Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
CHARITY REGISTRATION NUMBER: SC015291
The Clan Carmichael Charitable Trust Unaudited Financial Statements
For the year ended 30 April 2025
I.A.STEWART & CO
Chartered Accountants The Mechanics Workshop New Lanark
ML11 9DB
Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Financial Statements
Year ended 30 April 2025
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 18 |
Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Trustees' Annual Report
Year ended 30 April 2025
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 April 2025.
Reference and administrative details
| Registered charity name | The Clan Carmichael Charitable Trust |
|---|---|
| Charity registration number | SC015291 |
| Principal office | The Carmichael Estate |
| Westmains Office | |
| Carmichael | |
| South Lanarkshire | |
| ML12 6PG | |
| The trustees | |
| Bankers | Royal Bank of Scotland |
| 104 High Street | |
| Biggar | |
| ML12 6DH | |
| Independent examiner | |
| Member of the Institute of Chartered Accountants of Scotland | |
| I A Stewart & Co | |
| The Mechanics Workshop | |
| New Lanark | |
| ML11 9DB |
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 April 2025
Structure, governance and management
The trust is a charitable unincorporated body. Charitable purposes and administration arrangements are set out in the Trust Deed dated March 1982.
The trust deed provides for a minimum of 3 and a maximum of 8 trustees. Where there is a requirement for new trustees these would be identified and appointed by the remaining trustees. The chair of the trustees is responsible for the induction of any new trustee, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures and the history and philosophy approach of the charity. A new trustee will receive a copy of the previous year's annual report and accounts and copies of guidance literature issued by the Office of the Scottish Charity Regulator. The existing trustees have held office for over 10 years.
The trustees annually review the risks that the charity faces. To date these have mainly related to matters outwith the control of the trustees such as the general promotion of tourism in Scotland and the possible effect on the charity's income from tourism. Smaller operational risks are also examined such as health and safety issues, food and hygiene and employee welfare etc. The trustees ensure that all of the charities activities are covered by a comprehensive insurance policy.
Trustees remuneration
The trustees did not receive any remuneration or expenses during the year.
Objectives and activities
The trust is a registered Scottish Charity with educational and heritage preservation objectives. These objectives are being met by the trust in its establishment and operation of the Discover Carmichael Visitor Centre where Scotland’s story is told through realistic wax model scenes and informative story board interpretation. The scenes also depict crafts and culture from the countryside in this district. The visitor centre has a ‘Carmichael Clan Room’ dedicated to Carmichael Clan family history and the thousand year period that the family has lived on the land.
A restoration fund was started in 2000/2001 and £17,647 is accumulated therein. This fund will be used to assist with future restoration work on the many listed historic buildings and monuments located both on Trust property and on adjoining Estate lands. The trust seeks to establish an overall profitable trading position before a separate trading company covenanting profits is established.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 April 2025
Achievements and performance
In 2024/25, the Trustees welcomed visitors from around the globe to explore their clan heritage. Visitor numbers to the Carmichael Visitor Centre and clan lands continue to grow annually. Although entry fees are often waived due to competition from nearby council-operated attractions offering free admission, revenue is generated through the sale of locally produced food, as well as history books, clan gifts and clothing. The Carmichael Clan Room at the Visitor Centre remains a focal point, attracting visitors worldwide to engage with Carmichael's rich cultural heritage. Trustees frequently welcome visitors to this room and provide guided historical tours of the Estate.
The Carmichael History Walk, established on Trust property and the adjacent Carmichael Estate, remains a popular local attraction. Featured prominently in publications such as Visit Lanarkshire's Walking in Lanarkshire, it attracts both UK-based and international visitors. This initiative is supported by the Trust's reception team, ensuring a welcoming and informative experience for all.
In 2024, the tearoom and servery were renovated to create The Hideaway at Carmichael Estate, a new dining experience that celebrates local produce and Scottish cuisine in a comfortable modern environment. Opened in April 2025, The Hideaway enhances the visitor experience and promotes community engagement.
