Company reglstratlon number SC142782 (Scotlandl Charty reglstration number SC021324 (Scotlandl PORTREE NURSERY LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 A9 Accountancy Limited Chartered Accountants Elm House Cradlehall Business Park Inverness IV2 5GH
PORTREE NURSERY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION TrLrs¢ees H Fraser C Macdonald C Macdonald A Mackinnon L Seott-Tomney R Simmisler l Allinson S Coughlin C A Howitt (Appointed 13 February 20261 {Appoinled 13 February 20281 {Appointed 13 February 20261 Kgy management M Kean Charity Registration number SC021324 Company Registratlon number SC142782 Registered offlce Camanachd Square Portree Isle of Skye IV519BW Independent gxamlner Hollie Mackay CA A9 Accountancy Limited Elm House Cradlehall Business Park Inverness United Kingdom IV2 5GH
PORTREE NURSERY LIMITED CONTENTS Page Trustees, report Stslement of trustees, responsibilities Independent examinerfs report Slalemenl of financial activities Balance sheet Notes to the financial statements 9-18
PORTREE NURSERY LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2026 The trustees present their annual report and financial stslemenls for the year ended 28 February 2026. The financi81 statements have been prepared in accordance wlh the accounting policies set OLrt in note 1 to the financial slalements and comply with the charity's governing document. the Charrties and Trustee Investment (Scotlandl Act 2005, the Charities Aecounls Iscollandl Regulations 2008 las amended) and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charf(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectlves and activltles The Nursery provides day care for children aged from birth lo 8 years and preschool education on beharf of Highland Council. The nursery operates from settings. enabling us to provide 1140 hours of Early Learning and childcare funding. The nursery al the year*nd had 78 children registered throughout ils three sections, Babies 19, Movers 12-3 years) 24 and preschool 35. This was another very busy year, with nearly all sessions being full capacity. The wailing Iisl for the baby room remains closed due lo bein9 full lo capacity. The Nursery piovides a very friendly, stimulating and safe environment, enabling ehildrèn to devekjp in all the areas of the curriculum. Each child is treated as an individual and encouraged lo be independent and free thinking whilst loleraling the beliets and opinion5 01 others Day care costs are continuin9 to be kept as low as pLEsible and fees have remained at £7 per hour during the year under vIeW. Management have continued lo make Improvements throughout the year, including enhancing outdoor spaces to support better play opportunities. New bathroom5 wère installed in the middle room, allowing all children lo be cared for in one building during staff shortages. This supports continuity, stronger peer relationships, and a more consistent learning environment. These updates have made Portree Nursery Ltd safer, brighter, and more engaging for staff and ehildren. New resources are regularly added to enrich activities, while trustees work closely wth staff to ensure finances are used effectively to keep improving the Nursery .The Nursery lakes all reasonable steps lo meet the childcare iequirements of parents in a flexible way, thus rnaking childcare more accessible and affordable lo parents. In providing preschool education, the Nursery liaises closely with the local primary h0O1, using the same ethos and golden rules and actively supporting children in preparing for the transition lo school. We continue lo be able to provide funded childcare for eligible year olds. This has been warmly aecepled by Portree Nursery Ltd allowing for the Nursèry lo offer ils services to a wider variety of families in the community. Our current priorities are.. to continue lo maintain the surpluses achieved over the past years to irnprove staff salaries to continue lo remain at a fair and affordable price for parents lo continue lo improve the internal and extemal environment of the building to continue to improve to achieve great reports from the Care Inspectorate Achlevements and performance Significant aclivities and achievements against objedives The trustees and management acknowledge that there are things that can be done to improve our service and will continue working towards these. Quality Assurance is lop priority as is developing the 4 outdoor areas that the children have access to. There was a Care Inspection al the nursery on 7th October 2025.
