**Charity registration number SC047777 (Scotland)**
## **ABBOT HOUSE SCIO**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **ABBOT HOUSE SCIO**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 14|
## **ABBOT HOUSE SCIO**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
The trustees present their annual report and financial statements for the year ended 28 February 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 advancement of the arts and heritage culture.
The charity has actively fundraised to enable the restoration of the historic Abbot House in Dunfermline. Using a sustainable income generating model (via the wholly owned trading subsidiary) which remits rent and profits back to the SCIO, the future maintenance and preservation of the building can be funded.
## **Achievements and performance**
The gift shop run by Abbot House Trading Ltd (the SCIO’s wholly owned subsidiary) continues to thrive and employ four staff members, part time Operations Managers and nd part time sales advisors.
The trading company also generates income from leasing space in the building including daily and short-term occupancy of the workshop and Flight room and longer tenancies of the artist studios and office space leased to HES. Phase three of the restoration was completed during the summer of 2022 and the ground floor servery and café areas, first floor kitchen and sanitary area were leased to Prost Coffee Ltd formerly Blend (Abbot House) Ltd.
All trading company profits will be Gift Aided back to the SCIO in order to keep the SCIO in funds to maintain the property, going forward.
## **Financial review**
Both restricted and unrestricted grant funding has been secured and all funds on hand at the balance sheet date are held to be used in line with the charity’s stated objectives and grant conditions.
The financial results for the year ended 28 February 2025 are given in the Statement of Financial Activities on page 4.
In summary, total income amounted to £48,766 (2024: £44,264) and total expenditure totalled £48,986 (2024: £33,137). This resulted in the charity carrying unrestricted funds of £10,859 (2024: £11,358) and restricted funds of £279 (2024: £nil).
## **Reserves Policy**
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of £15,000. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. At the year end the unrestricted fund balance amounted to £10,859. The Trustees expect to make further progress towards reserves of £15,000 during the period to February 2026.
- 1 -
## **ABBOT HOUSE SCIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **Structure, governance and management**
The charity is a Scottish Charitable Incorporated Organisation with Constitution.
The trustees who served during the year and up to the date of signature of the financial statements were:
## **Recruitment and Appointment**
The Board may at any time appoint any person to be a charity Trustee by way of a resolution passed by majority vote at a Board meeting.
## **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 of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient 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 trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
## **Trustee**
26 November 2025
- 2 -
## **ABBOT HOUSE SCIO**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ABBOT HOUSE SCIO**
I report on the financial statements of the charity for the year ended 28 February 2025, which are set out on pages 4 to 14.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 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 financial statements 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 charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 financial statements.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Thomson Cooper 3 Castle Court Carnegie Campus Dunfermline Fife KY11 8PB
Dated: 26 November 2025
- 3 -
## **ABBOT HOUSE SCIO**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **Current financial year**
|**Unrestricted**
**funds**
**Restricted**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
15,731
18,035
Charitable activities
**3**
15,000
-
**Total income**
30,731
18,035
**Expenditure on:**
Charitable activities
**4**
31,230
17,756
**Net (expenditure)/income for the year/**
**Net movement in funds**
(499)
279
Fund balances at 29 February 2024
11,358
-
**Fund balances at 28 February 2025**
10,859
279|**Total**
**2025**
**£**
33,766
15,000
48,766
48,986
(220)
11,358
11,138|**Total**
**2024**
**£**
29,264
15,000|
|---|---|---|
|||44,264|
|||33,137|
|||11,127
231|
|||11,358|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **ABBOT HOUSE SCIO**
## **BALANCE SHEET**
## _**AS AT 28 FEBRUARY 2025**_
|||**2025**||**2024**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**10**||1,339||310|
|Heritage assets|**8**||-||-|
|Investments|**11**||1||1|
||||1,340||311|
|**Current assets**||||||
|Debtors|**12**|4,862||6,338||
|Cash at bank and in hand||7,527||17,027||
|||12,389||23,365||
|**Creditors: amounts falling due within**||||||
|**one year**|**13**|(2,591)||(12,318)||
|Net current assets|||9,798||11,047|
|**Total assets less current liabilities**|||11,138||11,358|
|**Income funds**||||||
|Restricted funds|**14**||279||-|
|Unrestricted funds|||10,859||11,358|
||||11,138||11,358|
The financial statements were approved by the Trustees on 26 November 2025
## **Trustee**
- 5 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **1 Accounting policies**
## **Charity information**
Abbot House SCIO is a Scottish Charitable Incorporated Organisation.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 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 undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20% Straight Line Computers 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 7 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
15,731
-
Grants receivable
-
18,035
15,731
18,035
**Donations and gifts**
Abbot House Trading Limited
15,731
-
15,731
-|**Total**
**2025**
**£**
15,731
18,035
33,766
15,731
15,731|Total
2024
£
29,264
-|
|---|---|---|
|||29,264|
|||29,264|
|||29,264|
- 8 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
|**2**
**Donations and legacies**
**Grants receivable for core activities**
Fife Council
