Charity registrauon number SCO52223 Iscotlandl
DOUGLAS HAY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

DOUGLAS HAY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Charlty number ISco15•nd
SCO52223
Principal addre
ejo johns￿ Smillle Ltd
S Soull Gfv c￿Scent Lane
Edinburgh
EH129EG
IndeperKIEnt ox•min*r
Milchdl Edwards
Chartered Certtfied Acoountsnts
24AAinsliÉ Place
Edinburgh
EH3 6AJ
S•cr•tsry and Tr•a*ur•r
Johnston Smillie Ltd
5 Soulh Gyb Cre$¢ent Lan8
Edinburgh
EH12 QEG

DOUGLAS HAY TRUST
CONTENTS
Pagg
Twstees, report
Independent examinerfs report
Slalement of financial actNilies
Balar￿e sheet
Notes lo the finan¢ial statements
6-11

DOUGLAS HAY TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The IrLSSt88$ W&gent annual rètknrt financial slalemen15 fpr Ihe yeai 31 Oclobey 2024.
The finanoal statements have been prepared in accorda1￿ wllh the a(xounting policie5 sel out in n¢Jte 1 lo the
nancial statements and comply v4ilh the dBiily'8 GI￿5111￿11￿, the Charrties and Trustee Investment Iscotlaidl Act
2005, the Charities Accounts (Scotlandl Regula1Ktn$ 20(6 la¥ amended) and "Accotsnling and Reporting by
Charitie$. Slalement ol Recornmended Practice applicable to Charities preparing thair ae(x)unts in accofdance wlth
Ihg Financial Reporting Standard applie2ble in the UK and Republic ol Ireland IFRS 1021" leffective 1 January
2019)
Obl•cOvos and actl¥lt
The chaiity's Dbj8¢t$ 8rè to provlde rel￿1 to children and yDung ¥dulls in need by reason of I0￿-t￿mi physical
di5abil¢ty Imeaning a long lemi physical impairrnent of IhÈ muscu10-skeletal. neurological, or ￿[dIOre9pir￿t0ry
System of the body and those who are registered blir)dl. who are resident in Scotland and aged eighteon y¢ars and
under. by prowding grant 5UPPOrt tQW8rd$ Ihe purchase of rtem8 and sèrvices that WAI improve their li¥e$.
Arhievement• •nd pvrfomiance
The Trust made grarils amounting 10 £34.54012023.. £35,394 } during the year.
Flnanctal +Bvl•w
The inveslmerits of the Tru81 havè 8 markel value 01 £1,201,513 12Q23'. £1,059,740) and IherÈ are nel ¢urr8nl
assèts of £69,32312023 £80.9901. The Trusl receThied income of £33.￿ 12023.. £32,267) during the fin8n¢ial year
and £34,54012023.. £35.3$41 was 8ppliBd in making awards.
R&B•tvA& polley
11 is the policy ol the eharity to malntain fèserves at a level which will enable lh¢ charily lo gene￿Ie suffitienl
Irive51menl inwm¢ lo cover the paymenl of giants and the administrotion and support costs ol the charity.
Al 31 October 2024 total bjnds amounted to £1,270.83812023'. £1.140,7301. Investment incorne remains the main
soureè of Income for Ihe Fund and Ihe level of rese￿e8 held withiii the Fund's investment porlfolio is considered
necessary for the generat'on tsl a suffiaent levd of incotne lo fun¢J$ 11$ oFeralions.
Structure. govpmance and m•n•gernpnt
The charrty was estsblished as a Scottish ch811￿ble Incorporated Organisalion {SCIOI on 4 January 2023 10
Teplace Dougla5 Hay Twst fEY Cnppled Children ISC0144501.
In the o)ur5e of the year Ènded 31 Octr&ber 2023 the a&se15 8nd liabilrties of Dougl8s Hay Trust for Crippled
Childfen ISC0144501 were Iransfettèd lo the SCIO. DougL35 Hay Tru51 for Cripthd Children was wound up on 23
ort0￿1 2023.
Thg ¢harity'$ affairs are managed by the Strcr81ary and Treasuref, Johnston Smillie Ltd, under in5truulion frorn Ihe
Tfusiees.
The trustees who served dtsring the y&ai and up lo the dale of signature of the financrdl 5tstemenls were..
New tru£lees are appointed by the existing Iruslees New trustees will receive suitable Iraining from ujnlinuipg
trustees 2nd the secrelaries and iTeasurer5 and wll be given a a)py of OSCR G￿dance for Charity Tru51ee5.
None ol trust¢e$ receivo any remuneration or be￿￿t from the charity.

