Charlty reglstration number SC017346 CONCHRA CHARITABLE TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 CONCHRA CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$tgeS Key Managemont Parsonnel Charity number SC017346 Auditor MacKenzie Kerr Limited Redwood 19 Culdulhel Road Invemess IV2 4AA Bankers Royal Bank of Scollantj plc Inverness Head Office 29 Harbour Road Inverness IV1 1NU Sollcltor$ Wright Johnston & MacKenie LLP The Green house Beechwood Park North Invemess IV2 3BL Investment advlsors Ralhbones PO Box 1965 LiveTpooI L69 3HU CONCHRA CHARITABLE TRUST CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS Page Tru51ee5' report Independent audilorfs report Consolidated slalemenl of financial aetiwties Charity stslement offinanci81 aclivlties Consolidated bala￿0 sheet Charlty balance sheet 10 Consolidated statement of cash flows Charity Statement of cash flows 12 Notes lo the con501idaled financial stslements 13-27 CONCHRA CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The trustees present Ihelr annual report and financial stslemenls ol the group and trust for the year ended 31 January 2025. The financial statements have been prepared in 3￿rdance wlh the accounting polioes set out in note 1 to the financAal statements and comply wlh the charity's trust deed, Ihe Charities and Trustee Investment (Scollandl Acl 2005, the Charities Accounts IScolland} Regulalions 2006 las amendedl and 'A¢¢ounting and Reporling by Charib'es.. Statemenl of Recommended Praclice applicable lo charitie5 Preparing their accounts in accordance WEth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffecllve 1 January 20191. Objectives and actNiti8$ The charity's objects are to preserve and4naintain Eilean Donan Castle for the benefit of the public and to enable the public lo have access lo il. In addition, the trust seeks lo promote the education of the public in the heritsge ol Scoll8nd, induding the clan system. The policies adoptèd in furtherance of these objects are lo continue the ongoing preservation and development ol the castle in order lo maximise the enjoyment of visilDrs to the castle and lo promote their opptsrtunily for learning of the heritage of the area and Scouand and the￿ has been no change in these during the year. The ¢h8rity operates a rolling programme of repairs and maintenance lo ensu￿ that the castle is rnainiained In good order. This year. worked continued on the extension of the Visitor Centre lo provide a new staff room and additional storage facilities. Surfacing works were also carried out on the visitors, car parks. The charity measures its Su￿sS in lerms of the number of visitor5 that it welcomes lo the castle each year and is always striving lo enhance the visitor experience. For those who cannol visit in person. a live webcam gives polential visitors a glimpse of one of Scotland's most IconSc images. Achievements and porformance The nel incoming resources of unrestricted fund5, which are Ihe operational reserves of the charitable group, were £2,652.667 12024 £1,938,293) and includes the revaluation of inveslmenls. The nel incoming resources of unrestricted funds for the charity were £2,656,14412024 - £1,936,057). During the year the trust continued lo maintain the castle and related buildings as well as improving the exhibits lo enhance the visitor experience. The Irijslees lease the gift shop, the coffee shop. foodhall. takeaway, and th8 apartments to ils subsidiary trading company. Income from a gift aid donation is derived from the trading company. The gift aid don8b.on in the currenl year is si9nificanlly higher than Ihe previous year as the profil generated in the trading subsiiliary has increased this year. Improvements continued lo be undertaken lo the properties owned by the trust enabling the trustees lo continue to provide an enjoyable and increasingly inlom)ative visitor attradion. During the year, the Irusl welcorned a record number of visitors. The value ol investments held increased over the year under feview. The Iruslees plan to continue to maintain and improve properties owned by the trust and consider further exhibits that will enhance Ihe visitor attractron. Fuluie improvements, as always, remain dependent on visitor numbers. CONCHRA CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Financial rwii•w The general fund represerits the unrestricted funds arisin9 from past operalng results. The Iruslees are satlsffied that the balance of Ihe charity's general frJnd of £4.436,058, which equate5 to around 15 months operating expenditu￿ is adequate. The trusloes have ¢xamined (he requirement to maintain free reserves and conduded that the most appropriate minirnurn level is be￿een 3 and 6 months operalion expendsture. The balance held in the general funé of th6 group al the year end is £4,456,201. Funds are g8n8rated principally from