2025-03-31-accounts

REGisfERED CHARITY NUMBER." SC016206 ESAN AR

Page Report of the Trustee5 Report of the Independent Auditors statement of Financiol Activitles Balance Sheet Cash Flow Ststement io Notes to the Cash Flow Ststement li Notes to the Financial Ststements 12 to 24

The trustees present their report wrth the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prattice pplicable to charities preparing their accounts in accordan￿ with the Financial Reporting Stanaard applicable in the UK RepLtblic of Ireland (FRS 102) (effective l Januhry 2019). OBJECTIVES AND AcrJvmES Objerti¥es and aims The main aims and objectives of the charity are.. to maintain the trust estate in 9(x)d order and repaif,. to carry out developments on oi in connection with the trust estste calculated to Promote the material and 5c(ial welfare of the communty,. to encourage and a5SiSt the holding of meeting5 or social gatherings of members of the community for purposes of entertainment, recreation, instrurtion or educats'on; to improve means of communication including building, improving or maintaining harbour5, piers, roads and bridges,. to promote directty or indirettly the development of any industry or industries among the community; to promote direttly or indirettly the development of agriculture among the community,. to affoTest portions of the trust estste- to encourage the higher education of the community by the provision of bursaries- - to improve the medlcal service of the commLtnty,' and the upkeep of Lews Castle Policies. Significant activltles The Trust continue5 to engage with local a9encie5 and bodies in pursuit of its chartsble aim5. Volunteers The Cèstle Grounds Volunteer Group as5i5t in the general upkeep and maintenance c¥f the Castle Grounds and its environs. ACHIEVEMENTS AND PERFORMANCE Charitable activitle5 During the year, the charity:_ continued to admir)ister, manage and maintain the Stornoway Trust Estste,. continued to operate the Sawmill Woodland5 Centre cafe and shop,. continued to work with Agencie5 and Charrtable Bodies at both a local and nètional level, to preserve the environmental heritage of the conservation area. Xnvestment pertormance The charity's investment rK)rtfolio is managed by Bardays Wealth. The value of the charity's portfolio, which includes bonds, equities, alternative assets and cash balances, hès increased by 1.60/L> over the 12 months to 31 March 2025 {2024 _ 6.60kn increase). Internal and external factors The charity 15 Partially dependent uwn the continuing SLtpport of public funOin9 agencies to èssist in the ongoing delivery of the aims and ob}ertives of the organisation. FINANCIAL REVIEW Princlpal fundlng stsurces The chèrity 15 dependent on grants, rents, royalties, capital payments, investment income and wayleaves lo fund its operational costs. Full details of the charity's principal funding y)urce5 are induded in the notes to the financial Statements. Investment pollcy and objectives The investment fnanagers have been instructod to maintain a policy of maximising income without risk to the capital value of the investments. Page I

FINANCIAL REVIEW Reserves policy The General fund represents the unrestricted funds from past operating results. It also represents the free reserves of the charity. The Capitsl of the Trust fund represents the bequest from Lord Leverhulme, the appreciation in value and capital grants received in respect of capital projects. The trustees consider that the level of unrestritted reseNes held at 31 March 2025 is sufficient to meet the ongoing operational need5 of the Trust. During the year, the charity recorded a net operating surplus of £196,679 {2024 - £32,553 deficit) before recording unrealised and realised gains on the charity's investment portfolio of £1,009 (2024 - £88,645 gain) giving a surplus for the year of £164,216 (2024 - £56,092 surplus). Going concern The Trustees have reviewed the financial plans prepared by management and. based on this review, have a reasonable expectation that the charity has adequate resour￿5 to continue in operation for the foreseeable future, that is for the period to 31 March 2026. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The trust is an unincorporated trust constituted under a Deed of Trust dated 12 November 1923 granted by the Right Honourable William Hesketh Viscount Leverhulme, and amended by the Stornoway Trust Order Confirmation Act 1975. In 1923 Lord Leverhulme gifted Lew5 Castle and 70,000 acres of land to the people of Stornoway parish and The stomoway Trust was established to manage and administer the estste on behalf of the community. Recruitment and appointment of new trustees The trustees of the Trust are also charity trustees for the purpose of charity law. Ur)der the terms of the Deed of Trust, the trust consists of ten trustees Wlth each trustee serving a term of six years. Twstee elections are held every three years with half of the trustees retiring at each election. Retiring trustees a eligible for re-election. All persons resident within the area of the trust estate who are on the Voters Register are entitled to vote. Candidates for trustees must be also be resident within the area of the trust estate. Organisational structure The board of trustees manage and administer the estate in accordance w¢th the Deed of Trust through monthly board meetings. The decisions and policies of the board of trustees are implemented by the Estste FaLtor and his Staff who also undertake the day to day management of the estate. The charity has reviewed its internal operational strutture to a55iSt in the effective management of the organisation. Induction and training of new trustees The charity undertakes training for trustees to ensure awareness and understanding of:_ the responsibilities and duties of trtsstees; the organisational structure of the charity,. the financial position of the charity,. and the future plans and objertives of the charity. Wider network The charity has estsblished links with other or9anisations and agencies to foster the aims and objettives of the organisation. Related parties The charity has wholly owned subsidiary companies, Trading Limited and SYT Land Limited, which are presently non-tradingldormant companies. Full details of the charity's subsidiaries are included in the notes to the financial statements. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran￿ against fraud and error. The tnjstees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in pla￿ to mitigate their exposure to these risks. Page 2

