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2025-03-31-accounts

REGISTERED CHARITY NUMBER: SC038054

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CALUM'S CABIN

Armstrong Watson Audit Limited Caledonia House 89 Seaward Street Glasgow G41 1HJ

CALUM'S CABIN

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 24

CALUM'S CABIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended 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

Objectives and aims

The primary aim of the charity is to provide respite for families who have a child suffering from cancer, or families who have lost a child to cancer. The objectives of the charity are to purchase cabins and rent holiday accommodation or flats near hospitals to support families.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Charitable activities statistics during the financial year 2024/25 Calums Cabin include:

Although during the financial year of 2023/2024, the large warehouse retailer closed the local outlet, resulting in a vast drop of donations and the pop-up shop closed, the income from the shop sales has remained steady especially after the decision was made to revamp the original Charity Shop, remove the name Charity and increase growth and "branding" awareness of the charity.

Page 1

CALUM'S CABIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Calum's Cabin now has 7 holiday homes (2 purchased and 5 rented), 12 home from home flats (9 owned and 3 gifted the use of), supporting more families than could ever be imagined in so many ways, however so many more need support and this is what the charity continues to strive to achieve. The figures above prove that the charity is indeed supporting so many families and individuals who have a child suffering from cancer.

Below we have provided some feedback from a family:

"Staying in one of the Glasgow flats literally saved our family's lives. Our twin son was diagnosed with leukaemia, we stay on an island and the thought of the first few weeks when I was in Glasgow with our son and my husband was at home with our other son and daughter was horrendous. I still have nightmares about it and how if Calums Cabin hadn't stepped in what a different outcome it would have been. The flat became available after the initial 3 weeks in hospital and my partner and other two children moved in and that became our home for the next 11 months. Life was hard but it became a new normal, my children started school and nursery in Glasgow while my other son was going through treatment. We were all home together each day and night apart from when he spiked a temperature, but we were only 7 minutes away from the hospital. We felt so safe and supported and we can never thank Calum's Cabin enough for saving our family."

"The holiday to Bute just came at the right time, we were halfway through treatment and to be honest were totally lost in ourselves, our family had been separated by ping pong hospital stays and we were all so disjointed. Then we came to stay at Calum's Cabin, and we all came back together, physically, emotionally and spiritually, I can't describe the feeling of having my 3 children back together under the one roof, we laughed and regained everything we had lost in the cancer treatment journey. Calum's Cabin will always hold a special place in our hearts, you brought a broken family together and fixed us."

FINANCIAL REVIEW

Financial position and reserves policy

The net income for the year ended 31 March 2025 was £247,468 (2024: £397,522). When added to the brought forward reserves of £4,069,857 (2024: £3,672,335), the total reserves at the year-end are £4,317,325 (2024: £4,069,857).

The charity is at present sitting with reserves which are for the sole use of either purchasing further properties to help families since demand is sadly so high and for continual running costs of the properties, therefore the day to day running costs are increasing substantially as can be evidenced from the latest accounts, due to the number of properties and with the aging of some of the properties, more remedial work is essential. Also, with the large rise in utility costs, the charity needs reserves to help with these. There is also the office and charity shop.

Investment policy and objectives

The trustees, having regard to the liquidity requirements of running the properties, have kept available funds in interest bearing instant access savings accounts and seek to achieve a rate of deposit which matches or exceeds inflation as measured by the retail prices index. Monies are also held in fixed rate annual bond accounts and in very low risk investment platforms. The trustees actively review other investment opportunities constantly and monitor the current ones with the latest fragility of the markets. The trustees have worked very closely again in 2024-2025 with the charity's financial advisor and are continuing to monitor closely the longer-term stability for the charity's investments.

Going concern

The trustees keep under review the level of free reserves to ensure the charity's continuance in future years. The actual free reserves on 31 March 2025, being those funds not tied up in fixed assets, long term investments, designated for a specific purpose or restricted, are £1,004,851. The trustees consider that the level of free reserves on 31 March 2025 provides sufficient surplus to cover any shortfalls in future months. The trustees have also considered the war in Ukraine, uncertainty with UK Governments, rising costs on the charity and after considering available reserves and liquid cash position, along with post year end performance, believe the charity to be in a strong position and there to be no other threats to going concern because of the ongoing world situations.

