Charity registration number SC051711 (Scotland)
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST 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 - 10 |
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 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 trust's constitution, 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 objective of the charity is to hold in trust, such sum as the Trustees in their sole discretion shall decide, in order to make grants to persons born or resident in Thornton, Fife over the age of sixteen years for the sole purpose of assisting such persons in undergoing full time education provided that:
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the Trustees shall have sole discretion to decide to whom such grants should be paid and;
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in no case shall any grant to any one person exceed the sum of £2,000 in any one year.
Achievements and performance
During the year we provided grants of £46,620 (2024 : £41,449) to assist persons, over the age of sixteen, undergoing full time education.
Financial review
During the period, the trust had income of £36,337 (2024 : £40,451). The deficit in the year amounted to £50,986 (2024 : surplus £60,088) after gains on investment funds totalled £1,615,729 (2024 : £1,666,715) all of which was unrestricted.
Reserves policy
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. 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 trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Investment policy
The funds of the Trust may be invested by the Directors in accordance with the rules. Currently the majority of liquid funds are held in quoted securities with a substantial amount held on instant access deposit to ensure appropriate levels of return balanced with the future need to access funds.
Risk management
The Board's annual strategic review and forward planning event considers the risks to which the Charity is exposed and identifies what needs to be in place to manage these risks throughout the year.
Plans for future periods
The Trustees are committed to advancing the education of individuals who are born in or reside in Thornton by providing grants. We aim to make more individuals in Thornton aware of the help we can provide towards their education and plan to increase the number of grants payable in the future.
Structure, governance and management
Ronald R Wood's Educational Bequest Trust SCIO is a Scottish Charitable Incorporated Organisation (SC051711) and a registered Scottish Charity registered at OSCR.
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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees who served duriThJ the year arKI up to the date of gnatUre of the financial statements were: Having regard to the nature of extent of the Trust purFoses. the Trustees. method of recruitment is by the idenlification of Trustees11) by reference to their knowledge of the local area and population,. 12) by reference to their good character and standing in the communty and (3) the proven abilty of such individuals to make appropriate business financial and practical judgerrEnts in the application of Trust funds. Such persons are approached on behaK of the Trustees with an invilation to consider appointrnent as Trustees. The Charity was incorForated as a SCIO wth OSCR on 27th Awil 2022. Induction and training of Trustees After appolntment. Trustees are offered an irKluctlon programme. All Trustees recelve an Infom)atlon pack that contains a copy of the original Trust Deed and a copy of the Constitution of the SCIO. statement of trustees, responslbllftles The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United ngdorn Accounting Stsndards {United lQngdom Generally Accepted Accounting Practice). The law applicable to charities in Scottand requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these finanaal statements. the trustees are required to: - select suitsble accounting policies and ttn apply them consistenty: - observe methods and principles in the Charilies SORP: - make judgements and estimates that are reasonable and prudent - state whether applicable accountirvJ standards have been followed. subject to any material departures disclosed and explained in the financlal statements: and - prepare the financial statements on the going concern basis unless it is inaFpropriate to presume that the charty will continue in operation. The Irustees are responsible for keeping suffiaent accounting records that disdose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment {Scolandl Act 21x15. the Charities Accounts (Scotland) Regulations 2006 and the provlsions of the trust deed. They are dso responsible for safeguarding the assets of the trust and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integnty of the chanty and finanaal infomiation induded on the trusvs website. Legislats'on in the Unrted Kingdom goveming the preparation and dissemination of financial statements may dtffer from legislation in other jurisdictions. The trustees, report was approved by the Board of Trustees. Trustee 18 June 2025
