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NEW PARK EDUCATIONAL TRUST LIMITED
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2025
The trustees present their annual report and audited financial statements for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies At 2206, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS102 “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 (FRS102)” ~~.~~
Structure, Governance and Management
The charity is a company limited by guarantee and governed by its Memorandum and Articles ~~.~~ It is run by its Board, which meets four times a year, with certain matters delegated to the Chairman and Secretary ~~.~~ The trustees are appointed by the members. New trustees are given instruction on their role and the objects of the charity ~~.~~
Objectives and activities for the public benefit
The charity’s principal objective and activity is that of an educational charitable trust ~~.~~ Its aim is to benefit educational projects and young people in an educational environment ~~.~~ The charity in its present form arose from New Park School in St Andrews ~~.~~ The school merged in 2005 with St Leonards but its property assets were retained. The main school grounds were sold, funding the work which we carry out now as a charity supporting young people in their educational, cultural and social needs.
To date, grants have been given and projects and individuals supported to the extent of over £5 million ~~.~~ The projects have been varied and numerous. The emphasis has been on projects which will provide lasting benefit for a number of years and beneficiaries are encouraged to report back on their achievements.
Review of achievements, performance and future plans
The charity has continued to support various projects and initiatives, as detailed in Note 5 and Appendix 1 to the accounts. Grants are given to organisations and, very occasionally, to individuals in accordance with the objects of the charity ~~.~~ The trustees continued its support of St Leonards school with 2 grants awarded in the year to 31 July 2025 (none in 2024) ~~.~~ The main award was for the r ~~e-~~ instatement of the gym floor and a smaller amount for an access ramp for the junior school. Funds for the “Derek McLeod” academic bursaries were also paid to St Leonards to support pupils for the 2023/24 and 2024/25 academic years. In addition, grants to other organisations amounted to £78,035 (2024 ~~-~~ £87,419) with 34 different organisations being supported (2024 ~~-~~ 34) ~~.~~ Applications are always varied and, whilst largely from Scotland, include the rest of the UK ~~.~~ The trustees devote a great deal of time to reviewing and discussing the applications and support as many as possible where an educational benefit is clearly demonstrated.
Two flats owned by the charity have been let at discounted rates to mature students and teachers ~~.~~ Repairs continue to be carried out to ensure that the let properties remain comfortable and wel ~~l-~~ maintained.
The trustees have continued to investigate ways to achieve a beneficial use or sale of land which it currently holds as an investment and significant legal fees were incurred in the year. The trustees’ objective would be to release further funds to support charitable causes. Missives were concluded in October 2025 but all is dependent on the developer obtaining planning permission ~~.~~ The planning application should be submitted by 31 March 2026 ~~.~~ Monitoring achievement The trustees monitor the progress of their activities in various ways. At quarterly meetings, the trustees receive reports from beneficiaries on the progress of projects which have been supported ~~.~~ Financial performance is monitored through quarterly management accounting information and investment portfolio reports ~~.~~ The trustees review finance and governance regularly and review and update the risk analysis annually. Between formal
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NEW PARK EDUCATIONAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2025
meetings, lines of communication are open by email and telephone which allows the business of the charity to continue to run smoothly.
Financial review
The deficit for the year before gains and losses on investments was £111,982 (2024 ~~—~~ surplus £5,273) ~~.~~ The net movement in funds was a deficit of £137,543 (2024 ~~—~~ surplus £588,023) ~~.~~ In 2025 the net loss on investments was £25,561 after another turbulent 12 months (2024 ~~—~~ net gain £582,750) ~~.~~
Investment policy and performance
The charity has a discretionary management agreement with Canaccord Wealth (rebranded from Adam & Co) ~~.~~ During the year, funds were invested on a gross fund, total return, medium- ~~r~~ isk basis ~~.~~ Trustees assess performance quarterly and the performance of the portfolio manager annually ~~.~~ The portfolio manager attends the quarterly meetings of trustees to deliver updates and discuss strategy ~~.~~
Risk management
The principal risks faced by the charity lie in the performance of investments and operational risks from ineffective grant making ~~.~~
The major risk is the variability of investment returns. This is mitigated by retaining expert investment managers with robust policies and through regular review. A diversified portfolio is maintained ~~.~~ Further information on investment risk is provided at note 8 to the accounts ~~.~~
The trustees receive detailed information to support each grant before making any commitment and review the performance afterwards.
Reserves policy
It is the policy of the charity that unrestricted funds that have not been designated for a specific use should be maintained at a level that is prudent to support similar activities in the future ~~.~~ Reserves total £7,056,379 (2024 ~~-~~ £7,193,922). This includes Fixed assets used by the charity of £260,000 (2024 ~~-~~ £260,000) ~~.~~
Reference and administrative information
Contact Address Edenbank House, 22 Crossgate, Cupar, Fife, KY15 5HW Scottish Charity Number $C000431 Company Number $C028957 Administrative Secretary Henderson Black & Co, Edenbank House, 22 Crossgate, Cupar, Fife, KY15 5HW Auditors BK plus Audit Ltd, 144 Nethergate, Dundee, DD1 4EB Bankers Royal Bank of Scotland, 113 ~~-~~ 115 South Street, St Andrews, Fife, KY16 9QB Investment Advisers Canaccord Wealth, 40 Princes Street, Edinburgh, EH2 2BY Solicitors Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ
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NEW PARK EDUCATIONAL TRUST LIMITED
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2025
Directors (referred to as trustees throughout) The following persons have served as trustees during the year and since the year end.