REFERENCE AND ADMINISTRATXVE DETAILS Regi5ternd Charity number SC016206 Audltors MacKen2ie Kerr Limited Chartered Accountsnts arKi Ststutory Auditor Redwcod 19 Culduthel Road Invemess IV24 B•nk• Royal Bank of Scotland 17 North Beach Street Storrioway 151e of Lewis HSI 2XH StATtMENT OF TRu¥fEES' RESPON51BILrriE5 The Irv5tees are resPms*ble for preparing the Report ol the Trustee5 and the financièl statements in accordance with p￿1(able law and United Kingdom Accounting Standards (U￿ted Kingdom Generally Accepted Accountin9 PractKe). Page 3

THEY ATEMENT OF TRUSTEES. RE5PONSIBILmE5- continued Charity la¥Y requires Ihe Irvstees to prepare financial 5talernents for each financial year. Under thai law the trustees have elected to prepare the fi￿ar￿la1 ststements in accordance with United Kingdom Generally Accepted AccountirNJ Practice (Unrted Kingdom Accountiro Stsndards and applicable law). Under charity law the trustees must not èpprove the financial ststements unle55 they are satisfied that they give a true anLI fair view of the stste of aftsiTS of the ctwrrty and of the irbcorning resources 3nd application of resources, including the Income and experKliture, of the chèrity foT that pericKJ. In preparing those financial statements, the trustees are required lo select Suitab￿ accojnb'ng w11c￿$ and then apply them consislenlly.. rtiseTre the methods and principles in the Charities SORP; mbke judgements and estimates that are reasonèble anLI prudent; Stale whether appl￿ble accounting standards have been followed, subject to any rnaterial departures disclosed and exploined in the financk31 siatements,. prepare the finaTrcial statements on the 90in9 concern ba515 unless it is inappropriate to presume that the charty wil continue In business. The trustees are respor75ible for keeping proper accounting record5 whtch di￿k)se with reasonable accuracy at any time the finan031 posits'on ol the charty and to enable them to ensure that the financial statements comply with the Char((ies and Trustee Investmenr Iscouand) Act 2N)5 and The CharIt￿S Accounts (Scotland} Regulations 2006 (as èmended), They ire olsp resFonsible for Safeg￿rdIng the assets ol the charity and hence for taking reasonable steps for the prevention and detection of fraud and othei irregularities. ApprDwed by order of the board nf triiOees on 19 De￿mber 2025 aThJ S￿ned on rts behalf by.. Page 4

EP OF THE Opinion We have audrted the financial stbtements of The Stornoway Trust (the 'charty') for the year ended 31 March 2025 which comprise the Ststement of Financial Artivities, the Balance Sheet, the Cash Flow Ststement and notes to the financial statements. including a summary of significant accounting polictes. The financial reporting framework that has been applie(i in their preparation is applicable law and Untted Kingdom Accounting Standards {Unlted Kingdom Generally Accepted Accounting Prattl￿). In our opinion the financial ststements- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resource5 and application of resource5, for the year then ended,. have been properly prepare(J in accordance with United Kingdom Generally Accepted Accounting Practtce. and have been prepared in accordance with the requirements of the Charities ènd Trustee Investment {Scotland) Ae( 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for oplnlon We conducted our audit in accordance with International Stsndards on Auditing IUK) (ISAS (UK)) and applicèble law. Our responsibil￿tIeS under those standards are further descri￿￿ in the Audrtors, responsibilities for the audit of the financièl statements settion of our report. We ale independent of the charity in accordance with the ethic31 requirements that are relevant to our audit of the financial ststements in the UK, inclutjing the FRC'S Ethical Standard. and we have fulfilled our other ethical respDnsibilib"es in accordance with these requirements. We believe that the audit evidence we have obtsined is sUffic￿￿t and appropriate to provide è basis for our opinion. Corkclu$10Tr5 relJt•n9 to goin9 concern In auditing the financial statements, we have concluded that the irustees, use of the going concern basis of accountiryJ in the preparation of the finanoal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettively, may cast significant doubt on the charity'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are aLthori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sertlons of this report. Other inforniatlon The trustees are responsible for the other informatr'on. The other information comprises the information included in the Annual Report, other than the fin3no315tatements and our RetK)rt of the Independent Auditors thereon. Ouf opinion on the financial statements does not cover the other information and, except to the extent othemise explic1￿Y stated in our ieport, we do not express any form of a55Utonce conclus£on thereon. In connertKsn with our audit of the financièl statements, our resronsibility 15 to read the other information and, in doing so, consider whether the other information 15 materièlly inconsistent with the financial sthtements or our knowledge obtained in the audr( or othenvise appeèrs to be materially mi55tated. If we identify such material inconsistenc￿5 or apparent material misstatements, we are required to determine whether this gives rise lo a material misststement in the financial statements themselves. If, based on tt* work we have performed, we conclude that there is a materi81 misstatement of this other information, we are required to report that fact. We have nothing to re￿rt in this regard. Mattews on which we required to report by exception We have nothing to report in respect of the following matters where the Charities Accounts1Scotland) Regulations 2006 requires 115 to report to you if, in our opinlon.. the information given in the Report of the Tru5tee5 is inconsistent in any material restttt with the financial statements. or proper accounting records have not been kept- of the financial stètements are not in agreement with the accounting records and ¥eturns,' or we have not received èll the information and explanations we require for our audit. Page 5

