Charity reyhtralon number SC001586 (Scotlandl Company Mylslratlon numb•r SCO94927 CRAIGIE DEVELOPMENT LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
CRAIGIE DEVELOPMENT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trt*•5 B A Murphy- Retired R E B Thomson- Retired E J H Mowal- Solicitor Charity numb•r {Scotlandl SC001586 Company numbgr SC094927 Reglstered offlce 23 Wellington Square Ayr Ayrshire United lfjThJdom KA7 IHG Independent oxamin•r Stephen Wlkne C. 3 llingtOn Square Ayr Ayrshire United Kingdom KA7 1EN Banker& Virgin Money 43 Alloway Street Ayr KA7 1SP Invgstment advisors Ralhbones George House SO George Square Glasgow G21EH United Kingdom
CRAIGIE DEVELOPMENT LIMITED CONTENTS Pagè Trustees, report Slatemenl of Trustees. responsibilities Independenl examlnef s rapcrt Slatemenl of )Inanc4al activities Bal8nc* sheet statement of cash fl¢)ws Notes to the financial stslemenls 9-13
CRAIGIE DEVELOPMENT LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustèes presènt their annual report aTrJ financial statements for the year ended 30 September 2025. The finarla1 slalemenls have been prepared in accordance with the a¢¢ounling policiès set out in note 110 the flnanaal statèments and compty with the Charity's goveming document, the Companies Act 2006 the Charitses and Trustee Investrnent {ScotLqndl Act 21)05, the Charities Account5 Iscollandl Regulations 2006, FRS 102 'The Financial Reporting Standard appliGable in the UK and Republic of Ireland" and the charib.es SORP 'A¢untIng and Reporting by Chartties.. Statement of Recommendèd Practicè applicabl8 to charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in Ihtr UK and Republic of Irèland IFRS 102)" Obl•¢tlvès and a¢tfvitlo8 The purwse of the company Is to provide financial assistance for educational P¥JTposes, where deeme(I suitable and appropriate, lo individuals and gioups. with priority being given to supporting such individuals and groups concemed wrLh mental and other disabilities, and to individuals and groups prowding recreats'onal support for young people. sUrps fuTrJs, after meeting Ihe above, m8y be considered for allocallon to other educinal puw)$es. Achogvomgnts and perfomianc• The charity rnade various donations, IndIng donations lo lo1 foodbanks. Looknng 8he&J. the trustees are sidering other proieds lo support, $u¢h a$ thè provision of food to schookagad children. Finan¢ial rnvi•w Tho results for the year and financial position are shown in Ihts annexed ffinancial stslements. At the year eThJ £504,66312024- £479.184) was hold in general unrestricted reseffts. In accordance with the Slatemènl of Recommgnded Practi, tha investments have been reflected at market value In the opinion oflhe tru$le&s. the state ol the o)mpany's affairs al the Balance Sheet date wa$ $alisfaclory. The annual income from the invested ¢8Pital 1$ disbursed lo mt requests received from applicants whose aims and needs are deemed by the Iruslees to be in a¢¢ordan¢a wilh th• aims of the company. The rangè of $u¢h rsquests has extended from help lo parerrts ol children with serious handi(xps. individual requests for support, and to appropriate 9roups seeking help for educational purposes. The ¢ompany does not seek funding from any source and onty alt&mpls lo disburse annualy the major Part of the inrne from the invested ¢aprtal. Since the establishment of the ¢ompany li 1985, the caprtal then invested has grown 8le8dily, wilh corresponding growth in annual Sncome. However, due lo the Current econornic recession. the annual growih of apital has fallen. Cons¢deration of reduction In Invested ¢apital by major donatKJns wil continue when tim9 is appropriate. This matter is constantly under reeW by the trustee$. R•s•rv•s policy Unrestrided fund$ can be used in accordance with the Charitsble oblectives at the discTrtlon of the trustees. Reylri¢ted funds ean onty be used for partiojlar restricted purposes withln the objects of the charlty. Restrictions arise when spe(#fied by the donor or when fiJnd$ are raised for particular reslricled purposes. All lunds held within the finanaal statements are restrictèd to the objectives of the charty and musl be used for educalional purposes onFy. Invétm•nt policy and objectives The investments were manag&d by Rathbones. Thè investments are managed on a dlscreli¢)nary basis with Iho prime inveslmenl obje¢tive being a balanc8d portfolio.