Page 2

CALUM'S CABIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FUTURE PLANS

Calum's Cabin plan to continue to help an increasing number of families who have a child suffering from cancer or a cancer related disease or lost a child to cancer. The charity plans to purchase at least a further two flats for use of families when their child needs to relocate to hospital for intensive and trial treatments or the use of radiotherapy treatments in other areas of the country. Therefore, the need for more fundraising and funding is imperative to allow this search to happen. As mentioned previously, the charity also helped to establish and furnish a MIBG room (Meta-lobo-Benzyl Guanidine) in the Children's Hospital in Glasgow, the ongoing of this support continues, as does the practical support by running mindfulness sessions for families; by supporting families through email/text and phone conversations and by friendship packages. Also, by being "there" for all Glasgow flat families by putting a volunteer in place to support the families, being a point of contact for anything they might need, since many are 100s of miles from home without friends or family support.

Calum's Cabin also supports all children's oncology wards throughout Scotland (Glasgow, Edinburgh, Aberdeen, Inverness and Dundee) with toys and food packages for Easter, Christmas and New Year each year, as well as items for wish boxes throughout the year.

In 2025/26 to continue with the well-established foundations of the charity a Chief Operating Officer (COO) is to be a appointed, to assist with the running of the charity and allow the co-founders more freedom to scale the charity further.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity was established under a Memorandum of Association which establishes the objects and powers of the charity and is governed under its articles of association.

Charity Organisation

The charity is a Scottish Charitable Incorporated Organisation (SCIO).

Charity History

The charity was established following the untimely death of Calum Speirs, a 12-year-old boy who died from an inoperable brain tumour on 16th February 2007. Calum was an inspiring boy whose main priority was always to think of others. He was very aware that he lived in a beautiful part of the world and the freedom that the Isle of Bute offered. His family decided to establish a charity with the aim of providing a holiday home on the island where children with cancer and their families could come and make some happy memories and where Calum spent twelve wonderful years.

Recruitment and appointment of new trustees

It is the responsibility of the existing trustees to recruit and appoint new members to the Board. The Board will appoint members that are sufficiently skilled to carry out their role as trustee. Induction and training of new trustees is provided upon joining the Board. Most existing trustees are already familiar with the practical nature of the charity.

Organisational structure

The charity is run by a Board of Trustees (11), with three named positions being:

Risk management

The trustees continue to monitor and refine the processes in place to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to mitigate any risks identified. The charity is in the process of producing a risk register which will assist in monitoring and addressing any risks identified.

Our Volunteers

The charity is very involved in the local community and relies on voluntary help. Over 24 volunteers assist in the new and nearly new charity shop, other volunteers volunteer at events both locally and on the mainland and others volunteer for our change over day at the cabin and cottage on a Friday. We also have a pool of volunteers that welcome families into the cabin and cottage.

Calum's Cabin is indebted to all our volunteers for all their time, energy and dedication to the charity.

Page 3

CALUM'S CABIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC038054

Principal address

Calenna 61 Mountstuart Road Rothesay Isle of Bute PA20 9LD

Trustees

Auditors

Armstrong Watson Audit Limited Caledonia House 89 Seaward Street Glasgow G41 1HJ

Bankers

The Royal Bank of Scotland 37 Victoria Street Rothesay PA20 0AN

Key management personnel

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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CALUM'S CABIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution, requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

Following a corporate merger, our previous auditors, Martin Aitken & Co, became Armstrong Watson Audit Limited. A resolution to re-appoint Armstrong Watson Audit Limited as auditors will be proposed at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 22 September 2025 and signed on its behalf by:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CALUM'S CABIN

Opinion

We have audited the financial statements of Calum's Cabin (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CALUM'S CABIN

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CALUM'S CABIN

Our responsibilities for the audit of the financial statements (cont'd)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Armstrong Watson Audit Limited Caledonia House 89 Seaward Street Glasgow G41 1HJ

