RINANSAY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
RINANSAY CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
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Charity number Principal address Independent examiner
$C020464 _
AJB Scholes Ltd 8 Albert Street Kirkwall Orkney KW15 1HP
RINANSAY CHARITABLE TRUST
CONTENTS
| eee | eee |
|---|---|
| Page | |
| Trustees' report | 1-2 |
| Independent examiner's report | 3 |
| Statement offinancial activities | 4 |
| Balance sheet | 5 |
| Notestothefinancialstatements | 6-10 |
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RINANSAY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025 ee The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The trust's objects are: - to preserve for the public benefit furniture, pictures, sculpture, books, works of art, items of silver, all papers, documents, notebooks or other such materials and other chattels which are historically associated with Orkney and in particular with the Traill family, North Ronaldsay and the Robertson family ("the Collection"); - to provide and maintain suitable accomodation and facilities for housing the Collection and making it available to researchers and the general public; and - to further the knowledge and awareness of the history of Orkney and in particular the history of the Traill family North Ronaldsay and the Robertson family.
Achievements and performance
Significant activities and achievements against objectives
The trust continued to support the work being undertaken to renovate Holland House. During the year the trust made donations to the North Ronaldsay Estate Trust to the value of £5,000.
Financial review
Total incoming resources for the year amounted to £38,075. Resources totalling £6,874 were expended during the year, including grants of £5,000 to the North Ronaldsay Estate Trust, resulting in a net increase in funds over the course of the year of £31,201.
The trust finished the year with unrestricted funds of £53,643.
Reserves policy
The trust maintains sufficient reserves to enable it to provide planned contributions towards the renovation and upkeep of the North Ronaldsay Estate and to cover governance expenses.
Major risks
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The trust was established by a charitable trust deed on 29 July 1991.
The trustees who served during the year and up to the date of signature of the financial statements were:
Recruitment and appointment of trustees New trustees may only be appointed at the discretion of caste.
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RINANSAY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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The trustees' report was approved by the Board of Trustees.
Date: [acd][ fr] | ~ | [[ar] a
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RINANSAY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RINANSAY CHARITABLE TRUST
| report on the accounts of the trust for the year ended 5 April 2025, which are set out on pages 4 to 10.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts. | have carried out such investigations as were necessary to enable me to form an opinion as to whether proper accounting records adequate for the purposes of the charity have been kept and whether the accounts of the charity were in accordance with the accounting records.
Independent examiner's statement
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In the course of my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements: (i) | to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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(ii) | to prepare accounts which accord with the accounting records and comply with Regulation 8 of the egulations
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n, attention should be drawn in order to enable a proper understanding of the
8 Albert Street Kirkwall Orkney KW15 1HP ada Dated: ......cecreccerseensers
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RINANSAY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £E | £ | |
| Income from: | |||
| Donations and legacies | 3 | 37,500 | 50,000 |
| Investments | 4 | 575 | 299 |
| Total income | 38,075 | 50,299 | |
| Expenditure on: | |||
| Charitable activities | 5 | 6,874 | 44,793 |
| Net income forthe year/ | |||
| Net movement in funds | 31,201 | 5,506 | |
| Fund balances at 6April 2024 | 22,442 | 16,936 | |
| Fundbalancesat5April2025 | 53,643 | 22,442 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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RINANSAY CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 11 | 14,923 | 14,923 | ||
| Cash at bank and in hand | 40,041 | 9,170 | |||
| 54,964 | 24,093 | ||||
| Creditors: amounts falling due within | 12 | ||||
| one year | (1,321) | (1,651) | |||
| Net current assets | 53,643 | 22,442 | |||
| The funds ofthe trust | |||||
| Unrestricted funds | 53,643 | 22,442 | |||
| 53,643 | 22,442 |
The financial statements were approved by the trustees ON .......cc essecesseeeee
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RINANSAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
Charity information
Rinansay Charitable Trust is a registered Scottish charity established by a charitable trust deed on 29 July 1991.
- 1.1 Accounting convention
The financial statements have been prepared in accordance with the trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
- 1.2. Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure Expenditure is included in resources expended on an accruals basis, inclusive of any VAT which cannot be recovered. Charitable expenditure comprises those costs incurred in the delivery of the charity's activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- 1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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RINANSAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
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1.7 Financial instruments
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The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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RINANSAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
ee
3 Income from donations and legacies
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||||||
|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Donations|and|gifts|37,500|50,000|
|4|Income|from|investments|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Interest|receivable|575|299|
|5|Expenditure|on|charitable|activities|
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||||||||
|---|---|---|---|---|---|---|
|Grant|Grant|
|making|making|
|activities|activities|
|2025|2024|
|£|£|
|Direct|costs|
|Administration|and|governance|1,874|1,244|
|Grant funding|of activities|(see|note|6)|5,000|43,549|
|6,874|44,793|
|Analysis|by|fund|
|Unrestricted|funds|6,874|44,793|
|6|Grants|payable|
|Grant|Grant|
|making|making|
|activities|activities|
|2025|2024|
|£|£|
|Grants|to|institutions:|
|North|Ronaldsay|Estate|Trust|5,000|43,549|
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RINANSAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|7|Net|movement|in|funds|2025|2024|
|£|£|
|The|net|movement|in|funds|is|stated|after|charging/(crediting):|
|Fees|payable|to|the|charity's|independent|examiner:|
|- for the|independent|examination|of the|charity's|financial|statements|1,560|1,122|
|-|for other financial|services|228|102|
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8 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year. None of the trustees were reimbursed for any expenses incurred in the current or prior year.
9 Employees
The average monthly number of employees during the year was:
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|||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Number|Number|
|Total|-|-|
|There|were|no|employees|whose|annual|remuneration|was|more|than|£60,000.|
|10|Taxation|
|The|charity|is|not|liable|to|pay|corporation|tax|as|all|of|its|income|is|charitable|and|applied|for|charitable|
|purposes.|
|11|Debtors|
|2025|2024|
|Amounts|falling|due|within|one|year:|£|£|
|Other|debtors|14,923|14,923|
|12|Creditors:|amounts|falling|due|within|one|year|
|2025|2024|
|£|£|
|Other|creditors|-|400|
|Accruals|and|deferred|income|4,321|1,251|
|1,321|1,651|
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10 Taxation
11 Debtors
- 13 Related party transactions
No guarantees have been given or received.
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RINANSAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
13 Related party transactions
(Continued)
Debtors include a loan of £14,923 (2024: £14,923) due from the North Ronaldsay Trust, a registered Scottish charity. The loan is interest free and repayable on demand.
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