PORTREE NURSERY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Feedback from parents was positive and the inspectors commented that Children experienced warm, consislenl care that supported their wellbeing. Personal planning and routines promoted responsive. individua115ed care. Strong partnerships wlh families enhanced children's experiences. The movers room provided engaging and developmentally appropriate experiences for children which supported their curiosity, independence, and early learning. Development within the service is underway, with improvements evident, bul Continued focus is needed lo aecelerale and sustain change. The report scored.. Leadership = 2 Children play and learn - 3 Children are supported to achieve - 4 There was a Care Inspection al pre-school on 7th October 2025. Feedback from parents was positive and the inspectors commented that Children were safe, loved and secure In their attachments wlh staff. Children were happy and settled in the nursery Staff were kind, caring and nurtLJring in their Interaclions with children. Staff had developed personal plans an¢J used the information in them lo support children and meet their needs effectively. Work had been done lo improve the layout of the playroom and the range of resources and experiences available Work was Still required lo improve the opportunities for play and learning outdoors. The service shoulcj continue lo embed quality assurance systems and ensure this impacts positively on all areas of practice The report scored". How good is our care play and learning? - 4 How good is our setting? = 4 How good is our leadership? = How good 15 our staff team? = Fundiaising has been limited due to a lack of events and volunteers lo attend events. A total of £1767.03 was raisi this finanaal year. This was from the Skye agricultural show and the Christmas fair event organised by Light Up Por We hope to see an increase in fundraising events over the next financial year. We were very lucky to receive a don,. of £317.00 from Sub Skye, we also received £265.00 from donations from Anne Jolly's Funeral. This was gralE received and we extend our thanks lo the local community for their support. The Trustee5 will continue to Work with the Highland Cgunctl lo ensure the area around the nursery is a sale welcoming environment for all who use the Nursery. This includes general maintenance and grass cutting of High Council property around the nursery bLiilding.
PORTREE NURSERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 The Nursery continues to focus efforts both inside and outside the propety, including maintenance and new resources. Looking to the future the Nursery would like lo place the flooring throughout the remaining roomslareas of the building as we did not achieve this in the last finaneial year and we would like lo continue to update and replace resources. The nursery would like to look at renewable energy sources and updating the heating systems. The Nursery continues to take a variety of steps to achieve financial suslainabilily and lo avoid repealing the losses of previous years. The Trustees leel that, while there is work still lo be done, the Nursery Contin9 to be far more robust financially than previous years. Any subsequent surplus wll go towards future renovation and improving the current nursery spats to allow us lo increase the spaces we are able lo offer since pre-school have moved Another area of concern for the Trustees was staff salaries. The financial position of the nursery has now allowed these lo be improved significantly and are pleased lo report significant improvements bringing all salaries significantly above the living wage. Further increases will remain part of future planning, along with discussions on bonuses to reffect staff perfomance and as a show of appreeiation. The nursery has seen changes in staff with people leaving for pastures new. The Trustees are pleased lo see the employment of new staff, and also current staff taking on new roles, extra training and challenges We are very pleased lo have been able to offer staff the opportunity lo gain qualifications while working. Staffing continues lo grow and the Trustees are happy lo offef these employment opportunities to the local community. Flnancial review During the year the charity made a deficit of £15,836 12025 - £33,034). Al the year end, the totsl reserves were £192,8981£2025- £208.7341. Reserves policy The trustees acknowledge their responsibility lo ensure sufticient funds are available lo safeguard the nursery's luture activities. The reserve policy of the charity is lo relain sufficient unreslncted funds equal lo three months annual running costs which they eslirnate to be £50,000. The unrestricted income funds as al 28 February 2026 were £109,573 12025.. £121,548) and the liquid unreslricled funds represented by cash balances were £48,057 12025.. £55,396). The nursery has made significant steps lo improve reserves in recent years and the reserves level has been achieved this year and in the prior year. The nursery is now in a strong position and will be careful going forwards lo maintain reserves levels. It is their opinion that with careful management the funds avalable are suffi¢ienl lo secure the continuing activities of the charity. structure, governlneè and management The nursery is a charitable company limited by guarantee whose directors are the Trustees and is governed by its Memorandum and Articles of Association. This governing document imposes no reslriclions on the operation of the nursery or the investment powers of the Trustees other than those imposed by company and charitable law. The day to day operation of the nursery is delegated by the Trustees lo the manager Maria Kean Of 8ssistsnl manager Cassandra Bethune in the context of policies and procedures approved by the Trustees which sel out the required standard of good practice. The trustees are responsible for.. Approving operational policie5 and procedures Approving and reviewing the nursery's aims and objectives Setting reserves policy Setting pay and conditions of employment for all staff Providing an annual appraisal of the Managerfs performance Reviewing all aspects of the organis*ion's performance through the Manager's regular reports and instructing changes where necessary.