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO I report on the financial statements of the trust for the year ended 31 March 2025, which are sel out on pages 4 to 10. Respective responsibilities of trustees and examiner The Irust's trustees are responsible for the preparation of ffinanaal statements in accordance with thg tenns of the Chartties and Trustee Investrnents (Scotiand) Act 2¢X15 and the Chartties Accounts (Scoyand) Regulations 2006. The charitys trustees consider that the altt requirement of Regulation 1011)lal to Ic) of the 2006 Accounts Regulations does not apply. It is my reSPCS1b11ty to examine the financiai statements as required under sectlon 4411){c) of the Act and to state whether particular matters have come to my attentlon. Basls of Independent examlnefs statement My examination is carried in accordance wth Regulation 11 of Charities Accounts IScotlarKI} 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 cOnderation of any unusual items or disclosures in the financial statsments. and seeking explanations from the trustees cCerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit and consequenyy I do not express an audit OpinTr on the view given by the financial statements. Independent examinerfs sL*ment In connection my examination. no matter has Come to my attention: (a) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in aecordante with section 4411 } (a) of the 2005 Act and RegulatTron 4 of the 2006 Accounts Regulations., and (11) to wepare flnanclal statements which accord wlth the accountlng records and comply wlth RegulaOn 8 of the 2006 Accounts Regulations. have not been met or (b) to which. in my opinion. attention shoukl be drawn in order to enable a Fyoper understanding of the financial statements to be reached. Thomson Cooper 3 Caslle Court Camegie Campus Dunfermline Fire KY11 8PB Dated: 18 June 2025
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 36,337 | 40,451 |
| Total income | 36,337 | 40,451 | |
| Expenditure on: | |||
| Charitable activities | 3 | 87,871 | 99,218 |
| Total expenditure | 87,871 | 99,218 | |
| Net gains/(losses) on investments | 8 | 548 | 118,855 |
| Net income/(expenditure) and movement in funds | (50,986) | 60,088 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 1,666,715 | 1,606,627 | |
| Fund balances at 31 March 2025 | 1,615,729 | 1,666,715 |
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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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Investments 10 1,577,232 1,648,956 Current assets Cash at bank and in hand 62,305 60,711 Creditors". amounts falling duo within one year 11 (23.8081 (43.012) Net current assets 38.497 17.759 Total assets less current liabilities 1.615.729 1.666.715 The funds of the trust Unrestricted funds 1.615.729 1.666.715 1.615.729 1.666.715 The financial statements were approved by the trustees on 18 June 2025 Trustee
RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Ronald R Wood's registered office is
ttish Charitable Incorporated Organisation. The
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust'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 trust is a Public Benefit Entity as defined by FRS 102.
The trust 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 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.
1.2 Going concern
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.
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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
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.
Legacies are recognised on receipt or otherwise if the trust 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.
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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 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 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.
1.7 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.
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.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
2 Investments
| Income from listed investments Interest receivable Charitable activities Grant funding of activities (see note 4) Share of support costs (see note 5) Share of governance costs (see note 5) |
2025 £ 35,392 945 36,337 2025 £ 46,620 - 41,251 87,871 |
2024 £ 38,989 1,462 |
|---|---|---|
| 40,451 | ||
| 2024 £ 41,449 1,942 55,827 |
||
| 99,218 |
3 Charitable activities
| 4 | Grants payable | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Grants to individuals | 46,620 | 41,449 |
5 Support costs
| Support costs Governance costs £ £ Advertising - - Bank charges - - Professional fees - 30,588 Tax compliance fees - - Accountancy fees - 1,200 Legal fees - 9,463 - 41,251 |
2025 Support costs Governance costs £ £ £ - 1,940 - - 2 - 30,588 - 30,268 - - 1,200 1,200 - 1,150 9,463 - 23,209 41,251 1,942 55,827 |
2024 £ 1,940 2 30,268 1,200 1,150 23,209 |
|---|---|---|
| 57,769 |
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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
8 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (5,300) | 128,227 |
| Sale of investments | 5,848 | (9,372) |
| 548 | 118,855 |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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RONALD R WOOD'S EDUCATIONAL BEQUEST TRUST SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
10 Fixed asset investments
| Listed investments | |
|---|---|
| £ | |
| Cost or valuation | |
| At 1 April 2024 | 1,648,956 |
| Additions | 50,478 |
| Valuation changes | (5,300) |
| Disposals | (116,902) |
| At 31 March 2025 | 1,577,232 |
| Carrying amount | |
| At 31 March 2025 | 1,577,232 |
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 23,808 | 43,012 |
12 Related party transactions
There were no disclosable related party transactions during the period.
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