## **THE GLENPARK FOUNDATION**
Scottish Charity No: SC029676
## **REPORT AND FINANCIAL STATEMENTS**
**FROM 1st APRIL 2025 TO 31st MARCH 2026**
G001876-AGMF02/07/2026 10:12
Page 2
## **THE GLENPARK FOUNDATION**
## **GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31ST MARCH 2026**
The Trustees present their annual report and financial statements for the charity for the year ended 31st March 2026.The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (second edition issue in October 2019 and effective 1 January 2019).
## **Objectives and activities**
|Objectives of Trust|The funds are to be held for such purposes as are recognised by law as|
|---|---|
||exclusively charitable for the purposes of taxation in the United Kingdom with|
||particular emphasis on organisations based in the Scottish Borders. The|
||Trustees have discretion to extend the geographical area of benefit as they see|
||fit.|
||The Trustees' aims are to direct charitable grants and donations to charitable|
||organisations and individuals who have demonstrated a need for funding and,|
||in particular, where the funding will have a material effect for the recipients.|
||The Trustees aim to monitor the application of funds wherever possible and|
||to be involved in any community projects.|
|Grant-making policy|In line with the objectives, the Trustees will give priority to applications|
||received from charitable bodies in the Scottish Borders, but will consider|
||applications from other areas of the United Kingdom.|
|Report on the activities|The Trust does not engage in charitable activities directly.|
|of the Trust||
||The Trust's public benefit has been discharged by making donations in|
||accordance with its objectives, aims and grantmaking policy, to|
||organisations directly involved in the provision of charitable services.|
||The Trustees have received and reviewed applications from a number of|
||organisations throughout the period.|
||Appropriate enquiries and attendance at meetings have been made to further|
||review and consider applications made. The Trustees have requested that|
||Turcan Connell make them aware of potentially suitable applicants and|
||Mr & Mrs Gray make local enquiries in the Borders.|
||New donations totalling £21,250.92 (2025 £6,884.59) were made to seven (2025|
||seven) organisations for benefit of their operations within the Scottish Borders|
||region and to other organisations outwith the regional boundary.|
No donations were made to individuals (2025 Nil)
Page 3
## **THE GLENPARK FOUNDATION**
## **GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31ST MARCH 2026**
|**Achievements and performance**|**Achievements and performance**|
|---|---|
|Investment policy and|In accordance with the Trust Deed, the Trustees have power to invest in|
|performance|such stocks, shares, investments and property in the United Kingdom or|
||abroad as they in their sole discretion think fit. The Trustees engaged|
||7IM as investment managers.|
||There are no constraints placed upon the investments which may be held|
||in the portfolio. The Trustees' investment policy is geared towards a balanced|
||return between capital and income.|
||The value of the investments has increased by 13.91% in the year under review.|
||Net disposals amounted to approximately £33,000.00 during the year and|
||was offset by higher market prices at the account date as evidenced by|
||unrealised gains of approximately £299,000.00.|
||Gross dividend income has decreased by 19.78% due to changes in the|
||portfolio in the previous and current years.|
|**Financial review**||
|Financial review|At the close of the account the investments of the Trust have a fair|
||value of £2.716,460.20 (2025 £2,384,821.52) and there are net current assets|
||of £25,509.08 (2025 £36,772.25) giving total funds of £2,741,969.28|
||(2025 £2,421,593.77) at the year end, all of which is unrestricted.|
||The Trust received income of £23,473.05 (2025 £31,263.42) during the financial|
||period and made donations totalling £21,250.92 (2025 £6,884.59).|
|Reserves policy|It is the policy of the Trustees to distribute the income of the Trust in the|
||form of grants or donations. It is anticipated that any surplus income at the|
||close of the account would be so distributed in a following year.|
||In terms of the Trust Deed the Trustees have power to accumulate income for|
||a period of twenty-one years from the date of the Deed.|
||The funds of the Trust are wholly unrestricted and are represented by a|
||portfolio of investments and cash balances. The Investments are managed|
||on a discretionary basis by the investment managers. The Trustees have|
||power to draw upon the investments in furtherance of the Trust's objectives|
||whilst retaining sufficient funds to meet any commitments they may|
||undertake.|
||As the assets of the Trust are held in a readily realisable form the Trustees|
||do not therefore consider it necessary to maintain specific cash reserves.|
Page 4
## **THE GLENPARK FOUNDATION**
## **GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31ST MARCH 2026**
|Risk management|The Trustees have assessed the major risks to which the charity is exposed,|
|---|---|
||in particular those related to the operations and finances of the Trust and are|
||satisfied that systems are in place to mitigate their exposure to the major risks.|
||As the Trust relies on its investment returns in order to make its donations,|
