Charlty number: SC049460 THE DIDIMA CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE DIDIMA CHARITABLE TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charity. Its Trustees and advlsers Trustee8' report Trustees. responsiblllties statement Independént examlnerfs report Statement of flnancial actlvlties Balance sheet Notes to the financlal statements 8-15
THE DIDIMA CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees J M Ailken J R Strachan AMKing B TO Trustees Limited The directors of B TO Trustees Limited at the date of this report are.. AKDunn JSGlen L J Gordon G A Kelly G J Mitchell J A Steel W J Thomson (re81gned 3 May 2024) B Battersby E K J Fleming Charlty regl8tergd number SC049460 Prlnclpal offlc• clo BTO Sollcltor8 LLP One Edinburgh Quay 133 Fountainbridge Edinburgh EH3 9QG Page 1
THE DIDIMA CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2024 to 31 March 2025. Objectlves and actfvltles a. PolScles and objectlves The charitable purposes of the Charity. as set out in the Trust deed, are to use the income and capital of the Charity for the giving of grants, donations. grfts or loans to individuals or organisations where doing so would further one or more of the charitable purposes of the Charity as the Trustees shall from time to time in their absolute discretion think fft. b. Stratogles for achlevlng objectlves The Trustees shall make donations out of the Charity funds to individuals and to other UK charities as appropriate. Achlev•ments and perfomianco . Maln achlevaments of the Charlty During the financial year to 31 March 2025, the Trustees made a donation of £8,230. It is fully 8nticipated that the donations will be used to benefit chartsble organisations in the next financial year. Flnanclal revlew a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. b. Reseryes pollcy The net incoming resources for the year, amounting to £397,584 (2024 net incoming resources - £11,066>, have been dealt with as shown in the Statement of Financial Actrvities. The Trustees are satisfied with the financial position of the Charity at the yearond as presented in the Balance Sheet. Reserves that are part of the Charitys funds that are freely available at 31 March 2025 £234,325 (2024 £236,741). The policy regarding general reserves is to ensure that sufficient reserves are held to meet unforeseen costs, the Working capital requirements of existing projects and to enable the Charity to provide grant funding to appropriate applicants. Structur•, governance and management a. Constltutlon The Didima Charitable Trust is a registered charity. number SC049460, and is constituted under a Trust deed. Page 2
THE DIDIMA CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 structura, governance and management {contlnued) b. Method8 of appolntment or olectlon of Trustees The Trust deed provides that the Truslees shall be entltled by way of resolutlon passed by a majorSty vote at a meeting of the Trustees, lo appoint any individual as a Trustee. The Trustees shall have power to remove any Individual a$ a Tfustee, by way of a resolution passed al a meeting of the Trustees by a majority of three quarters or more of the Trustees then In office. An individual holding office 83 a Trustee may retire by giving notlce in writing to that effect to the secretary of the Charity. The number of Tru8te65 shall not be less than 1. There is no maxlmum number of Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: cho On behalf of BTO Trustee8 Llmlted (Trustee) Date.. Page 3
THE DIDIMA CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2025 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 stalements for each financial which grve a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless rt is inappropriate to presume that the Charity will continue in business. The Truslees are responsible for keeping adequate accounting record8 that are sufficient to show and explain the Chartvs transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply Vth the Charities and Trustee Investment (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trusl 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. Page 4
THE DIDIMA CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlnerfs Report to thè Trustees of The Dldlma Charltsble Trust I report on the accounts of the charty for the year ended 31 March 2025 which are set out on pages 6 to 15. R88P6Ctlve Responslbllltles of Trustoes and Examlner The charity's trustees are responslble for the preparation of the financial Statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 ('the Act'l and the Charitles Accounts (Scotlandl Regulatiorb 2006 {'the Accounts Regulations,). The trustees conslder that the audit requlrement of regulation 10{1){al to (c) of the Accounts Regulations doe8 nol 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. Ba818 of Independent Examln•r'8 Staternènt My examlnatlon was carrled out In accordance with regulalion 11 of the Accounts R8gulatlon8. An examlnation Includes a revlew of the accountlng records kept by the charity and a comparlson of the financial statements presented wlth th08e records. It also includes consideration of any unusual items or disclosures In the financial statements, and seeklng explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evldence that would bo requlred in an audit, and consequently I do not expre88 an audit opinion on the