Respon5ibilltie5 of trustee5 As explained more fully in the Statement of Trustee5' Responsibilities, the trustee5 are resFonsible for the preparation ol the firsancial ststements which give a true and fair view, and for such internal control as the trustee5 determine Is necessary to enoble the preparation of financial Statements that are free from material misstatement, whether due lo fraud or error. In preparin9 the financial statements, the trustees are responsible for assessing the charity'5 ability to continue a5 a going concern, disclosin9, a5 applicable, matters related to going concem and usin9 the going concern basis of accounting unless the trustees either irstend to liquidate the charity or to cease operation5, or have no realistic alternative but to do so. Our responslbllltles for the audit of the finantial statements We have been appointed as audttors under Section 4411)Ic) of the Charstie5 and Trustee Investment (Scotland) Act 2005 nd ￿port in accordènce with the Act and relevant regulations tnade or having effect thereunder. Our objertives are to obtain reasonable assurance about whether the financial ststements as 3 whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audttors that include5 our opinion. Reasonable a55urance 15 a hioh level of assurance, but is not a guarantee that an audit condurted in accordance with ZSA5 (UK) will always detert a material mi55tatement when it exists. Misstatements cèn arise from fraud or error and are considered material if, individually or in the aggre9ate. they could reasonably be expetted to infiuence the economlc decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures In line with our ￿spOnSIbl11t1e$, outlined above, to detect material misstatements in respett of irre9ularitie5, including fraud. The extent to which our procedures are capable of detetting irregularities, induding fraud is detsiled below.. ed o irr ula We assessed the 5Usceptibility of the company's finanoal 5tstements to material mis*atement and how frakjd might cccur, including through disciJ55ions with the directors, discussions within our team planning meeting, updating our record of intemal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sertor in which the company operates. Laws and regulations of direct significance In the context of the company include The Companies Act 20D6. and UK Tax legislation. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the relèted financial 5tstement items includiftg a review of finanoal statement disclosures. We reviewed the CoM￿ny.S records of breaches of law5 and regulations, minutes of meeting5 and coriespondence with relevant authorities to identify potential material misstatements arising. We discussed the company's polioes and procedures for compliance with laws and re9ulations With members of management re5tK)nsible for compliance. During the planning meeting with the audit team, the Responsible Individual IRJ) drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enouiTed of management whether they were aware of any instance5 of non-compliance with laws and regulations or knowledge of any artual, suspetted or alleged fraud. We addre55ed the risk of fraud through management override of controls by testing the appropriateness ol joumal entries and identifying arky 51gnificant transèttion5 that were unusual or outside the normal course of bu5ines5. We assessed whether judgements made ir¢ making accounting estimates gave rise to a possible iridicalion of management bias. At the completion stage of the audit, the Rl'5 review included ensuring that the team had approached their work with approprTrate profe55ional $￿ptICisM and thus the capacity to identify non-compliance with laws and iegulation5 and fraud. There are inherent limitstions in the audit procedures described a￿ve that result in an unavoidable risk that some material misstatements in the financial statements may not be detected, even thoLtgh the audit is properly planned and performed in accordance with International Standards on Altditing IUKI. The further removed non-compliance with laws and regulations is from the events and fin3ncial transactions in the financial ststements, the less likely the auditor is lo become awa￿ of rt or recognise non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, ès fraud Involves intentional concealment through forgery, collusion, omission or misrepresentation. A further description of oui responsibilities for the audtt of the financial statements is1(Kated on the Financial Reporting Council'5 web51te at www.frc.org.uklaudtorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 6

