Company registration number SC361942 (Scotland)
Charity registration number SC024589 (Scotland)
CRICHTON FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
CRICHTON FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A D F Walls
G R McKerrow
D J Roberts
M A J Jardine
G H Stevenson
K Thomson
(Appointed 31 October 2025)
E Griggs
(Appointed 31 October 2025)
Secretary
P J Stokes
Country of incorporation
United Kingdom
SC361942
(Scotland)
Charity registration
Scotland
SC024589
Registered office
Grierson House
Bankend Road
Dumfries
DG1 4ZE
Independent examiner
John Simpson FCA
Montpelier Professional (Galloway) Limited
1 Dashwood Square
Newton Stewart
DG8 6EQ
Bankers
Virgin Money
84-86 High Street
Dumfries
DG1 2BJ
CRICHTON FOUNDATION
CONTENTS
Page
Trustees' report
1 - 6
Statement of trustees' responsibilities
7
Independent examiner's report
8
Statement of financial activities
9
Balance sheet
10
Notes to the financial statements
11 - 22
CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2026.

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 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 Crichton Foundation was Incorporated on 30th June 2009 as a Company Limited by Guarantee and not having a share capital (Company Number SC361942). The new Company was recognised by OSCR as a Scottish Charity under Scottish Charity Number SC024589.

Its objectives and charitable purposes are set out in full in its Memorandum and Articles of Association and can be summarised as follows:

1. To widen access to higher and further education in southern Scotland and beyond.

2. To assist the academic institutions on the Crichton University Campus to develop their academic programmes and facilities.

3. To preserve and regenerate the heritage of the Crichton estate as a public asset, to be enjoyed by the local community.

4. To provide, or assist in the provision of, facilities for the education and advancement of students attending courses at the Campus.

In addition, the Crichton Foundation acts as a bridge between the Campus and the local community and runs a series of awareness raising events to keep the public abreast of developments on the Campus.

Public benefit

The trustees have referred to the guidance contained in the Office of the Scottish Charity Regulator’s general guidance on public benefit when reviewing their objectives and in planning their future activities. In particular, the trustees consider how planned activities will contribute to the objectives they have set.

CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

Achievements and performance

Fundraising events and profile-raising activities

From 1st April 2025 to 31st March 2026, a total of £11,429 was raised through fundraising and profile-raising events.

The Women of Dumfries and Galloway Lunch was held in May 2025. The guest speaker was Jilly Goolden. One hundred and sixty-seven guests enjoyed a two-course lunch with drinks and raised a net surplus of £3,800

On 2nd October 2025, we hosted An Evening with Kirsty Wark. One hundred and ten guests enjoyed a glass of wine before Crichton Foundation Convenor, Andrew Walls and Kirsty Wark, an Honorary Patron of the Crichton Foundation, enjoyed a conversation and debate with some additional questions from the audience.

Delivering Scotland’s Future: skills, innovation and opportunity was a one-day conference held on 13th November 2025. This event was held in partnership with the Royal Society of Edinburgh (RSE) at Easterbrook Hall. The conference brought together education providers and businesses to discuss practical ways to ensure the needs of communities in Scotland are met both now and in the future. Fifty-four delegates attended the conference.

Crichton Foundation Anniversary Awards

To mark the 25th anniversary of the Crichton Foundation an Awards Evening was held at Easterbrook Hall. The awards were designed to celebrate all of the excellent work happening at the Crichton. Nominations were sought from each of the academic institutions as well as businesses of all sizes. Three finalists were selected from each of Dumfries and Galloway College, Scotland’s Rural College, The Open University in Scotland, The University of Glasgow, the University of the West of Scotland and small, medium and large business. The celebrations culminated in an event on 4th December 2025, sponsored by the Open University in Scotland. After one hundred and forty-two guests enjoyed a drinks reception and three-course meal the winners were announced:

Dumfries and Galloway College – Danielle Higginson

Scotland’s Rural College – Lucy Thornton

The Open University in Scotland – Derek Goldman

The University of Glasgow – Freya Skinner

The University of the West of Scotland – Julie Orr

Small business – Lauren Kerr, C&C Insurance Brokers

Medium business – Tammy McColm, Solway Disability Support

Large business – The Holywood Trust

In the early spring of 2026, we held two Crichton Conversations in Easterbrook Hall. Guests enjoyed the opportunity for networking over tea and coffee ahead of the lecture.