PORTREE NURSERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 The trLJslees, who are also the direetors for the purpose of company law, and who served during the year and up lo the date of signature ol the financial slalemenls were.. H Fraser C Macdonald C Macdonald A Mackinnon K Macleod L Scott-Tomney R Simmisler l Allinson S Coughlin CAHowitt (Resigned 30 Octobèr 20251 (Appointed 13 February 20261 (Appointed 13 February 20261 (Appointed 13 February 20261 Recmitmenl and appointment of Imstees In the year under review the nursery has 8 trustees, with the previous 1 temiinating at the AGM. It is expected that the life cycle of trustees is short due lo children leaving the nursery and parents in turn leaving the Board. The nursery still aims lo be an active Board delivering a supporting and rnore involved service for staff and parents alike. New trustees are aayS being sought from arnongsl the parents of children who attend the nursery and the wider community. We continue lo actively encourage parents to be involved with Portree Nursery Ltd in a v*iely of forms., and this financial year il has been improved and great effort has been pul forward by all. We think this is due to a increased use of social media to interact with the community as a whole. The nursery hopes lo relain and reeTuII more trustees al theAGM this year. New Iruslees are given a Directorfs hand out which details their responsibilities as a member and on each specific role within the board i.e. Chair, Wi-Chair. Treasurer and Secretary. The hand out also contains guidance on preparing reports and organising the AGM'S. Risk management The Trustees recognise their duly lo identify and review the risks lo which the charity is exposed and lo ensure that appropriate controls are in place to provide reasonable assurance a9ainsl fraud and error. The Iruslees a confident that these provide reasonable, bul not absolute, protection against material misslalement and loss. The trustees, report was approved by the Board of Trustees. R Simmisler Trustee Date..
PORTREE NURSERY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUARY 2026 The Iruslees, who are also the directors of Portree Nursery Limited for the purpose of company law. are responsible for preparing the Trustees, Report and the financi81 statements In accordance with applicable law and United lfjngdom Accounting Stsndards IUnrf(ed Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view ol the stale of affairs of the charlty and of the incoming resources and application of resources. inclu(Jing the income and expenditure, of the charitable company for that year. In preparing these financial slalemenls, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures isclosed and explained in the financial statements., and prepare the financial stalernenls on the going concern basis unless it is inappropriate lo presu that the charity will continue in operation. The Iruslees are responsible for keeping adequate a¢ntIng records that disdose with reasonable accufacy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity anct hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities.
PORTREE NURSERY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORTREE NURSERY LIMITED I report on the financial statements of the charity for the year ended 28 February 2026, which are set out on pages 7 10 18. Respectlve responsibilities of trustee$ and examlner The charity's Iruslees, who are also the direetors of Portree Nursery Limited for the purposes of company law, are responsible for the preparation of the financial slalements in accordance wth the terms of the Charities and Trustee Investments (Scollandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2008. The trustees onsider that the audit requirement of Regulation 1011llal to Icl of the 2006 Accounts Regulations thjes not apply. It is my responsibility lo examine the financial statements as required under sects'on 4411llcl of the Act and to slate whether particular matters have come lo my attention. Basis of Independent examlnerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and 8 comparison of the financial slalemenls Presented wth those records. It also includes consideration of any unusual Items or disdosus in the financial slalemenls, and seeks explanations from the trustees concerning any such matters. The ProdureS undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial stslemenls. Independent examiner's ststement In connection with my examination, no matter has come to my attention.. lal which gives me reasonable cause lo believe that in any material respect the requirements.. to keep accounting records in accordance with section 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations,. and lill to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations.. have not been mel or Ibl lo which, in my opinion, attention should be drawn in order lo enable a proper understanding of ltr financial statements lo be reached. Hollie Mackay CA Elm House Cradlehall Business Park Invemess IV2 5GH United Kingdom Dated..
