2024-06-30-accounts

THE JAGCLIF CHARITABLE TRUST

Registered Charity No: 1163459

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th June 2024

The Jagclif Charitable Trust

Trustees Report

for the Year Ended 30 June 2024

The trustees present their report along with the financial statements of the Trust for the year to 30 June 2024. The Trust is a CIO (Charitable Incorporated Organisation) and is registered with the Charity Commission for England and Wales with registered charity number 1163459.

Trustees G. P. Wace E. Fragomeni C. Wace R. Brown J Vincent

The trustees, as shown above were appointed by the Constitution, and subsequent trustees can be appointed by them. All the trustees receive regular updates on the charity sector.

Principal Office George House 131 Sloane Street London, SW1X 9AT Bankers Natwest Bank Plc City of London Office 1 Princes Street London EC3P 3AR HSBC UK Bank Plc 8 Cork Street London W1S 3LJ Auditors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Solicitors Bates Wells 10 Queen Street Place London EC4R 1BE

Objects, Activities and Public Benefit

The objects of the Trust are for such exclusively charitable purposes for the benefit of the public in any part of the World as the Trustees may in their absolute discretion think fit. The Trust meets its objects though grants, donations and investments.

The Trust’s support and public benefit activities, both internationally and in the United Kingdom, cover a wide range of beneficiaries and organisations. These charitable activities can be grouped into the following areas which the Trust focuses on, while at the same still supporting other charitable activities, campaigns and initiatives where possible or if a specific need arises.

• Education, including programs and organisations which help all children and young people, regardless of their background, get access to education.

• Public health and aid, both in developed and developing countries, including the support to the National Health Service (NHS) in the United Kingdom and those who work within it.

• Regeneration of and support for communities in urban deprived areas or waning rural areas.

• Provision of support and care for those in public service, including service men and woman with mental health concerns.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.

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The Jagclif Charitable Trust

Trustees Report for the Year Ended 30 June 2024

Achievements, Performance and Financial Review

During the year the Trust received donations of £21,981,098 (2023: £15,625,000) and committed to donations and grants of £1,715,150 (2023: £397,161) to various other organisations around the World as detailed in note 4 to the financial statements. Donations in the year were £80,150 (2023: £397,161), the largest donation of £50,000 was focused on medical science (BrainWaves project, run in partnership with the University of Oxford). Grants increased by £1,635,000 year on year, this was due to all prior year grants being the final payment of multi-year grants. The grants committed in 2024 were £1m for the Taigh Mor Foundation (armed forces) and £635k for ARK (education). The Trustees receive regular updates on the progress and impact of the projects to which they donate.

In February 2020, the Trust received a donation in the form of shares in Summer Isles Enterprises Ltd (SIE), a company which owns properties within the UK. This company is actively engaged in the thoughtful restoration and renovation of the property's buildings, equipment, and infrastructure, with the involvement of the local community at the heart of the restoration efforts. The restoration phase is projected to continue for an additional 6 to 12 months, after which the focus will shift towards developing the property's hospitality and charitable offering. The income generated from this venture will be directed back to the Trust, aiding in the furtherance of its charitable objectives.

The results of this subsidiary for the year ended 30th June 2024 are detailed in note 3 to the financial statements.

In January 2025 SIE’s Impact Team completed a comprehensive report detailing the positive impact of the Tanera project to date. It captures the impact of Jagclif’s investment in SIE across three charitable pillars:

1. Rural and Community Regeneration,

2. Targeted Support for People in Public Service,

3. Environmental Restoration and Protection.

Rural and Community Regeneration

The Tanera project has fuelled rural and community regeneration – with a current workforce of over 166 people, SIE’s research into the regenerative capacity of the project shows that to date SIE has:

• Been instrumental in reversing the declining population by enhancing employment opportunities and economic resilience in Coigach, creating an attractive environment for new residents. SIE is forging stronger community ties - locally through events and opportunities, and globally by extensively supporting Hurricane Beryl relief efforts in Canouan (St Vincent & The Grenadines).

• Invested in training, with teams completing 76 programmes and 288 courses, that has made the Tanera team a vital force in rural development, championing local upskilling in its remote region.

• Committed to restoration, traditional skills, artisanal practices, and living heritage which has strengthened the community engagement approach, forging meaningful relationships with over 60 local charities, schools, and organisations.

Moving forward, SIE will look to further its efforts in community engagement, preservation of local heritage, supporting affordable housing, and expanding educational and volunteering initiatives that drive lasting, positive change.

