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← The Leeward Trust

2024-12-31-accounts

THE LEEWARD TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Charity Registration No. $C047870 (Scotland)

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THE LEEWARD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

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Charity number (Scotland)
$C047870		 ~
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Charity number (Scotland)
$C047870
Principal address C/o Gillespie Macandrew LLP
5 Atholl Crescent
Edinburgh
EH3 8EJ
Independentexaminer Po
Dains
Accountants
,
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Bankers BankofScotland
New Uberior House
11 Earl Grey Street
Edinburgh
EH3 9BN
Solicitors Gillespie MacAndrew
5 Atholl Crescent
Edinburgh
EH38EJ

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THE LEEWARD TRUST

CONTENTS

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Page
Trustees’ report 1-2
Independent examiner's report 3
Statement of financial activities . 4
Balance sheet 5
Notes to the financial statements 6-12
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THE LEEWARD TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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 trust's Deed of Trust, 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)” (as issued in October 2019 for accounting periods commencing from 1 January 2019)

Objectives and activities

The trust's objects are to provide grants and donations to groups/charities promoting the following purposes in the United Kingdom, India, Africa and South America:

The prevention or relief of poverty; advancement of education; advancement of health, advancement of citizenship — or community development, saving of lives, advancement of the arts, heritage, culture or science; provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended; promotion of equality and diversity; advancement of environmental protection or improvement; advancement of human rights, conflict resolution or reconciliation; promotion of religious or racial harmony; relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage and advancement of animal welfare.

Achievements and performance

Significant activities and achievements against objectives During the financial period the Trust :

The Trustees are delighted to have been in a position to facilitate the grants.

The Trustees hope to be in a position to make further grants in the next financial period, however this will depend on the level of donations and funds available to them.

Financial review TheReservesactivities policyof the charity are funded by the continuing support from thpo The charity wish to pass on as much as possible to the charitable purposes and therefore make grants very close to the amount available to spend.

There are no employees or ongoing obligation of the charity other than legal and accounting fees. A modest reserve is kept on an interest bearing account in order to provide for those costs.

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Major risks

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Trust was established by a Trust Deed dated 8 and 26 October 2017 by th no variations to the deed since inception.

There have been

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THE LEEWARD TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Recruitment and appointment of trustees

The Trust Deed originally provided for the appointment of 4 Trustees and given the short amount of time that has elapsed, there have been no changes to this.

None of the trustees has any beneficial interest in the trust. All of the trustees guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees. a

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11 October 2024

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THE LEEWARD TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEEWARD TRUST.

| report on the financial statements of the trust for the year ended 31 March 2024, which are set out on pages 4 to 12.

Respective responsibilities of trustees and examiner

The trust’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 2006 Accounts Regulations. 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 seeks 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 | 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:

(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 OO 11 October 2024 Accountants . Dains Accountants 44 Bank Street Kilmarnock Ayrshire KA1 1HA

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. . = ACCOUNTANTS
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Dains is a trading name of William Duncan + Co. Ltd

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THE LEEWARD TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

_ FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 500,000 385,000
Investments 4 1,183 193
Total income 501,183 385,193
Expenditure on: .
Charitable activities 5 438,171 373,940
Total expenditure 438,171 373,940
Net income and movement in funds 63,012 11,253
Reconciliation offunds:
Fund balances at 1 April 2023 17,913 6,660
Fundbalancesat31March2024 80,925 17,913

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE LEEWARD TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Current assets
Debtors 12 300,000 -
Cash at bank and in hand 46,312 37,715
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346,312 37,715
Creditors: amounts falling due within 13
oneyear (265,387) (19,802)
Net current assets 80,925 17,913
Netassets excluding pension liability 80,925 17,913
The funds ofthe trust
Unrestricted funds 80,925 : 17,913
‘ 80,925 17,913

The financial statements were approved by the trustees on 11 October 2024 . ae

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THE LEEWARD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Charity information

The Leeward Trust is a Charitable Trust. The principle address is The Leeward Trust, c/o Gillespie Macandrew LLP, 5 Atholl Crescent, Edinburgh, EH3 8EJ.

1.1 Accounting convention The financial statements have been prepared in accordance with the trust's Deed of Trust, 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)” (as issued in October 2019 for accounting periods commencing from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. 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.

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.

Income is recognised when the trust 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 trust 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.