22 September 2025

Page 8

CALUM'S CABIN

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME FROM
Donations and legacies
2
Charitable activities
5
Respite care
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Respite care
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
330,296
137,225
512,183
36,962
12,804
1,029,470
270,148
477,219
747,367
(15,098)
267,005
3,947,085
4,214,090		 Restricted
funds
£
-
69,759
-
-
-
69,759
-
89,296
89,296
-
(19,537)
122,772
103,235		 2025
Total
funds
£
330,296
206,984
512,183
36,962
12,804
1,099,229
270,148
566,515
836,663
(15,098)
247,468
4,069,857
4,317,325		 2024
Total
funds
£
425,216
162,848
539,932
47,289
2,147
1,177,432
237,400
556,575
793,975
14,065
397,522
3,672,335
4,069,857

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 9

CALUM'S CABIN

BALANCE SHEET 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2025
£
2,336,587
445,180
2,781,767
3,415
70,661
1,491,475
1,565,551
(29,993)
1,535,558
4,317,325
4,317,325
4,214,090
103,235
4,317,325		 2024
£
2,147,063
453,243
2,600,306
5,340
70,220
1,424,504
1,500,064
(30,513)
1,469,551
4,069,857
4,069,857
3,947,085
122,772
4,069,857

The financial statements were approved by the Board of Trustees and authorised for issue on 22 September 2025 and were signed on its behalf by:

The notes form part of these financial statements

Page 10

CALUM'S CABIN

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
287,332
287,332
(269,288)
(250,668)
19,000
243,633
36,962
(220,361)
66,971
1,424,504
1,491,475		 2024
£
379,496
379,496
(11,147)
(85,618)
3,000
68,152
47,289
21,676
401,172
1,023,332
1,424,504

The notes form part of these financial statements

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CALUM'S CABIN

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 247,468 397,522
Adjustments for:
Depreciation charges 86,413 80,700
Losses/(gain) on investments 15,098 (14,065)
Profit on disposal of fixed assets (12,804) (2,147)
Interest received (36,962) (47,289)
Donation in kind (12,845) -
Decrease in stocks 1,925 342
Increase in debtors (441) (31,715)
Decrease in creditors (520) (3,852)
Net cash provided by operations 287,332 379,496

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1/4/24
£
1,424,504
1,424,504
1,424,504		 Cash flow
£
66,971
66,971
66,971		 At 31/3/25
£
1,491,475
1,491,475
1,491,475

The notes form part of these financial statements

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CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate for the reasons set out in the Trustees' Report.

Information and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make estimates and assumptions about the carrying amounts 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.

The charity does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting year that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Judgements

The charity considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.

Income

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income from government or other grants, whether 'capital' or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be reliably measured and is not deferred.

Income received in advance of the provision of specific service through a contract is deferred until the criteria for income recognition are met.

The value of donated goods and services provided to the charity are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities. In the current year, this includes a donated van which has been capitalised as a fixed asset at its fair value. The donation has been reflected as income. As the van is a capital asset, only the depreciation charge for the period os recognised as expenditure in the Statement of Financial Activities, in accordance with the charity's fixed asset accounting policy.

continued...

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CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Income

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Other revenue streams are recognised when there is an understanding of the terms to both parties and the charity has invoiced the appropriate entity. In the event that a service is subject to conditions that require a level of performance before the charity is entitled to funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.

Charitable activities

Costs of charitable activities are incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixed assets are included in the balance sheet at cost less accumulated depreciation and accumulated impairment losses.

Generally assets costing less than £500 are not capitalised.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

continued...

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CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are set aside by the trustees out of the unrestricted general funds for specific future purposes or projects.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments are initially recognised at cost then subsequently at fair value, being the quoted market value. Realised gains and losses (representing the difference between sales proceeds and fair value at the previous financial year end or purchase cost if acquired during the financial year) and unrealised gains and losses (representing the movement in the fair value of investments over the financial year or from their date of purchase if acquired during the financial year) are recognised within income and expenditure in the Statement of Financial Activities.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Leasing commitments

Rentals payable under operating leases are charged to the Statement of Financial Activities as they are incurred over the term of the lease.

continued...

