## **The Moira Stewart Bursary Charitable Trust** **Charity Number: SC036778** **Financial Statements for the year ended 31 March 2026** **The Moira Stewart Bursary Charitable Trust** ## **Contents** ||**Page**| |---|---| |Officials and advisors|1| |Annual report of the trustees|2 - 3| |Receipts and payments account|4| |Statement of balances|5| |Independent examiner’s report|6| **The Moira Stewart Bursary Charitable Trust** ## **Officials and advisors** **Trustees** Derek Paterson Mharaid Berry Peter Northfield Nicola Galvin Sheila McLuckie Tim Woodcock **Principal address** 1 Ings View Shipton Road York YO30 5XE **Scottish Charity Number** SC036778 **Bankers** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ **Investment Advisors** Shackleton Advisors Clarendon House Victoria Avenue Harrogate HG1 1JD **Independent Examiner** Adrian Fuller 19, Bilsdale Close York YO30 5TT **The Moira Stewart Bursary Charitable Trust** ## **Annual report of the trustees** The trustees have pleasure in submitting their annual report and financial statements for the year ended 31 March 2026. The information set out on pages 1 to 6 form part of this report. The financial statements comply with current statutory requirements and the constitution of The Moira Stewart Bursary Charitable Trust. ## **The Moira Stewart Bursary Charitable Trust** The Moira Stewart Bursary Charitable Trust was established by Trust Deed by Mr Angus McRae in 2005 and is registered with the Office of the Scottish Charity Regulator under Charity Number SC036778. Particulars of the trustees and professional advisors along with relevant addresses are shown on page 1. ## **Structure, Governance and Management** There are six trustees of whom the sixth, the Rector of Grove Academy, shall be ex-officio. In the event of any trustee resigning from office, the remaining trustees can fill the vacancy. ## **Recruitment and Training** The trustees deal appropriately as regards induction and training for any new trustees appointed. This includes awareness of a trustee’s responsibilities, the governing document, administrative procedures and the history and philosophical approach of the charity. A new trustee receives copies of the previous year’s financial statements, minutes of recent trustee meetings and a copy of the OSCR booklet “Guidance and Good Practice for Charity Trustees”, if appropriate. Ongoing training is provided as appropriate for trustees to ensure they remain up to date in all matters concerning governance and their role as charity trustees. ## **Organisational Management** The Moira Stewart Bursary Charitable Trust is administered under the supervision of the trustees who meet at least once a year. ## **Risk Management** The trustees have considered the major risks to which the charity is exposed, in particular those related to the finances of The Moira Stewart Bursary Charitable Trust, and are satisfied that systems are in place to mitigate their exposure to the major risks. ## **Objects, Aims, Objectives and Activities** The prime objective of The Moira Stewart Bursary Charitable Trust is to relieve the poverty and advance the education of the students of Grove Academy or for any other charitable purpose for the benefit of the students. ## **Financial review** The results for the year are set out in the accounts. ## **The Moira Stewart Bursary Charitable Trust** ## **Annual report of the trustees (continued)** ## **Grant policy** The Trust receives applications from pupils, former pupils and staff of Grove Academy, Dundee. Grants are also made to support costs of new equipment at Grove Academy. Awards are made based upon those applications which the trustees consider best meet the objectives of the Trust. ## **Reserves Policy** The reserves of the Trust originate from legacy income together with bank interest and investment income received during the year. The trustees have adopted a reserves policy that ensures the continuity of the Trust to meet its objectives. The free unrestricted reserves of the charity amount to £469,250 (2025 - £443,963). ## **Trustees' remuneration** No trustee received any remuneration during either financial year. ## **Derek Paterson** ## Trustee 18 May 2026 ## **The Moira Stewart Bursary Charitable Trust** ## **Receipts and payments account for the year ended 31 March 2026** ||**2026**|2025| |---|---|---| ||**£**|£| |**Receipts**||| |Bank interest|45|48| |**Total Receipts**|**45**|**48**| |**Payments for charitable activities**||| |Payments to Grove Academy|33,442|19,205| |Hardship grants – paid to Grove Academy|2,729|1,600| |**Total payments for charitable activities**|**36,171**|**20,805**| |**Governance costs**||| |Independent examiner’s fees|100|100| |Trustees travel expenses|780|541| |Bank charges|72|67| |**Total Governance costs**|**952**|**707**| |**Total Payments**|**37,123**|**21,512**| |**Investment Assets**||| |Income on investments|10,214|12,721| |Investment gains net of charges
|52,151|(8,602)| |M**ovement on investments**
|**62,365**|**4,119**| |**Surplus/(Deficit) for Year**
|**25,287**|**(17,344)**| All funds are unrestricted ## **The Moira Stewart Bursary Charitable Trust** ## **Statement of balances at 31 March 2025** ||**2026**|2025| |---|---|---| ||**£**|£| |**Bank balances**|**11,169**|16,236| |**Investment balances**|**458,091**|427,726| |**Total assets**|**469,250**|443,963| |**Representing**||| |**Opening assets**|**443,963**|| |**Surplus for year**|**25,287**|| |**Closing assets**|**469,250**|| Notes to the accounts 1. The market value of investment assets as at 5 April is shown, as the nearest available date when a detailed valuation was available 2. All funds are unrestricted Approved by the trustees on 28 May 2026 and signed on their behalf by **Derek Paterson** Trustee **The Moira Stewart Bursary Charitable Trust** ## **Report of the Independent Examiner to the Trustees of The Moira Stewart Bursary Charitable Trust** I report on the financial statements of the charity for the year ended 31 March 2026 which are set out on pages 4 to 5. ## **Respective responsibilities of the Trustees and Examiner** The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Accounts 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 Statement** My examination is carried out in accordance with Regulation 11 of the 2006 Accounts 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 financial statements. ## **Independent Examiner’s Statement** In connection with 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 2005 Act and Regulation 4 of the 2006 Regulations, and - to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 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. **Adrian Fuller** 19, Bilsdale Close York YO30 5TT 18 May 2026