REGISTERED COMPANY NUMBER: SC023094 (Scotland)

REGISTERED CHARITY NUMBER: SC012653

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CAMPHILL (RUDOLF STEINER) ESTATES

LIMITED

Page

Report of the Trustees

1

to

4

Report of the Independent Auditors

5

to

7

Statement of Financial Activities

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

to

22

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 31 March 2025. 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Camphill (Rudolf Steiner) Estates Limited will make available land, buildings, facilities and other such assistance as is appropriate to those charities and organisations practicing an extended and integrative approach to health, education and care based on valued relationships and a supportive environment (according to an up-to-date interpretation of the principles of the late Dr Rudolf Steiner) in furtherance of their charitable purposes in order that the company will promote, advance and further the company's charitable purposes and activities as part of the international Camphill Movement by:-

- supporting the advancement of life opportunities and promote the relief of those in need due to disability, ill-health, age, financial hardship or other disadvantage ('the people we support') through a contemporary application of the Camphill Movement's founding principles and values; and

- protecting the built and natural environments in its care for the future and for the benefit of the people we support;

and in doing so will:-

- promote, encourage or support sustainable building development and land use, particularly biodynamic organic practices

- promote, encourage or facilitate evaluation and research into the health, education, care or therapeutic programmes of the people we support and into sustainable building development and land use, and disseminate related knowledge; and

- promote, encourage or facilitate the education of any person connected with the health, education, care or therapeutic programmes of the people it supports or any person connected with protecting the built and natural environment in the company's care.

STRATEGIC REPORT

Achievements and performance

Charitable activities

Camphill (Rudolf Steiner) Estates Limited continued to invest in its property portfolio during the period with projects including:-

- Completion of a new state of the art £4m residential facility on Murtle Estate to house seven young adults with additional support needs; completed February 2025.

- Completion of a £650k project to convert the former gatehouse from a bookshop to a sustainable shop creating employment opportunities and a place to showcase the work of the young people we support; completed May 2024.

- Planning consent obtained for an extension to Simeon Care for the Elderly with retired co-worker accommodation on the upper floors. This £6.7m project is expected to commence Q1 2026.

The overall expenditure during the period is £819,195 (51%) which exceeds the OSCR minimum guideline of 35%. We expect to continue to meet the OSCR threshold going forward with visibility of many projects in planning phase.

Camphill Wellbeing Trust has also led and completed a £500k refurbishment of the multi-purpose hall at the Compass Project, which is owned by Camphill Estates and supported by the fundraising team.

Financial review

Financial position

The net movement in funds for the year prior to movements in the value of investment properties (excluding additions) and extraordinary items was £788,439 (2024: £1,401,337).

Income represents rent received from properties leased out by the charity which provide accommodation for caring communities, donations towards further capital works and investment income.

The charity operates a revolving credit facility with Handelsbanken which has an approved limit of £3m. Any excess funds are used to pay down this facility and additional drawings are made as required to fund capital expenditure.

It is the policy of the charity 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 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, by maintaining adequate headroom in borrowing facilities.

In the current year there were no restricted funds as detailed in the notes to the financial statements (2024: £1,745,326) due to projects being completed during the year.

The Trustees have assessed the major risks to which the charity is exposed and are satisfied those systems are in place to mitigate exposure to the major risks.

Going concern

At the time of approving the financial statements, the Members and Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties in respect of the charity's ability to continue as a going concern and thus the council members continue to adopt the going concern basis of accounting in preparing the financial statements.

Future plans

We are excited to begin the major capital development at Simeon with a project value of £6.7m. This project is planned to be on site for 58 weeks and complete Q1 2027. We have an agreement in principle for an increased lending facility with Handelsbanken to fund this project.

We are currently on-site with a specialist playground on Camphill Estate designed for children and young adults with additional support needs. This £650k project is due to complete Q2 2026.

The second phase of the compass project is progressing well with planning being sought early 2026. It will include workshop facilities, a training kitchen, café and children's play facilities.

The Property Improvement Fund continues to work well and will ensure surpluses are distributed to worthwhile infrastructure and capital projects which will enhance the assets the charity holds. Approximately £100k of small projects were completed during the period.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Camphill (Rudolf Steiner) Estates Limited is a company limited by guarantee, governed by its Articles of Association and recognised by the Office of the Scottish Charity Regulator in accordance with the provisions of the Charities and Trustee Investment (Scotland) Act 2005.

Organisational structure

The Directors of the Camphill (Rudolf Steiner) Estates Limited, referred to as Trustees, are elected to provide knowledge of the Camphill movement and/or to offer professional knowledge and experience in the residential and commercial property sectors including development and estate management.

The Trustees meet bi-monthly to administer the charity with decisions being made either by unanimous consent or by vote.

