Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
_Scottish Charity No: SC049508_
## **The Downie Foundation**
Trustees’ Report and Financial Statements _For the year ended 5 April 2025_
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Contents of the Financial Statements** _for the year ended 5 April 2025_
||Page|
|---|---|
|Report of the Trustees|1 - 4|
|Report of the Independent Examiner|5|
|Statement of Financial Activities|6|
|Statement of Financial Position|7|
|Notes to the Financial Statements|8 - 12|
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Report of the Trustees** _for the year ended 5 April 2025_
## **Governing document**
The Downie Foundation was registered on 31 July 2019 as a Scottish Charitable Incorporated Organisation with the Office of the Scottish Charity Regulator under charity number SC049508.
The Charity is governed by a Constitution and the Trustees have no liability to pay any sums to help to meet the debts or other liabilities if it is wound up.
## **Charitable objectives**
The Charity will promote, advance and further its Charitable purposes, and do so underpinned by Christian values, by operating as a “grant giving” charity which will support financially and otherwise charities, community groups and others which will further the charitable purpose of the advancement of religion and provide public benefit with a focus on the support of organisations which are concerned with the promotion of Christianity whether in Scotland, the United Kingdom or beyond including in connection with church buildings, missions operating across the world and youth training connected to Christian ministry.
## **Principal and Registered Office Address**
71 Southwold Road Paisley PA1 3AL
## **Independent Examiner**
Innes and Partners Limited Chartered Certified Accountants 9 Ardross Street Inverness IV3 5NN
## **Banker**
Bank of Scotland plc The Direct Business Bank PO Box 17235 EH11 1YH
## **Investment company**
St James Place Wealth Management St James Place House 168 West George Street Glasgow G2 2NR
## **Trustees**
The Trustees who served during the period and to the date of this report are listed below:
## **Principal Office Bearers and Key Management Personnel**
Page 1
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Report of the Trustees** _for the year ended 5 April 2025_
## _Recruitment and appointment of Trustees_
The Charity Trustees will endeavour to recruit as Charity Trustees individuals with appropriate and relevant experience and skills. The Charity Trustees may appoint any person who is willing to act as a Charity Trustee either to fill a vacancy or as an additional Charity Trustee by way of a resolution passed unanimously at a Charity Trustees’ meeting. The minimum number of Charity Trustees is three.
## _Trustees’ induction and training_
Each Trustee received a comprehensive bound publication from Brodies which clearly states the responsibilities of their role within the Foundation and guidance for how to fulfil it. Should in the future additional Trustees be appointed to the Board, in addition to general discussions with the other Trustees, they will also receive a copy of this document.
## _Organisational structure_
The Trustees meet regularly to discuss the purpose of the Charity, aligning their discussions to the advancement of the Christian Faith – as clearly outlined in the Foundation’s Constitution.
## _Grant making policy_
The Charity makes grants to individuals and organisations in accordance with the Constitution and in fulfilment of its charitable objectives. These are disclosed in note 6 to the accounts. As outlined in our Risk Management document, grants are only awarded to organisations/institutions which the Trustees have reviewed to confirm their authenticity and ensure their vision aligns with that detailed in the Constitution.
## _Risk management_
The Trustees are responsible for identifying the major risks faced by the Charity and for determining the appropriate course of action to manage those risks. A Risk Register is maintained by Trustees and reviewed annually.
The principal risks, and plans and strategies for mitigating these are around the areas of:
- Control of distribution of Charity funds
- Protection of cash in Bank
- Protection of Investments affected by Market fluctuations
- Authentication of appropriate organisations/institutions being considered for financial support
Mitigation measures for the above are detailed in their Risk Management Register.
## **Achievements and performance**
The worldwide economic pressures continue to impact charities – both in the giving and receiving of funds. This is increasingly evident with the increasing number of requests we receive asking that we consider donating to their specific charities.