DOUGLAS HAY TRUST
TRUSTEES. REPORT (CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2024
Th tF.Islees' ie
ort ￿,3$ approved by the B¢ard ol Trustees.
Trustee
26 Jung 2025

DOUGLAS HAY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DOUGLAS HAY TRUST
I reporl on the finanryal 5talemtrnls of the chaiily lor the yeor ￿ded 31 October 2024. whith are sel out on pages
4tol1.
R•sp•¢tive re8pon8ibilitie* of tr￿￿t￿ and examlner
The charity's Iruslee5 are responsille for the p¥eparab"on of Ihe ffinancial statements in accordance vith the le￿n8
of the Charth"es and Trustee Investments {S¢ptlalldl Act 2005 and the CharIt￿S Accounts (Scollandl Regulations
2006 {as amended). The chanty's tiustees consider that Ihe audit rgquir8m8nt of R￿UlatIOn 10{11{a) io Icl of the
2006 Acctsunts ReguL*ion9 does nol apply. 11 1$ my responsibility lo exatnine the fw)aFia81 slalemenls as required
under section 4dl1llcl oflhe Ad and to slate whether parlicular matters have ¢ome to my attention.
Basis of indèpgndent •xaminer'$ $t¥t•m•nt
My oxamination 15 carrt&l out in aGwrdan¢e wrth Regulalion 11 of the Char5tles Accounts (Scollandl Regulatrons
21X%. An exarrination include5 a re¥iÈw ol the accounting recx)rds kepl by the charity and a comparison of the
rin8nGk41 stslements presenled with Ihose records. 11 also includes con5ideralion of any unusual itsrns or
disc105ures in the financial stslemènls. anij seeklng explan*￿n$ from the trustees ¢(xceniing any such matters.
The procedures undertaken do not provide all Ihe èvidence that would be required in an audit and ¢gns¢qu6nlly I
do not expie55 an audil opinion on the view given by lh¢ financial stalèmenls.
Indop•ndont •x*mlnerfs statèment
In Conne￿1¢n with my 9xamination. r¥) matter has ¢ornÈ lo my attenlion..
lal gNe$ rne reasonable to b*lie￿ that in any material respect thè requirerrEnts=
lo keep 8¢counling re(xJrds in ac￿rIanCe wslh section 44111 lal of the 2005 Act and Règulation 4 of
the 2006 Attounls Regulations". and
IMI lo piep819 fjnanu81 statements which accord with the ?￿oUntIng ¥ecord$ and comply with R8gulaty)rs
8 01 the 20￿A(￿Ol￿1s Regulations.,
l)ave not beon mot or
{b) to which. in my opinion. attention bo drawn in order io enabla a propor underst8ndirrfJ of thè
financial 5tateTnenlS to be ¥eÉchèd.
Relevant professional body. The AssaGiation ol Chariered Certified A¢coLintanls
Mitchell Edwards
Chartered cerlif1￿ Accountants
24A Ainslie Ilace
Edinburgh
EH3 6AJ

