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
stsI￿ent 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.
G￿￿1 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 emploY￿S 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 do￿tIonS1£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 Unl￿Orporated
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 J￿Uary 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 a￿OrdanCe With th8
terms of Ihe Charities Trustse Investments ISccllaThJl Ad 2C¥)5 aThJ the Charilie5 Accounts (ScctlarKII
Reg￿atIOnS 2CQ6. Tr charitys Tru*ees r£Jngder that th8 audit requiremerl of Regulation 10{11(al to {¢) of the
2C#)6 Accounts Regulaliffls does nd appty. It is my resp￿Sibl1ty to e￿MIne 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 examln*s8latsmènt
Independentèxamlnef8 8tstèment
In ￿nr￿dIC￿ 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 stateM￿ts acojrd wllh th8 acco￿tir9 rttords and comply with RwJulai
8 of the 2C(J6h£ts)unts R￿JUlatIonS.
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 A￿OI￿tanCY 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[K￿6 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 deS￿nated 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 entil￿d 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 reCoveral￿e 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 re￿Ipt 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 dIr￿t 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 wh￿h 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 a￿oUntIng 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 Sour￿5. 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 cu￿ent 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 U￿reStrIcted
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
unlestr￿ted 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-