REGISTERED cO1PANy NUIIBER: CSOt14041 (Stotlgndl REGISTERED CHARITY NUNIBF.R: SC1149348 Report of tbe Tree5 and UDRudlted fiD8Dcl•l St•temeDts For The Year Ended 31 M*r¢h 2024 The Hov Tru$1 SCIO The Long Pnership I Ca5¢1e Stre Kirkwall OrkY KW15 IHD
The Hoy Trust SCIO Contents ofthe Financial Siatements For The Year Ended 31 March 2024 P8 Report of the Trulttts Independent ExAmlner's Report StfitemeD¢ of FInclI Actlvltles Balance Shtrt Notes ¢0 th¢ Finandl St•temtnt$ 8 13
The Hoy Trvst SCIO Report of the Trustees For The Year Ended 31 M*r¢h 2024 The Trustees preseni thir annual report and financia] 81CMentS of the charity for the year ended 31March 2024. The rinancial staiemen¢s have been Prepar1 in accordance ryth the 8c¢ouniing polici¢s srf out in note l io the a¢counis and compl). with the charity's it1 deed. ihe Chariiies and TNsi¢e Ini'esim¢tsi IS¢oilandl Aci 2005. Ihe Chariiies Accounts {Scotland) Regulaiion5 26 las arnendedl. the Companie& Act 20(KS and A¢counting and Reporting by Charities= Siaiemenl of Recommended Prdclice applicable to charities preparing their accounts in accordance wryth the Financial Reporting Standard appli¢abl¢ in th¢ UK and Republie of Ireland IFRS 102}. (effeeiive l January 2019}. OIIJF.CTIVES AND ACflVITIES Objective5 aDd aim5 The organisation's purposes are=
Th¢ conserwaiion, improvemtni. adMinira[10n and managerneni of the Hoy Estate as an arca of oulstsnding natural beauiy, wild lif¢ and ecological in¢eT. for lh¢ b¢ncfii of th¢ n&ion. To advance environmenial and ecologieal eduotion gnd culiurdl and social heritsge for the benefit of the community of Hoy and visitor5 to Hoy. In funheTan¢¢ ih¢r¢of. to ¢nabl¢ funds to be disbursed within the community of Hoy. approprialc. to chariiable purposes. fulfil these FOT the purposes of the ChaTititt and Trustet Investment ISeotland} Aa 25 Aci the followqng charitable purpos&s are li) pgrticularly relevant and lill are the charitable purposes identified 8pplicable from seeiion 7 of the Charilies ind Trn&¢ee Invesim¢ni Iscoilandl A¢i 2Th)S. namely.. Ihe advane¢mtni of environmental proieciion or improvement: the adi'an¢emeni of ¢iiizenship or communiiy d¢%'¢lopnI.. and the advancement of the ani heriia8e. culiure OT lenCe. Slinlficant Actltrltl Thi% y¢ar ha% b¢¢n one of Progress and p05iiiviiy for the Twst. Tht land ai Moancs& togaher with pan of the access road l¢adinB io ihe pier. were finally sold io Orkney l¥lands Council. The sale of Ihe larMI ai Ink5ter. which had been requthied by ihe ienani. had almosi reached ¢onclusion. and the Council had found thai ii had %uffi¢i¢ni budget remainin8. after insialling Ihe replattmeni sewic lank. io provide a sluice and exiernal lap ai the Rackwick ioilds for use by those arrivin8 in motorhome$. All Tru%1 prop¢rtie% have bttn filt¢d w'lth Ihe regulalion heal delcctors. carbon MOrAlde ddectors and smoke alarns & well as having cl¢¢lri¢al ina]lationS ¢enified following any necewry remedial works. EPCS were also undertaken on Iho¢t properties requiring