Charity registration number SC005063 {Scotl•ndl AIGAS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
AIGAS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Charity number Iscotlandl SC005053 Pr]ncSpal addre$s Atgas Field C8ntre Beauly Inverness-shire IV4 7AD Independent •xaminer Accountancy Limited Elm House Cradlehall Business Park Invernes5 United Kingdorn IV2 5GH Sollcltors Harper Macleod LLP Alder House Cradleh811 Busines5 Park Inverness United Kingdom IV2 5GH
AIGAS TRUST CONTENTS Pagè Tru81ees' report Independenl examiner's report stsIent of finaneial adivilies Balan ?heel Notes lo the financial statements 7-13
AIGAS TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Tnrstees present their annual report and financial stslements Icf the year 8nded 31 January 2025 Tre financial sl8temenls have been prepared In accordance wllh the accounting policies set out in note 1 to the financial Stslements and comply the charlty's governing doojmenl, the Chanties and Trustee Investment (scolla Act 2005, the Charilles Accounts (Scotlandl Regulations 2006 (as amended) and "Aecounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" leffedwe 1 January 2019). Oblgctlves and actlvltles Public benefit The main objecb'ves of the Trust are the provTsion of environmental educali¢)n and field studies facilities and lo rther nature conserval'on awareness and skills. The prinupal purF)0ge of Ihe Algas Trust is to provid& environmental education and field studies for the public benefrt The principal acllvlty of the Trust etsntinues lo be that of the provision of environmenlat education fgr schod children from 180 Highlar)d Sehods and 600 adults al Algas Filed Centre and to prowde training for natural saence graduates seeking a Career in the environmental sector. Following the Covid 19 pandemic the Trust began lo recovei its work with the Highland Schools. son new staff had to be recrulted and sch¢)ol pvpil$ allended in increasing numbers. The Algas Ranger Training Scherne IARTSI is an area of important educab.onal work. Thre¢ graduate rangers and o acadernic plecement students participated in a full ranger training prooramme followed by such work experier as Algas Field Cenlie was able to provide. The Trust helped fund Ihe ARTS rangers 8rTrd thè salaries of staff. A list of supporting donors and thaiilable fr)undats'ons follows in this report. The Trustees agree to maintain the provision of c¢re running costs during full recovery from the pandemic, fundèd from the unrestriGled field studies designate(J fund. The application of all Trust funds, capital and income, is for the above ¢harilable purposes. G1 making policy The Trust awarded the annual support grant to the operating cornpany, Algas Field C¢nlre Ltd, for the purposes of undetwriling the eosl of maintaining emploYS and core running costs atAigas Field Centr6. Tha Trust99$ also awarded reslricled funds for conservation projects approved by the Trustees. Thèsé grants were made in accordan wlh clause 218, e, n of IheAigas Trusl Charter Achlevèmènts and pèrformanc Signrficant 8Ctivrti&s and 8chievemenls ag8insl obiedpves In the year to 31 January 2025 the Algas Trust has achieved tha aims of the charter as follow$'. 1. The Trust's annual support grant has petmitted the employment of essential gtaff. 2. The Trust subsidiseL% the usl of field study courses 8nd environmental education adivitses alAigas Field Cenlre. Tho Trust also assisted wilh thè pureha5e ol field studi9s and 9du¢ation equipment and facilities associated with this work 3. The Tiusl has conlribLrted lo the Algas Conservation Department's piogramme of the nature trail maintenance and woodland management and other conservation projects for the public good al Algas Field Cenlre.