• Professor Leigh Sparks

The future for high streets in Scotland

Tuesday 17th February 2026

Thirty-six people attended

• John Burns OBE

The NHS in Scotland: past, present and future

Tuesday 17th March 2026

Forty-one people attended

CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

2. Awards

All award applications being considered for funding must clearly demonstrate they fit one or more of the objectives and charitable purposes of the Foundation as detailed above. Award applications are assessed by the Awards Committee and fall within three main headings:

• Financial support for students

• Capital funding contributions towards Campus projects

• Revenue support for specific projects

The Awards Committee met in April, October and December 2025 and March 2026. In cases of hardship or crisis, applications may be circulated for discussion and awards agreed via email. The level of funds available for distribution is determined by the Executive Committee. Recommendations for awards of over £10,000 are referred to the Executive Committee for approval before being ratified by the Board of Trustees. Awards were disbursed under various categories as detailed below:

General Education Awards

Thirty-eight individual student applications were received. Twenty-eight students received awards totalling £8,750. The applications that were declined were mainly due to insufficient information or no academic reference received to support the applications. Two applications were withdrawn. Awards were made to students from the Universities of Glasgow and the West of Scotland and from Scotland’s Rural College.

Sir David Landale Prize

This prize is funded through a bequest from the late Sir David Landale, to be awarded to a university student who is nominated for making an outstanding contribution to the Crichton Campus in the Dumfries and Galloway region. The winner in 2025 was Meg Crawford, a University of the West of Scotland adult nursing student.

Terry Prize

This is funded through a bequest from the late Dr Anne Terry in memory of her husband the late Professor Roland Terry. The prize is awarded to a University of Glasgow first, second or third year undergraduate studying BSc Environmental Science and Sustainability. In 2025 the winners were Yifei Wang and Benjamin Davidson.

Evelyn Hastings Prize

This prize was established to recognise the work of Miss Evelyn Hastings OBE. Evelyn had a long career in nursing, culminating in becoming the chief nursing officer for Scotland. The Prize is awarded each year to a nursing student at the University of the West of Scotland in Dumfries who has demonstrated high standards in clinical practice placements and resilience in the face of adversity in the final year of their BSc in Nursing (adult or mental health). In 2025 the prize was awarded to Anna McKenna. Her nomination stated “Throughout her nursing degree, she has demonstrated exceptional resilience and dedication, managing her studies while navigating a deeply personal and challenging situation at home.”

Dumfries and Galloway College prize and shield

A prize of £500 is awarded annually to a Dumfries and Galloway College student, selected by college staff. This year Becky Manley was the winner.

Awards to Partners

Dumfries and Galloway College received £12,000 which they distribute as a discretionary fund to students in need. The Open University in Scotland were awarded £1,000 towards hosting a Mock COP event in Dumfries.

3. Breakdown of Income Received

Actual Income to 31st March 2026

Income raised from Fundraising and Profile-raising events £11,429

Income raised from Friends Scheme, including Gift Aid £7,005

CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

4. Volunteer Recognition

The Crichton Foundation is grateful for the support of its Members, Honorary Patrons and supporters. It also wishes to recognise the sterling efforts of the many volunteers who serve on its committees and support the fund-raising events.

5. Friends Scheme

Supporters pay an annual subscription as either Individual, Joint or Associate Friends. In addition, Gift Aid is claimed where possible which increases the amount received by the Crichton Foundation. During the year to 31st March 2026 subscriptions, including Gift Aid where applicable, generated a total of £7,005 in donations.

6. Management Costs

The Crichton Foundation's activities are divided between fund-raising, awareness-raising and the incidental costs of making awards. The total spent on administration, not including direct costs of fund-raising and profile raising, to 31st March 2026 was £28,612.

Financial review

The results for the year to 31st March 2026 are set out in the statement of financial activities on page nine. The surplus amounted to £194,633. The loss for the year was £16,151 before taking into gains on investments of £210,784.

At the end of the reporting period, the Foundation has Total Funds of £2,742,709 (202 5 £2,548,076). Included within this total are Restricted Funds of £16,349 (2025 - £18,349). Amounts falling due within one year were £4,929, of which NIL were Trade Creditors (2025- £7,362 and £8 respectively).

All monies raised through the Crichton Foundation's activities are applied in furtherance of its aims. The Trustees accept, however, that where large projects are identified a percentage management fee will be built into bids seeking funding. There have been no such projects during this financial year.

Reserves policy

At the end of the reporting period, the Crichton Foundation held reserves of £2,742,709 (2025 £2,548,076). These reserves mostly comprise of the funds invested in securities and cash held on their behalf by Brewin Dolphin Limited with a view towards generating the income required to cover expenditure each year. Their advice is given at regular meetings of the Executive Committee with regard to the economic climate for investment and maintenance of a balanced portfolio of securities and cash to achieve a realistic return of revenue and capital growth. The Executive Committee agrees the risk profile and investment strategy that is applied to the portfolio throughout the year. The trustees therefore consider that the charity is a going concern.