ihem. The lonB-slandin8 tenant of Slack. the 50n of Ihe original family who ¢ame io the i51and Ihe incepiion of the Trusl. had very reluctantly decided to renounce the le&se. HeVer. adi'ertiing re5ulied in a significant re4ptsrt. and the property was leased again very soon after. Storm darnage resulied in the need to replace the garage r(>of al Ih2S property. and it was furth¢r r¢wlved io -r(M)r the house &s il leaked and needed constant temporary repair5. The contract was awarded 10 a local ntrlOr for eco1Mie and etTieiency reasons. and it is hoped ihat th¢ job will be completed later in 2024. The r¢solution to sell the sitt of Tuifea is pro8re55ing in tha l as Agent in ¢onneciion wilh Ihe planning applic4lion prol If R Cl¢)uston Ltd has been engaged to Finally. Ihe Trust. led b Jn external nSUlTant. h-, ,lul In ob¢aining feasibiliiy funding lowardq t1 inili#l u.. iou:1 testoraiion projeci. li&$ kindly agreed 10 deal M'iih hoping 10 hai'e Planning and Buildin¥ l jaliiiii% %ubmiiied by the end of June an Iimse Tailing ihe Bu5incss Plan. Thi5 15 a 5ub5tsntial undcnakjng tor ihc TTU51, but onc that, 50 far, ha5 bei'ii il IIiiLft boosi io Trusiee morale. Tm$¢ properties were revalued for iDsuranc¢ purtM)ses and iwo quotes sought for renewal thcreafler. Following o period of negolialion wilh NFU Mutual. thei. agre•J 10 drop the premtum slighily. and li w'as resolved 10 stay with thai or8anisation. One tenant had objeded very 51rongly the pithious year io ihe level of premium payable on his lea%ed property. Page I
The Hoy Trust SCIO Report of the Tru5ttts For The Year Ended 31 Marrh 2024 OF.CTl1.Es ATriD Acfii'iTIES Significant Acti111¢$ Continued Tnjsl rents were increased across the board Martinmas 2023. and no-one had objccied. However. they $1111 retnain very low and because ihe TnLSi is Starting from such a low b. li will lake some lime lo bring ihem up 10 market Icvels. Volunteer5 Th¢ Trust relies heawly on time do[ted by truslecs oilKr volunteer5. FIF4AYCIAL REVIEW Reserve$ polici. The Hoy Tru.%1 mainiainq ignifi¢ani in order 10 derive Invlmen1 Iome whi¢h is a significant pan of ihe Trusi's operaiing income and is rquircd 10 5Wrt (he operdiional expenses of Ihe Trust al enable il to fulfil its charitable purpos¢s. STRUCTURE. GO%'ERNANCE NIANAGEIIEPT Govtrttlng do¢¢1 The charity. whbch )% regi%1ered in S¢oiland (Chaiily number SC0493481, is conirolled by its governing documeni, and ¢onsliiul¢s a Scorti%h Charitable Incorporated organi170n ISCIOI. The chariiy's 418lUs was changed from an unincorwjraied ¢hariry 10 a SCIO wilh ¢tTecl from 31 May 2019. Ory#nl$#ilon*l $iru¢¢ure The numbeT of iTu%lec% %hall * all limes be noi less ihan five nor more Ihan ten. An employee may not become a Trusl¢e. The Board may ai any lime appoini any person al any lime by rvATrluiion passed by a majoTily of the Board. howev¢r they mu.41 rdire ai Ihe nex¢ AGM and may be re-app0lni.at thai ming. Apan from ne Trus1ees being reappoinied, 3 Tru51ees shall rdire ai each AGM bui aT¢ eligible 10 be -appOInted ai ihai mething. The day to day mana8ernenl of ihe Trus¢ is jointly uThJertaken by Ihe Trumee's with the administration duties undertaken admini%1rator. New trustees gre guided and encouraged by ihe exiMin8 Inisitts. Page 2
