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← St Kilda Club SCIO

2025-09-30-accounts

Company registration number CS006411 (Scotland) Charity registration number SC034266 (Scotland)

ST KILDA CLUB SCIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

ST KILDA CLUB SCIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

(Appointed 30 November 2024) Secretary Charity number (Scotland) SC034266 Company number CS006411 Registered office

Independent examiner Thyme Tax & Accountancy Ltd 36 Angusfield Avenue Aberdeen Aberdeenshire United Kingdom AB15 6AQ

ST KILDA CLUB SCIO

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14

ST KILDA CLUB SCIO

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The trustees present their annual report and financial statements for the year ended 30 September 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 charity's governing document, 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 objectives and aims of the club are to:

Advance education for the public benefit about the islands of St Kilda and their environs.

Conserve and protect the islands for the public benefit.

Liaise and work with the National Trust for Scotland (NTS) and other bodies in conserving and protecting the islands for the public benefit.

Significant activities

Visitor numbers to St Kilda during 2025 were broadly similar to 2024, with some difficult weather for cruise ship passenger landings and reduced sailings for day visitors. The latter was due to changes in the operators and small boats offering day trips to St Kilda, a remote location with challenging and often unpredictable weather conditions.

The Club’s trading arm, The St Kilda Club Shop Ltd was able to run on island during 2025 but with similar constraints to the previous few seasons, involving increased management time to cope with the financial and physical issues affecting the operation. The main shop on island is now well settled in its new unit closer to where visitors can easily access it and NTS has painted it to appropriately blend in with the environment. We gratefully acknowledge the help of the NTS staff and QinetiQ (who manage utilities on island) to achieve this success. Despite the limitations, on island sales increased over 10% compared to the previous season. Mail Order sales reduced somewhat but total sales across all routes increased by about 5% overall.

Throughout the year the St Kilda Club Trustees have devoted considerable efforts to keep the Charity fully functioning at the same time as ensuring stability and planning ahead. Efforts have also been made to maintain membership numbers and involvement. The Club held a successful in person reunion in Edinburgh in November 2024 and the online book group remains popular.

The Club made a modest donation to the NTS in this financial year, of £7,977 to cover the costs of repair and installation of new traditional sash and case windows in houses 2 and 4 on the island. Trustees are looking forward to continuing our support for the islands and are grateful for the support from our members and supporters.

At our August 2025 Board meeting we agreed to support the cost of repairs to Lady Grange’s House at a total of £42,460 and this will be donated during our 2025_6 financial year.

ST KILDA CLUB SCIO

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Charitable activities

The Club makes charitable donations to the National Trust for Scotland as detailed above.

Fundraising activities

In addition to annual subscriptions from members the charity receives funds when members make voluntary donations alongside their subscription. We also receive ad hoc donations from both members and non-members as well as legacies from time to time; there were no new legacies this year. The Club also raises funds by periodically giving talks on aspects of St Kilda to interested parties which usually result in a donation to the Club. The Club continues to look at other possibilities for fundraising. Following the demise of NTS work parties we are also exploring alternative options to enable some people to experience the islands in more depth than a day trip or cruise ship landing allows. We also receive funds through donation of profits from the sales of our trading arm, The St Kilda Club Shop Ltd.

Financial review

The Charity operates a policy of maintaining sufficient reserves in order to ensure adequate working capital. Approximately 50% of the budgeted annual anticipated expenditure is reserved. We have a long term savings account with a separate provider and short term savings accounts with our main banking provider to take advantage of current savings interest rates whilst maintaining flexibility of access to funds

The balance held as unrestricted funds at 30 September 2025 was £84,396 and restricted funds £74,317. The Board of Trustees keeps the balance of reserves under regular review.

Principal funding source

Membership subscriptions and individual donations plus the net profit from the St Kilda Club shop were the main sources of funding in the financial year. In addition Gift Aid and interest income from savings accounts made a welcome additional contribution.