prrjceeds from vi%tors lo Ihe Castle. Expenditure in the year has been on operatlng the Casue as a visitor allraction, maintaining and improving properties owned by Ihe trust. improving exhibits and Managing inve51rnents. In accordance wth the trust deed, the trustees have the power to Invest in such stocks, shares. and other information as they see fil. The trustees have engaged Ralhbones. lomedy Investec Wealth and Invesimenl Limlled. as investment managers. The policy is to hold a proportion of investments in low risk securities and adopt a mèdium risk investment strategy on the remaining investments with the int8nb.on lo produce the be51 p055ible Telum. Thg subsidiary company of the tnjsl operates the restaurant, takeaway. glft shop and foodhall withln the visitor cenlre near the Castle. which is leased from the trust. In addition, the subsdiary company rents out the sell-¢atering apartmenls for holiday lets. The tnjstees Jre pleased with the perfom)ance of these activities with an overall 11 is the policy of the charitable group that unreslricled funds which have not been designated for a specific use should be maintained al a level equivalent lo between three and six mDnlh's expenditure. The Injslees consider that reserves at thi5 level will ensure that, in the evenl ol a significant drop In funding, they will be able lo conlinue the group's current actr'vities while eonsideralion is given lo ways in which additional funds may be raised. This level ol reserves has been rnainlained throughout the year. Pl•n$ for fvture periods The twstees plan to continue to pursue the key objective5 01 the trust by continLtally Teviewing and enhancing the exhibits at the casdg. preseNing and maintsinlng thg casue and related properties and promolino the education ol the public heritage of Scotland. Strvcture, governancg and management The charity is a charitsble twsl consliluted by il's Deed of Trust date 28 July 1983. The trustees who served during the year and up to the dale of signature of the financlal slal8menls were= The trustees have no benefi¢lal Inlefesls Sn the chaflty. R8GruitmeTrt and appolntment of tru$t•o$ The trust deed slates that additional Irusleas may be assumed as required bul the number of knstees is limited to four. The trust owns Eilean Donan Ca5 affecting the c8sde and the trust. lor the day lo day running of the easlle. ales it as a visitor attraction. The Iruslees make all strategic decisions the castle manager, who reports directly lo the trustees is respgnsble CONCHRA CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Induction arml tralnlng of new trustees There is no formal poliw or procedures relating lo the indLtction and training ol trustees. Eilean Donan Castle Trading Company Limited is a wholly owned subsidtary of Conehra Charileble Trust. Statement of trust80s' r•spon$ibiliti•s The Iruslees are responsible for preparing the Trustees. Report and the financial ststements In accordance with applicable law and United Kingdom Aecounting Standards (Unitad Kingdom Generally Accepted Accountsng Practice). The law applicable lo charities in S¢oUand requires the trustees lo prepare financial stalemenls for each financial year which give a Inje and lair view of the stale of affairs of the charity arid of the incotning resources and 8pp1ic8b.on of resources ol the charity lor that year, In preparing these finan¢ial statements, the trustees are required to.. select suitsble accounling policies and then apply them consistenuy.. obs&rve the methods and principlas in the Charities SORP; make judgements and estimates that are reasonable and prudent., slate whether applicable accounling standards have been followed, subject to any m8ierial departures ¢Ylsclosed and exp18ined in the financial stalemenls; and prepare the financial statements on the going concem basis unless It is inappropriate lo presume thal the charsly will conts.nue In operalS0n. The trustees are responsible for keeping $L￿clent a¢¢ountsng records that disc108e with reasonable accuracy al any tirre the financial positiori of the Charity and enable them to ensure that the financial slalements comply with the Charitie5 and Trustee Investment Iscotlandl Act 2005, the Charilies Accounts Iscollandl Regulations 2006 las amended) and the provisions of the Irusl deed. They are also r8sponsible for safeguarding the assets ol the ¢hanly and hence for taking reasonable steps lor the prevenlion and detectlon ol fraud and other irregularities. Oale-. CONCHRA CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONCHRA CHARITABLE TRUST Opinion We have audited the financial 51alements ol Conchra Charitsble Trust Ilhe chari18ble group and parent charityl for the year ended 31 January 2025 which comprise the ctsnsolidated statement of financial activities, the parent charity stslemenl ol financial activities. the consolidated balance sheel, the pareat chafity balance sheet, Ihe consolidaled slalemenl of ￿$h flows, the parent chaTity statement ol cash flows and notes lo the consdidaled finanaal slatemenls. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, includin9 Financial Reporting Stsndard 102 The Finan¢i81 Reporting Standar¢J applicable in the UK and Republic of Ireland (United Kingdom Generally A¢￿pted Accountbng Practice). In our opinion, the financial statements- give a true and fair view of the slate of the charitable group and charitable Irusl's affairs as at 31 January 2025 and of its incoming resources and application ol resources, for the year then ended.. have been propedy prepared In accordance with United Kingdom Generally Accepted Accountsng Practi￿,. and have been prepared in accordance with the requlrements of the CharilSes and Trustee Investment (Scollandl Act 2005 and regulation 8 of the Charities Accounts Iscodandl Regulations 2006 las amended}. Basis for oplnlon We conducled OUT 8udil in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitses under those standards are further described in the Auditor's responsibilities for the audit ol the financial statements section of our report. We are independenl ol the group and charity in accoidan¢e with the ethical requirements that are relevant to our audit of the f1nancial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circurnslances set out in note 25 to the financial slalements, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We beSieve that the audit evidence we have obtsined is stjfficient and approprSale to provide a basis for our opinion. C¢n¢lu$ions r•lating to going conc•rn In aud¢ling the financial stalemenls. we have concluded Ihat the Iru51ees' use of the going concern basis ol accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events ( condittons that, indivillually or colleclively, may cast significant ctoubl on the charity's ability to contsnue as a going concern for a period of al least tsyelve months from when Ihg financial slalemenls are aulhorised lor issue. Our restK)nsibilitie5 and the rgsponsibilitie5 of the tnjstees with respect to going concem are described in the relevant sections of this report. Other Information The other Information comprises the inforniation included in the annual report other than the financial statements and ovr audilorfs report Ihereon. Th¢ trustees are responsible lor the other infomation contained within the annua5 feport. Our opinion on the financial statements does not cover the other information and we do not express 8ny form of assurance conclusion Ihereon. OUT responsibility is to read the other infomiation and, in doing so, consider whether Ihe other information is materiaSty inconsislenl with the financial 5tstem8nts or our knowledge obtained in the course of the audit. or olherwise appe8r5 to be materially misslaled. If we identsfy such material inconsislencles or apparent material misslalements, we are requiied lo delemiine whether th￿$ gives rise to a fflaterial misslalemenl in the financial statements Ihemselves. If. based on the work we have performed, we conclude that there is a material misstatement ol this other inforfflation, we are required to report that facl. We have nothing lo report In this regard. CONCHRA CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONCHRA CHARITABLE TRUST Matters on whlch we are required to report by exception We have nothing lo report in respect of the following matters in relation lo whsch the Charities Accounts Iscolandl Regulations 2006 las amended} require us to report to YDU if, in our opinion.. the inforniation given in the financial slalemenls 15 incon51slenl in any malerfal respect with the trustees. report., or proper accounting r¢cords have not been kepl.. or the finanaal statements are not in agreement with the 8ccounting records.. or we have nol received all the inlomiallon and explanations we require for our audit. Responsibilities of tru5tee$ As explained more lully in the slalemenl ol Iruslees. responsibilities, the trustees 8re responsible lor the preparabon of the financial slalemenls and for being satisfied that they give a twe and fair view. and for such inl&m81 control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material mlsslalemenl, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible lor assessing the Charity's ability to conliftue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concern basis of accoun￿n9 unless the trustees either inlend lo cease operations, or have no realistic alternative bul lo do so. Audmor's respon$lblliti¢s for th• audit of the financial statements We have been appointed as auditor under section 4411 Xcl of the Charities and Trustee Investment IScolland} Act 2005 and report in aCCOTdance with the Act and relevant regulations made or having effect