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CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2.
DONATIONS AND LEGACIES
Donation in kind
Donations
Gift aid
Legacies
3.
OTHER TRADING ACTIVITIES
Fundraising events
Shop income
4.
INVESTMENT INCOME
Deposit account interest
Other interest receivable
Dividend income
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Respite care
Grants received, included in the above, are as follows:
Grants from institutions		 2025
£
12,845
270,255
5,795
41,401
330,296
2025
£
446,749
65,434
512,183
2025
£
26,164
3,583
7,215
36,962
2025
£
206,984
2025
£
206,984		 2024
£
-
418,895
6,321
-
425,216
2024
£
441,585
98,347
539,932
2024
£
30,783
7,922
8,584
47,289
2024
£
162,848
2024
£
162,848

continued...

Page 16

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. RAISING FUNDS

Raising donations and legacies

Staff costs
Postage and stationery
Travel and subsistence
Events
Collecting tins and advertising		 2025
£
35,731
3,738
21,788
194,889
14,002
270,148		 2024
£
36,787
6,562
16,764
159,732
17,555
237,400
7.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 8)
£
£
Respite care
537,558
28,957
8.
SUPPORT COSTS
Governance
Finance
costs
£
£
Respite care
842
28,115
Support costs, included in the above, are as follows:
2025
Respite
care
£
Bank charges
842
Auditors' remuneration
7,890
Accountancy fees
10,201
Legal and consultancy fees
3,515
Investment management fees
6,509
28,957
9.
AUDITORS' REMUNERATION
2025
£
Fees payable to the charity's auditors for the audit of the charity's financial
statements
7,890		 Totals
£
566,515
Totals
£
28,957
2024
Total
activities
£
757
8,100
9,966
6,343
6,171
31,337
2024
£
8,100

continued...

Page 17

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

10. TRUSTEES' REMUNERATION AND BENEFITS

During the year, total remuneration of £72,356 (2024: £74,163) was paid to two trustees of the charity and was fully funded. These trustees form part of the key management personnel. At the year end £nil (2024: £5,425) was due to 2 trustees for outstanding remunerations.

Trustees' expenses

Trustees were reimbursed charitable costs totalling £521 (2024: £375) during the year. All such costs were charitable and were due to the trustees using personal monies to pay for charitable expenditure. The balance due to the trustees at 31 March 2025 was £48 (2024: £171).

11. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|176,840|177,541| |Social security costs|7,227|7,897| |Other pension costs|4,068|4,702| |188,135|190,140|

----- End of picture text -----

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Fundraising and admin|14|14|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

The remuneration of key management personnel in the year amounted to £72,356 (2024: £74,163).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |£|£|£| |INCOME FROM| |-| |Donations and legacies|425,216|425,216| |Charitable activities| |Respite care|90,845|72,003|162,848| |-| |Other trading activities|539,932|539,932| |Investment income|47,289|-|47,289| |Other income|2,147|-|2,147| |Total|1,105,429|72,003|1,177,432| |EXPENDITURE ON| |-| |Raising funds|237,400|237,400| |Charitable activities| |Respite care|489,694|66,881|556,575| |Total|727,094|66,881|793,975|

----- End of picture text -----

continued...

Page 18

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 April 2024
2,521,247
Additions
268,069
Disposals
-
At 31 March 2025
2,789,316
DEPRECIATION
At 1 April 2024
393,878
Charge for year
77,141
Eliminated on disposal
-
At 31 March 2025
471,019
NET BOOK VALUE
At 31 March 2025
2,318,297
At 31 March 2024
2,127,369		 Fixtures
and
fittings
£
93,074
919
-
93,993
88,117
3,431
-
91,548
2,445
4,957		 Unrestricted
funds
£
14,065
392,400
3,554,685
3,947,085
Motor
vehicles
£
18,900
12,845
(15,000)
16,745
10,023
3,346
(8,804)
4,565
12,180
8,877		 Restricted
funds
£
-
5,122
117,650
122,772
Computer
equipment
£
14,455
300
-
14,755
8,595
2,495
-
11,090
3,665
5,860		 Total
funds
£
14,065
397,522
3,672,335
4,069,857
Totals
£
2,647,676
282,133
(15,000)
2,914,809
500,613
86,413
(8,804)
578,222
2,336,587
2,147,063

continued...