Community engagement remains integral to the Trust's mission. The Biggar Tinto Scouts utilise Trust lands for safe outdoor activities and contribute small financial donations in support of the Trust. Furthermore, pupils from Carmichael Primary School participate in nature walks across the Trust and Estate grounds throughout the year, enriching their understanding of seasonal changes and biodiversity.
Through its community programs, international clan events, and dedication to preserving Carmichael's cultural and historical heritage, the Trustees continue to fulfil the objectives of the charity.
Financial review
Total income amounted to £69,831 (2024: £85,458) for the year.
Total expenditure was £82,847 (2024: £94,022). As a result there is a net deficit in funds of £13,016 for the year to 30 April 2025 (2024: £8,564).
Reserves
The net deficit in funds has reduced reserves brought forward from 2024 bringing closing reserves to £755,827 (2024: £768,843). Designated funds are as shown in note 19 to the accounts leaving £457,934 in general reserves (2024: £470,950) which are held to continue the objectives of the trust.
Plans for future periods
In 2026, the Trust will begin renovations of the shop and reception at the Carmichael Visitor Centre. This project aims to ensure the shop's long-term functionality and usefulness as a retail space that welcomes guests and generates vital funds for the Trust.
Additionally, planning is underway for the next International Clan Carmichael Gathering, now scheduled for June 2026. Building on the success of the 2023 event, the Trustees aim to strengthen the global Carmichael community while continuing to showcase the heritage and beauty of the clan lands. The Gathering in 2026 will also act as a memorial celebration of the life and legacy of the late Chief Richard Carmichael of Carmichael.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Trustees' Annual Report (continued)
Year ended 30 April 2025
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity 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 applicable Charities SORP;
-
make judgments and accounting 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 charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustees Investments (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 12 January 2026 and signed on behalf of the board of trustees by:
==> picture [173 x 86] intentionally omitted <==
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Independent Examiner's Report to the Trustees of The Clan Carmichael Charitable Trust
Year ended 30 April 2025
| report to the trustees on my examination of the financial statements of The Clan Carmichael Charitable Trust (‘the charity’) for the year ended 30 April 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (the ‘2005 Act') and the Charities Accounts (Scotland) Regulations 2006 (as amended). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.
| report in respect of my examination of the charity's financial statements as carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination | have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for my work, for this report, or for the opinions | have formed.
Independent examiner's statement
Since the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). | can confirm that | am qualified to undertake the examination because | am a registered member of ICAS which is one of the listed bodies. | have completed my examination. | confirm that no matters have come to my attention giving me cause to believe that in any material respect:
-
accounting records were not kept as required by section 44(1)(a) of the 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended); or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Member of the Institute of Chartered Accountants of Scotland Independent Examiner
| A Stewart & Co The Mechanics Workshop New Lanark ML11 9DB
12 January 2026
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Statement of Financial Activities
Year ended 30 April 2025
| Statement of Financial Activities Year ended 30 April 2025 |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 782 | 782 | 5,430 |
| Other trading activities | 5 | 69,049 | 69,049 | 80,028 |
| - | - | - | ||
| Total income | 69,831 | 69,831 | 85,458 | |
| = | = | = | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of other trading activities | 6 | 35,675 | 35,675 | 40,392 |
| Expenditure on charitable activities | 7,8 | 47,172 | 47,172 | 53,630 |
| - | - | - | ||
| Total expenditure | 82,847 | 82,847 | 94,022 | |
| = | = | = | ||
| - | - | - | ||
| Net expenditure and net movement in funds | (13,016) | (13,016) | (8,564) | |
| = | = | = | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 768,843 | 768,843 | 777,407 | |
| - | - | - | ||
| Total funds carried forward | 755,827 | 755,827 | 768,843 | |
| = | = | = |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Statement of Financial Position
30 April 2025
| Statement of Financial Position 30 April 2025 |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 12 | 772,521 | 773,876 | |
| Heritage assets | 13 | 100,000 | 100,000 | |
| - | - | |||
| 872,521 | 873,876 | |||
| Current assets | ||||
| Stocks | 14 | 17,922 | 23,808 | |
| Debtors | 15 | 725 | 1,181 | |
| Cash at bank and in hand | 1,611 | 83 | ||
| - | - | |||
| 20,258 | 25,072 | |||
| Creditors: amounts falling due within one year | 16 | 86,952 | 80,105 | |
