Shetknd Folk Festival Society
ANNUAL REPORT OF ThE TRVSTEES AND
UNAUDITED RECEIPTS & PAYMENTS ACCOUNTS
for the year ended
30 September 2025
Charity R•gislrali)n No SC013445

Shetland Folk Festival Society
ANNUAL REPORT OF THE TRUSTEES
for the year ended 30 September 2025
The Trusts•s h*e pkasure m pe8enting their report trqathtrwith th8 fmnclol8tat￿ftts Jrrfl IP
iylwdènl trlhe year 8nd•d 30 SeMen*J¢r 21r25
REFERENCE *th4DADMINISTrATIVE INFORK4TION
CHARITY Tr14ME
Shetland Fcth Sc
TrUSTEES AND EXECUTWE COMMITTEE
C Ford
Cha¥rn8n, Mor¢handse, m￿be￿h1pI St
D Ntolson
Trea5twer arKI Chthn
ln10rm&h￿ Te¢hWy and Lc¢al Ajtots
and Ven
Rafflos. Member5hvps Shop
Artists, Feslival Prrjxarrffigr
PA Luth'vJ
Publiity and Sponsorship
Murthi8or*
L Johnwn
M IkLarA)
R Mthenz
L Johnson
PRINCIP￿ADDRESs
5 La
ZE1 OEJ
INDEPENDENT EXAMINER
Ir¢ne Ha1￿1e1C￿ BACC CA
AJ.8. Schol&s Ltd
Si Olaf$ Hall
Church Roqd
LepHKk
Shthbr#
ZE1
BANKERS
Bank of ScotlaTh
117 Ccfivmerdal Strè
Shdlgnd
ZE1 CON
scorrisH CHARITY NUMBER
SC013445

Shetland Folk Festival Society
ANNUAL REPORT OF THE TRUSTEES
for the year ended 30 September 2025
STRUCTURE. GO￿Eft￿E AND N14NAGEME
CONSMTWION
Shetland Fdk Festiva Soc* was th￿red as a C￿lIable Tn￿t und8r the Law cl by th•
orhJ'nal Tnustees batween the dales of 27 May 1987 ar¥J 31 ALYdU8t 1987 W￿lus￿￿,
Ch**abl8 Staluswas 9rknl by PN Rovenue and Cu8ton* on 31 AwJu811987.
APPOINTIENT OF TRUSTEES
TTUStees are elected on an annual basis by a mwty vot• of those present erkntbj to vrAe al t
Annual Genwal Meeting of ihe m￿￿•1$ of
Lhjly ele¢ted Trustees also fomi the ExeLutive Committfj8 of thp sC￿￿ty and ￿ *mFowered ￿1th tha
SJcEly'$ admn*rathJn and manwnent.
MANAGEMENT
Th• c(￿Mitte6 of tho Shetland FOVK Festival ￿&1 reguL¥ly to thini$teT the aclNilk?s of the So¢￿.
ith dlferenl responsbi11tk￿ del￿ated lo iThlivpJLo1 members. kn posstjle. n8w Trustges r￿￿1¥8
inthwdual induethjn from tho OLrtgokng eunmitteg rI￿ber Vltth 8UPPOrt from tha Cha'm)an 8nd other
TNslees as aFprOF￿1È. Al Conrteè n*mbers afe en￿L￿aged to ut)dert*g trnining as 4JpKpiiate to
their ro￿ and to keep up to d* with re￿ant pc4icy dfrvg1(yments. There is a dgJKat8d conynittsè
member wpcmsble for ensur¥w that the Sctw's poh'ciès ara reV￿￿d as apprcpriale. and our
voluntears are kepl ￿ to date Iwth any charges. The e<>re Ccfirtee of ten mern￿. we now abfy
SUFVOrted by som• other k&* vc4unt8èrs who support Il* organisation all year round 89 twdl as lh• amy
of vc4ur*eern who SUPF*Jt the ddNery of Iha 4 day event.
