CHRISTINA MARY HENDRIE CHARITABLE TRUST
## FOR
SCOTTISH AND CANADIAN CHARITIES
## REPORT OF THE TRUSTEES
and
STATEMENT OF ACCOUNTS YEAR ENDED 31 MARCH 2025
SCOTTISH CHARITY NO SC014514
|CHRISTINA MARY HENDRIE CHARITABLE TRUST||
|---|---|
|FOR SCOTTISH AND CANADIAN CHARITIES||
|ANNUAL REPORT and STATEMENT OF ACCOUNTS||
|FOR THE YEAR ENDED 31 MARCH 2025||
||**PAGE**|
|**CONTENTS**||
|Report of the Trustees|1 - 3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes on Accounts|6 - 11|
|Independent Auditor's Report to the Trustees|12 - 13|
**CHRISTINA MARY HENDRIE CHARITABLE TRUST FOR SCOTTISH AND CANADIAN CHARITIES for the year ended 31 MARCH 2025**
## **Report of the trustees for the year ended 31 March 2025**
The Trustees have pleasure in submitting their Annual Report for the year ended 31st March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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 second edition October 2019). FRS 102 (second edition issued in October 2019).
## **Objectives and activities**
The Objectives of the Trust are to expend the Trust Funds from time to time (whether Income or Capital) to or among such Charitable Institution or Institutions in Scotland and/or Canada as the Trustees in their uncontrolled discretion shall select having in view any knowledge the said Trustees may have of the views and wishes of Christina Mary Hendrie or Eckford.
The Trustees are committed to supporting charities in Scotland and Canada which predominantly provide for youth and the elderly. They also support veterans' organisations regardless of age.
## **Grant making policy**
The Trustees meet twice a year normally in March and October. They aim to distribute no more than 4% of the Trust's capital per year averaged over 3 years. The assessment for the coming year will be based on the market value of the investments at 31 March. All applications are to be made using the Trust application form which can be found on the Trust website. The main criteria are Scottish and Canadian Charities with an emphasis on youth and the elderly more information can be found on the Trust website.
## **A review of the achievements and performance**
The objectives of the charity during the year were to support charities with the emphasis on those charities relating to youth and the elderly in Scotland and Canada. The Trustees fulfilled these objectives by making donations, those greater than 5% of the total donations made are detailed in note 6 of the accounts, to the extent of the revenue balance and capital which was considered appropriate. The donations were agreed at the two meetings held during the year.
## **Financial review**
The financial position of the Trust at 31 March 2025 is as disclosed in the Statement of Financial Activities and Balance sheet on page 4 and 5. The deficit from the income and expenditure account is due to donations being shown as revenue payments. The shortfall represents a payment from capital.
## **Investment policy and performance**
The investment managers appointed by the Trustees have over the past twelve months followed an investment policy in line with the agreed strategy for the Trust's investments, as set out in their Investment Policy Statement. The Investment Policy Statement will be reviewed within the next accounting period. The investment managers report to the Trustees on a regular basis, with the progress and policy reviewed twice annually. The performance of the investments was in line with the objectives.
The total return on all investments, after Rossie House fees, for 2025 was 4.8% (6.9% in 2024). This compares with the MSCI PIMFA Private Investor Balanced Index benchmark of 4.6% (12.2% in 2024).
The investment policy for the portfolio, which follows a Medium Risk Balanced approach, is believed to be appropriate. The portfolio positioning is made up of a defensive allocation of circa 30% with the balance being allocated to funds principally invested in equities. It is intended to combine long term growth of capital and income with a greater bias to capital preservation. Our/the Trustees expectation is that the policy will meet the long term goals of the Trust while reducing the level of portfolio risk as compared to a purely equity portfolio.
## **Risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that the systems are in place to mitigate their exposure to the major risks. The Trustees consider the major risks to be fluctuations in the value of its investment portfolio and investment returns. The risks are mitigated by the use of external secretaries and on investment managers to ensure the organisation structure is appropriate. The trustees currently have a wide range of skills and seek advice where necessary. Securities are held by Platform Securities LLP nominee and uninvested cash is held by Platform Securities LLP and Anderson Strathern LLP. An investment policy statement has been prepared with a sub committee meeting annually prior to the March meeting to discuss the policy and strategy.