**3**
**Charitable activities**
Charitable rental income
**4**
**Charitable activities**
Depreciation and impairment
Share of support costs (see note 5)
Share of governance costs (see note 5)
**Analysis by fund**
Unrestricted funds
Restricted funds|-
-|18,035
18,035|**(Continued)**
18,035
-
18,035
-
**2025**
**2024**
**£**
**£**
15,000
15,000
**Total**
**2025**
**Total**
**2024**
**£**
**£**
355
77
47,631
32,560
1,000
500
48,986
33,137
31,230
33,137
17,756
-
48,986
33,137|**(Continued)**
18,035
-
18,035
-
**2025**
**2024**
**£**
**£**
15,000
15,000
**Total**
**2025**
**Total**
**2024**
**£**
**£**
355
77
47,631
32,560
1,000
500
48,986
33,137
31,230
33,137
17,756
-
48,986
33,137|
|---|---|---|---|---|
|||||-|
|||||**2024**
**£**
15,000|
|||||**Total**
**2024**
**£**
77
32,560
500|
|||||33,137|
|||||33,137
-|
|||||33,137|
- 9 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
|**5**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank Fees
1,603
-
Cleaning
-
-
Insurance
3,387
-
IT Software and Consumables
713
-
Legal expenses
-
-
Rates, light, power and heating
24,857
-
General expenses
-
-
Printing and Stationery
-
-
Repairs, maintenance and security
14,839
-
Telephone and Internet
2,232
-
Legal and professional
-
-
Accountancy fees
-
1,000
47,631
1,000
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank Fees
1,105
-
Cleaning
563
-
Insurance
3,156
-
IT Software and Consumables
741
-
Rates, light, power and heating
18,983
-
Printing and Stationery
40
-
Repairs, maintenance and security
6,097
-
Telephone and Internet
1,809
-
Accountancy fees
-
500
32,560
500|**2025**
**Basis of allocation**
**£**
1,603
Direct
-
Direct
3,387
Direct
713
Direct
-
Direct
24,857
Direct
-
-
Direct
14,839
Direct
2,232
Direct
-
Governance
1,000
Governance
48,631
**2024**
**Basis of allocation**
**£**
1,105
Direct
563
Direct
3,156
Direct
741
Direct
18,983
Direct
40
Direct
6,097
Direct
1,809
Direct
500
Governance
33,060|
|---|---|
Governance costs includes payments to the accountants of £1,000 (2024- £500) for independent examination fees.
|**6**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|-|-|
||Depreciation of owned tangible fixed assets|354|77|
- 10 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
The charity had no employees during the year (2024 : none).
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Fixed Assets**
|**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 29 February 2024
-
387
Additions
1,034
349
At 28 February 2025
1,034
736
**Depreciation and impairment**
At 29 February 2024
-
77
Depreciation charged in the year
207
147
At 28 February 2025
207
224
**Carrying amount**
At 28 February 2025
827
512
At 28 February 2024
-
310|**Total**
**£**
387
1,383|
|---|---|
||1,770|
||77
354|
||431|
||1,339|
||310|
The charity owns a property in Dunfermline known as Abbot House. This was acquired in May 2019 from Carnegie Dunfermline Trust for the nominal consideration of £1. This is a Heritage Asset and as the cost or valuation of the building is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts the asset has not been valued or included in these accounts. All subsequent expenditure incurred has been funded by grants received which have been restricted for that purpose and all such costs have been written off through the restricted funds in the Statement of Financial Activities.
- 11 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **11 Fixed asset investments**
|**Cost or valuation**
At 29 February 2024 & 28 February 2025
**Carrying amount**
At 28 February 2025
At 28 February 2024
Other investments comprise:
**Notes**
Investments in subsidiaries
**18**
**12**
**Debtors**
**Amounts falling due within one year:**
Amounts owed by subsidiary undertakings
Other debtors
**13**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Accruals and deferred income|**Other**
**investments**
**£**
1
1
1
**2025**
**2024**
**£**
**£**
1
1
**2025**
**2024**
**£**
**£**
4,513
6,338
349
-
4,862
6,338
**2025**
**2024**
**£**
**£**
1,340
2,337
-
8,482
1,251
1,500
2,591
12,319|
|---|---|
- 12 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **14 Restricted funds**
|**Restricted funds**|||||
|---|---|---|---|---|
|||**Movement in funds**|||
||**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**29 February**|**resources**|**expended**|**28 February**|
||**2024**|||**2025**|
||**£**|**£**|**£**|**£**|
|Fife Council|-|18,035|(17,756)|279|
||-|18,035|(17,756)|279|
## **Fife Council**
Grant received to contribute toward the costs of carrying out the repair and upgrading of Abbot House. There was also money received to purchase a tablet for use within Abbot House.
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 29**||**Incoming**||**Resources**|**At 28**|
|---|---|---|---|---|---|---|
||**February 2024**||**resources**||**expended**
**February 2025**||
||**£**||**£**||**£**|**£**|
|General funds|11,358||30,731||(31,230)|10,859|
|**Previous year:**|**At 28**||**Incoming**||**Resources**|**At 28**|
||**February 2023**||**resources**||**expended**
**February 2024**||
||**£**||**£**||**£**|**£**|
|General funds|231||44,264||(33,137)|11,358|
|**Analysis of net assets between funds**|||||||
||**Unrestricted**||
**Restricted**||
**Total**|Unrestricted|
||**funds**||**funds**|||funds|
||**2025**||**2025**||**2025**|2024|
|||**£**||**£**|**£**|£|
|Fund balances at 28 February 2025 are|||||||
|represented by:|||||||
|Tangible assets|1,060||279||1,339|310|
|Investments||1||-|1|1|
|Current assets/(liabilities)|9,798|||-|9,798|11,047|
||10,859||279||11,138|11,358|
## **16 Analysis of net assets between funds**
- 13 -
## **ABBOT HOUSE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_
## **17 Related party transactions**
During the year, the charity received £500 from who is a Trustee of Abbot House SCIO as a donation towards general expenditure.
## **18 Subsidiaries**
These financial statements are separate charity financial statements for Abbot House SCIO.
Details of the charity's subsidiaries at 28 February 2025 are as follows:
**Name of undertaking Registered Nature of business Class of % Held office shares held Direct Indirect** Abbot House Trading Other retail sale of new goods Ordinary 100.00 Limited in specialised stores
- 14 -