Targeted Support for People in Public Service

Since the project started in 2017, SIE has welcomed over 1000 guests from key public service sectors across the UK, delivering restorative support to people working at the heart of public service in the UK. To date SIE has:

• Built powerful, lasting relationships with charities whose beneficiaries work within complex public sector roles who report increased resilience and longevity in their workplaces directly linked to time spent on Tanera.

• Evidenced statistically significant improvements in wellbeing through SIE’s thematic and statistical analysis which showed 97% of guests experienced positive, transformative change from their time spent on Tanera.

• Crafted 43 unique guest spaces from reclaimed materials, proving the social and environmental power of reuse - where sustainability meets comfort, and wellbeing thrives.

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The Jagclif Charitable Trust

Trustees Report

for the Year Ended 30 June 2024

By deepening SIE’s charitable partnerships, hosting up to 40 guests per week, driving impact research, and sharing SIE’s work with the wider academic community SIE is expanding Tanera’s reach - shaping conversations in wellbeing, resilience, and community-building beyond the island’s shores.

Environmental Restoration and Protection

Alongside the construction work and to complement SIE’s support of people in public service, the project has employed a dedicated regeneration team to focus on improving biodiversity, creating the conditions for renewed abundance of wildlife and enhance the resilience of our island ecosystems. To date SIE has:

• Delivered four major interventions, laying the groundwork for catalytic change across 766 acres of woodlands, 12.59 acres of freshwater ecosystems, over 290m² of regenerative gardening space and 5.3 acres of nature-friendly reclaimed historical agricultural land, and complex mosaic ecosystems surrounding all 75 island and mainland units.

• Developed a unique approach to land management, weaving nature, heritage and production together to bring communities together.

• Worked with over 30 organisations to support environmental science and education on land and sea.

Key ecological restoration opportunities going forward include implementing a programme of biodiversity monitoring to track the impact of our interventions, expanding our interventions and approach to cover the 5685 acres of mainland estates, rat and mink eradication across the Summer Isles, and breaking ground on our peatland restoration projects.

All awards and donations have been made in keeping with the Trust guidelines and objectives of the CIO Constitution.

Grant Policy

The Trustees discuss each potential grant before a decision is taken to support a charitable organisation. The grants are given at arms length, for use in on-going charitable activities of an organisation, and are generally requested to remain confidential.

Investment Policy

The Investment policy of the Trust is to achieve low volatility, absolute returns, whilst preserving the capital value of its investments. The fund investments donated to and held by the Trust do not pay a dividend and therefore the only source of income would be on disposal.

Reserves Policy

The Trustees ensure the Trust holds sufficient working capital for the ongoing grant commitments. Reserves have been built up to fund future grant activities. The current capital value of the investments stands at £15,174,110 (2023: £3,688,759). Unrestricted funds of the group are £59,108,127 (2023: £61,417,631). The trustees review this policy on an annual basis.

Risk Management

The major risks to which the Trust is exposed, as identified by the trustees, have been reviewed and the trustees are satisfied that the processes which are in place mitigate those risks.

• There is a risk we will not attract sufficient philanthropic capital to continue to meet the Trust's commitments. Mitigation: The Trust continually assesses it's level of reserves before committing to grants payable to ensure the Trust always has sufficient reserves to continue operations.

• There is a risk that the investments will not yield sufficient returns to fund the Trust's commitments. Mitigation: The Trustees review the investments made by the Trust from time to time and would take appropriate steps in the event there were insufficient returns on the Trust's investment portfolio.

• There is a risk specifically within SIE Ltd that the imposition of regulatory permissions and warrants could impact the company's ability to deliver the full restoration within the time frame. Mitigation: The SIE management team have established good working relationships with the relevant regulatory bodies and other stakeholders to address the necessary mitigation.

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The Jagclif Charitable Trust

Trustees Report

for the Year Ended 30 June 2024

Key management and remuneration policy

The Trustees are not remunerated. The Trust has no employees apart from those employed by its 100% owned subsidiary.

Appointment of new trustees

New trustees may be appointed by the existing trustees, to fill a vacancy or act as an additional trustee. The Trust shall select appropriate trustees and provide them with an induction to acquaint them with the governance and policies of the Trust as well as what is expected of them in their new role. Additional training and/or information will be provided to the trustees on an ongoing basis.

