The Directors present their annual report and financial statements for the year ended 31 December 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 Charity's memorandum and articles of association, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment Act 2005, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") 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).
The objectives of the charity are to support charitable and educational organisations and research projects.
For many years cash has been invested predominantly in stock market equities with a view to generating both income and capital appreciation. More recently the Directors have reduced the proportion of the fund invested in equities and have held higher levels of cash, government securities and fixed interest investments. The Directors have resolved to commit the income from these investments and any gains arising from the sales of such investments to the charitable purposes outlined above.
The Directors wish to award grants which will make an impact on the organisations to which they relate and are willing to utilise the capital of the investment fund for that purpose. The Directors have discretion as to the annual value of the donations or grants made and keep their policy on the level of grants in each year under regular review.
The Charity has three priority areas for funding: health, youth and heritage. It is willing to support all areas of medicine and healing including complementary and alternative medicine. It is willing to support all areas of development for young people especially for those from socially disadvantaged backgrounds. The Charity supports artistic and cultural heritage especially the built environment. Two board meetings were held in 2025 to consider the distribution of grants in respect of the each of the three priority areas.
The objectives were fulfilled during the year by making cash grants and donations totalling £213,234 (2024 - £363,166).
The Charity’s website – www.barcapelfoundation.org is the principal factor that enables objectives to be achieved. The site details the three main areas that the Charity supports and provides information on previous donations.
The website also provides information on the application process and those seeking support can download the application form, which requests information under the following headings:
- Organisation/individual details
- Need for service
- Specific details of funding sought
- Details of other funding secured
All grants must be sanctioned by the Board. Previously any grant request over £20,000 would have been assessed by a Barcapel designated external Assessor but this arrangement ended on 30 June 2025.
Under the Articles of Association, the Charity has the power to make any investment that the Directors deem appropriate. The Directors’ objectives are to invest the funds with a view to the generation of income and capital growth from the portfolio of the Charity’s investments. The Board are willing to use the capital of the investment fund from which to make grants. The Board consider that this policy is best achieved by a range of investments. The Board has appointed professional investment advisors and receive regular and details reports from them.
The Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. There are no known material uncertainties concerning the Charity’s ability to continue as a going concern.
At the 31 December 2025, the Charity held total reserves of £1,767,589 (2024 - £1,928,438) all of which are unrestricted and backed mainly by an investment portfolio. It is the policy of the Charity that unrestricted funds which have not been designated for a specific use would be maintained at a level equivalent to between three and six months expenditure. The Directors 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 Charity’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.
The Directors consider the Board of Directors, Chairman and the Company Administrator as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Directors give of their time freely and no remuneration was paid to any Director for carrying out his/her ordinary duties as a Director.
The Company Administrator has responsibility for the day to day management of the Charity. C Wilson, one of the Charity's Directors, has since 1 January 2022 undertaken the executive role of first line contact for the Company Administrator in relation to all financial, administrative and governance matters.
Details of Director expenses and related party transactions are disclosed in the notes to the accounts.
Directors are required to disclose all relevant interests and register them with the Chairman and in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises unless the non-conflicted Directors agree that the conflicted Director may continue to participate in discussions and the decision making process. Neither the Charity nor any of the Directors have interests that require to be disclosed, other than those disclosed in note 14 to the accounts.
As disclosed in the Statement of Financial Activities, the excess of expenditure for the year before investment gains amounted to £247,609. This compares with an excess of £397,778 before investment gains in the previous year. The net gain on the investments amounted to £86,760 compared with a gain of £129,444 in the previous year.
At 31 December 2025 the value of the Charity funds amounted to £1,767,589 a decrease of £160,489 from the previous year.
Barcapel Foundation Limited is registered as a charitable company limited by guarantee and was set up by its Memorandum and Articles of Association.
The principal object of the Charity is to support charitable and educational organisations and research projects.
The Directors control the Charity and have the power to make appointments to fill casual or permanent positions as they see fit. The Directors who served during the year were:
R N Wilson
C Wilson
J S C Wilson
A H Richards
H Wilson
Administration of the Charity is carried out by E McCartney, the Company Administrator with support from Mr C Wilson when required. (See note under Financial Risk Management objectives and policies).
The directors of the company are also charitable trustees for the purposes of charity law and under the company's Articles. Under the requirements of the Memorandum and Articles of Association the directors are elected by the members of the company. A formal induction is held for new directors which includes training on relevant regulation and directors' responsibilities.
The management of the Charity is the responsibility of the Directors who are elected and co-opted under the terms of the Articles of Association.
The Charity has reviewed its policies relating to introduction and training to comply with the guidelines and recommendations from the Office of the Scottish Charity Regulator. This ensures that its policies meet the training needs of its Directors and that the Charity continues to maintain the highest possible standards of service delivery.
The pay of the Company Administrator is reviewed as required. This ensures that the remuneration set is fair and not out of line with that generally paid for similar roles.
The Directors have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustee report was approved by the Board of Directors.
I report on the financial statements of the Charity for the year ended 31 December 2025, which are set out on the statement of financial activities, balance sheet and related notes.
The Charity's directors (who are also the Trustees of Barcapel Foundation Limited for the purposes of charity law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Charity's Directors consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 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.
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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 by the financial statements.
In connection with my examination, no matter has come to my attention:
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The Charity is a company limited by guarantee in Scotland, its registered address is Third Floor, 3 Hill Street Edinburgh EH2 3JP. In the event of the Charity being wound up, the liability in respect of the gaurantee is limited to £1 per member of the Charity.
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity 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 Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.
All income is recognise once the Charity has entitlement to the income, it is probable that a transfer of economic benefits will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
The charity is not registered for VAT therefore all VAT is charged against the expenditure heading for which it was incurred.
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.
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.
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity 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, 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, 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.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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 Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
In the application of the charity’s accounting policies, the Directors 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.
The Directors are of the opinion that there no critical accounting estimates or judgements that would have a material impact on the financial statements.
None of the Directors receive remuneration from the Charity. Travel costs of £7,133 (2024 - £7,165) incurred by the Directors for the attendance of meetings, or in the furtherance of the Charity’s objectives were reimbursed by the Charity.
The average monthly number of employees during the year was:
During the year, a donation of £15,000 (2024 - £20,000) in relation to the Jupiter + Dundee Project was paid to Jupiter Artland Company Limited, of which Mr Robert Wilson is co-founder.
During the year, Mr Clement Wilson invoiced Barcapel Foundation for £400 (2024 - £850) in relation to the Annual Web Server Hosting and Website Maintenance.
In December 2025, following Board approval, a payment of £200 was made to Mr Clement Wilson for consultancy work undertaken in relation to executive day to day management and administrative support.