Michael Carslaw (Chairman) Hugh Ouston Elizabeth Childs (resigned 4 November 2025) Martin Passmore Michael Donaldson Frank Quinault Dorothy Kennedy Aubyn Stewart ~~-~~ Wilson Anne Long Elizabeth Thomson Gordon Mackenzie
Trustees’ Responsibilities in relation to the financial statements
The charity trustees (who are the directors of the company for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year/period which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that year/period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then comply them consistently;
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observe the methods and principles in the applicable Charities SORP (FRS102);
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3 ~~.~~ make judgements and estimates that are reasonable and prudent;
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4 ~~.~~ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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5 ~~.~~ 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's Memorandum and Articles of Association. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities ~~.~~ The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements ~~.~~
Statement of Disclosure to Auditors
So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware ~~.~~ Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity’s auditors are aware of that information.
Small companies’ exemption The trustees have prepared this report in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the trustees and signed on their behalf by;
Dr M Carslaw (Chairman)
Date: 14/04/2026
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NEW PARK EDUCATIONAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF NEW PARK EDUCATIONAL TRUST LIMITED
Opinion
We have audited the financial statements of New Park Educational Trust Limited (the ‘trust’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) ~~.~~
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust 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 trust’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon ~~.~~ The trustees are responsible for the other information contained within the annual report ~~.~~ Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon ~~.~~ 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 course of 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 ~~.~~
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NEW PARK EDUCATIONAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NEW PARK EDUCATIONAL TRUST LIMITED
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
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proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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~~-~~ 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, who are also the directors of the trust for the purpose of company law, 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 trust’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.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder ~~.~~
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 an auditor's report 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. At the planning stage, we assess the risk of material misstatement and any such irregularities and design audit procedures tailored to these risks which will be followed to ensure that we are capable of meeting our responsibilities in this area ~~.~~ Factors relevant to our assessment, which have a positive impact on the capability of our procedures to detect such irregularities, are the size of the entity, the complexity of the entity's operations and our understanding of their regulatory and control environments ~~.~~ The staff working on this audit assignment have been fully briefed in relation to the charity's activities, including the regulatory regime in which they operate. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain evidence that is sufficient and appropriate to provide a basis for our opinion ~~.~~ The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control ~~.~~
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. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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« Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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NEW PARK EDUCATIONAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NEW PARK EDUCATIONAL TRUST LIMITED
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. Conclude on the appropriateness of the Trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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. Review of correspondence with regulators including OSCR, reviewing legal fee invoices and board minutes.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity'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 charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Murray Dalgety C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor Chartered Certified Accountants
144 Nethergate
Dundee DD1 4EB Date: 3/04/2026
BK Plus Audit Limited is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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NEW PARK EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 JULY 2025
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Accounting Policies New Park Educational Trust Limited is a private company limited by guarantee, incorporated in Scotland. It is a registered charity with the Office of the Scottish Charity Regulator ~~.~~ Its registered office is Edenbank House, 22 Crossgate, Cupar, Fife, KY15 SHW ~~.~~
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a) Basis of preparation and assessment of going concern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS102 "The Financial Reporting Standard applicable in the United Kingdom 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 ~~.~~ These financial statements are presented in pounds sterling which is the Trust's functional currency. Monetary amounts are rounded to the nearest pound. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern ~~.~~
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b) Judgements in applying accounting policies and key sources of estimation 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 available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements:
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Accruals Trustees estimate the requirements for accruals using post year end information ~~.~~ This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future. Heritable/Investment property valuation Charity Trustees estimate the value of the heritable/investment property using valuations provided by chartered surveyors, with the most recent valuation undertaken in 2020. The trustees consider whether there are any events which have resulted in the impairment of property and reduce its carrying value.
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c) Funds structure The charity's funds are unrestricted ~~.~~ Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects ~~.~~ The fair value reserve represents unrealised gains but forms part of the unrestricted funds ~~.~~
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d) Income recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Dividends and other investment income is recognised once it has been declared and notification has been received ~~.~~ Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank or investment adviser.
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e) Deferred income When income is received in advance of the specified time period, it is deferred until the charity has performed the activity related to the specified time period.
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f) Expenditure recognition 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 settlement will be required and the amount of the obligation can be measured reliably ~~.~~ All expenditure is accounted for on an accruals basis ~~.~~
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g) Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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NEW PARK EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 JULY 2025 (continued)
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Accounting Policies
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h) Costs of raising funds These costs comprise the expenses of managing the investment properties and the fees applied by the investment advisers in managing the investment portfolio ~~.~~
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i) Tangible fixed assets and depreciation Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation or impairment. Depreciation is charged on a straight ~~-l~~ ine basis so as to write off the cost or valuation of assets, less their residual values, over their useful lives on the following bases:
Heritable property ~~-~~ 0%
Fixtures and furnishings ~~-~~ 15%
- j) Financial instruments Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument ~~.~~ Basic financial assets (which include bank and debtor balances) and basic financial liabilities (which include creditors) are initially measured at the amount receivable or payable including any transaction costs and are subsequently carried at amortised cost using the effective interest method ~~.~~ Basic financial assets/liabilities, classified as receivable/payable within one year, are not amortised.
k) Fixed asset investments
Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses on revaluation and disposals throughout the year.
The charity does not acquire put options, derivatives or other complex financial instruments.
- 1) 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 the sales proceeds and the opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value ~~.~~ Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
m) Donated services and facilities
The value of work done by trustees in giving of their time for meetings and other matters on behalf of the charity is not reflected in the accounts as it cannot be quantified.
n) Taxation
The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects ~~.~~
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