Investment policy

The Crichton Foundation holds funds endowed to it by Dumfries and Galloway Council and transferred from the former Crichton Endowment Trust. These take the form of investments currently managed by Brewin Dolphin Limited who are members of the London Stock Exchange and regulated by The Financial Conduct Authority. The income from the investment funds is used to finance the operational costs of the Foundation. This allows the income from the Foundation’s fundraising activities to be used to support the awards distributed to students and campus partners.

CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -

Related parties

The Crichton Foundation has a close relationship with the Crichton Stakeholders and attends meetings of the Crichton Campus Leadership Group. It continues to participate in discussions on key issues that affect the Campus and the Crichton Quarter in general. Nominated representatives of the academic institutions are invited to the Crichton Foundation’s Board meetings to report on their various activities.

Stakeholders include: Dumfries and Galloway Council, the University of Glasgow, the University of the West of Scotland, Dumfries and Galloway College, Scotland's Rural College, the Scottish Funding Council, the Crichton Trust, the Open University in Scotland, South of Scotland Enterprise, the Scottish Parliament and NHS Dumfries and Galloway.

Trustees are expected to declare any interest in matters discussed at Board Meetings. In addition, a register of related party transactions is completed by all Trustees at the end of each financial year. There are no material interests to declare for the year 2025-2026.

Structure, governance and management

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association. The Crichton Foundation is a company, limited by guarantee, as defined by the Companies Act 2006.

Trustees

The Trustees for the purpose of charity law, who served during the year and up to date of this report, are set out on the Reference and Administrative Details. There are no restrictions imposed by the governing document other than those normally imposed within the framework of charity and company law.

The Trustees receive no remuneration for their service however, they may claim incidental expenses. No such expenses were claimed during the financial year.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A D F Walls
G R McKerrow
D J Roberts
M A J Jardine
C Hill
(Resigned 31 October 2025)
G H Stevenson
K Thomson
(Appointed 31 October 2025)
E Griggs
(Appointed 31 October 2025)

Recruitment and appointment of new trustees

The Memorandum and Articles of Association of the company state the number of Trustees shall not be less than three or more than twelve, unless determined in advance by Special Resolution at a General Meeting. Trustees are elected by the Members, a majority of whom should either live or work in Dumfries and Galloway. There is also provision for up to three co-opted Trustees.

Trustees may serve three terms of office maximum before having to leave office for a period of at least one year unless acting as Convenor or Vice Convenor at the end of the third term of office, in which case a further four years may be allowed providing re-elected annually.

CRICHTON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -

Organisational structure

The structure of the Crichton Foundation comprises of Members who are entitled to vote at the AGM and Trustees who are also Directors. The Company is managed by a Board of Trustees/Directors. The Board meets regularly during the year to agree strategies and policies as well as to monitor activities and finance.

At the Company's AGM on 15th October 2025 Dave Roberts was drawn by rotation to resign from the Board. In accordance with the Memorandum and Articles of Association he was eligible for immediate re-election. With his agreement, Dave was re-elected for a second term of office.

The Board keeps the skill requirements of Trustees under review. When recruiting new Trustees, the skills of applicants are considered to ensure they complement or add value to the skills of current Board members.

The routine business of the Crichton Foundation is supervised by an Executive Committee chaired by Andrew Walls. The Foundation operates additional committees for Awards and Events. These are chaired by someone nominated by the Board.

Committee Membership 2025-2026

Executive Committee

Andrew Walls (Chairman), Gordon McKerrow, Dave Roberts and Gavin Stevenson.

Awards Committee

Charlie Auld, Fiona Neilson, Fraser Sanderson (resigned October 2025), Jenny Smith, and Kate Thomson.

In attendance: Andrew Walls.

Women of Dumfries and Galloway Lunch (Event Committee)

Robyn Gladwin (chairperson), Abby Butcher, Elizabeth Ann Hughes, Barbara Kelly, Totty Rotheroe, Helen Steele (resigned January 2026), Annabel West and Maria Yerburgh (resigned January 2026).

Crichton Foundation Event Committee

Andrew Walls (Chairman), Liz Griggs and Fiona Kerr.

The trustees' r eport was approved by the Board of Trustees.

A D F Walls
G R McKerrow
Trustee
Trustee
23 June 2026
CRICHTON FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -

The trustees, who are also the directors of Crichton Foundation 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 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.

CRICHTON FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CRICHTON FOUNDATION
- 8 -

I report on the financial statements of the charity for the year ended 31 March 2026, which are set out on pages 9 to 22.