Whilst we would like to support all who contact us, we seek wisdom to distribute the funds we have available. We have contact and interaction with a number of Christian organisations, and have supported as we felt led.
As in previous years, we do receive updates from the organisations we support, and it is very encouraging to see the ongoing work of Christian Ministry throughout the world. The funds distributed this year have helped achieve:
- Purchase of mini bus to transport children on Bible Camps to activities.
- Children from local orphanages (Portugal) attending Camp Sonshine – which is the summer club run by International Evangelical Church of the Algarve.
- Distribution of food/vouchers to those in need locally.
- Support for Christian education at the Scottish Baptist College.
- Support of increasing number of Asylum Seekers by church local to where they are placed in Glasgow.
- Demonstrating the love of Jesus in Christmas shoeboxes being distributed in many Countries.
- Educating children in the Word of God which has had a huge impact on their life choices.
- Distribution of bibles in numerous languages.
- Support by Christian charities in disaster areas throughout the world.
- Providing a bed for the night and hot food for many within our own Country.
- Provision of free Bible devotional/study material.
Page 2
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Report of the Trustees** _for the year ended 5 April 2025_
## **Achievements and performance (cont’d)**
- Helping thousands throughout the world by being there when disaster strikes.
- Advocacy for the Persecuted Church worldwide.
- Enabling of many to hear the Word of God through local Christian radio.
- Training to equip mission workers to show the love of Jesus both at home and in the Arab world.
- Students attend Bible College who could not financially have been able to do so.
- Continued Christian outreach throughout the Algarve.
- Supporting after school club in Romania.
## **Financial review**
## _Principal funding sources_
The principal funding source for the Charity is donations by Trustees and future income from the investment portfolio.
## _Financial results_
The General Fund, an unrestricted fund for the general purposes of the Charity, received investment income of £18,755 (2024: £23,029) during the year. The balance on the General Fund at the year-end was £778,570 (2024: £817,947).
## _Reserves policy_
Attention is paid to the funds in the Bank, as they should not fall below £15,000. Should the funds show this reserve amount likely to be breached, notification would be given to the Fund Managers to release additional funds into the Bank account. At the year-end, the bank balance was temporarily below this threshold; however, the situation was rectified post year-end, and the reserve was restored to the required level.
## _Investment policy_
Prior to engaging with our Investment Fund Managers, we discussed at length the aims and objectives of the Charity – as detailed in the Constitution. Areas of investment that were felt may compromise our ethics were noted and will be avoided when managing the funds. The funds are managed on a medium risk basis.
## _Going Concern_
Trustees have concluded that it is appropriate to prepare the accounts on a going concern basis.
## **Plans for the future**
Our purposes and objectives remain at the centre of our focus. Consideration will be given to those we have previously supported and as Trustees we are always receptive to consider new organisations or specific ministries which may benefit from support.
## **Trustees’ responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each year which show 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 period. In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the method and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
Page 3
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Report of the Trustees** _for the year ended 5 April 2025_
## **Trustees’ responsibilities in relation to the financial statements (cont’d)**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 are responsible for the maintenance and integrity of the charity and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 18 November 2025 and signed on their behalf by:
Page 4
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Report of the Independent Examiner to the Trustees** _for the year ended 5 April 2025_
I report on the accounts of the Charity for the year ended 5 April 2025 which are set out on pages 6 to 12.
## **Respective responsibilities of Trustees and examiner**
The Charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts 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 I do not express an audit opinion on the view given in the accounts.
