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2025-03-31-accounts

The National Body for Neurodiversity Governors of The Donaldson Trust

Trustees’ Report and Financial Statements for the Year Ended 31 March 2025

The Donaldson Trust (Governors of the Donaldson Trust) is a registered charity in Scotland, number SCO17417

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THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

Contents

Report of the Governors of the Donaldson Trust ..................................................................... 3
Statement of Governors’ Responsibilities in Respect of The Governors'
Report and the Financial Statements ………............................................................................ 1�
Independent Auditor’s Report to the Governors of the Donaldson Trust ................................. 1�
Statement of Financial Activities …........................................................................................... 21
Balance Sheet …....................................................................................................................... 22
Cash Flow Statement …........................................................................................................... 23
Notes to the Accounts …........................................................................................................... 24 to 3�

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

The Governors of the Donaldson Trust present their annual report for the year ended 31 March 2025 together with the financial statements for the year and confirm that the latter comply with the requirements of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990, the Trust Deed and the Charities SORP (FRS102) and the Charities Accounts (Scotland) Regulations 2006.

OBJECTIVES AND ACTIVITIES

Our purpose is to affect societal change to value neurodiversity, by encouraging understanding, driving excellent practice related to neurodiversity, and amplifying neurodivergent voices.

Our vision is a society in which neurodivergent people are understood, accepted, treated fairly and valued.

Activities

In the furtherance of our objects and aims we provide:

Education

We provide specialist education to neurodivergent children and young people with complex additional support needs at our Sensational Learning Centre, a grant aided special school for children and young people aged 5 to 18. The service offers an environment in which all forms of inclusive communication is equally valued.

Wellbeing

Our Vibe service supports neurodivergent young people in an environment where they feel safe and secure in order to improve their wellbeing and when ready to reengage with learning. Through our person-centred planning approach young people are supported to achieve a state of mind where they can learn and live more fully. Vibe offers a modern alternative approach to balancing wellbeing and skills development to ensure the best possible outcomes for those who engage with the service.

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Adult Services

Gate is our Care Inspectorate registered wellbeing and skills development service for neurodivergent people aged 16 and above. It enhances the skills of trainees and improves their wellbeing. By building confidence and resilience Gate helps trainees achieve their agreed goals and ambitions through a person-centred approach.

Treehouse, also registered with the Care Inspectorate is an individualised, personcentred service which provides a bespoke service to adults requiring intensive nonresidential support within a ‘home-style’ setting.

Neurodiversity Training and Consultancy

Our Connect service delivers training and consultancy to employers and staff teams while continuing to develop new, innovative content. This will increase opportunities, access and acceptance of neurodivergent people and their families.

Influencing

The Trustees established our new influencing and external engagement function during the year. This new initiative is providing the capacity and expertise to allow us to amplify the voices of those we support and the wider neurodiversity community to drive societal change, improving opportunities for neurodivergent individuals.

ACHIEVEMENTS AND PERFORMANCE

The Trust

2024/25 was the sixth year of our Ten-Year Strategy and the Trustees focus has been on implementing plans to secure the long-term ambition of being the National Body for Neurodiversity. Following the review and refresh of the ten-year strategy undertaken by Trustees in early 2024 work has continued in developing and implementing plans for our new goals and objectives.

Sensational Learning Centre

The Sensational Learning Centre provides a safe, inclusive and empowering environment that respects and nurtures neurodivergent pupils, enabling them to reach their full potential academically, socially and emotionally. We promote neurodiversity as a strength, cultivate positive understanding of diverse learning and thinking styles and models an inclusive education approach.

Key achievements:

The school was inspected by Education Scotland in March 2025. The inspection evaluated two Quality Indicators: Learning, Teaching and Assessment, and Raising Attainment and Achievement - both of which were evaluated as Good. The Trustees are pleased to see the improvements made by the new school leadership team and the efforts of all staff to achieve such a positive inspection outcome.

In line with our core commitment to health and wellbeing, we continue to meet the educational, social, emotional, and wellbeing needs of the pupils we support. Our dedicated staff team delivered an extensive wellbeing programme, including swimming, yoga, equine therapy, Lego Therapy, lawn bowls, participated in the ‘Daily

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Mile’ challenge, Bikeability, and mountain biking, all promoting physical, emotional, and social development. External partners supported the delivery of some activities including Play Therapy delivered by ‘With Kids’, providing child-led therapeutic interventions that promote self-expression, trauma recovery, and emotional wellbeing.

Skills-based and vocational learning: participated in sensory cooking sessions, gardening activities, Duke of Edinburgh’s Award, John Muir Award, and Emotion Works to develop life skills, independence, resilience, and employability.

Enterprise and community engagement: developed enterprise and practical skills through the launch of a community café, volunteering and work experience and regular planned visits to local community shops and cafes.

Communication Development: ongoing support from a Speech and Language Therapist ensures that communication remains central to the curriculum, empowering pupils to express themselves and engage meaningfully.

Pupil voice & leadership: pupils contributed to their own planning processes and review meetings, actively participated in the design of events and assemblies. Through the Pupil Council, young people were involved in driving initiatives to enhance their environment by sourcing and planning sensory activities, engaging with the United Nations Convention on the Rights of the Child (UNCRC), and collaboratively exploring the SHANARRI wellbeing indicators.

