Registered company number: SC544235 (Scotland) Registered charity number: SC047319
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2025
for
Edinburgh Merchant Company Enterprise Fund Limited
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Contents
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Trustees’ Responsibilities | 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 |
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Report of the Trustees for the year ended 31 July 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 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
The purposes for which the Company is established shall be wholly and exclusively charitable. The Company's objects are restricted to those set out in its Articles of Association and, in particular, the Company's objects are for the benefit of the public in Scotland:
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to prevent or relieve poverty by assisting individuals with securing or providing employment, training and work experience opportunities;
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to advance education by creating education opportunities in the areas of entrepreneurship, vocational training and business enterprise; and
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to advance citizenship and community development by encouraging urban and rural regeneration in areas affected by poverty and low employment.
The Company may (subject to first obtaining the consent of OSCR) add to, remove or alter the Objects. On any occasion when it does so, it must give notice to the Registrar of Companies.
Achievement and performance
The Enterprise Fund held one round of applications during the financial year. 6 applications were received, 4 from Queen Margaret University, 2 from Edinburgh College, and following detailed assessment and presentations, grants totalling £12,500 (2024: £11,000) were awarded to 3 businesses. Of those awarded £7,500 were paid out in the financial year with a further £5,000 to be paid once conditions met.
All successful applicants met the Fund’s core objectives and included the further development of a stylish undergarments for women living with disabilities, a Sardinian-style street food venture, and cultural immersion language camps for teenagers.
Financial Review
The company has received donations, gift aid and investment income during the year amounting to £17,993 (2024: £17,932).
Investment policy
Investments are subject to the Charities and Trustee Investment Act (Scotland) 2005. The objective is to maintain a balanced portfolio subject to a medium degree of risk. The company’s investments are managed by Cazenoze on a discretionary basis. Cazenove’s management discretion is subject to the company’s investment policy which has been established in accordance with OSCR guidelines. The performance of the portfolio is monitored on a regular basis by the trustees.
Reserves policy
The Enterprise Fund reserves policy is that all monies from specific fund raisings and one-off donations will be invested in the investment portfolio. Investment income and capital growth will be retained within the investment portfolio. Regular donations will be used to fund grants to business applicants and to cover the running and day to day expenses of the Fund.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular consideration of the risks and the controls necessary to lessen these risks.
The principal risk faced by the Charity lies in the performance of investments. The Trustees consider variability of investment returns to constitute the Trust’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Report of the Trustees (continued) for the year ended 31 July 2025
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Appointment of Trustees
The maximum number of trustees shall be 6. The trustees can be appointed and replaced by The Royal Company of Merchants of the City of Edinburgh.
Reference and administrative details
Registered Company number
SC544235 (Scotland)
Registered Charity number
SC047319
Registered office
The Merchants' Hall 22 Hanover Street Edinburgh EH2 2EP
Trustees
C D Hurn I Watson (Chair) R Armour R Barron (appointed 14 March 2025) K Ramage (appointed 14 March 2025) C Seale (appointed 14 March 2025)
Company Secretary
G Cartwright (appointed 1 March 2025) J McCartney (resigned 1 March 2025)
Independent Examiner
Jaslin Bhagrath CA Henderson Loggie LLP Level 5 The Stamp Office 10-14 Waterloo Place Edinburgh EH1 3EG
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 3 December 2025 and signed on its behalf by:
................................................................. Ian Watson - 2025-12-04, 09:20:13 UTC I Watson - Chair
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s Trust Deed. 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.
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Report of the Independent Examiner to the Trustees of Edinburgh Merchant Company Enterprise Fund Limited
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2025.
Responsibilities and basis of report
As the trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
| Jaslin Bhagrath - 2025-12-04, 10:30:33 UTC Jasin Bhagratw
Jaslin Bhagrath CA
For and on behalf of Henderson Loggie LLP Level 5 The Stamp Office 10-14 Waterloo Place Edinburgh EH1 3EG
Date: 3 December 2025
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 July 2025
| 2025 | 2024 | ||
|---|---|---|---|
| UnrestrictedUnrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 12,630 | 12,750 | |
| Investments | 2 | 5,363 | 5,182 |
| ______ | ______ | ||
| Total income and endowments | 17,993 | 17,932 | |
| ______ | ______ | ||
| Expenditure on: | |||
| Raising funds | 3 | 167 | 151 |
| Charitable activities | 4 | 10,980 | 14,313 |
| ______ | ______ | ||
| Total expenditure | 11,147 | 14,464 | |
| ______ | ______ | ||
| Net gains on investments | 10,282 | 6,290 | |
| ______ | ______ | ||
| Net movement in funds | 17,128 | 9,758 | |
| Total funds brought forward | 137,729 | 127,971 | |
| _ | _ | ||
| Total funds carried forward | 154,857 | 137,729 |
All income and expenditure derive from continuing activities.
The notes form part of these financial statements
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Balance Sheet At 31 July 2025
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 6 | 148,669 | 133,190 | ||
| Current assets | |||||
| Debtors | 7 | 6,931 | 4,432 | ||
| Cash at bank | 2,737 | 3,383 | |||
| __ | __ | ||||
| 9,668 | 7,815 | ||||
| Creditors | |||||
| Amounts falling due within one year | 8 | (3,480) | (3,276) | ||
| __ | ___ | ||||
| Net current assets | 6,188 | 4,539 | |||
| __ | __ | ||||
| Total assets | 154,857 | 137,729 | |||
| Funds | |||||
| Unrestricted funds | 9 | 154,857 | 137,729 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2025 and were signed on its behalf by:
- | Ian Watson - 2025-12-04, 09:20:13 UTC law Watow
.............................................