RISK ￿NAGEMENT
The Memkn of the CoFrNnltee have assess￿ the maior ￿Sk5 to vthKh the ¢harly ￿ ext>)5￿1 and '
part￿Ul￿r cperth'ons and finances of tho FeslNal. Venw ar¥J Festpval8 the le￿th and bre•Jth of the
Jntry conliiue to IKe unprec**)l•d swial and eccrfhthc tha1￿nge5 with risry NAgr*iig$ coupbj
vth a decreased spw#Jiro cyty in aud￿nceS due to ri5inB ¢c41s of Imng. A8 the Costs of swing c4Jr
annual FeStIv￿ a s￿NI￿an1 rth15 Ihol ofthe ava￿abl￿ of revenue funthn9 $twJrts
the oJtr&ich dement3 of Ihe Festival We are $*sfEd that the Fe5tNd can meel Ihe vKreased ¢osts
thruu9h olternath sourtes of and that the syst8ms are m pbc* lo mrtKJate our exposu￿ to
other risk$
08JECTIVESAND ACTIVITIES
Tha primary purpThe cl ￿ Soc*ty is lo cryanise 8n ar￿Ual S￿'¥n￿ Fdk Fe$tival, cetebrain9 101( mtjs
d cullure. with a paTtsGul* Shetland's 1radi1￿1 holitage arKI IrhJdeThtal PUFP¢)ses
and ot¥ectw8s are sgt out in the ￿lety'S Trust Oeèd
ACHIEVEMENTS AND PERFORMANCE
The 43rd Shetland Folk FeslN81 in 2025 was deemod 8 )fossNe success frcm awJietKes, wbrrners,
garysers and the wpjer communty we sur%essfLd￿ catergj dNerse mu$Kal tastes frcffl Cdts'c,
Svang. AmerKan8. Bluegrass, Ekclmt and rn￿h more in Ixfy¥een.

Shetland Folk Festival Society
ANNUAL REPORT OF THE TRUSTEES
for the year ended 30 September 2025
ACHIEVEMEMfs AND PERFOIIMANCE leonll)ith
2025 vas yw t￿t wa th¥ KaLOtinen.Slthd ox¢tr￿ge wo￿. wt*h w•6
a hup Su￿•s5. Wth Ml￿￿al knderSh￿ prtwtded ty Shelknd's very o*m Amy
Kwstr•n'$ E8ko JaNdla. a dwebprnenlal q)portunty w85 provthd for low yOLmg muS￿an$
a￿1 fve Y￿ng FThi3h rrAMicK?n$. After just days ol r8he8r8818, the group frtt performed 8$ the
¢Fenr#J * ai the Saturday Mrnl at the Fesb¥al. In J￿, the Sheuanders in¥d￿d
y￿th the proj￿ rtwde a lory tr￿Tr lo KAAtinon in to sh￿￿$& again but aso lo
l** part in N¥p*l aThJ Fcth$kand￿. a hw N¢¥d￿ eJueAt*)ntil k¥oi￿t invcfving efy) mus￿• •nd
thywca8ing tradittr￿al Iwes frcffi Fnknj. Denm•k. Nc¥w8y, Sweden. Estmk? and ShetL9nd.
In lemg of the Fe8tfva. any yew. there hw clwlw tr) puiUng on ￿ a Iww¢al2 in
Shet1￿d, irduth'ng ha￿9 to iryort prodLKtivn eqwnwnl techn￿￿$ frcffi mairknd scot1*￿.
respondThig to costs ¥<1 urK8rta•rty *? Ihe a¥a1￿lIty af cm mnue fundiy
swnsothp.
Fw th• 4V ed*kn cl I￿ Fest￿￿. thwe V*we ffie8n visitiry baTrJs arKI thiity<fft th
pthlméd ovff the days wlh ovw Nvo ￿ndred muthans gracing our stages. Once ￿an, th&
Fesl(val tcok grggt pvje n ￿nbr￿ Cc#nmL￿lfy Ni¢lusNty in twrns ofLwfprogrnmming.