Future Plans

The trustees plan to pursue a policy of continuity over the coming twelve months, with no major operational changes forecast for the coming year compared to the current year. The Trust plans to continue to provide benefit to the public focusing on the areas of charitable activity outlined in the trustee report.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the income and expenditure of the Trust for that period. 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Audit Information

So far as each of the trustees at the time the trustee's report is approved is aware:

• there is no relevant information of which the auditors are unaware; and

• they have taken all relevant steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Auditors

Moore Kingston Smith LLP continued to be the auditors during the period.

ON BEHALF OF THE TRUSTEES:

........................................................................

Trustee

23rd April 2025 Date: .............................................

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Independent Auditors Report to the Trustees of The Jagclif Charitable Trust

Opinion

We have audited the financial statements of The Jagclif Charitable Trust for the year ended 30 June 2024 which comprise the Group Statement of Financial Activities, the parent Statement of Financial Activities, the Group Balance Sheet, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s affairs as at 30 June 2024, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Independent Auditors Report to the Trustees of The Jagclif Charitable Trust

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• the group and charitable parent has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and charitable parent’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group and charitable parent to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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Independent Auditors Report to the Trustees of The Jagclif Charitable Trust

Auditor’s responsibilities for the audit of the financial statements (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and charitable parent.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the group and charitable parent complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

25 April 2025 Date …………………

Moore Kingston Smith LLP Floor 6 Chartered Accountants and 9 Appold Street Statutory Auditors London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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The Jagclif Charitable Trust Consolidated Statement of Financial Activities For the year ended 30th June 2024

Note Income from: Donations 2 Investment income Commercial trading income 3 Other income Total Income Expenditure on: Charitable Activities: Grants and donations payable in furtherance of objects 4 Commercial trading expenditure 3 Total Expenditure Gains / (losses) on investments Gains / (losses) on foreign exchange Net movement in funds Reconciliation of funds : Total funds brought forward Total funds carried forward

Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ 6,292,363 15,688,735 21,981,098 15,625,000 221,265 - 221,265 69,759 572,742 - 572,742 436,460 1,895 - 1,895 13,607 7,088,265 15,688,735 22,777,000 16,144,826 (1,750,003) - (1,750,003) (449,053) (9,715,599) - (9,715,599) (9,134,749) (11,465,602) (11,465,602) (9,583,802) 2,067,686 - 2,067,686 568,073 147 - 147 (12,921) (2,309,504) 15,688,735 13,379,231 7,116,176 61,417,631 15,625,000 77,042,631 69,926,455 59,108,127 31,313,735 90,421,862 77,042,631

All gains and losses arising in the year are included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 12 to 20 form part of the financial statements.

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The Jagclif Charitable Trust Charity Statement of Financial Activities For the year ended 30th June 2024

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2024 2024 2024 2023
Income from: £ £ £ £
Donations 2 6,292,363 15,688,735 21,981,098 15,625,000
Investment income 221,265 - 221,265 69,759
Loan interest 3,665,718 - 3,665,718 2,672,751
Other Income - - - 13,607
Total 10,179,346 15,688,735 25,868,081 18,381,117
Expenditure on:
Charitable Activities:
Grants and donations payable in furtherance of objects 4 (1,750,003) - (1,750,003) (449,053)
Total (1,750,003) - (1,750,003) (449,053)
-
Gains / (losses) on investments 2,067,686 2,067,686 568,073
Gains / (losses) on foreign exchange 147 - 147 (12,921)
Net movement in funds 10,497,176 15,688,735 26,185,911 18,487,216
Reconciliation of funds :
Total funds brought forward 69,647,899 15,625,000 85,272,899 66,785,683
Total funds carried forward 80,145,075 31,313,735 111,458,810 85,272,899
----- End of picture text -----

All gains and losses arising in the year are included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 12 to 20 form part of the financial statements.