CRAIGIE DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 GovernSng docufflent The CCtnpany is an incorporated chanty, estsblished by constbtution and is recJ)gnised by the Inland Rgvenue as a S¢otti$h Charity. Th8 company is limited by guarantee. The company is governed by its Memorandum and Artides olAssocialion under the CompaniesAct 1985. The Board of directurs a eledad under the temis of the Artides of Assodalion. Th9 dire¢tor concerned ma1Y with th¢ day lo day management of the Trust is E J H Mowot. Membership of the Board of Craigie Development Limf(ed {in¢orpcrating Craigie Educational DeVelopmt Trust), is by invitation from the Board lo individuals deemed suitable by experience and expertise wilh regard lo the aims of the company. The Irusleès who served during the year were.. B A MUhy- Retired R E B Thomson- Retired E J H Mowat- Solicrtor RaeNStsn8nt and appointment oftru$t••8 This is the process lo be followed when recri111 and appointing a new trustee.11 is cyen to any of the currènt tru51ee$ Its propose a candidate. To do so. they requir8 lo send a biographical statement prowding relevant dètail aboul the candidate to the existing trustees together with a written proposal th* the candhlale be inviled to a¢c8Pt appointment as a trustee. A Board mèeting will then be arranged as soon as rèasonably praCtiCae to consider the proposed appointment of that candidate. A majority of the existing Iwstees raquire to agree lo the propo$ed appointment. If majority agreement is achi&d. tha candidate will then be inwled to accept appointment as a Iiusl¢&. Small Gompanl•$ ox•mpllon This report has been pr8p3r8d in awdance the provi$ion$ of Part 15 ofthe Companies Act 20C6 relath'ng lo small companies. TheT s. report w pproved by Ihg Board of Tmstees. E J H Pknwat- Soli¢ltor Trustee Dated." 30 April 2028
CRAIGIE DEVELOPMENT LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustèes. who are also the dlreclors of Craigie Development Limited for the purpose of company law, are responsible for prèparing the Trustees, Report and the financkgl statements in accordance applicable law and United Kingdom Accounting Standards (United Kingdom GeneralyAccepled Accounting Pra¢tice}. Company law requires the Truylee$ to prepare ffinancial statements for e8¢h financral year give a true fa ew of the stsle of affairs of the Charity and ol the incoming re50UTce5 and appli&ion ol resources. induding the income and expenditure, of the charitable company lor that year. In preparing these financial slalemenls, the Tru$l•es are required to.. select suitable ac¢ounling policies and then apK4y them Gonsislently., - observe the methods and prinaples in Ihe Charrties SORP.. makè judgements and eslimales that are reasonable and prudenl., slate whether applicable UK Accountin9 Stsndards have been followed, sybjea to any matorial departures disdosed and explained in the financial slalemenl$', and prepare the financi81 statements on the going concrn basis unsS it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adèqu8t& aUntIng records that disdosfr wbth reasonable accuracy at any lime the financial wsition of the Charity and enable Ihem to ensure that the financial slatements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005 and th& Chgrities AcLounts {S¢ollandl Règulations 2006. They Jro also responsible for safeguaTding thè assets of the Charity and honce for taking reasi)nable steps for the prevention and detection of fraud and other irregularits.