Structure, governance and management

The charity is controlled by its governing document and constitutes a Scottish Charitable Incorporated Organisation (SCIO). St Kilda Club's conversion to a SCIO was on the 21 July 2023. From that date the charity is no longer a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity number remains unchanged as SC034266. Following conversion to a SCIO the board has continued to review and update its policies and codes of conduct for Trustees.

The trustees, who served during the year and up to the date of signature of the financial statements were:

(Resigned 30 November 2024)

(Appointed 30 November 2024)

-2-

ST KILDA CLUB SCIO

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees & Directors

The Board of Trustees and Directors meet a minimum three times per year. Sub committees are appointed as and when required and hold meetings in between and report back to main Board meetings. Current sub committees are in place for the Annual Reunion and for the centenary of the evacuation of St Kilda, which will be in August 2030. We have also had a subcommittee for the Company Articles & Structure Review of The St Kilda Club Shop Ltd. Having successfully completed both these tasks we anticipate standing down this subcommittee in the near future.

There have been further Trustee changes subsequent to the end of the 2023_4 year as noted above. David Ackroyd resigned effective from the Club AGM on 11th November 2024 following 13 years of service on the Club Board, including many as Treasurer, Company Secretary and Membership Secretary and we have thanked him for his long service. We were delighted to welcome Carol Deveney onto the Board at the AGM.

Related Parties

The St Kilda Club SCIO has a wholly owned subsidiary company, The St Kilda Club Shop Limited which trades as a shop and gifts to the Charity the profit made from the trading activity. The St Kilda Club SCIO is the sole ‘parent entity’ of the St Kilda Club Shop Ltd.

There have been significant changes and some issues for the St Kilda Club Shop Ltd during 2024_5 which are still ongoing and which involve the Club.

From a governance perspective we successfully updated and voted in a new set of articles of association for the Shop at the St Kilda Club SCIO Board meeting on 28 March 2025. Following that, with the input of the existing Shop Board, we have recruited new Shop Board directors and appointed an independent Chair from amongst them. The new Shop Board is operating in line with the new articles of association.

On the practical side we already had notice of the resignation of the Shop convener who, under the previous shop articles, was also a director of the Shop Board. The Shop and Club Boards therefore worked together and recruited a new convener to take over the role from 1 June 2025. In line with the new articles of association the new convener role is not a director of the Shop. However, due to personal circumstances the new convener resigned soon after taking up the role, although they did help with online shop sales until August 2025. NTS staff on island, Shop Board members and Trustees plus the outgoing shop convener therefore have all worked over the summer season to ensure the shop on island could still function and maximise sales opportunities. The Club and Shop are immensely grateful to all who contributed to this effort which has enabled another successful season. The Shop Board, with input from the Club Board as appropriate is now working on a future plan for a sustainable shop operation.

The trustees’ report was approved by the Board of Trustees.

30 November 2025

-3-

ST KILDA CLUB SCIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ST KILDA CLUB SCIO

I report on the financial statements of the charity for the year ended 30 September 2025, which are set out on pages 5 to 14.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of St Kilda Club SCIO for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (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 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements 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 statement

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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met or

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Thyme Tax & Accountancy Ltd 36 Angusfield Avenue Aberdeen Aberdeenshire AB15 6AQ United Kingdom

Dated: 30 November 2025

ST KILDA CLUB SCIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
20,452
-
Charitable activities
4
18,582
-
Investments
5
3,516
-
Other income
6
387
-
Total income
42,937
-
Expenditure on:
Charitable activities
7
11,745
7,977
Total expenditure
11,745
7,977
Net income/(expenditure)
31,192
(7,977)
Transfers between funds
(35,264)
35,264
Net movement in funds
(4,072)
27,287
Reconciliation of funds:
Fund balances at 1 October 2024
88,468
47,030
Fund balances at 30 September
2025
84,396
74,317		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
20,452
29,479
-
18,582
17,842
-
3,516
3,985
-
387
700
-
42,937
52,006
-
19,722
11,369
66,000
19,722
11,369
66,000
23,215
40,637
(66,000)
-
(29,300)
29,300
23,215
11,337
(36,700)
135,498
77,131
83,730
158,713
88,468
47,030		 Total
2024
£
29,479
17,842
3,985
700
52,006
77,369
77,369
(25,363)
-
(25,363)
160,861
135,498