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The Jagclif Charitable Trust

Consilidated Balance Sheet at 30th June 2024

Note Non Current assets Investments 8 Concessionary loans Investments in trading subsidiary Tangible fixed assets 7 Current Assets Cash at bank Debtors 9 Creditors: Amounts falling due within one year Creditors 10 Net Current Assets Total Net Assets Funds	2024 2023 £ £ 15,174,110 3,688,759 2,400,000 1,200,000 - - 70,191,642 61,061,826 87,765,752 65,950,585 4,150,559 10,652,959 2,037,881 3,712,528 6,188,440 14,365,487 (3,532,330) (3,273,441) (3,532,330) (3,273,441) 2,656,110 11,092,046 90,421,862 77,042,631 Group	2024 2023 £ £ 15,174,110 3,688,759 2,400,000 1,200,000 - - 70,191,642 61,061,826 87,765,752 65,950,585 4,150,559 10,652,959 2,037,881 3,712,528 6,188,440 14,365,487 (3,532,330) (3,273,441) (3,532,330) (3,273,441) 2,656,110 11,092,046 90,421,862 77,042,631 Group	2024 2023 £ £ 15,174,110 3,688,759 2,400,000 1,200,000 5 5 - - 17,574,115 4,888,764 2,456,059 9,499,567 93,843,636 73,252,918 96,299,695 82,752,485 (2,415,000) (2,368,350) (2,415,000) (2,368,350) 93,884,695 80,384,135 111,458,810 85,272,899 Charity	2024 2023 £ £ 15,174,110 3,688,759 2,400,000 1,200,000 5 5 - - 17,574,115 4,888,764 2,456,059 9,499,567 93,843,636 73,252,918 96,299,695 82,752,485 (2,415,000) (2,368,350) (2,415,000) (2,368,350) 93,884,695 80,384,135 111,458,810 85,272,899 Charity
Unrestricted Funds Restricted Funds	59,108,127 31,313,735 90,421,862	61,417,631 15,625,000 77,042,631	80,145,075 31,313,735 111,458,810	69,647,899 15,625,000 85,272,899

23rd April 2025 The accounts were approved by the board and authorised for issue on ….................... and signed on its behalf by:

.........................................................................

Trustee

The notes on pages 12 to 20 form part of the financial statements.

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The Jagclif Charitable Trust Statement of Consolidated Cash Flows for the year ended 30th June 2024

----- Start of picture text -----
Note 2024 2023
£ £
Cash generated from operating activities
Net cash provided by operating activities (i) 14,590,753 2,949,790
Cash flows from investing activites:
Investment income 221,265 69,759
Cash flows from financing activities:
Purchase of investments (15,688,735) (4,255)
Purchase of fixed assets (11,896,753) (10,231,466)
-
Proceeds from disposal of fixed assets 134,178
Proceeds from sale of fixed asset investments 6,271,070 14,827,185
Change in cash and cash equivalents in the reporting period (6,502,400) 7,745,191
Cash and cash equivalents at start of year 10,652,959 2,907,768
Cash and cash equivalents at end of year 4,150,559 10,652,959
Note (i)
Reconciliation of net expenditure to net cash flow from operating activities
2024 2023
£ £
Net income/(expenditure) as per the statement of financial activities 13,379,231 7,116,176
Investment income (221,265) (69,759)
Gains / (losses) on investments (2,067,686) (568,073)
Gains / (losses) on foreign exchange (147) 12,921
Decrease / (Increase) in debtors 1,674,647 (2,503,049)
Decrease / (Increase) in concessionary loans (1,200,000) (1,200,000)
Increase/(decrease) in creditors 258,889 (2,328,309)
-
Loss on disposal of fixed assets 2,088
Depreciation charged during the year 2,764,996 2,489,883
Net cash used in operating activities 14,590,753 2,949,790
Analysis of cash and cash equivalents
2024 2023
£ £
Cash in hand 4,150,559 10,652,959
Total cash and cash equivalents 4,150,559 10,652,959
Analysis of changes in net debt
As at 1 July As at 30 June
2023 Cash-flows 2024
Cash at bank 10,652,959 (6,502,400) 4,150,559
----- End of picture text -----

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

1 Accounting policies

Basis of accounting

The group financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 2. The Trust is a public benefit entity for the purposes of FRS 102 and therefore the Trust also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The principal accounting policies adopted in the preparation of the financial statements are set out below.

Going Concern Basis

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Trust to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the Trust's forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements and there are no material uncertainties at the date of signing.

Consolidation

These financial statements consolidate the results of the charity and its wholly owned subsidiary Summer Isles Enterprises on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account is presented for the charity itself.

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the exchange rate ruling at the date of the transactions. Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the end of the financial period. All exchange differences are dealt with in the Statement of Financial Activities.

Income

Income is credited to the Statement of Financial Activities on an accruals basis when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Expenditure

Expenditure is charged on an accruals basis. Grants payable are included in the Statement of Financial Activities when approved by trustees and offered to the grantee.