PORTREE NURSERY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2026 Unrestricted Re$trlcted funds funds 2026 2026 Total Unreslrlcted Restricted funds funds 2025 2025 Total 2026 2026 Notes Income from: Charitable activities Investmen15 441,041 791 441,041 791 416,232 1,203 416,232 1,203 Total income 441,832 441,832 417,435 417,435 Expenditure on: Charitable activities 453,807 3,861 457,668 446,608 3,861 450,469 Total expenditure 453,807 3,861 457.668 446,608 3,861 450,469 Ngl expenditure and movement in funds 111.9751 13,8611 {15,836} 129,1731 13,8611 133,0341 Rgconciliation of funds- Fund balances at 1 March 2025 121.548 87.186 208,734 150,721 91,047 241.768 Fund balanc9$ at 28 February 2026 109,573 83,325 192,898 121,548 87,186 208,734 The slalemenl of financial activities inclLsdes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
PORTREE NURSERY LIMITED BALANCE SHEET ASAT 28 FEBRUARY 2026 2026 2025 Notes Fixed assets Tangible assets 11 131,751 137,300 Current assets Debtors Cash al bank and in hand 12 23,256 48,057 24,453 55,396 71,313 79,849 Credltors- amounts falllng due within ong year 13 110,1661 18.4151 Net current assets 61.147 71,434 Total assets leys current Ilabllltles 192,898 208.734 The funds ofthe charity Reslricled income funds Unreslricled funds 16 17 83,325 109,573 87,186 121.548 192,898 208,734 The company is enlilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2008, for the year ended 28 February 2026. The 1Clor5 acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accountin9 records and the preparation of financial slalements. The members have not required the company to obtain an audit of ils financial slalements for the year in question in accordance with section 476. These financial stslemenls have been prepared in accordan¢e with the provisions applicable lo companies subject to the small companies regime. The financial statements We approved by the Iruslees on . .1 l jh.l-i R Simmisler Trustee Company registration number SC142782 (Scollandl
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 Accounting pollcles Charlty Snfomiatlon The charity is a charity limited by guarantee and consequenly does not have share ¢apitsl. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the ossels of the charity in the event of liquidation. The address of ils registered office is.. Camanachd Square Portree Isle of Skye IV51 9BW 1.1 Basis of preparatlon The financial slalements have been prepared in accordance with the charity's Memorandum and Articles ol Association, the Charities and Trustee Investment Iscglandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las amended), FRS 102 'The Financial RepL)rting Standard applicable in the UK and Republic of Ireland" l FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo eharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Ststanent of Cash Flows. The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalemenls are rounded to the nearest £. Portree Nursery Limited meets the definition of a public benefit enlily undei FRS 102. Assets and liabilities are initially recognised 8t historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes 1.2 Going Concern At the lime of approving the financial slalements, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in opeTalional existence for the foreseeable future. Thus the trustees continue to adopt the going concem b8515 of accounting in preparing the finanoal statements. 1.3 Charitable funds Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Reslricled income funds are those donated for use in a particular area or for speclfic purposes, the use of which is restricted to that area or purpose. 1.4 Income Income is recognised when the charty is legally enlilled to it after any performance conditions have been mel, the amounts can be measured reliably, and rt is probable that income will be received. Grants, including government grants, donats'ons and income from nursery fees are usually recognised once eceivable, unless performance related conditions satisfy early fecognition or deferral of the income.