This ￿port ts rnade solely to the charty's trustees, as a bC￿y, in accordan￿ wrth Regulation 10 of the CharIt￿S Accr>unts (￿0t[an0) Regulabons 2006. Our audit work ha5 teen undertaken so that we mvjhl state to the charivs trvsiees those wnatters we ale required lo state to them In bn auditors. rewt and for no other purpose. To the fullest extent Fermitted by law, we do not a(￿pt or a55unE responsibilty to anyone other than the tharty and the charty s trustee5 as a ix)dy. for our audit work, for thi£ report, or for the opinions we have formed. for and on behall of MacKenzie Kerr Limited Chartereé Accountants and Ststutory Auditor Redwood 19 Culduthel Road Inverr￿$s IV2 4AA 19 DeCern￿r 2025 MacKen2ie Kerr Limited is eligible for appointment as auditor of the charity by virtue of app)intmert a5 audrtor Df a company under sectioll 1212 of the Cotnpanies Art 2006. Page 7

31.3.25 Total funds Unrestricted funds Restricte funds 31.3.24 Totsl funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 300 300 4,400 Charltable actlvlties Charrtable activities 1.504,971 1,504,971 1,160,133 Investment income Total 1549 228 1 549 228 1206 Ill EXPENDrruRE ON Raising funds 4,138 4,138 3,897 Charitable activities Charitable activities 1352 549 1381883 1 234 767 Totsl 1 352 549 1 386 021 1238 664 Net gains on investments NET INCOMEI(EXPENDThURE) 196,679 132,463) 164,216 56,092 RECONCXLiATION OF FUNDS Total funds brought forward 1,043,555 2,445,610 3,489,165 3,433,073 TOTAL FUNDS CARRIED FORWARD 1 240 234 2 413 147 3 653 381 CONTIIIUING OPERATIONS The statement of financial activities includes all gain5 and losses recognised in the year. All income ènd expenditure derive from continuing activities. The notes form part of these financial ststements Page 8

31.3.25 Notes 31.3.24 FIXED ASSETS Tangible assets Investments 14 15 1,551.361 1365 540 1,620,689 1 368 498 2,916.901 2,989,187 CURRENT ASSErs St￿kS Debtor5 Cash at bank and In h3nd 16 17 2,000 388,313 2,OL 291,087 1,289,870 1,120,855 CREDITORS Amounts falfing due wthin one year 18 (539,140) 1606.6271 NET CURRENT ASSETS 75Q 730 514 226 TOTAL ASSETS LESS CURRENT LIABILITIES 3.667,631 3,503,415 PROVISIONS FOR LIABILtTIES 20 {14,250) (14,250) NET ASSETS 3 653 381 3 489 165 FUNDS Unrestricted funds- General fund Future C￿mi￿rents Reserve 22 851,550 1,025.997 1 240 234 1043 555 Restritted funds 2 413 147 2 445 610 TOTAL FUNDS 3 653 381 3489 165 The finano'al %aiemenis weie approved by the board of Trustees and authonsed ft)r ￿$￿e on 19 December 2025 and ere si9ned on its beholf by.. The n¢Xes lorn) part of these financial ststements PagÈ 9

31.3.24 Notes 31.3.25 Cash nows from operating activities sh generated from operation5 Interest paid Interest element ol hire purchase payments paid Finance costs paid 302.688 (21) {io,oii) 52,978 (8,994) 286 500 Net cash provided by operating activities Cash flows from investing actlvitie5 Purchase of tangible fixed a55ets Sale of fixed asset investments Share5 in group undertaking5 - provision Interest received Dividends received 154,710) 3,865 (4,804) 4,254 (ioo) 2,081 1,555 Net cash provided byl{used in) investing attivities Cash flows from financln9 artivities Capital repayments in year Cash from funds at investment manager (23,865) (8,664) 23 865) Net cash used in financing oth'vitse5 253,368 Change in cash and cash equl¥alents In the reporting period Cash and cash equivalents at the beglnnin9 of the reporting period 574.400 71,789 627 768 827.768 Cash and o$h equivalents at the end of the reporting perlod 899 557 The notes form part of these financial statemerits Page 10

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcrIvmES 31.3.25 31.3.24 Net income for the reportin9 period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received Enterest paid Interest element of hire purchase and finance lease rentsl payments Finance costs Dividends received {Increase)Idecrease in debtors (Decrease)lincrease in creditors 164,216 56,092 74,132 (1,009) (2,081) 81,931 (88,6451 11,555} 21 io,oiJ 6, 156 140,023} 108,742 169 958 8,994 6.651 (41,876) (97,226) 58 823) Net cash provided by operations 302 688 ANALYSIS OF CHANGES IN NEf FUNDS At 1.4.24 Cash flow At 31.3.25 Net ￿5h Cash at bank and in hand 827 768 827 768 Debt Finance leases Total 819 104 899 557 The notes form part of these financial statements Page 11