Investments

Investments are included in the accounts at market value. Realised and unrealised gains and losses on investments are included within the funds.

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

1 Accounting policies (continued)

Cash and Cash Equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

Grants Payable

Contractual arrangements are recognised as goods and services are supplied. Other grant payments are recognised when a constructive obligation arises.

Fund accounting

The unrestricted fund consists of those funds which the Trust may use in furtherance of its charitable objectives at the discretion of the Trustees.

The restricted funds can only be used for a particular restricted purposes within the objects of the charity.

Financial Instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments, concessionary loans and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102.

Concessionary loans

Concessionary loans are loans that are initially measured at the amount paid and are adjusted annually for any accrued interest receivable less impairment loss.

Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost on a straight line basis over their expected useful economic life as follows:

Freehold property 2% on straight line basis Improvements to property 2% on straight line basis Plant & machinery 5% - 12.5% on straight line basis Fixtures & fittings 12.5% on straight line basis Motor vehicles 25% on straight line basis Computer equipment 33% on straight line basis

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

Assets still under construction are not depreciated until they have been brought into a working condition. At this point they are transferred to the relevant category and depreciated accordingly.

Critical accounting estimates and areas of judgement

In the view of the trustees in applying the accounting policies adopted, no critical accounting estimates and judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Depreciation and amortisation charges are based on the estimated useful life of the assets held.

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

2 Donations receivable- Group and Charity

----- Start of picture text -----
Restricted Unrestricted Total Total
2024 2024 2024 2023
£
Individual donations - 5,010,000 5,010,000 12,500,000
Donated shares 15,688,735 - 15,688,735 -
Gift aid on donations - 1,282,363 1,282,363 3,125,000
15,688,735 6,292,363 21,981,098 15,625,000
----- End of picture text -----

All donation and gift aid on donations income received in 2023 was restricted.

3 Commercial trading operations and investment in trading subsidiary

In February 2020 The Jagclif Charitable Trust acquired 100% of the issued share capital of Summer Isles Enterprises Ltd, Company Number: 07210121 which is incorporated in the UK. Summer Isles Enterprises Ltd operates commercial activities, which are further explained in the trustee report.

The charity owns the entire issued share capital of 5 shares of £1.

A summary of the results for the year is shown below:-

Shares held in subsidiary

5 Ordinary shares of £1 Summary Profit & Loss account Turnover Commercial expenditure Interest on intercompany loan Net profit / (loss) Corporation tax Investment income Retained in the subsidiary Summary Balance Sheet Fixed assets Current assets Current liabilities Non current liabilities Capital and reserves/ (deficit)	2024 £ 5 2024 £ 572,742 ( 9,715,599) ( 3,665,718) ( 12,808,575) - 1,895 ( 12,806,680) 2024 £ 70,191,642 2,482,380 ( 1,117,330) ( 92,593,635) ( 21,036,943)	2023 £ 5 2023 £ 436,460 ( 9,134,749) ( 2,672,751) ( 11,371,040) - - ( 11,371,040) 2023 £ 61,061,826 1,740,920 ( 905,091) ( 70,127,918) ( 8,230,263)

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The Jagclif Charitable Trust Notes to the Accounts

For the year ended 30th June 2024

----- Start of picture text -----
Group Charity
4 Grants and donations payable 2024 2023 2024 2023
£ £ £ £
Grants
ARK 635,000 - 635,000 -
- -
Taigh Mor Foundation 1,000,000 1,000,000
- -
1,635,000 1,635,000
Donations
ARK - 15,000 - 15,000
- -
Hospital Rooms 60,000 60,000
Kids4Kids - 20,015 - 20,015
- -
James' Place Charity 10,000 10,000
NAC - 20,313 - 20,313
New York Studio - 89,143 - 89,143
Princes Trust - 100,000 - 100,000
PACE - 20,000 - 20,000
PCC of All Saints - 10,000 - 10,000
Royal Academy of Arts 8,150 8,150 8,150 8,150
- -
Taigh Mor Foundation 20,560 20,560
Tate Foundation - 10,680 - 10,680
- -
The Felix Project 10,000 10,000
- -
University of Oxford 50,000 50,000
V&A Museum - 10,300 - 10,300
Walk for Children in War Zone 10,000 10,000 -
Other donations 2,000 3,000 2,000 3,000
80,150 397,161 80,150 397,161
Support costs (see note 4) 34,853 51,892 34,853 51,892
1,750,003 449,053 1,750,003 449,053
----- End of picture text -----

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

4 Support costs Audit fees Legal and professional fees Bank charges and other interest Other support costs	2024 2023 £ £ 38,322 33,988 9,468 33,069 57 6 6,534 2,934 54,381 69,997 Group	2024 2023 £ £ 18,794 15,883 9,468 33,069 57 6 6,534 2,934 34,853 51,892 Charity

5 Transactions with Trustees

No trustee received any remuneration for services as a trustee (2023: £Nil), nor any reimbursement of expenditure (2023: £Nil).

