REGISTERED CHARITY NUMBER: SC046690
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2025
for
The Reid-Timoney Charitable Foundation
TB Dunn & Co Ground Floor (part) 8000 Academy Business Park 51 Gower Street GLASGOW G51 1PR
The Reid-Timoney Charitable Foundation
Contents of the Financial Statements for the Year Ended 31 July 2025
| Page | |
|---|---|
| Report ofthe Trustees | 1 to3 |
| Independent Examiner's Report | 4 |
| Statement ofFinancial Activities | 5 |
| Balance Sheet | 6 |
| NotestotheFinancialStatements | 7to9 |
The Reid-Timoney Charitable Foundation
Report of the Trustees for the Year Ended 31 July 2025
The trustees present their report along with the financial arrangements for the year ended 31 July 2025.
Constitution
The Charity is a Scottish Charitable Incorporated Organisation ('‘SCIO’). It was registered in its current legal form on 7 July 2016. This SCIO is a single tier structure and as such the trustees are members of the charity.
Appointment of trustees
The charity's trustees can only be trustees if they are full members of the SCIO. The minimum number of Charity trustees is three and shall include the Chairman of the SCIO. The appointment of new trustees is reserved to the trustees in office. New trustees are provided with opportunities to receive training in relation to their duties and responsibilities as charity trustees.
Objectives and activities
The deed of trust provides for wide-reaching charitable objects, affording the charity trustees the power and flexibility to apply the income and capital of the trust fund, by awarding grants, for the benefit of charitable objects and purposes, in any part of the world. Grants are awarded to charitable organisations in accordance with the principles set out below.
The trust's primary focus is on: -
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The advancement of health;
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The relief of those in need by reason of age, disability, financial hardship or other disadvantage.
Achievements and performance
This is the seventh period of activity of The Reid-Timoney Charitable Foundation. During the year, the Foundation's focus was primarily on providing financial support through grant giving to identified causes in line with the Foundation's principles and objectives. The Trustees continue to review and assess additional causes that may benefit from the Foundation's future financial support.
Financial review
The financial statements for the year are set out in pages 5 to 9. The statement of financial activities on page 5 reflects net deficit for the year of £148,444 (2024: net surplus of £39,156). The net deficit is mainly due to grants of £187,500 being paid during the year. In spite of[this][net][deficit,][the][charity][remains][in][a][strong][financial][position.]
Key management personnel
The trustees comprise the key management personnel of the entity. No trustees received any remuneration during the period.
Reserves policy
It is the policy ofthe[trust][to][maintain][unrestricted][reserves][at][a][level][sufficient][to][cover][donations][and][general][running][costs.] Reserves as at 31 July 2025 included cash of £1,690,564 and bank interest receivable of £135.
Page 1
The Reid-Timoney Charitable Foundation
Report of the Trustees for the Year Ended 31 July 2025
Plans for future period
The charity seeks to produce the best financial return within an acceptable level of risk and continues to adopt an investment objective to generate an acceptable return on these investments over the medium to long term, after expenses. The measure of inflation most relevant to the charity's expenditure is the UK consumer prices index. This investment objective should allow the charity to maintain over the medium to long term the real value of the assets, whilst funding the trustees' desired level of annual expenditure.
Going concern
The Trustees consider that there are no material uncertainties about the SCIO’s ability to continue as a going concern.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number SC046690
Registered office Playsport Stewartfield Way East Kilbride Glasgow
Trustees Stephen Timoney Alison Reid-Timoney Stephanie Mallon Lisa Palombo Peter Ramsay (resigned 11 September 2025)
Bankers Royal Bank of Scotland Ple 36 St Andrews Square Edinburgh EH2 2YB
Independent examiner TB Dunn & Co Ground Floor (part) 8000 Academy Business Park 51 Gower Street Glasgow G51 1PR
Page 2
The Reid-Timoney Charitable Foundation
Report of the Trustees for the Year Ended 31 July 2025
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustee’s annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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° — Select suitable accounting policies and then apply them consistently; e Observe the methods and principles in the applicable Charities SORP; e Make judgements and estimates that are reasonable and prudent; ° State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 23 March 2026 and signed on their behalf by:
a)
Alison Reid-Timoney - Trustee
23 March 2026
Page 3
Independent Examiner's Report to the Trustees of The Reid-Timoney Charitable Foundation
I report on the accounts for the year ended 31 July 2025 set out on pages five to 9.
