms of the Trust doed. ¢. Organlsatlonal structura and declslon•maklng pollcl•8 The afftlrs of the charl arc m2naqcd b the Chirlty Trii8tpp8, d. Risk management The Trustees have assessed the major rlsks lo whlch the charity is exposed, In partlcular those related to operations and finances and th8 milig8ting 8Ctlons to reduce these risk8. The Trustees are satisfied that the syst8ms and procedures In placo properly record all transactions and requlre wrltten evidence that our donations were used for thelr Intended purpose. Page 3
KILPATRICK FRASER CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trusteos, responslbllltlos The Trustees are responsible for preparing the Trustees, report and the financlal statements In accordance wlth appllcabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practlce). The law appllcable to charitle8 In ScotlarKI requires the Trustees to prepare financial Statements for each financlal whlch glv8 a tru8 and falr view of the state of affairs of the Charity and of its incoming resources and application of resources. including Its Sncome and expendlture, for that perlod. In preparing these flnandal st8tements, the Trustees are requSred to: select sultable accountlng pollcles and then apply them conslstently., observe the melhods and principles of the Charilies SORP (FRS 102); make ludg6ments and accountlng estimates that are reasonable and prudent; state whether appllcable UK Accountlng Slandards (FRS 102) have been followed. subjéct to any m8terlal d8partures dlsclosed and explained In the financial statements; prepare the financial 8tatements on the going Goncern basls unle&81118 Inapproprlat8 to presume that Ihe Charity will continue In busln8SS. The Trustees are responslbl8 for keeplng adequate accountlng records that are sufflclent to show and explaln the Chaiiws transactions and dlsclose with reasonable accuracy at any time the financlal positlon of the Charity and enable them to ensure Ihat the flnanclal statements comply wtth the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust d88d. They are also responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for tho preventlon and detectlon of fraud and other Irregularltle8. Approved by order of the memb8rs of th8 board of Trustees arKI signed on their behalf by: ee Date: 0ts1£kn 2J)I Page 4
KILPATRICK FRASER CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlnerfs Report to tha Trustea8 of Kllpatrlck Fraser Charltable Trust I report on the accounts of the charty for the year ended 31 March 2025 which are set out on pages 7 to 16. Thls report Is made solely to the charitys Trustee5. as a body. In accordance wlth regulation 11 of the Charities Accounts (Scotland) Regulations 2006. My work has been undertaken so that I might state to the charitys Trustees those matters l am requlred to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charltvs Trustees as a body, for my work or for thls report. Respectlve Responslbllltles of Trustees and Examlner The charitls trustees are responsibile for the preparatlon of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 ('the Act,) and the Charllles Accounts (Scotland) Regulation 2006 ('the Accounts Regulations,). The 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 financial statements as required under section 44(1)(c) of the Act and to state whether partlcular matters have come to my att8ntlon. Basls of Independent Examlner's Statement My examination was carrled out In accordance wlth regulatlon 11 of the Accounts Regulatlons. An examlnatlon includes a review of th8 accountlng r8cords kept by th8 charity and a comparison of Ihe financial statements presented with those records. It also includes consideratlon of any unusual items or disclosures in the financial statements, and seeklng explanations from you as trustees concernlng any such matters. The procedures undertaken do not provlde all the avldence that would be requlred in an audit. and consequently I do not express an audit oplnlon on the view given by the accounts. Page 5
