The Low Family Charity Foundation SCIO (Scottish Charitable Incorporated Organisation) Scottish Charity Number: SC052418 Trustee report and financial statements for the period ended 31 March 2024 Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 1113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Contents Page Legal and adminislralive informalion Trustees, report Independent Examiner's report ststemenl of financial activities Balance sheet Notes lo the financial statements Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 2 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Legal and administrative information The Low Family Charity Foundation SCIO was incorporated as a Scottish Charitable Incorporated Organisalion on 20 March 2023, charity number SC052418. This charity is regulated by the Scottish Charity Regulator IOSCRI. Independent Examingr Henderson Loggie LLP The Stamp Office Level 5 10- 14 Waterloo Place Edinburgh EH1 3EG Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 3 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Trustees, report The Iruslees are pleased lo present their annual report and financial statement of the charity for the period ended 31 March 2024. The financial slalemenls comply with the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended), the Conslilulion and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees can confirm they have taken into regard the Scollish Charity Regulator's IOSCRI guidance on public benefit. Objectlves and actlvltles The Low Family Charity Foundation was successfully registered as a Scottish Charitable Incorporated Organisalion {SCIOI on 20 March 2023. The SCIO has been established with the following charitable purposes- The advancement of education, sporting opportunities and recreational activities for young people The provision of recreational facilities, or the organisalion of recreational aclivilies, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended The advancement of health and medical research The advancement of citizenship or community development The advancement of public participation in sport The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage. The charity will administer grants and donations lo those predominantly in Edinburgh and Lolhians, though where a cause is identified that meets the charitsble objects outside this geographical location, consideration will be made lo these requests. Achievements and performance Two grants tolalling £6,000 were awarded dtjring the peri( lo provide scholarships to those in poverty andlor from a challenging background or living with merital health challenges. The grants were paid lo those excelling in sport or music in the Lothian areas of Scotland. Financial review The statement of financial activities on page 6 reflects a surplus of £55,003. The charity received donations lotalling £75,000 during the period. Grants tolalling £17,000 were approved for payment lo beneficiaries during the period. Operational and governance costs tolalled £3,030. The total fund ba18nce c8rried forward al 31 March 2024 was £55.003. Resepies policy Unrestricted funds represent the general funds which the Trustees are free lo use in accordance with the Organisation's charitable objectives. The Trustees confimi that in their opinion the assets of the charity are available and adequate to fulfil current obligations. Trustees have agreed a reserves policy to sustain the charity wilhoul creating a deficit. Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 4 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Trustees, report Structure governance and management Constltutlon The charity is a Scottish Charitable Incorporated Organisalion (SCIOI. It is governed by its Conslitulion. The charity was granted charitable status by OSCR on 20 March 2023. The structure of the organisalion consists of the Board of Trustees who hold regular meetings and generally control the activities of the oryanisalion. Appointment of trustees The charity Iruslees who are members of the SCIO, make up the Board of Trustees. Under the Constitution there must be a minimum of 3 Iruslees and a maximum of 5. Additional and future Iruslees are elected by the Board to serve until the conclusion of the annual AGM bul are then eligible for re-appointment by the trustees at the next Board meeting. Statement of trustees. responsibilities The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable Law and United Kingdom Generally Accepted Accounting Practice (UK GAAPI. Under the SCIO'S Constitution, the Trustees are required to ensure that full and punctual accounts are prepared in accordance with the Charities and Trustee Investment Iscollandl Act 2005 and the Charities Accounts Iscollandl Regulations 2006 las amended). The Trustees also have regard lo the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities.. Under this legislation, the Trustees are required to prepare financial slalemenls for each financial year which give a true and fair view of the state of affairs of the SCIO and of the incoming resources and application of resources of the charity 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 make judgements and estimates that are reasonable and prudent stale whether applicable accounting standards and statements of recommended practice have been followed, SLJbject lo any departures disclosed and explained in the financial statements prepare the financial statements on a going concern basis unless it is inappropriate to assume the SCIO will continue in operation The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the SCIO and enable them lo ensure that the financial statements comply with the Charities and Trustee Investment Iscollandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006 las amended} and the Constitution. 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. Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 5 113
The Low Family Charity Foundati SCIO Trustees, report and financial slat8m8nls 31 March 2024 Trustees, report Provlslon of InformatSon to Independent Examlners The Trustees at the dale of approval of this Trustees. report confirm that, so far as they are individually aware, there is no relevant information of which the independent examiners are unaware., and each Trustee has taken all the steps that they ought to have taken to make themselves aware of any relevant information and to estsblish that the charity's independent examiner is aware of that information. Agreed by the trustees on 20 Ma¥............ 2025 and signed on their behalf by.. Trustee Thè Low Family CharFty Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 6 113