AIGAS TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 FlnaDclal revlew Principal funding sources Donations. grants and conlrltrAJllons during the peiiod totalléd £95,598 Investment income came lo £48,247 The Trustee$ warmly extend their gratitude lo all donors and supporters of the work of the Algas Trust. includi)g the following.. Swarovski Optik IUK) Ltd The Sigrid Rausing Trust The Bentley Foundation The Carpenter Twsl Sundry dotIonS1£200 and under}". £34.536 National Philartrthropic Trust £3,000 CAF £5.375 hland Council £555 £300 Council £210 28 Sundry donalions1£200 and under OT anonymousl £0 Inv•strnont policy and objgrtive$ The Trust contlnues to Invest money in the stock mark8t under the management of Ruffer LLP. The policy is lo adopt a low lo medium fisk strategy and Investments are regularty monllored. The Trustees are entirety salisfia that the Algas Trust has fulty mel ils obligations under the terms of the Tnjsl charter and the public good and has pursuety the best practice of review and sound 9oveinance over all its policies, acb'vilies and grants. Reserves poIIcy The General Fund represents the unrestricted funds arising from past operatin9 resutts. The Field Studies Designated Fund is an unrestricted fund holding investment assets for the purpose of producing income lo finance fiJture operating costs. The restricted fund Is for specifi¢ nature Conservation pyoieets only. The revaluation reserve represents the unrealised gain on inveslrnenls. These reserves represent the free ièserves of the ch*ily. The Trustees have examinèd the requirement to maintsin free reserves and concluded that the most ?ppropriate level is a minimum of 24 monlhs of operational expenditure of £7,470, a level whlch is eurrently being achieved. Structure, governance and management The charity was established by a chari18ble tru51 deed dated 9 August 1980 and constilules an UnlOrporated harity. Th.e Ti Lislees'knvlio seiired during the year an(J up lo tr¢e dale of signature of the financial statements were.. Recwitrnenl and appoif7tmenl of tnJslees The Trustees hav• power to appoint a new Trustee al any lime.
AIGAS TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Induction 8nd tr8ining oftmstees To make sure any Trustee becomes familrdr wth all aspgds of Algas Trust. before joining they are provided wrth a copy of the charws governing dttumenl and infomialion about the aims and obj¢rtives of the Charity. The role and responsibilities of the new Trustee shoukj be dearfy identified and the level of their wmmilmenl dearly agreed lo. They will also be provided wth a copy of the OSCR guidance for charity Truslfjes. the Board of Tnjstees. Trustee Oote..
AIGAS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AIGAS TRUST I rewt on the finartlal slalements ofthe tharlty fc the 31 JUary 2025, wt#ch are sel out cffi ge$ 5t013. Respectlve responslbllltie8 of Tru8lee8 and examlner The charity's Trustees are resporsible ILY th8 preparation of the finana81 statements in aOrdanCe With th8 terms of Ihe Charities Trustse Investments ISccllaThJl Ad 2C¥)5 aThJ the Charilie5 Accounts (ScctlarKII RegatIOnS 2CQ6. Tr charitys Truees r£Jngder that th8 audit requiremerl of Regulation 10{11(al to {¢) of the 2C#)6 Accounts Regulaliffls does nd appty. It is my respSibl1ty to eMIne the fnanaal statements as re(¥ured under section 4411llcl of Act aThJ b state %thelher pariiaAar matters ha come to my attention. Ba818 of Independent examlns8latsmènt Independentèxamlnef8 8tstèment In nrdIC wlh my examinal'cn, M malter has come to my 8ttenticn: (al which s¥¥es me reasonabl8 uSe lo bekebp that in any matwial resFed the r4uiremenl$.' lil to keep acojunting records in accord¢6 1h seclion 44{11 (al of the 2005 Act and Régulab'on 4 01 the 2006Accounl$ Regulati$., and (li) to prepare ffinanclal stateMts acojrd wllh th8 accotir9 rttords and comply with RwJulai 8 of the 2C(J6h£ts)unts RJUlatIonS. have Mt been mel or {bl to which. in my opinTh, attenti should be (tra•vn in order to enat4e a 0P• uTrJerstanding of I naKial slalanenls to t re&hed. A9 AOItanCY Limited Elm HoJse Cradehall sInesS Part( Imiemess IV2 5GH Unrted lQ'ngdom Dated.. ..24 Oeloter 2025............. .......