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Accountlng policies Icontlnuedl Defed income Deferred income represents amounts re¢eived for future periods and is feleased lo incoming resources in the period for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in the future aecountsng periods., or - The donor has imposed conditions which musl be met before the charity has unconditional enlillemenl. Investment income Interest on funds held on deposf( is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of interest paid or payable by the Bank. 1.5 Expenditure Expenditure is recognised once there is a leg81 or constructive obligation lo that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with ntral staff costs allocated on the basis of time spent, and depreciation eharges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Chaiitablg activities Charitable expenditure eompromises those costs incurred by the charity in the delivery of ils actNilies and services for ils beneficiaiies. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nalufe necessary lo support them. Support costs Support costs include central funelions and have been allocated lo activity cost categories on a tQSiS consistent with the use of resources. for example, allocating property costs by floor areas. or per Capila, staff costs by the lime spent and other costs by their usage. G0veMan costs These include the costs attributable lo the ¢harty's compliance with conslilulional and statutory requirements. including audit, strategic management and trustees meetings and reimbursed expenses. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, nel ol depreGialion and any impairmenl1055es. Depreciation is recognised so as lo wri(e off the cost or valuation of assets less their residual values over their useful lives on the following bases. Freehold interest in land and buildings Fumiture and equipment 2% straight line 20°h reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalement of financial activrtie5. 10-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Accountlng pollcles Icontlnuedl 1.7 Impalmient of fixed assets Al each reporting end date, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indKalion exisls. the recoverable amount ol the asset is estimated in order to detemiine the extent of the impairment loss lif anyl. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash In hand, depgsils held al call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.9 Flnancial instrumgnts The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Seth'on 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charit5 balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are oftsel, wth the nel 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 settie on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basie financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest rnelhod unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rale of interest. Financial assets lassified as receivable within one year are not 8mortised. 8aslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the futtjre payments discounted al a market rale of interest. Financial liabilities dassified as payable within onè year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods Of serv15 that have been acquired in the Ordinary course ol 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-currenl liabilities. Trade creditOTS are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of fJnan¢ial IlabiliÉies Financial liabilities are dereco9nised when the charty's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enlillemenl is recognised in the period in which the employee's services are received. Temination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or lo provide termination benefits. 11
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Accounting pollcles (Contlnuedl 1.11 Retlrement benefits The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation lo pay further contributions even rf the fund does not hold sufficient assets lo pay all employees the benefits relating lo employee service in the cuNenl and prior periods. Contributions lo defined contribution pension plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service. the excess is recognised as a prepayment. Critical accountlng estlmates and Judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimale5 and associated assumptions are based on historical experience and other factors th* are considered lo be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from charltable activities Unrestrlcted Unrestricted fund$ funds 2026 2025 Charltable actlvities Fee income Donations Highland council- psChool grant Fundra15ing activities Other income 218,058 582 220,177 1,182 1,042 206,983 2,200 205.976 1,073 441,041 416,232 Incomè from investments Unrestricted Unrestricted funds funds 2026 2025 Interest receivable 791 1,203 12