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ST KILDA CLUB SCIO

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

2025 2024
Notes £ £ £ £
Fixed assets
Intangible assets 12 2 2
Current assets
Debtors 13 20,361 20,495
Cash at bank and in hand 140,637 118,050
160,998 138,545
Creditors: amounts falling due within one year 14 (2,287) (3,049)
Net current assets 158,711 135,496
Total assets less current liabilities 158,713 135,498
Thefunds ofthe charity
Restricted incomefunds 15 74,317 47,030
Unrestricted funds 16 84,396 88,468
158,713 135,498

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 30 November 2025

-6-

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

Charity information

St Kilda Club SCIO is a SCIO (Scottish Charitable Incorporated Organisation) SC0246110.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). 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 Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 charity 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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Share capital Not depreciated

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 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.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity 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.

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

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 charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’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.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 20,452 29,479

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3 Income from donations and legacies (Continued)
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts
Donations 17,929 26,762
Gift Aid 2,523 2,717
20,452 29,479
4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Subscriptions 14,840 13,009
Reunion income 3,742 4,833
18,582 17,842
5 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 3,516 3,985
6 Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 387 700

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7 Expenditure on charitable activities

Direct costs
AGM costs
Insurance
Office costs
Sundries
Reunion costs
Bank charges
Donations
Telephone
Adverts
Share of support and governance costs (see note 8)
Governance
Analysis by fund
Unrestricted funds
Restricted funds
Support costs allocated to activities
Governance costs
Governance costs comprise:
Independent examiners fee		 2025
£
595
622
2,760
182
5,830
299
7,977
-
984
19,249
473
19,722
11,745
7,977
19,722
2025
£
473
2025
£
473
473		 2024
£
379
601
3,472
361
4,985
352
66,000
72
684
76,906
463
77,369
11,369
66,000
77,369
2024
£
463
2024
£
463
463

8 Support costs allocated to activities

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10 Employees

The average monthly number of employees during the year was:
2025 2024
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Intangible fixed assets
Share capital
£
Cost
At 1 October 2024 and 30 September 2025 2
Amortisation and impairment
At 1 October 2024 and 30 September 2025 -
Carrying amount
At 30 September 2025 2
At 30 September 2024 2
13 Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors 14,193 14,318
Prepayments and accrued income 6,168 6,177
20,361 20,495
14 Creditors: amounts falling due within one year
2025 2024
£ £
Other creditors - 10
Accruals and deferred income 2,287 3,039
2,287 3,049

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 October Resources Transfers At 30
2024 expended September 2025
£ £ £ £
National Trust Fund 46,398 (7,977) 35,264 73,685
Allan Aitken fund 632 - - 632
47,030 (7,977) 35,264 74,317
Previous year: At 1 October Resources Transfers At 30
2023 expended September 2024
£ £ £ £
National Trust Fund 83,098 (66,000) 29,300 46,398
Allan Aitken fund 632 - - 632
83,730 (66,000) 29,300 47,030

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 October Incoming Resources Transfers At 30
2024 resources expended September 2025
£ £ £ £ £
General funds 88,468 42,937 (11,745) (35,264) 84,396
Previous year: At 1 October Incoming Resources Transfers At 30
2023 resources expended September 2024
£ £ £ £ £
General funds 77,131 52,006 (11,369) (29,300) 88,468

ST KILDA CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

17 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 30 September 2025:
Intangible fixed assets
2
-
Current assets/(liabilities)
84,394
74,317
84,396
74,317
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 30 September 2024:
Intangible fixed assets
2
-
Current assets/(liabilities)
88,466
47,030
88,468
47,030		 Total
2025
£
2
158,711
158,713
Total
2024
£
2
135,496
135,498

18 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).