IndwJ8d stsgi¥J ak(*A free concert Optv￿S and seven conc*ts In Nral (>)Mn￿n￿les. Rural
cr￿c•rtS are generay al loss Js stan&#kne 8¥￿ts. du? to small venw) glze *Yl incre*&J
ovwhead5 in staJir4 Ihwn, Induding lo¢al costs. Fhymer. staging CO￿8rtS the I￿th and
breadlh of ShetLgrMI has bggn (end ¥An bo) • part 0f￿r¢I[￿1VJ.
As pat inclusive apkyoach, we atso offered sub5vthsed conceits gowed tthv¥ds knles, TrKkKl#ig
mulple Sch)0￿ ar￿ lo￿1 ￿thorty se#kngS that 8uppryt bolh ajums and yoJThJ PW wTrh add1th￿al
SUFWt ne•J& In f•#. In 2021 V•* had 8 pknildrf0c￿ on ¢)pèniThJ up lurygvrg
sl•JwJ con¢*rts in F￿tival S•enu88, welcomiryJ 90 pupls from Tingw811 PriTh0ry S¢tro
to a CO￿•rt in fthgw811 Hall 8Jxl Ihe entiTO B811's BraE Prinary Sch￿1 in LknK* 1¥oU￿ 3C
lo a dedtcaby t￿¢￿1 li Sl Cc4umba's Churth.
M3kirvJ musr freety lo al p4iils in tl¥s way and ¢cftcert lorrt wt I
wll have r￿hed tlwt v￿￿￿n't ott￿¥11$e ￿ i) a to ongw wlth the mu8lc atKI
rJxKert exwwnces on cfvatthe s*￿tl￿d Folk FestThd.
Furth•rhighWs ind￿￿0d.,
. SclK#)I pthioncos in tIK• Suppyt lthll (ASN) in BelL8 Bm PrI￿ry SGtrKd wkh EO
. A fvety ￿rfr¥rnan¢& In Err Gw Centr@. ¥Ah 25 aduhs *ith &IdltiLY￿f suFwt needs laking part
dancthg to IN* mu8k m*lgd by our Ms#lenl Festiv￿ ¢￿h mu8rwins
. An Earty Yèars fwed pthmwnce with Budw Café Orcl*8tr8. vrfth ELCIKhod8 from all
throughout ShetlaThJ 250 ￿pUS 8 8taff atenthrg
. A vr&l to SarKAv￿k •thoolwkn Tr F*Jl Seat8, wth 180 In *nd
Our F8stival Chjb adNtiie8 •rxl annu￿ membership cost h aL80 drYM by ljerg as
posslJl&. We recogThsa that many. the ri$irKJ cogt of liwng and de¢roased spotk4ng capacty can Ix
crWllrwJ.

Shetland Folk Festival Society
ANNUAL REPORT OF THE TRUSTEES
ftjr the year ended 30 September 2025
ACHIEVEMENTS AND PERFOR1M￿E Iconlini
Slice retuffung the Pan￿￿. the Festprdl has f(Mxsed realy h8rd on Twhaping Feslival Clth to
be an cyn, r8b%ed and affor(￿￿ OFrt#Jn for Fe8￿81 goer6 to ar¢ess vthj ¢kqss vBiling afid ShetLand
nNJsK. Festr￿1 membershy as a 'weekendeV Irket, *ith 4 pthed day$ of pr¢￿*Th)￿d mus
offered on 8 fir$1 f￿¢ serve b￿$ in RINJn 16 in I8￿6t￿l￿gh Ccrnunty Ceth, as well as rnukn'p
Sched￿ed 8essK)ns workshoFa are open to al abAt￿8. FamilEs Iwve been particular
pjsilwe about thi5 deVelOpn￿l, M the basis of price ￿ it offeriThJ a relaxed daylirn seltyro to
give clikknn scffle Iknvtyjrs of Ir4e music. There wefe 1758 merrt¢TS Fe51N81 2025. as
wel as afound 2￿ dhers recewe oJryknenl*y Ikkeis to the dayliwE Clth) in retum
wJlunte8riNJ.