See note 12. for related party transactions in the period under review.

Donations from Trustees in the period totalled £5,010,000 (2023: £12,500,000). The Trust has claimed gift aid on these donations of £1,282,363. (2023: £3,125,000).

Trustees donated £15,688,735 (2023: £nil) of investments during the year. This is included within investment additions as shown in note 8. of the financial statements.

6 Employees

The Charitable Trust has no employees.

The trading subsidiary Summer Isles Enterprises Ltd employed staff for the period under review. The average number of employees during the period to 30 June 2024 was 72 (2023:66).

Staff costs of the subsidiary were as follows:-

	2024 2023 £ £ Group	2024 2023 £ £ Charity
Wages Social security costs Pension costs	2,708,449 2,242,216 263,039 237,867 82,915 148,718 3,054,403 2,628,801	- - - - - - - -

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

7 Tangible fixed assets - Group and charity

----- Start of picture text -----
Freehold Assets under Improvements Plant &
Property Construction to property Machinery
Cost
At 1 July 2023 5,723,926 9,883,549 32,977,754 19,042,445
Additions in the period 3,286,098 7,588,007 923,854
- - - -
Disposals
At 30 June 2024 5,723,926 13,169,647 40,565,761 19,966,299
Depreciation
-
At 1 July 2023 107,291 1,693,979 5,336,330
-
Charge for period 35,298 741,752 1,762,388
At 30 June 2024 142,589 - 2,435,731 7,098,718
Net Book Value
At 30 June 2024 5,581,337 13,169,647 38,130,030 12,867,581
At 30 June 2023 5,616,635 9,883,549 31,283,775 13,706,115
Fixtures & Motor Computer
fittings Vehicles equipment Total
Cost
At 1 July 2023 284,353 691,203 117,858 68,721,088
Additions in the period 9,023 58,999 30,772 11,896,753
- -
Disposals ( 51,438) (51,438)
At 30 June 2024 293,376 698,764 148,630 80,566,403
Depreciation
At 1 July 2023 167,419 307,404 46,839 7,659,262
Charge for period 35,119 153,789 36,650 2,764,996
Eliminated on disposal (49,497) (49,497)
At 30 June 2024 202,538 411,696 83,489 10,374,761
Net Book Value
At 30 June 2024 90,838 287,068 65,141 70,191,642
At 30 June 2023 116,934 383,799 71,019 61,061,826
----- End of picture text -----

Included in cost of land and buildings is freehold land of £3,870,711 (2023: £3,870,711) which is not depreciated.

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

		Group	Group		Charity	Charity
8	Investments	2024	2023		2024	2023
		£	£		£	£
	Hedge Funds
	Market value as at 1st July	3,688,759	17,943,617		3,688,759	17,943,617
	Additions in the period	15,688,735	4,255		15,688,735	4,255
	Disposal proceeds	(6,271,070)	(14,827,185)		(6,271,070)	(14,827,185)
	Gain/Loss on investments	2,067,686	568,072		2,067,686	568,072
	Market Value at 30th June	15,174,110	3,688,759		15,174,110	3,688,759
	Historical Cost	12,905,788	2,150,982		12,905,788	2,150,982
	Significant investment holdings based on market value at Investment funds Eureka Fund Class C1 Global Opportunities Fund Class C1 GBP MW Market Neutral Tops		30 June 2023	were: Original cost at 30 June 2024 £ 11,766,552 460,977 678,259		Market Value at 30 June 2024 £ 13,149,396 1,029,731 994,983
					12,905,788	15,174,110
9	Debtors Amounts owed by group undertaking Other debtors	2024 2023 £ £ - - 2,037,880 3,712,528 Group			2024 2023 £ £ 92,593,636 70,127,918 1,250,000 3,125,000 Charity
		2,037,881	3,712,528		93,843,636	73,252,918
10	The loan held with Summer Isle's Enterprise Creditors : Amounts falling due within one year Grant Creditors Accruals Trade creditors Other creditors Social security & other taxes	Limited is secured on the assets 2024 2023 £ £ 2,400,000 2,355,000 634,997 424,516 371,416 378,238 50,647 29,449 75,270 86,238 Group			of SIE. 2024 2023 £ £ 2,400,000 2,355,000 15,000 13,350 - - - - - - Charity
		3,532,330	3,273,441		2,415,000	2,368,350

