Charity registration number SCO01586 (Scotland)
Company registration number SC094927 (Scotland)
CRAIGIE DEVELOPMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CRAIGIE DEVELOPMENT LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
B A Murphy - Retired
R E B Thomson - Retired
E J H Mowat - Solicitor
Charity number (Scotland)
SCO01586
Company number
SC094927
Registered office
23 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1HG
Independent examiner
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
Bankers
Virgin Money
43 Alloway Street
Ayr
KA7 1SP
Investment advisors
Rathbones
George House
50 George Square
Glasgow
G2 1EH
United Kingdom
CRAIGIE DEVELOPMENT LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Statement of Trustees' responsibilities
3
Independent examiner's report
4
Statement of financial activities
5-6
Balance sheet
7
Statement of cash flows
8
Notes to the financial statements
9 - 14
CRAIGIE DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of 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 2015).

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 [governing document], 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 purpose of the company is to provide financial assistance for educational purposes, where deemed suitable and appropriate, to individuals and groups, with priority being given to supporting such individuals and groups concerned with mental and other disabilities, and to individuals and groups providing recreational support for young people. Surplus funds, after meeting the above, may be considered for allocation to other educational purposes.

Achievements and performance

The charity made various donations, including donations to local foodbanks. Looking ahead, the trustees are considering other projects to support.

Financial review

The results for the year and financial position are shown in the annexed financial statements. At the year end £479,184 (2023 - £437,954) was held in general unrestricted reserves.

 

In accordance with the Statement of Recommended Practice, the investments have been reflected at market value

 

In the opinion of the trustees, the state of the company's affairs at the Balance Sheet date was satisfactory.

 

The annual income from the invested capital is disbursed to meet requests received from applicants whose aims and needs are deemed by the trustees to be in accordance with the aims of the company. The range of such requests has extended from help to parents of children with serious handicaps, individual requests for support, and to appropriate groups seeking help for educational purposes. The company does not seek funding from any source and only attempts to disburse annually the major part of the income from the invested capital.

 

Since the establishment of the company in 1985, the capital then invested has grown steadily, with corresponding growth in annual income. However, due to the current economic recession, the annual growth of capital has fallen. Consideration of reduction in invested capital by major donations will continue when timing is appropriate. This matter is constantly under review by the trustees.

Reserves policy

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

Investment policy and objectives

The investments were managed by Investec. The investments are managed on a discretionary basis with the prime investment objective being a balanced portfolio.

CRAIGIE DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Governing document

The company is an incorporated charity, established by constitution and is recognised by the Inland Revenue as a Scottish Charity.

 

The company is limited by guarantee.

 

The company is governed by its Memorandum and Articles of Association under the Companies Act 1985. The Board of directors are elected under the terms of the Articles of Association.

 

The director concerned mainly with the day to day management of the Trust is E J H Mowat.

 

Membership of the Board of Craigie Development Limited (incorporating Craigie Educational Development Trust), is by invitation from the Board to individuals deemed suitable by experience and expertise with regard to the aims of the company.

 

The trustees who served during the year were:

 

B A Murphy - Retired

R E B Thomson - Retired

E J H Mowat - Solicitor

 

    

Recruitment and appointment of trustees

This is the process to be followed when recruiting and appointing a new trustee. It is open to any of the current trustees to propose a candidate. To do so, they require to send a biographical statement providing relevant detail about the candidate to the existing trustees together with a written proposal that the candidate be invited to accept appointment as a trustee. A Board meeting will then be arranged as soon as reasonably practicable to consider the proposed appointment of that candidate. A majority of the existing trustees require to agree to the proposed appointment. If majority agreement is achieved, the candidate will then be invited to accept appointment as a trustee.

 

 

Small companies exemption

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Trustees' report was approved by the Board of Trustees.

E J H Mowat - Solicitor
Trustee
Dated: 7 May 2025
CRAIGIE DEVELOPMENT LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The Trustees, who are also the directors of Craigie Development Limited for the purpose of company law, 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).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. 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.

CRAIGIE DEVELOPMENT LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CRAIGIE DEVELOPMENT LIMITED
- 4 -
Respective responsibilities of Trustees and examiner

The Charity’s Trustees, who are also the directors of Craigie Development Limited for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations 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.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 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 by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Azets
3 Wellington Square
Ayr
Ayrshire
KA7 1EN
United Kingdom
Dated: 7 May 2025
CRAIGIE DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Investments
2
12,058
11,494
Expenditure on:

Cost of raising funds

3
4,373
4,079
Charitable activities
9,227
10,374
Total expenditure
13,600
14,453
Net gains/(losses) on investments
8
42,772
10,437
Net movement in funds
41,230
7,478
Fund balances at 1 October 2023
437,954
430,476
Fund balances at 30 September 2024
479,184
437,954