The Hoy Trust SCIO Report ol the Trustees For Th¢ Y¢r Ended 31 March 2024 REFERENCE AI%D AD%IINISTRATIVE DETAIIS Registtr¢d CompAn>' number CS(X)4041 IScotlaDdl Registered Ch8rit>' Dumber SC049348 Inde endeni Tr'.xmlner ship I C&%tle Sire¢l Kirkwall Orkney KW15 IHD STATEMENT OF TRUSTEES RESPOYSIBILITIES Th¢ Irusiees are responsible for preparin8 the trustees TeW>rt and ihe financial eMen1S in 8¢¢oidan¢e with applicoble law and Uniied Kingdom Aecouniin8 Standards Iuniicd Kin8dom Accountin8 Siandard5 including Financial Reportin8 Standard 102 'The Finatt¢ial Reponin8 Standard applicable in ihe UK and Republic of Ireland. Iunitcd Kbn8dom Generally Accepted Accouniing Practice). Thc law applicable io charities in Scotland require4 the Irusiees io prepare financial SlementS for each finan¢ial year which give a trut and fair view of Ihe sle of affairs of ihe charity and of the incoming reY)uwes and application or re50urc¢s of thc charity or that period. In preparing ihe5¢ financial sw¢meni& lh¢ iru4e¢s are rffjuird io: select suitable accounting liCieS and then apply Ihctn con5iaenily' observe ihe methods and prirKiple5 in the Charilies SORP.. make judgments and esiimales thai are Teaqinable and prudent. state whdher applicable accounting stsndards hale been followed subject to any mat¢rial depanur¢s disclosed and explained in ihe financial St¢m¢ni% ar prq)are the financial 51aiemenLs on the going ¢on¢ern basis unless it is inappropri4e io presume that the charity will conlinue in busine55. The tru*¢es are responsible for keqjing proper accounting record5 that di%lose with rea$OTble accuracy at any time Ihe financial position of the charity and enable trn to ensure that the financial statement5 comply w'ith the Charities and Trustee Investmenl (Scoilandl Aei 2005. the Ckniies Accounts IScoiland} Regulation5 2006 (a5 amended) and the provisions of the charily's ¢onsiiiuiion. They ar¢ also reswTrnsible for safeguarding ihe assets of the charily and hence for taking reasonable steps for the preveniion arnl dderfion offraud and other irre8ulariiics. Page 3
The Hoy Trust SCIO Report of the Trustees For The Year Ended 31 Mgreh 2024 lpty:'td bi. rrd.tr Trfi¥c ¢•TY 4- 17 1:::::y ryn?4 and signed on its b¢ha]f by.. Page 4
Independent Examiner's Report to the Trnsttts of The Ho). Trust SCIO I report on the aecounts for the year ended 31 March 2024 sct out on pages five to thirteen. Respeetlve re5ponslbl1les of trnsiees •nd eX•wItr The charl. s trustees are responsible for ihe pr¢paraiion of the a¢¢ounts in accordance ilith the tenns of the Charities and Tnjstee Invemen[ (Scotlandl Act 2(X)5 and the Charitits Accounts IS¢otland) Regulaiion_$ 2(K)6. The charity trusitts constder that the audii requirerneni of Re8ulion 10(1) (a) to Icl ofthe Accounts