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 2006 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 (as amended). An examination includes a review ofthe accounting records kept by the charity and a comparison ofthe 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 the course of 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.
Mark Blair
FCCA TB Dunn & Co Ground Floor (part) 8000 Academy Business Park 51 Gower Street
GLASGOW G51 1PR
23 March 2026
The notes on pages 7 to 9 form part of these financial statements Page 4
The Reid-Timoney Charitable Foundation
Statement of Financial Activities for the Year Ended 31 July 2025
| Notes | Expendable endowment funds |
Total 2025 |
Expendable endowment funds |
Total 2024 |
|
|---|---|---|---|---|---|
| Income From: | £ | £ | £ | £ | |
| Investments | 11 | 20,226 | 20,226 | 20,209 | 20,209 |
| Interest receivable on loan | 20,055 | 20,055 | 23,934 | 23,934 | |
| Total | 40,281 | 40,281 | 44,143 | 44,143 | |
| Expenditure On: | |||||
| Charitable activities | 12 | 187,500 | 187,500 | 3,727 | 3,727 |
| Investment management costs | - | - | - | : | |
| Bank charges | 25 | 25 | - | - | |
| Governance costs | 13 | 1,200 | 1,200 | 1,260 | 1,260 |
| Total | 188,725 | 188,725 | 4,987 | 4,987 | |
| Net Gain on Investments | 14 | - | - | - | < |
| Net Movement in Funds | (148,444) | (148,444) | 39,156 | 39,156 | |
| Reconciliation ofFunds | |||||
| Total Funds Brought Forward | 1,837,944 | 1,837,944 | 1,798,788 | 1,798,788 | |
| TotalFundsCarriedForward | 1,689,500 | 1,689,500 | 1,837,944 | 1,837,944 |
The statement of financial activities includes all gains and loss recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 7 to 9 form part of these financial statements Page 5
The Reid-Timoney Charitable Foundation
Balance Sheet At 31 July 2025
| Expendable | Expendable | ||||
|---|---|---|---|---|---|
| Notes | endowment funds |
Total 2025 |
endowment funds |
Total 2024 |
|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | - | - | - | - | |
| Current assets | |||||
| Debtors | 14 | 135 | 135 | 28,861 | 28,861 |
| Cash atBank and inHand | 1,690,594 | 1,690,594 | 1,810,223 | 1,810.223 | |
| 1.690.729 | 1,690.729 | 1.839.084 | 1,839,084 | ||
| Creditors: | |||||
| Amounts Falling due within 1 year | 15 | 1,200 | 1,200 | 1,140 | 1,140 |
| Net current assets | 1,689,529 | 1,689,529 | 1,837,944 | 1,837,944 | |
| Total Assets less current liabilities | 1,689,529 | 1,689,529 | 1,837,944 | 1,837,944 | |
| Net assets | 1,689,529 | 1,689,529 | 1,837,944 | 1,837,944 | |
| Funds | |||||
| Restricted | - | - | - | - | |
| Expendableendowment fund | 1,689,529 | 1,689,529 | 1,837,944 | 1,837,944 | |
| Totalfunds | 16 | 1,689,529 | 1,689,529 | 1,837,944 | 1,837,944 |
The financial statements were approved and authorised for issue by the Board of Trustees on 23 March 2026 and were signed on its behalf by:
Alison Reid-Timoney - Trustee
The notes on pages 7 to 9 form part of these financial statements Page 6
The Reid-Timoney Charitable Foundation
Notes to the Financial Statements for the Year Ended 31 July 2025
1. __ Basis of preparation
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)’, and the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
e The requirements of Section 7 Statement of Cash Flows.
No material prior year errors have been identified in the reporting period.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Going concern
The trustees consider that there are no material uncertainties about the SCIO’s ability to continue as a going concern.