Page 19

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2024 453,243
Additions 250,668
Disposals (242,908)
Revaluations (15,823)
At 31 March 2025 445,180
NET BOOK VALUE
At 31 March 2025 445,180
At 31 March 2024 453,243

At the balance sheet date, 75% of fixed asset investments are held within the UK, and the remaining 25% are held outside the UK.

The investments have a fair value of £445,180 (2024: £453,243) and are held by the charity. The investments have a historical cost of £453,410 (2024: £444,479).

15. STOCKS

Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors		 2025
£
3,415
2025
£
70,661
2025
£
10,953
2,328
16,712
29,993		 2024
£
5,340
2024
£
70,220
2024
£
10,542
2,890
17,081
30,513

continued...

Page 20

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
19.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Fixed assets
2,249,060
Investments
445,180
Current assets
1,549,843
Current liabilities
(29,993)
4,214,090
20.
MOVEMENT IN FUNDS
At 1/4/24
£
Unrestricted funds
General fund
1,462,098
Designated fund: Fixed Assets
2,055,686
Designated fund: Planned Capital
Expenditure
350,000
Designated fund: Maintenance
79,301
3,947,085
Restricted funds
Restricted fund: Fixed Assets
89,592
Restricted fund: Salaries
18,750
Restricted fund: Mindfulness sessions
6,000
Restricted fund: Fixed Assets Electronics
& Furniture
8,430
Restricted fund: Flat renovations
-
122,772
TOTAL FUNDS
4,069,857		 Restricted
funds
£
87,527
-
15,708
-
103,235
Net
movement
in funds
£
385,895
(56,459)
-
(62,431)
267,005
(3,308)
(18,750)
(6,000)
(998)
9,519
(19,537)
247,468		 2025
£
4,000
-
4,000
2025
Total
funds
£
2,336,587
445,180
1,565,551
(29,993)
4,317,325
Transfers
between
funds
£
(397,962)
249,832
65,000
83,130
-
-
-
-
-
-
-
-		 2024
£
6,000
4,000
10,000
2024
Total
funds
£
2,147,063
453,243
1,500,064
(30,513)
4,069,857
At
31/3/25
£
1,450,031
2,249,059
415,000
100,000
4,214,090
86,284
-
-
7,432
9,519
103,235
4,317,325

continued...

Page 21

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund: Fixed Assets
Designated fund: Maintenance
Restricted funds
Restricted fund: Fixed Assets
Restricted fund: Salaries
Restricted fund: Mindfulness sessions
Restricted fund: Fixed Assets Electronics
& Furniture
Restricted fund: Flat renovations
TOTAL FUNDS		 Incoming
resources
£
1,003,822
25,648
-
1,029,470
-
54,759
-
-
15,000
69,759
1,099,229		 Resources
expended
£
(602,829)
(82,107)
(62,431)
(747,367)
(3,308)
(73,509)
(6,000)
(998)
(5,481)
(89,296)
(836,663)		 Gains and
losses
£
(15,098)
-
-
(15,098)
-
-
-
-
-
-
(15,098)		 Movement
in funds
£
385,895
(56,459)
(62,431)
267,005
(3,308)
(18,750)
(6,000)
(998)
9,519
(19,537)
247,468