KILPATRICK FRASER CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Independgnt Examlnorfs Statement In the course of my examination, no matter has come to my attention: which glves me reasonable cause to believe that In any material respect the requirements: to keep accountlng reo)rds In accordance wlth sectlon 44(1)(8) of the Act and regulatlon 4 of Ihe Accounts Regulations; and to prepare financial statements whlch accord with the accounting records, Accountlng and Reporting by Charities preparing thelr accounts in accordance with the Financial Reporting Standard in th8 UK and Republic of Ireland (FRS 102) and in other respects comply wilh regulation 8 of the Accounts Regulatlons have not been met; or to whlch, In my oplnlon, attentlon should be drawn In order to enable proper understandlng of the flnanclal Statements to be reach8d. Thls report Is made solely lo the charltvs Trustees, as a body, In accordance wlth regulatlon 11 of th8 Charltl88 Accounls (Scotland) Regulations 2006. My work has been undertaken so that I might state to tho charltys Trust888 those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charfty and the charltws Trust8es as a body, for my work or for thls report. Signed: Dated: £ G>ckU Lo L CA AAB Audit and Accountancy Llmlted 133 Finnieston Street Glasgow G3 8HB Page 6
KILPATRICK FRASER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Total fund8 2025 Total funds 2024 Note Income from: Donations and legacies Investments 150,000 11,613 150,000 11,613 160,000 12,494 Total Income 161,613 161,613 172,494 Expendlture on: Charitable activities 187.798 187,798 260,888 Total expendltura 187,798 187,798 260,888 Raconclllatlon of funds: Total funds brought forward Net movement in funds 305,022 (26,185) 305,022 (26,185) 393,416 (88,394) Total funds carrl•d forward 278,837 278,837 305,022 The Statement of Flnanclal Actlvities includes all galns and losses recognlsed Sn the year. The notes on pages 9 to 16 form part of these financial statements. Page 7
KILPATRICK FRASER CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Current assets Debtors Investments Cash at bank and in hand 3,494 245,799 33,569 16,901 264, 879 27,241 282,862 309.021 Credltors: amounts falllng due wlthln one year (4,025) (3,999) Net current assets 278,837 305,022 Total assets less current Ilabllltles 278.837 305,022 Total not a88•ts 278,837 305, 022 Charlty fund8 Unrestrlcted funds 10 278,837 305,022 Total fund8 278,837 305,022 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. Date: The notes on pages 9 to 16 form part of these financlal statements. Page 8
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prePad in accordance wlth the Charities SORP (FRS 102) Accounting and Reporting by Charitles: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). Kllpatrfck Fraser Charitable Trust meets the definition of a publiG benefit entity under FRS 102. 1.2 Income All income is recognised once the Charity has entlllement to the Income. it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlem8nt is taken as the earller of the date on which elther: the charlty Is aware that probate has been granted, the estate has been finalised and notification has been made by the execulor(s) to the Trust that a distribution wlll be made, or when a distribution Is recelved from the estate. Receipt of a legacy, in whole or In part, is only consid8red probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distribution. Whare legacies have been notified to the charity, or the charity is awara of the grantlng of probate, and the criteria for income recognitlon have not been met, then the legacy is treat8d as a contingent asset and disclosed If materfal. Income tax recoverable In relation to Investm8nt income Is recognlsed at the time the Investment income Is receivable. 1.3 Expondlturo Expenditure Is recognls8d once there Is a legal or constructive obllgatlon to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs Involved in und8rtaking each activity. Dlrect costs attributable to a single activity are allocated directly to that activity. Shar8d costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those actlvltles on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Charitable activities and Governance costs are costs incurred on the chariws operations, Including support costs and costs relating to the governance of the charity apportioned to charitablg activities. Grants payable are charged In the year when the offer Is made except In those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attachlng are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. 1.4 Current asset Investments Monies on deposit with a maturity date of less than one year held for investment purposes rather than to meet short-term cash commitments as they fall due. Page 9
