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 rest*ct 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...

12. 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...

14. 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...

21. 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