therekjnder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud OT error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslaternenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to inlluen the e¢onomic decisions of usèrs taken on the basis of these financial slalemenls. The extent lo which our procedures are capable of detecting i￿e9￿laritieS, including fraud, is detailed below. Identi in and assessin risks related to irre ularitie We assessed Itie susceplibilily ol the group and parent charity's financial stslemenls lo material misslalement and how fraud might occur. including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of inlemal conlrols and ensuring these controls operated as intended. We evaluated possible incentives and opportunities lor fraudulenl rnanipulation of the financial stslemenls. We identified laws and regulats'ons that are ol signilican¢e in the context of the group and parent charity by discussions with Iruslees and updats'ng our understanding of the sector in which the group and parent charity operates. Laws and regulations of direct sIgnifican¢e in the conlexl ol the group and the parent Charfty indude the Charities and Trustees Investment (Scotlandl Act 2005, the Charities Accounts {Scollandl Regulations 2006, The CoMpan￿S Act 2006, and UK Tax legislation. Audit res onse to fisks identified.. We Gonsidered the exlenl of compliance wilh these laws and regulations as part of our audit procedures on the laled Iinanc1al statement items including 8 review of financial slalement disclosure5. We reviewed the group and parenl charity re¢ords of breaches Ol laws and regulats'ons, minutes of meekn'ngs and correspondence with relevant authorities lo idenlify potential material misslalemenls arising. We discussed the gfOUP'S policies and PTo¢edures for compliance wilh laws and regulations with members ol management iesponsible for compliance. CONCHRA CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONCHRA CHARITABLE TRUST During the planning meeting with the audit team, the Responsible Individual IRII drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whethef they We￿ aware of any instances of non 19,630) Net assets 18,880.988 16,228,321 Thg fund$ of the charlty Unreslricled funds 21 18,880,988 16.228.321 18,880,988 16,228.321 CONCHRA CHARITABLE TRUST CHARITY BALANCE SHEET AS AT 31 JANUARY 2025 2025 2024 Notgs Fixed a$s•ts Tangible assets Investments 14 15 9,579,846 4,844,941 8,618.627 4,405,493 14,424,787 13,024,120 Currant assetg Stocks Debtors Cash at bank and in hand 17 18 3.476 643,778 3,997,884 7.548 488.462 2,894.289 4.645,118 3.390,299 Creditors: amounts falling duè wlthln on• year 19 1209,060} 1209,718) Net current assets 4.436,058 3,180,581 Totsl assets ￿sS currant liabilities 18,860,845 16.204,701 Th• funds of the charlty Unrestricted funds 21 18.880,845 16,204,701 18.860,845 16,204,701 ny 10- CONCHRA CHARITABLE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Notes Cash flow$ from opgratlng actlvStle6 Cash generated fromllabsorbed by} operations 23 1,650,589 1,475,186 Investlng actlvltSes Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Investment income received 11,253,804) 1637,185) 6S2,973 851,098 1334,843) 11,044,620) 41,264 742,599 Net ¢¥sh used in investing activities {386,9181 (595,eooi Net cash used in financing activitl Net Increaselldecreasg) In cash and ¢a$h quivalents 1,263,671 879.586 Cash and cash equivalents at beginning of year 3.186,514 2.306,928 Cash and cash equivalents at end of y8ar 4,450,185 3,186.514 Relatlng to: Cash at bank and in hand 4,450,185 3,186,514 CONCHRA CHARITABLE TRUST CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Not09 Cash flows from operating •¢tlvities Cash absorbed by operations 23 1,365,684 1,4L19,291 5nvestlng activitl Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Purchase ol inveslmenls Proceeds on disposal of investments Investmenl incorne received 11.252.522) 1325,3521 1637.1851 652,973 974.625 {1,044,6201 41,264 712.850 Nèt cash generated fromllusod In) inv•$tlng activltles 1262.1091 1815.8581 Net cash used in financlng activities Net in¢r•as8lld•creasel in cash and cash equlvalenl$ 1,103,575 793,433 Cash an(J cash equivalents al beginning of year 2,894,289 2,100,856 Cash and cash gquival•nts at gnd of yoar 3,997.864 2,894,289 Relating t¢- Cash al bank and in hand 3.997,864 2,894,289 12- CONCHRA CHARITABLE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng pollcl•s Charity information ConchTa Charitable Trust is a chariiable trust consliluled by a Deetj of Trust dated 28 July 1983 and is registered in Scodand. 