Curriculum & accreditation: one pupil achieved National 3 qualifications in English and Maths, another in Baking. Expansion of the qualification pathways offered is underway through investment in GTCS registered subject specialist secondary teachers in English and Maths to increase opportunities for pupils to access and attain more SQA and other recognised qualifications.

Vibe

Vibe supports neurodivergent young people aged 12–18 to reengage with learning and move toward positive destinations - whether in education, training, or employment, by helping them to develop emotional resilience, improved self-esteem, and coping strategies, and building foundations for learning, academic engagement and post-school transition.

Our approach builds the confidence, wellbeing, and skills young people need to overcome barriers, helping to reduce the risk of long-term disengagement. We partner with education establishments to support young people to reconnect with learning and take meaningful steps toward a brighter future.

Key Achievements:

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Adult Services

Our services for adults comprise Gate and Treehouse, which operate under a joint Care Inspectorate registration. During the year the services were inspected by the Care Inspectorate and rated “Good” in Supporting Wellbeing and Staff Quality recognising the progress made by the service and leadership team.

Gate

Gate supports neurodivergent young adults, aged 16+, to work towards positive outcomes, with a focus on improving wellbeing. Gate supports individuals to gain new skills, access activities and plan for future transitions.

Key achievements:

Treehouse :

Treehouse is a specialist wellbeing service for neurodivergent adults aged 16+ who require an individualised programme and bespoke environment to support and improve their wellbeing, skills development and independence. A range of activities delivered by Treehouse Wellbeing Practitioners are designed to match individual interests and skills and content is continuously evaluated to ensure it is relevant, meaningful and stimulating.

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Key achievements:

The Board of Trustees would like to express their gratitude to all staff and volunteers who have worked to make our services such welcoming and valued resources to those requiring support.

External training and consultancy:

We continued to build on our work to increase awareness, understanding and acceptance of neurodiversity through Connect: our training, advisory and consultancy service.��

Activities in the year helped to challenge stigma and shift attitudes and supported organisations to create neuro-inclusive environments across workplaces, health and care settings, and education establishments, both at home and internationally.��

Training and Consultancy was delivered to a diverse range of external organisations including:�

Awareness through Speaker and Media Opportunities:�

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Co-creation and Collaboration:�

Influencing and engagement

To effectively fulfil our purpose and help drive societal change to increase opportunities for neurodivergent people, in the year the Trustees established our new influencing and external engagement function. With neurodivergent people at the heart of what we do, this focusses on four key areas:

In the year our focus has been on our contributing to ongoing policy debates and building meaningful partnerships that increase and amplify neurodivergent voices.

Responding to public consultations has been a main theme during the year with responses to ten consultation papers across a range of key themes, including education and social care, brought by governments, Committees of The Scottish Parliament, and third-sector partners. As well as having a material impact on decision-making processes, this has allowed the Trust to cultivate a body of policy ‘asks’ that will inform our Holyrood pre-election manifesto development in the coming year. This has been achieved collaboratively with service teams and, in many cases, neurodivergent people actively using a Donaldson’s service.

Investing in this area and having the capacity to monitor parliamentary and government work has enabled us to participate in fora through which we advocate for neurodivergent interests, while increasing our knowledge of what is most important to neurodivergent people.

Notable visits to our Linlithgow campus include

he (then Interim) CEO of SQA.

PLANS FOR THE FUTURE

Our plans are driven by the ten-year strategy covering the period 2019- 2029. In February 2024 the Trustees set the following strategic goals:

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Five strategic enablers underpin delivery of our strategic goals:

Plans are in place and are subject to regular review by the Trustees. In 2025 our focus is on growing our Linlithgow campus-based services while working with existing partners and identifying new partners to establish local and national services that meet the increasing demand for what we do while ensuring our services are financially sustainable in the long term.

We will build on the work done to establish our external training service, Connect, and our influencing and engagement capacity as we increasingly amplify neurodivergent voices and drive societal change.

Funds have been set aside by the Trustees to ensure that we can implement our plans in the most positive way. As we draw down funds, and with the ongoing uncertainty and potential ending of GASS funding, the Trustees recognise that we will see a reduction in reserves as investment in the strategy results in expenditure being higher than income for the foreseeable future.

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

For 2024/25 the Trust is reporting an increase in funds of £28,480 (2023/24: increase of £750,385). The financial performance at operational level is in line with expectations, being a deficit of £147,283 (2023/24: surplus of £4,420) before investment gains/losses and revaluation. In the year our investments saw gains totalling £175,764 (2023/24: gain of £745,965). We are reporting an increase in total funds of £28,480 (2023/34: increase of £750,385).

Total income of £3,847,382 is £233,812, 6.5%, higher than that for 2023/24. The main source of funding is the education revenue grant from the Scottish Government of £1,947,616 (2023/24: £1,947,616). Income from fees was £1,440,011, being £207,771, 16.9%, higher than 2023/24 reflecting an increase in the number of children, young people and adults accessing our services.

Dividend income from investments of £199,322 is £10,617 lower than 2023/24. Bank interest of £140,992 is £49,322 higher than 2023/24 reflecting an increase in cash available to earn interest during the year. Donations at £29,686 were £12,737 higher than 2023/24 due to the investment in fundraising with a new fundraiser taking up post during the year. Income from trading and other activities is £34,439 lower than 2023/24 due to the ending of external lets in June 2024.