CRAIGIE DEVELOPMENT LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CRAIGIE DEVELOPMENT LIMITED I report on the financial statements of the Charfty for the year ended 30 September 2025. whlch are set out on pages 5 10 13. R•¥p•etfv• rnspoMibilitie$ of TN$tees and oxamlner The charity tru51ees (who are also the directors of Craigbe Development Limrted for the purpo8ès of company law} are responsible for the preparation of th8 financial stalements in accordance wrth the lemis of the Charities and Trustee Investmenl Iscodandl Act 2005 and thè Chanties Accounts (Scolland) Regulations 2006.The Charty Trustees ¢onsid•r that the audrt requirement of Regulation 1011}{a)-{cl of the Charfties A¢oounts (S¢olland) Regulations 21KJ6 does nol apply. It is My SponSIbl1Y lo examine the flnandal stalgmenls as required under sectlon 441111¢l of the Charfties and Trustee Investment IS¢otland) A¢t 2005 and to state whglher particular matters have come to my attenb'on. B•sts of Independent examlnerfs ¥tstgmont My examination is earried out in ac¢ordance with Regulation 11 of the Charities Accounts ISco118nd) Regulation$ 2006. An eXaMinatn indudes a review of Ihe acLounting re¢ords kept by the charity and a comp8ristsn of the finanual stalemanls presented with thosè records. It also includes consideratitsn of any unusual item5 or di5(408ures In the finan¢ial statements, and seeking explanations from th8 Iruslees concerning any such matters. The procedures undertakon do not provide all the eviden¢è that would be required in an 8udrt 8n¢Y consequently I do not express an audit opinion the view given ty the financial slalemonts. kndep•nd•nt •xamlngrfs statement In the course of my examination. no mattor has come to my attention . which gNes me reasonable cau88 lo believ¢ that in any material respect the iequiiements.. lo keep a¢¢ounling records in 8c¢ordancè with Section 44{1llal of the Charities and Trustee Investment IS¢otlandl A¢t 2005 and Regulation 4 of the Chariti&s Accounts (Scollandl Regulations 2006. and lo prepare finanual statements which accord with the a¢¢ounting records and compty with Règulation B of the Chariti"e$A¢counts Iscotlandl Regulations 2006 have not been met. or 2. to which, in my opinion, attention should drawn in order lo enable a proper vnder$tsnding of the financial statenIS lo t* reached. St•ph•n INilkie CA 3 Wellington Square Ayr Ayrshire KA71EN 30 April 2026
CRAIGIE DEVELOPMENT LIMITED STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unr•$trlcted funds 202$ UnTestrictsd fund$ 2024 Notes Incom• from: Investments 11.453 12,058 Total incomo 11.453 12,058 Exptrndlture on: Raising funds Charitable tIvItieS 4.508 8.156 4.373 9,227 Totsl oxp•ndlture 12,664 13,61JO Net gainsl(losse$l on Investments 26.690 42,772 N•t in¢omè and mov•m•nt in fund• 25.479 41,230 RKon¢llla¢lon of funds- Fund balances al 1 October 2024 479,184 437,954 Fund bolances at 30 Septsmbgr 2025 504,663 479,184 The statement offinanaal actiw1$ Indudes all gains losses reL¥)gnised in the year. All incorne and expenditufe derfve from continuing èth'v116e6.
CRAIGIE DEVELOPMENT LIMITED DETAILED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 GENERAL FUND INCOME AND ENDOWMENTS FROM: lrtome from investments 11.453 12.058 Total income 11,453 12.058 EXPENDITURE ON: Investm•nt manag•ment costs Portfolio management 4.508 4.373 Charitsble activiil D¢n¥tions Sundry èxpenses 5,800 34 7.000 13 10,342 11,386 Govern*n¢• ¢08ts Accountancy and legal fees 2,325 2,214 Total •xpendilure 12,867 13,600 N•t l•xpendliurellincom• b•for• galns and los$es {1,214) {1.5421 ReallBed recognis¢d galns And 108S Realised gainslllossesl on fixed asset investrnenls 5,679 GENERAL FUND NET INCOME 431 4.137
CRAIGIE DEVELOPMENT LIMITED BALANCE SHEET AS AT30 SEPTEM8ER 2025 2025 2024 Notss FlxÈd •s$ets Inveslrnen15 10 472.269 446,992 Current as•ets Cash at bank and in hand 35.857 35.506 Creditors: amounts falllng duo within on• y 11 {3.4631 13,3141 Nel current Sets 32.394 32,192 Total a$$•ts less current liabilities 504,663 479,184 The funds of the Charlty Unrestricted funds 12 504.663 479,184 504,663 479,184 Th¢ Company is entitled lo the exemption from the audit rnquiremenl wnlained in section 477 of the Companie$A¢t 2IJ06, for the yèar ended 30 September 2025. The dire¢tors a¢knowbdge their responsibilities for complying with the requiMentS of the Companies Act 2006 wrfh resped to accounting records and the preparation of financial slalem8nts. The members have not required the company to obtain an audit of its financial ststements for the year In question in a¢eordanGe with secli¢Jn 476. These financAal statemènts have been pped in accordance with the provlsions appllcaNe lo companiès Subject to the small companies regime. The anaal stateme were approved by the Trustees onXApril 2026 E J H Mowat- Solicitor TruJtee Company gistratIon number SC094927 IScoNandl
