Charity regi$tration number SC052223 Iscotlandl
DOUGLAS HAY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025

DOUGLAS HAY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
TN$t¢•s
Lady K M Hope
MrWTAHope
Mrs J 8 Holmes
Mr J L Pearse
Mrs L Cowie
Charity numbgr Iscotlandl
SCO52223
Prln¢lpal addr•s$
clo Johnston Smillie Ltd
5 South Gyle Crescent Lano
Edinburgh
EH12 9EG
Independent examiner
Mark T Edwards FCCA
Mitchell Edwards
Chartered Certified Accountants
24AAinslie Place
Edinburgh
EH3 6AJ
Secretary and Trea¥urer
Johnston Smillie Lld
S South Gyle Crescent Lang
Edinburgh
EH129EG

DOUGLAS HAY TRUST
CONTENTS
Page
Trtsslees. report
Indepèndent examiners ￿ptsrt
Statement of financial activities
Bala￿e sheet
Notes to the finan￿a5 slalements
6-11

DOUGLAS HAY TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The Iruslees present their annual report 8nd flnancial slalemenls lor the year ended 31 October 2025.
The financial statèments have been prepared in acGoid3n¢e with the account.ng poliaes set out in note 1 to the
finanual statèmènts and comply with Ihe charity'5 constilulion, the Chartties and Trustee Investm&nt (Scollandl Act
2￿5, the Charfiies A￿)llnts (Scotlandl Regulations 2006 las amènded) and "Accounting and Repothng by
Charits'es.. Stalernenl of Recommended Practice applicable lo ch8ritiès preparing their accounts in accordance with
Ihe Finanaal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" (effective 1 January
20191
Obje¢¥ve$ and actlvltles
The tharity's objects are lo piovide relief to children and young adu115 in need by reason of long-lem physical
disability Imeaning a long lemi physi¢al impairment of the rnusculo-skeletal. neurological, or cardiorespiT8tory
system ol the body and those who 8re iegistered blindl, who are resident in Scolland and aged eighteen year5 and
under. by providing grant support towaTds the purthase of items and services that will improve their lives.
Achievements •nd pèrfomiance
The Twsl made grants amounting to £43,78712024'. £34,540) during the year.
Financial review
The investments of the Trusl have a market value of £1.306,590 12024.. £1,201.5131 and Ihere are nel CUTrenl
assets 01 £46,518 {2024.' £69,323). The Trust Te¢eived income of £32,021 12024.. £33.5851 during the financial year
and £43,78712024.' £34,540) was applied in making awards.
Net expendiluTe before investment gains was £31.445 12024." £20.5541. The trustees are content for the charity lo
operate al a deficit in order lo maximise the amount di511ibuled to bèneficAaries. The performance gf the investment
portfolio has meant that the npl asset$ of the charity have remained at a satislactory level despite the optrraling
deficii.
R¥$?rves policy
It is the policy of the chafity to maintain reserves at a level which will enable the charity lo generate sufficient
inveslmenl incorne to permit the payment of grants and the administratlon and support costs ol the charity wilhoul
signfficantly eroding the overall resetves position.
Al 31 October 2025 total funds arnounled lo £1,353,10812024'. £1,270.8361. Investment incorne remains Ihe Tnain
Source of in¢ome lor the Fund and ihe level of resetvos held within the Fund'5 investment portfolio is considered
necessary for thè generation ol a suffi￿ent level of income lo funds its operations.
Structure. governance and fflanagem*nt
The ¢harily was established as a Scottish Charrtable Incorporated Organi5alion ISCIOI on 4 January 2023 and is
govemed by ils Constitution.
The charity's affgirs are managed by the Secretary and T￿aSurer, Johnston Smillie Ltd, undei inslrudion from the
Truslees.
The Iruslees who served duying the year and up to Ihe dale of signature of the finaneial statements were=
Lady K M Hope
MrWTAHope
rs J B Holmes
Mr J L Pearse
Mrs L Cowe
New trustees are appointed by the existing tmstees. New trustee5 WIN recefve suitable training from ¢onlinuing
trustees and Ihe secrelaries and treasurèrs and will be given a copy of OSCR Guidance for Charity Trustees.
None ol the trust8es receive any remuneration or btrnefit from the charity.