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Expendlture on charitable a¢llvltles CharEtable actlvlties 2026 Charitable activities 2025 Dlrect costs Staff costs Depreciation and impairment 398,204 7,178 379,513 7,388 405,382 386.901 Share of Support and governance costs (see note 6} Support Governance 49.154 3,132 60,518 3,050 457,668 450,469 Anatysis by fund Unreslricled funds Reslricied funds 453,807 3,861 446,608 3,861 457,668 450,469 In addition to the expenditure analysed above, there are also 9ovemance costs of £3, 132 12025 £3,0501 which relate tjireclly lo charitable aclivilies. 13-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Support costs allocated to activities 2026 2025 Materials and equipment Rent and rates Li9ht, heal and Power Insurance Repairs and renewals Telephone and fax Printing, postage and ststionery Trade subscriptions Hire of other assets Catering Govemance costs Sundry expenses Cleaning Advertising Staff training Bank charges Fundraising expenses Bad debts 4,698 8,275 {1,6901 3,481 5,712 1,492 1,591 5.734 5.095 5,801 3,132 1,164 6.909 5,672 7,457 5,212 3,298 3,736 1,728 1,9 5.482 5,943 6.350 3,050 1,531 3,052 358 4,210 550 429 3,514 543 349 52,286 63,568 Analysed between: Charitable activities 52,286 63,568 2026 2026 Gov8rnanco costs comprlse: Independent Examinerfs remuneration 3.132 3,050 3,132 3.050 Independent 9xamlnefs fee 2026 2025 Examination of the finanaal stslements 3,132 3,050 Trustees None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 14-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Employees The monthly average number of persons linduding senior managemenv leadership team} employed by Ihe charity during the year expressed as ftjll time equivalents was as follows.. 2026 Number 202S Numbgr Administration Daycare Preschool Carer 1..1 Cleaner 11 Total 20 21 Employment Costs 2026 2025 Wages and salaries Social security Costs Other pension costs 349,629 38,338 10,237 343,417 25,326 10,770 398,204 379,513 1312025- 131 of the above employees partiapaled in the Defined Contribution Pension Schemes. The lolal employee benefits of the key management personnel of the charity were £42,00412025- £26,354). Tttere were no employees whose annual remuneration was more than £60,000. 10 Taxation The charity is exempl from taxation on ils activities because all its income is applied for ch8rrtable purt)oses. 15-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 11 Tanglble fixed assets Freehold Fumfjture and Interest In land equlpxnent and bulldlngs Total Cost Al 1 March 2025 Additions 235,597 73,217 1,629 308,814 1,629 Al 28 February 2026 235,597 74.846 310,443 Depreciation and impaimignt At 1 March 2025 Depreciation charged in the year 109.053 4,712 62.461 2,466 171,514 7,178 At 28 February 2026 113,765 64,927 178.692 Carrying amount Al 28 February 2026 121,832 9,919 131,751 Al 28 February 2025 126,544 10,756 137,300 12 Debtors 2026 2025 Amounts falllng due within one year: Trade debtors Other deblors 256 23,000 1.453 23.000 23,256 24,453 13 Creditors: amounts falllng due within one year 2026 2025 Notes Deferred income Trade creditors Other creditors Accruals 14 7,316 313 67 2,470 3,092 905 2,068 2,350 10,166 8,415 14 Deferred incorn8 2026 2025 Other deferred income 7.316 3,092 16-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 14 Deferred income (Continued) Deferred income is included in the financial slalemenls as follows.. 2026 2025 Deferred income is included wlhin.. Current liabilities 7.316 3,092 Movements In the year.. Deferred income at 1 March 2Q25 Released from previous periods Resources deferred in the year 3,092 13,092) 7,316 1,636 11,6361 3,092 Deferred income at 28 February 2026 7,316 3,092 Deferrèd income relates lo nursery fee income received in advance. 15 Rellrement benefit schemes 2026 2025 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 10,237 10,770 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the Scheme are held separately from those of the charity in an independently administered fund. 16 Restricted funds The restricted funds of the charity relates lo fixed assets and is released annually over the lifetime of the assets. At 1 March 2025 Resources At28 expendedFebruary 2026 Restricted funds 87,186 (3,8611 83,325 Provlous year: At 1 March 2024 Resources At28 expended Fobruary 2025 Reslncted funds 91.047 {3,861) 87.186 17-
PORTREE NURSERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 17 Unrestrictpd funds At 1 March 2025 Incoming Rgsources At28 resources expendedFebruary 2026 General funds 121,548 441,832 {453.8071 109,573 Prevlous year: At 1 March 2024 Incoming resources Resources At28 expended February 2025 General funds 1 SO,721 417,435 {446.6081 121,548 18 Analysls of net assets betsveen funds Unrestricted fund$ 2026 Rgstrlcted funds 2026 Total 2026 At 28 February 2026: Tangible assets Current asselsllliabilitiesl 48,426 61,147 83,325 131,751 61.147 109,573 83,325 192,898 Unrestricted funds 2025 Restrlcted funds 2025 Totsl 2025 At 28 February 2025.. Tangible assets Current assetsl{liabililiesl 50,114 71,434 87,186 137,300 71,434 121,548 87,186 208,734 19 Related party transactions During the year the Trustee5 paid £18,71012025 - £18.1961 for childcare on a commercial ami's length basis. Al the balance sheet dale the amount due from trustees was £31212025- £8951. 18-