Respective responsibilities of trustees and examiner

The charity trustees (who are also the directors of Crichton Foundation 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 Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charity trustees 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 Charities and Trustee Investment (Scotland) Act 2005 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 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.

Independent examiner's statement

Since the charity has prepared its financial statements on an accruals basis and is also registered in Scotland, the independent examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006. I confirm that I am qualified to undertake the examination because I am a member of Charterd Accountants Ireland, which is one of the listed bodies.

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.

John Simpson FCA

Chartered Accountants Ireland

Montpelier Professional (Galloway) Limited
1 Dashwood Square
Newton Stewart
DG8 6EQ
29 June 2026
CRICHTON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2026
2026
2026
2025
2025
2025
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
7,475
-
7,475
15,131
-
15,131
Other trading activities
4
11,429
-
11,429
10,751
-
10,751
Investments
5
68,964
-
68,964
66,969
-
66,969
Total income
87,868
-
87,868
92,851
-
92,851
Expenditure on:
Raising funds
6
50,201
-
50,201
40,619
-
40,619
Charitable activities
7
51,818
2,000
53,818
107,995
2,000
109,995
Total expenditure
102,019
2,000
104,019
148,614
2,000
150,614
Net gains/(losses) on investments
13
210,784
-
210,784
(11,637)
-
(11,637)
Net income/(expenditure) and movement in funds
196,633
(2,000)
194,633
(67,400)
(2,000)
(69,400)
Reconciliation of funds:
Fund balances at 1 April 2025
2,529,727
18,349
2,548,076
2,597,127
20,349
2,617,476
Fund balances at 31 March 2026
2,726,360
16,349
2,742,709
2,529,727
18,349
2,548,076

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CRICHTON FOUNDATION
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
15
-
177
Investments
16
2,689,086
2,485,162
2,689,086
2,485,339
Current assets
Debtors
17
2,141
2,399
Cash at bank and in hand
56,411
67,700
58,552
70,099
Creditors: amounts falling due within one year
18
(4,929)
(7,362)
Net current assets
53,623
62,737
Total assets less current liabilities
2,742,709
2,548,076
The funds of the charity
Restricted income funds
20
16,349
18,349
Unrestricted funds
21
2,726,360
2,529,727
2,742,709
2,548,076

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2026.

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 23 June 2026
A D F Walls
G R McKerrow
Trustee
Trustee
CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
1
Accounting policies
Charity information

Crichton Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is Grierson House, Bankend Road, Dumfries, DG1 4ZE.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). 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 a mounts 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

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, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% straight line

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 the statement of financial activities.

1.7
Fixed asset investments

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.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
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.

1.10
Financial instruments

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.

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
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 p aymen ts 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 charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees 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.

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Donations and gifts
470
9,304
Friends of Crichton Foundation
4,280
5,287
Gift Aid
2,725
540
7,475
15,131

4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Fundraising events
11,429
10,751

5
Income from investments
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Portfolio income
68,895
66,499
Interest receivable
69
470
68,964
66,969

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£

Cost of raising funds

Staging fundraising events
19,360
10,648
Card machine and charges
377
301
Staff costs
13,946
13,047
33,683
23,996

Stockbroker fees

16,518
16,623
Total costs
50,201
40,619
7
Expenditure on charitable activities
Charitable activities
Charitable activities
2026
2025
£
£
Direct costs
Bad debts
400
800
Grant funding of activities (see note 8)
24,806
79,740
Share of support and governance costs (see note 9)
Support
26,532
27,415
Governance
2,080
2,040
53,818
109,995
Analysis by fund
Unrestricted funds
51,818
107,995
Restricted funds
2,000
2,000
53,818
109,995
CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
8
Grants payable
Charitable activities
Charitable activities
2026
2025
£
£
Grants to institutions:
Dumfries and Galloway College - Discretionary Fund
12,000
12,000
Crichton Trust - Accomodation for Feasibilty
-
50,000
Crichton Trust - Heritage Project
-
3,759
12,000
65,759
Grants to individuals
12,806
13,981
24,806
79,740

Grants to individuals

2026 2025

COP OU 1,000 -

General Education Award 8,750 10,931

Sir David Landale Prize 1,000 1,000

Terry Prize 1,000 1,000

Evelyn Hastings Prize 556 550

D&GCOL - CF prize 500 500

12,806 13,981

-
CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
9
Support costs allocated to activities
2026
2025
£
£
Staff costs
13,946
16,066
Depreciation
177
265
Telephone
636
523
Other office expenses
3,544
2,661
IT expenses
936
1,231
Insurance
583
573
Travel & subsistence
199
193
Bank charges
28
40
Miscellaneous expenses
183
463
Rent & rates
6,300
5,400
Governance costs
2,080
2,040
28,612
29,455
Analysed between:
Charitable activities
28,612
29,455
2026
2025
Governance costs comprise:
£
£
Accountancy
2,080
2,040
2,080
2,040
10
Net movement in funds
2026
2025
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,080
2,040
Depreciation of owned tangible fixed assets
177
265
11
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

The Trustees did not have any expenses reimbursed during the year or the previous year

The charity has Trustees Indemnity Insurance in place.