| - | - | |||
| Net current liabilities | 66,694 | 55,033 | ||
| - | - | |||
| Total assets less current liabilities | 805,827 | 818,843 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 17 | 50,000 | 50,000 | |
| - | - | |||
| Net assets | 755,827 | 768,843 | ||
| = | = | |||
| Funds of the charity | ||||
| Unrestricted funds: | ||||
| Revaluation reserve | 280,246 | 280,246 | ||
| Other unrestricted income funds | 475,581 | 488,597 | ||
| - | - | |||
| Total unrestricted funds | 755,827 | 768,843 | ||
| - | - | |||
| Total charity funds | 19 | 755,827 | 768,843 | |
| = | = |
These financial statements were approved by the board of trustees and authorised for issue on 12 January 2026, and are signed on behalf of the board by:
==> picture [183 x 69] intentionally omitted <==
The notes on pages 8 to 16 form part of these financial statements.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements
Year ended 30 April 2025
1. General information
The charity is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is The Carmichael Estate, Westmains Office, Carmichael, Biggar, South Lanarkshire, ML12 6PG, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).
3. Accounting policies
Basis of preparation
The charity meets the definition of a public benefit entity in terms of FRS102.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The Trust is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.
Going concern
The accounts are prepared on the going concern basis on the grounds that the trustees anticipate continued support from Carmichael Estates and from the bank for the Trust's working capital requirements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Whilst the trustees have estimated the fair value of the investment property, the estimate is not expected to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of certain assets at market values.
Designated funds are unrestricted funds earmarked by the trustees for specific purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
Income
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
-
Income from charitable trading activity is accounted for when earned.
-
Income from grants, where related to performance and specific deliverables, is accounted for as the charity earns the right to consideration by its performance.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 20% reducing balance Equipment - 5% - 20% reducing balance Roads and car parks - 0 - 2% reducing balance
Heritage assets
The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.
Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees' stewardship of the assets.
The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of financial activity.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
3. Accounting policies (continued)
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount is offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable, including any related transaction costs, and subsequently measured at their settlement value.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 782 | 782 | 5,430 | 5,430 |
| = | = | = | = | |
| Other trading activities | ||||
| UnrestrictedTotal Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Shop income | 47,715 | 47,715 | 58,258 | 58,258 |
| Farming and farm lets | 21,000 | 21,000 | 21,165 | 21,165 |
| Wind turbine income | 334 | 334 | 605 | 605 |
| - | - | - | - | |
| 69,049 | 69,049 | 80,028 | 80,028 | |
| = | = | = | = |
5. Other trading activities
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
6. Costs of other trading activities
| 6. | Costs of other trading activities | ||||
|---|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted | Total Funds | |||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities - Shop | |||||
| purchases | 35,675 | 35,675 | 40,392 | 40,392 | |
| = | = | = | = | ||
| 7. | Expenditure on charitable activities by fund type | ||||
| UnrestrictedTotal Funds | Unrestricted | Total Funds | |||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Trust activity costs | 45,322 | 45,322 | 51,780 | 51,780 | |
| Support costs | 1,850 | 1,850 | 1,850 | 1,850 | |
| - | - | - | - | ||
| 47,172 | 47,172 | 53,630 | 53,630 | ||
| = | = | = | = |
8. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Trust activity costs | 45,322 | – | 45,322 | 51,780 |
| Governance costs | – | 1,850 | 1,850 | 1,850 |
| - | - | - | - | |
| 45,322 | 1,850 | 47,172 | 53,630 | |
| = | = | = | = |
9. Net expenditure
Net expenditure is stated after charging/(crediting):
| Net expenditure is stated after charging/(crediting): | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 1,355 | 1,589 |
| Independent examination fee | 1,850 | 1,850 |
| = | = |
10. Staff costs
| Staff costs | Staff costs | |
|---|---|---|
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | |
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 19,055 | 17,536 |
| Social security costs | 1,416 | 1,116 |
| Employer contributions to pension plans | 295 | 276 |
| - | - | |
| 20,766 | 18,928 | |
| = | = |
The average head count of employees during the year was 1 (2024: 1).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
11. Trustee remuneration and expenses
The trustees are also considered to be the key management personnel. No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No trustee received reimbursement of expenses during the year (2024: £nil).