Expenditure for 2024/25 was £3,994,665, an increase of £385,515, 10.7%, compared to the previous year. Salary costs increased by £381,802 (2023/24: increase of £390,928) due to a planned increase in staff and cost of living awards. Other charitable activity costs increased by £32,020 with property costs reducing by £22,668 compared to 2023/24. Property costs reduced as we entered into new lower cost gas and electricity costs. A total of £135,166 was spent on capital additions (2023/24: £24,774).

Investments

The Trust invests amounts not required for the operation or development of the charity and seeks to achieve a balanced approach to capital growth and investment income. The portfolio of investments is managed on a discretionary basis in line with our long-term objective set out in the investment policy.

As part of their annual review the Trustees reviewed their investment objectives set in 2021 and agreed that these would remain our policy for 2024/25. The policy objective is to generate a total return of UK inflation (CPI) plus 3% per annum over a rolling five-year period. The return may be generated through a combination of income generation and capital growth.

Investment funds at 31[st] March 2025 totalled £9,985,759 (2023/24: £9,247,296). The portfolio is managed taking a moderate approach to risk. The Trust’s investments produced income of £199,322 (2023/24: £209,939) which were reinvested into the fund. In the year, the investment portfolio increased by 8% (2023/24: increase of 14.4%).

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

The investment policy highlights the Trustees commitment to environmental, social, and governance considerations and the Trustees seek reassurances from the investment manager that funds held are suitable for a charitable organisation to hold. Reports are received on a quarterly basis with performance compared to a composite benchmark index and performance assessed over the long term. Performance is monitored by the Finance and Audit Committee and regular meetings are held with the investment manager, who also attends a minimum of one Board meeting each year, to review performance and discuss suitability of the investment policy in the context of the wider financial circumstances of the Trust.

Donations and Legacies

The Trust undertakes fundraising activities to support the work and development of the Trust. Donations and Legacies received in excess of £500 were as follows:

The Lady Marian Gibson Trust
£10,000		 The Lady Marian Gibson Trust
£10,000		 The Lady Marian Gibson Trust
£10,000
The James Inglis Testamentary Trust
£1,000
£5,000
Duke of Edinburgh Award £5,045
Sharegift £10,000
£500

The Trustees would like to thank all those who have so generously volunteered their time or provided financial support to the Trust.

Reserves

The Trustees ensure that sufficient unrestricted funds are available to meet its shortterm financial obligations. The policy agreed by the Board is to hold not less than three months operational costs in reserve, equivalent to £1m based on 2024/25 expenditure.

At the 31st March 2025 actual free and available reserves, excluding the reserves represented by the book value of fixed assets, and excluding restricted and endowment reserves plus cash held for investment (note 9), totalled £2,794,061 (2023/24: £2,976,000).

The Trustees have considered this level of reserves and believe it to be prudent and appropriate considering its ambitious plans and the ongoing uncertainty around the continuation of its core funding, GASS.

As noted below in Plans for the Future and Risk Management, the Trustees investment in the strategy will see an annual reduction in reserves over at least the next three years as expenditure outstrips income. This investment is needed to ensure the long term sustainability of the charity.

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Risk Management

The Trustees have processes in place to assess, monitor and manage the major risks facing the Trust. Each sub-committee of the Board is responsible for identifying the major risks affecting their area of interest and report these to the Board. In addition, the Board of Trustees considers all risks and agrees strategies to eliminate, reduce or manage each risk. In the year, the Board considered the following to be the main risks facing the Trust:

Work continues in assessing new and emerging risks while reducing the level and impact of risk. During the year the new role of Quality Officer was developed to provide a quality and assurance resource our operational teams, executive team and Trustees.

To ensure we keep everyone safe, we continue to invest in the key roles of Designated Safeguarding Leads and the team of deputes that support this key function. All staff receive annual training as do the board of Trustees, and all safeguarding concerns are monitored by the executive team and when applicable escalated to external agencies and the board of Trustees.

With the potential for withdrawal of GASS funding within the next four years the Trustees recognise the need to diversify our income streams to remain sustainable in the long term. The strategy sets growth targets with growth at our Linlithgow campus and the development and launch of new services nationally.

A suitable contractor will be engaged to undertake an inspection of the campus to provide replacement and lifecycle costs for key building components.

Our people are critical to the successful delivery of our strategy and a new People strategy is being developed along with ongoing workforce planning to support everything we do,

The Trustees are satisfied that the major risks have been identified and that all necessary actions are being taken to reduce the level of risk to the Trust. The Trustees will continue to seek improvements in risk management processes as well as acting to continually address risks the organisation faces.

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees of the Donaldson Trust is a charity registered in Scotland. It originated from a bequest by who died in 1830. The charity’s governing document is the Deed of Trust 2024, copies of which are available on request from its principal office.

The Deed of Trust provides for a maximum number of twelve Trustees who form the Board of Trustees. The Board of Trustees, as the governing body, is responsible for the governance of the Trust, for setting the strategic direction, for managing the finances and overseeing the operational management of its activities.

All Trustees have Disclosure Scotland checks in line with the Protection of Vulnerable Groups (PVG) Scheme.

Trustees serve a three-year term and are eligible to be re-elected to serve a further three years. In exceptional circumstances a Trustee may be re-elected to a third threeyear term, subject to a special meeting and two thirds majority vote of the other Trustees. Trustees can be elected at any time during the year, and their term begins on their first day in office.

The Board of Trustees meet a minimum of four times each year. Three subcommittees support the Trust’s governance and work. In addition, short-life committees are established as required. The three standing committees are:

Quality, People and Innovation (QPIC): provides policy guidance, oversight and scrutiny on all matters relating to the welfare and learning of children, young people and supported adults, service quality and development and employment and staff development.