Report of the Independent Examiner to the Trustees of The Low Family Charity Foundation SCIO I report on the financial stslemenls of the charity for the period ended 31 March 2024 which are set out on pages 6 to 10. This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken lo enable me to report my opinion sel out below and for no other purpose. To the fullest exlenl permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body. for my work or for this report. 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 {Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended). The charity Iruslees consider that the audit requirement of Regulation 10111 la} lo {cl of the 2006 Accounts Regulations does not apply. 11 is my responsibility lo examine the accounts as required under section 44111 Icl of the Act and lo slate whether particular matters have come lo my allenlion. Basis of Indepgndent Examiner's Statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scollandl Regulations las amendedl- 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 ststemenls and seeks explanations from the trustees concerning any such matters. The procedures 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 statemenls. Independent Examingrfs Statement In the course of my examination, no rnatter has come to my attention.. 11 which gives me reasonable cause to believe that in any material respect the requirements.. lo keep accounting records in accordance with Section 4411 Ila) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations,. and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regul8tion5- have not been met, or 21 which, in my opinion, attention should be drawn in order lo enable proper understanding of the financial statements to be reached. kor and on behall ot Henderson Loggie LL Chartered Accountants The Stamp Office Level 5 10- 14 Watedoo Place Edinburgh EH1 3EG . 2025 Th& Low Family Charity Foundation SCIO flnal aecounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Page.. 7 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Statement of financial activities (incorporating income and expenditure account) for the perlod ended 31 March 2024 2024 Note Income and endowments from: Donations Investments- bank interest 75.000 33 Total 75.033 Expenditure on.. Charitable activities 120.0301 Totsl (20.0301 Ngt income 55.003 Total funds brought forward Total funds carried forward 55,003 All of the charities, activities are continuing. All income and expenditure in the period ended 31 March 2024 was for unrestricted purposes. The notes on pages 8 to 10 form an integral part of the financial statements. Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 8 113
The Low Family Charity Foundation SCIO Trustees, report and financial slat8m8nls 31 March 2024 Balance sheet as at 31 March 2024 Not8 2024 Current assets Cash al bank 69,003 69.003 Current liabilities Creditors falling due within one year 114.0001 Net current assets 55.003 Net assets 55.003 Thg fund ofthe charity: Unrestricted funds 55.003 The notes on pages 8 to 10 form an integral part of the financial statements. The financial statements were approved by Trustees on behalf by-. 2025 and signed on their Trustee Thè Low Family CharFty Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 9 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Notes (fomiing part of the financial statements) Incorporated Organisation Constitution The Low Family Charity Foundation SCIO is a Scottish Charitable Incorporated Organisation that is governed by a Constitution. It is registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC052418. The address of the registered office is Accounting policigs Accounting convention The fin8nci81 slalemenls have been prepared in 8ccordance with Applicable Accounting Standards, the Statement of Recommended Practice FRS102 ISORP FRS 1021 "Accounting and Reporting by Charities., The Charities and Trustees Investment (Scollandl Act 2005, The Charities Accounts {Scollandl Regulations 2006 las amended), and in accordance with the Financial Reporting Standard 102 FRS IFRS 102}. The SCIO is a public benefit entity as defined by FRS102. The financial statements are prepared in Sterling, which is the functional currency of the Organisalion. Monetary amounts in these financial statements are rounded to the nearest pound IGBPI. Going concom These financial statements have been prepared on a going concern basis which assumes that the charity will continue it5 operations. There are no material uncertainties that exist or materi81 changes in the way the charity operated and the Trustees consider it appropriate to prepare financial statements on a going concern basis. Income- Donai?ons Income is recognised when the charity has entitlement to the funds, when it is probable that the income will be received and the amount can be measured reliably. Donations are accounted for in the period in which they are receivable. Expendlture Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation lo pay for expenditure. All costs have been directly attributed to one of the functional categories of expenditure in the Statement of Financial Aclivilies. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. The charity is not registered for VAT and accordingly expenditure is shown gross. Grants payable In fvrtherance of the charlty's objectlves The charity provides grant funding to students for the purpose of the advancement of education, health, citizenship or community development, and the advancement of public participation in sport. The Trustees will recommend and decide upon the recipients based on whether they meet the criteria for achieving the charity's objectives. Cash andcash equlvalents Cash al bank includes cash and highly liquid short-lerm investments until a maturity of three months or less from the date of acquisition of the deposit or similar account. Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 10 113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Notes (continued) (fomilng part of the flnanclal statements) Accounting pollcies Icontinuedl Creditors andpmvisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of ftjnds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Flnancial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Funds All of the charity's unrestricted funds are available for charitable purposes at the discretion of the Iruslees. Restricted funds are those funds which can only be used for specific purposes as specified by the donor or when the funds have been reiVed for a specific purpose. Designated funds are unrestricted funds that have been earmarked by the trustees for a specific PLJrpose. Taxation The organisalion is recognised by HMRC as a charity and no charge for laxalion arises on the results for the period. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Iruslees are reqLJired to make judgements, estimates and assijmplions 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 lo be relevant. Actual resulls 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. In¢omg 2024 Donations 75,000 75,000 All donations reiVed during the period were unrestricted. Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 11113
The Low Family Charity Foundation SCIO Trustees, report and financial statements 31 March 2024 Notes (continued) (fomilng part of the flnanclal statements) Charltable actlvltles Note 2024 Grants awarded to individuals Bank fees Governance costs- independent examiners fees 17.000 30 3.000 20.030 Creditors 2024 Accrued expenses Grant liabilities 3.000 11,000 14.000 Trustee remuneration and reirnbursernents No remuneration was paid to any Trustee during the period. No expenditure was reimbursed to any Trustee during the period. Related party transactions During the peri(xJ. donations lotalling £75,000 were received by the charity from Eric Low Consulting Ltd. a company in which is director and shareholder. 10 Th& Low Family Charity Foundabon SCIO final accounts for signing 20.5.25.pdf IS31735c7-53544850-92d3-790c78404f8cl Pag8'. 12 113