12. Tangible fixed assets
| Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Land and | Fixtures and | Roads and | |||
| buildings | fittings | Equipment | car park | Total | |
| £ | £ | £ | £ | £ | |
| Cost or valuation | |||||
| At 1 May 2024 and | |||||
| 30 Apr 2025 | 750,000 | 4,500 | 90,516 | 63,229 | 908,245 |
| = | = | = | = | = | |
| Depreciation | |||||
| At 1 May 2024 | – | 3,588 | 85,575 | 45,206 | 134,369 |
| Charge for the year | – | 182 | 812 | 361 | 1,355 |
| - | - | - | - | - | |
| At 30 Apr 2025 | – | 3,770 | 86,387 | 45,567 | 135,724 |
| = | = | = | = | = | |
| Carrying amount | |||||
| At 30 Apr 2025 | 750,000 | 730 | 4,129 | 17,662 | 772,521 |
| = | ====== | = | = | = | |
| At 30 Apr 2024 | 750,000 | 912 | 4,941 | 18,023 | 773,876 |
| = | = | = | = | = |
Land and buildings held by the charity are investment properties carried at fair value as determined by the Trustees as at 1 May 2015. The values have been determined by reference to land prices in the area. The Trustees are of the opinion that there have been no significant changes in values since that date and therefore no adjustment has been made in the year to 30 April 2025. The Trustees aim to have the properties valued more formally in the next year.
The historical cost of revalued assets is £469,754 (2024: £469,754).
Carmichael Estates rents land and buildings on an annual agreed rental including shared services at Warrenhill of £21,000 per annum.
13. Heritage assets
Heritage assets acquired in 1990 include the former Edinburgh Wax Model Collection depicting Scotland’s millennium from Queen Margaret and Macbeth through to the late 20th Century. Scotland’s story is told through realistic wax model scenes and informative story board interpretation. The scenes also depict crafts and culture from the countryside in this district. The visitor centre has a ‘Carmichael Clan Room’ dedicated to Carmichael Clan family history and the thousand-year period that the family has lived on the land.
Access to the collection is available during the centre's regular opening hours.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
13. Heritage assets (continued)
| Heritage assets(continued) | |
|---|---|
| Wax models | |
| and displays | |
| £ | |
| Cost | |
| At 1 May 2024 and 30 Apr 2025 | 102,926 |
| = | |
| Accumulated depreciation | |
| At 1 May 2024 and 30 Apr 2025 | (2,926) |
| = | |
| Carrying amount | |
| At 30 Apr 2025 | 100,000 |
| = | |
| At 30 Apr 2024 | 100,000 |
| = | |
| Heritage assets are reported at cost less any impairment. |
Summary of transactions
The total heritage assets held have not changed in the last 5 years.
14. Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - farm shop | 17,922 | 23,808 | |
| = | = | ||
| 15. | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors | 725 | 1,181 | |
| = | = | ||
| 16. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 25,400 | 9,675 | |
| Carmichael Estates | 57,399 | 67,685 | |
| Social security and other taxes | 1,957 | 723 | |
| Other creditors | 2,196 | 2,022 | |
| - | - | ||
| 86,952 | 80,105 | ||
| = | = | ||
| 17. | Creditors: amounts falling due after more than one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Bank and other loans | 50,000 | 50,000 | |
| = | = |
The bank loan is secured by a first Standard Security over Warrenhill Farm.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
18. Pensions and other post retirement benefits
Defined contribution pension plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £295 (2024: £276).
The trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the trust in an independently administered fund.