Finance and Audit (FAAC) : provides policy guidance, oversight and scrutiny on all matters relating to; governance; finance; internal control; audit; risk management; income strategy; investments; and business development activities

Nominations and Remuneration (N&RC): provides policy guidance, oversight and scrutiny on all matters relating to safeguarding, quality of service; service improvements; new models of delivery, compliance of services, employer responsibilities and staff development.

Remuneration of Key Management Personnel

The Trustees delegate day to day management of the charity to the Chief Executive. The Board of Trustees determine and set the pay for the Chief Executive. The Trustees recognise the need to ensure the charity is led by a professional, highly skilled and dedicated individual and sets the Chief Executive’s remuneration in line with the specific role and responsibility, taking account of market rates including that paid to others within similar organisations. The Chief Executive makes proposals to the Nominations and Remuneration Committee on pay policy for the whole

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

organisation.

REFERENCE AND ADMINISTRATIVE

Details of the Trustees, who are also the Trustees of the Trust under Charity Law, who served during the year are listed below, including appointment and resignation dates.

Name/committee membership

Appointment date

August 2021 Re-elected August 2024

December 2018 Re-elected December 2024

December 2018 Re-elected December 2024

September 2019 Resigned 31[st] August 2025

December 2020

Re-elected December 2023

December 2020 Re-elected December 2023

December 2020 Re-elected December 2023

September 2023

September 2023

November 2023

Appointed 26[th] March 2025

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

Delegated Authority

The Trustees delegate day to day management of the charity to the Chief Executive who is supported by an Executive Leadership Team. In 2024/25 the following key management staff was in place:

Chief Executive Chief Executive Chief Operating Officer Director of People and Engagement Director of Services

Details of professional advisors:

Bankers: Virgin Money 1 Bank Street Falkirk FK1 1NB Auditor: CT Audit Limited 61 Dublin Street, Edinburgh EH3 6NL Investment Managers: Solicitors: Burness Paull LLP 50 Lothian Road Festival Square Edinburgh EH3 9WJ

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REPORT OF THE GOVERNORS OF THE DONALDSON TRUST FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

The Trustees who were in office at the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees have confirmed that he or she has taken all the steps that he or she ought to have taken as Trustees in order to make himself or herself aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Report was approved by the Trustees on the 24th September 2025 and signed on its behalf by:

24[th] September 2025

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE GOVERNORS’ REPORT AND THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustees Investment (Scotland) Act 2005. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the Trustees. The Trustees responsibility also extends to the ongoing integrity of the financial statements contained therein.

On behalf of the Board

Chair

24[th] September 2025

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Independent Auditor’s Report to the Governors and Members of The Donaldson Trust

Opinion

We have audited the financial statements of The Donaldson Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the Statements of Financial Activities, the Balance Sheet, the Cashflow Statement 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:

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 Governors’ 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 Governors 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 Report of the Governors, other than the financial statements and our auditor’s report thereon. The Governors 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:

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement, the Governors 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 Governors 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:

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 Governors, 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 Governors 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

24 September 2025 Date:

CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

2024 2024 £ 16,949 51,006 301,599 3,244,016 3,613,570 37,997 3,571,153 3,609,150 745,965 750,385 - 750,385 17,261,149 18,011,534
Endowment funds £ - - - - - - - - 745,965 745,965 748,717 1,494,682 8,151,845 9,646,527
Restricted funds £ - - - 57,939 57,939 - 65,594 65,594 - (7,655) - (7,655) 10,707 3,052
Unrestricted funds £ 16,949 51,006 301,599 3,186,077 3,555,631 37,997 3,505,559 3,543,556 - 12,075 (748,717) (736,642) 9,098,597 8,361,955
2025 £ 29,686 16,687 340,314 3,460,815 3,847,502 76,027 3,918,759 3,994,786 175,764 28,480 - 28,480 18,011,534 18,040,014
Endowment funds £ - - - - - - - - 175,764 175,764 2,340,634 2,516,398 9,646,527 12,162,925
Restricted funds £ 5,000 - - 61,592 66,592 - 28,540 28,540 - 38,052 - 38,052 3,052 41,104
Unrestricted funds £ 24,686 16,687 340,314 3,399,223 3,780,910 76,027 3,890,219 3,966,246 - (185,336) (2,340,634) (2,525,970) 8,361,955 5,835,985
Notes 3 3 3 3 4 4 9 12 12
INCOME Donations & legacies Other trading activities Investments Charitable activities Total income EXPENDITURE Raising funds Charitable activities Total expenditure Net gains on investments Net income/(expenditure) Transfers between funds Net movement of funds Reconciliation of funds Total Funds brought forward Total Funds carried forward

����������������������������������������������������������

THE DONALDSON TRUST BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2025

Notes
Fixed assets
8
Investments
9
Current assets
Debtors
10
Short term investments
Cash at bank and in hand
Creditors:
Amounts falling due within one year
Net current assets
Net assets
13
Funds
Unrestricted funds
12
Restricted funds
12
Endowment funds
12
Total Funds
11		 2025
£
5,260,194
12,162,925
17,423,119
204,475
-
713,152
917,627
616,895
18,040,014
5,835,985
41,104
12,162,925
18,040,014
(300,732)		 2024
£
5,388,877
9,646,527
15,035,404
214,071
2,000,000
1,187,118
3,401,189
2,976,130
18,011,534
8,361,955
3,052
9,646,527
18,011,534
(425,059)