ACCOIINllNG POLICIES Basis of preparing the financlal statements The financial ststements of the charity, which is a public benefit entlty under FRS 102, have been prepèred in accordance the Charities 50RP (FRS 102) 'Accounting and Reporting by Charities.. Ststement ol Recommended Practice applicable to chari15e5 preparing their accounts in accordance with the Financial Reporting Standard applic3ble in the UK and Republic of Ireland (FRS 102) (effettive l January 20191,. Financial Rep)rting Stsndard J02 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Charities and Trustee Investment {Scotland) Act 2005. The financi81 statements have been prepared unrjer the historical cost convention, with the exception of investments whsch are included at market value, a5 modifiecl by the revaluation of certain assets. These accounts are prepared in pound Sterling which is the funrtional currency of the charity and amounts are rounded to the nearest £. Going concern The Trustees have a reasonable expectation that the chèrity has adequate resources to continue in operation for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial ststements. Preparatlon of consolldated financial statements The financial statements contair? information at()ut The Stornoway Trust as an individual charity and do not cor>tain consolidated financial information a5 the parent of a group. The charity has taken the option not to prepare consolidated financial statements as both its subsidiaries, syr Trading Limited ancl SV Land Limited, are non-tradingldormant companies and are considered not materlal for the purpose of giving a true and fair view of the stste of affairs of the charity. Income All income is recognised in the Statement of Finanaal Artivities once the charity ha5 entitlement to the income there is sufficient certainty of receipt and go it is probable that the income will be received. aiid the amoLJnt oi income receivable can be measLtred reliably. Income received in advance is defeired until the crfteria for income recognition are met. The charity receives government grant5 in respect of estate management. Income from government and other grants are recognised at fair value when the chèrity hbs entitlement aftei any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entftlement is not met then these amounts are deferred. Grants re￿1Ve￿ in restct of capltal expenditure are credited to the Capital of the Trust as a Restrirted Fund and are utilised to lund the future depreciation of the related c3Pital expenditure. The charity has a significant hokling of herrtable propety. The charity routinely lls off small holdings of land to crofters, individuals etc. and recognises the prO￿ed$ as a capital receipt in the Statement of Financial Activities. It is considered that the impaLt of Such Sales are so small that no adjustment to heritable propety is considered necessary. Expenditure Liabiltties are ieco9ni5ed os expenditure as soon as there is a legal oi construth've obligation committing the charity to that expendfture, it is probable that a transfer of economic benefts Will be reqUi￿d in sewement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruèls basis and has been classified under heading5 that aggregate all cost related to the cètegory. Where costs cannot be directly attributed to particular headings they have been all(Kated to activities on a tsasis consistent with the use of resources. Expenditure include5 any VAT which cannot be fully recovered, and is reported as part of the expendrture to which it relates. lslng fynds Costs of raising funds consists of investment management costs. Page 12 cont¢nued...

THE STORNOWAY TRusr NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED I MARCH 2025 ACCOUNTING POUCIES - continued Charitsble artivities aritable expenditure comprises those costs incurred by the tharty in the delivery of its obJ'eLts and activities. It includes b)th costs that can be altr)cated directty to such attwittes and those costs of an indirett nature necessary to support them, The allocation of direct and supEKsrt costs are anatysed in the notes to the financial ststements. Governance costs Governance costs include those costs a5xKiated with meeting the constitutionhl arsd 5tstutory requirements of the charity and include audit fees and costs linked to the strategic management of the charty. Allocation and apportionment of costs All costs are allocated btheen the expenditure Categ￿leS of the Ststsment of Financial Activities on a basls designed to refiect the use of the resource. Costs relating to a particular activity are allocated directty, others are apportioned on an appropriate basis e.g. estimated usage. Tan9ible fixed assets Depwiation is provided at the following annuèl rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease temi, whichever is the shorter. Heritable propety Heritsble property- Trust Woodland Resource Centre Hatchery Tools, machinery and vehicles Furnfcure, fittings and office Nursery Estate improvements 20h on reducing b&lance and no depreciation on land 2% on reduang balan￿ and no depreciation on land 150/0 on reducing balan￿ and 2Vo on reducing balance 150/0 on reducing balance 250/0 on reducing balan 33.330/0 on cost and 15Wo on reducing balan 330/0 on reducing balance and 10 % on reducing balance IOQ/o on reducing balance and 50kn on reducing balan Tangible fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £5UO are not capitslised. Heritage assets The Heritage assets relate to the land and buildings which were gifteij in 1923 by Lord Leverhulme to the people of Stornoway parish and The Stornoway Trust Wa5 established to manage and administer the estate on ￿half of the communty. The heritage assets are held at depreciated cost, cost representing the vallte at the date of transfer to the Trust. Major improvements to the propeth.es are treated as additions to hertye land and buildings in the year in which the expenditure is incurred. Other minor expenditure, which in the trustees, view is required to maintsin the special character of the estate, is recognised in the statement of financ¢al attivities when it is incurred. Public access to the estate is Fermiited at all tr'mes. Stocks st￿ks are valued at the lower of c05t and net realisable value, after making due allowance for obsolete and slow moving Items. Taxation The charlty is exempt from tax on its charf(able attNlties. Fund accountin9 Unrestticted funds can be used in accordan￿ with the thartable objettives at the discretion of the trust&s. De51gnated funds are unrestritted funds etsmiarked by the trustees for particulaf PLtrposes. Restricted funds can only be used for particular restrirted purtN)ses within the objects of the charty. Restrsthons arise when specified by the donor or when ftJnd5 are rBised for particular restrirted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financièl ststements. Page 13 continued...