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.
CRAIGIE DEVELOPMENT LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2024
2023
£
£
GENERAL FUND
INCOME AND ENDOWMENTS FROM:
Income from investments
12,058
11,494
Total income
12,058
11,494
EXPENDITURE ON:
Investment management costs
Portfolio management
4,373
4,079
Charitable activities
Donations
7,000
8,250
Sundry expenses
13
14
11,386
12,343
Governance costs
Accountancy and legal fees
2,214
2,110
Total expenditure
13,600
14,453
Net (expenditure)/income before gains and losses
(1,542)
(2,959)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
5,679
5,551
GENERAL FUND NET INCOME
4,137
2,592
CRAIGIE DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
446,992
419,420
Current assets
Cash at bank and in hand
35,506
21,688
Creditors: amounts falling due within one year
10
(3,314)
(3,154)
Net current assets
32,192
18,534
Total assets less current liabilities
479,184
437,954
Income funds
Unrestricted funds
General funds
11
479,184
437,954
479,184
437,954
479,184
437,954

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 7 May 2025
E J H Mowat - Solicitor
Trustee
Company Registration No. SC094927
CRAIGIE DEVELOPMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
14
(13,440)
(14,447)
Investing activities
Purchase of  investments
(82,233)
(92,402)
Proceeds on disposal of  investments
97,433
95,722
Dividends received
12,058
11,494
Net cash generated from investing activities
27,258
14,814
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
13,818
367
Cash and cash equivalents at beginning of year
21,688
21,321
Cash and cash equivalents at end of year
35,506
21,688
CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
1
Accounting policies
Charity information

The charity is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006 (registered number SC094927 (Scotland)). The charity is a registered charity number SCO01586. The charity is registered with OSCR the Scottish Charity Regulator. The charity's registered office is 23 Wellington Square, Ayr, Ayrshire KA7 1HG.

1.1
Accounting convention

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets,

 

The presentation currency of the financial statements is the Pound Sterling (£)

1.2
Going concern

The financial statements for the year ended 30 September 2024 have been prepared on a going concern basis. In making this going concern assessment, all available information about the foreseeable future (limited to a period of less than one year from the date of approval of these financial statements) has been taken into account.

1.3
Charitable funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

1.4
Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement of the funds, it is probable that the income will be received and the amount can be measured reliably.

 

1.5
Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or contrastive obligation committing the charity to that expenditure, 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 accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated on activities on a basis consistent with the use of resources.

1.6

Investments

Investments are stated at market value, per Investec, as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

1.7

Realised Gains and Losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).

CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.8

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

2
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from listed investments
12,058
11,494
3

Cost of raising funds

Unrestricted
Total
funds
2024
2023
£
£

Investment management fees

4,373
4,079
4,373
4,079
4
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Independent examiner fee

-
2,214
2,214
-
2,110
2,110
-
2,214
2,214
-
2,110
2,110
Analysed between
Charitable activities
-
2,214
2,214
-
2,110
2,110

 

CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
5
Trustees

There were no trustees' remuneration or other benefits for the year ended 30 September 2024 or the preceding two years.

Trustees' expenses

 

There were no trustees' expenses paid for the year ended 30 September 2024 or the preceding two years.

6
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
7
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

8
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Revaluation of investments
37,093
4,886
Gain/(loss) on sale of investments
5,679
5,551
42,772
10,437
CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
9
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 October 2023
419,420
Additions
82,233
Valuation changes
42,772
Disposals
(97,433)
At 30 September 2024
446,992
Carrying amount
At 30 September 2024
446,992
At 30 September 2023
419,420
2024
2023
£
£
Investments at fair value comprise:
UK and Overseas Equities
257,442
252,262
UK and Overseas Fixed Interest
101,934
86,687
Alernative Assets, UK Property, Emerging Economies
87,616
80,471
446,992
419,420
2024
2023
£
£
Investments at cost
400,125
401,816

Investments held at 30th September 2024 that accounted for over 5% of the total portfolio by value are:

 

Pimco Funds Global Investors Grade    £23,917

10
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,314
3,154
CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
11
Unrestricted funds

The income funds of the charity include the following general fund:

Movement in funds
Movement in funds
Balance at
1 October 2022
Incoming resources
Resources expended
Revaluations, gains and losses
Balance at
1 October 2023
Incoming resources
Resources expended
Revaluations, gains and losses
Balance at
30 September 2024
£
£
£
£
£
£
£
£
£
General fund
430,476
11,494
(14,553)
10,437
437,954
12,058
(13,600)
42,772
479,184
430,476
11,494
(14,553)
10,437
437,954
12,058
(13,600)
42,772
479,184
CRAIGIE DEVELOPMENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
12
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

13
Analysis of changes in net funds

The Charity had no debt during the year.

14
Cash generated from operations
2024
2023
£
£
Surplus for the year
41,230
7,478
Adjustments for:
Investment income recognised in statement of financial activities
(12,058)
(11,494)
Gain on disposal of investments
(5,679)
(5,551)
Fair value gains and losses on investments
(37,093)
(4,886)
Movements in working capital:
Increase in creditors
160
6
Cash absorbed by operations
(13,440)
(14,447)
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