## **Reserves policy**
The Trustees can make distributions from both income and capital gains generated from investments, while recognising the importance of preserving the real value of the investment portfolio over time. They are prepared to use further capital, as determined by the trust deed, in exceptional circumstances. The Trustees aim to preserve the investment portfolio at £4million index linked from October 1996 (2025 £10,280,884) (2024 £9,960,998).
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## **CHRISTINA MARY HENDRIE CHARITABLE TRUST FOR SCOTTISH AND CANADIAN CHARITIES for the year ended 31 MARCH 2025**
## **Report of the trustees for the year ended (continued)**
## **Plans for the future**
The Trustees wish to continue to build the capital of the fund, taking due account of risk, to enable them to have sufficient funds to meet the various appeals received from the chosen categories.
## **Structure, governance and management**
The Trust was originally constituted by the Trust Disposition and Settlement of dated Ninth Day of April Nineteen Hundred and Thirty Five and presented for registration in the Books of Council and Session on Twenty First Day of February Nineteen Hundred and Fifty. It was subsequently reorganised and the current trust deed was registered on Second Day of September Two Thousand and Ten.
The Trust does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.
All Trustees are family members with the exception of John K Scott Moncrieff, Andrew Desson and Alan Sharp. Any decisions relating to assumptions and resignation of Trustees are ratified at the bi-annual meetings held in March/April and October/November each year. Trustees are asked to provide a brief paper outlining their skills and experience. Training needs are assessed and met by the serving trustees.
## **Key management personnel remuneration**
Mary-Rose Grieve (Chairman) and Anderson Strathern LLP (the Secretaries) look after the day to day management of the Trust. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 2 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises.
## **Reference and administrative information**
## **Trustees**
## **Day to day management**
## **Principal Office**
58 Morrison Street, Edinburgh, EH3 8BP
Charity Number: SC014514
## **Auditors**
CT Audit Limited Chartered Accountants & Statutory Auditor 61 Dublin Street, Edinburgh, EH3 6NL
## **Investment Managers**
Rossie House Investment Management 50 Moray Place, Edinburgh, EH3 6BQ
## **Custodians**
Platform Securities LLP Kildare House, 3 Dorset Rise London, EC4Y 8EN
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## **CHRISTINA MARY HENDRIE CHARITABLE TRUST FOR SCOTTISH AND CANADIAN CHARITIES for the year ended 31 MARCH 2025**
## **Report of the trustees for the year ended (continued)**
## **Trustees' responsibilities in relation to the accounts**
The charity trustees are responsible for preparing a trustees' annual report and accounts 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 accounts for each 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, of the charity for that period. In preparing the accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. 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. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Approved by the trustees on 23 December 2025 and signed on their behalf by:
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## **CHRISTINA MARY HENDRIE CHARITABLE TRUST FOR SCOTTISH AND CANADIAN CHARITIES**
## **Statement of Financial Activities**
## **for the Year ended 31st March 2025**
|**NOTE**
**Income**
Investment income
3
Interest receivable
3
**Total income**
**Expenditure on:**
Raising funds:
Investment management costs
4
Charitable activities:
Donations
6
Support and governance costs
5
**Cost of grant making**
**Total expenditure**
**Net (expenditure) and net**
**movement in funds before gains and**
**losses on investments**
8
Net gains on investments
**Net movement in funds**
**Total fund brought forward**
**Total funds carried forward**|**2025**
**2024**
**£**
**£**
147,305
127,170
13,035
8,445|
|---|---|
||160,340
135,615|
||32,638
30,994|
||316,137
303,940
48,465
48,650|
||364,603
352,590|
||397,240
383,584
(236,901)
(247,970)|
||261,437
420,376|
||24,536
172,406
7,852,273
7,679,866|
||7,876,809
7,852,273|
All funds are unrestricted
The notes on pages 6 to 11 form part of these accounts.