DOUGLAS HAY TRUST
TRUSTEES, REPORT (CONTINUED}
FOR THE YEAR ENDED 31 OCTOBER 2025
The trustees, report Was approved by the Board ofTruslees.
Lady K M Hope
Tfustee
30 Jtsne 2026

DOUGLAS HAY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DOUGLAS HAY TRUST
I report on the finartcial stslemenls of the charily for Ihe ye8r ended 31 October 2025, which are set out on pages
4t011.
Respectlve responsibilities of tru$te•$ and examlner
The charity's trustees are responsible for Ihe PTeparatson of the financial statements in accordance with the temis
of the Charities and Trustee Inveslmenls (Scotlandl Act 2005 and the Charities Accounts Iscollandl Regulations
2006 las amended). The chaiity'5 tfuslees consider that the audil requirèment of Regulation 1011lla} lo Icl of tho
2006 Accounts Regulations doe5 not apply. It is my ￿spOnSibl11tY to examine the firsanoal statements as reqUi￿d
under section 4411llc) of the Act and lo stsle whèthèr particular rnatters have come lo my attention.
Basi$ of indo￿ndent examlnerf5 Statement
My examination is carried out in accordance with Regulattron 11 01 the Charities Accounts Iscotlandl Regulations
2006. An examination includes a review of the accounting records kept by the charity and a comparison of the
ffinancial slalements presented with those recoids. It also includes consideration of any unusual items or
di5d05ures in the financial statemenls, and seeking explan8ligns from the trustees conceffiing any such matters.
The procedures undert8ken do not provide all the ewdence that would be required in an audil and consequently I
do not express an audit opinion on the view given by the finan¢ial statements.
Independent examiner's ststement
In connection with my examination, no matter has come lo my attention..
(al which givfrs me reasonable cause to believe that in any material respect the requ1￿mentS..
to keep accounting records in ac￿rdanCe with section 4411}181 ()f the 2005 Act and Regulation 4 of
the 2006 Accounts Regulalior15'. and
(ill to prepare finan¢i81 $18téments wh￿h accord with the accountin9 records and comply wrth Regulation
8 of Ihe 2￿6 Ac£ounls Regulations.,
have not been mel or
{bl lo whi¢h, in my opinion, attention should be drawn in order to enable a proper understanding of the
financi81 statéments to be reached.
Mark T Edwards FCCA
Relevant professional body.. The Association of Chartered Certified Accounlanls
Mitchell Edwards
ChaTtered Certified Accovntants
24AAins1ie Place
Edinburgh
EH3 6AJ
Dated.. 1 July 2026

DOUGLAS HAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
Unrnstrlcted Unrestrlcted
funds
funds
2025
2024
Notss
Income from:
Investment income
32.021
33.585
Expenditure on:
Raising fvnds
8,4
8,182
Charilable activilies
54,976
45.957
Totsl eX￿ndIture
63.468
54,139
Nel gainsl{lossesl on investment5
11
113,717
150,660
Net movement in fund5
82,272
130.106
Fund balan¢es at 1 Novembei 2024
1,270,836 1,140,730
Fund balances at 31 October 2025
1,353,108
1,270,836
The statement ol financial aclkvities in¢ludes all gains and lo&ses recognised in the y8ar. All income and expen￿￿Ure
derive from conlinuing a¢twilies.

DOUGLAS HAY TRUST
BALANCE SHEET
AS AT31 OCTOBER 2025
2025
2024
Notes
Fixed assèts
Investrnents
13
1,3Ce,590
1,201,513
Current a$$ets
Debtors
Cash at bank and in hand
14
1.627
47,461
1.466
70,361
49,088
71,827
Credltors: amounts falling due wlthln
onè yèar
15
12,5701
12,5041
Net current assets
46.518
69,323
Totsl assets less current liabilltles
1,353,108
1,270.838
Income funds
Unreslricled fvnd8
1,353,108
1,270.835
1,353,108
1,270,836
The financial 51alemenls were approved by the TruslÈes on 30 June 2026
Lady K M Hope
Trustee