## **Independent Examiner’s Statement**
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended) and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended) have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Innes & Partners Limited Chartered Certified Accountants
9 Ardross Street Inverness IV3 5NN
Date: 18 November 2025
Page 5
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Statement of Financial Activities** _for the year ended 5 April 2025_
|**Unrestricted**
**Income and endowments:**
**Notes**
**General**
**fund**
**£**
Investments
**2**
18,755
**Total income and endowments**
**18,755**
**Expenditure:**
Raising funds
**3**
10,571
Charitable activities
**4**
55,781
**Total expenditure**
**66,352**
**Realised gains/(losses) on investments**
10,332
**Net (expenditure)**
(37,265)
**Other recognised gains/(losses):**
Unrealised gains/(losses) on investments
(2,112)
**Net movement in funds**
**(39,377)**
**Total funds brought forward**
817,947
**Total funds carried forward**
**10**
**778,570**
**Represented by:**
**Unrestricted fund**
_General_
**10**
778,570
**Total funds**
**778,570**|**Unrestricted**
**Income and endowments:**
**Notes**
**General**
**fund**
**£**
Investments
**2**
18,755
**Total income and endowments**
**18,755**
**Expenditure:**
Raising funds
**3**
10,571
Charitable activities
**4**
55,781
**Total expenditure**
**66,352**
**Realised gains/(losses) on investments**
10,332
**Net (expenditure)**
(37,265)
**Other recognised gains/(losses):**
Unrealised gains/(losses) on investments
(2,112)
**Net movement in funds**
**(39,377)**
**Total funds brought forward**
817,947
**Total funds carried forward**
**10**
**778,570**
**Represented by:**
**Unrestricted fund**
_General_
**10**
778,570
**Total funds**
**778,570**|**2025**
**Total**
**£**
**18,755**|**Unrestricted**
**General**
**fund**
**£**
23,029|**2024**
**Total**
**£**
23,029|
|---|---|---|---|---|
||**18,755**|**18,755**|23,029|23,029|
||10,571
55,781|**10,571**
**55,781**|9,137
62,276|9,137
62,276|
||**66,352**|**66,352**|71,413|71,413|
||10,332|**10,332**|2,357|2,357|
||(37,265)
(2,112)|**(37,265)**
**(2,112)**|
(46,027)
34,085|(46,027)
34,085|
||**(39,377)**
817,947|**(39,377)**
**817,947**|
(11,942)
829,889|(11,942)
829,889|
||**778,570**|**778,570**|817,947|817,947|
||778,570|**778,570**|817,947|817,947|
||**778,570**|**778,570**|817,947|817,947|
The notes on pages 8 to 12 form part of these financial statements.
Page 6
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Statement of Financial Position** _as at 5 April 2025_
|**Unrestricted**
**General**
**fund**
**Fixed assets**
**Notes**
**£**
Investments
**7**
**363,940**
**Total fixed assets**
**363,940**
**Current assets**
Investment
405,760
Cash at bank and in hand
10,136
**415,896**
**Creditors: falling due within one year**
**8**
(1,266)
**Net current assets**
**414,630**
**Total assets less current liabilities**
**778,570**
**Total net assets**
**778,570**
**Funds of the charity:**
**Unrestricted fund**
_General_
**10**
778,570
**Total charity funds**
**778,570**|**Unrestricted**
**General**
**fund**
**Fixed assets**
**Notes**
**£**
Investments
**7**
**363,940**
**Total fixed assets**
**363,940**
**Current assets**
Investment
405,760
Cash at bank and in hand
10,136
**415,896**
**Creditors: falling due within one year**
**8**
(1,266)
**Net current assets**
**414,630**
**Total assets less current liabilities**
**778,570**
**Total net assets**
**778,570**
**Funds of the charity:**
**Unrestricted fund**
_General_
**10**
778,570
**Total charity funds**
**778,570**|**2025**
**Total**
**£**
**363,940**|**2024**
**Total**
**£**
734,319|
|---|---|---|---|
||**363,940**|**363,940**|734,319|
||405,760
10,136|**405,760**
**10,136**|18,978
65,802|
||**415,896**
(1,266)|**415,896**
**(1,266)**|84,780
(1,152)|
||**414,630**|**414,630**|83,628|
||**778,570**|**778,570**|817,947|
||**778,570**|**778,570**|817,947|
||
778,570|**778,570**|817,947|
||**778,570**|**778,570**|817,947|
The financial statements on pages 6 to 12 were approved by the Trustees on 18 November 2025 and signed on their behalf by the undernoted:
The notes on pages 8 to 12 form part of these financial statements.