Regulations does noi apply. It is my reswnsibiliiy io ¢xamtne the accounis Is required under Section 44(1) (c) of ihe Aci and to %ta¢e whether particular matters have come 10 my aneniion. Basis of the iDdepeDdent exAmlDer'$ report My examinaiion 15 carried oul in accoTdance with Regulation I l ofihe Charities Accounts Iseoilandl Regulations 2006. An examination includes a review of the accounting TC¢OTd% kept by ih¢ ¢hariiy and a Comparison of the ac¢ounis pre%enied with those records. 11 also includes considerdiion of any nSUal ilcm4 OT di5closureli in Ihe a¢¢ount.%, and ek% explanalions fTom Ihe Iru4ees co¢ming any such mallers. The procedures undertaken do not provide all Ihc evidence that would be rc4uired in an audil, and consequenily I do noi exprw an audii opinion on th¢ vi¢w giv¢n by rhe 8c¢ounl lThdep¢ndeni ¢xamlner'$ slAterneDt In connection with my examination. no mter has come lo my altention. (l} which gives me reiA)nable uuse to believe ihal in any maierial respe¢L ihe ro4UiTemenis to kttp accounting reeords itt aecordance wilh sl0n 441 I Xa) of the 2(X)5 Aci and Regulaiion 4 of the 2006 Accounis R¢gul&ions.' and to prepare a¢counis which xcord with tk xcounlin8 record5 arbj to eomply with Regulation 8 of the 21K16 Accoun1% Regul10n$ have not been rnet.. OT 121 ¢0 which. in my opinton. lention slK)uld be drawn in order to enable a prw unders'¢anding ofihe accounis io be reached. The Long Pannership I C&4ile Street Kirkwall Orkney KWI5 IHD 23 Augus12024 Page 5
Tb¢ Ho). Trust SCIO Statement of Financial ActiiTrties For The Year Ended 31 March 2024 31.3.24 Total funds UnrestTiCted Restrictcd fund funds Total funds Nos INCOME AND ENDOWMENTS FROM Ch4ritbRe A¢tivlties Property management 20.641 20.641 Investment income Other incotne 7.346 685 7.346 685 8.506 3.431 Tot•1 EXPENDITURE ON Rai%ing funds 1.761 1.761 2.139 ChArltble actlvliles Property management 32.727 32.727 42.773 TotAI 34.488 Nei gainlI0$S¢S) OD investmenis 26,187 28 248) NET INCOMEI{EXPENDITLRE) 20.371 20.371 {41,290) RECONCILIATIOY OF FUPDS Toial fund% broughi forward 457.685 457,685 500.975 TOTAL FUNDS CARRIED FORWARD 478 056 478 05 457.685 The notes forn) pan of these financial siaiements Page 6
The Hoy Trust SCIO Balanee Sheet 31 Mar¢h 2024 31.3.24 Total funds 31.3.23 Toial funds Unrestricd Re5trided fund funds Note5 FIXED ASSETS Tangible assets Inv¢stmenis 99,154 316.470 99,154 316,470 133.812 292.468 415.624 415.624 426.280 CLRRENT ASSETS D¢biors Ca%h ai bank and in hand Ml.841 38,359 30.841 6.366 69.2(KJ 69,2 38,244 CREDITORS Am()unis falling due wiihin one year 10 (6.7681 {6.7681 16.839) NET CL'RRKNT ASSETS 62.432 62.432 TOTAL ASSETS LESS CbRRENT LIABILITIES 478.056 478.056 457.685 NET ASSETS 478.056 478.056 457,685 FUNDS Unrc%iricled funds 478 056 457 685 TOTAL FUNDS 478 056 457 685 The financial atement5 were approved by ihe Board of Twsttts ¥nd auth0ri5ed for issuc on 23 Augu 2024 and were ¥irt7ed Dn lis heh2lf hv. The notes forn] part of these finan¢ial stAt¢ments Page 7 continued..