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## **CHRISTINA MARY HENDRIE CHARITABLE TRUST FOR SCOTTISH AND CANADIAN CHARITIES**
|**Balance Sheet**
**As at 31 March 2025**
**NOTE**
**Fixed assets:**
Investments
8
**Current assets:**
Debtors
9
Accrued interest prepaid
9
Accrued interest receivable
9
Cash at Bank
**Liabilities**
Amounts falling due within one year:
Creditors
10
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity:**
As at 1st April 2024
Deficit from income & expenditure account
Recognised investment gains
As at 31 March 2025|**2025**
**2024**
**£**
**£**
7,896,264
7,583,068|
|---|---|
||18,021
30
1,205
1,420
4,301
6,776
177,027
440,878|
||200,554
449,104|
||220,009
179,899|
||(19,455)
269,205|
||7,876,809
7,852,273|
||7,852,273
7,679,866
(236,901)
(247,970)
261,437
420,376|
||7,876,809
7,852,273|
Approved by the Trustees and signed on their behalf by
The notes on pages 6 to 11 form part of these accounts.
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## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES**
## **Year ended 31st March 2025**
## **Notes to the accounts**
## 1 **Accounting Policies**
## (a) **Basis of preparation and assessment of going concern**
The accounts 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 accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition - October 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation 2006 (as amended).
The trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant areas of adjustment and key assumptions would be from multi-year grant commitments, the Trustees only do this in exceptional circumstances. With respect to the next reporting period, 2025-26, the most significant areas of uncertainty that effect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees' annual report for more information).
## (b) **Funds Structure**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
All the funds of the trust are unrestricted.
## (c) **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in statement of financial activities immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## (d) **Creditors**
Creditors are recognised where the charity has a present obligation resulting from past events 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 reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
All administration expenses are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required and the amount of the obligation can be measured.
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## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES Year ended 31st March 2025**
## (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.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in reporting period.
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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
## (e) **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is 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. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaining to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The Trustees do not normally make multi-year grants but encourage recipients to reapply where there is a particular interest.
## (f) **Allocation of support and governance costs**
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
## (g) **Debtors**
Accrued income is recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any discounts due.
## (h) **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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**2 Related party transactions and trustees' expenses and remuneration**
## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES Year ended 31st March 2025**
## (i) **Costs of raising funds**
The costs of raising funds consist of investment management costs and certain legal fees.
## (j) **Charitable activities**
Costs of charitable activities include grants made, governance costs and support costs as shown in note 5 and 6.
## (k) **Fixed asset investments**
Investments are a form of basic financial instrument 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 arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## (l) **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value 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.
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil). Expenses paid to the trustees in the year totalled £2,528 (2024: £2,285) of which £nil (2024: £nil) were outstanding at the year end. Four trustees were reimbursed for their travel expenses (2024: 4).
The firm of Rossie House Investment Management, of which is a partner, received fees of £32,638 (2024: £30,994).
Anderson Strathern LLP received fees of £34,338 (2024: £34,317) of which £8,437 was outstanding at the year end (2024: £8,699).
The chairman and the secretaries look after the day to day management of the Trust.
## **3 Investment income**
|Dividends and fixed interest securities
Interest on cash deposits|**2025**
**2024**
**£**
**£**
147,305
127,170
13,035
8,445|
|---|---|
||160,340
135,615|
All income is unrestricted.
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## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES Year ended 31st March 2025**
## **4 Investment management costs**
|Investment management fees|**2025**
**2024**
**£**
**£**
32,638
30,994|
|---|---|
All investment management costs are attributable to unrestricted funds.