CRAIGIE DEVELOPMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Note$ Ca¥h flows from opèrating activities Cash abswbad by operations 1$ {12,515) 113,440) Invastlng actlvltitr$ Purchase of ir)veslwnents Proceeds from disposal of investments Investmènt income received (249,618) 251.031 11.453 182.2331 97.433 12.D58 N•t ¢a$h g•n•rnt•d from inve$ting actmtles 12,Be6 27,258 Ne* cash generatsd from flnanclng aetlvltles N•1 In¢r••$• In cash and cash equivalenl¥ 351 13,818 Cash and cash equiv8lenls at beginning of yoar 35.5 21,688 Cash and cash equIv•nls at •nd of year 35,857
CRAIGIE DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting poll¢l•¥ Charity Infoml10n The Gharity is governed by ils Memorandum and Arlicles of Association and constilules a limited ¢ompany, lirnrfed by guarantee as defined by the Companies Act 20C6 Ire9islered number SC094927 {Scotld)I. The chartty is a 109iSterèd charity number SC001586. The ¢harity is registered with OSCR th• ScA)ttish Charity Regulator. The thartys règistered office is 23 Wel.n9t¢n Square. Ayr, Ayrshire KA7 1HG. 1.1 Accountiny ¢onventlon The finanaal statemerbts have been prèp8red in accordance with the Charitys governing docajment. the Companies A¢t 2CX)6 Ihe Charities and Tnjsteè Investment (Scolland) Act 2005, the Charities Account5 (Scollandl Regulations 2006, FRS 102'The Finanryal Reporting Standard applicable in the UK and Republic of Ireland" and the Charitie$ SORP "Ac£ounling and Reporting by Charities-. Ststement of Recommended Pra¢ti¢è applicable to Charities preparing their accourts in a¢¢ordance with the Finanaal 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 org prepared in sterling. which is the fvn¢bonal currency of the Chaiity. Mon¥lary amounts in Ihese firtancial statements are rounded to the ne8rest £. 12 Charitsble fund$ Unrestricted funds can be used in accordance with the Gharitable objectwes 41 the discretion of the trustees. RestrKted fiJnds ¢an only be used for particular restricted purposes within the obje¢ts of the charity. Restrictions arise when spedfied by the donor or when funds are raisad for particular reslri(ed puwposes. All fijnds h&ld within the finanal slalement$ are restrided to the objectives of the charity and musl be used for educafjonal purpo$es onty. 1.3 Income All income is recognised in the Slatemenl of Finanaal Acliwlies once the charbty has entitlement of the funds. it is probable thot the income wll be received and the omounl can be me8sured roliably. 1A Expendlture Liabilities are re¢gnisell as expendhure as soon as there is 8 legal or conlrasiive obligation Comrnitting the charity to that èxpenditure, it is probable that a transfer of 8conomic ben&ffts will be required in setmernenl and Ihe amount of the obligation can be measuied rgliably. Expenditure 15 accounted for on an accrual basis and has been da55ffied under headings that aggregatè all cost rèlated to the category. Where cosls cannot be direcuy attributed lo Partular headings they have been allo¢ated on aclNilies on 8 bgsis consistent with the use of sources. 1.6 Flxgd asset Inv•¥tfflonts Fixed asset investments are measured al market valuè, Rathbone5, a5 at the balance sheet date. The Statement of Finan¢i81 Activities includes the nel gains and bsses arising on revaluations and disposals throughout the year. 1.6 R•alssgd gains and I¥* All gains #nd lossès are taken to the Slatemenl ol Finaneial Activities as they arise. Realised gains and105ses on investmenls are calculated as the difference between sales proceeds and openlng market value (purchase date if later). Unreali5ed gains and losses are calculated as the difference beeeft market value at the yèar end and the opening markèt value lor purchase date if later).
