CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Dirèctors, R•port and Unauditèd Financial Statsmènts for the yèar èndèd 31 August 2025
Company No. SC047152
Charity No. SC010357

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Dir•¢tors' Report and Financial StstÈm¢nts for the year *nded 31 August 2025
Cont•nts
Pages
Direclois, Report
Independent Examiner's Report lo the Directors
Statement of Financial Activities
Balan￿ Sheet
Notes to the Financial Statements
7-10
Directo
Mrs. S Gillèspiè (Chairl
Professor M Norval
Mrs. J M Munro
Dr Janet E A Gray
Rev H J R Alexander
Secretary
Mr. Douglas Brotherston
Treasurer
D Brotherston CA
The Stables Studio, Hopetoun House,
South Queensferry. EH30 9SL
Bankeys
Royal Bank of Scotland plc
142-144 Piin¢es Street
Edinburgh
EH2 4EQ
Independent Examiner
Caroline Bald BA CA CTA
71 East Craigs Rigg
Edinburgh
EH12 8JA
Investment Managers
Brewin Dolphin
Sixth Floor
Atria One
144 Morrison Street
Edinburgh EH3 8EX
Registered Office
The Stables Studio, HopetOLJn House,
South Queensferry
EH30 9SL
Company Registered in Scotland No SC047152 Scottish Charity No. SC010357

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Dir•¢tors' Report and Financial StstÈm¢nts for the year *nded 31 August 2025
Directo￿9 Report
The Directors who are Trustees for the purposes of tharily law have pleasure in Submitting Iheii report and
financial statèmÉnts for the yÈar èndèd 31 August 2025.
The 8cwunls have been prepared in accoidance with the accounting policies sel out in note 1 to the accounts
and comply with the Charities and Trustee Investment (Scotlandl Aet 2005, thè Charrfties Accounts Iscotlandl
Regulations 2006 las arnendedl, the provisions of the charities SORP IFRS 1021 'Accounting and Reporting by
Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance
with the Financial Reporting Stsndaid applicable In the UK and Republic of Ireland IFRS 1021. leffective 1 January
20191 and provisions of the Companies Aet 2008 applicable to small companies. Given the size of the entity it is
the opinion of the directors that the information given below is sufficient to comply wrth the Statement of
Recomrnended Practice.
Objectives and Activities
The Directors administer the Cranley Trust which was established in 1985 with the objectives offering support lo
the "corllbined school" of St Denis and Granley and lo pupi15 or former pupils of the combined school or its
¢onsliluenl parts foi eduoalional purposes. The Direotois consider applications ft>r financial assistance from
qualifying persons who wish to pursue studies or research or academic courses for which inadequate funds are
available from other sources. Each application is considered on its own merit and at the sole discretion of the
Directors as TIu51ees.
Achievements and Perforniance
The results for the year are shown in the attached staternent of financial activities and the Directors recommend
that the deficit is deducted from the reserves. Grants were awarded to thirteen individuals.
Finan¢ial Review
During the year ended 31 August 2025 the charitable cornpany recorded nel expenditure before gain5111055esl on
investment assets of £57,72812024'. net expenditure £60,263) and closed the year with net funds amounting to
£162,77612024.' £212,403). The accounts have been prepared in accordance with current statutory requirements
and the charitable company's Memorandum and Articles of Association. The Directors confirm on a fund by fund
basis that the charitable company's 8s5els are available and adequate lo fullil the obligations of the chaiilable
¢ompany.
R¢$èrves Policy
The Directors considèr il good practice to maintsin a resèrve of funds Èquivalènt lo at least one yèar's operating
expenses. This policy is designed to enable the charitable company to operate for a period of a year should no
further incorne be received. The Directors are actively seeking ways to disburse the surplus reserves as grants.
Any surplu5 cash is reinvested by Brewin Dolphin.
Investment Policy
The Directors have instructed the charitable cornpany's stockbrokers to manage its portfolio on a "balanced
incorne basis" that is lo say the funds are invested in predorninanlly lowei risk securities selected for income.
balanced with some potential for growth of income and capital. The Directors are of the opinion that this policy
has been adhe￿d to and that the year's results demonstrate that its objectives have been met. During the year
under review the company's investments were managed by Brewin Dolphin and the Truslees hold review
meetings with them.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Dir•¢tors' Report and Financial StstÈm¢nts for the year *nded 31 August 2025
Grant Making Policy
The charrtable company invites applications from qualifying persons who require financial support to pursue
educational courses. Applioalions. which are submitted on a stsndaid foim. ale considered on their own merrt. A
report on completion of their studies is a condition of any grant awarded.