||the principal risk faced by the Trust lies in the performance of its investments.|
||The Trustees have mitigated this by retaining investment managers to advise|
||them and by having a diversified portfolio.|
|Going Concern|The Trustees have no material uncertainties as to the Trust's ability|
||to continue as a going concern.|
|**Structure, governance & management**||
|Founding document|Deed of Trust by Michael Maxwell Gray and Mrs Patricia Anne Gray|
||("the Settlors") dated 3rd October 1999 and recorded in the Books of Council|
||and Session on 7th October 1999.|
|Appointment of|The power to appoint new Trustees is vested in the Settlors during their lifetime|
|new Trustees|and the survivor of them, so long as they retain capacity to make such|
||an appointment.|
|Training of Trustees|There are no formal training procedures in place, but the Trustees receive|
||advice from Turcan Connell regarding relevant changes in the regulation and|
||governance of charities.|
|Decision making|There must be a minimum of two Trustees in office at any one time and if there|
||is only one, the remaining Trustee can act only for the purposes of appointing|
||another Trustee. In the absence of any other decision, the quorum|
||needed to transact business is two.|
|Related parties|The partners of Turcan Connell are directors of Turcan Connell (Trustees)|
||Limited.|
||Turcan Connell provides legal, and accounting services to the Trust for which|
||fees are charged. In the year to 31st March 2026 Turcan Connell fees amounted|
||to £7,740.00 (2025 £5,400) of which £1,200.00 (2025 £2,760.00) was|
||outstanding at the year end.|
|Employees|The Trust has no employees (2025 None). The Trustees have engaged Turcan|
||Connell to undertake the administration of the Trust remuneration for which|
||is recorded in the financial statements.|
Page 5
## **THE GLENPARK FOUNDATION**
## **GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31ST MARCH 2026**
|**Reference and administrative**|**details**||
|---|---|---|
|A Scottish Charity|SC029676||
|Address|Turcan Connell||
||Princes Exchange||
||1 Earl Grey Street||
||Edinburgh||
||EH3 9EE||
|Trustees|Michael Maxwell Gray||
||Mrs Patricia Anne Gray||
||Turcan Connell (Trustees) Limited (See Appendix)||
||Mark James Gray||
||David Robert Gray||
|Advisers|Solicitors|Independent examiner|
||Turcan Connell|Kevin Cattanach CA|
||Princes Exchange|Whitelaw Wells|
||1 Earl Grey Street|Chartered Accountants|
||Edinburgh|9 Ainslie Place|
||EH3 9EE|Edinburgh, EH3 6AT|
||Investment managers||
||7 Investment Management||
||Princes Exchange||
||1 Earl Grey Street||
||Edinburgh||
||EH3 9EE||
Page 6
## **THE GLENPARK FOUNDATION**
## **GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31ST MARCH 2026**
## **Statement of Trustees' responsibilities in respect of the financial statements**
The Trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its results for that period.
In preparing those financial statements, the Trustees are required to follow best practice and:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust to enable them to ensure that the financial statements comply with the legislation. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Financial statements preparation
The Trustees confirm that the financial statements for the year ended 31st March 2026 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Trust's own governing document.
Approved on behalf of the Trustees on 2nd July 2026
||Trustee|
|---|---|
|Alix Elizabeth Storrie, Director Turcan Connell (Trustees) Limited||
|Turcan Connell (Trustees) Limited|Full Name|
||Trustee|
|Peter Southern Littlefield, Director||
|Turcan Connell (Trustees) Limited|Full Name|
Page 7
## THE GLENPARK FOUNDATION
## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report on the financial statements of the trust for the year ended 31st March 2026, which are set out on pages 8 to 14.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the trustees, as a body, for my work or for this report.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 ("the Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) ("the Regulations").
The charity's trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with Regulation 11 of the Regulations.
An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention :
- 1) which gives me reasonable cause to believe that in any material respect the requirements :
- to keep accounting records in accordance with Section 44 (1)(a) of the Act and Regulation 4 of the Regulations; and
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Regulations
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Examiner
Date
……………………………. …………………………….
Name: Kevin Cattanach CA Whitelaw Wells Chartered Accountants Address: 9 Ainslie Place Edinburgh, EH3 6AT
Page 8
## **THE GLENPARK FOUNDATION**
## **BALANCE SHEET AS AT 31st MARCH 2026**
|Notes
2026
£
**Fixed assets**
Investments
4
2,716,460.20
**Current assets**
Cash in hand and on deposit
29,469.08
**Total current assets**
29,469.08
Less:
**Current liabilities**
Creditors less than 12 months
2
(3,960.00)
**Net current assets**
25,509.08
Total Assets less Current Liabilities
2,741,969.28
**Net assets**
2,741,969.28
**The funds of the charity**
Unrestricted funds
2,741,969.28
**Total charity funds**
2,741,969.28
All funds are unrestricted in both the current and previous years
The notes on pages 10 to 14 form part of these accounts.
