One of Scotland's oldest charities has transferred funds, from its liquidation, to another charity.
Balnacraig School announced its need for liquidation in 2021. At the request of the school's board, the liquidator, Shona Campbell, has passed the surplus funds of around £0.9m to the Rock Trust.
Kate Polson, chief executive of Rock Trust, said Balnacraig School has preserved “a great legacy” by ensuring that their remaining funds are invested in preventing young people becoming homeless.
“We are very grateful to the trustees as the funds have enabled us to invest in a new prevention programme which will make a massive impact on young people and their families,” she said.
OSCR, the Scottish charity regulator, reports that Rock Trust had an income of £2.68m in the year until 1 March 2023.
‘We were saddened by the need for liquidation’
Balnacraig School, established in Perth in 1843, decided to seek liquidation as a result of a decline in referrals and the inability to proceed with the sale of the large listed baronial mansion at Fairmount Terrace in Perth.
This was its centre of operations, and was put up for sale in 2019.
David Law, former chair at Balnacraig School, said the board’s hope “had been to continue as a charity for young people” and “while we were saddened by the need for liquidation” the board is pleased “such a significant sum” will be used to support young people in need.
He said: “The funds derived from the liquidation process are being directed towards the Rock Trust, a charity dedicated to preventing homelessness and supporting vulnerable young people in Scotland.
“The Rock Trust will use these funds to further its mission and expand its reach to positively impact the lives of those in need.”
The Balnacraig School’s most recent accounts for the year ending 31 March 2020, show an income of £2.25m and expenditure of £2.76m.
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