The Trustees present their annual report and financial statements for the year ended 30 September 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 governing document, 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 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.
The charity made various donations, including donations to local foodbanks. Looking ahead, the trustees are considering other projects to support, such as the provision of food to school-aged children.
The results for the year and financial position are shown in the annexed financial statements. At the year end £504,663 (2024 - £479,184) 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 Rathbones. The investments are managed on a discretionary basis with the prime investment objective being a balanced portfolio.
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.
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.
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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 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.
I report on the financial statements of the Charity for the year ended 30 September 2025, which are set out on pages 5 to 13.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. 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 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.
The financial statements have been prepared in accordance with the Charity's governing document, 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 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 £.
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.
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.
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.
Fixed asset investments are measured at market value, per Rathbones, 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.
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).
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.
Investment management fees
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Listed investments included above:
Investments held at 30th September 2025 that accounted for over 5% of the total portfolio by value are:
Artemis Funds Managers Income E £26,831
Artemis Funds Managers Corporate Bond E £23,626
JP Morgan ETFS IRE US REI £29,067
JP Morgan Fund ICVC JPM UK EQ Core E £26,847
TM Nataxis Inv FDS (NA) £29,129
The income funds of the charity include the following general fund:
There were no disclosable related party transactions during the year (2024 - none).
The Charity had no material debt during the year.