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollclgs (contlnued) 1.5 Interest recalvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the bank. 1.6 Debtors Trade and other debtors are recognlsed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-tenn highly liquid Investments wilh a short maturity of three months or less from the date of acquisitlon or opening of the deposit or slmilar account. 1.8 Llabllllles and provlslons Liabilities are recognlsed when there is an obligation at th6 Balance sheet date as a result of a past event, it Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity antlclpates St will pay to S8ttle the debt or the amount it has feceived as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to Settle the obllgation. Where the effect of the time value of money Ss material. the provision Is based on tha present valu6 of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised withln Interest payable and similar charges. 1.9 Flnanclal Instrum•nts The Charity only has flnanclaS assets and financlal Ilabilitles of a kind that qualify as baslc financial instruments. Basic financial instruments are initially recognised at transactlon value and subsequently measured at thelr settlement value with the exceptlon of bank loans which are subsequently measured at amortised cost using the effectlve interest method. 1.10 Fund accountlng General funds are unrestricted funds which are avallable for use at th6 dlscretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page 10
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Incomo from donatlons and legacles Unrestrlct•d funds 2025 Total funds 2025 Total funds 2024 Donations 150,000 150,000 160.000 Total 2024 160,000 160,000 Investmont Income Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Investment Income - bank interest 11,613 11,613 12,494 Tot812024 12,494 12,494 Analys1$ of expendlturn by actlvltlas Actlvltles undertaken dlrectly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Charitable Activities 182,308 5,490 187,798 260,888 Total 2024 255,068 5,820 260, 888 Page11
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of oxpendlture by actlvltles (Contlnued) Analysls of dlrect costs Charitable Actlvltl85 2025 Total funds 2025 Total funds 2024 Donatlons and grants Bank charges 182.283 25 182,283 25 255,043 25 182,308 182,308 255,068 Total 2024 255,068 255, 068 Analysls of support costs Charltable Actlvltle8 2025 Total funds 2025 Total funds 2024 Expenditure on governance 5,490 5,490 5.820 Total 2024 5, 820 5,820 Page 12
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Donatlons were made to the followlng: 2025 2024 St Andrews Hospice Scottish Football Partnership St Margarets of Scotland Hospice Sight Scotland Guide Dogs for Bllnd Beatson Spencerday Meningitis Research Cancer Support UK Erskine Hospital Glasgow Chlldrens Hospltal Charlty Children Today Cure International Airdrie Foodbank South Ayrshire Foodbank N I Childrens Hosplce Childline Chlldrens Surg8ry Foundation Oth8r Donations (less than £5,000) 7.000 30,000 8,286 60,008 6.000 5,145 5, 000 7,650 5,196 5,250 9,162 5,000 5.950 5,500 5,257 5,000 5,000 5,000 2, 000 7,500 5,000 136 089 182,283 255,043 Independent examlner's remunaratlon 2025 2024 Fees payable to the Charitys independent examiner for the independent examination of the Charitys annual accounts 1,290 1.200 Trustees, remuneratlon and •xpens•s During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 13
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Debtors 2025 2024 Due wlthln one year Other debtors 3,494 16,901 3,494 16,901 Current asset Investments 2025 2024 Tem deposlt 245,799 264,879 Crodltors: Amounts falllng due wlthln on• yèar 2025 2024 Accruals and deferred Income 4,025 3, 999 Page 14
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Stat8ment of funds Statement of funds - ¢urr8nt year Balance at 31 March 2025 Balance at 1 Aprll 2024 Incoma Expendlture Unrestrlcted funds General Funds - all funds 305,022 161,613 (187,798) 278,837 Statement of funds - prlor year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 393,416 172,494 (260,888) 305,022 11. Summary of funds Summary of funds - current year Balance at 1 Aprll 2024 Balance at 31 March 2025 Income Expendlture General funds 305,022 161,613 (187,798) 278,837 Summary of funds - prfor year Balance at 31 March 2024 8alanc8 at 1 Apnl 2023 Income Expenditure General funds 393,416 172,494 (260,888) 305,022 Page 15
KILPATRICK FRASER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Analysls of net assets between fund8 Analysls of n•t assats b•twoen funds - current year Unrestrlcted funds 2025 Totsl funds 2025 Current assets Credltors due Within one year 282.862 (4,025) 282,862 (4,025) Total 278,837 278,837 Analysls ol net assets between funds - prlor year Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 309, 021 (3, 999) 309,021 (3,999) Total 305, 022 305,022 13. Rolated party transactlons Durlng the year, the Trust recelved donations from Group trading companies totalling £150,000 (2024: £160,000). Page 16