AIGAS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2025 Unrostrfctsd funds 2026 Total 2024 Notes Income from: Donations and legaaes Invesbnent8 95,598 48,247 38,288 35,212 Total Incom 143,845 73,500 Expend5ture on: Charitable adivrties 82,685 173,808 Total expendltur• 62,685 173.608 Net gainslllossesl C Investments 10 9,287 1186.3531 Not Incomel{exp•ndlthr•l S¥J.447 1286,4811 Npt movement in funds 90,447 1286,4811 RKon¢lliatioD ot tund$: FWKI balances al 1 February 2024 1,573.869 1,860,130 Fund balance8 at 31 January 2026 1,664,116 1.573,669 The statement ol financial activf(ies indudes au g8ins and losses recognised in the year. Al i[K6 and expenditure derlve from continuing aclivilies.
AIGAS TRUST BALANCE SHEET AS AT 31 JANUARY 2025 2025 2024 Notè8 Flxod a$sets Investments 12 1,558,272 1,566,239 Cvrr¢nt assets Debtors Cash at bank and in hand 13 1,998 107,883 3.096 8,918 109,881 12,014 Creditors: amounts falling due wrthin one year 14 (4,0371 14,584) Net current a$$#ts 105.844 7,430 Total assels less current liabilities 1,664,116 1.573,669 Not assots •xcludlng ponslon Ilablllty 1.664,116 1,573,669 The funds of the charlty Unrestricted funds 1,664,116 1.573,669 1,664,116 1,573,669 bytheTrusteeson....................... Trustee
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng policies Chailty Inf¢rnMtlon Algas Trust is a charity registered in Swlland. The principal Offi is Algas Field Cenlre, Beauty, Invemess- shire, IV4 7AD. 1.1 Accountlng ¢onvenlion The financial statements have been prepared in aceordanee with the charity's governing document, the Charities and Tiuslee Investment (Scotlandl Act 2005, the Charities Accounts Iscotlondl Regulation3 2006 (as amended), FRS 102 'fhe Financial Reporting Standard applicable in the UK and Republic of Iieland. I"FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended PraGtiGe applicable to Charities preparing their accounts in accorda[Tr with the Finanaal Reporting Standard applicable in the UK and Republic of ltsland IFRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The chanty ha$ tak advantage of the provisions in the SORP for charities not lo prepare a Slalenenl of Cash Flows. The financial slalements are prepared in sterling, which is the functional eurrancy of the charity. Monetary amounts in these finanrAal slalemenls are rounded to the nearest £. The finanoal slalèments have been prepared under the historical cost convenlion, with th8 exc8plxJn of investments which are included al market value, as modifled by the revaluation of certain assets. The principal accounting policies adopted are sel out bg1¢)w. 1.2 Going concern At the lime of approviro the finaneial slatemenls, the fruslees have a reasonable expectakn'on that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Ttustees ¢onb"nue tg gdopt the going concern basis of accounkn.ng in preparing the finanaal statements. 1.3 Charitable funds Unrestricted funds are available for use at Ihe discrelion of the Trustees in furtherance of their charitable objecbves. Designated funds comprise funds which have been sel aside al the discretion of the Trustees for specific purposes. The purposes and uses of the deSnated funds are sel out in thg notes to the financial stalemenls. Restricted funds are subject ID specffic condrtions by donors or grantors as lo how they may be us8d. The purposes and uses of the reslricled funds are sel out in the notes lo the financial stalemenls. 1.4 Income Income is recognIs when the eharity is kgally entild to it after any perfomiance conditions have been mel, the arnoLJnts can be measuied reliably, and11 Is piobable that income will be received. Cash donations are recogniseil on receipt Other donations aft recognised once the eharity has been notffi¢d of the donation, unless pèrfornan Conditions require deferr31 of the amount. lrtome tax reCoverale in relation lo donations receNed under GiftAid oi deeds of covenanl is recognised at the time of the donation. LegacEs are recognised on recelpt or otherwse if the charlly has been nolifietl of an impend'ng di8lribuiion, the amount is known, and reIpt is expecte(l. If the amouni is not Known. the leg*y 18 treated as conlingenl asset.