Approved on behalf of the Trustees on 2nd July 2026|2025
£
2,384,821.52|
|---|---|
||49,480.19|
||49,480.19|
||(12,707.94)|
||36,772.25|
||2,421,593.77|
||2,421,593.77|
||2,421,593.77|
||2,421,593.77|
|||
Trustee Trustee Alix Elizabeth Storrie, Director Peter Southern Littlefield, Director Turcan Connell (Trustees) Limited Turcan Connell (Trustees) Limited Full Name Full Name
Page 9
## **THE GLENPARK FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31st MARCH 2026**
|Notes
**Income and endowments from:**
Investments
3
Total income
**Expenditure on:**
Raising funds
Investment management fees
6
Charitable activities
Donations
5
Support and governance costs
7
Total expenditure
Net gains/ (losses) on investments
4
**Net income/(expenditure) and net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|2026
Total
£
23,473.05|2025
Total
£
31,263.42|
|---|---|---|
||23,473.05|31,263.42|
||(7,141.69)
(21,250.92)
(8,784.00)|(6,320.05)
(6,884.59)
(6,402.00)|
||(37,176.61)
(19,606.64)||
||(13,703.56)
11,656.78
334,079.07
18,657.59||
||320,375.51
30,314.37
2,421,593.77
2,391,279.40||
||2,741,969.28
2,421,593.77||
All funds are unrestricted in both the current and previous years.
The notes on pages 10 to 14 form part of these accounts.
Page 10
## **THE GLENPARK FOUNDATION**
## Notes to The financial statements for the year ended 31st March 2026
## 1 Accounting Policies
## a) Financial statements preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the : Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition issued in October 2019 and effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust constitutes a public benefit entity as defined by FRS102.
The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## b) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year.
## c) Realised gains and losses
All gains or losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between the 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 gains and losses are combined in the statement of financial activities.
## d) Income
Investment income is included in the financial statements in the year in which the Trust becomes entitled to it, it can be reliably determined and there is probability of receipt.
## e) Expenditure
Expenditure is included in the account on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
## f) Cost of raising funds
Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.
Page 11
## **THE GLENPARK FOUNDATION**
## Notes to The financial statements for the year ended 31st March 2026
## g) Support and governance costs
Support costs are the costs associated with the direct management of the charity.
Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity.
Fees charged by Turcan Connell for legal and accounting services are included in the accounts as follows: Support (Legal and Administrative Costs) - 85%
Governance (Accountancy Costs) - 15%
These are recorded in support and governance costs in the Statement of Financial Activities.
Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities
All other governance and support costs are recorded in the Statement of Financial Activities as appropriate.
As the charity does not provide services directly but by way of grants to other organisations, support and governance costs are not allocated against individual grants or donations.
## h) Grants
Grants payable are payments to third parties in 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 attaching to that grant is outside of the control of the Trust.
Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient.
A provision for a multi-year award is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2% to be appropriate.
## i) VAT
The Charity is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.
## j) Foreign exchange
Some investment assets are traded in foreign currencies. These are translated into sterling at the rates of exchange ruling at the balance sheet date, with any gain or loss reflected within unrealised gains/(losses) on investments. Income received in foreign currencies is held in an appropriate currency account but is recognised in the accounts on the date it is receivable and translated into sterling at the rate of exchange ruling at the date of transaction. Gains or losses on the subsequent conversion are included as other investment income or other support costs as necessary.
Some donations are also awarded in foreign currency. Those awarded and paid in the year are recognised at the exchange rate ruling on the transaction date. Future commitments are translated into sterling at the rate ruling at the balance sheet date, with any subsequent gain or loss recognised within donation costs.