The financial statements were approved by the Board of Governors and authorised for issue on 24th September 2025 and are signed on its behalf by:

----- Start of picture text -----
Chair
----- End of picture text -----

22

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THE DONALDSON TRUST CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2025

Notes
Cash flows from operating activities:
Net cash provided by operating activities
17
Cash flow from investing activities:
Dividends and interest from investments
Payment for tangible fixed assets
Proceeds from sale of fixed assets
Payment for investments
Movement in cash held for investment
Proceeds from sale of investments
Sale of fixed term deposits
Net cash provided by investing activities
Change in cash, cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents:
Cash and cash equivalents comprise:
Cash at bank
Cash in hand
Short term investment deposits		 2025
£
(338,600)
340,314
(135,166)
120
(2,401,939)
(1,777,935)
1,839,240
2,000,000
(135,366)
(473,966)
1,187,118
713,152
686,831
972
25,349
713,152		 2024
£
(48,145)
301,599
(24,774)
-
(4,373,414)
(327,853)
3,952,550
540,326
68,434
20,289
1,166,829
1,187,118
1,159,247
954
26,917
1,187,118

23

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NOTES TO THE ACCOUNTS

1. GENERAL INFORMATION

The Donaldson Trust is a charitable trust governed by the Donaldson Trust Scheme 2009 and is a registered charity with the Office of the Scottish Charity Regulator. The charity number, address of the charity’s principal office and the nature of its principal activities is set out in the Reference and Administrative section of the Governors’ Report.

The presentation currency of these financial statements is GBP. The level of rounding is to the nearest GBP.

2. ACCOUNTING POLICIES

a) Basis of accounting

The financial statements have been prepared in accordance with the historical cost convention, modified to include the revaluation of investments, and in accordance with accounting standards, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, the terms of the charity’s founding deed and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). The principal accounting policies, which have been adopted on a consistent basis within that convention, are set out below.

The Donaldson Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Going Concern

The charity’s activities and principal risks are described in the Governors Report. In preparing these financial statements, budgets have been examined and the funds of the charity reviewed. In reviewing budget stress testing assumptions, the Governors have a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future.

Our main income streams relate to GASS and local authority, with GASS being confirmed for 2025/26 and an expectation this will continue in 2026/27. There is no indication that funding from local authorities will be withdrawn. Services income is planned to grow planned in the next twelve months.

Expenditure will increase in line with our growth plans over the next twelve months. Our reserves position, which show available funds of £12.8m, being just under three years of the current budget year expenditure, provides assurance that this will not negatively impact our reserves position, with our reserves policy being maintained throughout 2025/26 and beyond.

The Governors having a reasonable expectation that we have adequate resources to cover our financial commitments for a period of at least twelve months from date of approval of the financial statements and believe that the use of the going concern basis of accounting is appropriate.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Government income and Grants

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

Legacies and donations

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been

24

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NOTES TO THE ACCOUNTS (continued)

notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Interest and dividends

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 accrued when the shareholder’s right to receive payment is established. Measurement is at the fair value receivable, which will normally be the transaction value.

Other income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the Trust.

d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity heading:

Irrecoverable VAT

During the year the Trust registered for VAT. Irrecoverable VAT is charged as a cost to the SOFA.

Redundancy and termination costs

Redundancy and termination payments are recognised in the year to which they relate.

Termination benefits are measured at the best estimate of the expenditure required to settle the obligation at the reporting date. If the expected settlement date of the termination payments is twelve months or more after making the provision and the effect would be material, the present value of the obligation will be calculated using an appropriate discount rate.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Trusts charitable activities.

These costs have been allocated between costs of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 4a.

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual basis and is allocated directly to expense headings.

Governance costs comprise the costs of providing strategic development for future planning, the employment costs of the clerk to the Board post, external audit, and any legal advice received for complying with constitutional and statutory requirements training the Governors.

e) Tangible fixed assets and depreciation

Tangible fixed assets

Building improvements and extensions costing more than £5,000 and furniture and equipment costing more than £500 are capitalised and carried in the balance sheet at historical cost.

The charity is responsible for keeping all buildings, fixtures and fittings in fit and useful condition. The costs for doing so are written off as and when incurred.

25

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NOTES TO THE ACCOUNTS (continued)

The property encompassing all land and buildings, is carried on a depreciated replacement costs basis, based upon a valuation completed by an independent valuer.

Depreciation

Depreciation is provided on all tangible fixed assets, with the exception of land where no depreciation is charged, at rates calculated to write off the costs less estimated residual value on each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Property - 30 years
Property Fixtures and Fittings - 10-15 years
Fixtures and Fittings - 2-5 years
Information Technology - 2-5 years
Vehicles - 3 years

The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

Tangible fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

f) Pensions

Pension contributions are made to approved pension schemes (see note 14). In accordance with FRS 102, these are charged to the Statement of Financial Activities in the year in which they are incurred.

g) Investments

Investments are stated at market value at the balance sheet date. Realised gains and losses on disposals in the year and unrealised gains and losses on investments at the balance sheet date are included in the Statement of Financial Activities.

h) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

i) Cash and cash equivalents

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.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid after taking account of any trade discount due.

k) Creditors and provisions

Creditors and provisions are recognised where the charity 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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

m) Funds

Unrestricted funds

Comprise those funds which the Governors are free to use in accordance with the charitable objectives.