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
A¢countln9 pollcies
Charlty infornutlon
The charity is a registered charity in S¢olland and is incorporated as a Scottish Charrtable In¢orporaled
Organisalion. The address of the principal offi￿ is clo Johnston Smillie Ltd, 5 South Gyle Crtrscent Lane,
Edinbur9h EH12 9EG.
1.1 A¢¢ountlng convention
Thts finan¢i815t8temenls have been prepared in accordancè wilh the charity's conslilution, the Charities and
Trustee Investment (Scotlandl Act 2005, the char￿e5 Accounts IScDllandl Regulations 2006 {as amÈndèdl,
FRS 102 °The Financial Reportin9 Standard applicable in the UK and Republi¢ of Ireland. {"FRS 102.1 and
the Charrties SORP "Accounting and Reporting by Char￿.es.. Statement of Recommended Pra¢ti¢e applicable
to charities prèparing their 8¢¢ounls in accordance with the Financ4al Reporting Standard applicablts in the UK
and Republic of Ireland IFRS 1021" (effective 1 January 20191. Th¢ charty is a Public B8nefil Entity as defined
by FRS 102.
The charrty ha8 taken advantage of the provisions in thè SORP for sm811 tharilies not to prepare a StatÉmenl
of Cash Fl¢)ws.
The ffin8ncial statements afe prepared in sterling. which 15 thè functional currency of the rharity. Monetary
amounts in these financial stalernent5 are rounded lo the nearest £.
The financial statements have been prtspared under the historical cost ¢onvention, modified lo include
invèstments at fair value. The prÈnupal a(tounting polic￿$ adopled are sel otjl below.
1.2 G¢lng concem
At the lime of approving the financyal slatemenls, the trustees have a reasonable &xpectation that the charity
has adequate resources to continLte in operational existenc¢ for the foreseeable fvlure. The trustees the￿fOre
continue to adopt the going concern basis of a¢counlitTg in preparing the financtral slatemenls.
1.3 Charitabltr lund8
UnrÈstrtct￿ funds are av8Slable for use al the discretK)n of the Irust8es in furtherance of their charitable
obiectives. The charity ha5 no restrided funds or endowment ftjnds.
1.4 In¢omÈ
Income is recognised when the charity is legalty entitled to tt after any performance ￿rKI]I￿On5 have been met.
the amounts can be measured reliably, and it is probablo that income will be received.
1.5 Expenditure
Liabilities are recognised as exppndilufe as soon as there is a le9al or constructive obligation ¢ommrtting the
charity to that expénditure, it is probable that settlement will be required, and the amount of the obligation can
be rneasu￿d re5iabSy.
All expenditure is accounted for on an a¢cruals b8s58.
1.6 Flxed asset Investments
Fixed asset investments are in((ially measured al trdnsaction pri￿ exduding Iransaction costs, and are
subsequently me8$ured at fair value at each reporting date. Changes in fair value ale recognised in nel
rKomellexpeniJilurel for the year. Transaction costs are expensed as incurred.
1.7 Cash •nd eash •quivalents
Cash and ¢ash equivalents include cash in hand, deposits held at call With banks. other short-lemi liquid
investments wEth original maturilies of three months or lèss, and bank overdrafts. Bank overdrafls are shown
within borrowings in CUTrenl liabililies.

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Accounting policles
IContlnued}
1.8 Flnanclal Instruments
Financial inslrumtrnts Comprise financial assets and finanaal liabilities which are inilialty recognised at
transaction value and subsequently measured al their settlement value with the excèption ol investments.
Inveslments are measuréd initially al their transaction value and subsequently measuied at their lair value as
at the balance sheet dale using th$ dosng quoted Market pri¢e. The statement of financial acbvities indudes
th8 net gains and losses arising on revaluations and disp05815 throughout the year.
Reall$ed gains and losses
All gains an¢Y losses are taken to the statement of financial actwilies as they arsse. Realised gains and losses
on investments are calculated a5 the difference bptween sales and proceeds and their opening carrying value
or purchase value il acquired SUbseqL￿nI to Ihp ffirsl day of the financial yeai. Unrealised gains and losses are
calculated a5 the dI￿rènCe behveen fai¥ value al the year end and their carrying valuo. Realised gains and
bsses are combined in the slalement of financial activities.
Financial Instruments Measur￿ at fair value
Financtal Instrumenls measured al fair value compiise listed investments. Fixed asset investments, on which
the ongoing finanaal sustainability of the charity depends. are ￿nsIdered to carry a significant risk ol material
adjustment. The main risks lie in the combination of uncertain investment markets and volatility in yield.
1.9 Debtors
Debtors are recognised at the Set1￿ment amount due. Prepayments are valued al the piopaid amount.
1.qo Creditors and provision
Crfrdilors and provisions ale re¢ognisèd where a present obligation from a past event wll probably result in
the transfer of fijnds to a third party snd the amount to settle the obligkn.on can be measured or eslimaled
reliabty. Credtloys and provisions are nomially recognised at their settlemgnt amount.
Critical accounting èstimates and judgements
In thè application of the charity's awountin9 policies. the Iruslees are required to make judgeTll&nls. eslimales
and assumptions about the oarrying amount of assets and liabililios that are not readily app8￿nt from other
SQUfces. The estirnates and asso¢iated assumptions are based historical experience 8nd other factors that
are considered to be relevant A¢lual results may differ from these eslimales.
The eslimal8s and underlying assumplton5 are reviewed on ar* ongoing basis. Revisions lo accounting
estimates arè rècognised in the period in which the estimate is revised whère the revision affects only that
period, or in thè period ol the revision and ft>ture periods where the revision affeds both current and future
periods.
In the opinion or the trustees Ih8re are no critieal accounting estimates or judgements Applicable to these
financial stalemenls.