In 2025, th? free laster wcfjkshcps fcy Fe8fv81 ffen*xrs inc1￿￿ed 'Sheiland FKldle'. Ehetland Daxing,.
'Nord¢ Tunes. and 'Choral srt¥'rvJ' Wih WOFkshop numbern ranging l2J￿ particvAanls por8essi)n.
In tern￿ of lthle£l tt￿re twere tr￿nty41x an 0￿r￿1 progrm of ffify4hre8
schedubl wKJagements. SirKe 2023. we have t¢keled the late n￿h1 FestNal Club, wh￿h h*5
signfftantty iw•as•d bMh numters ofiKket$ we have av8laJle and Ihg rwmbpe¥ wo $81.
I￿￿lIng the corrplwnent8ry lickets Ihot w to key vobJnt88rs ￿ke our actcrnmodalpjn hosts, fv FeslNal
9834 t￿ets and wristbands for music programry*d A) 12 diff8rert ven￿* as part cl the 2025
Shelland Folk F8$tiwal. Hry1￿. overal *nd8nce8 8r& 8stKnated to bé n•aM 11.CrfJ) wl*n you
L¥Je Itketed ¢¢￿ert$, daylitrn prc4JrvAnmwvJ in the Cbjb, scfts)I outreach 8v8nts as well as the
vKh&YubJ work8hcp8 8essk)n thii
In temg of wr cortribulon to the kxal touri$m 8th. volunteer FeslivaS continues lo pU￿h v￿1
atove Ouf we*Jhl in temis ol prov*Jing a ecooanic lyyjsl In the Sh￿kIe1 seawn. The 2025 event
atb&led ¢)ver 740 independent Vi5it0ts. includiro 185 from of the UK. These figures exdude the
musKians aThJ creative wof8ssbJnals that VIÈ wth, who of cwr¥e JLIO cortrblthe 10 thIIK•nal
s[*￿ H) th& local econmry.
However. Sfietland Folk Foslival remains pT&JL¥ninanlty * event for th• conmunity with at *st 35(Kl
Shelland residents *tendirwJ Festival gvents.
OrKe wJain, our ¥dunteer conmittee ar8 incredibty of what we delNefftJ n 2025. An estimated
O volunieer hours ￿￿1 485 vdunlews p¥t￿￿￿ed to rnake event a succe$8, leaving the core
¢onNnilee invigm￿l and inspired to do it all ovwwJoin next yearl
WrtW tha *wAedib￿ vc4Jnteer sweat equity that goes into dd1veri￿ Ilig •veth. vokniteers
openirvj t￿1r ￿M•S lo arti¥te8. thè annual s￿1￿)d Fc4k F•stival sinpty couhj ncl h•p*K as tyjr
ovarhe*J5 WOU￿ be loo huh. Our thanks go lo exh arhy eN*ry ¢JM of our volunt8eTS. ￿r
pyate spxsots and Cre*i¥e ScottsThJ. Sa8 you n 20261
FUTURE PLANS
Jr ti)tention is to cary prOn￿ting an annual Shol&nd Folk FestNal duriThJ N4>fiWMay in Ihe c¢￿￿4
yeals, dwdoping n8w educatKmal projects as the Lypotunty arises ￿ assi41￿ to develop the
tradrfional nwsr of Sh8Uand aNd tts prcrfThJtKn cxtside of Shetland too.