Restricted funds

Funds that can only be used for restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Restricted funds are created on

26

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NOTES TO THE ACCOUNTS (continued)

receipt of capital grants and released over the useful life of the asset. Revenue grants received for a restricted purpose are treated as restricted funds and the income released when the associated costs are incurred.

Endowment fund

Investments are held as fixed assets and are revalued at the balance sheet date and the gain or loss taken to the Statement of Financial Activities. Normally in any one financial year the Governors can expend up to 10% of the Endowment Fund. This can be increased to an amount agreed by the Governors by passing a resolution with a majority of two-thirds.

n) Key judgements and estimates

To be able to prepare financial statements in accordance with FRS 102, the Governors are required to make judgements, estimates and assumptions that affect the application of policies and reported amounts. The estimates and judgements are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. The areas involving a degree of judgement significant to the view given by these statements are:

27

2024 £ 209,939 16,949 91,660 1,232,240 1,947,616 1,947,616 48,336 48,336 - 15,824 40,584 10,422 - 3,613,570 3,555,631 57,939 3,613,570
Income from Charitable
Activities		 £ - - - 1,232,240 1,947,616 48,336 - 15,824 - - - 3,244,016 3,186,077 57,939 3,244,016
Investment Income £ 209,939 - 91,660 - - - - - - - - 301,599 301,599 - 301,599
Other trading activities £ - - - - - - - - 40,584 10,422 - 51,006 51,006 - 51,006
Donations and Legacies £ - 16,949 - - - - - - - - - 16,949 16,949 - 16,949
2025 £ 199,322 29,686 140,992 1,440,011 1,947,616 49,933 5,045 18,210 10,326 6,241 120 3,847,502 3,780,910 66,592 3,847,502
Income from Charitable Activities £ - - - 1,440,011 1,947,616 49,933 5,045 18,210 - - - 3,460,815 3,399,223 61,592 3,460,815
Investment Income £ 199,322 - 140,992 - - - - - - - - 340,314 340,314 - 340,314
Other trading activities £ - - - - - - - - 10,326 6,241 120 16,687 16,687 16,687
Donations and Legacies £ - 29,686 - - - - - - - - - 29,686 24,686 5,000 29,686
3. INCOME Dividends Donations Bank interest Fees from Local Authorities Education revenue grant from Scottish Government Capital and other grants from Scottish Government Other Grants Other educational income Premises hire Other income Proceeds on sale of fixed assets Unrestricted funds Restricted funds Total

����������������������������������������������������������

THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

4. EXPENDITURE

Notes
Charitable activities
Salaries
Premises
Governance
5
Raising funds
Fundraising activity
Investment management fee
Total expenditure
At 31 March 2024
Charitable activities
Salaries
Other charitable activities costs
Premises
Governance
Total expenditure
Raising funds
Investment management fee
Total expenditure
Other charitable activities costs		 Activities
Undertaken
Supports
Costs
(Note 4a)
Total 2025
Total 2024
£
£
£
£
2,239,044
276,897
2,515,941
2,173,201
318,490
294,411
612,901
580,761
722,991
40,147
763,138
785,806
14,300
12,479
26,779
31,385
3,294,825
623,934
3,918,759
3,571,153
39,062
-
39,062
0
36,965
-
36,965
37,997
76,027
-
76,027
37,997
3,370,852
623,934
3,994,786
3,609,150
Activities
Undertaken
Supports
Costs
(Note 4a)
Total 2024
Total 2023
£
£
£
£
1,943,968
229,233
2,173,201
1,782,273
325,204
255,557
580,761
521,134
750,958
34,848
785,806
574,764
20,780
10,605
31,385
28,005
3,040,910
530,243
3,571,153
2,906,176
37,997
-
37,997
33,358
3,078,907
530,243
3,609,150
2,939,534

2�

����������������������������������������������������������

THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

4. EXPENDITURE (continued)

4a. SUPPORT COST ALLOCATION

Support Costs
IT
HR
Finance
At 31 March 2024
Support Costs
IT
HR
Finance		 Salaries
Premises
Governance
2025 Total 2024
£
£
£
£
£
£
-
19,371
3,295
164,722
128,454
276,897
-
5,651
282,548
233,911
-
20,776
3,533
176,664
167,878
276,897
40,147
12,479
623,934
530,243
Salaries
Premises
Governance
Totals 2024 Total 2023
£
£
£
£
£
£
-
15,106
2,569
128,454
134,534
229,233
-
4,678
233,911
202,301
-
19,742
3,358
167,878
147,911
229,233
34,848
10,605
530,243
484,746
Other
Charitable
Costs
142,056
-
152,355
294,411
Other
Charitable
Costs
110,779
144,778
-
255,557

Allocations based on staff numbers for Premises and Governance.

All Management support cost have been allocated to Salaries.

Expenditure on Charitable Activities was £3,918,759 (2024: £3,571,153) of which £3,890,219 was unrestricted (2024: £3,505,559) and £28,540 was restricted (2024: £65,594).

5. GOVERNANCE COSTS

Professional fees
Support costs (note 4a)		 2025
£
14,300
12,479
26,779		 2024
£
20,780
10,605
31,385

��

����������������������������������������������������������

THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

6. STAFF COSTS

Wages and salaries
Redundancy costs
Social security
Pension contributions		 2025
£
2,067,912
36,772
190,740
259,579
2,555,003		 2024
£
1,792,519
3,793
152,158
224,731
2,173,201

The key management personnel are the Chief Executive Officer, the Chief Operating Officer, the Director of People and Engagement and the Director of Services whose employee benefits totalled £394,023 (2024: £352,740).