CRAIGIE DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Aeeounting polici•s (Contlnu•dl 1.7 Fund accountlng Unrestricted lunds can be used in accordance with the ¢harilable objeclwes al the discretion of the trustees. Reslrided funds can only be used for particular restricted purposes wfthin the objects of the ¢harity. Restrictions arise when spectfied by the donor or when funds afe raised for particular restricted purposes. All Jnds hald within the financial 51alements are restricted lo the objectives of the charity and musl be used for educational purposes only. Income from Inv•8tments Unrutrlet•d UnreJtricted fund¥ funds 2025 2024 Income from listed investments 11,453 12,058 Ewnditur• on ralslng fund$ Unr•strlct•d Unrestricted fund$ funds 2025 2024 Inv&$tmenl managementfees 4.373 Not movefflent In funds 2025 2024 The net movement in fund5 15 slated aft8r ¢hargingll¢rediting>: Fees payable for the independènt examination of th¥ ¢haritls finanrAal $tslèmants 485 460 Support costs allocated to actlvities 2025 2024 Governance costs 2.322 2,214 Analy8ed befvM•n: Charitable activities 2,322 2,214 TrustOaS None of the Trustees {or any persons conn8Ct8d wilh them) reeewed any remuTreratn or benefits from the Charity during the year. 10-
CRAIGIE DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 EmployevJ Tho average monlhly number of ernployeg5 during the year was: 2025 Number 2024 Numb•r There werp no employees whose annual remuneration was more than £60,CQO. Taxation The charity is exempl from laxalion on its activilies b8cause all its inwne is applied for charitable purposes. Gains and10s8e* on invejlments Unre•tri¢ted Unrestiicted fvnds funds 2025 2024 Gain31{lossesl arising on.. ReVU8110n of investments S81& of Inveslments 25,045 37.093 5,679 26,690 42.772 11
CRAIGIE DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 10 Flxed as$•t Inv95tments Ustsd Investm•nts Cost or valuotion At 1 Odober 2024 Additions Valuation changes Gainlooss) on $319 Disposa15 446.992 249.818 25,(145 1,645 1251,0311 AI 30 September 2025 472,269 Carylng amount At 30 Sèptember 2025 472.269 AI 30 Septen*Jer 2024 446,992 2025 2024 Investments at fair value comprise: UK and Overseas Equrties UK and Overseas Fixed Interest AlemativttA$$els, UK Property, Emerging Economres 3S8,735 55,209 58,325 257.442 101,934 87.616 472,269 446.992 $1od investments included above.. 202S 2024 Investments al L¥)st 433,378 4CQ,125 Investments held #t 30th Septembar 2025 th81 accounted for over S°A of the total portfolio by value ar8.. Artemis Funds Managèrs Income E Artemi$ Funds Managers Corporale Bond E JP Morgan ETFS IRE US REI JP Morgan Fund ICVC JPM UK EQ Core E TM Nataxis Inv FDS INA) £26,831 £23,626 £29,067 £26,847 £29,129 12-
CRAIGIE DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 11 Credltorn: amounts falling du• wlthln one year 2025 2024 Accruals and deferred income 3,463 3.314 12 Unrèstricted lunds The incrrfne lund$ of thg charity include the following g&n•ral fund.. At l OrAobor 2024 Incoming vesources R•$ourcos expended Gains and lo•$es At30 September 2025 General fund 479.184 11,453 112.6641 26.690 504,663 Pr•vious yoar: At 1 Octob•r 2023 Ineomlng ve¥our¢ ReSoue3 expeftded G*in¥ and lo$¥e• At30 Septsmbèr 2024 General fund 437,954 12.058 113.6001 42,772 479,184 13 Relat•d paty transa¢tiofts There were no disdo$able related p8ty transaGtion$ dvring the year12024- nonel- 14 Ana1• of ¢hang•8 In Mtfundj The Charity had no matèrial debt during the year. IS Cash absorb by opratlons 2025 2024 Surplus for the year 25,479 41,230 AdJu$lments for. Investment income recogni5ed in slalement of financial actNitYd5 Gain on disposal of invèslmènls Fair value gains and lossès on investrnentS {11,453) 11.6451 125,0451 112,058} 15,679) 137,093} Movements in working capital: Increase in creditots 149 160 Ca8h absothd by operntions {12.515) 113.440} 13-