I Watson - Chair
The notes form part of these financial statements
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the financial statements for the year ended 31 July 2025
1. Accounting policies
Company information
Edinburgh Merchant Company Enterprise Fund Limited is a private company limited by guarantee without share capital incorporated in Scotland. The registered office is The Merchants' Hall, 22 Hanover Street, Edinburgh, EH2 2EP.
Basis of preparing the financial statements
The financial statements of the charitable company 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.
Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.
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.
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.
The charity is not registered for VAT and as such all expenditure is recognised on a gross basis.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the Financial Statements (continued) for the year ended 31 July 2025
1. Accounting policies (continued)
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value/cost and subsequently measured at their fair value as at the balance sheet date using the closing market prices as valued by the appointed investment managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Gains and losses arising are charged or credited to the Statement of Financial Activities in the period in which they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are recognised in the Statement of Financial Activities
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.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the financial statements (continued) for the year ended 31 July 2025
| 2. | Investments | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Dividend income | 5,187 | 4,820 | |
| Interest income | 176 | 362 | |
| 5,363 | 5,182 | ||
| 3. | Raising Funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Portfolio management fees | 167 | 151 | |
| _____ | |||
| 167 | 151 | ||
| 4. | Charitable activities | ||
| 2025 | 2024 | ||
| Grants paid | £ | £ | |
| Listen Up Storytelling CIC | - | 3,000 | |
| Mum Mastery | - | 3,000 | |
| Phiit Limited | - | 5,000 | |
| Athena Language Camps | 2,500 | - | |
| Lorenzo Zircolo | 2,500 | - | |
| Fior Anam Ltd | 2,500 | - | |
| ______ | ______ | ||
| 7,500 | 11,000 | ||
| Support costs | |||
| Accountancy fees | 1,300 | 1,200 | |
| Catering | - | 37 | |
| Governance costs – independent examiner’s fees | 2,180 | 2,076 | |
| ______ | ______ | ||
| 3,480 | 3,313 | ||
| ______ | ______ | ||
| 10,980 | 14,313 |
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the financial statements (continued) for the year ended 31 July 2025
5. Trustees’ remuneration, expenses and benefits
There were no trustees' remuneration or other benefits in either of the two years ended 31 July 2025.
There were no trustees' expenses paid in either of the two years ended 31 July 2025.
6. Fixed asset investments
| Listed investments | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| At 1 August 2024 | 133,190 | 122,074 | |
| Purchase shares | - | 19,438 | |
| Other movements | (14) | (37) | |
| Unrealised gain in investments | 10,282 | 6,290 | |
| Movement in cash | 5,211 | (14,575) | |
| _ | _ | ||
| At 31 July 2025 | 148,669 | 133,190 | |
| The book cost of investments is £134,878 (2024: £129,695). | |||
| 7. | Debtors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Gift Aid receivable | 5,430 | 2,931 | |
| Prepayments and accrued income | 1,501 | 1,502 | |
| _____ | _____ | ||
| 6,931 | 4,432 | ||
| 8. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals and deferred income | 3,480 | 3,276 |
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the financial statements (continued) for the year ended 31 July 2025
9. Movement in funds
| Movement in funds | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 01/08/24 | in funds | 31/07/25 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 137,729 | 17,128 | 154,857 |
| Total funds | 137,729 | 17,128 | 154,857 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | (losses) | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 17,993 | (11,147) | 10,282 | 17,128 |
| Total funds | 17,993 | (11,147) | 10,282 | 17,128 |
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Edinburgh Merchant Company Enterprise Fund Limited Report of the Trustees and unaudited financial statements 31 July 2025
Notes to the financial statements (continued)
for the year ended 31 July 2025
9. Movement in funds (continued)
Comparatives for movement in funds
| Net | ||||||
|---|---|---|---|---|---|---|
| movement | At | |||||
| At 01/08/23 | in funds | 31/07/24 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 127,971 | 9,758 | 137,729 | |||
| Total funds | 127,971 | 9,758 | 137,729 | |||
| Comparative net movement in funds, included in the above are as follows: | Comparative net movement in funds, included in the above are as follows: | Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | (losses) | in funds | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 17,932 | (14,464) | 6,290 | 9,758 | ||
| Total funds | 17,932 | (14,464) | 6,290 | 9,758 |
10. Contingent liabilities
During the year, two (2024: nil) grants were pledged by the company on a contingent basis
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Payable within 1 year: | Payable within 1 year: | Payable within 1 year: | 5,000 | - |
11 Related party disclosures
There were no related party transactions for the year ended 31 July 2025.
12. Ultimate controlling party
The ultimate controlling party is The Royal Company of Merchants of the City of Edinburgh as it has the power to appoint and replace trustees.
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DOCUMENT: Edinburgh Merchant Co Enterprise - final accounts to 31 July 2025.pdf DOCUMENT ORIGINATOR: Jaslin Bhagrath (jaslin.bhagrath@hlca.co.uk)
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