Future Plans
The Directors are of the opinion they have the powers to provide grants for educational purposes not only to
former pupils of St Denis and Cranley School but also children and grandchildren of former pupils. This policy is
now being pursued.
The Directors and Trustees have considered the irnpact of the current cost of living crisis together with inflationary
pies5ure5 011 the charitable company and believe that il 15 resilient lo the piesenl impact and has sufficient
reserves to continue its activities for the foreseeable future.
Taxatlon
The charitable company is a charity and is recognised as such by HM Revenue & Customs for taxation purposes.
As a result, there is no liability to taxation on any of the income.
Structure, Govèmancè and Managèmont
The charitable company which is limited by guarantee and has no share capital was established on 31 December
1969. The management of the company is the responsibility of the Directors who are appointed in accordance
with the Mernorandum and Articles of Association. The directors generalty meet three time5 a year to consider
applications for grants whilst also eondueting any other business matters. All routine management de¢isions and
administrats'on is undertaken by the Treasurer.
Potential new Directors are pioposéd by existing committeè members to ensure that a broad spéetium of
commercial and social expertise is avaiLable to the Committee. Each Director is provided with information
regarding the charitable company's aims and objectives, previous accounts and minutes of rneelings. The
Directors are provided with updated inforrnalion regarding new legislation and attend training events in order that
they arè aware of their responsibilities. The Directors have considered the major risks to which the charitable
company is exposed and taken the necessary steps to mitigate those risks.
Dlr&ctoYs and thelr Int8r8sts
The directors in office during the year are as shown on page 1.
All of the directors are members of the charitable company and guarantee to contribute £1 in the event of a
winding up.
Report
This report has been prepared in a¢¢ordance with the special provisions of Part 15 of the Companies Act 20
relating to small entities.
Approved for issuÉ by thè directors on 22 April 2026 and signed on thèir bshalf by".
Sheena Gillsepie
sig.ned on 2110412026, 18.54.'53 BST
Mrs S Gillespi&

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Indèpèndènt Examine1$ Report to th• Direetors of Cranley School Limited for the yèar end&d 31
August 2025
I report on the accounts of Cranley School Limited lor the year ended 31 AugLJSt 2Q25, which comprise the
Statement of Financial Activities, the Balan￿ Sheet and the related notes.
Respactlvè rosponslbilitl8s of Dlroctors and &xamln8r
The charitable company's Directors (who are also the Trustees of the charitable company for the purposes of
Charity lawl are responsible lor the preparation of the accounts in accordance with the terms of the Charities and
TIu51ee5 Inve51menl IScoll8ndl Act 2005 8nd the Charities Accounts Iswllandl Regulations 2(YJ6 las amended).
The Charitable company Dire¢tors eonsider that the audit requirement of Regulation 10111181 to 1¢) of the
Regulations does not apply. It is my responsibility to examine the accounts as required under section 4411llcl of
the Act and to state whether particular matters have come to my attention.
Basls of Indèpendent 8xamln•rfs stat8m8nt
My examination is carried out in accordance wrth Regulalion 11 of Ihe Charities Accounts (Scotlandl Regulations
2006 las amended). An examination includes a review of the a￿OuntIng records kept by the charrtable company
nd a comparison ol the accounts presented with those records. 11 also includes consideration of any unusual
items or disclosures in thè 3eCOLJnts. and seeks èxplanations from the Directors concerning any such matters.
The procedures Ljndertaken do not provide all the evidence that would be required in an aLJdit, and consequently
I do not express an audit opinion on the view given by the accounts.
Independent examinerfs statement
In the course of my examination, no Matter has corne to my attention..
which gives me reasonable cause to believe that in any material respect the requirements..
to keep accounting ￿CordS in accordance with Section 4411llal of the 2005 Act and Regulation 4 of the
2006 Accounts Regulations
to prepare accounts which accord with the accounting records and compty with Regulation 8 of the 2006
Accounts Regulations
have not been rnel,
2. to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts
lo be leached.
