COMVANY REG ISTRATION NLMBER: CS002700 CHARITY REGISTRATION NUMBER: SC047273 Scottish Grocers Federation Benevolent Fund SCIO Unaudited Financial Statements 31 Deeember 2024 C:IBSON MCKERRELL BIIRROWS LIMITED Chartered Ac¢ountanlS 28 Rutland Square Edinburgh EH I ?B￿. Scottish Grocers Federalion Benevolent Fund SCIO Financial statements YL#r endecl 31 DeLemb¢r 2024 Page Trustccs. annual report Independenl cxaminer's report io the trusiees Staiemcnt of financial activities (including inconie and expenditure accouni) Statement of financial position Nolc5 to the finaneial statement5 'rhe following page doey not form pxrt of ibe fjnantial st*temeDt5 Dclailed slaiemeni of linancial activilies 15 Scolt15h CJrocer.8 Fedcration Benevoleni Fund SCIO I'rustee%' AnnuAI Report l'ear endL.d 31 Dccember 2024 The ii'Lislees prv%¢iii ilieir reporT and ihe unaudited financial staicmciits of the chariiy for ihe vear ended i I tkL¢i7ib¢i ?U*4. RefeYeDeo #nd Administrntii"e delails Roglsiered charil)" pamt Scollish Ciyocers Federaiion t4eDevolcni F und SLIO C.harit)' registr¥tion nwrnb¢r SCO.1777 j CO￿1p￿DY rtgistration D￿mber CSOO?700 Princlpal O￿l¢e 4nd rL'gistereil iiifice I'ht tru￿1¢¢3 Independent exnminer (iibson I4cKerr¢ll Dul"r0￿$ l.iinitcd 28 Rul1￿1[7￿ %qu&ie Edinbtsrqh 'I'he Charity is a Slcillish C'liavilallle Siicorwralcd Or&>dni541iun (S("IO). li was rtgisiered in ils CUTri'iit Icgnl foll￿ (Jn ? i MarLh ?017. ThL Lliaiiiv PTtYlUU51v uniii¥urpur#icd associ81ion (Scotlish Lharily numl)er SCOI 4 7 561 biii Lhanbbed ils ILght forni ro a SCIO. Thr asse1% L)l- tlie iinincorpoigied as4cKiaiifiil M¢re tMM8fcrred io the SCIO (Trn Ilie 23 M￿rLh ?017.11 has a Iiwo li¢r slruLlurL M'it17 rnei)Ibirs and a board ul. Ir￿Ster%. All iruslres give their lime fre¢lv and irusie¢ remuiieraiion was paid in ¢h¢ s'ear. ()hjectivc% and Attitri¢ic3 'I'h¢ objectives of the charity are to grnni practical aid io pasl and present members cjf ihe gyocery trade iii Iliilr tiTrMc of necd. Scotlish Grocers Federation Benevolent Fund SCIO Tru5tees' Annuv41 ReportILy￿rIn￿*￿j Year ended 31 December 2024 Strategic report "rhe follo￿,)￿¥ 5ecti()ns for achi¢veinenis and performance and financial review fo￿￿ ihe strategic report of ihe chaTiI%'. Aihievernents and performance Durin¥ Ihe yeai. fuT)ds lotalling £i.600 1£5.600 ?0?3) were disiributed to individuals. In addition a gi'ant of £7.iOO {£7.500 - 20?i) was paid to the reiail Iiusi. Th¢ trustees consider all applicalions for assistance from qualifying employees of the Scoitish GTocers Federdlion members. I'he tnjstees continue to cxplore way5 10 adver115e work of the charity and Jnake the S¢oNish Grocers lideration Inembers aware of ihe chariry's activities. I'hl charil> s investmL'nt portfolio Saw ¥rowih this sear £31.8451£74.141 202)). F inanct81 revltw Th¢ charity's Teserves increased by £33,060 {£8.406- 2023) due to an increase in th¢ market value of iiivestmenls of £31.8451£?4. lil 20231. The charily resiricied fund5 Qf £538.551 (£515.053 1023) aiid unresiTlCt¢d funds of£21.213 (£11,650- 2023). F.xFndiiure wa5 lower in the year whilst ihe incom¢ generaied from investinents were higlier. 