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The Jagclif Charitable Trust Notes to the Accounts For the year ended 30th June 2024

11 Statement of Funds - Group and Charity Year ended 30 June 2024

Year ended 30 June 2024
	Brought	Incoming	Resources	Gains/	Carried
	forward	resources	expended	(losses)	forward
	£	£	£	£	£
General funds	61,417,631	7,088,265	(11,465,602)	2,067,833	59,108,127
Restricted funds
Redevelopment of Isle of
Tanera Mor	15,625,000	15,688,735	-	-	31,313,735
Total funds	77,042,631	22,777,000	(11,465,602)	2,067,833	90,421,862
Year ended 30 June 2024 Brought forward £ General funds 69,647,899 Restricted funds Redevelopment of Isle of Tanera Mor 15,625,000 Statement of Funds - Charity only		Incoming resources £ 10,179,346 15,688,735	Resources expended £ (1,750,003) -	Gains/ (losses) £ 2,067,833 -	Carried forward £ 80,145,075 31,313,735
Total funds	85,272,899	25,868,081	(1,750,003)	2,067,833	111,458,810

• 11 Statement of Funds - Charity only Year ended 30 June 2024

Purpose of restricted funds - Group and Charity

All restricted funds relate to amounts received to be used ot support the Charity's work regarding the redevelopment and operations of the Isle of Tanera Mor.

12 Related Party Transactions

During the period the Trust made donations and grants totalling £635,000 (2023:£15,000) to ARK, a UK charity of which I. G. P. Wace is a Trustee.

Included in debtors is a balance of £2,400,000 (2023: £1,200,000), representing a loan to EdCity Office , a charity of which I.G.P. Wace is a Trustee.

The Trust received a donation of £5,010,000 (2023:£12,500,000) from two trustees during the year, gift aid of £1,250,000 was reclaimed on this donation. Investments of a value £15,688,736 (2023: £nil) were also donated from one trustee in the year.

Fees of £1,920 (2023: £2,400) were paid to Summer Isles Enterprise Ltd for accomodation for five trustees to attend the September 2023 trustee meeting.

13 Ultimate Controlling Party

Summer Isles Enterprises Ltd is a wholly owned subsidiary of The Jagclif Charitable Trust, which is the ultimate controlling party.

The ultimate controlling party of The Jagclif Charitable Trust are the Trustees.

14 Financial and Capital commitments

The Trust has no outstanding financial or capital commitments not provided for in the financial statements (2023 None).

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The Jagclif Charitable Trust Notes to the Accounts

For the year ended 30th June 2024

15 Post Balance Sheet Events

On 14th January 2025, The Jagclif Charitable Trust agreed to extend the loan facility to its subsidiary Summer Isles Enterprises Ltd to £110m.

On 29th October 2024, SIE acquired a portion of the Badentarbet Estate for £1.5m. The acquisition of this particular Estate was a rare opportunity, and unique fit, for SIE. The location of the Estate is in very close proximity to the island and presents an opportunity for SIE to expand both its charitable and commercial activities. This acquisition by SIE sat alongside a separate acquisition carried out by a local charity called the Coigach Community Development Company (CCDC). The impact of CCDC’s acquisition, when coupled with SIE’s acquisition, is high. It has resulted in a substantial proportion of the Coigach peninsula being in charitable hands controlled by the community and SIE, providing opportunities for community and commercial advancement for generations to come.

On 11th November 2024, SIE acquired the Summer Isles Hotel in Achiltibuie for £850k. The hotel has an established name and clientele, as well as a long history in SIE’s area of operation. Its geographic location and proximity to the SIE property portfolio means that the hotel site is uniquely positioned to both take advantage of and complement SIE logistics, facilities, and infrastructure. The hotel will provide additional hospitality capacity.

On 26th September 2024, SIE acquired the Old Smokehouse in Altandhu for £200k. The Smokehouse will become an operational hub for SIE by providing a dry store, laundry and staff accommodation.

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