Teaching staff
Other staff
The average number of full time equivalent employees in the year
was:		 2025
No.
5
53
58		 2024
No.
5
49
54

The number of employees whose emoluments exceeded £60,000, excluding pension and NI, was:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999		 2025
1
-
1
1
-		 2024
-
1
1
-
1

Retirement benefits accrued for one of the members of staff above in a defined benefit scheme (SPPA), who left employment during the year.

7. AUDITOR'S REMUNERATION

Audit fee

2025
£
14,300		 2024
£
20,000

3�

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THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

8. TANGIBLE FIXED ASSETS

Cost
Balance at 1 April 2024
Additions
Disposals
Balance at 31 March 2025
Accumulated depreciation
Balance at 1 April 2024
Charge for the year
Depreciation on disposals
Balance at 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Property
Property
Fixtures
and
Fittings
Fixtures
and
Fittings
Information
Technology
Vehicles
Total
£
£
£
£
£
£
19,549,147
1,422,708
417,070
267,463
44,323
21,700,711
-
19,386
38,176
57,206
20,398
135,166
-
-
-
(63,063)
-
(63,063)
19,549,147
1,442,094
455,246
261,606
64,721
21,772,814
14,692,609
959,010
392,981
233,656
33,578
16,311,834
142,299
63,609
14,295
30,680
8,863
259,746
-
-
-
(58,960)
-
(58,960)
14,834,908
1,022,619
407,276
205,376
42,441
16,512,620
4,714,239
419,475
47,970
56,230
22,280
5,260,194
4,856,538
463,698
24,089
33,807
10,745
5,388,877

Included within property is £1,300,000 (2024: £1,300,000) of land which is not depreciated.

9. INVESTMENTS

Market Value at 1 April
Realised gains
Historical cost of listed investments as at 31 March
Cash held for investment
Unrealised gains
Add: Acquisitions at cost
Total investments
Less: Disposals at opening market value
Market value at 31 March		 2025
£
9,247,296
(1,775,203)
2,401,939
111,727
9,985,759
2,177,166
12,162,925
8,975,445
64,037		 2024
£
8,080,467
(3,889,802)
4,373,414
683,217
9,247,296
399,231
9,646,527
8,486,939
62,748

3�

����������������������������������������������������������

THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

10. DEBTORS

Trade debtors
Prepayments and accrued income
Other debtors
11. CREDITORS
Trade creditors
Pension creditors
Other tax and social security
Accruals and deferred income
Deferred Income
Opening balance at 1st April
Released in year
Deferred in year
Closing balance at 31st March		 2025
£
139,956
53,938
10,581
204,475
2025
£
78,233
36,401
47,329
138,769
300,732
2025
£
7,511
(7,511)
3,898
3,898		 2024
£
113,557
100,514
0
214,071
2024
£
138,123
30,444
41,210
215,282
425,059
2024
£
9,528
(9,528)
7,511
7,511

Accruals and deferred income includes an amount of £3,898 (2024: £7,511) for Pupil Equity Funding from the Scottish Government received in 2024/25 (2023/24) to be expended in 2025/26 (2024/25).

3�

����������������������������������������������������������

THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

12. RECONCILIATION OF MOVEMENT IN FUNDS

Unrestricted funds
Ordinary
Restricted funds
Endowment funds
Total Funds
At 31 March 2024
Unrestricted funds
Ordinary
Restricted funds
Endowment funds
Total Funds		 Balance at 1
April 2024
Income
Expenditure
Transfers
Between
Funds
Gains and
Losses
Balance at 31
March 2025
£
£
£
£
£
£
8,361,955
3,780,910
(3,966,246)
(2,340,634)
-
5,835,985
3,052
66,592
(28,540)
-
-
41,104
9,646,527
-
-
2,340,634
175,764
12,162,925
18,011,534
3,847,502
(3,994,786)
-
175,764
18,040,014
Balance at 1
April 2023
Income
Expenditure
Transfers
Between
Funds
Gains and
Losses
Balance at 31
March 2024
£
£
£
£
£
£
9,098,597
3,555,631
(3,543,556)
(748,717)
-
8,361,955
10,707
57,939
(65,594)
-
-
3,052
8,151,845
-
-
748,717
745,965
9,646,527
17,261,149
3,613,570
(3,609,150)
-
745,965
18,011,534

Restricted funds are £41,104 (2024: £3,052) of which £31,059 relates to income received for capital expenditure and will be released over the useful life of the assets funded, £5,045 awarded by Duke of Edinburgh Youth Without Limits fund and a £5,000 donation from n memory of her father for a garden project.

The Endowment Fund includes the original endowment from Mr Donaldson plus other amounts transferred into our investments over time.