'I'lie Iriisl¢¢s Jrc ¥raiiful lor the donalions received in th¢ y¢aT. Risk Poli&y In gen¢ral ierms the finarbeial rbsk are mitlgaied by ih¢ employment ofprofessional invcstment mandgeTS and aiinual extliniriaiion of the fJnaiiLial siaieinenis. The Charily adopts a low t() moderaie investnieiits risk policy us nioniiored b), Brewin Dolphin, and ulilise inveslmcnt diversification iii Order to Iniligaie Inveslment Pollcy 'riiL Lharily's priinary source of Income is derived from if5 inveslment portfolio. The in¢ome geiierated froin this portfolio is Iheii available io be us¢d for ihe charily's aiins. -rhe Trusl¢¢s employ Brvwin Dolphin Limited a$ ini'estmeni managers of the portfolio on a discretionary basis. 'fhe porifolio is Inana8ed on a low lo moderdie risk. total return basis and tl)ei'e are no specific investment restTlCtions or limitations applied to ihe portfolio. The performance of the portfolio is monitored a8ainsi thL Ilrewin Dolphin linked benchmark. iyhich is based un the adopied I'isk Laiegory and inveslineni objeitives. Scottish Groc¢r% Federalion Benei:oleni Fund SCIO Trustees, Annual Report l'ear enrted 31 Decembcr 2024 Plans for fviure periods 'I'IIL' Iru.%iees LLinli(ILiiI tl)al thL It￿¢1 of Lurreni riSLfl'es u'ill ensure thai Ihe Ch￿ri1)- i¥ill cor,tinue iu iiieer ils Ilirns and objiiliSe% lil)ted ahove. 'fhe trustCC5 rontinuL* w explorL 1)f raise ihe i)rofil¢ of the charitv th'ithin rhe reiail 5L¢lor. The Irijstces, annudl report and the sirategic rew)rt wtre appro￿ed on 28 Ma>. ?0?5 aiid SkbTtied nn belialf ol-Ih¢ b(Jard i)f triLSTee5 by.. Scottish Grocers Federalion Benevolent Fund SCIO Indepcndlnt EXA￿lner'S Report to thc Trustees of Scottish Groeers Federation Rlenevulent lo und SC-IO Year ended 31 Decvmber 2024 I report on the financial siaiemenis for the year ended il December ?0?4. as set oui on pages 6 10 13. Respe¢tive re5ponsibiliti¢s or trustees examiner The chariiy's tTusiees are responsible for the preparalÉon of lh¢ accounis in accordance with the terms of thl Charities and I'rvstee Investment {Scoiland) A¢t ?IM)5 and ihe Cliartties Accounts (Scotlandl Regulaiioiis 2006 (a% ainended). 'fhe chliriiy irustees consider ihar ihe audii requir¢inent of Regulation l 01 I Ila) to Ic) of the ?006 Accounts R¢8ulaIions does not appl). Ir is my responsibility io ¢xa]nine the accounts as required under seciion 441 I Xcl of ihe Aci and io stai¢ whether panicular matters hai'e come (o Iny allention. Basis of indep¢ndertl t*aminer's rtport My examination is carri¢d oui in a¢¢ordance ￿'11h Regulation I l of ihe 2006 Accounis Regulal50ns. An c%aii)illdlion inLludes a reN iew of th¢ accounting