1.1 Accounting c¢nv•ntion The financial stslements have been prepared in accordance with the Charitie5 and Trustee Inveslrnenl Iscollandl Act 2005, the Charities Accounts {Scollandl Regulations 2006 las amended), FRS 102 'The Financial Reporting Standard applicable in the UK and RepubSi¢ of Ireland. I'FRS 102.1 and the Charities SORP "A¢counling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charilies preparing their accounts in ac¢ord8Tice with the Financial Reporiing Standard applicable in the UK and Republi¢ of Irelané IFRS 1021" (effective 1 January 2019). The charity is a Publlc Benefit Entity as defi'ned by FRS 102. The financial statements are prepared in sterling, which is the function81 currency of the charity. Monetary amounls in Ihese financial slalements are rounded lo the nearest £. The financial slalemenls have been prepared under the hislorical cost convention, modified lo include investment propertyes and certain financial instruments al fair value. The principal accounting policies adopted are sel out below. These financial slalements consolidate the results of the charity and ils wholly owned trading subsidiary, Eilean Donan Castle Tradino Company Limited on a line by line basis. 1.2 Golng concern Al the time of approving the financial statements, the trustees have a reasonable expeclation Ihal the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the 90ing concem basis of accounting in preparing the financial 51atsments. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designaled funds comprise funds which have been sel aside at the discretion of the trustees for specific purposes. The purposes and uses of Ihe designated funds are sel oul in the notes lo the flnancial statements. Restricted lunds are subject to specilic conditions by donors as to how Ihgy may be used. The purposes and use5 of the restricted funds are sel out in the noles to Ihe finan¢ial slatemenls. 1.4 In¢ome Income is recognised when the charily is legally er)litled lo il after any perfomiance conditions have been mel. the amounts can be measured reliably, and il is probable that income will be received. Cash donation5 are recognised on receipt. Other donations afe recognised once the charity has been nob'fied of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donalions received under Gift Aid or deed5 of covenarTrt is recognised al the lime of the donation. 13- CONCHRA CHARITABLE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 JANUARY 2025 A¢¢ountlng polici05 {Contlnu8d} Incorne from govemmenl and other grants, wheiher capital or revenue granls, is recognlsed when Ihe charity has enlillement to the funds, any perfomiance conditions attached lo the grants have been mel, il Is probable that the Sncome will be received and the amount can be measured reliabby. 1.5 Expenditure ExpendilLtre is recognised once there is 8 legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement, and the am¢xJnl of the obligation can be measured reliably. Expenditure Is classSfied by actsvity. The costs of each acts'vity are matje up of the total of direct costs and shared c0515, including support costs involved in undertaking each activity. Direct c()sls attributable lo a single activity are all￿ated direcuy lo that activity. Shared costs which conlribule to more than one activity and support costs which are not attributable lo a single activity are apPO￿oned be￿een Ihose activities on a basss con51Stenl wilh the use of resources. Central staff costs are allocated on the bas4s 01 lime spent. and depreciation charges are allocated on the portion of the asset's use 1.6 Tangible fixed as$ots Tangible fixed assets are initially measured al cost and subsequently measured 81 cost OT valuation. nd of ¢Jepreciation and any irnpaimenl losses. Deprec4alion is recognised so as to wdle off the ¢ost or valuation of assels less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings Website Slraighl line over 50 years 20Yo on reducing balance 10°k on reducing balance and 5QA on cost Straight line over 3 years The gain or loss arising on the disposal of an asset is deleimined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. Assets over £1,000 are capitalised and valued al hislortc cost. Items below this level are expensed through the Slalemenl of Financial Activitie5. 1.7 Fix•d a$$•t Invgstments Flxed asset investments are included al fair value al Ihe balance shoet dale. Reallsed gains and losse5 on investment5 are calculated as the difference between sales proceeds and their market value at the start of the year. or their subsequent cost if purchased during the year and are charged or credited to the Slalement ol Financial Activities in the year of disposal. Unrealised gains and105ses represent the movement in market values during the year and are credited or Charged lo Ihe Slalemenl of Financial Activities based on Ihe fair value at the ba18nce sheet dale. 1.6 Impairm•nt of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of SIS tsngible assets lo determine whether there is any indication that those assets have suffered an impaim)enl loss. If any such indication exists, the recoverable amount of the as5el is estimated in order to delemiine the extent of the impairment loss lif any). 