Caroline Bald
ned on 2110412026, 18.'58'.19 BST
Caro
inè Bald BA CA CTA
71 East Craigs Rigg
Edinburgh
EH12 8JA
22 April 2026

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Stat•m•nt of Flnanclal Actlvltlos
land Income and Expenditure Accounti
for th& year èndèd 31 August 202S
2025
2024
Notes
In¢ome from=
Investments and interest received
Miscellaneous income
4,752
5,S10
100
Expenditure on..
Investment management costs
Charitable activities
1,592
60,888
1,991
63.982
Total expenditu
62,480
65,973
Net oxpenditurè befoyg ot￿r gains and losses
157,7281
160,263)
Net Ilos$e$Vgain$ on investment as$èts
8.101
21.164
Net lexpenditureifincome and movement in funds
149,6271
139,099}
R•conclllatlon of funds:
Total funds at 1 September 2024
212,403
251,502
Totsl funds al 1 Seplerllber 2025
162,776
212.403
All activities of the charitable cornpany relate to continuing operations. The charitable cornpany has no recognised
gains or losses other than those included above.
The statement of financial activities also complies with the requirements for an income and expenditure ac£ounl
under the Companies Act.
The notes on pages 7 to 10 form part of these financial statement5.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Balancè Shèèt as at 31st August 2025
2025
2024
Notes
Fixed assets
Investments
159,602
210.835
Current assets
Cash at bank and in hand
4,916
6,840
Current liabilities
Creditors due within one year
11,7421
15,2721
N•t curr•nt assèts
3,174
1,568
N•t ass•ts
162,776
212,403
Represented by..
Unrestricted funds
162,776
212,403
The charitable company is entitled to exemption from audit under Section 477 of the Cornpanies Act 200e (the
A¢tl for thè yèar endèd 31 August 2024.
The Members have not required the charitable company to obtain an audit of its financial statements for the year
ended 31 ALJgust 2024 in accordance with Section 476 of the Companies Aet 2008.
The Oirectors acknowledge their responsibilities for..
lal ensuring that the charitable company keeps proper accounting records which comply with Sections 386
ofthe Cornpanies Act 2006. and
Ibl foi preparing financial 51alemenls which give a Iiue and fair view of the slate of affairs of the company as
at the end of the financial year and ol its deficit for the financial year in accordance with the requirements
of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006
relating lo financial slalemenls so far as applicable to the chaiitable company.
These accounts have been p￿pared in accordance with the provisions applicable to eompanies subject to small
companies, regime.
The financial $tatemenls were approved by the Board of Directors on 22 April 2026 and weie signed on its behalf
Sheena Gillsepie
Tred OTTr.2110412026,..1&,N,.&3.BST
Gillespie
The notes on page 7 to 10 form part of these financial slatements.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
l. Aecountlng pollcles
Legal Status
Cranley School Limited is a eompany limited by guarantee registered in Scotland, registration number
SC047152, and has no share capital.
The address of the charitable company's registered office is The Stables Studio, Hopetoun House, South
Queensferry, We51 Lolhian, EH30 9SL.
Cranley School Limited meets the definition of a public benefit entity under FRS 102.
These financial staternents are presented in pounds sterling IG8PI as that is the currency in which the
charitable company's Iransaclion5 ale denominated. Monetary amounts in these financial staternents are
rounded lo the nearest £.
Ba¥1$ of p￿paratION
The a¢oounls have been prepared in a¢¢ordan¢e with the charib.es and Trustee Invesltnenl IS¢ollandl A¢t
2005, the Charities Accounts Iscotlandl Regulations 2006 las amended), the provisions of the Charities SORP
IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended PractiTr applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and the Rèpublic of Ireland IFRS 1021, leffe¢tive 1 January 20191. FRS 102 '1he Finan¢ial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the provisions of the Companies Act 2006
applicable to small companies.
The company has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of
¢ertain finanryal instruments al fair value. The piincipal a¢¢ounling poli¢ies ale set out below.
Going concern
The charitable company had year end net assets amounting to £162,776 including cash at bank or on deposit
amounting to £4.916 and other liquid investments permith.ng the TrustÈes lo form the opinion that the chaiitable
company will continLJe its activities for the foreseeable future.
Invastmants
Investments in se¢urilies are measured initially al ¢ost and subsequently al fair value at the balance Sheet
date. Fair value is taken as the mid-market value of the investment reported by the investment managers at
the balance sheet date. Gains and losses on disposal and revaluation of investrnents are charged or credited
lo the Slalernenl of Financial Aclivilie5 ITI the period lo which they relate.