re¢ords kepi by ihc chaTIIS' a￿d a compai'ison of the accounts presented iviih those records. li also includes consideralion ofany unusual iteins OT disclosures in Iht ' I dii nol expr¢ss an audit Jpinion on IhL view given b), Ihc ac¥ounts. Scoltish Ciroccrs Federation Benevolent Fund SCIO Indepe￿Ilent Ex41tniner'$ Report io the Trustees of Scottish Grucers F¢d¢rafinn Benel'olenl Fund SCIO Year ended 31 Dccemher 2024 IRd*pendent eXymi￿er'5 $latemenf In conntLiiciii willi iiiy exaininaliun. nu imattei has come io my allcntion- I I l H'hich Tne reasL)iiable cau5t iu btlirvc that in anN maierial respcct ihe require]nenis'. Iii k"¢Lp a¢couniing record5 in accordance i¥iih stttion 44IIXa) of ihe 20D4 Act and RLgiilali()11 4 (yf the ?006 Accounts Regulaiions. and lo prepare accounis ￿1£￿ accord ￿1th thr x¢ouniing re¢nrds and corllply with Regulation 8 ol-IhL ?006 Accounts RLgLLlatioas l_l to whiLh. ii) ffl). opinion, Jll¥riiion Should be drawn ill order lo enable a prop¢i' uiid¢r5tsndin¥ of (he aL¥I)unts io be reached. cJibson￿￿kLrreIl ljurrows LiiniT¢d c'hartered Ai¢oiin14111ts Iiidepcrjdeni ExdnlLnLr ?8 llurldnd %(iuftic .diiibui'gh Llll ?BW ?8 Ma> 20? j Kelevani Pr(JfEssiDiial Elody". 1rn4tiiure of Chartered A¢¢ounlanls iri S¢oila¥id Scoltish Grocers Federation BeneTrolent Fund SCIO Statement of Financial Actii'ities {including illcome and ¢xpenditure gccount) Year ended 31 December 2024 2024 Restricted funds Total f￿￿￿$ 2023 Unresiricied funds Toial lunds ott Income ￿nd ¢ndvwnients l)onaiions and legacics Investment income ?.951 15.)53 2.951 15.553 i.383 14.461 Total income 18.504 18.504 17.844 Lxpendilure EApLndiiure oil raising funds.. Costs ol. iaisinx donations and legacies InTresiin¢nt Iiianagement costs l--xpendiiure on charitable aLll%'iIiCS 'r4t#l expertdi¢ure 16 16 4,523 12,749 4.450 29.119 9,10 12.749 17.288 33.569 Nei Bains 0￿ inYesiillLnts 18.3471 123.4981 (il.845) 1?4.131) Net Income ftet muvemeni in funds 9.563 23.498 33.061 8.406 Keconcllia¢iun of funds I'oial l-unds bruu811i forward Total funds ¢Jrrled fvrw4rd 11.650 515.053 526.703 518?97 538.551 559,764 5?6,703 'rh¥ staiem¢ni of financial aciiv5ties includes #ll gain.4 and 1055es recognised in the year. All incoine and expendililTe d¢rive froin coniinuinB aciivilies. "I'ht noie$ p¥i¢$ 8 10 IJ form p*n oftheTt fin*oci¥l stii•nent Scoltish Grocers Federation Beneyolenl Fund SCIO St•9tement of Finaoiial Pvsitio 3] l)ocember 21b24 2024 Filed assets IiivL4inent5 16 538.551 5 15.053 Currvnl Assel L'Lisli ai bdnk arid in hand 2i.913 14,320 C-redltors: 4n1¢)￿nI8 folling due 'ithln Ytar 17 2.670 Tr*el cyrrtnt a55eis 21213 1.650 Tolnl a¥xel$ Ic53 curre￿1 lillbilit5e5 526,703 N¢t *sMDIs 5Sy.764 426.7113 Fundy uf thr ehArity Sj8.551 Ilnresiri¢ied fiind Tui#l charlty funds 18 559,7CA 5•6,703 Fi)r tlke l'e￿ ¥iidiiig I l D¢ctmbcr ?11*4 th¢ Lliarit) Mvs eniitl¢il iii Lxemption frum audii und¢1 s¢Ltion 477 ul-lhe LompaiiiL'S Act 2006 relalii)g tu small ¢oinparties. 