14- CONCHRA CHARITABLE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 A¢counting poll¢le$ Icontlnuedl 1.9 Stock5 Stocks are al the lower of cost and eslimaled sellin9 price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overhe8ds that have been iftcurred in bringing the stocks lo their presenl location and condition. Items held for distribu)'on al no or nominal ¢onsider8tion are measured the lower of replacement ¢osl and cost. Net realisable value is the eslimaled selling price less all estimated Costs of complelion and costs to be incurrèd in marketing. selling and dislrfbulion. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-lemi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The charity has elected to apply the provisions of Se¢ts'on 11 '88sic Financial Instruments, and Section 12 'Olher Financi81 Inslruments1s8ues' of FRS 102 to all of its financial instruments. Financial instrurnenls are recognised in the charity's balance sheet when the charity becomes party lo the conlra¢lual provisions of the inslrurnent. Financial assets and liabilities are offset. with the net amounts presented in the financial slalements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settle on a net basis or to r¢alise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaclion price Includin9 Iransaclion costs and ale subsequently cartied at amortised cost using the effective interest method unless the arrangement conslitutes a financing Iransaclion, Whe￿ the transaclion is measured al the present value of the lulure receipts discounted al a market rate ol inlerest. Financial assets classified as receivable within one yeaT are not amortised. Basic financial liabilit18$ Basic financial liabilits'es, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the p￿sent value ol the future payments discounted at a market rale of interest. Fbnancsal liabilities classrfied as payable within one year are not amortised. Debl instruments are subseqvenlly carried al amortised cost, usin9 the effgclive inlerest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the oidinary course ol operations from suppliers. Amounts payable are c185sified as current liabilib.es if payment is due within one year or less. 11 not, they are presented as non-currenl liabilities. Trade credilors are recognised initially at Iran5aclion price and subsequendy measured al amortised Cost using the effeclive interest melhc¥J. Detryognltion of finanGial liabilitie5 Financial liabilities are derecognised when the charity's conlractual obligations expire or are discharged or cancelled. 15- CONCHRA CHARITABLE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Ac¢wntlng policies Icontlnuadl 1.12 Employee beneflts The cost of any unused holiday entrtlemenl is recognised in the period in which the employee's services are received. Termination benefits are Tecognbsed immediately as an expense when the charity Is demonstrably committed lo tem)inale the employment of an employee or to provide lerminallon benefits. 1.13 Retlrement benefits Payfnenls to defined conlribubon retirement benefit ￿heMeS are charged as an expense as they fall due. 1.14 Foreign tx¢h•ng• Transactions in currencies other than pound5 slerting are recorded at the rates of exchange prevailing at the dates of the transactions. Al each reporting end date, monetary assets and liabilities that are denominated in foreign ¢urren¢ies are retranslated al the rates prevailing on the reporting end dale. Gains and losses arising on translalion in the period are Included in profit or1055. Donatlon$ and legaci•6- group and charity Unrestrictod funds general 2025 Unrestricted funds general 2024 Donalions and glfts Grants 1.775 12,000 1,913 13.775 1,913 Charltablo actlvity income Ellean Donan Eilean Donan Castlo Vlsitor Castle Visitor Cantr• Centre 2025 2024 Gro Tickel sales Ancillary trading income Other income 3,058,164 14,486 2,125 2,672,428 13,938 3.074,775 2,586,366 Chari Ticket sales Ancillary trading income Other incorne 3,058,164 14.486 2,125 2,572,428 13,938 3,074,775 2,586.366 16- CONCHRA CHARITABLE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Trading *¢tivity incomo Gr¢up Charlty 2025 2024 2025 2024 Shops and restaurant income Management charges Trading activity income.. other 2.883,893 2,566,502 1,182,666 11.081 1.086,785 13,334 97,681 84,818 2,981,574 2,651,320 1,193,747 1.100,119 The wholly owned trading subsidiary Eilean Donan Castle Trading Company Limited is incorporated in the United Kingdom and pays all of ils laxable profits lo the charity by gift aid. Eilean Donan Castle Trading Company Limited operates the gift shop. loodhall, tskeaway and the coffee shop al Eilean Donan Caslle and also operales self