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Accountinu policie¥ Icontlnuedl 1.5 Expenditure Expenditure is re¢ognised On there is a leg81 or constructive obligation to transfer ewrb)mic benefit to a third party. il is probable that a transfer of economic benefrts will be required in $9tt18menl, Ihe 8mount ol the obligah.on can be measured reliably. Expenditure 1$ classified by activity. The costs of each activity a nade up of the total of dIrt costs and 8h8red ¢osl$, inGluding support costs involved in underlaking each activty. Dired $1$ attributaNe lo a single activity are allocat directly to that activity. Shared costs whh contribute lo mgre than one activity &nd support costs lch are ml attributable to a single activily are 8PPOrtioned betw88n thos8 activiti8s on a basis consistent wth the use of resources Central staff costs are allocated on the basis of time spent. and depreaation tharges are allocated on the portion ol the 8ssel's use. Grants offered subjed lo wndition8 which have not been met at the year end date are noted as a commitment but not accrued as •yp8ndilur9. 1.6 Fixed asset investments Investment assets are held for the purpose of producing income lo financÉ future operating costs. Listed investments are staled al market valuo al the balan¢e sheet dale. All gain and losses are taken lo the Statement of Financial Activities as they arise. Realised gains and lossès on investments are calculated es the difference between sales proceed5 and opening market value (purchase price if later). Unreslised gains and losses are calcLJlated as the differenee belween the market value al the year end and openin9 market value lor purchase pricg if lalerl. 1.7 Cash and ¢a$h equivalents Cash and cash equivalents include cash in hand, depo$its held al 11 wrfh banks, other short-temi liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are sttown within borrowings in current Ikgbililles. 1.8 Flnanclal Instrumènts The charity has elected lo apply the provisions of Section 11 'Basic Firnancial Instruments, and Section 12 'Othe¥ Financial Instruments Issues, ol FRS 102 to all of its financial instruments. Financial instruments are reeognised in Ihè charity's balan¢e sheet when the charrty becomes party to Ihe Conlradual provisions of the inslrum&nt Financial assets and liabilities are oflset, with the nel amounts presented in the finarKial statements, when there is a legally enfoiceable righl to sel off the recognised amcyjnls and there is an intention lo settle on a net basis or to realise the asset and sellle the liability simultaneously. Bas1¢ financial assets Basic financial assets. which include debtors and cash and bank balances, are initially Tlleasured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective Inlerest method unless Ihe arrangement constitutes a financing Iransaclion, where the transaction is measure¢J al the present value of the future recelpts dis¢gunled at a market rale of interest. Financial assets classified as receivable wilhin one year are not amortised.
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng pollcles Icontlnuod Baslc flnancl•l liabilitles Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction prrce unless the arrangemènt constilLrtes a financing Iransaclion, where the debt instrument is measured 81 the present value of the Tulure pawnents discounted at a market rate ol interest. Financial Iiabilithes classified as payable within one year are not amortised. Debt instruments are subsèquently carried at amortised cost, using the effectNe interest rale method. Trade credrtors are obligations lo pay for goods or seNice5 that have been acquir8d in Ihg ordinary Course ol operations from suppliers. Amounts payable are classrfied as current li8bilities if payment is due wthin onè year or less. If not, lfrty are presented as non-current liabilities. Trade creditors are recognised initially at trans8th.on pri¢¢ ond subsequently measured Él amortised cost using the effective interest method. Derecognltlon of Ilnanclal IITabllltl8S Financial liabilities are derecognised when the charity'5 contractual obMg8tlons expire or are distharged or cancelled. Critlcal accounting estimate5 and judgemonts In the appllcatlDn of the tharity's aoUntIng pollcles, Ihe Twslees 8re required to make judgements, eslimales and assumptions aboul the cairying arnouni of ¥ssets and Ilabilities that are not readily apparent from other Sour5. The estimates and associale(l assurnplions are based on