19. Analysis of charitable funds
| Analysis of charitable funds | ||||
|---|---|---|---|---|
| Unrestricted funds | ||||
| At | At | |||
| 1 May 2024 | Income | Expenditure | 30 Apr 2025 | |
| £ | £ | £ | £ | |
| General Fund | 470,950 | 69,831 | (82,847) | 457,934 |
| Revaluation reserve | 280,246 | – | – | 280,246 |
| Restoration fund | 17,647 | – | – | 17,647 |
| - | - | - | - | |
| 768,843 | 69,831 | (82,847) | 755,827 | |
| = | = | = | = | |
| At | At | |||
| 1 May 2023 | Income | Expenditure | 30 Apr 2024 | |
| £ | £ | £ | £ | |
| General Fund | 479,514 | 85,458 | (94,022) | 470,950 |
| Revaluation reserve | 280,246 | – | – | 280,246 |
| Restoration fund | 17,647 | – | – | 17,647 |
| - | - | - | - | |
| 777,407 | 85,458 | (94,022) | 768,843 | |
| = | = | = | = |
The restoration fund represents funds designated to assist with future restoration work on the many listed historic buildings and monuments located on trust property and on adjoining estate lands.
The revaluation reserve represents the amount by which the value of the land and buildings exceeds the historical cost.
20. Analysis of net assets between funds
Net assets are held in unrestricted funds at the year end, and the comparative year, as set out in the Statement of Financial Position
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Notes to the Financial Statements (continued)
Year ended 30 April 2025
21. Related parties
The management of the trust properties has been carried out by the Carmichael Estates, a business belonging to the trustees, since 1982 and the creditor (note 16) represents the net position of the advance account after those 43 years.
During the year Carmichael Estates purchased items costing £nil (2024: £nil) on behalf of the Trust and the Trust purchased items costing £351 (2024: £238) on behalf of Carmichael Estates. The Trust received income on behalf of Carmichael Estates amounting to £1,400 (2024: £400). Carmichael Estates advanced £5,100 (2024: £3,000) to the Trust. The net balance of the Carmichael Estates advance account at 30th April 2025 is £57,399 (2024: £67,685) and is shown in the financial statements as a creditor due within one year. There are no set repayment terms or interest charges applying to the outstanding balance.
The Trust charges £21,000 plus vat (2024: £21,000) for rent to Carmichael Estates. The Trust purchased goods for the shop totalling £18,164 (2024: £33,388) from Carmichael Estates.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Management Information
Year ended 30 April 2025
The following pages do not form part of the financial statements.
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Docusign Envelope ID: 55313B29-23AA-46A4-BA0C-E758193B6D8D
The Clan Carmichael Charitable Trust
Detailed Statement of Financial Activities
Year ended 30 April 2025
| The Clan Carmichael Charitable Trust Detailed Statement of Financial Activities Year ended 30 April 2025 |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 782 | 5,430 |
| - | - | |
| Other trading activities | ||
| Shop income | 47,715 | 58,258 |
| Farming and farm lets | 21,000 | 21,165 |
| Wind turbine income | 334 | 605 |
| - | - | |
| 69,049 | 80,028 | |
| - | - | |
| - | - | |
| Total income | 69,831 | 85,458 |
| = | = | |
| Expenditure | ||
| Costs of other trading activities | ||
| Purchases | 35,675 | 40,392 |
| - | - | |
| Expenditure on charitable activities | ||
| Clan Gathering | – | 1,830 |
| Salaries and wages | 19,055 | 17,536 |
| Employer’s NIC | 1,416 | 1,116 |
| Pension costs | 295 | 276 |
| Repairs and maintenance | 520 | 464 |
| Insurance | 1,931 | 1,796 |
| Office expenses | 394 | 220 |
| Depreciation | 1,355 | 1,589 |
| Services | 16,007 | 22,451 |
| Sundry expenses | 600 | 235 |
| Loan interest and bank charges | 3,749 | 4,267 |
| - | - | |
| 45,322 | 51,780 | |
| - | - | |
| Governance costs | ||
| Accountancy fees | 1,850 | 1,850 |
| - | - | |
| - | - | |
| Total expenditure | 82,847 | 94,022 |
| = | = | |
| - | - | |
| Net expenditure | (13,016) | (8,564) |
| = | = |
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