## **5 Allocation of governance and support costs**
|**Governance**
Trustee expenses
Auditor's remuneration
**Support costs**
Secretaries fees
Website design|**2025**
**2024**
**£**
**£**
2,528
2,285
6,845
6,615|
|---|---|
||9,373
8,900
34,871
34,753
4,221
4,997|
||39,092
39,750|
||48,465
48,650|
## **6 Analysis of charitable expenditure**
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
Donations which are more than 5% of the total donations made in the year are detailed below.
|Donations which are more than 5% of the total donations made in the year are detailed|below.|
|---|---|
|Teach for Canada
Total of all donations under 5%|**2025**
**2024**
**£**
**£**
15,000
-
301,137
303,940|
||316,137
303,940|
All charitable expenditure was attributable to unrestricted funds.
## **7 Auditor's Remuneration**
The auditor's remuneration constituted an audit fee of £6,845 (2024: £6,615).
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## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES Year ended 31st March 2025**
## **8 Fixed Asset Investments**
Movement in fixed asset listed investments
|Movement in fixed asset listed investments||
|---|---|
|Market value brought forward at 1 April 2024
Add: additions to investments at cost
Disposals at carrying value
Add net gain on revaluation
Market value as at 31 March 2025|**2025**
**2024**
**£**
**£**
7,583,068
7,559,620
997,558
1,074,443
(945,797)
(1,471,372)
261,435
420,376|
||7,896,264
7,583,068|
Net cash released from investments in the year was £(51,759) (2024: £396,928).
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.
The Trust relies on a combination of capital and growth from portfolio investments and dividend and bond coupon income to finance its work. The value of the portfolio investments fluctuates with market values. The principal risks to the market value of financial instruments held in the trust's portfolio relate to interest rate movements, foreign exchange rate movements and inter-related levels and changes in levels of economic growth and inflation. Government policies have an influence on these factors. Risks to income include the same factors, which influence dividend levels and the creditworthiness of bond counterparties. Investor expectations, which affect the market price of investments are related to these factors, but are not always objectively derived.
The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.
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## **THE CHRISTINA MARY HENDRIE TRUST FOR SCOTTISH AND CANADIAN CHARITIES Year ended 31st March 2025**
## **9 Analysis of current assets**
|**Analysis of current assets**||
|---|---|
|Prepayments and accrued income
Cash at bank
**Total**|**2025**
**2024**
**£**
**£**
23,527
8,226
177,027
440,878|
||200,554
449,104|
All prepayments and accrued income related to unrestricted funds in both 2025 and 2024.
All cash at bank relates to unrestricted funds in both 2024 and 2023.
## **10 Analysis of current liabilities and long term creditors**
|**Creditors under 1 year**
Rossie House investment management fee
Audit fee and Trustees' expenses
Donations agreed at meeting on 28 March 2025
Anderson Strathern LLP|**2025**
**2024**
**£**
**£**
8,092
8,078
6,500
6,615
196,981
156,507
8,437
8,699|
|---|---|
||220,009
179,899|
All creditors in 2025 and 2024 relate to unrestricted funds.
## **11 Analysis of charitable funds**
|**2025**|||**Realised and**||
|---|---|---|---|---|
||||**Unrealised**||
|**Balance**|||**Gains and**|**Fund**|
|**b/fwd**|**Income**|**Expenditure**|**Losses**|**c/fwd**|
|**£**|**£**|**£**|**£**|**£**|
|7,852,273|160,340|(397,240)|261,437|7,876,809|
|**2024**|||**Realised and**||
||||**Unrealised**||
|**Balance**|||**Gains and**|**Fund**|
|**b/fwd**|**Income**|**Expenditure**|**Losses**|**c/fwd**|
|**£**|**£**|**£**|**£**|**£**|
|7,679,866|135,615|(383,584)|420,376|7,852,273|
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## **Opinion**
We have audited the financial statements of The Christina Mary Hendrie Trust (the ‘charity’) for the year ended 31 March 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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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 Trustees’ 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, except to the extent otherwise explicitly stated in our report, 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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## **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:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ annual report; or
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement, the Trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor 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 regulations made under that Act.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were no limited to:
- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management;
- review of minutes of Trustee meetings throughout the year;
- obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
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## **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.
**CT Audit Limited**
**61 Dublin Street Edinburgh EH3 6NL**
Date: 23/12/2025 | 15:23 GMT
CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.