YTR ACCOUNTING POLICIES - continued Hlre purthase and leasing commitments Assets obtsined under hire purchase contracts or finèr￿ leases are capitsli5ed in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estifftated useful lives. Those held under finance leases are deprectated over their estimated useful lives or the lease term, whichever is shorter. The interest element of these obligations is charged to the Statement of Financial Atttvitie5 ovei the relevant period. The cèpitsl element of the future payments is tre3ted as a liability. Rentsls paid under operating leases are charged to the Statement of Financial Acts"vities as incurred. Pension costs ènd other post-retirement benefits The charity operates 3 defined Contrib￿lon pension scheme. Contributions payable for the year are chèrged in the Statement of Financial Activities. Investments All investment gains and losses are tsken to the Statement of Financial Activities as they arise. Investment Income is accounted for in the peric*J the charity is entitled to receipt. Investments a￿ stated at market value as at the Balance Sheet date and any unrealised gain5 and losses are tsken to the Appreciation Account in the Capitsl of the Trust fund. Reali5ed and Ltnrealised gèins and losses are combined in the Ststement of Financial Attivities. Fixed asset investments in group undertakings are stated at C05t less accumulated provision. CRtricAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF EsfIMATION UNCERTAINTY In the application of thè charity's accounting policies, the trustees ore requiied to make Judgements, estimate5 and assumptions that affect the amounts reported for assets, liabilities, income and expenditure. The estimate5 and associated aS5￿mPtIOnS are based on historical experience and other fattors that are considered to be relevant. Actual ie5uIts may differ from these estimates. The estimates and a55umptions are reviewed on an ongoing basis. Revisions to occountin9 estimate5 are recognised in the period in which the estimate Is revised and in future periods should it affect future periods. The estimates and ass¢Jmptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.. Useful economic lives of tangible fixed assets The annual depreciation charge for tsn9ible fixed assets is sensltive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimètes, future investment, economic vtilisation and the physical condstion of the assets. See note 15 for detsils ol the value5 of tangible fixed assets. Page 14 continued...

DONATIONS AIID LEGACIES 31.3.25 31.3.24 Donabons SpOnso￿h￿p 300 900 300 INVEsfMENT INCOME 31.3.25 31.3.24 Listed investments Bank account interest 41,876 40,023 INCOME FROM CHARITABLE AcfIviTIES 31.3.25 31.3.24 Rents Charitsble activities Royalties Charitsble activities Grants Charitable activitles Capital payments Charitable artivf(ies Forestry Charitable 3rtivitiÈs Joinery sales and contracting Charitsble artivities Administration fees Charitable artivrt￿s Woodland Centle Charitable ath'vities Workshops Charitable activitles Employfflent Allowance Charitsble activitie5 Estste developrnent projects Charitsble artivities Other income Charitable artivitie5 537,823 133,897 18,130 86,871 29,779 9,743 31,093 211.235 285 5.000 371,126 488,061 125,318 11,446 104,917 31,667 13,263 13,350 218,411 1,175 5,000 147 525 1 504 971 1 160 133 Grants received, included in the above, are as follows.. 31.3.25 31.3.24 Scottish Government - IACS Scottish Government - Rural Priorrties Community Land Scotland Community Land Outer Hebrides - Nature Restoration Fund 4.092 315 8,731 315 300 Pège 15 continued...

R TH RAISING FUNDS Investment management costs 31.3.25 31.3.24 Portfolio management fee5 CHARITABLE AcThmES cosrs Direct Costs {see note 8) Support costs (see note 9) Totals Charitable èrtivities 1005 280 376 603 1 381 883 DIRECT COSTS OF CHAR￿ABLE AcfivmES 31.3.25 31.3.24 Stsff costs Grounds and property maintenance Sh¢)oting and fishing Plant maintenance Capital payments Wocxjland Centre Other ope¥ating costs Training costs Travel expenses Publicats"ons Events Elettion expense5 Stsff long service award Legal and profe55ional fees Bad debts Donations Depreoation 731,148 43,061 22,492 3,694 8.151 74,436 14,682 4,744 896 712,867 53,147 23,831 7,019 18,032 75,464 22,635 2,693 62 1.200 16,455 2,519 17,348 3,000 22,218 962 1,000 6,939 37 1.000 1005 280 1 042 516 SUPPORT cosrs Governance costs Property Administration Totèls Charitèble activities 124 202 234 197 376 603 Page 16 continued...