Page 7
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Notes to the Financial Statements** _for the period ended 5 April 2025_
## **1. Accounting policies**
## _**Basis of accounting**_
The Downie Foundation is a registered charity in Scotland. The address of the principal office is given in the charity information on page 1 of these financial statements. The financial statements are presented in sterling which is the functional currency of the charity.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended)and UK Generally Accepted Accounting Practice.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts are prepared on a going concern basis as the Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 as published on 2 February 2016 and does not prepare a Statement of Cash Flows.
The Charity meets the definition of a public benefit entity under FRS 102.
## _**Fund accounting**_
_Unrestricted funds_ are available for use at the discretion of Trustees in furtherance of the general objectives of the Charity.
## _**Income recognition**_
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
## _**Expenditure recognition**_
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated between the expense categories of the SoFA on a basis designed to reflect the use of the resource.
## _**Cash and cash equivalents**_
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.
## _**Debtors and creditors receivable / payable within one year**_
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Page 8
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Notes to the Financial Statements** _for the period ended 5 April 2025_
## **1. Accounting policies (cont’d)**
## _**Fixed Asset Investments**_
Fixed asset investments are stated at market value at the balance sheet date. Unrealised gains and losses represent the movement between the market value at the beginning and the end of the financial year or, if purchased in the year, the difference between cost and market value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the market value at the start of the year or cost if purchased in the year.
Page 9
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Notes to the financial statements** _for the year ended 5 April 2025_
|**2. Income form investments**
Interest
Dividend income
**3. Raising funds**
Investment manager fees
**4. Charitable activities**
Grants and donations (note 5)
Independent examination fee
Bank charges
Professional fees|**General**
**fund**
**£**
610
18,145|**2025**
**Total**
**£**
**610**
**18,145**|**General**
**fund**
**£**
833
22,196|**2024**
**Total**
**£**
833
22,196|
|---|---|---|---|---|
||**18,755**|**18,755**|23,029
**General**
**fund**
**£**
9,137|23,029
**2024**
**Total**
**£**
9,137|
||**General**
**fund**
**£**
10,571|**2025**
**Total**
**£**
**10,571**|||
||**10,571**|**10,571**|9,137|9,137|
||**General**
**fund**
**£**
54,500
1,266
(57)
72|**2025**
**Total**
**£**
**54,500**
**1,266**
**(57)**
**72**|**General**
**fund**
**£**
61,000
1,119
91
66|**2024**
**Total**
**£**
61,000
1,119
91
66|
||**55,781**|**55,781**|62,276|62,276|
Support costs have not been separately identified as the trustees consider that there is only one charitable activity. Therefore support costs relate wholly to that activity and have not been separately identified.
Page 10
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
## **Notes to the financial statements** _for the year ended 5 April 2025_
|**Notes to the financial statements**_for the year e_|_nded 5 April 2_|_025_|||
|---|---|---|---|---|
|**5. D **
**onations and gifts**
IECA
Scottish Baptist College
Harper Memorial Baptist Church
Crookston Baptist Church
Blythswood Care
Christian Solidarity Worldwide
Glasgow City Mission
Open Doors
Arab World Ministry of Pioneers
BMS World Mission
International Mission to Jewish People
Our Daily Bread
Pioneers UK
Salvation Army
Scottish Bible Society
Starfish Malawi
Faith Mission
UCB
Mission without Borders
Tearfund|**General**
**fund**
**£**
11,500
5,000
5,000
3,500
1,500
1,000
1,000
1,000
1,000
1,000
**-**
1,000
**-**
1,000
1,000
500
17,500
1,000
500
500|**2025**
**Total**
**£**
**11,500**
**5,000**
**5,000**
**3,500**
**1,500**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**-**
**1,000**
**-**
**1,000**
**1,000**
**500**
**17,500**
**1,000**
**500**
**500**|**General**
**fund**
**£**
23,500
15,000
10,000
3,000
1,500
1,000
1,000
1,000
500
500
500
500
500
500
500
500
-
-
-
-|**2024**
**Total**
**£**
23,500
15,000
10,000
3,000
1,500
1,000
1,000
1,000
500
500
500
500
500
500
500
500
-
-
-
-|
||**54,500**|**54,500**|60,000|60,000|
## **6. Transactions with Trustees and related parties**
During the year, no Trustees received remuneration from the charity.