historical experience and other factors that are consi¢Jered lo be relevant. Actual results may differ from these eslimales. The estimates and underlytiig assumptions are reviewed on an ongoing basis. Revisions lo a¢untIng esllmales are rec(xJnised in the period in which the estimate is revised where the rewsDn affects (ffily that period, or in the period of the revisth and future penods where the revision affects both cuent and future perths. Income from donatlons and legacie5 Unrestrictèd funds 202S Unrestrlcted funds 2024 Donations and gifts Gran15 44,204 51,394 34,196 4,092 95,598 38.288 lllcome from Investments Unrestrlcted Unrestricted funds funds 202$ 2024 Incomo from listed investment8 48.247 35,212
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Expendlture on charftable activities Charitable activities Charltable activities 2024 202S Direct costs Grant fundiro of activities Iseg notg 61 58.950 169,318 Share of support and goveman¢e costs (see note 7) Support Governance 1.662 2.073 1.952 2,340 62.685 173,608 Analysls by fund Unreslrlcled lunds Restricted funds 62.685 146,192 27,416 62,685 173,608 Grants payable Charltable a¢tlvltles 2026 Charltsblè actlvltles 2024 Grants to in$litutions- Algas Field Centre Ltd Derek Gow 45,000 131.000 27,416 45,OCM) 158.416 Grants to individuals 13,950 10,900 58,950 169,3ffj Support costs allocated to aGtivities 2025 2024 Sundries Bank charges Governance Costs 1,079 583 2,073 570 1.382 2,340 3,735 4,292 Analysed between: Charitable 8clivilies 3,735 4,292 10-
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Independent examlnerfs remuftèratlon 2025 2024 Examination of financi81 slalemenls 2,073 2,340 Tru5tee¥ None of the Truslee$ lor any persons connected wth them) received any rernLJneralion or beneffts frc¥n the charity during the year. 10 Gains and losses on Investments Unrostrfcted UreStrIcted funds fund$ 2026 2024 Gainslllossesl arising on.. Rev8lualion of investments Sale of investmenls 15,704 16,4171 1179.209) 17,1441 9.287 {186,3531 11 Taxatlon The charity is exempt from laxalion on its tivItieS because all ils Sncome is applied for charitable purposes. 12 Flxed asset investmants Listed investments Cost or valuation Al 1 February 2024 Additions Valuatson charwJes Disposals 1,566,239 48,246 15,704 171,9171 At 31 January 2025 1,558,272 Carryin9 amount At 31 January 2025 1.558,272 At 31 January 2024 1,566,239 11
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 13 Debtors 2026 2024 Amounts falllng due wlthln ¢ne y•ar.' Other debtors 1.998 3,096 14 Creditors: amounts falling due withln one year 2026 2024 Othei creditors 4.037 4,584 15 Restricted fund$ The restricted lunds of the charity MpriSe the unexFÉnded balances ol donations and grants held on trust subject to specrfic conditions by dcsnors as to how thay may bg u$gd. Prevlous year: At 1 February Resources 2023 expend¥d Transfers At 31 January 2024 Reslricled {27,4161 27,416 Reslrided fvnd This is monies received in the year specifically for the wldcal pyojed and exFend on the same. 16 Unre$trkt¢d funds The unreslricled funds of the charity comprise the unexpended t)alances of donallons and grants which are not subject lo specific conditions by donors and grantor5 a5 to how they may tye used. These include dèsiynaled funds which have been sel asde out of unrestricted funds by the Iruslees for specific purposes. At 1 February 2024 In¢omlng resources Rèsour¢es expended Transfers Gains and At 31 January 10$¥¢8 2026 General funds 1,573,669 143,845 162,685} 9,287 1,664,116 Previous year- At 1 February 2023 Incomlng resource$ Resources expended Transfets Gilns and At 31 January losses 2024 Designated General funds 1,531,774 328,356 1,531,774 41,895 73,500 1146,192) 127,4161 1186.3531 1.860,130 73,500 1148,1921 127,4161 1186,3531 1,573,669 12
AIGAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 16 Unrestrlcted funds IConUnued} General fLnd unlestrted lunds lo meet thè financial objectives ol the Trust as sel oul in the pOrt Oft Trustees. Designated lu The Field Studies Designated Fund 56 to h)Id investment 85sets for the purpose of kwducing incomè to finance future operating costs. During the prior year, lunds were transferred from the unrestrictsd fund lo the restrictèd fund to dear the deficit in the restrl¢ted fund. 17 Relaled party trdnsactlons There were no disclosabfe related p8J1y transactions dwng the year12024 - none). 18 Ultlmatè controlllng party The ultimate controlling party is the Board of Trustees. 13-