SUPPORT cosrs - contlnued Support Costs, included in the atK)ve, are as follows: 31.3.25 Chaiitable activrties 31.3.24 Totsl artivities Rates and water Insurènce Light and heèt Telephone Other property expenses Stationery, wstages and advertisin9 Motor expenses Computer costs Subscriptions Sundry expenses P4P project Costs Finance costs Auditors. remuneration Accountsnry fees 13,729 30,451 44,278 6,165 29,579 3,439 23,180 13,126 1,051 462 177.294 15,645 9.600 11.568 26,328 41,029 6,275 24,578 7,976 19,535 14,270 1.946 3,558 2,827 16,188 9,000 376 603 192 251 10. TRVStEES' REMUNERATION AND BENEFITS There were no trustees, remuneration OT Other benefrts for the year ended 31 March 2025 nor for the year ende 31 March 2024. Trustees. expenses There were no 31 March 2024. trustee5' expenses paid foi the year ended 31 March 2025 nor for the year ended 11. srAFF cosrs 31,3.25 31.3.24 Wages and salaries SKial securty costs Other pension costs 650,224 56.353 634,195 55,086 712 867 The average monthly number of employees during the year wa5 as follows: Land and assets Administration and management 31.3.25 25 31.3.24 26 30 31 No employee5 received emoluments in eX￿$S of £60,000. Key Management Personnel The total amount of employee benefits received by key management ￿rSonnel Is £161.085 (2024 - £154,063). The Trust considers its key management personnel comprise the Estate Fattor, Executive Secretèry and Grounds Operation Manager. Page 17 continued...

1. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVMES Unrestrirted fund5 Restricted funds Total funds INCOME AND ENDOWMEt4TS FROM Donation5 ènd legacies 4,400 4,400 Charltable activitles Chartsble artivities 1,160,133 1,160,133 Investment income Total 1206 111 1206 111 EXPENDITURE ON Raising funds 3,897 3,897 Charitable artivtties Charitable èctivities 1203 845 1234 767 Total 1203 845 1 238 664 Net gains on investments NET INCOME 2,266 53,826 56,092 RECONCILIATION OF FUNDS Totsl funds brought fotw3rd 1,041,289 2,391,784 3,433,073 TOTAL FUNDS CARIUED FORWARD 1043 555 2 445 610 3 489 165 13. DEFERRED INCOME 31.3.25 31.3.24 Balance at l April 2024 Income deferred in current year Amount released from previous year 105,831 91,754 84,226 105,831 Balance at 31 March 2025 108 305 105 831 Deferred incolne relates to rents received in advance relating to future period5. Page 18 continue(i...

2. TANGIBLE FIXED ASSETS Heritable property Trust Woodland Resource Centre Heritsble property Hatchery COST At l April 2024 Addrtions 569,566 629,264 257,985 974 3,365 At 31 March 2025 569 566 629 264 258 959 DEPRECIATION At l April 2024 Charge for year 6,468 146,608 I45￿76 3,365 At 31 March 2025 155 071 150 331 NET BOOK VALUE At 31 Mardi 2025 561 034 474 193 108 628 At 31 Mard) 2024 563 098 482 656 112 109 Tools, machinery and vehicles Furniture, fittings and offi Estate improvements Nursery Totals co At l April 2024 Additions 390,203 142,472 38,168 568,826 2,599,869 At 31 March 2025 394 033 142 472 568 826 2 604 673 DEPRECIATION At l April 2024 Charge for year 289,692 111,004 30,993 720 245,174 979,180 At 31 March 2025 315 785 122 006 266 509 1 053 312 NET BOOK VALUE At 31 March 2025 302 317 1 551361 Al 31 March 2024 100511 323 652 1620 689 Herltage Assets Flve year financlèl summary of Heritage Assets 31.3.25 31.3.24 31.3.23 31.3.22 31.3.21 Addltlon$ C05t 21,770 23,010 16,797 31,552 DI$posals Carrying value Sales proceeds Page 19 continued...