During the year, no Trustees received reimbursement of expenses incurred.
The aggregate value of unconditional donations made by Trustees was £nil (2024: £nil).
During the year the Trust made a donation of £3,500 (2024: £3,000) to Crookston Baptist Church of which Joyce Downie is a Trustee and the other Trustees are members of the church congregation.
|**7.**
**Investments**
Market value as at 6 April 2024
Additions
Disposal
Realised gain / (loss) on investments
Unrealised gain / (loss) on investments
Market value as at 5 April 2025|**2025**
**Total**
**£**
734,319
182,852
(561,451)
10,332
(2,112)|**2024**
**Total**
**£**
793,667
185,899
(281,689)
2,357
34,085|
|---|---|---|
||363,940|734,319|
The following investments are held:
Stocks and shares held and managed by St. Jame's Place Wealth Management.
Page 11
Docusign Envelope ID: 6410FBB1-AB71-4680-A005-8B75621E0A14
## The Downie Foundation
**Notes to the financial statements** _for the year ended 5 April 2025_
|**8**
**Creditors: falling due within one year**
Accrued expenses
**9. Analysis of net assets among funds**
Investments
Current Assets
Current Liabilities
**10. Unrestricted funds**
**Balance at**
**06.04.24**
**£**
General fund
817,947
Total unrestricted funds
**817,947**
**Balance at**
**06.04.23**
**£**
General fund
829,889|**8**
**Creditors: falling due within one year**
Accrued expenses
**9. Analysis of net assets among funds**
Investments
Current Assets
Current Liabilities
**10. Unrestricted funds**
**Balance at**
**06.04.24**
**£**
General fund
817,947
Total unrestricted funds
**817,947**
**Balance at**
**06.04.23**
**£**
General fund
829,889|**General**
**fund**
**£**
1,266|**2025**
**Total**
**£**
**1,266**|**General**
**fund**
**£**
1,152|**2024**
**Total**
**£**
1,152|
|---|---|---|---|---|---|
|||**1,266**|**1,266**|1,152|1,152|
|||**General**
**fund**
**£**
363,940
415,896
(1,266)|**2025**
**Total**
**£**
**363,940**
**415,896**
**(1,266)**|**General**
**fund**
**£**
734,319
84,780
(1,152)|**2024**
**Total**
**£**
734,319
84,780
(1,152)|
|||**778,570**|**778,570**|817,947|817,947|
|||||**Gains/(loss)**
**£**
8,220|**Balance at**
**05.04.25**
**£**
**778,570**|
||**817,947**|**18,755**|**(66,352)**|**8,220**|**778,570**|
||**Balance at**
**06.04.23**
**£**
829,889|**Income Expenditure**
**£**
23,029
**£**
(71,413)
23,029
(71,413)||**Gains/(loss)**
**£**
36,442|**Balance at**
**05.04.24**
**£**
817,947|
|Total unrestricted funds|829,889|23,029|(71,413)|36,442|817,947|
## **Explanation of funds**
The General fund encompasses all income and expenditure relating to the primary focus activities of the charity, other than those for which funding is restricted.
Page 12