CHALLENGER CHILDREN'S FUND
REPORT AND ACCOUNTS
Year ended 31 March 2025
Registered Charity No: SC037375
CHALLENGER CHILDREN'S FUND
ADMINISTRATIVE DETAILS
Charity Registration No.
SC037375
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Advisers
Investment Advisor Rathbones Quartermile One 3rd Floor 15 Lauriston Place Edinburgh EH39EN Independent Examiner Jeffiey Crawford & Co Independent Examiner 25 Castle Terrace Edinburgh EHi 2ER Bankers Bank of Scotland 75 George Street Edinburgh EH23EW
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CHALLENGER CHILDREN’S FUND GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31 MARCH 2025
GOVERNANCE
| Founding Document | The Fund was constituted by a Deed of Trust dated 11 January 1978. |
|---|---|
| Organisational Structure | The day to day running of the Fund is undertaken by the Trustees. |
| Induction and Training for New Trustees | New Trustees are appointed by the existing Trustees. Their duties will be explained in full |
| and they will also be given a copy of OSCR Guidance for Charity Trustees. There were no | |
| changes to the trustees during the year. | |
| Risk Management | The Trustees have assessed the major risks to which the Fund is exposed, in particular those |
| related to the operations and finances of the Fund and are satisfied that systems are in place | |
| to mitigate exposure to the major risks. | |
| OBJECTIVES AND ACTIVITIES | |
| Objectives of Fund and Grant making | The objectives of the Fund are to perpetuate the memory of the work done for physically |
| policy | disabled children who were formerly cared for at Challenger Lodge by way of grants for any |
| or all of the following purposes: | |
| 1. For aids to and the maintenance, clothing, education, outfit in life or otherwise for the | |
| general benefit and well-being of any disabled person resident in Scotland under the age of | |
| eighteen. | |
| 2. For the continuation, after such child reaches the age of eighteen, of the benefit of any | |
| grants given under purpose 1 above. | |
| 3. For payments to a parent or the parents or the guardian or guardians of a disabled person | |
| mentioned above to assist the aforementioned in the care of a disabled person. |
PRINCIPAL POLICIES TO ACHIEVE OBJECTIVES
Policies It is the intention of the Trustees to continue to make grants on an ongoing basis. The principal policy of the Fund is to aid individual physically disabled children, under the age of eighteen and resident in Scotland, who have no other source of aid in areas where the state does not assist them. If there are insufficient applications which meet this quality threshold any surplus funds may be added to reserves to increase future earnings.
ACHIEVEMENTS AND PERFORMANCE
| Main activities | The Fund made 69 (2024: 80) grants totalling £45,697 (2024: £41,146) during the year. |
|---|---|
| Investment Policy | In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, |
| investments and property in the United Kingdom as they see fit. The Trustees were advised | |
| by Rathbones on investment matters on the basis that the primary investment objective is for | |
| a balance between income and capital growth subject to a medium degree of risk. | |
| FINANCIAL REVIEW | |
| Financial review | The investments of the Fund have a market value of £170,830 (2024: £214,796) and there |
| are cash balances of £17,999 (2024: £12,214 ). | |
| The Fund receipts totalled £64,389 (2024: £109,568) during the financial year and £45,697 | |
| (2024: £41,146) was applied in making grants. | |
| Plans for the future | The Fund will continue to make grants in the future out of general reserves and income. |
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CHALLENGER CHILDREN'S FUND GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31 MARCH 2025
Reserves Policy
The reserves of the Fund amount to £188,829 (2024: £227,010), before making any allowance for fees or other expenses which may be payable after 31 March 2025. The reserves policy of the Trustees is to prioritise the payment of grants to support disabled children. The Fund does not receive help from the government and therefore the Trustees recognize that this policy will in the future lead to funds running out.
The Fund is an unrestricted fund represented by a portfolio of investments and cash.
Approved by the Trustees on i ( t /;(_Q.{ � 2025 and signed on their behalf by
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Trustee
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CHALLENGER CHILDREN'S FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report on the accounts of the Challenger Children's Fund for the year ended 31 March 2025 which are set out on pages 5 to 7.
Respective responsibilities of Trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the tenns of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of R,egulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 accounts.
Independent examiner's statement
In the course of my examination, no matter has come to my attention
- 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 Accounts Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Member of the Institute of Chartered Accountants of Scotland Jeffrey Crawford & Co 25 Castle Terrace Edinburgh EHl 2ER
8 July2025
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CHALLENGER CHILDREN'S FUND RECEIPTS AND PAYMENTS ACCOUNT THE TRUSTEES FOR YEAR TO 31 MARCH 2025
| Notes Receipts InvestmentIncome Interest received LegacyIncome Donation GrantRefunds Proceeds of Sales of Investments Total Receipts Payments Investment management costs Payments relating directly tocharitableactivities: Grants made Postages, stationery, telephone, etc Governancecosts: Independent examiner's fee Purchase cost of investments Total Payments Net Receipts (Payments) and Surplus (Deficit) for_the_year |
Unrestricted Funds 2025 £ 6,617 152 5,000 412 12,181 52,208 64,389 501 45,697 80 1,248 47,526 11 07& 58,604 5,785 |
Unrestricted Funds 202.i £ 7,294 126 46,475 912 |
|---|---|---|
| 54,807 54,761 |
||
109,568 |
||
| 542 41,146 175 1,188 |
||
| 43,051 62,630 105,681 |
||
| 3,887 |
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CHALLENGER CHILDREN'S FUND STATEMENT OF BALANCES AS AT J1 MARCH 2025
| CHALLENGER CHILDREN'S FUND STATEMENT OF BALANCES AS AT J1 MARCH 2025 |
||||
|---|---|---|---|---|
| Notes Cash and Bank Balances At start of the year Surplus (Deficit) shown on the Receipts and Payments Account Cash and Bank balancesatend of year Investments Market value at the start of the year Purchases at cost Sale proceeds Unrealised gains and (losses) Market value at the end of the year 4 Total Unrestricted Fund 2 Liabilities Investment manager fee Independent examiner fee Approved by the Trustees on�,J_1 _2025 and authorised to be signed on their behalf by |
2025 £ 12,214 5,785 17,999 214,796 11,078 (52,208) |
2024 £ 8,327 3,887 12,214 200,358 62,630 (54,761) 208,227 6,569 214,796 227.010 148 1,248 1,396 |
||
| 173,666 (2,836) |
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170.830 188,829 117 1,308 1,425 |
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Trustee
Trustee
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CHALLENGER CHILDREN'S FUND NOTES TO THE ACCOUNTS
I. Accounting Basis
The Accounts for the year to 3l March 2025 have been prepared on a Receipts and Payments Basis.
2. Unrestricted Fund
The objective of the Unrestricted Fund is by way of grants to perpetuate the memory of the work done for physically disabled children who were formerly cared for at Challenger Lodge.
3. Trustees' remuneration
Trustees expenses of £0 (2024: £0) were paid during the year to 31 March 2025.
| Trustees expenses of £0 (2024: £0) were paid during the year to 31 March 2025.year to 31 March 2025.to 31 March 2025. | Trustees expenses of £0 (2024: £0) were paid during the year to 31 March 2025.year to 31 March 2025.to 31 March 2025. | |
|---|---|---|
| 4. Investments | ||
| 2025 | 2024 | |
| At market value: | £ | £ |
| UK listed equity holdings | 56,781 | 82,768 |
| UK Fixed Interest | 21,188 | 20,086 |
| Overseas equities | 92,861 | 111,942 |
| 170,830 ~~—~~ |
~~——214.26.~~ |
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