Investment income
Income from investrnenls is included in the Slalement of Financial Activities in the period in which rf( is
receivable.
Grants
Grants payable are charged to the Statement of Financial Activities when the application is approved and a
valid expectation created with the recipient that the grant will be paid.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Notes to the financial $tat*m&nts for the year endèd 31 August 2025 leontinuedl
Acwuniing policles IcoThiinuedl
Anatysis of expenditure
l expendituie is included on an accruals b851s and is iecognised when there is a leg81 or conslruclive
obligation to p8y for expenditure.
here possible expenditure Is allocated directly lo the function to which it relate5. charitable expenditure. oosl
of raising funds or governance costs. Where this is not possible, it is apportioned among the functions to which
it relates.
Charitable activities expenditure comprises these costs incurred by the charitable company in delivery of its
activities and ServI￿S to benefIC￿ries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements
of the chaiilable company and include accounlan¢y fees and oosls linked lo the slialegic rnanagemenl of the
charitable charity.
C8$h at bank and in hand
C8$h and ¢ash eqU￿alents indude ¢a$h in hand. depo$ils held al call with banks and other short-term liquid
investments with original maturities of three months or less.
c￿ditorS
Creditors and provisions are recognised when the charitable company has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimated reliabty. Creditors and provisions are normally recognised at their
settlement amount.
Financial assets and liabilities
Financial instruments ale re¢ognised in the balance sheet when the charitable company be¢omes a paty to
the cont13Ctual provisions of the instrumènt. Financial Instrumènts are initially measured * transaction pri¢e.
Subsequent to initial recognilion, they are accounted for as set out below.
Financial instruments are dassified as either'basic, or 'other' in accordance with Chapter 11 of FRS 102. At
the end of each reporting period, basic financial instruments are measured at amortised cost using the effective
interest method.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when
the charrtable company has transferred substantially all the risks and rewards of ownership. Financial Iiabilrtie5
arè derÈ¢ognised only on¢è thè liability has beèn èxtinguishèd through dischargè, ¢ancèllatitsn or èxpiry.
Funds structurn
General funds arè unrestrieted to be used to ¢arry out thè ￿re activities the Charitable Company.
Valuo Add•d Tax
The charitable company is not registered forvalue added tax and accordingly expenditure includes value added
tax where applicable.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Notes to the financial $tat*m&nts for the year endèd 31 August 2025 leontinuedl
2. Critical judgements and estimates
In application of the company s accounting policies, the directors are required lo make judgements, eslimales
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 lo be relevant. Actual resutt5 may differ from these eslimales.
The estimates and underfying assurnplions are reviewed on an ongoing basis. Revisions lo 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 cutrenl and future
periods.
There were no signrficant estimates and assumption5 made in preparing these financial statewents. The
directors are satisfied that accounting policies are appropriate and applied consistently.
3. Staff Costs and Dlreetors rèmunèratlon and •xpens&s
There were no employees dLJring the current or prior year.
The Directors are considered to be the onty key management personnel of the charitable company. No
Director received any remLJneration nor reimbursement of expenses incurred12024.' nill.
4. Expenditure on ¢haritabl¢ a¢tiviti&s
2025
2024
Grants awaided
Support costs..
Management fee
Bank charges. slalionery. postage and sundry costs
Governance costs".
Independent examination
Cornpanies House fee and Information Cornmissioner registration
57,150
60.281
3,000
37
3,000
680
21
S52
40
60,888
63,982
During the year Menty three grants12024'.231 totaling £57,15012024.' £60,281) were awarded to individuals.

CRANLEY SCHOOL LIMITED
la company limited by guarantee also known as The Cranley Trust)
Company No. SC047152
Notes to the financial $tat*m&nts for the year endèd 31 August 2025 leontinuedl
5. Investsnents
2025
2024
Quotad UK Inv•stmènts
Market value at 1 September 2024
Additions in year
Disposals at opening market valLJe (pr￿eedS £87,068,. loss £1,351)
Unrealised gainslllossesl
210,835
246,441
7,734
60.593
168,4191 1115,1751
9,452
18,976
159,602
210,835
6. Creditors
2025
2024
Acuuals
1,742
5,272
7. Financial assets and liabilities
2025
2024
Financial assets at fair value
159,602
210.835
Fin8noi81 a55els al f811 value cornpiise listed inve51rnents.
8. Related partie$
There were no related party transactions during the year that require to be disclosed12024-nonel.
10