Sy Recognition of income
Income is included in the Statement of Financial Activities once the SCIO has entitlement to funds, it is probable that the income will be received and the account can be measured reliably, Income is accounted for on an accruals basis.
4. Nature and purpose of fund
All funds currently held by the Charity are deemed to be expendable endowment funds. These funds may be used at the discretion of the trustees to further the objectives of the Charity.
- Grants and donations
Grants and donations are only included in the Statement of Financial Activities when the general income recognition criteria are met.
6. 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 ofthe 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.
7, Taxation
The charity is exempt from corporation tax on its charitable activities.
The notes on pages 7 to 9 form part of these financial statements Page 7
‘The Reid-Timoney Charitable Foundation
Notes to the Financial Statements for the Year Ended 31 July 2025
8. Critical judgements and estimates
No significant estimates and assumptions were made in preparing the financial statements.
9. Liabilities
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Expenditure is accounted for on an accruals basis.
10. Assets
Investments
Investments are initially measured at cost and subsequently at fair value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
11. Investment income
| Expendable | ||||
|---|---|---|---|---|
| Endowment | Total | Total | ||
| Funds | 2025 | 2024 | ||
| £ | £ | £ | ||
| Dividendsand Interest | 20,226 | 20,226 | 20,209 | |
| 12. | Grant making | |||
| Expendable | ||||
| Endowment | Total | Total | ||
| Funds | 2025 | 2024 | ||
| £ | £ | £ | ||
| The | advancement ofhealth | 187,500 | 187,500 | 3727 |
| Duringtheyear£187,500wasdonatedtoGlasgowChildren’sHospitalcharity. |
| 13. | Governance costs | |||
|---|---|---|---|---|
| Expendable | ||||
| Endowment | Total | Total | ||
| Funds | 2025 | 2024 | ||
| £ | £ | £ | ||
| Independentexaminer’sfee | 1,200 | 1,200 | 1,260 |
The notes on pages 7 to 9 form part of these financial statements Page 8
The Reid-Timoney Charitable Foundation
Notes to the Financial Statements for the Year Ended 31 July 2025
14, Debtors
Bank interest of £135 earned in July 2025 was received post year-end in September 2025.
15. Creditors: Amounts falling due within one year
| Expendable | Expendable | ||||||
|---|---|---|---|---|---|---|---|
| Endowment | Total | Total | |||||
| Funds | 2025 | 2024 | |||||
| £ | £ | £ | |||||
| Accruals | 1,200 | 1,200 | 1,140 | ||||
| 16. | Analysis offunds | ||||||
| Details | offunds held andmovements | movements during current reporting period | |||||
| Fund | Fund | ||||||
| Balance | Gains | Balance | |||||
| Brought | & | Carried | |||||
| Forward | Income | Expenditure | Transfers | Losses | Forward | ||
| £ | £ | £ | £ | £ | £ | ||
| Expendable | |||||||
| Endowment | |||||||
| Funds | 1,837,944 | 40,281 | 188,725 | = | - | 1.689.500 | |
| Total | Funds | 1,837,944 | 40,281 | 188,725 | : | : | 1,689,500 |
| Details | offunds held andmovements | movements during previous | reporting period | ||||
| Fund | Fund | ||||||
| Balance | Gains | Balance | |||||
| Brought | & | Carried | |||||
| Forward | Income | Expenditure | Transfers | Losses | Forward | ||
| £ | £ | £ | £ | £ | £ | ||
| Expendable | |||||||
| Endowment | |||||||
| Funds | 1.798.788 | 44.143 | 4,987 | = | = | 1.837.944 | |
| TotalFunds | 1,798,788 | 44.143 | 4,987 | = | = | 1,837,944 |
16. Analysis of funds
Details of funds held and movements during current reporting period
Details of funds held and movements during previous reporting period
17. Trustees’ remuneration and benefits
Noneofthe trustees have been paid any remuneration or received any other benefits from an employment with the SCIO or a related entity.
No trustee expenses have been incurred.
The notes on pages 7 to 9 form part of these financial statements Page 9