vlew given by the accounts. Independent Examlnor'j Statement In the course of my examlnation, no matter hag come to my attention.. whlch give8 me rea80nable cause lo belleve that In any materlal respect the requirement8'. to keep accounllng records In accordance with section 44(1)(a) of the Act and regulation 4 of the Accounts Regulatlons., and to prepare financial stalements which accord wlth the accountlng records, Accounting and Reporting by Ch8rllie8 pr8paring Iheir accounts In accordance wllh the Financial Reporting standard in the UK and Republic of Ireland (FRS 102) and In other respects comply with regulation 6 of the Account8 Regulations have not been met; or to which, In my opinion, attention yhould be drawn in order lo enable proper understanding of the financlal $talement$ to be reached. Thls raport is made solely to the charitys Trustees, as a body, In 8ccordance with regulation 11 of the Charitles Accounts (Scotland) Regulations 2006. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to slate to them In an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the chari 's Trustees as a body, for my work or for this report. Signed.. Graeme Penman CA Dated.12 Mo4cK 2C)t6 Member of Institue of Chartered Accountants Scotland AAB Audlt & Accountancy Llmltad Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU Page 5
THE DIDIMA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Investments 408,230 12,162 408,230 12,162 10,020 5.608 Total Income 420,392 420,392 15,628 Expendlture on: Raising funds Charitable activriies 693 21,568 693 21,568 490 19,736 Total •xpendlturo 22,261 22,261 20,226 Net Incomel(expendlture) before net Ilosses)Igalns on Investments Net (losses)Igains on investments 398,131 (547) 398,131 (547) (4,598) 15.664 Net movement In fund8 397,584 397,584 11,066 Reconclllatlon of funds: Total funds brought forward Net movement in funds 236,741 397,584 236,741 397.584 225,675 11,066 Total funds carrled forward 634,325 634,325 236,741 The Statement of Financial Activiti'es includes all gains and losses recognised in the year. The notes on pages 8 to 15 fom) part of these financial statements. Page 6
THE DIDIMA CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxad assat8 Investment8 Investment property 11 10 231,029 400,000 231,546 831,029 231,546 Current as80ts Debtors 12 135 10,656 Cash at bank and In hand 10,955 10,791 10,955 Current Ilabllltl•8 Creditors.. amount8 falling due wlthin one year 13 (7,4951 15,760} Net current a880t* 3,296 5,195 Total net 4880ts 634,325 238,741 Charlty funds Restricted funds Unrestricted fund8 15 15 834,325 236,741 Total fund8 634,325 236,741 The flnancial Statements were approved and authorised for188ue by the Trustee8 and 81gned on thelr behalf by,. G i hlitc On behalf of BTO Trustees Limrted (Trustee) Date: The notes on pages 8 to 15 form part of Ihese financial statements. Page 7
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infonnatlon The Didima Charitable Trust is a registered charity in Scotland. The registered office is clo BTO Solicitors LLP, One Edinburgh Quay. 133 Fountainbridge, Edinburgh, EH3 9QG. Accountlng pollclos 2.1 Basls of preparatlon of financlal ststements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) The Didima Charitable Trust meets the definition of a public benefrt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless other*vise stated in the relevant accounting policy. 2.2 Golng concern After making appropriate enquirres, the Trustees have a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this r8ason, they continue to adopt the going concern basis in preparing the financial Statements. 2.3 Income All income is recognised once the Charity has entitlement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset, it is measured at fair value, unless it is impradical lo measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount 18 included in the appropriate fixed asset class and depreciated over the useful economic lrfe in accordance with the Charity's accounting policies. On receipt. donated professional seNices and facilities are recognised on the basis of the value of the gift to the Charity which is the amount rt would have been willing to pay to obtain services or facilities of equivalent econornic benefrt on the open market: a corresponding amount is then recognised in expenditure in the period of receipt Income tax recoverable in relation to Investment income is recognised at the time the investment income is receivable. 2.4 Expendlture 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 activty. The costs of each actiwty 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 activty are apportioned btheen 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 all¢xated on the portion of the asseys use. Page 8