As part of our ongoing commitment to strengthen the relationship between Camphill (Rudolf Steiner) Estates Limited and our tenant/partner charities, we are committed that income received from rent is maximised for mutual charitable benefit. Our operations have been structured to ensure that we can deliver an accessible resource for fundraising, access to specialist finance and property expertise and a property improvement fund all of which will ensure that the charities benefit from collaboration, economies of scale, raising finance and reduce the need for duplication of resource.

To deliver our commitment, we employ a Chief Operating Officer (COO) who oversees the running of the charity. The COO is assisted by a full-time Facilities Manager who is responsible for the management of the property assets and maintaining all relevant property compliance matters. The charity employs a Director of Fundraising, whose team consists of four full-time staff and is responsible for raising funds for our tenant/partner charities joint capital projects and specialist revenue projects as well as supporting the overall administration of the charity.

Related parties

Camphill (Rudolf Steiner) Estates Limited has a close working relationship through the Camphill Movement to the following Charities:

- Beannachar Limited, Banchory Devenick

- Camphill Medical Practice Limited t/a Camphill Wellbeing Trust, Bieldside

- Camphill Rudolf Steiner Schools Limited, Bieldside

- Simeon Care for the Elderly Limited, Bieldside

- Camphill Social Fund Limited, Peterculter

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC023094 (Scotland)

Registered Charity number

SC012653

Registered office

Brodies House

31 - 33 Union Grove

Aberdeen

AB10 6SD

Trustees

Mr A H Esson

Dr S A Geider

Mr R Matheson

Mr B Menzinger

Mr K Shaw

Mr F Stevenson-Robb

Ms G Summer

Auditors

Nuvo Audit Limited

First Floor Sterling House

Outrams Wharf

Little Eaton

Derbyshire

DE21 5EL

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Camphill (Rudolf Steiner) Estates Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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;

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Nuvo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 23 December 2025 and signed on the board's behalf by:

Dr S A Geider - Trustee

Opinion

We have audited the financial statements of Camphill (Rudolf Steiner) Estates Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-	adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP

- Companies Act 2006

- Corporation Tax legislation

- VAT legislation

- Health and Safety legislation

We gained an understanding of how the charitable company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;

- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussions with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the charitable company's procurement of legal and professional services;

- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Brown (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

First Floor Sterling House

Outrams Wharf

Little Eaton

Derbyshire

DE21 5EL

24 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

4

121

269,797

269,918

1,113,258

Charitable activities

5

1,332,439

-

1,332,439

1,157,652

Investment income

6

5,277

-

5,277

-

Total

1,337,837

269,797

1,607,634

2,270,910

EXPENDITURE ON

Charitable activities

7

Charity expenses

819,195

-

819,195

869,753

Other

1,617,424

-

1,617,424

57,587

Total

2,436,619

-

2,436,619

927,340

NET INCOME/(EXPENDITURE)

(1,098,782

)

269,797

(828,985

)

1,343,570

Transfers between funds

22

2,015,123

(2,015,123

)

-

-

Net movement in funds

916,341

(1,745,326

)

(828,985

)

1,343,570

RECONCILIATION OF FUNDS

Total funds brought forward

36,366,694

1,745,326

38,112,020

36,768,450

TOTAL FUNDS CARRIED FORWARD

37,283,035

-

37,283,035

38,112,020

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

15

253,306

-

253,306

-

Investment property

16

39,326,000

-

39,326,000

37,563,309

39,579,306

-

39,579,306

37,563,309

CURRENT ASSETS

Debtors

17

233,733

-

233,733

93,832

Cash at bank

272,650

-

272,650

974,044

506,383

-

506,383

1,067,876

CREDITORS

Amounts falling due within one year

18

(2,802,654

)

-

(2,802,654

)

(519,165

)

NET CURRENT ASSETS

(2,296,271

)

-

(2,296,271

)

548,711

TOTAL ASSETS LESS CURRENT LIABILITIES

37,283,035

-

37,283,035

38,112,020

NET ASSETS

37,283,035

-

37,283,035

38,112,020

FUNDS

22

Unrestricted funds

37,283,035

36,366,694

Restricted funds

-

1,745,326

TOTAL FUNDS

37,283,035

38,112,020

The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2025 and were signed on its behalf by:

Dr S A Geider - Trustee

Cash flows from operating activities

Cash generated from operations

1

2,388,276

1,636,074

Interest paid

(9,284

)

-

Net cash provided by operating activities

2,378,992

1,636,074

Cash flows from investing activities

Purchase of tangible fixed assets

(255,548

)

-

Purchase of investment property

(3,380,115

)

(2,086,223

)

Interest received

5,277

-

Net cash used in investing activities

(3,630,386

)

(2,086,223

)

Cash flows from financing activities

New loans in year

550,000

-

Net cash provided by financing activities

550,000

-

Change in cash and cash equivalents in the reporting period

(701,394

)

(450,149

)

Cash and cash equivalents at the beginning of the reporting period

974,044

1,424,193

Cash and cash equivalents at the end of the reporting period

272,650

974,044

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(828,985

)

1,343,570

Adjustments for:

Depreciation charges

2,242

-

Losses on investments

-

57,587

Interest received

(5,277

)

-

Interest paid

9,284

-

Revaluations on investment property

1,617,424

-

Increase in debtors

(139,901

)

(2,602

)

Increase in creditors

1,733,489

237,519

Net cash provided by operations

2,388,276

1,636,074

2.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

974,044

(701,394

)

272,650

974,044

(701,394

)

272,650

Debt

Debts falling due within 1 year

-

(550,000

)

(550,000

)

-

(550,000

)

(550,000

)

Total

974,044

(1,251,394

)

(277,350

)

1.	COMPANY INFORMATION

Camphill (Rudolf Steiner) Estates Limited is a private company limited by guarantee incorporated Scotland. The registered office is Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD. The principal place of business is Murtle Office, Murtle Estate, Bieldside, Aberdeen, AB12 9EP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', 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 the historical cost convention, as modified by the revaluation of certain assets.

The presentation currency is sterling.

Income

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

Cash donations are recognised upon receipt. Other donations are recognised once the charity has been notified of the donation, unless prescribed performance conditions determine that the donation is to be deferred to the Balance Sheet. On satisfaction of performance conditions, donations initially deferred and released to the Statement of Financial Activity. Income tax recovered in relation to Gift Aid is recognised at the time of the underlying donation.

Legacies are recognised on receipt or when the charity has been advised of a distribution to be made payable to the charity.

Rental income, net of any lease incentives granted, is recognised on a straight-line basis over the lease term in the Statement of Financial Activities. Where no lease agreement is held, rental income is recognised on receipt.

Expenditure

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 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 accruals 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 to activities on a basis consistent with the use of resources. Expenses include VAT where applicable as this cannot be reclaimed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Computer equipment

-

33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

Buildings under the course of construction are recognised at cost until such time as the building is completed and brought in to use where it is then reclassified as investment property.

Investment property

Investment properties are initially carried at acquisition cost plus cost of capital improvements. Investment properties are subsequently measured at fair value, any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

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

Designated funds are unrestricted funds earmarked by the trustees for particular purposes as detailed in the notes to the financial statements.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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.

Financial instruments

The charitable company 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 charitable company's balance sheet when the charitable company 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

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 receipts 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 charitable company's contractual obligations expire of are discharged or cancelled.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charitable company's accounting policies, the Member and Trustees are required to make judgements, estimates an 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.

Fair value of investment properties

Investment properties are valued at fair value, where fair value is determined to be an open market valuation for the properties if available. When determining open market value, the Trustees consider the local residential and commercial property markets, the condition of the properties and the specialist nature of some of the investment properties held by the charity.

4.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

269,918

1,113,258

5.	CHARITABLE ACTIVITIES

2025

2024

£

£

Fundraising events

48,389

1,182

Rental income

1,197,887

1,156,470

Insurance recharges

86,163

-

1,332,439

1,157,652

6.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

5,277

-

7.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 8)

note 9)

Totals

£

£

£

Charity expenses

766,000

53,195

819,195

8.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Staff costs

341,764

317,408

Insurance

90,616

6,659

Sundries

2,193

23,005

Property repairs

119,556

390,738

Rent

15,744

15,184

Office costs

1,319

2,033

Fundraising costs

14,677

14,014

Aberdeen Waldorf School costs

-

168

Bank charges

35,946

648

Advertising

37,387

-

Cleaning

1,127

-

Entertainment

2,072

-

Bank interest

55,620

-

Travel

521

-

Computer expenses

26,258

-

Training

2,680

-

Subscriptions

2,263

-

Telephone

1,741

-

Bad debts

2,990

-

Depreciation

2,242

-

Interest payable and similar charges

9,284

-

766,000

769,857

9.	SUPPORT COSTS

Governance

costs

£

Charity expenses

53,195

Support costs, included in the above, are as follows:

2025

2024

Charity

Total

expenses

activities

£

£

Auditors' remuneration

13,290

9,000

Accountancy fees

14,267

12,000

Legal fees

25,638

78,896

53,195

99,896

10.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Auditors' remuneration

13,290

9,000

Depreciation - owned assets

2,242

-

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

12.	STAFF COSTS

2025

2024

£

£

Wages and salaries

244,172

232,542

Social security costs

23,950

23,841

Other pension costs

73,642

61,025

341,764

317,408

The average monthly number of employees during the year was as follows:

2025

2024

Employees

8

7

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025

2024

£60,001 - £70,000

1

-

£80,001 - £90,000

-

1

1

1

13.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

1,113,258

1,113,258

Charitable activities

1,157,652

-

1,157,652

Total

1,157,652

1,113,258

2,270,910

EXPENDITURE ON

Charitable activities

Charity expenses

869,753

-

869,753

Other

57,587

-

57,587

Total

927,340

-

927,340

NET INCOME

230,312

1,113,258

1,343,570

RECONCILIATION OF FUNDS

Total funds brought forward

36,136,382

632,068

36,768,450