Comparatives for movement in funds

Unrestricted funds
General fund
Designated fund: Fixed Assets
Designated fund: Planned Capital
Expenditure
Designated fund: Maintenance
Restricted funds
Restricted fund: Fixed Assets
Restricted fund: Salaries
Restricted fund: Community Recovery
Fund
Restricted fund: Mindfulness sessions
Restricted fund: Fixed Assets Electronics
& Furniture
TOTAL FUNDS		 At 1/4/23
£
954,811
2,123,795
350,000
126,079
3,554,685
92,900
18,750
6,000
-
-
117,650
3,672,335		 Net
movement
in funds
£
514,052
(74,874)
-
(46,778)
392,400
(3,308)
-
(6,000)
6,000
8,430
5,122
397,522		 Transfers
between
funds
£
(6,765)
6,765
-
-
-
-
-
-
-
-
-
-		 At
31/3/24
£
1,462,098
2,055,686
350,000
79,301
3,947,085
89,592
18,750
-
6,000
8,430
122,772
4,069,857

continued...

Page 22

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund: Fixed Assets
Designated fund: Maintenance
Restricted funds
Restricted fund: Fixed Assets
Restricted fund: Salaries
Restricted fund: Community Recovery
Fund
Restricted fund: Mindfulness sessions
Restricted fund: Fixed Assets Electronics
& Furniture
Restricted fund: Repairs
TOTAL FUNDS		 Incoming
resources
£
1,103,282
2,147
-
1,105,429
-
48,610
-
8,000
9,600
5,793
72,003
1,177,432		 Resources
expended
£
(603,295)
(77,021)
(46,778)
(727,094)
(3,308)
(48,610)
(6,000)
(2,000)
(1,170)
(5,793)
(66,881)
(793,975)		 Gains and
losses
£
14,065
-
-
14,065
-
-
-
-
-
-
-
14,065		 Movement
in funds
£
514,052
(74,874)
(46,778)
392,400
(3,308)
-
(6,000)
6,000
8,430
-
5,122
397,522

General Fund

Is available for use at the discretion of the Trustees in accordance with the Calum's Cabin charitable objectives. It is maintained at a level sufficient to allow the organisation time to adjust to changing financial circumstances.

Fixed Asset Funds - Designated and Restricted

Represents the net book value of all property and equipment held by Calum's Cabin with the exception of the furnishings at Minerva Street. The restricted fund was made up of donations that were specifically earmarked for property purchases with the balance designated by the trustees.

Planned Capital Expenditure Fund

Represents funds designated by the trustees for the purchase of new properties.

Maintenance Fund

Represents funds designated by the trustees for the provision of maintenance to continue for all properties in the forthcoming year.

Salaries Fund

Represents restricted funding received from various funders to support direct salary costs for specific posts within the charity.

Community Recovery Fund

Represents restricted funds received from various funders to provide Mindfulness Sessions over a number of months.This restricted fund was closed in the year.

Mindfulness Sessions

New fund replaced CRF fund which was closed in the year. This represents restricted funds received from various funders to provide Mindfulness Sessions over a number of months.

Fixed Assets - Electronics & Furniture

Represents restricted funds received from various funders to purchase electronics for properties such as TVs and games consoles, as well as purchase of garden furniture.

continued...

Page 23

CALUM'S CABIN

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. MOVEMENT IN FUNDS - continued

Flat renovations

Represents restricted funds received from ScotMid for the purpose of renovating 3 flats at £5k each.

21. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme, the assets of which are held in a separate fund. The amount paid in the year and charged to the Statement of Financial Activities amounted to £4,068 (2024: £4,702). At the year end, there were outstanding contributions due of £643 (2024: £736).

22. CONTINGENT LIABILITIES

Under the conditions of the land donated from Mount Stuart Trust, standard security over Calum's Cabin, Straad, Isle of Bute was given in favour of Mount Stuart Trust for clawback on redevelopment or sale by the Charity to an uplift in the value of the land. This also includes right of pre-emption in favour of Mount Stuart Trust.

23. RELATED PARTY DISCLOSURES

During the year, the charity paid expenses of £3,332 (2024: £2,971) to K.M.M Ltd, a company in which K Latto is a director. These expenses were incurred under normal commercial terms.

During the year, the charity paid expenses of £360 (2024: £396) to Xtensive Ltd, a company in which C Thomas is a director. These expenses were incurred under normal commercial terms.

24. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 24