3�

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THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

12. RECONCILIATION OF MOVEMENT IN FUNDS (continued)

Restricted fund analysis:

Restricted fund analysis:
Capital Grant Other funds Total
£ £ £
Balance at 1 April 2024 3,052 - 3,052
Income 36,600 29,992 66,592
Expenditure (8,593) (19,947) (28,540)
Balance at 31 March 2025 31,059 10,045 41,104
At 31 March 2024
Income
Expenditure
Balance at 1 April 2023		 Capital Grant
£
10,372
57,939
(65,259)		 Other funds
£
335
-
(335)		 Total
£
10,707
57,939
(65,594)
Balance at 31 March 2024 3,052 - 3,052
Total transfers between funds in the year to 31 March 2025 were as follows:
2025
£
Unrestricted general funds
(2,340,634)
Endowment funds
2,340,634		 2024
£
(748,717)
748,717

The transfer of funds from endowment funds to unrestricted general funds reflects the investment portfolio valuation with the difference on revaluation taken to unrestricted funds.

13. NET ASSETS BY FUND

At 31 March 2025

Unrestricted funds
Restricted funds
Endowment funds
At 31 March 2024
Unrestricted funds
Restricted funds
Endowment funds		 Fixed assets
Investments
Net current
assets
Total 2025
£
£
£
£
5,229,135
-
606,850
5,835,985
31,059
-
10,045
41,104
-
12,162,925
-
12,162,925
5,260,194
12,162,925
616,895
18,040,014
Fixed assets
Investments
Net current
assets
Total 2024
£
£
£
£
5,385,825
-
2,976,130
8,361,955
3,052
-
-
3,052
-
9,646,527
-
9,646,527
5,388,877
9,646,527
2,976,130
18,011,534

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THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO THE ACCOUNTS (continued)

14. PENSIONS

a) The Donaldson Trust participates in the Scottish Teachers' Superannuation Scheme. The scheme is an unfunded statutory public service pension scheme with benefits underwritten by the UK Government. The scheme is financed by payments from employers and from those current employees who are members of the scheme and paying contributions at progressively higher marginal rates based on pensionable pay, as specified in the regulations. The rate of employer contributions is set with reference to a funding valuation undertaken by the scheme actuary. The 2016 valuation set employer contribution rates at 23.0% from 1 September 2019 until 31 March 2023, although the UK Government has since stated that the rates would continue until 31 March 2024. Member contributions continued at the same rates within a range of 7.2% to 11.9% and are anticipated to deliver a yield of 9.4%.

The valuation carried out as at 31 March 2020 confirmed that an increase in the employer contribution rate from 22.4% to 26.0% will be required from 1 April 2024 to 31 March 2027. In addition, member pension contributions since 1 April 2024 have been paid within a range of 7.35% to 12.14% and have been anticipated to deliver a yield of 9.6%.

b) The Donaldson Trust has no liability for other employers' obligations to the multi-employer scheme.

c) As the scheme is unfunded there can be no deficit or surplus to distribute on the wind-up of the scheme or withdrawal from the scheme.

(d)(i) The scheme is an unfunded multi-employer defined benefit scheme.

(ii) It is accepted that the scheme can be treated for accounting purposes as a defined contribution scheme in circumstances where The Donaldson Trust is unable to identify its share of the underlying assets and liabilities of the scheme.

(iii) The employer contribution rate for the period from 1 April 2024 is 26% of pensionable pay. The employee rate applied is variable and is anticipated to provide a yield of 9.6% of pensionable pay.

(iv) While a valuation was carried out as at 31 March 2016, it is not possible to say what deficit or surplus may affect future contributions. Work on the valuation was suspended by the UK Government pending the decision from the Court of Appeal (McCloud (Judiciary scheme)/Sargeant (Firefighters' Scheme) cases) that held that the transitional protections provided as part of the 2015 reforms was unlawfully discriminated on the grounds of age. Following consultation and an announcement in February 2021 on proposals to remedy the discrimination, the UK Government confirmed that the cost control element of the 2016 valuations could be completed. The UK Government has also asked the Government Actuary to review whether, and to what extent, the cost control mechanism is meeting its original objectives. The 2020 actuarial valuations took the report's findings into account. The interim report is complete (restricted) and is currently being finalised with a consultation. Alongside these announcements, the UK Government confirmed that current employer contribution rates would stay in force until 1 April 2024.

(v) The Donaldson Trust's level of participation in the scheme is 0.02% based on the proportion of employer contributions paid in 2023-24 financial year.

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THE DONALDSON TRUST FOR THE YEAR ENDED 31ST MARCH 2025

NOTES TO ACCOUNTS (continued)

15. TOTAL COMMITMENTS

< 1 Year
Within 2 – 5 years
Lease payments recognised as an expense		 2025
£
4,880
8,046
12,926
11,206		 2024
£
8,222
11,161
19,383
14,302

16. RELATED PARTY TRANSACTIONS

During the year Governo eceived reimbursed expenses of £248 (2024: £184).

No Governors received remuneration in the year (2024: £nil).

The Professional indemnity insurance and Governors' and Officers' liability insurance is included as part of the Trust's insurance cover.

17. RECONCILIATION OF NET INCOMING RESOURCES TO THE NET CASH FLOW FROM OPERATIONS

Net income for the reporting period (as per the statement of
financial activities)
Dividends and Interest from Investments
(Gains) on investments
Loss on disposal of fixed asset
Depreciation
Decrease/(Increase) in debtors
(Decrease)/Increase in short term creditors
Net cash provided by operations		 2025
£
28,480
(340,314)
(175,764)
3,983
259,746
9,596
(124,327)
(338,600)		 2024
£
750,385
(301,599)
(745,965)
-
260,151
(17,626)
6,509
(48,145)

18. ULTIMATE CONTROLLING PARTY

The Donaldson Trust is governed by its Trust Deed. Day to day operations are delegated to the Executive Leadership Team.

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