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcl•s (contlnued) 2.4 Expendlture {contlnued) Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils Charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activfties Is Incurred on directly undertaking the aclivities which further the Charitvs objectives, a8 well as any a$8wiated 8UPPOrt costs. All expenditure 18 incluslve of irrecoverable VAT. 2.0 Invostmonts Flxed asset inve8tment8 are a form of financial instrument and are initially recogn18ed at their transaction cost and 8ubsequenlly measured at falr value at the Balance sheet dale, unless the value annot be measured reliably in which case it is measured at cost1888 impairment, Investment gain8 and 1088es, whether realised or unrealised, are combined and presented as 'Gainsl(Los8e8) on Investments, In the Statement of flnanclal activitle8. 2.6 Debtorn Trade and other debtols are recognised at the settlement amount after any trade dlscount offered. Prepaymen18 are valued at the amount prepaid net of any trade d18count8 due. 2.7 Cash at bank and In hand Cash al bank and In h8nd includes cash and short-temi highly liquld Investmentj wlth a Short malurtty of three months or less from the date of acquisition or opening of the deposit or sirnilar account. 2.8 Llablllllas ind provl8lon8 Llabilities are recognised when there Is an obllgatlon at the Balance sheet date as a result of 8 past event, it Is probable that a transfer of economic benefit will be requlred In settlement, and the amount of the settlement can be estimaled rellably. Liabllitles are recogni¥ed at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as 8dvanc8d payments for the good8 or services It must provide. Provi8Ions are measured at the best estimate of the amounts required to settle the obligation. Where the effgct of the time value of money is material, Ihe provlsion18 based on the presenl value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.9 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financlal instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charty and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 9
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations 408,230 408,230 Included within 2025 is the donation of an investment propety which was valued at £400,000. Unrestricted funds 2024 Total fijnds 2024 Donations 10,020 10,020 Investment Incorne Unrestricted funds 2025 Total funds 2025 Rental income Investment portfolio income 4,200 7.962 4,200 7,962 12,162 12,162 Unrestricted funds 2024 Total funds 2024 Investment portfolio income 5,608 5,608 Page 10
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlturo on ra181ng fund$ Unreslricted funds 2025 Total funds 2025 Investment management fe88 693 693 Unrestricted funds 2024 Total funds 2024 Investment rnanagemenl fees 490 490 Analy•ls of expendlture by actlvltles Grant funding of activitie8 2025 Support C081s 2025 Total funds 2025 Charitable activities 5,233 16,335 21,588 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Charitable activities 6,000 13,736 19,736 Analysls of grants Grants to Institutions 2025 Total funds 2025 Grants paid {2 grants) 5,233 5,233 Page11
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants (contlnued) Grants to Institutions 2024 Total funds 2024 Grants paid (1 grant) 6,000 6,000 Independent oxamlnerfs rnmuneration 2025 2024 Fees payable to the Charitls independent examiner for the independent examination of the Charitys annual accounts 3,600 3,120 Trustees, remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits {2024 - £NIL). During the year ended 31 March 2025. no Trustee expenses have been incurred {2024 - £NIL). 10. Investment property Long tem leasehold investment property Valuatlon Additions 400,000 At 31 March 2025 400,000 The 2025 valuation was made by DM Hall Chartered Surveyors, on an open market value basis. Page 12
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Flxed asset Invastments Llsted investments Cost or valuatlon At 1 April 2024 Investment management feas Revaluations Withdrawals from Inve8tmenl portfolio Investment Income 231,546 (693} (547) (7,088) 7,811 At 31 March 2025 231,029 N•t book value At 31 March 2025 231,029 At 31 March 2024 231,546 12. Dobtor8 2025 2024 Due wlthln one year Prepayment8 and accrued Income 135 13. Crodltors: Amounts falllng due wlthln one year 2025 2024 Accruals and deferred income 7,495 5,760 14. Flnanclal Instruments 2025 2024 Flnanclal assets Financial assets measLrred at fair value through income and expenditure 10,656 10,955 Financial a$8ets measured at fair value through income and expenditure comprise of cash at bank and in hand and investments. Page 13
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Income Expenditure Unrestrlcted lunds General funds 236,741 420,392 (22,261) (547) 634,325 Statement of funds - prlor year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl {Losses} Incorne Expenditure Unrestrlcted funds Reserves 225.675 15.628 (20,226) 15,664 236,741 16. Analys13 of n•t assets between funds Analysls of net a880ts between funds - Current year Unrestricted funds 2025 Total funds 2025 Fixed asset investments Investmenl propety Current assets Credrtors due wrthin one year 231,029 400,000 10,791 (7,495) 231.029 400,000 10,791 (7,495) Total 634,325 634,325 Page 14
THE DIDIMA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysls of net assets betweon fund8 (contlnued) Analy8ls of nat assets between funds . prlor year Unrestricted funds 2024 Total funds 2024 Flxed asset Investments Current assets Creditors due within one year 231,546 10,955 (5,760) 231,546 10,955 {5,760) Total 236,741 236,741 17. Relat•d party tran8ictlon8 During the year the Charity paid fees of £10,140 to BTO Trustees Limited for professlonal seniice8 provlded durlng the year. Furthermore, durlng the year the Charity recelved donations of £7,985 from the tru81ee8. 18. Controlllng party Throughout the current and prlor year, the Charity was controlled by the Tru81ee8. Page 15