Shetland Folk Festival Society
ANNUAL REPORT OF THE TRUSTEES
for the yearended 30 September 2025
FIM4NCfAL REVIEW AKI RESERVES POLICY
Undor guiS&l"ne4 our Inc(m• bok)w £250k V•E oithd In 2016 to from lull a￿TU&1
*xoiints to I￿￿lled amints in Ihe fonn d TleceW & pay(r￿ls." Ths cW8 kn 8ccountwoJ Sty
ds by our Gf4nt Fundern •nd OSCR.
AB a ros￿1 oftr* l)88 d£10.264 forlhe year chaiity hetd lunds ¢rf£121,715 ¥t the yèar wd. th¢
Shella**K3L*tThn TU￿ excharye woiect. 8ntiupated ￿ ovwln knss in 2025 ￿ ak¥ays F4anrwJ to
the b8knce ofthe Nordk TOM festrithd fund and to U86 frcm the Youth Prowarrn
D8*rtK￿t fijnd too.
Genwal l￿d$ *e wwastr1c￿ **uch aro avaiknbb for us8 al the ol8crntK￿ of ¢￿￿M￿le8 in
frJrtFwan¢e of the g8ner¥l ¢1 ts charly wh￿h have not t4en deswJ*J for 8ny ott
wrpose
By ordw ofthe Trth and EX￿Ut￿P Comitl••
CFtye
Chaimw)
5 Burns Lane
Str*Uand
ZE1 OEJ
30 ts.2

Shetland Folk Festival Society
UNAUDITED RECEIPTS AND PAYMENTS ACCOUNT
for Ihe year ended 30 Septernber 2025
2Q5
2025
unresth.cted RestriL*ed
2025
Total
2(r24
Total
RECEIPTS
Vdunw recapls..
Grants rwENed
Sw>nsorship thJnab¢
Merchandlsa
corr￿18￿￿ on atsts. sak5
15.￿0
15,CKKJ
21,346
13,732
13,761
17,CKJO
20,900
13.865
6,S92
21.346
13,732
13.761
Rec￿ptS Imm ¢h8ritabk ￿t￿rtIeS..
Mambership5
Func*orns
Festhval Club donatK
Kwstinen Fok Fè811val tra￿1 rewnbjrswnent
s¢ellawus irK
31.770
121.782
2,397
31.770
29,570
121,782 115.126
2,397
1.s24
911
1,875
1,875
TOTAL RECEIPTS
2CE,663
15,000
221,e63 208.321
PAYMWS
Cost of ILndra*ing.
Merchand￿e
1,579
252
8,890
Charit*fo
Artist5. f
Travel
PA hire
FU￿t￿nS
48.465
17.671
61.7S2
19.761
13,450
800
1.000
850
61,￿5 52 995
18.471
18,116
62.752
43,679
20.611
17,692
L i'ii
Festsvd Club
PublKIy
AccomrTrJdalKJn •xpense¥
Office aokninislr
Heal Ivaht
Bar* inlwest and ehar9es
Perforrni
RKJhts Swety
Rates an
insurance
'5celLgnEQUS expenses
Purchase ol ￿ed assets
Shelland-K•Jsllnen Tunè ExchawJe Fyoject
17,338
17,3Sg
1,350
10,8kn7
5,851
15,569
1,016
9.389
4.802
1,141
3,368
4.192
2.117
3.894
678
10.807
5.851
1,3L
3.926
4,612
2,114
3,239
3.926
4.612
2,114
3,239
758
758
6,485
TOTAL PAYMENTS
208.184
23.743
231.927 1W.479
{DEFICITySURPLUS FOR THE YEAR
11,521>
18.743} 110,264} 21,842

Shetland Folk Festival Society
Charity Ragi81ratron No. SC013445
UNAUDITED STATEMENT OF BALANCES
at 30 Septemb8r 2025
2025
2025
2025
2024
Unrostrthd Restricled TLXaf Tclal
FuThYi
Finjs
FUNIS
FuThts
FUNDS RECONCILiATK)N
Cash •)d bar* •t stsrt clY￿r
86.524
45,4S5 131,979 110.137
SUr￿$1(Def￿ItI $hcwm on ￿￿P1S and
payrnénlJ
11,521) (8,7431 (10*4) 21,842
CAshand b*k bal￿$ at eNI clyoar
85.003
36.712 121.715 131,979
2024
aAW AND CASH 8ALA￿Es
Bank current ￿L(￿jnt
Cash in Iw
118.445 131.