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Income from investments
Unreytricted Unrw4tri¢ted
lunds
fund$
2025
2024
In¢x)me from listed investments
Interest receiv8ble
30,826
1,195
32,315
1.270
32,021
33,585
Ral$lng fund$
Unr•sthcted Unrestricted
funds
funds
2025
2024
Inveslment m3n8gemenl
8,490
8,182
8,490
8.182
Expenditure on ¢harltabl& a¢tEvlJe$
Charltsble
actlviti&s
2025
Charitablo
activitles
2024
Dlrect costs
Bank Charges
60
Grant funding of activit￿$ (see note 61
43.787
34,540
Share of support and yovernanc• costs (see not• 7)
Support
Governance
9.252
1.877
9,558
1.799
$4,976
4S,957
Analysls by fund
Unresliicted funds
54,976
45.957

DOUGLAS HAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Grants payable
Grants
payable
2025
Giants
payable
2024
Grants to indiwduals
43.787
34,540
43,787
34.540
During the yeai, grants were rnade lo swnsoring bodies for the benefit of 4712024.. 421 individuals,
Support costs
Supp¢rt Govèmancè
eosts
¢o$ts
2025
Support Govemance
eosts
costs
2024
Secretary and Treasurer
Website
8.640
612
8,840
612
9.240
318
9,240
318
Independent examination
fees
Legal and professional
1,830
47
1.830
47
1.764
35
1,764
9,252
1,877
11,129
9.558
1,799
11,357
Analysed be￿een
Charitable aclwilies
9,252
1.877
11,129
9.558
1,799
11,357
Net movement in fund$
202S
2024
The net movement in fun¢Js is stsled after chargingllcredilingl..
Fees payable for the independent examination of the ¢harity's financial
statements
1,830
1.784
Trustee$
Nonè of the Iru5tees lor any persons connected with them) received any remuneration or benefits from the
charity duiing the year.
10 Employees
There were no employees12024.' none).

DOUGLAS HAY TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2025
11 N•t gainslllo$$e81 on inVestm￿ts
Unrestricted Unreslri¢led
funds
funds
2025
2024
Revaluation of investments
Gainllknssl on sele ol inveslrT5ents
108,397
5,320
133.458
17,202
113,717
150,660
12 Taxatlon
The chartty 15 exempt from taxation on ts ath"vities because all its incomÈ is applied for charitable purptsses.
13 Flxed asset Investments
Listed
Inve3tmgnts
Cash in
portfollo
Totsl
Cost or valuation
At 1 November 2024
Additions
Valuation changes
Cash movements
Disposals
1,192.492
245.(￿8
1 L18,397
9,021
1,201.513
245,068
108,397
6.373
1254.7611
6,373
{254,7611
At 31 October 2025
1,291,196
15,394
1.306,590
Carrying amount
At 31 Octobof 2025
1,291,196
15,394
1,306,590
At 31 October 2024
1,192,492
9,021
1,201,513
14 Dobtors
2025
2024
Amounts falllng duè withln onè yèar.
Other dpblors
1.827
IS C￿ditors. amounts falling due wlthln one ygar
2025
2024
A¢￿al8 and deferred income
2,S70
2,504
10

DOUGLAS HAY TRUST
NOTES TO THE ACCOUNTS {CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
16 Unrgstrleted funds
The unresliirted funds of Ihe charty ¢omprise the unexpended funds which are not subiect to specrfic
conditions by donors and grantor5 as to how they may be ijsed. These include designattrd funds which have
been set aside ovl of unrestricted funds by the trustees for specrfic purposes.
At1
November
2024
IneomSng
resources
Rt$our¢os
expended
Gains and At31 OCto￿r
losses
2025
General funds
1,270,836
32,021
163,4661
113,717
1,353,1 C>8
Prevlou¥ ygar..
At1
November
2023
In¢omfng
resourcgs
ResouT¢¢$
expended
Galns and At 31 O¢tobgr
losses
2024
General funds
1,140,730
33,585
154,139}
150,660
1,270,836
11