'I'ru%l¢¢S' r¢.%PL)115ibilitics.' Tlie Iii¢mbcrs h4vc noi r¥quired the c￿nP4)fi￿ to o￿ain on audit of its financial s￿1￿771L17lS for tlie vear LA 4uisliOll in ac¥ordanLI' with seLlion 476.. Thc Iruste¢s acknvwlLdge their r¥¥pi)nsibilitie5 for compl)'in% wilh ilie requireii)¢iilS Dt rhe ALI M'ith Ir5p¢d to a¢¢oiinliiibTr recprds and Ihc PTL'paration of lin•ncial 4iaiLmLiII%. .1 hese liiidnLl&il $147lLifiinl> hal'e bein prt'pared in aLci?I'dance wilh thc i)io¥isions appli¢(Ible to L<)mpanie$ ￿Ubjl*I io ilie small cThnpanies' ￿81]ne. 'rh¢se litidnL ial siaiemenis appro¥ed b%. the board of irustees dnd authorised ttsr ISSUL lin 211 May fjind ArL' %igiied on bchall"vl'the board b>." Ih¢ n•1¢￿ oth Pa¥L* 8 Iv IS IOTM pxrt oftke5f fi**nti*l ¥i•l¢Thenis. Scottish Grocers liederation Bent%olenl Fund SCIO ?*otoq to the Fin#nci21 Siatements I'¢ar endfd 31 Deecmher 21124 (Aenernl informatiun The cliarilv is d SCIO. 11.: 1%1 j i-.d i-.1 %.- addre5g ()f the SCI() i. I￿¥ere& i hi-. iti '.n S=orl2¢ n4. The cnpiicl %tatf ment of eomplianf e .1 hLise finanLidl s1 Inodificd l)y tli¢ I'ei'aliiatioii ul ¢Lrtkin finan¢idl dsset% li nd liabilili¢s and li1￿.¢51m￿nl prO￿lI1eS m¢4suirJ ar fair ulue thTou&h inc(Im¥ or expermliiure. 'I'he financial sixiement5 art. prL'pJred in s¢¢rlin& which is ihe funL'tii)nal ¢urren¢y ol'iliL' L¥niity. conLcrn Th¢r¢ ai'c no mafLri￿I uncenainli¢s abliui The chari¢V'S ahiliiy io conliiiue. .lud¥¢meAts unil kty sour¢Es oC¢ylimAiion unreri¥inly 'rh¢ preparalion i)l- the financial 51aTement5 requirL* iiiana¥eineiil li) mak¢ jud#crnL4nL4. Lstiniates rjd assiimpiions Ihal ciflect the ￿lo(lntS reponed. ThcsL L%iiiiiaies lirid judgem¢nts arc CL)nlinu2c Ily r.' ieslricied inLvmi lii¢ids oi. endoivmcnt Scotlish Grocers Federation Benevolent Fund SCIO Not￿ to the Tr inaneial Statements Year ended 31 ￿.CeMber 2024 Accouniing polities (c￿1¥￿4¢d) Incoming resoutces All income is Included in the siaieineni or rinancial activities when enliileinei)I has passed 10 the Lharily. il is probablL thai the economic b¢nefilS &ssociated ￿lIh ihe transaction will flow to ilie charli) and the aTnount Ldn be reliabl), measured. l-he following specific policies are applied io particular cafegories of incomi.. income fro¥n donations or grants is reco¥niscd when ther¢ is evldence of entiilemint to the gifi, Te¢eipi is probable and its ainouni can b¢ measured reliably. Resourees expended LiabilitiLiS are recognised &5 resources expended as goon as there is a legyal or constructive obli8itlion Cofnmiuing the charitv to ihe exp¢ndilure. it is prnbable ihat settlement will be rcqulied and the ainouni ol. Ihe obli8alion can be measured reliably. All expendiiure is arcounled for on an accruals b&sis and has been cl855ified undcr headings thar agBrcgate all ¢osts related 10 ihe category. The charity is not regrsiered for VAT, Iherefore all expenditure is inclusive of VA T. 