The Hoy Trust SCIO Notes to the Financial Statements For The Year Ended 31 ,Mgrch 2024 ACCOUNTIYG POLICIES B4$1$ of prep•rlng fbe IIDaDclal sttetlleDts The financial siaiemeni% are pr¢par¢d in accordance 'ith the Financial Reporting Standard 102, as Issued by the Financial Reporting Council. Ihe stsiemeni of Recommended Pr4cii¢e ISORPI -'A¢¢ouniing and Reporting by Charitie5" the Chariiies and TTUStees Invtsimenl IS¢otlandl Aci 21105. and the Charities Accounts (Suilandl Regulaiiorts 2006 amended). The charity wtksiiiules a public b¢nefil enliry as defirKd by FRS 102. Ass$ and liabiliiies are inilially recogniscd at historical cosl or trdn5ilion value unless otherwise 51aled in the relevani a¢¢ouniing policy. The PTtparaiion tsf finala1 siaiements requires Ihe use of cenatn ¢riiical accounting emimaies. li al%0 requi the trustees io exercise their judgemenl in the proce&s tsf applying accounting policies. of available infomiation and application of jud8em¢nt aTe inhcreni in the fornWion of estimas. Inrome All income is rteo8nised in the Statement of Financial Activities once ihe charity ha8 eniiilemeni 10 the funds, it 15 probable thai the irKome will be received and the amount can be me&sured reliably. E%p¢ndlty Liabiliiies are recognised as cxpendiiure as won ihere is a l¢g81 OT constN¢tiv¢ obligation committing Ihc charity 10 Ihai expendiiure. li i.s probable Ihai a IraThsfer of economic benefiis M'ill b¢ required in se¢ilemeni and the amouni ofihe obligation can be measured reliably. Expet)diture 14 accounied for oj an accrual% b&si% and has been classified under headin85 ihal a88rt8ale all co¥1 Tclaied its the caiegory. Where ¢0515 cannoi be directly attributed io panieular headings they have bttn ajlocated io aclivilics on a b&sis consi51enl with the of AllocAtlon and apportlonmen¢ of to5 All co¥14 were allocaled lo uThreslncia a¢iivities. T•nglbl¢ fixed aSSf¢s Lkpreiidtion is provided al ihe folloM?ng annual Nes in ord¢r lo wrile off ass¢1 over its ¢s1imaied useful Computer equipmenl 25•/• on rcducin8 balantt Tixatlon The charity is exempi from ¢orpoMion w on ils ¢haritsble ¥ciiviii¢s. Fund gccounting Unrcstricied funds can be used in &eordance with the ehaTitable obiethives at Ihe dÈscre¢ion of the trustees. Rrsiricied funds can only used for p3ni¢ular re5tricicd pUr[K)s M'iihin the objtcis of ihe charity. Re%lriciion% arise when specified by the donor or when furnls are rai for panicul8r resiricied purpoYs. Further explanation of the nalure aThl purp05r of cach fuTwJ is included in the Th)ies to the financial statements. Cxplt*lisAtion of fixed assets Expenditure on IAngible items under £100 is tsraied as ffvenue in ihe aceourns. Investments Fixed asset invesimenis are Mated ai rnark valy¢. Irrecoi'erable I'AT Irrecol'erable VAT 15 included in the expense or assd xcouni io whi¢h li relaies. Cash at Bank and In Hand C&sh repre%eni% funds held in short tern) access bank accounts. Page 8 continued...
The Hoy Trust SCIO Note5 to the Financial StatemeDt5- ¢ontintsed For The YeAr Ended 31 llarcb 2024 INVESTMENT INCOI¥IE 31.3.24 31.3.23 Investment Inco & Dividends Deposit account iniere%i 8.356 150 2,702 RAISING FUP4DS Invesiment m***Retyen¢ co$1$ 31..1.24 31..1.23 Ponfolio maTh8g¢ment 1.761 NET INCOMEIIEXPEYDITUREI N¢t incomellexpenditurel 1$ siaied after chargingl{CTediiing).' 31.3.24 31.3.23 Depreciation- owned I5 58 78 TRliSTEES' REML Tr4EIL4TION AND BEJEFITS The followin8 trusttt5 rtteived payments for serncas in ihe yur. Amount £ Servitts Provided Se¢rdari41. a¢counitn8 and admini51rdlion Watden I CaTeiak¢r 4,0(Kl 750 Tru8iees' exptnses There was nil (2023 - £681 of travel and adminiratIVe ¢xpen5es rcimbursed to Iru5lecs for the year. Pag¢ 9 continued...
The Hoy Tru$t SCIO Notes to the Financial Statement$ - rontittued For The Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMEliT OF FINAN'CIAL ACTII'ITIES Unrestricied Restricted fund funds Total funds INCOME AND ENDOII'MEliTS FROM Chrlible #ctivitles Propert). managymeni 17.933 17.933 Investmcnl income Other income 8.5( 3.431 11.5( 3,431 Total 29.870 29.870 EXPENDITURE ON Rai%ing fund 2.139 2.139 Ch*ritable xttivitks Property rnanagemcnt 4?,773 42.773 Tot81 44.912 44.912 gain51llosses1 on invesirnenis 28.248) 28 2481 NET INCOMEI(EXPENDITUREI (43,2W) 143,2901 RECOYCILIATION OF FL'NDS Toial fund4 broughi forH'ard S).97$ 500.975 TOTAL FUYDS CARRIED FORWARD 457.685 457.685 Page 10 continued..