DOUGLAS HAY TRUST
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
Unrestrlet•d Unrestiictèd Endowment
funds
funds
funds
2024
2023
2023
Totsl
2023
Notss
In¢ome frt¥m:
Inveslmenl income
33,585
32,267
32.267
Expendlture on:
RaisirrfJ funds
8,182
7,724
7,724
Chaiitable activities
45,957
49,402
49.402
Totsl expenditure
54,139
57,126
57,126
Nel gain611105sesl on investments
11
150.e80
121,257}
121.2571
Gr05S transfers be￿een funds
Net movemtrnt in lunds
1,138,748 (1,138,748}
130,106 1,092,632 11,138,748}
146,1181
Fund balances at 1 Novemb¢r 2023
1.140,730
48,098
1,138,748
1,186,846
Fund balan¢es at 31 October 2024
1,270,836
1,140.730
1,140,730
The slalemenl tsl finan¢i818divtties include5 all gains and losses re￿nISed in the year. All income and expenditure
derive from ￿nts"nu1ng aciivities.

DOUGLAS HAY TRUST
BALANCE SHEEr
AS AT31 OCTOBER 2024
2024
2023
Nvles
Flx¢d asset•
Investments
13
1,201,S13
1,059.740
Current a53ets
Debiors
Cash at bank and in hand
14
1.466
70.361
84,170
71.827
85,180
Crèdltors: amounts falllng due ￿th1fi
on• y•ar
15
12,5041
(4,1701
Net cuNent assets
69,323
80,990
Totsl less currnnt liabllille8
1,270,838
1,140,730
Incom• fknnds
unreStr￿ted funds
1,270.836
1.140.730
1,270.836
1.140.730
ed by the Trustees on 26 June 2025
Tru•t•g

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Accounting policles
Charlty Infomiatlon
The charity is a registered ¢harty in Scotland and is incofporated as a Scottish Charhable Incorporaled
Organisation. The addross of the principal Offi￿ is clo Johnston Smillie Ltd, 5 South Gyle Ciescenl Lane,
Edinburgh EH12 gEG.
1.1 Accountlng convention
The financial slalemenls have been prepared in ac¢oid3nce with the charity's ¢onslilution, the Charilte$ 8n¢J
Trustee Investment Iscollandl Act 2005. the Charities Accounts (Scollandl Regulalions 2006 las amended),
FRS 102 °The Financial Reporting Stand8rd applicable in the LIK and Rèpublic of Ireland. I"FRS 102.1 and
the Charities SORP 'A￿ountIng and Reporting by Charities.. Slalemenl ol Recommended Practice applicable
to charities preparing their 8c¢ounls in acco¥dance with the Financial Reporting St8nd8fd applicable in Ihe UK
aNI Republic of Irel8n(J IFRS 102)" (effective 1 January 2019}. The charity is a Public Benefit Entily as defined
by FRS 102.
The charity has taken advantage of the provlsions In the SORP for small chari*'e5 not lo prepare 8 Slalement
of Cash Flows.
The finan¢bal $t81emenl$ are prepared in sterling, whith is the fun¢tSonal currency of the charity. Mot)etary
amounts in these financial statements are rounded lo the nearest £.
The financial statemènts have been prtspaied under the historical cost cx*nvents"on. modified to indude
invèstments at fair value. The principal accounting policies adople(l are set out below.
1.2 Golng c¢Jncern
Al the lime of approving the financial stalemenls, the Iruslees have a reasonable expectation that Ihe charity
has adequate resources to continue in operational existence for the foreseeable future. The trustees Iherefwe
eontinue lo adopt the going concern basis of a(tounting in preparing the financial slalemenls.
1.3 Charitable fund$
Unrestricted funds ale available for use at the discretion of Ihts Iruslees in ftjrtherance ol Iheir Charitable
objectives. The ¢har¢ty has no restricted funds or endowment funds.
1.4 Income
Income 1$ recx)gnis&d when the ch31ty is legalty entitled to it after any perform8ni* conditions have bèen mel.
the 8mounts Can be measured reliably, and it is probable that income will be received.
1.5 Exp¢ndlture
Lsabilities are recognised as 8Kpendilurè 89 soon as there is a legal Or ¢onslructive obligalion committing the
charity to that expenditure, il 15 probable that settlement will b8 requireil, and the amount of the obligation Can
be measure(I reliably.
All expendrture is accounted lor on an a¢￿ual$ basls.
1.6 Fixed 4$$et investrnerrts
Ftxed asset investments are inttlally measured at transaction price excluding Iran$¥¢tion costs, and are
subsequently Tneasured al fair value at each reporting dale. Changes in falr value are recognise(l in nel
incornellexpenditiirel foi the year. Transaction costs are expensed as incurred.
1.7 Cash and cash egulvalents
Cash and ¢ash equwalenls include cash in hand, deposits held al ¢811 with banks, other short-term liquid
investments with original rnaturities ol three months or less. and bank overdrafts. Bank overdrafts are shown
within bom)wings In current liabilities.