TR in TH 15. FIXED ASSET INVESTME14TS Shares in group undertakings Listed Investments Totals MARKET VALUE At l April 2024 DistX)5als Revaluath)ns Recta55ification/transfer 102 1.368.496 (4.034) 789 187 1,368,598 (4,034) 789 187 At 31 March 2025 102 1 365 438 1 365 540 PROVISIONS At l April 2024 Provision wrttten back loo loo At 31 March 2025 NET BOOK VALUE At 31 March 2025 102 1 365 438 1 365 540 At 31 March 2024 1368 496 1368 498 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by.. Shares In group Llsted undertakin9S investments Tota15 Cost 73.566 1 291872 102 73,566 1 291974 102 1 365 438 1 365 540 The charity's investments at tlie ba13nce sheet date in the share capital of companies Include the following.. SYT Tradin9 Limlted Nature of business.. non-trading company Class of sh&re'. Ordinary holdlng loo 31.3.25 31.3.24 Aggregate capital and ￿serveS ProfiVI1055) for the year loo 100 Land Llmited Nature of business.. non-trading CoM￿nY aass of share: Ordinary holdln9 loo Page 20 continued...

TH 15. FIXED ASSET INVESTMENTS - contlnued 31.3.25 31.3.24 Aggregate capital and Teserves Profitl(loss) for the year 16. STOCKS 31.3.25 31.3.24 Finished goods 17. DEBTORS: AMOUNTS FALLING DUE WNHIN ONE YEAR 31.3.25 31.3.24 Trade debtors Other debtors Prepayments 138,024 219,847 74,157 190,529 291087 18. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Hire purchase (see note 19) Trade creditors Taxation and socièl security Othei credttors 8,664 147,561 24,032 426 370 16,926 43,029 479 185 539 140 606 627 19. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows.. 31.3.25 31.3.24 Net oblwJations repayable.. Within one year 20. PROVISIONS FOR UABILMES 31.3.25 31.3.24 Estate Development Reserve The Estste Development Reserve represent5 a potents'al re5ts'tution liability in resFtct of land that was built Into teases. Page 21 continued...

1. ANALYSIS OF NET Assyfs BETWEEN FUNDS 31.3.25 Total funds Unrestricted fund5 Restricted funds 31.3.24 Totsl funds Fixed assets Investments Current assets Current liabilities Provision for liabilrties 651,430 loo 1,123,720 1535,016) 899,931 1.365,440 166,150 (4,124) 14 250) 1,551,361 1,365,540 1,289,870 (539,140) 14 250) 1,620,689 1,368,498 1,120,855 1606,627) 14 250) 1 240 234 2 413 147 3 653 381 3 489 165 22. MOVEMENT IN FUNDS Net movement in funds At 1.4.24 At 31.3.25 Unrestrlrted funds General fund Future Commitments Reserye 1,025,997 {174,447) 371 126 851,550 388 684 1,043,555 Restrictsd funds Capital of the Trust fund Restrirted Capital fund 196.679 1,240,234 2,355,488 (24,662) 2,330,826 2 445 610 32 463) 2 413 147 TOTAL FUNDS 3 489 165 164 216 3 653 381 Net movement in funds, included in the above are a5 follows-. Incoming resources Resour￿5 expended Gains and 1055es Movement in funds Unrestricted funds General fund Future Commitments Reserve 1,178,102 (1,351549) 371 126 (174,447) 371 126 1,549,228 Restrirted funds Capital of the Tiyst fund Restricted Capital fun(J (1,352,549) 196,679 (25,671) 1,009 (24,662) 33 472) 32 463) TOTAL FUNDS 164 216 Pa9e 22 continued...

TE 22. MOVEMENT IN FUNDS - continued Comparative5 for movement In fund5 Net movement in fLtrnds At 1.4.23 At 31.3.24 Unrestricted fund5 General fun(i Future Commitments Rese¥ve 1,020,9(14 5,093 1,025,997 Restrlcted funds Capital of the Trust fund Restricted Capital fund 1,041,289 2,266 1,043,555 2,292,994 62,494 2,355,488 2 391784 2 445 610 TOTAL FUNDS 3 433 073 3 489 165 Comparative net movement in funds, included in the above are a5 follows: Incoming resou￿$ Re50uices expended Gains and losses Movement in funds Unrestricted funds General fund Fuiure Commitments Reserve 1,206,111 11,201,018} 5.093 1,206,111 Restricted funds pital of the Trust fund Restricted Capital fund (1,203,845) 2.266 (26,151) 88,645 62,494 34 819) TOTAL FUNDS 1206 111 1238 664) FUNDS General fynd The general fund represents uniestricted funds which the trustees are free to use in accordance with the charitsble objects. Future Commitments fund This represents unrestrirted funds designated by the trustees in respect of funds received from a sale of land which is held for future commitments. Restricted Capitsl fund This represents grants received from public funding agencies in respect of capital projects. Capital of the Trust fund The Capital of the Trust represents the bequest frorn Lord Leverhulme, the appreciation in valije and capital grants received in respett of r3pital projects. Page 23 continued...

23. RELATED PARTY DISCLOSURES The chaity has tsvo wholly owned subsidiary companies, srt Trading Limited and 5YT Land Limited which are p￿sentty not)-tradingldormènt companies. The amount owed to the charity by the subsidiaries 3t 31 March 2025 was £Nil (2024 £Nil). Pa9e 24