The Hoy Trnst SCIO Notes to the Fin¥nrial Statemen¢$- lltinUed For The Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Land & Buildings Computer equipment Totals COST Ai l April 2023 Additions Di0$al$ 133.579 400 35,O(M)I 2.493 136,072 400 36 65R) 6581 At 31 March 2024 835 DEPRECIATION Ai l April 20?3 Charge for year Eliminated on dispos 2.260 58 1.658 2.260 58 ,6581 Al 31 March 2024 660 660 NET BOOK VALUE Ai 31 March 20?4 98.979 175 99.154 Ai 31 March 2023 133.579 233 133.812 FIXED ASSET INN'ESTMENTS Listed investinentS MARKET VALUE At l April 2023 Addition Di4posals Impairments 292.468 138.064 140.?49} Ai 31 March 2024 316470 NET BOOK VALUE Ai 31 Mah 2024 116470 Ai 31 March 2023 292.468 The inveb¢ment p)rtfolio is managed by Brewin Dolphin on behalf of Hoy TnJM SCIO. At 31 March 2024 56.(H•/4 of these invcslments comprised overseas Bonds and Equities. All investmen15 are listed on the appropriate exchanges. Pagell continued...
The Hoy Trust SCIO Notes to the Fin3ncial Statements- eontinued For The Year Ended 31 Illrch 2024 DEBTORS: AMouf4TS FALLlliG DUE WITHIN ONE YEAR 31.3.24 31.3.23 Rent OUlStandin8 Other debiors 4.541 1.825 30.841 10. CREDITORS: AMOUNTS FALLING DL'E WITHIN O,YE YEAR 31.3.24 31.3.23 Accruals and def¢ed irwme 6.768 6.839 MoVEIENT IN FUNDS Net movement in funds At 31.3.24 Ai 1.4.23 Unresirleted fundi General fund 457.685 20.371 478.056 TOTAL FUP4DS 457.685 20.371 478.056 Net mtsvemeni in funds included in ihe above are a5 follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrtstricted funds General fund 28.672 (34.4881 26.187 20,371 TOTAL FUNDS 28.672 34.488) Comp•rotlv¢s for D'ent ID funds Net movemenl in funds At 31.3.23 Ai 1.4.22 Unrestritted funds Generdl fund 51)0,975 {432901 457.685 TOTAL FUNDS 43.2901 457 685 Page 12 eontinued..
The Hoy Trust SCIO Notes to tb¢ Financial Statements - continued For The Year Ended 31 Lllarch 2024 li. MOVEMENT IN FUNDS- ¢•Ntinued Comparative movemeni in fi]nd& included in the alM>ve are as follows: tncoming Resources Tesources expended Gain5 and Movement losses in funds UDrestritted funds General fund 29.870 {44.912) 128.248) {43.2901 TOTAL FUNDS 29,870 44,912) ?8,248} 43.2901 A curreni year 12 moTr¢hs and prior year 12 rnonths combined position is Is follows: Nei movement in funds At 31.3.24 At 1.4.22 UnrNirlc¢¢d funds General fund s.975 122.9191 478.056 TOTAL FUNDS s.9?5 ?2.9191 478.056 A Curreni year 12 months and prior y¢ar 12 months combined movemeni in funds. included in the above are &$ follows.. Incoming resource5 Resources expended Gains and Movement losses in funds Unrwtrlrt¢d funds General fund 58.542 {79.4COI {2.0611 122.9191 TOTAL FUYDS 79.4001 229191 RELATED PARTY DISCLOSL'RES There were no relaied pany irwwliorLS for the ytar ended 31 March 2024. This page does not forni pan of the ststutory finoncial siateTnents Page 13