'in8ntial iD$truJnenls A linanLial aSSL'i or a financial liabilitv Is r¢co8nised only when the enlity becoin¢s a party to ihe LontraLtual provisions ofthe ingiruin¢nt. Basic financial inslTUlnent5 are initially Ircoginised al Ihe amoiini reioivablL or pa>ablL includinij an). relai¢d iransaction cosls. unless ilie arrangeineni eoiisiiiul¢s a financing trunsaciion. wl)ere li is recognised ai th¢ present value of ilie I'uiure paJin¢nis discounicd ai 8 markei rAie ol inieTest for a similar debt instruJn¢nl. C.urrenl assets and Lurreni liabililies are subsequently measured at Ihe eash or other consideraiion ¢xpccied tu be paid or received and not discoLinted. SCIO "Ihe Charity is a SLOttish Charitable Incorporated Organisation ISCIO). li was regislered in its curreni legJl form on ?3 March ?017. Donll¢ion$ #nd leg*cies Unresiricted Totsl Funds Uiirestricted lotul Fuiids Funds 2024 Funds 20?3 Donations ConlireiicL raffle 2.951 3,383 i.383 Scottish Grocers Federation Benevolent Fund SCIO Notes to the Financial Statements Yiar ended 31 DeLYmber 2024 Ini'estment income Unrestricied Tolal Funils Unr¢stricted l otal Fuiids Funds 2024 2023 Income Irom lisied invesim¢nts 15.55i 15.5>3 14,461 14,461 Costs of raising donalions and legacies Unresiricled Totsl Fund5 Unrestricted Total Funds Furtds 2024 Funds 2023 CTedit caid cliarges 16 Ini'es¢m¢n¢ m*n#g¢ment COSt$ Unresiricied ToiAI Funds UnresiricE¢d Total Funds Funds 2024 20?3 Administration of invesimenis 4.523 4.523 4,450 4.450 "%pendiiurc ch#rit#ble #etlvilies b). furtd typ¢ Ui)Te5tric(ed Total Fund5 Unrestricted Toial Funds Funds 21>24 Ftsnds 2023 GrJn15 paid SLlPPOn ¢usIS 11,100 1.649 13,100 16,019 13,100 16.019 1.649 12.749 12.749 ?9,119 29,119 l O. Expenditure on chmrilable *clivili¢5 by *eliv•ly type Grant funding ol. activities Support cosis Tolal funds 2024 Total fund 20*3 Tanis paid Governanlc cosrs I 1,100 1,100 1.649 27.500 1.619 1.649 11,100 1.649 12,749 29,119 Scottish Groeers Federation Benevolent Fund SCIO YÉbtL$ lo tlie Financial Stalemenls (cvRlinMÉdl YeAr ended 31 Deeember 2024 I l. Analvsis ol grnnls 2024 2093 Grant5 to in$iiiuiions Clranr io remil irusl 7.500 7.500 Gianis co individuals 3.600 5.600 Toial grants I 1.100 13.100 12. Net E*lllS 011 Iiii'estmenls UnTe5tricied Funds Resiricted Total Funds 2024 Gaii)sl(Iossesl on listed inve51m¢nls 8.347 23.498 31,845 Unrestricied F unds Restricted Total Fundg Funds 2023 Gain&lllossesl lisied investmenls 3.14? 20.989 24.131 IJ. Indep¢nd¢nl ex8mlnalion fees 2024 2023 FeLS P4l%uble io Ihc li1dvpL￿ftdent exaini￿r for: Independent exainiiiation of ihe fin¢JrKial s131emenls 1,650 1.619 14. 5t8ff costs I'he average head couni of ¢mploy¢¢5 durin8 the year was NEI (2023.. Nil). cmploy¢e r¢ceivLd employee benefils of more ihan £60,000 during the ye4r1•0•3.. Nil). 1 s. 