3.270
19
121,715 131.979
2Q25
2024
OTHER ASSETS I￿7[8$1n¢￿
TaNJfole ftted a¥8ets18tcmi}.'
Herilth prop
ork* fLrritur8 fr¥Wnt
45,478
5.294
45,478
The net book value of asse18 W at 30 September 1$
50,T12
,014
Gr4nt8 donat￿￿8 due to ihe ¢h8Tity
The 4Kcounts ￿ pages 1 to 9 wère aFvov&J by Ihe Executi￿ CTh7th1t4• and atlhrywl for IS￿ on
aThJ si9n&Y on theli W by.
C Fortyce
ChawnHn
Trea8u

Shetland Folk Festival Society
Charity Registration No. SC013445
UNAUDITED NOTES TO THE FINANCIAL ACCOUNTS
at 30 September 202S
BASIS OF ACCOUNTING
These ac¢wnt8 have b￿n prepored cn the and Pwments accordwcewth the
cha￿&S and Trustee Investmpml (Scotkndl Act 200$ and trt Ch9rities Accounts IS
Regulat￿￿5 20C6 las arnend￿I.
GRANTS
202S
2024
Reslfjcted..
The NatKnal Lott•ry Ow F￿d
15.OJO
17.¢)JO
15.¢￿0
17.WJ
SPONSORSHIP & DONATIONS
2025
2024
Adenia
Allad Takls
AndeT8on Stratheam
Arch Hender80n
500
SCO
2,500
Brae Stores
5QJ
74e
1 SCI)
ErNuest
Ernw¢w)d
ESPL
Fj*a
GB & IAA Anderson
J.W.Gray & Co & Carltiig
LHD
Lemck Port Authlxty
MFV MerThn
Moray Offshtye
MtyJder5 A¢￿U￿18￿Cl
RG Jan*s
Scotttsh Sea Famis
Seabkd$ & Seals
1.500
250
750
5CX)
750
500
1,000
4.¢)JO
soo
750
ec()
Mlscdlgn￿s donations rec&
21,346
20,91M)
Donatb)ns in klnd were ?L80 recefved during tho yew from Scholps Chatsred Accountsnts £2.705
(2024 - £2,705), Serco Northlw* Orkrw & Shetla￿1 Feffles Lt(1 £6,755 12024 - £6,204) and
Shelland Art5 Deveknpwl I￿ncY £2.49012024- £2.732).

Shetland Folk Festival Society
Charity Registralion No. SC013445
UNAUDITED NOTES TO THE FINANCIAL ACCOUNTS
at 30 September 2025
MOVEhlENTOF FUNDS
Inccffling Expende
2025
urrnstr￿ fimds..
Genwd frJTh
86.524
2C6.863 1208,1841
85.LK)3
Youth and
0eVek)wn8ntf￿d
Ton8 fund
The Natiwl Lottery Fund
14,IXQ
3.893
{4.092}
13.8931
115.cw
15.000
Uesignated funds..
Office arKI IT UpgTa1è
Horilablo prwty fuTrJ
20x2
7.240
17581
19,564
7,240
funds
131.979
221,e63 (231.927)
121,71S
Restrtd8d fur¥Js.'
The Youth Pr¢¥raTr7ing D9¥eky￿1 FuThJ was ue*d to fillar￿¥ futur• •d￿lIan01
olttts. M¥itB. p*groupconc¢rts arKI F(tsntig1ty Suppkny ¢08ts d8tudents' mu$
turtion lees.