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
12
Employees

The average monthly number of employees during the year was:

2026
2025
Number
Number
1
1
Employment costs
2026
2025
£
£
Wages and salaries
26,564
27,823
Other pension costs
1,328
1,290
27,892
29,113

In addition the average monthly number of unpaid Trustees acting during the year under review was 7 (2024 - 5)

There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The charity considers that its key management personnel comprise of the trustees & Pamela Stokes. The total employment benefits including employers National Insurance and employer pension contributions of the key personnel were £27,892 (2025: £25,789).

13
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Gain/(loss) on investments
210,784
(11,637)
14
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
15
Tangible fixed assets
Computers
£
Cost
At 1 April 2025
1,062
At 31 March 2026
1,062
Depreciation and impairment
At 1 April 2025
885
Depreciation charged in the year
177
At 31 March 2026
1,062
Carrying amount
At 31 March 2025
177

16
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2025
2,485,162
Additions
1,276,207
Valuation changes
210,118
Disposals
(1,282,401)
At 31 March 2026
2,689,086
Carrying amount
At 31 March 2026
2,689,086
At 31 March 2025
2,485,162

All investments are carried at the fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investments funds, unit trusts and open-ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The historical value of the investments is £2,511,071 (2025: £2,222,353).

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
17
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
1,468
1,499
Other debtors
673
-
Prepayments and accrued income
-
900
2,141
2,399
18
Creditors: amounts falling due within one year
2026
2025
£
£
Other taxation and social security
(1,255)
1,112
Trade creditors
-
18
Other creditors
551
585
Accruals and deferred income
5,633
5,647
4,929
7,362
19
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,328
1,290

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 April 2025
Resources expended
At 31 March 2026
£
£
£
Sir David Landale Prize Fund
13,349
(1,000)
12,349
Terry Prize Fund
5,000
(1,000)
4,000
18,349
(2,000)
16,349
CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
20
Restricted funds
(Continued)
- 21 -
Previous year:
At 1 April 2024
Resources expended
At 31 March 2025
£
£
£
Sir David Landale Prize Fund
14,349
(1,000)
13,349
Terry Prize Fund
6,000
(1,000)
5,000
20,349
(2,000)
18,349

Sir David Landale Prize Fund

This is to be used initially, but with flexibility for the future, to provide an annual award of £500, plus associated costs, to a single outstanding University student on the Crichton Campus. In October 2018 Lady Landale requested the award was increased to £1,000 per annum with immediate effect.

Terry Prize Fund

This is to be used to provide two annual awards of £500, to two students studying Environmental Science and Sustainability or its successor at the University of Glasgow.

21
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2025
Incoming resources
Resources expended
Gains and losses
At 31 March 2026
£
£
£
£
£
General funds
2,529,727
87,868
(102,019)
210,784
2,726,360
Previous year:
At 1 April 2024
Incoming resources
Resources expended
Gains and losses
At 31 March 2025
£
£
£
£
£
Hardship Fund
50
-
(50)
-
-
General funds
2,597,077
92,851
(148,564)
(11,637)
2,529,727
2,597,127
92,851
(148,614)
(11,637)
2,529,727

Hardship Fund

This represents funds set aside by the Trustees for use in making Hardship Grants to qualifying students who are able to demonstrate a need.

Friends of Crichton Foundation

This is an opportunity for individuals to become members of the Foundation and pay an annual subscription. Such income is accounted for within the Designated Fund and the surplus in each year is transferred to the General Fund for use as grants awards.

CRICHTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
22
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2026
2026
2026
£
£
£
At 31 March 2026:
Investments
2,689,086
-
2,689,086
Current assets/(liabilities)
37,274
16,349
53,623
2,726,360
16,349
2,742,709
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
177
-
177
Investments
2,485,162
-
2,485,162
Current assets/(liabilities)
44,388
18,349
62,737
2,529,727
18,349
2,548,076
23
Related party transactions

The Trustees all give freely their time and expertise without any form of remuneration or benefits in cash or kind year (2025 - none).

24
Controlling interest

The Charity is under the control of the Trustees

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