Page 12
## **THE GLENPARK FOUNDATION**
## Notes to The financial statements for the year ended 31st March 2026
|2
3
4|Creditors
Amounts due in less than twelve months
7IM, investment management fee
Turcan Connell, legal fees
Whitelaw Wells, independent examination fee
Epilepsy Society
Investment income
Dividends and Interest on Investments
Bank interest
Investments
Fair value of investments at 31st March 2025
Add:
Purchases
Less:
Sales
Realised gains
Realised losses
Net unrealised losses
Fair value of investments at 31st March 2026
Held Thus:
GB Mutual Funds
USD Mutual Funds|2026
2025
£
£
1,800.00
1,635.00
1,200.00
2,760.00
960.00
960.00
-
7,352.94
3,960.00
12,707.94
2026
2025
£
£
21,874.43
27,266.68
1,598.62
3,996.74
23,473.05
31,263.42
2026
2025
£
£
2,384,821.52
2,325,080.54
293,279.71
1,079,892.63
2,678,101.23
3,404,973.17
(295,720.10)
(1,038,809.24)
2,382,381.13
2,366,163.93
35,336.09
27,650.15
-
(22,649.64)
298,742.98
13,657.08
334,079.07
2,716,460.20
2,384,821.52
£
%
2,638,827.73
97.14
77,632.47
2.86
2,716,460.20
100.00||2026
£
1,800.00
1,200.00
960.00
-|2025
£
1,635.00
2,760.00
960.00
7,352.94|
|---|---|---|---|---|---|
|||||3,960.00|12,707.94|
|||||2026
£
21,874.43
1,598.62|2025
£
27,266.68
3,996.74|
|||||23,473.05|31,263.42|
||||2026
2025
£
£
2,384,821.52
2,325,080.54
293,279.71
1,079,892.63|||
||||2,678,101.23
3,404,973.17
(295,720.10)
(1,038,809.24)|||
|||||||
||||2,716,460.20
2,384,821.52|||
||||£
%
2,638,827.73
97.14
77,632.47
2.86|||
||||2,716,460.20
100.00|||
All investments are listed on a recognised stock exchange and are held within the UK.
Page 13
## **THE GLENPARK FOUNDATION**
## Notes to The financial statements for the year ended 31st March 2026
|5
6|Charitable donations
Participation in amateur sport
Wooden Spoon Society
Rowan Bowland Memorial Trust
Health
SSAFA Forces Help
Malaghan Institute of Medical Research
Epilepsy Society
Community development
Galashiels Town Band
Galashiels Ex Service Pipe Band
Abbotsford Trust
John Leishman Memorial Trust
Galashiels Community Council
Discount unwound
Commitments paid in year
Malaghan Institute of Medical Research
Epilepsy Society
Future commitments
Epilepsy Society
Malaghan Institute of Medical Research
Discount applied
Less: paid in year
Epilepsy Society
Malaghan Institute of Medical Research
Discount unwound
Cost of raising funds
Investment management charges|500.00
2,500.00||2026
£
3,000.00
16,603.86|2025
£
500.00
2,500.00
2,500.00
14,005.07
7,500.00|
|---|---|---|---|---|---|
|||2,500.00
6,603.86
7,500.00||||
|||2,000.00
2,000.00
5,000.00
-
-||||
|||||19,603.86
27,005.07
-
-
-
150.00
1,500.00
9,000.00
147.06
729.52
(15,000.00)
(7,500.00)
(7,500.00)||
|||||||
|||||21,250.92|6,884.59|
|||||2026
2025
£
£
7,500.00
15,000.00
-
15,000.00
(147.06)
(876.58)
(7,500.00)
(7,500.00)
-
(15,000.00)
147.06
729.52||
|||||-|7,352.94|
|||||2026
£
7,141.69|2025
£
6,320.05|
Page 14
## **THE GLENPARK FOUNDATION**
## Notes to The financial statements for the year ended 31st March 2026
|7|Support and governance costs
Support costs
Management & Administration
Other Support Costs
Governance costs
Accountancy & Regulatory
Independent Examination|1,161.00
960.00||2026
£
6,579.00
84.00|2025
£
4,590.00
42.00|
|---|---|---|---|---|---|
|||||6,663.00
2,121.00|4,632.00
810.00
960.00|
|||||||
|||||8,784.00|6,402.00|
## 8 Trustee expenses
No fees or expenses have been paid to the Trustees (2025 Nil). All Trustees act gratuitously. The Trust has no employees (2025 Nil).
The partners of Turcan Connell are directors of Turcan Connell (Trustees) Limited.
Turcan Connell provides legal, and accounting services to the Trust for which fees are charged. In the year to 31st March 2026 Turcan Connell fees amounted to £7,740.00 (2025 £5,400.00) of which £1,200.00 (2025 £2,760.00) was outstanding at the year end.
Page 15
## **TURCAN CONNELL (TRUSTEES) LIMITED**
## **DIRECTORS REPORT EXTRACT**
## **Directors and their interests**
The Directors who held office during the year ended 31st July 2025 were as follows :
Ian Robert Clark Resigned 31st March 2025 Niall Stringer David Cameron Ogilvy Alexander Kenneth Garden Grierson Robert Dunlop Gillian Crandles Gavin Graham Robert McEwan Donald William Simpson Peter Southern Littlefield Tom Duguid Alix Elizabeth Storrie Jon Paul James Macaulay John Christopher Phelps Sheldon Louise Margaret Johnston Donald Frank Glendinning Macleod Lindsey Ann Ogilvie Graeme Gass Peter James Murrin Alistair Rushworth Kenneth George Macdonald Richard Douglas-Home Michael Anthony Kane Murray Duncan Soutar Alice Shirley Warne Jennifer Younger Simran Kaur Panesar-Saggu Sarah Victoria Jackson Appointed 1st April 2025