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Accounting pollel•s
Icontinuedl
1.8 Flnanclal in$truments
Financial instruments comprise fin8n¢ial assets and finanrAal liabilities which are initially re¢ogni$ed al
Iran5aclion value and subsequenlly mèasured at their settlement value with the exception of investments.
Inveslmenl$ are measured initially al their Iransaclion value and subsequently measured at their lair value a5
at the balance sheet datè using the closing quoted market price. The slalement of financial activities includes
the net gains and lossès arising on revalualions and disposals throughout the year.
Reallsèd gains and105se
All gains and losses are taken lo the statement of financial aclivilio$ as they arise. Realised gain$ and lossès
on inveslm¢nts are calculaletl as the drfference be￿een sales and proceeds and their opèning rarrying value
or purthase value if acquired subsequent to the first day ol the finan¢ial year. Unrealised gain5 and10sses arg
¢xlculaleO as the difterence be￿een fair value at the year end and their Carrying value. Realised gains and
losses are combined in the statement of fina￿¢la1 activth'es.
Financittl In$trum•nls m•asurod at fair v•lv•
Finanaal Inslrurnenls measured at fair value comprisè listed investments. Fixed asset investments, on which
the ongoing financial sustsinability of the charity depends, are considered to carry a signifiGgnt risk 0¢ material
adjustment. The main risks lie in the combination of uncertain investment markets and vol81ility in yi6Id.
1.9 Debtorn
Debltsrs are rgcognised at the settlement amount due. Prepayrnenls are valued 8t the prepaid amount.
1.10 Creditor5 and provl$lons
Creditors and piovisions are recognised where a present obligation from a past event will probably resull in
Ihe transfer of fund5 lo a third party and the amount lo settle the obligatson can be measured or estimated
reliably. Creditors and provisions are normally recognised al their settlement amount.
Crilical a¢¢ountlng estimates and ludg¢ments
In the application of the charity's accounting poli¢ies, the trustees are required lo makfr judgements, estimates
and assumptions about the carryin9 amount ol assets and liabilities that are not rèadily apparent Ifom other
50urce5. The eslitnales and associated a$51JTnplions are based on historical exppiien¢e and other taclors Ihal
are considered to be relevant. Actual results may dtffer from these estimates.
The estimates and urKlertying assumptions are reviewg¢J on an ongoing basis. Revisir)ns lo accounting
estimates are Tecognised in the period in which the estimate is revised where the re¥i5ion affg¢ts only that
period, or in the period ol the ievision and fulure period5 whère the revision affects both Guirtrnl and future
pèriods.
In the opIn￿n ol Ihe trustees Ihere are no critical accounting eslimales or judgements applicable lo these
fin8nrAal 51alements.