'fru5tet remunoralioA and exptngey remuneration or other benefils from employmeni wilh ihe chariry or a related entity were r£ceived b>. (he iruslees. Scottish Grocers Federation Benevolent Fund SCIO Notes to the Financixl StAtemenls (twtriiilledj Year ended 31 Dectmber 2024 16. Inve8tments Listed inTr"estments Cost Dr v4lualiDD Ai l Janiiary ?0?4 Additions Disposals Fdir value inovements 515.05i 198.800 {207,1471 31,845 At 31 Deeember 21124 538,551 lrnpairment At l JanuarTr 2024 and 31 Dectmb¢r 2024 Carrying #mount At 31 DeCeM￿r 2024 538.551 At i l Deceinber ?023 515.05J All investments shown above are held at valuation. frinanci41 M55ets held 41 f*lr value In ?0?4 Ihe fOlJl gaiii on investinenis wys £31.¥4.1 {?0?3 - £24.1311. "I'h¢ investinent wrtfolio contains knnd holdings and shares in listed companies the market value ai .31 Deceinber ?024 was £538.551 120?- £477,865 120?3- 1476.5941. £515,053). The cosl of these inve5¢menis were 17. Cre4Jltors', ainounts falling due within one year 2024 *023 ALLiuals and deferrLd in¢ome 2.670 12- Seottish Grocers Federation Benevolenl Fund SCIO .Note% to the Financial Statemenls Yedr ended 31 December 21124 IY. Ang1}'sis nf charitable funds Unrestricted funds At31 December 2024 Ai l Janua Gains and losses Incoine Expenditure CJenLral funds 11,650 18.504 117.?88) 8,347 21,21) At31 D¢ceinbEr ?023 Ai l January 2023 Gains and losses Income Expendiiuie G¢neral funds 17.844 {i3.569) 3,142 11.650 R¢slritted funds At31 De¢embtr Ai l January 2024 Gains and losse5 Income Expeiidi(ure 2024 Resiri¢ied Fund 515.053 23.498 5J8.551 Al 31 tkceinber 2023 Ai l January 2023 (iain5 and losses Income Exp¢ndiiure IlesiTi¢¢¢d Pund 494,064 20.989 515,053 19. An#l)'sls of D¢1 a.$sets between funds Unre51ricted Funds Resfricied Tolal Tr unds Funds 2024 Invesiment5 Current assets 538,551 538.-$51 21.213 P4el gssets 11.213 538,5 51 559,764 Unre5tricied Funds Resiricled Total FL¢nds Funds ?023 Investments Clirrent assets 515,053 515.053 11,650 11.650 Net #ss¢¢s 11.650 515,053 526,703 iJ- Scottish Grocers Federation Benevolent Fund SCIO Management Information Year end¥d 31 December 2024 The followinE p*gf does not form p*rt of the financial 518temtn¢s. 14- Scottish Grocers Federntion Benevolent Fund SCIO Detailed Statement of Tr inancial Activities Year ended 31 Decembcr 2U24 2024 ?023 Income and end0￿meThts tknnations and leE#tie5 Conterence raffle 2.951 3,38i Investment Income InLuine froln li%ted investments 15,553 14,461 I'otal •n¢o•ne 18.504 17,844 Expenditure Costs of raising donations kgacies Credit card charges 16 Inve.iimtnt m#na%emenl costs Adi]7inisii'ation of tiii'es¢iiienis 4.523 4,450 -xptndilure on ¢h¥ril4ble 4etii'ities 7.200 1,619 LLb¥.il and prolessionul fee5 Managcinei)I charges Granis paid 1.649 I 1,100 13,100 12.749 29,119 l ulal tApendli￿re 17,288 33,569 Net gains on invtslments GAins,'110sses1 on listL.d inv¢slments {31.845) 124,131) N¢t iD¢om 33.061 8,406 Is-