Grants awarded are provided for in full when approved by the Board of Trustees.

Governance costs are deemed expenditure for statutory responsibilities and other consultancy fees.

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THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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1.7 Financial instruments

Financial instruments are recognised in the trust's balance sheet when the trust 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 trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the trust’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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THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024 .

3 Income from donations and legacies

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|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |Donations|and|gifts|500,000|385,000| |Donations|and|gifts| |a|600,000|385,000| |500,000|385,000|

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4 income from investments

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |Interest|receivable|1,183|193|©| |Expenditure|on|charitable|activities| |Grants|Grants| |payable|payable| |2024|2023| |£|£| |Direct|costs| |Grant funding|of|activities|(see|note|6)|422,500|360,000| |Share|of support|and|governance|costs|(see|note|7)| |Support|13,635|11,808| |Governance|2,036|2,132| |438,171|373,940| |Analysis|by|fund| |Unrestricted|funds|438,171|373,940|

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5 Expenditure on charitable activities

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THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Grants payable

Grants Grants
payable payable
2024 2023
£ £
Grants to institutions:
Poverty 85,833 47,083
Education 15,833 14,166
Health 49,167 39,167
Citizenship orCommunity Development 62,001 22,500
Arts,Heritage, Culture orScience 3,000 2,500
Saving Lives 23,333 52,500
Human Rights, Conflict resolution and reconciliation 25,833 13,250
Age, Ill health, Disability, Financial hardship or Other disadvantage Other disadvantage 66,500 109,167
Animal Welfare 10,000 -
Equality and Diversity ; 5,000 5,000
Recreational Facilities orActivities 11,500 5,500
Enviromental Protection or Improvement 52,500 49,167
OtherPurposes 12,000 -
422,500 360,000
Poverty
To fund the prevention or reliefof Poverty.
Education
To fund the advancement of Education.
Health
To fund the advancement of Health and wellbeing.
Citizenship ofCommunity Development
To fund the advancement of Citizenship or Community Development.
Arts, Heritage, Culture or Science
To fund the advancement oftheArts, Heritage, Culture or Science.
Saving Lives
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To fund advancements towards saving lives.
Human Rights, conflict resolution and reconciliation
To fund the improvement ofHuman rights, conflict resolution or reconciliation.
Age Ill-Health, Disability, Financial hardship orother
To fund the relief of those
in need by way of		 disadvantage
Age,lli-health,		 Disability, Financial Hardship or Other
disadvantage.
Animal Welfare
To fund the advancement of animal welfare. ,
Equality and Diversity ;
The promotion of Equality and Diversity
Recreational Facilities orActivities
To fund advancement of Recreational Facilities orActivities.
Environmental Protection and Improvement
To fund the advancement of Environmental protection or improvement.
OtherPurposes

To fund any other purpose that may be reasonable regarded as analogous to any of the preceding purposes.

THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Support costs allocated to activities

Grants Total
payable
2024 2023
£ £
Managmentcharges 13,635 11,808
Governance 2,036 2,132
2024 2023
Governance costs comprise: £ £
Legal and professional 1,026 1,110
Accountancy fees 1,010 1,022
2,036 2,132
8 Netmovement in funds 2024 2023
£ £
Thenetmovementinfundsisstatedaftercharging/(crediting):

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

10 Employees

The average monthly number of employees during the year was:

Total

||2024|=||2023| |---|---|---|---| |,|Number|‘Number|| ||-||-|

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel The remuneration of key management personnel was as follows:

11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Debtors
2024 2023
Amounts falling due within one year: £ £
Trade debtors 300,000 -
13 Creditors: amounts falling due within oneyear ,
2024 2023
£ £
Other creditors 262,000 17,000
Accruals and deferred income 3,387 2,802
265,387 19,802

14 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.

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At 1 April incoming Resources At31 March
2023 resources expended 2024
£ £ £ £
General funds 17,913 501,183 (438,171) 80,925
Previous year: At 1 April Incoming Resources At31 March
2022 resources expended 2023
£ £ £ £
Generalfunds 6,660 385,193 (373,940) 17,913

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THE LEEWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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15 Related party transactions

Transactions with related parties

During the year the trust entered into the following transactions with related parties:

SE 2 company controlled by the 4 trustees made charitable donations of £500,000 (2023 - £385,000) to the trust as shown in note 3.

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