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
In¢omo from Inve$tments
Unr¢$trlctÈd Unresthct•d
lund$
funds
2024
2023
Income from listed investments
Interest receivable
32,315
1,270
32.071
33.585
32,267
Raising funds
Unrestrlctsd Unrestricted
funds
funds
2024
2023
Investment management
8,182
7,724
8,182
7,724
Expenditure on charltsblfr activities
Charitable
activities
2024
Chorltsble
actl¥lties
2023
DiTt¢t ¢0gts
Bank Chargtrs
60
26
Grant funding ol activÉknvs (see note 61
34,540
35.394
Share of $upport and goYeman¢e ¢08t818ee note 71
Support
Governance
9.558
1,799
9,282
4,700
45,957
49,402
Anatysis by fund
Unrestticted funds
45,957
49,402

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Grants payablè
Grants
payable
2024
Gr8nl$
payable
2023
Grants lo indiwduals
34.540
35,394
34,540
35,394
During thè year, grants were made lo sponsoring bodies for the benefit of 4212023.. 441 individuals.
Support costs
Support Gov*mance
costs
Costs
2024
Support Govemance
¢o$ts
costs
Z023
SecTelary an4Y T￿3$11r&r
Websrf(e
9.240
318
9,240
318
8,400
882
8.41X)
882
Independent examination
fees
Legal and prolessional
1,764
35
1,764
35
1,752
2,948
1,752
2,948
9,558
1.799
11,357
9.282
4,700
13.982
Analysed be￿een
Charitable actwilies
9,558
1.799
11,357
9.282
4,700
13.982
Net movèment in funds
2024
2023
The net movernenl in fund8 IS staled after chargingllcreditingl..
Fees payable for the independent examination ol the charity's f5nanrAal
statements
1,764
1,752
Tru$tse$
None of Ihe Iruslee5 loi any pèrsons connectèd with them} re¢enied any remuner8tion or benefits from the
charity during the year.
10 Employeès
There were no employees12023'. nonel.

DOUGLAS HAY TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2024
11 Net galnslllos$9s) on inve5lj￿nts
Unrestricted Llnr8$lricted
funds
funds
2024
2023
Revaluation ol investments
Gainll10s51 on sale of investments
133,458
17,202
132,8601
11,803
150.660
121,2571
12 Taxation
The charÈiy is exempt from tsxalion on its acts'vrties be￿use all its income is applied for charitable purposes.
13 Flxed •$•et investments
LiBted
InveBtmgnts
Cash In
porttollo
Total
Cost or valuatlon
At 1 November 2023
Additions
dlualion changes
Disposals
1,04fj.957
184,513
133,458
1172.4361
12,783
1,059.740
184,513
133,458
{176.1981
13,7621
At 31 October 2024
1,192,492
9,021
1,201,513
Carylng amount
Al 31 October 2024
1,192,492
9,021
1,201.513
At 31 Odober 2023
1.046,957
12,783
1,059,740
14 Debtor8
2024
2023
Amounts falling due within one year:
Other debtors
1,466
15 Credltorn: amounts falling du• within one ye•r
2024
2023
Accruals and delerred In￿Me
2,S04
4,t70
10-

DOUGLAS HAY TRUST
NOTES TO THE ACCOUNTS {CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2024
16 Unrestricted funds
The unfeStr￿ted lunds of the chanty comprise the 4Jnexpended funds which are not subject 10 5pe¢ffi¢
conditions by donors and granlors as to how they may be used. These include designated funds which have
been sel aside out of ￿n￿striCted funds by the Irusl¢es for speafic purposes.
Atl
November
2023
Incoming
resources
Ro$our¢os
expended
Trnnsfers
Gains and Al 31 O¢tober
losse$
2024
General funds
1.140.730
33.585
154.1391
150.660
1,270,836
Prevlous year:
At1
November
2022
Incoming
rggources
Resour¢¢s
expended
Transfers
Gains and At 31 O¢tobgr
losses
2Q23
General funds
48,098
32.267
157,1261
1,138,748
121,2571
1.140,730