The Nerfthc Ton8 ftmd is a r*strthJ furKI used to flnance luture ad￿•1￿)r￿1 wciecis ol the
rb*we c4 ts N￿d￿T¢￿i w'ect, $tW in 2rJ)9.
Thè Nat*j￿ LrAtery Open Fund- 1$ a restitt•J luThJ lo be to wN)ort a pwlL)J of r•wrch.
d¢Mk*)rrtht andlcf drfivery clcreattve acdvty for up to 18 rr•)nth$.
Design*d funds..
The oifre IT UpJr&le l￿d was Created to provth fvndiNJ tthYard5 LP3radlng ol the ch*'s
¥￿te. d•vebping ffiline sath 85 as the M￿te￿a*￿e and purthase ￿ items forlhe dfice.
The Pwtty fijnd re* to nv)ney to bo swt ￿ the upkeep ofthg ¢>Tu
TRUSTEES. REMUNERATION AND EXPENSES
tr￿ recthrd any I￿￿erat*￿ vi ¢uffent or we(%ding pthcd. Nt* Iruslo• I￿8fved
exp&m in or wecfjding perknd.

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
OF SHETLAND FOLK FESTIVAL SOCIETY. SC013445
30 September 2025
I fwt the ￿ntS oftr* Charty for yoarandgj 30 S8Pt•nber ￿23 881 tyjl <>n pw 1 to g.
R•$pe¢tfvo re•pon*lbilitia ol trusl••s and examln•r
The charitVs Iruslees are res￿sible for the prepar8lion of accounts in accordance with the
tem￿ of the Charitles and Tnjstee Inveslnwnt IS¢oU8nd) Act 2trJS Ilhe 2005 A￿) and the Charities
Accounts {SC￿l￿dI R•gulatKx$ 20061the 2008 Acc￿nts RegvlatK*ns}.
Thg charity trustees consKler that the audrt r4uwement of Regulation 1011) Id) of Ihg 2006
Regulations ths not appty It 12 my responsibilty lo oxamine th8 xcounts as iequired under Sectic
44(1) Icl ofthe 2005 Act and to Slate whether particular matters have come to my attenlrjn.
8asls ol Ind9penden¢ examln•rf$ $tatem•nt
My examinat￿ is carr*d obt in a¢cordance with Regulation 11 of the 2C(6 Acwjnts ReWblk)￿. An
eX￿)hat1¢)n includes a reV￿W of the ac£ount6ng racord$ kept by the charty and a comparison ol th•
counts presented vrith thogé records. 11 also include¥ &)n6iderati¢Jn of any unusual items or
1liscI)sures in th8 accounts and seeks explanations from the trustees coneèrnwy any such matters.
The procedures und¢rtaken do not provvJ8 311 th¥ ev￿￿enCe that woutd te requir8d in an aud¢
consequ8nlty I do not express an audit opinK)n on the yiew gNsn by the accounts.
IrKlepondent exarnln•rfs $tstemen¢
In the course of my examinat￿n. no matter hos c(rfne to my att￿tIOn
1. whth gives rtsson8trAe cause to bolipve that in any material respgd tho requirements..
• to keep 8c¢ouniirvJ records in 8ccorthce with Section 44(1) (91 of tha 2005 A¢1 and Regulatlon 4 of
the 20C6 ACc￿ntS RegUlatK￿$, and
• lo prapar• accounts wN¢h accord wkn the accounting Tecords and comply with Regul8th)n 9 of the
20CkS Accounts Regulat￿￿5
have ￿ been nw. or
2. to which, in my coin•)n, attent￿ should be drawn in wder to enable a proper understsncllw ol the
a¢COL￿ts to ￿ rnached.
Irfj￿ HaMb￿tOn BAC¢ CA
On behaf of AJ B. Scholes Lkl
Chatered A¢counlan18
Si Olafs Hall
Church Road
Shetland
ZE1
10