CRAIGIE_DEVELOPMENT_LIMIT - Accounts

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2019. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

The purpose of the company is to provide financial assistance for educational purposes, where deemed suitable and appropriate, to individuals and groups, with priority being given to supporting such individuals and groups concerned with mental and other disabilities, and to individuals and groups providing recreational support for young people. Surplus funds, after meeting the above, may be considered for allocation to other educational purposes.

The charity made various donations, including donations to local foodbanks. Looking ahead the trustees are considering other projects to support

The results for the year and financial position are shown in the annexed financial statements. At the year end £452,249 (2018- £447,507) was held in general unrestricted reserves.

In accordance with the Statement of Recommended Practice, the investments have been reflected at market value

In the opinion of the trustees, the state of the company's affairs at the Balance Sheet date was satisfactory.

The annual income from the invested capital is disbursed to meet requests received from applicants whose aims and needs are deemed by the trustees to be in accordance with the aims of the company. The range of such requests has extended from help to parents of children with serious handicaps, to assistance for school groups requiring financial support to enable educational visits, and to appropriate groups seeking help for educational purposes. The company does not seek funding from any source and only attempts to disburse annually the major part of the income from the invested capital.

Since the establishment of the company in 1985, the capital then invested has grown steadily, with corresponding growth in annual income. However, due to the current economic recession, the annual growth of capital has fallen. Consideration of reduction in invested capital by major donations will continue when timing is appropriate. This matter is constantly under review by the trustees.

Reserves policy

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

Investment policy and objectives

The investments were managed by Investec. The investments are managed on a discretionary basis with the prime investment objective being a balanced portfolio.

Governing document

The company is an incorporated charity, established by constitution and is recognised by the Inland Revenue as a Scottish Charity.

The company is limited by guarantee.

The company is governed by its Memorandum and Articles of Association under the Companies Act 1985. The Board of directors are elected under the terms of the Articles of Association.

The director concerned mainly with the day to day management of the Trust is E J H Mowat.

Membership of the Board of Craigie Development Limited (incorporating Craigie Educational Development Trust), is by invitation from the Board to individuals deemed suitable by experience and expertise with regard to the aims of the company.

The Trustees' report was approved by the Board of Trustees.

The Trustees, who are also the directors of Craigie Development Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

- 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Charity’s Trustees, who are also the directors of Craigie Development Limited for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) 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.

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 view given by the financial statements.

In connection with my examination, no matter has come to my attention:

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 financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2019.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The charity is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006 (registered number SC094927 (Scotland)). The charity is a registered charity number SCO01586. The charity is registered with OSCR the Scottish Charity Regulator. The charity's registered office is 23 Wellington Square, Ayr, Ayrshire KA7 1HG.

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets,

The presentation currency of the financial statements is the Pound Sterling (£)

The financial statements for the year ended 30 September 2019 have been prepared on a going concern basis. In making this going concern assessment, all available information about the foreseeable future (limited to a period of less than one year from the date of approval of these financial statements) has been taken into account.

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

All income is recognised in the Statement of Financial Activities once the charity has entitlement of the funds, it is probable that the income will be received and the amount can be measured reliably.

Liabilities are recognised as expenditure as soon as there is a legal or contrastive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated on activities on a basis consistent with the use of resources.

Investments

Investments ate stated at market value, per Investec, as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Realised Gains and Losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds held within the financial statements are restricted to the objectives of the charity and must be used for educational purposes only.

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Independent examiner fee

There were no trustees' remuneration or other benefits for the year ended 30 September 2019 nor for the year ended 30 September 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2019 nor for the year ended 30 September 2018.

Investments held at 30th September 2019 which are over 5% of the total portfolio by value are:

Pepetual Inc & Grth Ord- £22,232

If investments had not been revalued they would have been included at the following cost:

There were no disclosable related party transactions during the year (2018 - none).